Unique Tri-Level Donohue Loft Sells for $25,000 Over Ask: 711 S. Dearborn in Printers Row
We last chattered about this 3-bedroom triplex loft in the Donohue at 711 S. Dearborn in Printers Row in April 2013.
See our April chatter here.
Back then, many of you liked it but that the high assessments were a burden.
Listed at $500,000, Groove was one of the few that took a guess at its future- saying that he thought it would sell in two months for over ask.
It just sold (so a little over 2 months) and yes, it sold for $25,000 over ask at $525,000.
If you recall, the building was built in 1883. It was the first building converted into residential lofts in Printers Row in the 1980s.
This particular unit was one of the more unique ones in the building.
The listing said it was 3 one-bedroom units stacked on top of each other and connected with an internal staircase.
The top floor of the triplex was the top floor of the building so even though it had timber ceilings, there was no one above you and only your unit below you on the other two floors.
It had exposed brick on each floor and arched windows on the top floor.
The loft actually faced east so it did NOT face Dearborn.
It also has some quirks like 2 kitchens.
The main kitchen had maple cabinets and black appliances while a smaller white kitchen is on the lowest level.
At 2450 square feet, there was a library on the second floor and a 8×8 laundry room.
The loft had central air.
There is no parking with this building but it’s available for purchase in the nearby high rise on Plymouth for $35,000.
It appeared to be on the market for the first time in 30 years.
Is anyone surprised it sold for over ask?
Margie Smigel at The Margie Smigel Group had the listing. You can still see the pictures here.
Unit #808: 3 bedrooms, 2.5 baths, 2420 square feet
- Sold before 1985
- Was listed in April 2013 for $500,000
- Sold in June 2013 for $525,000
- Assessments of $1336 a month (includes heat and cable)
- Taxes of $7285
- Central Air
- Washer/Dryer in the unit
- Parking available for $35,000 extra nearby
- Bedroom #1: 16×16 (third floor)
- Bedroom #2: 14×15 (second floor)
- Bedroom #3: 14×15 (second floor)
- Living room: 15×30 (main floor???)
- Dining room: 14×16 (main floor???)
- Laundry room: 8×8 (second floor)
- Library: 15×15 (second floor)
Great space, especially considering how cookie cutter the South Loop is. Why are the HOA dues so high?
I like it. Did you notice the zillow value estimate? It showed the place worth about $200K until it sold at $500K and now the value is $400K. Dumb.
“Great space, especially considering how cookie cutter the South Loop is. Why are the HOA dues so high?”
It’s an old building with a lot of maintenance (long hallways, original elevator in the Annex.) Also- are the assessments really that high given that it’s 2400 square feet? Yeah- there’s no pool like a lot of the high rises, but many 2400 square foot units in a high rise will definitely have assessments at least as high as these are.
“Why are the HOA dues so high?”
If it really is 3 1 bed units combined, then you are paying 3x1bed assessments instead of 1x3bed assessment. This is a hazard of combining units.
“Also- are the assessments really that high given that it’s 2400 square feet?”
With high ceilings, old windows and no insulation, and it includes heat, too. It really could be 30% of the assessment just for heat.
The assessments sound fair since they include heat and cable. I have about half the space in my condo and the assessments are around $450, but it doesn’t include heat or cable. My guess is that heat for a unit this size runs at least $400 in the winter months.
This is a pretty cool place overall. If I had $500k to spend, I would probably choose to live in a townhouse in this area, but this type of condo would be a close second.
“Great space, especially considering how cookie cutter the South Loop is.”
Agreed. The only thing the “new” South Loop offers is better access to the lake.
I’ve got ~2800 sq ft in an old building in the West Loop and my assessments are $700 (cable, but not heat). Old, funky, cool, quirky buildings need a lot of maintenance but I think it’s worth it.
My unit faces south so heating the unit isn’t the problem. Keeping it cool is where the money flows like cheap beer at a Hawks rally.
Very nice unit. Great builtin shelves.
This is a beautiful loft, the kind that makes a non-loft person hanker after one.
Taxes are very reasonable and the assessment is REALLY reasonable if indeed it includes heat.
My 2300 sq ft timber loft has units above and below but 150 linear feet of outside wall. My heat & cool costs never go over 300.
This is a true blue loft, I love it. All those bookcases are wonderful. I used to have a loft in Printer’s Row, in the Moser building. It’s is a great little neighborhood. So close to the big library, lakefront, Michigan Ave. .. Whoever bought this gem should be very happy, very cool architectural details, dig the windows, all in all, a very very chill loft.