First Listed in 2008, Is the Market Finally Hot Enough To Sell This Printers Row Loft? 727 S. Dearborn
Loft lovers will tell you there’s something about the Donohue Annex at 727 S. Dearborn in Printers Row.
Located just south of The Donohue at 711 S. Dearborn, the Annex was added in 1913. It is a concrete building (versus The Donohue’s timber.)
It also still has the original elevator in the lobby (worth checking out on the South Loop loft walk or if you’re lucky enough to get into the building some other way.)
This top floor 2-bedroom just came on the market.
If it looks familiar, long time readers may recognize it from October 2008 when we last chattered about it.
See our interesting chatter from over 4 years ago here.
Back in 2008, it was listed for $592,500 and most of you thought it was overpriced (shocker!).
It has since been reduced to $399,900.
At 2200 square feet, it has tons of exposed brick and large industrial windows.
It appears from the pictures to possibly have a skylight.
The kitchen has granite counter tops and a SubZero refrigerator.
There’s in-unit washer/dryer but no central air (window units only) and parking is available at 801 S. Plymouth to purchase or in the neighborhood to rent.
This loft also has roof rights.
Another top floor loft in the Annex, Unit #911, actually just sold last week for $430,000. That unit was a 3/2 with 2500 square feet and a north facing deck. It’s assessment was $1198.
Will this loft finally sell in 2012?
Edward Schwind at Century 21 S.G.R. still has the listing. See the pictures here.
Unit #910: 2 bedrooms, 1.5 baths, 2200 square feet
- Sold in October 1989 for $80,000
- Sold in July 1997 for $227,000
- Was listed in October 2008 for $592,500 (plus parking at $48,000)
- Withdrawn
- Was last on the market in September 2010
- Withdrawn
- Currently listed for $399,900 (plus parking at $40,000)
- Assessments of $1012 a month (includes heat, cable). In 2008 it was $970 a month
- Taxes now $6811 (they were $4,691 in 2008)
- No central air- window units
- Washer/Dryer in the unit
- Bedroom #1: 15×14
- Bedroom #2: 14×12
I have a Sub Zero in one of my places in Woodstock. Does that mean it’s worth $400k too?
to say “is this market hot enough” implies that this market is hot at all, which it is not.
The window AC unit is a feature you typically don’t see in $400k condos. And, 2200 sq ft and 1 window unit!?
“TB (May 8, 2012, 11:13 am)
The window AC unit is a feature you typically don’t see in $400k condos. And, 2200 sq ft and 1 window unit!?”
you will see these in originally converted lofts that were done before the fake boom version “lofts”
BTW the groove F’ing loves him some printers row lofts.
especially the one that sold a little while ago that had the arched windows. talk about a loft boner!!!
listing fail.. the pictures are horrible. Although I do like the feel of a real loft. The assessments are killers here….perhaps at 350 it makes it worth it
This will never sell. People should just move to Cary.
They actually should. At least we don’t have to deal with underfunded pensions, rising taxes, uncertain HOA bills, and bad schools. I would never own units in the S Loop because I don’t want to be considered a slum lord.
“Vlajos (May 8, 2012, 11:25 am)
This will never sell. People should just move to Cary.”
This has all the criteria of a reverse-unicorn. What would that be? A donkey?
Taxes up 45% in four years.
Parking a block away
Sky high assessments
Delusional seller who thought his place was worth over $600k
Window A/C
Crappy pictures
$227 seems about right.
What a terrible listing.
“The assessments are killers here”
$0.47 psf, including heat, is killer? Huh.
“we don’t have to deal with underfunded pensions, rising taxes … and bad schools”
I though that Cary was still in Illinois. Guess not.
@anon (tfo): You’re right. Rising taxes and pension costs are a concern statewide, but more so in the city of Chi. I should’ve been more specific. Taxed Enough Already!
“but more so in the city of Chi.”
you should get more up on mchenry county workings, as it will soon be hit hard with deferred infrastructure costs, plus the same pension issues that cook has.
the big difference is cook has a larger taxable (and higher taxable) base to spread the costs over.
if you want to play fake clio from mchenry get your facts straight first, then come play
My RE taxes are 1.25% of my properties value, how about in Cary?
2,2200 square feet and they couldn’t even squeeze in a second full bath? $275k on a good day.
Groove, I appreciate that you have been paying attention to the happenings out here in McHenry Co. Have you been thinking about buying out here? If so, feel free to ask me any questions!
Was confused about your tax base argument, though. Median Home prices in Cary are comparable with those in city of Chicago. There are certainly more homes in the city, but that doesn’t necessarily make it better (Chicago has more public services, more public employees, more government, but I think the services and employees out here are better).
Vlajos, our property taxes out here are about double the city of Chicago’s on a percentage basis. However, I would venture to say that most people in Cary live in much bigger places than those of the typical person on CC. And there’s a good chance that the purchase price was lower!
Also, median income in Cary much higher than the city. So assessed value doesn’t really matter if the population doesn’t make enough money to foot the bill. Just my two cents!
