Will Renovated Properties Still Sell Quickly in 2020? 545 N. Dearborn in River North
This 3-bedroom duplex penthouse in Grand Plaza at 545 N. Dearborn in River North just came on the market.
Grand Plaza was built in 2003 but it wasn’t converted into condos until 2005.
It has 283 units over a rental parking garage.
Floors 30 through 36 were marketed during the boom as the “Grand Plaza Penthouses.”
This unit, however, actually IS on the 36th floor which would make it a true penthouse floor.
It has 26-foot floor-to-ceiling windows with 180 degree views and a wraparound terrace.
This unit was recently sold in June 2019. It’s kitchen and baths have since been renovated.
The kitchen now has natural wood cabinets from OneSkin, Macauba Quartset Countertops, a mosaic backsplash and Professional Grade stainless steel appliances, including a 5-burner gas range with hood. The refrigerator has a built-in Keurig coffee maker.
Two of the three bedrooms are on the second floor including the master suite which has a spa bath.
In the June 2019 listing, the unit was a 2-bedroom with an office. An office was open to the lower level living room and the listing noted that it could be closed for a third bedroom.
It appears that’s what has happened here as all three bedrooms have full walls, and windows.
Grand Plaza is a full amenity building. As the listing states:
“As a Resident, you can Enjoy the Full Plaza Hotel like Experience Which Includes the Absolute Highest Level of Amenities. 24hr Door Staff, Fitness Center, Running Track, Outdoor Pool, Basketball Court, Sauna, Steam Room, Dog Run, Dry Cleaners and a Package Room.”
It has central air, washer/dryer in the unit and there is rental parking in the building.
This penthouse has come on the market for $1.2 million, or $425,000 more than the June 2019 sale of $775,000.
A couple of years ago, a kitchen and bath renovation was guaranteed to make a quick sale.
Will it still be true in 2020?
Amir Fouad at @Properties has the listing. See the pictures here (the June 2019 listing has the floor plan).
Unit #3603: 3 bedrooms, 2 baths, 2903 square feet (although it was 2311 square feet in the June listing)
- Sold in October 2005 for $1,202,000
- Sold in June 2019 for $775,000
- Currently listed at $1.2 million
- Assessments of $2,216 a month (includes heat, a/c, gas, doorman, cable, Internet, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $19,869
- Central Air
- Washer/dryer in the unit
- Rental parking in the building
- Gas fireplace
- Penthouse
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 17×12 (main floor)
- Bedroom #3: 17×12 (second floor)
- Living/dining combo: 25×25 (main floor)
- Kitchen: 15×10 (main floor)
The only reason I’d consider a unit like this would be the views. In this case, the views get a thumbs down. Almost every window looks right into another building, and the lake isn’t visible.
There’s also something generic about all the finishes that makes the interior feel artificial.
this unit and the renovations look craptastic.
The kitchen choices are a bit of a letdown and the building itself has a poor reputation but overall the unit is pretty nice. Assessments look reasonable too.
“the Full Plaza Hotel like Experience”
Room service??
“looks right into another building”
Not my definition of “right into”, but there are lake-view people and city-view people, and i suppose that for a lake-view person, that’s not unreasonable.
that trex deck appears to be in craptastic shape, views aren’t that bad IMO
renovations are the usual grey boring crap, living here would be like living in an office once they took out the fancy furniture (if they aren’t already photoshopped in)
can’t wait for this blah grey trend to die
How did they add so many Sq ft?
Also how do you make money flipping condos unless you buy in at an absurdly low price.
Isn’t the transfer tax and title expenses over 2% each way. Could buy without an agent to cut price if a professional but selling you would need to pay someone and that’s 4%.
All in it would be tough to get the combined fees on buy and sell below 10%. Just not that many levers to pull to create value on a condo flip. Plus carrying costs who would buy in June and get it to market in December? Which almost guarantees you have to hold till April before buyers come out. I don’t get the strategy on this one.
If you buy at list and wait another 14 years it’ll be $775,000 again
didn’t one of these catch fire two years ago?
https://chicago.cbslocal.com/2018/04/20/river-north-fire-545-north-dearborn/
I wonder if there are any lingering effects?
I think this place would actually be a decent deal if it were listed closer to 999 and they had bothered to re-do the deck, and maybe jazz up the bedrooms a bit.
I don’t mind the ‘city’ view, which admittedly looks “at” a lot of buildings, but not necessarily “into” more than one or two.
this is a golden prison. Elevators and parking garages. Traffic and tourists. River North crime. No parks nearby. Not an easy walk to the Loop in winter. What do you do here? Is there still a Jewel in this building? The only amenity that matters. Who cares about a pool table in the “rec room”, or some stupid bar setup for some phantom party the RN losers will never actually have?
I’d rather live in this kosher palace! Love the decor and wannabe Sherman Oaks vibe!
https://www.zillow.com/homedetails/3715-Pebble-Beach-Rd-Northbrook-IL-60062/3331817_zpid/?
“Not an easy walk to the Loop in winter.”
