THE LOCATION Gold Coast THE LISTING Situated on the 34th floor of the 42-story Bristol building (at Delaware Place and Rush Street), this three-bedroom condominium commands views to the north, east, and south. The sellers bought two units before the tower was finished in 2000 and combined them into one 3,600-square-foot condo, with bedrooms on one end and public rooms on the other. THE ASKING PRICE $2.45 million
The sellers listed the home at $2.699 million with Marta Kazmierczak of Rubloff Residential in April, but dropped the price after three weeks. Deal Estate toured the property with three other agents, who then made their best (hypothetical) offers.
Jakovich, who handled the recent sale of a $2.7-million unit a few blocks away, thinks the asking price is in the ballpark. She would make one change: the sellers are including their three in-building parking spaces; Jakovich would offer only two. “Parking is going for $70,000 a space in the neighborhood, and people only expect to get two with a condo, so you’re giving away $70,000,” Jakovich says. The third space could be held as a bargaining chip or sold separately later.
“Space is what’s going to sell this place, not the finishes,” says Nugent, who negotiated the sale of a $2.3-million Lake Shore Drive condo in May. “The finishes aren’t high-end, luxury finishes. The closet doors are standard, and I don’t see a lot of custom millwork.” Buyers at this rarefied level of the market, she says, are more apt to pay a premium for luxury and exclusivity than for square footage. “In the marketplace today, this is a value apartment.”
Buffa represented the sellers of a penthouse in the Bristol last fall, which went for $2.1 million. That place, says Buffa, wasn’t as homey and had less space; the floor plan here is comfortably square, not linear (that is, with rooms strung along a hallway). But the penthouse had higher ceilings and an unobstructed view; a tower going up across the street intrudes somewhat on the view in this condo. “The drama upstairs was huge,” she says. “You don’t have that here.”
UPDATE: Two weeks after Deal Estate’s visit, without knowing the outcome of the hypothetical bids, the sellers again lowered their asking price, this time to $2.3 million.
Photography: Chris Guillen