333 w hubbard

Looking For A Move-In Ready River North Loft? A 2-Bedroom In 333 W. Hubbard

Dec 6 • Lofts, River North • 131 Views • 26 Comments

This 2-bedroom loft in the Union Square Lofts at 333 W. Hubbard in River North just came on the market.

This is a unit in the front part of the building which was the newer constructed annex.

These units don’t have exposed brick, timber ceilings or exposed beams. They DO have high lofty ceilings and exposed piping and ductwork.

The listing says this unit has a “new kitchen” with quartz counter tops, a carrera marble backsplash and stainless steel appliances.

The master bath has a new carrera marble vanity.

The unit has amazing staging, including the appropriate “in” paint colors (grays/blues).

The unit has central air, in-unit washer/dryer and parking is $30,000 extra.

Will this move-in ready loft sell quickly because of the presentation?

Ian Schwartz at Coldwell Banker has the listing. See the pictures here.

Unit #2E: 2 bedrooms, 2 baths, no square footage listed

  • Sold in September 1999 for $254,500 (no parking included)
  • Sold in November 2002 for $324,000 (no parking included)
  • Currently listed for $349,000 (parking is $30,000 extra)
  • Assessments of $644 a month (includes cable, c/a, gas, doorman)
  • Taxes of $4951
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11
  • Bedroom #2: 13×11

 

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26 Responses to Looking For A Move-In Ready River North Loft? A 2-Bedroom In 333 W. Hubbard

  1. Sabrina says:

    There’s only going to be two posts today because I was bored with the housing options last night and couldn’t find a third property to post on.

    It’s really pathetic out there right now. The worst I’ve ever seen it in 5 years of running this blog (and it’s NOT because it’s December.) My condolences to those who are attempting to buy something right now.

  2. upe says:

    Just want to say that I really enjoy reading your site, regardless of the current housing options. It has given me some nice insight to the local market. Thanks!

  3. Moore says:

    Sabrina – what do you think is causing the low inventory, and do you foresee another price drop for properties on the near north side?

  4. sonies says:

    If inventory is so low why aren’t prices rising, or is this getting towards the peak of the rental bubble? Or are people in this price range concerned about the mortgage interest deduction going away? I don’t understand

  5. Fred says:

    A lot of what was available on the market was made up of buyers from 3-7 years prior. Currently, all of those people are underwater so they are unwilling or unable to resell their places. I do think prices have come up a little, but coming up 10% from the bottom doesn’t matter when the bottom was 30% off what the current owner paid. Owners will start to sell more when they get far enough into mortgages that the can at least not write a check at closing. I’ve already written off ever getting back what I paid for my place. At this point I’ll settle for not having to write another $30k check to move out like the $30k check I wrote to move in. At what point in an amortization table does one hit 65% LT(original)V? That’s when people will start selling.

  6. Dan #2 says:

    I realize city living is what it is, and you’ve got to accept some sacrifices, but can you imagine looking out your window straight into a concrete parking garage? That has to be just soul sucking.

  7. Dan #2 says:

    And the kicker: No parking with the unit (unless you pay an extra $30K). I realize that’s par for the course, but considering you have to look straight into a garage, couldn’t they at least throw in the space as compensation?

  8. dude says:

    [Dan #2] “I realize city living is what it is, and you’ve got to accept some sacrifices, but can you imagine looking out your window straight into a concrete parking garage? That has to be just soul sucking.”

    My sentiments exactly. For the view alone I could never purchase a place like this. The Chicago planning commission really needs to get their shit together and prohibit the creation of non integrated parking garages/podiums.

  9. anon (tfo) says:

    “At what point in an amortization table does one hit 65% LT(original)V?”

    Rate? Original LTV? *any* extra payment?

    Assuming 10% down, and no extra payments, at 4%, 6%, 8% rates, it’s ~12.5, 14.5 and 16.5 years into a 30 year amortization when you hit 65% of LT(original)V, including the 10% dp.

  10. Fred says:

    “Assuming 10% down, and no extra payments, at 4%, 6%, 8% rates, it’s ~12.5, 14.5 and 16.5 years into a 30 year amortization when you hit 65% of LT(original)V, including the 10% dp.”

    65% may be overkill, but you get my point. I’d bet a majority of properties purchased 2005-2010 won’t be on the market again for a few more years yet. Inventory will be low for a few more years unless property values come back up, which I don’t see happening. There needs to be some stimulus for sellers along with buyers. Interest rates can be 0% but I still can’t buy if I can’t sell.

