Jan 25, 2009

Sale of the Week

Sale of the Week: Twin Peaks – Chicago

List Price (41st floor): $2.25 million
Sale Price: $2.1 million

List Price (37th floor): $2.45 million
Sale Price: $2.125 million

The Properties: Last week, two condominiums at the Water Tower Residences (at 180 East Pearson Street in Chicago) were sold within two days of one another; the two condos were quite similar in size and sale price—and in the views they offer. The first sale, on the 41st floor of the 74-story residential tower that has the Ritz-Carlton Chicago at its base, closed January 20th; the 2,754-square-foot home, on the northeast corner of the building, has three bedrooms, three baths, and stunning views of Lake Michigan, Navy Pier, and the North Side shoreline. The second sale came January 22nd; that 37th-floor condo has the same amazing views and the same square footage.

The sellers of the 41st-floor unit, Peter and Patti Fazio, bought the place in 1990 for $825,000, according to public records. The listing sheet says they renovated the condo extensively and reconfigured the third bedroom as a den. Peter Fazio is a partner at the law firm Schiff Hardin. He did not respond to a request for comment. The sellers of the 37th-floor unit, William and Carol Leszinske, bought their condo in 1997 for $885,000, according to public records. They too had renovated, according to their listing sheet. The Leszinskes could not be reached for comment. Neither of the buyers is identified yet in public records.

Price Points: The 41st-floor condo went for $762 a square foot, and the 37th-floor one got $771.60. Both prices were well below the building’s recent going rate of $969 per square foot that is reported at dreamtown.com. Two other condominiums are listed for sale in the same northeast tier as these. On the 43rd floor, the asking price is $3.35 million, and on the 52nd floor, the owners of a four-bedroom, 5,508-square-foot duplex are asking $4.55 million.

Listing Agents: Marie Campbell of Koenig & Strey GMAC Real Estate handled the sale of the 41st-floor condo; I was unable to identify the sales agent for the 37th-floor unit.
 

Posted at 04:09 PM in Sale of the Week | Permalink

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