Will a Penthouse Duplex Designed in 1971 Finally Sell in 2018? 100 E. Walton in the Gold Coast
This 2-bedroom duplex penthouse in the Walton Colannade at 100 E. Walton in the Gold Coast just came on the market.
According to the listing, homes like this rarely come on the market but it was first on the market last year and previously sold in 2013.
We chattered about it in April 2017 when it was first listed. You can see that chatter here.
If you recall, it is the unit originally configured for the original owner of the building in 1971.
It has south and east views of the Lake and the skyline.
A spiral staircase links the two floors with the living/dining and kitchen on the main floor and the 2 bedrooms and den on the second floor.
The living room has 21 feet of custom built bookcases.
The dining room has a pass through to the kitchen which the listing says was renovated. It has custom cabinets, stainless steel appliances and Brazilian granite counter tops.
The 2 bedrooms on the second floor are en suite and there’s also an office with cherry wood floors.
Another unique feature is a 13×10 sunroom on the main level, just off the dining room with tile floors.
The unit has central air and a Bosch washer/dryer. Parking is leased in the building.
The 2474 square foot property originally came on the market for $789,000 in April 2017.
Since then, it’s been reduced $150,000 to $649,000 which is under the March 2004 listing price.
Will this duplex finally sell in 2018?
Oliver Levy at Compass Real Estate now has the listing. See the pictures here.
Unit #41DE: 2 bedrooms, 2 baths, duplex, 2474 square feet
- Sold in August 1994 for $422,500
- Sold in March 2004 for $675,000
- Sold in July 2013 for $595,000
- Originally listed in April 2017 for $789,000
- Reduced
- Withdrawn in October 2017
- Re-listed in January 2018 for $649,000
- Assessments are still $2457 a month (includes heat, a/c, cable, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes are now $11,949 but they were $10,892 last year
- Garage parking is leased
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 17×14 (second floor)
- Bedroom #2: 15×14 (second floor)
- Office: 10×7 (second floor)
- Sunroom: 13×10 (main level)
Just looking at the financials… approx $2,500 HOA + $1k/mo property taxes = you’re paying $3,500/mo just for the pleasure of living there without even taking into account the mortgage or principal (if paying all cash).
I am sure you can find a 2 bedroom renting for $3,500/mo in the area.
With a 20% down payment, you still have to pay approximately 6500 a month to live here. You can find plenty of rentals with nicer finishes at that price. I see another 100k in price reductions coming before this sells.
” approximately 6500 a month”
Redfin puts in $265/mo for insurance. Does everyone here really pay 49 bps for HO insurance? Even in a condo?
Does *anyone* here actually pay $3k/year in HO Insurance, on a house under $2m? (and assuming no pool)
I pay about $3.5k a year on HO insurance on a house worth $2m.
b: thanks!
RF’s calculator would peg your insurance bill at almost $10k.
I, too, pay about 1/3 of RF’s estimate (around 16-18 bps of value), and always wonder if I get a decent deal, notwithstanding that I feel like I’m getting charged too much.
Is HO insurance really not cheaper in a large condo, where you aren’t (personally) insuring the structure?
What is your limits? Any riders?
Everyone was complaining about the three bed hancock HOA at $1700…anyway, I wouldn’t accept a spiral staircase at any price. It would be one thing if it was an occasional room, like a storage area. But several times a day, up and down? Many people choose high rise living to avoid steps, let alone these kind. It’s not a difficult fix to put in regular stairs.
‘What is your limits? Any riders?’
Limit is high enough to rebuild a nicer house than what’s here now, and we have a handful of rather typical riders–nothing unusual or huge.
Do think that we have a higher deductible, but I’d never file an HO claim for a $3000 (or really $10k) issue anyway.
I think it’s not selling due to high assessments and the fact that all the views are into other buildings. Looks nicely maintained. At this price, I bet it goes soon. A unique unit, but not for me. I value views too much.