    Buying within my means after 6/1/09 (HARP/HAMP cutoff) was the worst financial mistake I have ever made. I can’t get my mortgage adjusted, I can legitimately afford my monthly payments so defaulting is not a real option, and selling would wipe out almost all of my savings. I either have to suck-it-up-and-live-there for the foreseeable future, sell (wiping out my savings) and move into a rental, or accidental landlord.

  11. sonies says:

    “I realize city living is what it is, and you’ve got to accept some sacrifices, but can you imagine looking out your window straight into a concrete parking garage? That has to be just soul sucking.”

    Yeah, that parking garage is such an eyesore, and it looks right into it, but besides the view the place is nicely appointed for the price point (certainly not “stunning high end finishes” like the listing says) but I think it should sell for 350k including parking IMO

  12. G says:

    “If inventory is so low why aren’t prices rising?”

    They are rising due to interest rate and inventory manipulations. Imagine where they’d be if this wasn’t going on. They would be falling even faster. Instead, they will fall even longer. Better for the banks this way since they can find bagholders along the way. How do govt interventions intended to make housing less affordable really help Americans?

  13. nwzimmer says:

    “My sentiments exactly. For the view alone I could never purchase a place like this. The Chicago planning commission really needs to get their shit together and prohibit the creation of non integrated parking garages/podiums.”

    I’m living in downtown Austin right now; my place on 2nd & Lavaca has a view of a parking garage, but they did such a good job with it, putting nice looking glass around it, it looks indistinguishable from a high-end office building. In fact I had lived at my place quite a few weeks before I even realized that it’s a parking garage…

  14. looking to buy says:

    Here’s my example. I bought a condo in 2007. I paid about $15k less than the previous owner who bought in 2004. The condo is now worth $100k less than what I paid. With some refinancings, screwed up taxes, I’m renting the place for $850 more than my monthly nut. Who knows what the future holds, but it makes absolute sense to just rent it out and pocket the difference in my own personal equity account. Fortunately, with some smart investing, good savings, fortunate career moves we were able to buy a house where we can stay for a long time and who knows, I wouldn’t mind moving back to the condo in the future.

  15. looking to buy says:

    interest rate are really maintaining this property market. I’m in the process of refinancing a jumbo at 3.75%. 6 months ago I was at 4.5%. It’s just crazy or the new normal.

  16. Upe says:

    How do you guys feel about new construction? I feel like everything is snatched up in a matter of days and I can’t really figure out why…

  17. sonies says:

    Scarcity of new construction is why, people want new, they dont’ want to overpay for someone’s poor 2006 financial decision (who’s finishes already look dated or poor construction, or whatever) so people want new

  18. sonies says:

    Scarcity of new construction is why, people want new, they dont’ want to overpay for someone’s poor 2006 financial decision (who’s finishes already look dated or poor construction, or whatever) so people want new at these low interest rates and lower prices (than a few years ago)

  19. Upe says:

    That makes sense but it seems like the premium being paid for new construction put the units at 2007 prices

  20. Dan #2 says:

    Per NZswimmer,

    I wonder if city code even allows the construction any longer of garages like the ones in the photos of this place. Seems like there are ways to make them less of an eyesore, as apparently has been done in Austin, and I believe with some newer garages in Chicago.

  21. anon (tfo) says:

    “I wonder if city code even allows the construction any longer of garages like the ones in the photos of this place. Seems like there are ways to make them less of an eyesore, as apparently has been done in Austin, and I believe with some newer garages in Chicago.”

    The Greenway garage (newest standalone I can think of) at Clark & Kinzie is certainly better, but no one with eyes would mistake it for an office building.

  22. dd says:

    Gosh that view is really depressing.

  23. Pete says:

    It will sell for less than $350k parking included. When will the lame realtor trick of listing the parking separately stop? It does not work.

  24. helmethofer says:

    two different PINs and deeds? Is that why they do it?

  25. Fred says:

    They do it for searching. If you search for a price range of $300-350k, $349+30k will appear in the results, $379k will not.

  26. wtrgrrrrl says:

    If parking is deeded and CAN be sold separately then the unit price with the note that parking is available but NOT INCLUDED is acceptable. If the parking CANNOT be sold separately and MUST be sold with the unit then not including the cost of parking in the list price is unacceptable AND a violation of MLS Listing Rules. In this case the parking is deeded, sold separately, so the seller could sell it to another unit owner in the building, or, depending on the Condo Declaration, to someone outside the building.

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