When Your Condo is Too Expensive for the Building
One of the most important rules in real estate is to never buy the most expensive home on the block.
The second most important rule is to never renovate your home so that it’s the most expensive home on the block.
Unfortunately, this owner in the South Loop has violated both of these real estate rules.
Built in 2005, this 7 story building sits in the middle of the South Loop at 1601 S. State. It has no lake views. Actually, it has no view whatsoever. It is also several blocks away from what would be considered the trendier restaurant area.
There are three units for sale in the building.
- Unit #4D: 3 bedroom, 2 bath, 1600 square foot unit listed for $435,000 (sold in January 2005 for $375,000)
- Unit #2D: 1 bedroom, 1.5 bath, 1100 square foot unit listed for $324,900 (sold in January 2005 for $265,000)
And this unit:
Unit #PH7W: 3 bedrooms, 4.5 baths, 6000 square feet
- Currently listed for $2.3 million
- Assessments of $1285 a month
- 3 car garage (included in the price)
- 11 -12 foot ceilings
- 400 square foot terrace off the kitchen
- All one level
The owner clearly went all out on the space with top of the line appliances and finishes.
The most expensive unit to ever sell in the building (other than this penthouse- which I cannot find a prior sale price for) was PH2 that sold for $1.6 million in 2006. (Same unit? Likely.)
Otherwise, the next most expensive unit to sell in the building was a 3 bedroom, 2 bath condo for $425,000 in February 2005.
Natash Motev at Koenig & Strey has the listing.
haha, nice apartment grandma! chandeliers? leopard print?
my search for a new home has really open my eyes to how “uniquely” many people design their homes.
there should be another rule….people selling in the upper bracket must have a coherent, tasteful interior design to their home. C’mon, you can afford it.
I was thinking that myself… Of course, in “the old days” you were advised to paint everything white–make everything as neutral as possible. That doesn’t seem to be the case anymore. My own living room, for instance, is painted a deep red; my master bedroom is forest green. I had always assumed I’d have to repaint flat white before tryingg to sell; now I’m thinking not so much.
I think having a home “neutral” still applies. I’ve seen some lofts that had purple walls in the photos and then months later the walls were beige. But some agents have a hard time telling the owners that certain things aren’t going to work. Also, I just think some owners don’t want to spend the money to properly stage a house.
They didn’t need to repaint during the boom, but that will change going forward.
Not sure about the building or price, seems way to high. On a personal note, I really like the decorating. They obviously had a designer do it for them.
Sabrina, This unit is back on the market at $1,899,000… At 6000 square feet of living space thats $316.50 per/foot…