What $5.5 Million Gets You in the West Loop: A Penthouse at 1109 W. Washington Blvd
This 5-bedroom duplex up penthouse in The Hayden at 1109 W. Washington Blvd in the West Loop came on the market in September 2023.
Built in 2019, The Hayden was designed by Booth Hansen and has 28 units and attached garage parking.
It’s an elevator building with a 24/7 door staff. It doesn’t appear to have any other amenities.
This duplex up penthouse has private elevator access to the unit on BOTH floors.
It has 7″ plank oak hardwood floors throughout and industrial looking windows.
The interior staircase has wainscotting.
The main floor has an open concept living room, dining room and kitchen.
The living room has a honed marble gas fireplace and built-in bookcases.
There’s also a 20′ retractable nana wall system which allows for indoor/outdoor living with the 850 square foot terrace with unobstructed west sunset views with a built-in kitchen which includes a wolf grill, refrigerator, sink and counterspace.
There’s an office off the living room (or is that a bedroom?) and an extra bonus room which could be another bedroom or exercise room but is currently being used as a golf simulator.
The chef’s kitchen has custom built ceiling height white Bentwood cabinetry, Subzero and Wolf appliances, a breakfast bar, iceberg quartzite countertop with waterfall island, iceberg backsplash, custom hood, and built-in spice rack.
There’s a butler’s pantry with a Subzero wine fridge.
There are two laundry rooms and Lutron shades.
Four bedrooms are on the second floor and they are all en suite.
The primary bedroom has his and hers walk-in-closets, a coffee bar, separate seating area, and a spa-like bathroom with “dual vanity, high-end quartz countertops, oversized steam shower, separate soaking tub, heated floors and private water closet.”
This penthouse has the features buyers look for including central air and 2 side-by-side parking spaces.
The Hayden is near the shops and restaurants of the West Loop, Randolph Street and Fulton Market, the Whole Foods and Mariano’s. The listing says it’s in the Skinner school district.
Listed at $5,499,900, it is the most expensive condo listed in the West Loop.
Is the West Loop the “new” Gold Coast?
Rubina Bokhari and Azin Amiran at Compass have the listing. See the pictures here (sorry, no floor plan).
Unit #8A: 5 bedrooms, 4.5 baths, 4835 square feet, duplex up, penthouse
- Sold in October 2019 for $4.093 million
- Sold in June 2021 for $4.65 million
- Currently listed at $5,499,900
- Assessments of $3,826 a month (includes heat, gas, doorman, scavenger, snow removal)
- Taxes of $79,954
- Central Air
- 2 laundry rooms
- 2 garage parking spaces included
- Outdoor kitchen
- 1 fireplace
- Bedroom #1: 13×26 (second floor)
- Bedroom #2: 14×11 (second floor)
- Bedroom #3: 14×11 (second floor)
- Bedroom #4: 11×11 (second floor)
- Bedroom #5: 13×16 (main floor)
- Kitchen: 21×20 (main floor)
- Exercise room: 17×10 (main floor)
- Office: 16×13 (main floor)(is this the 5th bedroom?)
- Foyer: 17×6 (main floor)
- Living room/dining room combo: 26×20 (main floor)
- Laundry room: 6×10 (main floor)
- Walk-in-closet: 13×11 (second floor)
- Walk-in-closet: 11×9 (second floor)
- 850 square foot terrace
Floor plan is in the previous sale pics
Not 4800sf, more like 4200
So much potential completely squandered
I dont understand the sitting room/MBR combo
Kitchen is terrible, yeah you can prep in the pantry, but who wants that?
Common area is tiny and TV looks stupid over the FP. Not having a FR/Entertainment room at this sf & $ is a fail
Feels like this is geared towards a pro athlete/part time resident
I like it… $5.5 is a lot for a condo though. View is kind of meh… but like everything else about it.
$5.5M to live in an old factory….errr, a building designed to look like an old factory.
Wondered who bought it new and customized and sold that soon…Corey Crawford.
No more reason to live close to the UC.
Is this owned by someone from the band, or just a G&R superfan?
“$5.5M to live in an old factory….errr, a building designed to look like an old factory.”
would you rather it be a glass box? it actually looks decent and fits in with the area.