I have no idea where Cary is…and not sure that I want to either
“There are certainly more homes in the city, but that doesn’t necessarily make it better”
look at it as a higher tax base not just in quantity but a higher taxable base as in more properties in a higher price bracket. meaning if a 900 million extra to collect the percentage spread across all will be lower than a mchenry where a 100mil extra to collect wil mean a higher % spread than chicago.
“but I think the services and employees out here are better”
i will always agree with that but that means nothing with the hit on taxes that will be coming soon. remind yourself that when you get a 7% increase over the next few years and cook residents get only 3.5%. also look into the argument with deferred infrastructure and the dispute with the rail lines, which from last i heard will fall mostly on the county to foot the bill. which in turn will be you footing the bill.
“However, I would venture to say that most people in Cary live in much bigger places than those of the typical person on CC. And there’s a good chance that the purchase price was lower”
yes and rising utilities (smart grid wont be felt for two more years) so not a good selling point on having a larger house. purchase price should be lower to cover your guys outrageous taxes.
remember this, Its better to more for a house with smaller tax % than buy a house with a bigger tax %. as you can control the interest paid to the bank, you cant control what your inefficient gubment decides to tax you.
plus eventually you will pay off your house, taxes are only going to get bigger even after your house is paid off
“remember this, Its better to more for a house with smaller tax % than buy a house with a bigger tax %. ”
And ultimately it is better to type with a keyboard that doesn’t omit key words at meaningful points in sentences. 😀
According to Google Maps, Cary is over 45 miles from downtown Chicago. Why would anyone who works in Chicago live that far? I would have a nervous breakdown from that commute. Despite hating Chicago’s rampant corruption, I tolerate it for a short commute.
Why would anyone want to live in Cary, Indiana? It stinks from the steel plants every time I have to drive through there! It looks terrible!
““remember this, Its better to more for a house with smaller tax % than buy a house with a bigger tax %. ”
And ultimately it is better to type with a keyboard that doesn’t omit key words at meaningful points in sentences”
fine let me fix that, sorry for trying to type and do some work too. i do try to earn some of my paycheck
*remember this, Its better to PAY more for a house with smaller tax % than buy a CHEAPER house with a bigger tax %.*
I’m jumping out my window if I have to read another comment about CARY, IL. At this point, I fully expect someone from Rockford to hijack the next CC listing.
“At least we don’t have to deal with underfunded pensions, rising taxes, uncertain HOA bills, and bad schools.”
LOL on Cary schools….Once pretty decent, they are going to hell in a handbasket. And Cary property values are taking a worse hit than many other burbs because word about the schools is getting out.
I’m sorry Groove.
“When we violate grammatical rules or use strange new definitions of words, we impede our audience’s ability to comprehend what we’re saying. Even if we can eventually figure out what’s going on here, and are appropriately horrified, this type of confusion and delay in comprehension should be avoided whenever possible. That’s why grammar is important.
So please, people of the Internet, learn the difference between all your “theres” and your “whichs” and your “yours.” Stop using the “7” key when you mean “T.” And please, ask a grown-up for help with apostrophes. Too many kids are getting hurt.
Read more: 7 Commonly Corrected Grammar Errors (That Aren’t Mistakes) | Cracked.com http://www.cracked.com/blog/7-commonly-corrected-grammar-errors-that-arent-mistakes_p2/#ixzz1uJ4FSwuw
“I’m sorry Groove.”
hey i didnt change for my teachers, didnt change for my career, and didnt change for my wife.
dont think i will be correcteing anything anytime soon for a random internet blog. (unless i start getting a cut from the ad revenue)
I’m confused. Does this unit have roof rights? If so, how come no photos of the outdoor space? Or maybe I missed it.
The 1997 price looks about right to me. Especially with the high fees.
Agree with Trudi (and all who mentioned) the pics suck. If this loft is dramatic as the description implies – then show it! I am an agent and the first thing we’re asked by 99.9% of sellers is ‘If I pick you, how will you market my property?) IMHO the absolute best way is get professional pics and put together a well written write up. That gets showings. Not 500 postcards, blogs, personal websites, property specific web sites, open houses, Tribune exposure, Craigslist, dressing up in a chicken suit, blah, blah, blah.
To sell your home
Seller
– Price right
– Clean and decorate your house/unit so it’s like like a model unit(store your ‘stuff’ if necessary)
– Don’t limit showings to when it’s convenient for you. Accept all requests and make sure your agent doesn’t impose their own rules like min 24 notice. With any restriction you may miss that couple who are in for 2 days from Ohio and just lost their #1 choice.
Agent
– Have professional photos taken
– Put together a well written, fluff free description.
– Know the property and building as well as if you lived there yourself. Budget, specials, reserves, where the gym is, how old the roof is (#1 buyer question), etc.
– Have game plan to accept (most) all showing requests and show it yourself and have back-up who knows all the above as well as you.
That’s it.
Price, pictures and description gets showings.
Of course they have to like it. But if they do then the clean uncluttered presentation and knowledgeable and informed presenter provides assurance to move forward.
No mailings, blogs or chicken suits needed.