And there are quite a few of these townhomes listed for sale and on the foreclosure market too.

1-bedrooms were about $300,000 which I thought was crazy given the location. Again, there was NO discount for choosing to live in an up and coming neighborhood with only a Burger King across the street.

I toured every unit of Motor Row Lofts (not Lofts on Motor Row which the Eurotrash guy defaulted on), and they had some great 3BR and 3BR+ for $450ish with parking. For the size it was very nice, plus a big tax savings. Now, I still thought it should have been about $25 - $50K less, but nothing in the $500K price.

To the original point about the price of the Townhome (I personally am not overwelmed by the design), but if someone liked the design, the price point is worth considering as a starting point. It has more potential than people give it credit for, that’s all.

The prices are still too high in an area that is “up and coming.” The lofts in Motor Row are priced in the $500,000s for a 2/2. I can buy the same thing in a very established River North or Streeterville and not wait for “things” to come to the neighborhood.

Only 7 or 8 years ago- if you lived in no man’s land, you paid much lower prices because of that fact. Now, suddenly, I have to get a jumbo loan to live near the Stevenson Expressway in my 1300 square feet. How do you figure?

I don’t see how these hold their value in this bust. Eventually- yes- this area could be fantastic. But right now? Only for much cheaper prices.

1. South Loop Hotel is quite far from these, on the other side of
I-55.
2. I thought these were overpriced, but, this might not be a
bad price point considering the things to come for this area.
For a loft, this is an easy gamble; a townhome, I don’t know.

3. No this is not a Rezko development - sadly, Rezko may have
turned out to be the best and most honest developer in the
South Loop. How ironic is that?

Negatives - Ickes home and the wastland west of these. However, compared to the original South Loop transformation, (starting at Roosevelt in 1995-1996), there may be some catalysts that make this an opportunity worth considering.

A) Ickes Homes - City already working on plan to shut these down in
next 2-3 years. Think 2-3 of these buildings are still in
operation, but it still looks like Michael Jackson Thriller
video 3 blocks west some times during the day. The needs
of the Teaching Academy issues may quicken this pace.

B) New “L” Stop on Green Line - CTA/RTA/DPD is looking at station
for either Cermak or 18th on Green Line, or eventually both.
The Cermak proposal (I have seen it), will include some
additional towers, and serious retail just west of here. A
5-10 year proposition (which would be expidited if the
Olympics happen.)

C) Olympics - If this happens, the area in Motor Row around the
McCormick Place is gold, and will get some serious make-over.
There is also discussion of a circulater/monorail line from
somewhere on the green line to McCormick and Northerly Island
from down near 23rd to 26th origin.

D) Motor Row - A great deal has taken place already, with some
things to come including a botique hotel at 24th and Indiana,
etc. These people are better off then when they bought.

E) Restauraunts - Two new proposed, and O’Malley has also bought
up 4 buildings in Motor Row for restaurant plans (owner of
Grace O’Malley’s, Fire House, Park Grill, etc.)

Also, one caviat, did you know Michelle Obama sat on the committee for the Motor Row redevelopment and Landmarking proposal? An ace in the hole? Who knew?