Would You Buy The Furnishings? A 2-Bedroom at 510 W. Erie in River North
This 2-bedroom at Erie on the Park at 510 W. Erie in River North has been on the market since December 2011.
It recently reduced $70,000, although I can’t tell if that is a “real” price reduction as it was previously listed at $475,000 and now it is listed at $405,000 plus $70,000 for two deeded parking spots.
OR- it is also listed at $499,999 fully furnished.
The unit has a Buulthaup custom kitchen with stainless steel appliances.
There is a pivot flat screen television in the living/dining room.
The unit doesn’t have the typical hardwood floors in the main living area but instead has slate floors in the living/dining/kitchen and hardwood floors in the bedrooms.
The listing says it was “lightly lived in as 2nd home.”
How many buyers would be interested in buying it furnished?
Gabrielle Glass at G Squared Realty has the listing. See the pictures here.
Unit #1005: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 2002 for $380,000 (no parking included)
- Originally listed in December 2011
- Was listed in July 2012 for $475,000 (not sure if parking was included or extra)
- Reduced
- Currently listed at $405,000 (plus $70,000 for 2 parking spaces)
- OR- fully furnished for $499,999 (not sure if that includes the parking or not)
- Assessment of $758 a month (includes heat, a/c, doorman)
- Taxes of $5800
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 12×14
“How many buyers would be interested in buying it furnished?”
Obviously, in this specific case, this is a joke – but in reality, there ARE people who buy places furnished. Every place I have personally lived in and sold, has sold fully furnished. In fact, the last place I lived in that I sold, the people even bought my towels and pots and pans (that were hanging from the pot rack!!). Also, ask any builder – – they get asked ALL the time to sell their model units fully furnished.
What exactly would you want to buy?
These pictures are TERRIBLE and that furniture? It would not be worth $5K from what I can see. The hassle of getting it removed should be a credit to the buyer at closing.
“OR- it is also listed at $499,999 fully furnished.”
Wow, just how expensive are the Move-in/elevator fees in this building that you’d pay to work around it?
Question…what happens if you have a qualified buyer on your hands, but for some reason or another they only want one parking space…. Or neither of the parking spots? What would the seller do/say? Just curious.
I’d be real curious to know the square footage on this one. Is it fair to translate “Gallery Entry” into lots of unusable hallway?
That furniture is for S&*#.
“Question…what happens if you have a qualified buyer on your hands, but for some reason or another they only want one parking space…. Or neither of the parking spots?”
If the parking is deeded, you could sell it to someone else. I’ve seen this happen several times. People are almost always looking for parking spaces in the high rise. I’ve also seen some owners keep the spaces and rent them out to others in the building.
“but for some reason or another they only want one parking space…. Or neither of the parking spots? ”
finding someone who wants this place without parking would be a nice problem to have. Assuming they have separate deeds, you can sell them separately or rent them out for extra cash.
Just a Crib Chatter update:
Something came up last night so there will only be 2 posts today and tomorrow. Sorry! Life sometimes intrudes on our discussion of real estate. We should be back to the normal schedule next week.
And thanks to everyone who has been sending me tips on properties lately. It’s much appreciated.
I can’t tell if the unit is terrible or if it’s the pictures that make it look terrible. The $100k furniture seem like a joke.
Don’t think the furniture is worth very much – and it does not even look good. The neighborhood on the other hand is great now (with the park, the restaurants and the million dollar mansions).
Translation: one of us finally sent her something she likes and she’s closing on it today!
“Sorry! Life sometimes intrudes on our discussion of real estate. We should be back to the normal schedule next week….And thanks to everyone who has been sending me tips on properties lately. It’s much appreciated.”
LOL! There’s no way that’s $95k worth of furniture… even if that furnished price also included the parking I think you’d be getting ripped off.
I think 405k is a fair price for this if you include the 2 parking spaces, and nobody wants that furniture… asking 100k for it is hilarious!
“The hassle of getting it removed should be a credit to the buyer at closing.”
LOL! One could speculate that this seller is desperate or having a major life change, etc. If that was the case, perhaps one could get the furnishings for free, and it would save the seller moving costs? Obviously, if they want to dump the furniture, they don’t *need* it whereever they are going.
PS The newly completed park across the street is very nice, if you have kids. The recent River North street fest in front of the subject building was a great success this year.
I need to see some professional quality photos of this unit to make an assessment of the home. From the photos here, it looks awful, but I’ve always liked this building, at least the exterior, and I’m hoping the interior looks better than the photos here seem to indicate.
As far as the furniture is concerned – I have an entire 5 BR home full of furniture accumulated over 2 decades, some of it nice, some of it not so nice, and I doubt it would add up to $50K. No way this stuff, along with the pictures that look like they belong in a hotel room, could be worth $100K.
If this is a 2nd home makes sense they would want to unload the furniture and save on moving costs and possibly storage fees if their primary home doesnt have the storage space to accomodate. The parking spaces are worth $30k each in this location, and the unit itself probably $330-$350k (depending on how efficient the space is – my experience in looking at these units is too much hallway dead space. I think $400k is reasonable all in – and heck throw in the furniture, keep what you like and donate the rest to the nearby Salvation Army on Grand Ave.
“No way this stuff, along with the pictures that look like they belong in a hotel room, could be worth $100K.”
Let’s speculate that they aren’t totally insane, and are offering the unit + parking + furniture for $499, so really “only” asking $25k for the furniture.
Having gone to great lengths to get rid of old furniture we’ve replaced (most of it nicer than what I see in those pix), I have to agree that, overall, the furniture in that unit has negative value for the *typical* buyer. They’re hoping to find the rare person who would be happy to have it. Not crazy, but prob not worth putting in the listing–save it agent notes, no? given the unlikelihood.
“The recent River North street fest in front of the subject building was a great success this year.”
dang helmet why didnt you tell me you were going, i was there on saturday! we coulda hung out!
good food at that fest, the “talent” this year was far lackluster compared to the previous year, man it was awesome last year
We bought our in-town furnished. Paid an extra $4,800, which included two flat screens, Crate and Barrel furniture, and grandma’s dishes and bedroom set, which we replaced. It made it easy to just move in the day we settled.
The market for a fully furnished place is either an investor who now has a turn-key fully furnished executive rental available, or someone else who will use it as a second home. Anyone else is likely to want the place empty.
“Translation: one of us finally sent her something she likes and she’s closing on it today!”
Yep — probably in Beverly. S. seems rather prickly about any criticism of Beverly in recent posts.
With a name like Smucker’s, it has to be good!
http://www.redfin.com/IL/Chicago/510-W-Erie-St-60654/unit-1401/home/12697621
Bigger unit, higher floor sold for 75 k less than asking price of this unit. Deeded parking spot of 25k is 10k less than the 2 35k parking spaces offered. Flooring and finishes look better?
No way that furniture is worth $25k. Not a chance.
Is it safe to assume that Gabrielle Glass at G Squared Realty is the same Gabrielle Glass who owns the place (according to blockshopper)?http://chicago.blockshopper.com/property/17091220101343/510_w_erie_unit_1005/