List Price: $1.199 million
Sale Price: $1.115 million
The Property: On February 9, the last of 20 condos at 30 West Erie was sold, more than five years after construction and sales began. “It’s a nice feeling: closure,” says Greg Eldridge, the @Properties agent who, with his brother, Cary, had represented the condos for nearly the past four years.
Prior to last week’s transaction, the last sale of a new condo in the building came in April 2010, when a unit sold for $1.28 million. (Some condos had resold in the interim.) The priciest sale in the building came in February 2008, when a unit sold for $1,778,687.
The condo that sold last week had originally been listed at $1.61 million. It sold for $1.115 million, or 69 percent of its original asking price. It’s a three-bedroom floor plan with a den, two-plus bathrooms, two balconies, and a heated indoor parking space. At 2,775 square feet, it is the larger of two units on the 11th floor. Its buyers are not yet identified in public records.
Built on the former site of a gas station, the design by Hartshorne Plunkard Architecture has a brick and limestone exterior intended to “showcase timeless, turn-of-the-century elegance” that evokes buildings in Manhattan and on Lake Shore Drive, according to a press release issued in October 2006. At least six of the units in the 12-story building had sold by early 2007. After that, “the market went over the cliff,” Eldridge says.
In 2010, Workers Realty Trust II LP started foreclosure action against the original developer, Schillaci Birmingham, according to the Cook County Recorder of Deeds. Before foreclosure was completed, the building went into the hands of an investor, Eldridge says. Because that meant “the clock wasn’t ticking on [the developer’s] loan anymore,” Eldridge explains, the investor “was a little more price-inflexible.” The price of last week’s sale stayed at $1.295 million for a while before coming down to $1.119 million, Eldridge adds.
Price Points: The sale at 69 percent of the original price is in line with how recent resales in the building have fared. In August, a sixth-floor condo went for $978,000; that was 70 percent of its 2008 purchase price of $1.225 million. Also in August, a seventh-floor unit went for $925,000, or 70 percent of its 2007 purchase price of $1.304 million. Those units are both on the side of the building with smaller (2,288 square feet) condos. The fourth-floor version of today’s 11th-floor condo is on the resale market priced at 1.299 million. That’s 94 percent of the $1.375 million that its seller paid for it in 2008, according to the Cook County recorder.