Wednesday, June 16, 2010

Selling Designer Spaces



About a month ago Jim McKinney and Louise Study of Baird & Warner listed unit 4501 in the Pinnacle (21 East Huron). It is a 5500 square foot three bedroom 3.1 bathroom penthouse with over 2000 square feet of exterior space. This is one of the best spaces in the city.

My friend Allen Villanueva was the architect and designer of the penthouse residence, and a couple weeks ago he was kind enough to give me a personal architectural tour. Allen thought out every space, finish, and architectural detail ahead of time and the builder delicately executed them all.

While I’m guessing the owners have at least $9 million into the residence. In my opinion, it is still a couple million overpriced. Unfortunately, this is one of the problems with very high-end properties. Pretty much all buyers who are looking to spend $9 million for a property would prefer to spend $3.5 million for a space and then customize it for $1000 per square foot. Occasionally the perfect buyer will come through, but this is rare.

If this sounds like your ideal property then you might just be that perfect buyer. However, I could point you towards many other properties in the Chicago area that are more affordable, and then introduce you to Allen or another designer who could customize it to be your dream home.

For additional photos of this penthouse unit in the Pinnacle visit: http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1259594&Style=IDX

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