We Love Terraces: Second Chance at The Vetro: 611 S. Wells
In March we chattered about a unit at the Vetro at 611 S. Wells in the South Loop with a 950 square foot terrace with its own outdoor kitchen. It was priced then at $869,000 (now reduced to $849,000).
See that chatter and pictures here.
But if that’s too pricey for your taste, check out the unit right next door which has just come on the market for several hundred thousand dollars less.
Unit #706 is a 2-bedroom with a similar huge 1000 square foot terrace (no outdoor kitchen, however.) The listing describes the terrace as a “blank canvas.”
The master bathroom has been upgraded with marble and limestone and the shower has Hans Grohe fixtures.
For those cold winter (or summer) days, it also a Toto Washlet heated-seat commode and a towel warmer.
Sara McMurray at Coldwell Banker has the listing. See more pictures here.
Or go see the property at the open house this Sunday, June 14: 11 to 2 pm.
Unit #706: 2 bedrooms, 2 baths, 1343 square feet, 1000 square foot terrace
- Sold in December 2007 for $524,500
- Currently listed for $498,900 plus $35,000 for parking
- Assessments of $450 a month
- Taxes are “new”
Let’s review the choices here…$849,000 for 950 sf with an impractical and outrageous outdoor kitchen or $533,900 for 1343 sf in a building that had never sold out totally and was placed on the auction block causing earlier buyers to lose up to (or over) 30% of their condo’s original value in a city with so many new construction buildings that are headed in the same direction.
Is this a good deal?
Sign me up!
lol westloopelo. Don’t forget that the lovely bachelor pad comes only with an outdoor kitchen…..perfect for Chicago’s year-round tropical climate.
that auction didnt cause them to lose 30% of their value. It just shoved the loss right in their faces.
If it didn’t have the Terrance what would this be selling for? just curious what it’s “worth”. Personally I hate them, you will get everyone elses garbage to pick up.
IIRC the owner of the outdoor kitchen unit was a building contractor. He probably made a bunch of money hand over fist during the boom. Of course he completely drank the Kool Aid and didn’t realize we’re in a bubble so now is likely hemmoraging money month after month, eating away at his outsized profits during the boom.
This unit is nice–it hasn’t been destroyed by an idiot. I could see it selling around ask as these views with such a spacious terrace are unique.
Of course a part of me wants to see the flipper eat the loss, which is a very real possibility as well.
“$849,000 for 950 sf with an impractical and outrageous outdoor kitchen or $533,900 for 1343 sf”
I believe the to units are close to the same interior size, with similar-sized outdoor spaces–that is, they’re both ~1300 sf *plus* ~950 sf terrace.
What happened to “nothing nice, say nothing” WL? Realizing that there really *are* a lot of places with asking prices disconnected from market reality?
Incorrect anon. This unit is a true 2/2 with 1,343sf per floorplans. The other unit is a 1/1.75 with 1,002sf.
http://www.vetrochicago.com/pdfs/704.pdf
I can’t put in more than one link or be censored but replace the 4 with a 6 in the link for direct comparisons.
341sf may be small peanuts to you, but thats pretty spacious to me. In fact about the size of my apartment 8)
“Incorrect anon. This unit is a true 2/2 with 1,343sf per floorplans. The other unit is a 1/1.75 with 1,002sf.”
That’s what I get for not even clicking the link.
Still, the rest of the point remains.
anon,
another example of ADHD at it’s finest! I remember studying these floorplans pre auction and those numbers did stick, (esp this waste of space unit w/ the outdoor kitchen) so I realize the sf and my subsequent mistake. Now had this unit been on the roofdeck of any number of NYC’s new construction buildings, I would have gone apehit over it.
Re: the “nothing nice, say nothing” mantra of mine, it could be one of two things, 1) hanging out WAY too much on this site 2) I think maybe it is that this substandard (IMO) building receiving so much attention finally got to me.
I can add a positive note though, the developer was one fine hunk in person AND on TV. How’s that for positive?
*now anticipating a slap on the wrist for such chatter*
I actually like this building. But then again thats not surprising given we agree on almost nothing, WLeo.
As for the trash problem of terraces–yeah undoubtedly one of your neighbors in the 24 stories above will have a penchant for dropping things down, however nothing a net couldn’t block most of. It would be a fun challenge to set up a retractable net.
“Now had this unit been on the roofdeck of any number of NYC’s new construction buildings, I would have gone apehit over it.”
Well, they’d cram 3BR and a Den into a 1050 sf Penthouse in NYC, wouldn’t they? And ask $2.2mm for it, no? (haha)
And I’m just needling you for seeing that *some* places actually earn the derision here, at least at the listed asking prices. Nice enough apartments, but not so much if you have to pay the freight.
I think this building is way cool. I would never live in the South Loop though. Why can’t we have cool building like this in hoods that people would like to live in.
Seriously Brad, you think this place is cool? One Museum Park is cool; Aqua is cool…Vetro, no so much. I guess the one major problem I had with this building (other than the less than perfect interior construction, reputation for years to come as the first auctioned off building, etc.) is the way they crammed a balcony onto the living room and took away space from an already small area. Doing so seriously limits the usable space inside…given that outdoor area can only be used 3 or so months of the year. Attempting to have a streamlined exterior AND a balcony did not work in this building.
anon, actually in the past few years there are quite a few apartments in NYC that go far above the standard issue 1000 sf units of past. Of course, the additional space does command a hefty price, but if you are at that level, in that city, you expect a high price tag.
