Get a 3-Bedroom Modern Penthouse for Under $300,000 In West Town: 2408 W. Rice
This 3-bedroom penthouse at 2408 W. Rice in West Town recently came back on the market.
The modern building at the corner of Rice and Western Avenue, was built in 2008 and has 12 units.
It looks like this penthouse, Unit #404, never originally sold from the developer.
At 1500 square feet, it has a balcony with city views and a private rooftop deck.
The listing says there is an “exotic Wenge kitchen” and “resort caliber baths” with quartz counter tops.
There are hardwood floors throughout.
The unit has central air, washer/dryer in the unit and garage parking is included.
The unit has been reduced about 39% since February 2009 to $299,000.
Will this lowered price finally lead to a sale?
Karen Biazar at North Clybourn Group has the listing. See the pictures here.
Unit #404: 3 bedrooms, 2 baths, 1500 square feet, 1 car garage parking
- New construction in 2008
- Originally listed in November 2008
- Was listed in February 2009 at $489,900
- Reduced many times
- Currently listed at $299,000
- Assessments of $160 a month
- Taxes of $7211
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×14
- Bedroom #2: 12×11
- Bedroom #3: 13×9
ARE YOU KIDDING ME?!!! Did you see what major street this is on? EXTREMELY dangerous area
$300k is much more reasonable than nearly $500k but this place is still on Western next to a used car lot and kitty corner to a gas station. What made the developer think this was the perfect place for a modern condo building? It is far from my ideal choice of location and at 1500 sq. ft it would be a more luxurious “penthouse” as a 2 bedroom than 3 bedroom.
Not my taste in finishes either but that is less of a fundamental issue than the location. Nice roof deck though, provided the noise from Western isn’t too intrusive like I assume it would be on the balcony.
Nice place but no way I’d live in this location. I guess if you only ever drive in and out then it could work.
Plus, an elevator in the building with monthly assessments of only $160 p/m sounds like a nasty surprise down the line.
“EXTREMELY dangerous area” – Clio
No its not. This Part of Chicago is perfectly fine. About as dangerous as living in Logan Square. I have friends who live a few houses down. This area is perfectly fine. Its no Lincoln Park, but its not Garfield Park either.
In general I like this unit… but it seems like another kitchen for those who don’t actually cook — which I’d assume most people looking for a 3BR (parents) will do more so than others. Not familiar with the area to weigh in on that. Price seems attractive enough to deal with a less than idea neighborhood for the size and decor of this unit. One question — how is the private roof accessed? I see no stairs in the unit itself.
No problem selling this: Just blindfold Trixie and Chad in 60614, drive to this location, remove blindfold, and call it “West Streeterville”. They’ll love the finishes!
“extremely dangerous area” – really? get your head out of your a@*, turn off WGN, drive your crappy SUV east of 294 and get a life.
where do you come up with this stuff? hell, Stacy Peterson didn’t even have to leave Bolingbrook —–
Like the area or not (and I do), this seems like a really good deal, although I agree that $160/mo assessments for an elevator building seem pretty low.
Let’s see. Dominicks down the street along with a CVS nearby. Also, there’s Lockdown, Empty Bottle (Bite Cafe), The Beetle, Blind Robin, Stella’s and Archie’s to get your drink on. Tommy’s Guitars and Chewies if your into motorcycles and guitars like I am.
I dig the general area but this unit? On Western? I’ll pass. Maybe as a rental perhaps?
According to this handy Redeye website, 103 homicides have occurred within a 2 mile radius of this property since 2007.
Same source says 12 homicides occurred near the 448 Wrightwood address previously featured here.
Lastly, enter 1000 W. Wilson and see the just 36 homicides occurred in the heart of Uptown using the same variables. And Uptown gets a really bad rap here on Cribchatter!
http://homicides.redeyechicago.com/search/?address=2408+W.+Rice&geocode=-87.6870162%2C41.8966876%2C0
I think Clio is right in regards to the safety of the ‘hood.
TB — comparing a two-mile radius around this place with those other locations is not really fair, if only because much of a two-mile radius around the other addresses would largely be under water. This particular location is not perfect, but those stats really don’t say much.
within 0.5 mile radius there aren’t many at all!
Lower it to a 1 mile radius and watch that number tumble all the way down to 10.
Thats one less than the 1 mile radius around 2008 W Wabansia, perfect little Lincoln Park 2.0 part of Wicker Park/Bucktown.
These sound like the comments of people who dont Live/Work/Play in the City.
“What made the developer think this was the perfect place for a modern condo building?”
A similar bad-location decision was made on these high-end modern condos at 1409 N. Ashland, across the the butt rear of a Kmart. I think they haven’t sold and are up for rent.
http://theonyxsuites.com/index.php?option=com_content&view=article&id=64&Itemid=81
Plus for Milkster, you’re walking distance to a “Carnicerias Guanajuato” at 1436 Ashland that has a secret taco restaurant in the middle of the grocery store.
oops, back to Western Ave. now…..