Yet another indication that HH doesn’t live in Chicago.
Not an easy walk to the Loop in the winter? Of course it is, but if you don’t want to there are numerous bus lines. Or you’re taking the water taxi, which is now operating all year round and is just a few minutes stroll away.
“the Full Plaza Hotel like Experience”
There isn’t a hotel in this building though. Lol.
If you think Grand to Madison is a fun walk, over the windswept bridge, across Wacker, then under Lake St., past ugly IL center plaza etc. … then you don’t live in the city. Lol, I used to live in this building. They have a worthless putting green and walking track on the deck level. Plus the sirens from the fire station are non-stop. The Jewel is the only amenity worth talking about. The neighborhood blows. Gran red line problems. Rossi bar is about the only other amenity.
“If you think Grand to Madison is a fun walk”
Whine, whine, whine.
Get OVER yourself. You act like no one has ever walked anywhere in Chicago during the winter.
That walk, from that location, is easy as pie. Gosh, imagine walking to work (if you work in the loop, but not everyone does.) How lucky you are for that commute.
Lots of jobs just steps away from this building, though, in both River North itself and along Michigan Avenue and into Streeterville, especially at Northwestern. Many people don’t have to walk over a “windswept bridge” at all.
And, again, if they’re going to Madison in the loop, they can take the heated water taxi.
PS They also used to have a bunch of full blown Saudis in the garb hanging out on the amenity level. The one side across from Weber Grill is rental, the side on Dearborn is the condo lobby. Anyway, the Saudi families used to hang out in the amenity level lobby. I found out they were there for medical reasons (i.e. they had child at NW or Childrens etc.). Does anyone think I just made this all up? Sabrina is liar, I have no idea why she’s so determined to discredit me as a Chicagoan. She’s likely the transplant, not me.
“Sabrina is liar, I have no idea why she’s so determined to discredit me as a Chicagoan. She’s likely the transplant, not me.”
Nope. It’s pretty obvious you don’t live here HH. Probably never have.
And I didn’t call you a “transplant.” I simply said you don’t live here.
“that trex deck appears to be in craptastic shape”
true, it’s in crappy shape but it’s not trex. more like crappy wood deck tiles they put over the existing deck.
I rented here for two years and have been an owner for nearly another two. I’m very involved here in general, so I thought I could address some of the items noted. Spoiler alert, I love it here… but $1.2M for this is a stretch imho.
1) Views–not nearly as good as the southwest ones, but still fairly solid. It’s mostly looking over the track which gives a half city block of spacing.
2) Fire–that was on the other side caused by a cig put out in a fake planter. Everything got cleaned up quickly.
2) Hotel like–there is no hotel here nor room-service / concierge, etc. However, the core amenities are some of the best in the city. Newer buildings have some odd arcades, golf sims, music rooms, and such, but I prefer a strong gym & pool.
GYM–Not even Aqua has 100lb dumbbells. We also have three Olympic bars for powerlifting aside from an impressive array of cardio machines. I love hitting the steam & sauna after playing basketball and lifting heavy…
POOL–madness in the summer. Packed with Truly’s and botox, but not for everyone. The new cabanas are a nice touch too. I’ve been to almost all the top decks in the city, and this is up there (especially because of the views / lack of shadows).
GRILLS–completely redone, with two large stations and another 3 weber grills on the side. Very nice for hosted happy hours (basically every other week there’s 3 kegs from Rock Bottom–get to network / pregame).
DOG PARK–not a putting green anymore. It’s a huge plus if you have a dog. They even added a fire pit in the far corner last summer
PARTY ROOMS–the one with the full kitchen just got re-done, it’s very sharp. Already went to a hosted party there and had a great time. The second room with the pool table is getting re-done in a year or so. They can be reserved or just a first-come basis for watching Redzone listening to the Sonos, etc.
3) Location–of course the Loop is walkable (I do it daily, takes 7 minutes!). Being above a Jewel and red stop is amazing. I can walk to Gold Coast & Streeterville easily if I get tired of the RN bars & clubs. It’s a 10/10 for a social young professional. I save so much walking / taking the CTA.
4) People–I have never seen a group of Saudi’s the 4 years I’ve lived here… It’s 90% partying young professionals, a couple families, and a few older folks.
5) HOA–overall there’s $2M+ in reserves even after some large capital outlays (e.g. $800K for the hallways getting redone now). I pay $650 for my 900sqft 1BR which includes everything except ComEd. I personally get more than my money’s worth as I take advantage of all the building’s offerings.
Anyways, I would not spend $1.2M on this, but I definitely don’t have the coin to do so. At that level I would want more space for a family… I think this will break $1M (but barely).
““looks right into another building”
Not my definition of “right into”, but there are lake-view people and city-view people, and i suppose that for a lake-view person, that’s not unreasonable.”
I live in that building they would look right into. (33W) Albeit a couple dozen floors higher. I also looked at that unit a decade ago. 33W blocks more of its views than those photos show. There is always the stand on an apple crate and lean out for a view shot, but be prepared to be disappointed in reality.