A modernist home in a historic Gold Coast building could fetch the second highest sales price of the year, although the sellers will have to contend with a slowing luxury market.
Britt and Kerim Taner have listed their penthouse unit in the Ambassador West building at 1300 North State Parkway for $7.85 million. The couple bought the unit as raw space when the historic former hotel building was converted to condos in the 2000s and embarked on a two-and-a-half-year buildout resulting in an ultra-sleek, modernist interior, said listing agent Mark Icuss of Compass.
“It’s one of the most striking homes I’ve ever been in,” he said. “While modern, it’s very warm.”
One of two penthouse units in the Ambassador West, the Taner’s 6,000-square-foot home has five bedrooms, five bathrooms, a 1,000-square-foot outdoor terrace and a custom spiral staircase covered in Vienetian plaster. Three parking spots in a heated garage are included with the unit. The listing went live on Wednesday.
Britt Taner handled the interior design — she owns a design firm, according to a feature on the pop-art-adorned home in Luxe. Her husband, Kerim Taner, owns an investment firm. The unit was lightly lived in, Icuss said, as the couple spends time between multiple other properties.
If the unit trades at its near-$8 million asking price, it would be the second priciest home sale of the year, trailing only an $11.3 million buy in No. 9 Walton. Icuss said the sale could be one of the top three priciest sales of the year, depending on how listings like the $13.5 million unit at 840 North Lake Shore Drive fare on the current market.
After a banner year for the luxury market in 2018, this year’s market has slowed considerably with sales of $1 million or more dropping 22 percent year over year. The drop is even more pronounced in the Downtown condo market.
The popularity of new high-end developments like JDL Development’s No. 9 Walton and Related Midwest’s One Bennett Park have hurt the market for older luxury condo units, market experts have previously told The Real Deal.
While some luxury condo listings are languishing, Icuss said the owners’ extensive renovation of the unit will be of benefit to the listing, as it will require no overhauling by a new owner.
The Ambassador’s other penthouse sold previously for $7 million, but it required a multimillion-dollar rehab, Icuss said.
“It definitely stands out against a lot of old, dated condo inventory out there,” Icuss said. “There’s a market for a product that is turn-key, move-in ready. Those really don’t exist right now.”