“According to this handy Redeye website, 103 homicides have occurred within a 2 mile radius of this property since 2007.
Same source says 12 homicides occurred near the 448 Wrightwood address previously featured here.
Lastly, enter 1000 W. Wilson and see the just 36 homicides occurred in the heart of Uptown using the same variables. And Uptown gets a really bad rap here on Cribchatter!”
Talk about setting variables (yes, I know its the default) to prove the point:
Change it to 1 mile, then:
for this address: 10
for 1000 Wilson: 18
for 448 Wrightwood: 1
TB, are you an idiot? Two Miles includes all of humboldt park and most of garfield park as well. That was such a worthless stat.
This area might be unexciting and less than ideal but it’s not exactly a warzone.
Taxes need to be reassessed.
This is not a bad area. I would even classify this area of Chicago as up and coming. Too bad its on Western. Just east of this area (between Western and Damen) you get the yuppiness of Old Oak Tap, Bleeding Heart Bakery, Roots Pizza and more.
“No its not. This Part of Chicago is perfectly fine. About as dangerous as living in Logan Square. I have friends who live a few houses down. This area is perfectly fine. Its no Lincoln Park, but its not Garfield Park either.”
Ditto. As I’ve said before, I have a pretty good radar now of what makes me feel uncomfortable about a neighborhood. I had no trouble getting out of my car and walking around in this area.
already sold.
hahah. 2 miles. garfield park! so similar. /sarcasm
i have walked down this stretch of western at 2am about 100 times. i’m a short little white guy, and i’ve never been bothered.
“already sold.”
You’re right Tom. ha! ha!
This is now under contract. People want “new”. Where else are you getting a 3-bedroom new construction unit in this area for under $300,000?
This market cracks me up.
Architectural style kind of reminds me of those condos near/in the strip mall near Ranalli’s near Belden & Lincoln. But instead of bricks different facade.
It’s sold? Karen Biazar certainly seems to know how to sell these type of properties. I don’t know how she does it but her slice of the market seems to be west town new.
It’ll be interesting to see what this went for. Wouldn’t surprise me to see it over list.
Unit 402 was sold for $297,000 and was rented out on the Mls for $2700 a month. You fools who state this is not a good location or the building is not appealing know nothing about real estate. Get out of your parents house and quit voicing your opinion on subjects you clearly know nothing about!
“Unit 402 was sold for $297,000 and was rented out on the Mls for $2700 a month”
That’s about 7.5% (net only of T&A), which is pretty good in the current rate environment, but not awesome for a single condo unit, especially one that still has the newcon discount on assessments. Maybe the (expected) tax reduction will offset any assess increases, but not a sure thing. Have to be betting on rent inflation continuing or capital appreication returning.
Simple Math:
You put 20% down = $59,400 + $6000 (Close Cost) = $65,400 Intial Investment
Monthy Expense $1150 (4.2%) mtg $160 assmnts $583 taxes $50 insur = $1,950
rent $2700 – $1950 = $750 profit
$750 x 12 = 9000
9,000 / 65,400 = 13% return yield
Add in $300 monthly dollars that is applied to your principle for each mtg payment
$300 * 12 = $3600 + $9,000 profit = $12,600
12,600 / 65,400 = 19% return yield
Mike W:
Why isn’t EVERYONE doing this if you’re getting 19%?
“Why isn’t EVERYONE doing this if you’re getting 19%?”
Because loan terms like those require swearing condo will be owner occupied? Also (quibbles coming) because this analysis ignores any vacancy/ collection issues, repairs, sinking funds, special assessments et al & his estimate of $300 month mortgage principal paydown sounds too aggressive?
Sabrina,
To get this type of yield for Rental Properties:
1. 20%+ Down Payment
2. Great Credit and Long Term Employment
3. Knowing a Great Market, Finding a Very Motivated Seller, and being a Savvy Negotiator
4. Plan, Research, and Get into the Game.
Southbound,
I have recently purchased several properties in West Town and the Numbers are correct.
You’ll have to a pay a point or 2 to get your rate down as an investor but that is factored into the Closing Costs. You have to work with the right Banks.
This place is brand new and rented already. But let’s add another $5,000 for Start Up Costs bringing your initial investment @ $70,400.
12,600 / 70,400 = 17.8% return yield (1st Year)
If you want to speculate on future expenses, how about speculating on increasing the profit by Appealing the Property Tax. Based on the unit’s price and location, it should be at least $2,500 less a year. 2,500 / 12 = $208 a month to the bottom line
* The power of using Other People’s money and having others pay that debt for you.
Nothing like Real Estate
“If you want to speculate on future expenses, how about speculating on increasing the profit by Appealing the Property Tax. Based on the unit’s price and location, it should be at least $2,500 less a year. 2,500 / 12 = $208 a month to the bottom line ”
Good luck with that.
wow this one sold for OVER the list price… haven’t seen that in a while!