“I dont understand the sitting room/MBR combo”
I’m normally not a fan of the idea but based on the floor plan, I like it here in this unit. if you have younger kids sleeping and you prefer to be closer while watching TV it works. It’s not like they gave up much by having it. there’s already 3 other decent bedrooms upstairs and a sizable master closet and bathroom.
“s this owned by someone from the band, or just a G&R superfan?”
LOL – Probably a groupie
Nice AfD centerpiece when you walk in. The gutiar with “S L A S H” is Classe
Without seeing the price, I would have guessed 3-3.5M
What is hilarious is everyone anchored to pandemic-era and ZIRP pricing. The ask on this is over 30% more than 2019 because??
Inventory will remain low until the economy turns, and the economy is about to turn. Housing will crash then in values not just in transaction volume.
Money no longer grows on trees and idiots and their money are now going to finally start getting parted with it for the first time in sixteen years.
“Inventory will remain low until the economy turns, and the economy is about to turn. Housing will crash then in values not just in transaction volume.”
You need a LOT of inventory to get a housing “crash” in values. Thousands of units have to come on. Entire buildings are what it took the last time. We’ve already seen the decline in transactions. There is still record low inventory. Obviously money is more expensive and that will take some buyers out of the game.
Biggest price point at risk is the over $750,000 to $2 million. It’s a LOT more expensive for the upper middle class now. They will have to trade down to afford it. I will be watching the inventory of $1.5 million homes closely.
“Without seeing the price, I would have guessed 3-3.5M”
One of the hottest neighborhoods in the city. Few nearly 5,000 sq ft condos built, let alone on the market. And few buildings that have a doorman.
“View is kind of meh… but like everything else about it.”
Is that the Hyatt Hotel across the street?
Not many view buildings in the West Loop except near the highways but some are being built in Fulton Market now. I wish they were condo buildings though.
“Money no longer grows on trees and idiots and their money are now going to finally start getting parted with it for the first time in sixteen years.”
Gleeful much Bob? Damn.
One thing most bears aren’t paying any attention to, however, is that this ISN’T 16 years ago, right? In that period, many Baby Boomers paid off the house. They have retired. They don’t even care if the economy goes south. Unless their social security is cut, which isn’t expected until 2034, what do they care?
And GenXers have now been paying on their properties for 15 to 20 years. They, too, are close to paying them off and/or have refi’d to such a great rate they aren’t going to do anything to give it up.
It’s just such a game changer to the economy to have the Baby Boomers moving off of center stage.
Anyone whose primary means of support that is SS shouldn’t even be in the RE game. SS will cover enough to keep one from becoming destitute at the upper end of the range and not even that at the lower or middle.
The payment shock this time around is likely to be much greater than that in 2008. But what will bring it about is one of two scenarios: the one where there is a “soft landing” and “higher for longer” rates giving the RE market time to adjust to the new reality which will be painful, or the one where the economy turns and enough people don’t have the choice to sit on their lower rate loans & have to sell, which will be absolutely catastrophic.
Place your bets accordingly, I’ve got my money on the latter.
https://www.youtube.com/watch?v=wxt6M3yBwGs
“One of the hottest neighborhoods in the city. Few nearly 5,000 sq ft condos built, let alone on the market. And few buildings that have a doorman.”
So 4200 is nearly 5000?
“So 4200 is nearly 5000?”
It’s just a number.
Like $4.2m would be nearly a full price offer.
“And GenXers have now been paying on their properties for 15 to 20 years. They, too, are close to paying them off and/or have refi’d to such a great rate they aren’t going to do anything to give it up.”
2 things
I’m an anomaly from my fellow GenX friends, house is paid off. Most did the buy entry level, sell and move up, rinse repeat. A fair number of them viewed Home Ownership as part of their retirement plan/investment vehicle. To be fair, this worked out pretty well for them
So now you’re on board with Home Owners not being willing to give up a 3% rate?
“So now you’re on board with Home Owners not being willing to give up a 3% rate?”
People who bought in the housing boom were GenX and Baby Boomers. That means GenX have been paying for 20 years. Many of them were “stuck” in their homes in Chicago until just recently. Underwater or their homes just really not doing much of anything. Others have decided not to move up as the kids are going to college shortly anyway, so no need to. GenX was never as big into the McMansions as Baby Boomers. Definitely a Baby Boomer thing in Chicagoland.