^^^ Ditto brad. We definitely agree on this.
For some reason the only highrises in the nice hoods are mid-century modern abominations like 3110 N Sheridan. Its either the ‘hood or the building but it seems you can’t have both..yet.
I actually like the balcony idea and think it worked. You can still have a small grill, or allow guests outside to smoke, etc.
I’d gladly trade 75sf of indoor space for 75sf of outdoor space even at the smallest floorplans. As a smoking area it can be used year round and for grilling at least half the year.
That’s what I use my balcony for Bob. Its great and its only maybe 50sqft. I plan to use it year round as there are nice days in the winter sometimes, and you can grill year round.
“in the past few years there are quite a few apartments in NYC that go far above the standard issue 1000 sf units of past.”
Oh, I know. But it’s fun to tease NY’er about tiny apartments, b/c many of them get really sensitive about it. Not you, I know, but some of that is b/c you don’t have to do the tiny apartment to live in Manhattan.
I just saw a unit next door at 701 S Wells. It doesn’t have the balcony that Vetro has, but it has a sweepting view that those west facing units at vetro have (http://www.atproperties.com/7210883-701-S-Wells-3001/USV). I wish it was in my price point, since it’s priced at the 2003 level. I think people are getting caught up in what a great deal they can get at Vetro, but it was just way overpriced to begin with.
South Loop is about half sold:
http://chicagojournal.com/Blogs/Near-Loop-Wire/06-15-2009/South_Loop_buildings_half_sold
I don’t think I posted the 06 tier stats. I thought I had the updated list with me, but could only find results at the time of the auction:
Unit # Stat Closed Date Sold Pr Prkg 1st mort
706 CLOSED 11/12/2007 $524,500 p194 $415,000
806 CLOSED 11/1/2007 $459,500 p114 $100,000
906 CLOSED 11/30/2007 $449,500 p123 $417,000
1006 CLOSED 11/16/2007 $469,500 p133 NONE
1406 CLOSED 11/19/2007 $488,500 p93 $407,278
1506 CLOSED 12/19/2007 $463,500 $347,200
1706 CLOSED 2/15/2008 $497,500 p238/p239 $372,074
1906 CLOSED 8/28/2008 $370,000 p25 NONE
2206 AUCTION 3/7/2009 $323,000 w/pkg
2306 AUCTION 3/7/2009 $322,000 w/pkg
2606 AUCTION 3/7/2009 $322,000 w/pkg
2706 AUCTION 3/7/2009 $320,000 w/pkg
yeowch, 706… You’re only 20 floors below the guy that paid 200k less than you!
Unit 2206 listed above was “sold” at the auction but has not closed to date. Here is the updated list for tier 06, current through the end of May.
Unit # Stat Closed Date Sold Pr Prkg 1st mort
706 CLOSED 11/12/2007 $524,500 p194 $415,000
806 CLOSED 11/1/2007 $459,500 p114 $100,000
906 CLOSED 11/30/2007 $449,500 p123 $417,000
1006 CLOSED 11/16/2007 $469,500 p133 NONE
1106 CLOSED 4/14/2009 $300,000 p103
1306 CLOSED 3/18/2009 $306,000 p79
1406 CLOSED 11/19/2007 $488,500 p93 $407,278
1506 CLOSED 12/19/2007 $463,500 P67 $347,200
1606 CLOSED 3/18/2009 $317,000 p58
1706 CLOSED 2/15/2008 $497,500 p238/p239 $372,074
1806 CLOSED 5/6/2009 $315,000 p41
1906 CLOSED 8/28/2008 $370,000 p25 NONE
2106 CLOSED 4/22/2009 $323,000 p140
2306 CLOSED 3/10/2009 $322,000 p162
2406 CLOSED 4/14/2009 $325,000 p173
2606 CLOSED 3/10/2009 $322,000 p187
2706 CLOSED 3/10/2009 $320,000 p163
where do you get these numbers? can i check other building in chicago somewhere?
“yeowch, 706… You’re only 20 floors below the guy that paid 200k less than you!”
And you get the inside knowledge of what proportion of your neighbors in the 25 floors above you smoke cigarettes AND litter judging from how many butts you have to pick up.
Seriously though I do think these Vetro terraces are mondo cool even with the litter problem. Not sure if I lived there if the litter would wear on me and make me less enthused.
I am in the industry and have access to many sources from which the data is compiled.
You can look up PINs on cookcountyassessor.com and deeds on ccrd.info. Everything that I reported above should be available there.
Vetro’s developer filed for chapter 7 bankruptcy (liquidation) today..
http://yochicago.com/today/south-loop/vetro-developer-files-for-chapter-7-bankruptcy_8982/
“Roszak has assets of $1 million to $10 million and liabilities of $50 million to $100 million, according to the article.”
Looks like the bankers are going to eat the loss, which will ultimately mean us taxpayers as the bankers never seem to be punished for their foolish lending during the boom.