Steals and Deals: River North 1 bedroom for only $209k
A “real” one bedroom has just come on the market in an older River North loft building for only $209,900- which may or may not include the parking space. This isn’t one of those “convertibles” or junior 1 bedrooms. It’s the real deal.
And the bedroom also has a window.
This unit is already bank owned, hence the cheap price.
300 W. Grand #504: 1 bedroom, 1 bath, about 900 square feet
- Sold in April 1999 for $195,000
- Sold in May 2004 for $250,000
- Currently listed for $209,900 (includes parking)
- Assessments of $378 a month
I have chattered about 300 W. Grand before. In that post, I chattered about a 2/2 for sale in the building for under $400,000- including the parking. That two bedroom unit is still for sale.
There are no pictures of the one bedroom, so instead I’ll post a few of the two bedroom which will give you a feel for the units in the building.
The one bedroom faces south. It does NOT face into The Silver, which is being built on the north side of the building.
The last time a unit sold for around this price was in November of 2004, when Unit #204, also a 1/1, sold for $215,000. I don’t know if that included a parking space however.
River North one bedrooms have been selling for closer to $300,000 in recent years. Will this set a new downward price point or is it an anomaly?
Riklin Realty has the listing.
Hi,
I toured this unit and it need major work, such as a new kitchen (cabinets painted black-not professionally) and the plumbing doesn’t work, cracked floors, etc. Not sure if you factor in the bathroom and kitchen work, if this unit really is a deal…
I noticed this ad on craigslist earlier today and then looked at the listing. I believe it was corporate owned (perhaps explaining the current condition). Is there a “shared” bathroom (as suggested in the listing)?
I toured the unit as well. Bathroom mirror was cracked and the rest of the unit needed major facelift.
Special assessments are comin up in this unit for the roof and carpet, $5,800 on June 1st. Garage special assessment is also coming up.
Monthly assessments do not include parking assessments ($50)
Real estate taxes on unit are $3,700 and do not include taxes on parking ($?).
I dont know why assessments are so high for a building that has no reserves and no amenities!
I have pictures if anyone is interested…
The corporate owned status means its owned by the bank. Not sure why they are listed this way, maybe to keep other realtors from showing their listings.
The building has had specials in the past. There are under 60 units and the developer did not do a great job in the initial conversion back 10-12 years ago. With so few owners, difficult to ever raise reserves/spend on projects.
AD,
Where did you get info on the upcoming Special?
I spoke with the building manager. I havent had much experience in this location, does this still sound like a good deal? I am considering submitting an offer, but havent looked at the comps yet (i have about 125 to analyze).
Im a little hesitant due to the high re taxes and assessments. Anyone?
Well,
My real concern would be the building reserves, specials, parking (is it included or not), and train noise. The brown line runs right by the bedroom window (like 2-3ft away).
Parking is definitely included. Thick walls, solid windows so you really dont hear the el unless you have your window open. I tested for that while I was inspecting the condo.
I’m assuming the building reserves are depleted since they needed this special assessment.
They had a special a few years ago b/c of facade/brick work. What is the parking space number? When I last spoke to the bank people they weren’t sure and had to check.
AD,
I think the parking is in the highrise next door 330 Grand. They have received offers already. Maybe Sabrina is right, it is a steal
It is next door, forgot to mention. Their was a couple submitting an offer while I was there!
Wow! Sizzle for 209K 1 beds!
I did a quick calc and noticed that the re taxes and the assessments are about $250 more a month than average. This is the equivalent to a $45k loan. In my opinion, this condo isnt any cheaper than a condo priced at $255k. For that price, you can get something with more amenities, better location, better views, stainless steel appliances, etc.
Does anyone agree with me?
Absolutely. Price alone is not an indicator of whether something is a deal or not.
I actually agree with both of you. I am not certain about this unit because of the work it needs, taxes/assessments, specials every few years, etc. I’ll pass.
What does everyone think of the 2/2 in the Sterling 1150 sq ft for 299k?
Thanks for your thoughts. Is that unit still available?? I thought it sold that week??
It is back, contract fell through, on the lowest floor though, 2.
I don’t like the ceiling height in the Sterling. I have 10-11 ft now, so going to 8.5 is hard. I feel like I am in a cave.
Wow- lots of interest in this unit.
The price IS pretty juicy for River North. Heck, it’s hard to get a true 1 bedroom anywhere on the north side all the way up to Lakeview for that price.
Thanks for the info about the special assessment. Maybe that is why the two bedroom is still on the market.
I second, “Price alone is not an indicator of whether something is a deal or not.”
My 1 cent, the true deals will start appearing in August-October when sellers will realize that they missed the ’08 selling season, get desperate and don’t want to be stuck w/the carrying costs over winter ’09.
Unless of course, there is a spectacular selling season and a lot of this excess inventory gets cleared out.
Me: I agree. People who are buying the foreclosures and what not right now are WAY too early to the game.
Foreclosures offer the opportunity to get a place for a fraction of the cost. Getting a good foreclosure often saves you 25-50% off the market price. And you can’t be guaranteed to find a good foreclosure a year down the road. If I found a foreclosure in a building I liked today for 25% off the true market value (based on actual resales, not asking prices) I would take it.
That being said, it is quite scary that these units which appear to be deals are not selling overnight. It certainly doesn’t bode well for the future of Chicago RE.
I called yesterday to throw down a low-ball offer and the agent indicated that he had bad news and that a cash offer of $222k. I laughed when I heard this! Once you rehab the unit and pay the special assessment, you’re sitting at $235-240k! That doesnt even factor in the association’s low reserves ($60k) and the high assessments/taxes. Can somebody give me an idea as too how much a healthy association should have in reserves?
Me: I agree with you as well, this summer is going to be a great buyers market!
There is no magic number on the reserves. I was only going to offer 185K on the 300 W Grand Unit LOL! I priced out the work, and it would really come to around 15K to make the place presentable.
Ironically, that is the number I had in mind too!
Did you notice the safe in the bedroom closet. Black painted kitchen and safe; what was this used for before?
I was also concerned about the dying retail on the street level. Only the rug merchant appeared viable. Much of the retail was vacant. It seemed to me that the building was in a downward spiral.
There used to be some better shops in the bottom of the building but they closed. Frankly, it’s not like there is much foot traffic there.