We Love Triplex Penthouses With Private Decks: 221 E. Walton In The Gold Coast
This 3-bedroom triplex penthouse at 221 E. Walton in the Gold Coast may look familiar to some of you.
We’ve previously chattered about its sister unit, #20PE, which had the same layout but also had a jacuzzi out on its private deck.
See our chatter about that unit here.
I’m not sure if that unit ever sold.
If you recall, these penthouses have an 18 foot wall of windows in the living room with city views.
This unit has north and south views.
The kitchen has stainless steel appliances and granite counter tops with wood cabinets.
The master suite has a marble bath.
The third floor has a unique 20×12 sunroom that opens up to the private 15×12 deck which the listing says has lake views.
The unit has in-unit washer/dryer but no central air. It has wall unit cooling.
Parking is also available for $50,000.
Since it came on the market in January, it has been reduced $100,000 to $899,000.
Is this a deal?
Eudice Fogel at Prudential Rubloff has the listing (she also had the other penthouse listing). See the pictures here.
Unit #20PW: 3 bedrooms, 3 baths, no square footage listed, triplex
- Sold in September 1992 for $235,000
- Sold in October 2001 for $850,000
- Originally listed in January 2013 for $999,000
- Reduced
- Currently listed at $899,000
- Assessments of $1607 a month (includes cable, doorman)
- Taxes of $8050
- No central air- wall unit cooling
- In-unit washer/dryer
- Parking is $50,000 extra
- Private deck: 15×12
- Bedroom #1: 17×13 (second floor)
- Bedroom #2: 13×12 (second floor)
- Bedroom #3: 14×12 (main floor)
- Sunroom: 20×12 (third floor)
this place was for rent in 09 summer. either 3k or 3.5k. it needed some window work at the time
“this place was for rent in 09 summer. either 3k or 3.5k.”
Including the parking, or no?
That rental price seems crazy low considering that taxes and assessments put you to like $2350/month already, even considering that was during the depths of the recession.
Damn this place has LOADS of potential, wish I could afford it + the awesome rehab i’d do to this place
bachelor pad. no family in their right mind buys this place.
and it needs work.
$750K with parking.
oh but the 1 pet <30lbs kinda blows IMO…
most little dogs are way bigger assholes than large dogs, not sure why they discriminate like that
The unit definitely needs work – but mostly cosmetic – for 100k, you could make this into a spectacular unit. The big negatives (for the majority of buyers – not everybody) are:
– monthly non-mortgage related costs (2400 for HOA and taxes PLUS another good chunk of change for the electric heating/airconditioning which i bet runs around 1000-1500/month for a place like this).
– vertical living (not appealing for most) – to get to the deck with food/drink – you have to walk up two flights.
This would totally appeal to a bachelor and there are several out there who have the money to buy this place!!
Seems pretty optimal for high earning DINKs or upscale-ish suburban empty nesters (who don’t anticipate having trouble with stairs for at least 10 years or so). In either case, they’ll want to spruce up the kitchen, at a minimum. Seems like the “master” would be better used as a t.v. area, with the other upstairs bedroom serving as the master, and the main floor bedroom for guests. I’d say $850k seems about the max, given the restricted buyer pool and “need” of some updating. $750k would be a pretty great deal. $800k is probably about right (all prices inclusive of parking).
“oh but the 1 pet <30lbs kinda blows IMO…
most little dogs are way bigger assholes than large dogs, not sure why they discriminate like that"
Little dogs may well be assholes, but big dogs do way more damage.
rent didnt include parking.
seemed low to me too but it had been vacant for a while and listed higher but the agent said they’d charge the lower rate if i was interested.
didnt really work with little kids , but is a cool unit.
Here is the real deal
the laws came on the books freezing the lenders from taking actions
so the stats screamed FORCLOUSERS DOWN ( true, but for FALSE reasons)
time to buy
we’re back on track
( AS THE FED CONTINUES THE FUNDING)
so these prices go back up etc etc
EXCEPT NOTHING HAS CHANGED
fannie freedie the fha and Obama created programs are allowing in people who cant afford it or who filed forclousers BACK INTO THE GAME
the free market doesnt have a chance to dictate the prices as the Feds do
then when the free market wins out which it always does
and the REAL PRICES ARE SHOWN
we get 2009 all over again
prepare for your next bailout
Most buyers today are well qualified.
The lack of inventory is from the large number of underwater homeowners unwilling or unable to sell.
Short sales still dominate the overall market.
Demand is up because the economy is improving.
There’s still a ways to go down, as more properties come onto the market, as sellers feel more confident.
How much more? depends on the area. I still see price reductions and I still see deals, despite the lack of inventory.
Someday the 40 year HAMPs will default again, and the next mass wave of layoffs will come to fruition.. Most people ‘in the know’ are dreading the repeat of the 1937 recession, 8 years after the initial crash of 1929. We’re only 5 or 6 years into this financial mess, there will be a second leg down, shorter, definitely, but there will be another leg down. The near daily European debt crisis is evidence that nefarious economic underpinnings are underway.
“big dogs do way more damage.”
My 75 pound greyhound does no damage what so ever. He’s a sweetheart.
Saw this unit when it was a rental. Very quirky. You walk through the open bathroom to get to the loft master bedroom. No door between the master bath and the loft space above the living/dining room/kitchen. It for sure shows better empty than it did in 2009. Hopefully the eau de cat is gone. Additionally, the roof deck is really roof, for it to be a deck a buyer would probably need to put down decking. Don’t remember a about parking.