I do know some who moved during the pandemic, but that’s when rates were low. Their kids are already in college and they decided to ditch the city and move to St Charles for more land. They took out a small mortgage on the new house at 3%. Maybe enough GenXers have big equity that they are willing to still move to St. Charles even at 7.5% on their small mortgages. I don’t know.
Oldest GenXers are starting to retire now. Many of them probably have the house paid off. Cash is king.
“So 4200 is nearly 5000?”
There’s not many 4200 square foot condos in this neighborhood either. That is HUGE. Bigger than most single family homes in the city.
“Anyone whose primary means of support that is SS shouldn’t even be in the RE game. SS will cover enough to keep one from becoming destitute at the upper end of the range and not even that at the lower or middle.”
They aren’t in “the game” Bob. Don’t you get it? They are retired. They have paid off their homes. In some cases, it’s worth a million dollars. The concerns from even 15 years ago aren’t there because they can’t get laid off anymore.
Get into this era with your analysis. This isn’t 2008 with a Baby Boomer who is 50.
But, like I said, only the cutting of social security in about 10 years will impact them. And, yes, cutting SS by 30%, which are the projected cuts, is going to each into the budget of EVERY retiree except Warren Buffett and his super rich 1% friends.
“The payment shock this time around is likely to be much greater than that in 2008. But what will bring it about is one of two scenarios: the one where there is a “soft landing” and “higher for longer” rates giving the RE market time to adjust to the new reality which will be painful, or the one where the economy turns and enough people don’t have the choice to sit on their lower rate loans & have to sell, which will be absolutely catastrophic.”
What “payment shock”?
You mean like the one we had in 1981? 1982? 1985? 1990? When rates stayed above 10% for that ENTIRE time period?
That payment shock?
Gosh, if we have a housing collapse like the 1980s we may never recover (sarcasm).
Housing is a slow moving train. Everyone who was on this blog knows this. I’m shocked, Bob, that you are having selective amnesia, because you were here in 2007-2008. Back then, there were people on this blog saying things like, “prices will never fall in Lincoln Park” simply because the bust hadn’t hit there yet in 2008. They were not saying this in 2010-2012 however. It took longer to correct in LP because it never saw the crazy speculation of the bubble so the correction took longer to happen and wasn’t as severe when it did hit there.
That’s also what I think will happen to Chicago and the suburbs. We didn’t see the crazy bubble like Florida or Boise or Austin. So we’re not going to see as big of a correction as those cities. We may not see much of one at all. We may only see stagnation again like we saw the 10 years prior to the pandemic. OR, because we are one of the few affordable big cities, we may still see small price gains.
“People who bought in the housing boom were GenX and Baby Boomers. That means GenX have been paying for 20 years. Many of them were “stuck” in their homes in Chicago until just recently. Underwater or their homes just really not doing much of anything. Others have decided not to move up as the kids are going to college shortly anyway, so no need to. GenX was never as big into the McMansions as Baby Boomers. Definitely a Baby Boomer thing in Chicagoland.”
You assume they lived in the same home for 20 years.
I thought Chicago has been HAWT)tm)? How could they not make money?
“I do know some who moved during the pandemic, but that’s when rates were low. Their kids are already in college and they decided to ditch the city and move to St Charles for more land. They took out a small mortgage on the new house at 3%. Maybe enough GenXers have big equity that they are willing to still move to St. Charles even at 7.5% on their small mortgages. I don’t know.”
Why comment them?
“Oldest GenXers are starting to retire now. Many of them probably have the house paid off. Cash is king.”
How are they able to retire when it’s impossible to have $1MM in your 401k?
“You assume they lived in the same home for 20 years.”
Yep. Many had no choice. Trapped in their homes due to 2008-2012. Up until the pandemic, 25% of Chicagoland homeowners were still underwater.
“How are they able to retire when it’s impossible to have $1MM in your 401k?”
Newsflash. 90% of Americans retire without a million dollars. And I urge people to look at Vanguard and Fidelity’s excellent yearly reports to see who has a million in their 401ks (different from IRAs, of course) as they break it down by age, sex, income etc.
Also, the WSJ has been running a great series over the last year of what it’s like to retire on $500k, $1 million, and over $4 million. Check it out.
