Trying to Re-Sell a 2/2 in 235 W. Van Buren in the Loop
This 2-bedroom at 235 W. Van Buren in the Loop has been on the market since September 2013.
This building gained some infamy during the real estate bust because it was completed just as the bust was picking up steam and it has still yet to sell out all of its units.
With little other new construction condos on the market in the Loop, it has been slowly selling its remaining units.
However, those who bought a few years ago are now also competition for buyers.
This 2-bedroom is 1034 square feet and has north views.
The listing says it has had $40,000 in upgrades including a double oven and a custom glass room divider for the second bedroom.
The kitchen has stainless steel appliances and granite counter tops.
There are hardwood floors throughout.
It has central air and washer/dryer in the unit.
It doesn’t look like the unit has parking, however. But there IS parking in the building.
Originally listed at $345,000, it has reduced $25,000 to $320,000.
That is still $50,000 over the 2010 purchase price.
Will it get the premium?
What’s the future for this building once it’s finally done selling units?
Katharine Dolan at Jameson Sotheby’s has the listing. See the pictures here.
Unit #1616: 2 bedrooms, 2 baths, 1034 square feet
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- Sold in September 2010 for $270,000
- Originally listed in September 2013 for $345,000
- Reduced
- Currently listed at $320,000
- Assessments of $336 a month (includes a/c, doorman)
- Taxes of $4583
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 12×10
- Bedroom #2: 12×10
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They did something interesting with the open space between the interior bedrooms and kitchen. I’ve seen curtains, glass blocks (yuk) but this separation is tasteful.
With no amenities and no parking, I think anything over $300K is wishful thinking. This is a very small 2/2.
That location is quite bad too. Just nowhere to go on foot.
I think this is one of the best value in downtown if you bought 2 years ago. Being in the Loop and low HOA, it’s a dream place for young people who just started their career here. Of course, you have to buy those units with views! That’s the key when you consider any high rise.
Terrible. Looking at the pictures makes me feel claustrophobic. Nothing says “cramped” like storing bikes on a balcony. Yuck.
Cool kitchen and separation between kitchen/bedroom, and looks like lovely views. BUT, I can’t stand bathrooms without natural light. Looks like both are window-less so that would be a deal killer for me.
with those low assessments and taxes there’s a pretty good return on rent potentially here right?
can’t see it going for less than 2010 price and doubt it goes that low.
“I think this is one of the best value in downtown if you bought 2 years ago”
Prices here weren’t much lower 2 years ago though. I looked in 2011/2012. One BR’s were around 215k. I think they are around 235k now. Conversely, the 1 br’s at 1620 and 1720 S Mich (by the same developer) were 99k. Now they are 179-199k.
I also used the sliding door company to create a moveable partition between my kitchen and bedroom, mine is clear though to allow more light to enter.
I don’t see where 40k in upgrades went, unless these unit came with low end finishes to begin with. The divider above the kitchen is probably the nicest looking solution I’ve seen, but the fact the second bedroom doesn’t have a window is a big negative in my book (think these should have to be labeled as dens instead of bedrooms, IMHO).
“BUT, I can’t stand bathrooms without natural light. Looks like both are window-less so that would be a deal killer for me.”
Apparently T.S. only would consider suburban living unless (s)he has a seven figure budget — I’ve never seen a bathroom in any city condo or apartment for even double this price per sq. foot which has windows in the bathrooms.
“I’ve never seen a bathroom in any city condo or apartment for even double this price per sq. foot which has windows in the bathrooms.”
Huh? Not in a highrise, sure, but here’s a typical example:
http://www.redfin.com/IL/Chicago/541-W-Addison-St-60613/unit-G/home/13377590
That’s a *garden* unit with a window in the bathroom. Granted, glass block, but that does let in natural light and can be replaced.
We had 2 bathrooms in the city, 1 with a huge window and the other was windowless and I hated it.
“I’ve never seen a bathroom in any city condo or apartment for even double this price per sq. foot which has windows in the bathrooms.”
High rises almost NEVER have them. There are a few windows in bathrooms in luxury units. Whenever I see a window in a non-luxury unit it is noteworthy. In fact, I can only think of one building in River North where there is a window in the bathroom of, say, a 1-bedroom unit. Very, very rare.
Legacy also has some units with West view that have bathroom windows. It’s pretty cool when you can take a bath with nice city view. The window can’t be opened though.
Again, I think if you bought the right unit in 235vb( split floor plan with windows in both rooms, great views higher floor), it’s really a nice investment in the Loop. Plus they gave away parking lot back then for free.
We are in the City and have two full baths and two half baths. All have windows.
So, no fears about high-tech Peeping Toms? Or would you keep a “permanent” plastic curtain across the bathroom window? Those “frosted” windows you sometimes see in baths don’t offer as much protection as you might think.
As for the building itself – I know it won some archetectural awards a while back but the interiors struck me as strictly “parents buying a place for their kids to live in while attending a downtown college campus.”
Vlajos, is it a highrise?
No Brando, SFH.
“We are in the City and have two full baths and two half baths. All have windows”
We weren’t talking about SFHs Vlajos.
Which Legacy units have windows in the bathrooms? 2 or 3 bedroom units? I know some of the larger units in 340 On the Park have windows (the $2 million+ units). But the small units do not.
The neighborhood sucks. Next to the jail and bail bonds outlets and parking lots and fast food joints.
This building is basically a big dorm. I wouldn’t buy here unless planning as investment property.
guessing ts takes stinky dumps or lives with someone who does
how long will the assessments stay this low?
osito, you forgot to mention the little plaza west of here, before the river, where bums like to poop. kind of gross when they stray from the plaza and poop on the regular sidewalk
This is a tier 16 unit which means it is on the north side of the building which is much darker than the south side. Also, it is on the 16th floor (low floor, 46 total in the building) and whoever purchased it got a decent deal for brand new 2/2. The owner does compete with the developer, however keep in mind that majority of 2 bedroom left in the building are on higher floors – are typically more expenses. Assessment also includes gas and basic cable.
It will sell for $310,000.