A Florida-based real estate investor is aiming to unload a West Loop condo, one of only two in the area that has sold for more than $5 million, though its value has taken a dip below the benchmark.
About a year ago, Matt Wilson bought a two-story condo in the Noir condo building at 900 West Washington Boulevard for $5.6 million, Crain’s reported. Now, with the one-year tenant who was living there leaving when their lease expires, Wilson is planning to sell the property instead of using it for personal use like originally planned.
His son’s departure to London to study has hastened Wilson’s exit from the property. Matt Laricy with Americorp will be the listing agent for the property.
The almost 5,000-square-foot unit spans two levels on the ninth and 10th floors and was the second condo in the West Loop to sell for more than $5 million. Now, Wilson plans to list the unit at $4.95 million, which would mark a 12 percent loss compared to what he he paid for the unit.
While the property’s value has dropped, Wilson said the rent paid by the tenant who moved out ensures he won’t be losing money on the investment overall, if it sells near its listing price.
The two-story condo has bedrooms on the second floor, separated from the main living and entertaining rooms much like a traditional house. In addition, the unit features a terrace and tall glass doors and windows to maximize the natural light.
Wilson bought the condo and didn’t change much about it. He bought the furniture used in staging and rented out the condo fully furnished. The tenant didn’t live in the unit full time, so Wilson says the unit, while not brand new, isn’t worn at all.
Wilson’s unit is the second condo to sell for more than $5 million in the West Loop. In the same building, the unit next door sold for $5.7 million in 2019.
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