My god. Does anyone on this blog have a brain?
“Yep. Many had no choice. Trapped in their homes due to 2008-2012. Up until the pandemic, 25% of Chicagoland homeowners were still underwater.”
We hang around different people
Average age for a GenX was 35 in 08, plenty of time to have moved up the property ladder from starter condo
I’d like to see a link to the 25% being underwater in 2020
Shouldnt that be unpossible as you’ve been droning on and on about how HAWT ™ the market is?
“Newsflash. 90% of Americans retire without a million dollars. And I urge people to look at Vanguard and Fidelity’s excellent yearly reports to see who has a million in their 401ks (different from IRAs, of course) as they break it down by age, sex, income etc.”
Also, the WSJ has been running a great series over the last year of what it’s like to retire on $500k, $1 million, and over $4 million. Check it out.
You’re comparing different cohorts. The oldest Genx is under 60. Its not like for like comparing them to someone covered by SS/Medicare
I’m guessing that you havent looked at self insuring for medical. Teachers, cops and some trades are the only ones I know that do this because they get a break on health insurance. So explain to me how someone with $500k thats not in the groups listed is going to retire with less than $500k
Your attempt to compare retiring at < 60 with those covered by SS/Medicare is one of the dumbest things youve ever posted (And thats a tall order) Its soooo laughably naive and/or stupid that its scary if you actually believe it
“Does anyone on this blog have a brain?”
Bullying again.
“I’d like to see a link to the 25% being underwater in 2020”
2019, not 2020, and maybe it was 22% or something, but, yeah, I remember that, too. Metrowide, not just the city–so overweight on the south suburbs.
“2019, not 2020, and maybe it was 22% or something, but, yeah, I remember that, too. Metrowide, not just the city–so overweight on the south suburbs.”
Wasn’t it Case Shiller data?
“So explain to me how someone with $500k thats not in the groups listed is going to retire with less than $500k”
Vast majority of people retire with this. All the data is out there. I really recommend checking out the WSJ article. Biggest issue, now, is housing costs. If you didn’t own your own home, it’s tough out there. Waitlists for senior apartments. This is why a lot of Americans end up moving to Thailand, Mexico etc. where their social security still goes far. Cheap housing and food.
“Your attempt to compare retiring at < 60 with those covered by SS/Medicare is one of the dumbest things youve ever posted" I don't know what you're talking about JohnnyU. I didn't even talk about anyone retiring under 60. Never even mentioned an age. Those on SS are mostly not in the workforce anymore, at least not at the competitive jobs they used to do. If there is a recession, they aren't suddenly going to be out of their $200k a year job. They've already left that behind. But they WILL notice if their SS is cut 30% but that's not going to happen for another 10 years, if ever. The Republicans would be fools to allow those cuts to happen but they seem to be pretty incompetent right now so anything is possible. I don't think most bears are factoring in the difference of having the Baby Boomers out of the workforce for the next recession.
“Shouldnt that be unpossible as you’ve been droning on and on about how HAWT ™ the market is?”
When has the Chicago market EVER been hot in the last 15 years? There have been some neighborhoods that have been red hot. But Chicago? No.
We saw a nice boost during the pandemic and now, with record low inventory, there have been multiple offers etc. Varies by neighborhood and even by street. Downtown is still lagging and some people who bought during the bubble are STILL underwater. Too much inventory downtown. I hope developers stop building new condos that start at $1 million and up. Don’t really need this product right now. Tribune, St Regis, One Chicago still have a LOT of inventory. Will take a decade to sell all of those.
From the WSJ article on retiring on less than $1 million:
“The typical family’s 401(k) and IRA-type accounts come to less than half that goal in the years approaching retirement age, according to the nonprofit Employee Benefit Research Institute. Total household balances in retirement accounts for those 55 to 64 years old are $413,814 on average, according to its estimates based on 2019 data, the most recent available.”
Free to read below.
https://www.wsj.com/articles/retirement-under-1-million-america-846a6ab6?st=efz8dfdre5l47fa&reflink=desktopwebshare_permalink
Also, it seems pretty obvious that the reason the insurance increases are hitting older Floridians so hard is that they don’t have $1 million sitting there but the house is paid off. Still, an increase of several thousand dollars a year is really tough for them on the fixed income.