7 Years Later in The Columbian: A 2/2 at 1160 S. Michigan in the South Loop
This two-bedroom in The Columbian at 1160 S. Michigan in the South Loop came on the market in February 2014.
It’s a northwest corner unit with floor-to-ceiling windows.
The kitchen has granite counter tops and stainless steel appliances along with wood cabinets.
The master bathroom is marble with an upgraded walk-in shower.
The Columbian, with 220 units, was finished just as the housing bubble was bursting. Many buyers got caught in the decline in the market.
We’ve chattered about the foreclosures/short sales in The Columbian over the years.
This unit last sold in 2007.
7 years later, it has come back on the market and is now listed for about $100,000 under the 2007 price.
Are the buildings that came on the market at the height of the boom, those that will take the longest to recover?
Stephanie Derderian at KoenigRubloff has the listing. See the pictures here.
Unit #3803: 2 bedrooms, 2 baths, 1511 square feet
- Sold in September 2007 for $587,500
- Originally listed in February 2014 for $518,000
- Reduced
- Currently listed at $487,000 (parking is $35,000 extra)
- Assessments of $599 a month (includes doorman, central air, gas, cable)
- Taxes of $6815
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×20
- Bedroom #2: 12×13
Meh. Lots of better options at that price point IMO.
522k for a 2/2 in the south loop, woof.
Taxes are much higher than they should be, and the finishes aren’t nearly nice enough for the price. The west loop, fulton river, and river north areas have better options at this price point. Not to mention a better location.
“Taxes are much higher than they should be”
If the AV were reflective of the purchase price, or even of 90% of the list price, they are too LOW.
Why do people persist in thinking that taxes are like 1% of value? This ain’t California.
Talk about bland.
+35k for parking… and no frickin way in hell that place is 1500 sqft
“no frickin way in hell that place is 1500 sqft”
In this case, that number is direct from the developer:
http://www.thecolumbianchicago.com/floor-plans/tower-plans/residence-3/
Seems like if you measure to the middle of the exterior walls, and the exterior of the interior walls, and include the balcony, that’s accurate (but misleading).
The original exterior plan for this building didn’t suck so much–it was designed to be clad in terra cotta, but the Mayor (yes, seriously) didn’t like that. And the building behind it (where TJs is) was supposed to be part of the condo, with an amenities roof, etc (and maybe ‘loft’ condos in the building? can’t remember that exactly). That was in 2000/01, tho, too, so well before this actually got built.
“Why do people persist in thinking that taxes are like 1% of value? This ain’t California.”
Nor is this like nortcenter I suppose. There are a lot of homes that are underass’d, in a persistent and close to systematic way.
https://www.redfin.com/IL/Chicago/3911-N-Hamilton-Ave-60618/home/13389231
“There are a lot of homes that are underass’d [like 3911 Hamilton]”
Which is (using Redfin’s numbers) assessed at 72% of the last sale price.
This condo is assessed at 64.6% of the last sale price.
“the last sale price”
who cares about last sale price? 3911 hamilton is at 47 percent of current list while condo at 78 percent.
do you think hamilton ass will go up bc of sale? to what? maybe it will, to 68 percent of last sale like this place, seven years later:
https://www.redfin.com/IL/Chicago/3845-N-Bell-Ave-60618/home/13390063
I just don’t think asses adjust automagically. There should be an appeal mechanism to raise asses. Or you should be able to file for a hostile takeover of any home at 120 percent of ass, unless owner agrees to upping the ass.
“unless owner agrees to upping the ass.”
umm…
“I just don’t think asses adjust automagically.”
They don’t, that is true.
“you should be able to file for a hostile takeover of any home at 120 percent of ass, unless owner agrees to upping the ass”
Hey, that’s my idea! Refined a bit, but my idea.
My original point was only that this condo is NOT “overtaxed”. It’s assessed value is well below it’s current ask, and it would sell *today*, if the ask were adjusted to the assessor’s market value–$368,470 for the condo, and $21,820 for the parking.
Here’s another idea–when you sell your place, there are 2 transfer tax rates–one up to the assessor’s market value, and a much higher one (like the current year property tax rate? would be ~2x the city’s TT rate) for the amount *over* the assessor’s market value. Enforcement a problem, tho.
I have seem units in this building and they suck IMHO. The windows are designed so poorly that despite the unobstructed lake view, if one is sitting on a sofa, there is almost no chance of enjoying the view. The gym and public spaces are dull if not ugly.
I don’t even like the location and I love SL. It is right off of Roosevelt road. There is always traffic and it backs to Trader Joe’s loading deck.
its not the blandness nor the exterior change from original plan. its the fricken parking garage and the horrible quality of workmanship that had most people running away from it.
give at one point the price on units had most overlooking/accepting the deficiancies and buying a unit
Not understanding the poor window design comment. How can floor-to-ceiling windows be designed differently? And in what way would they prevent one from enjoying the view? With regards to bland – perhaps it’s best not to compete with the stunning views but rather to complement them? Curious what you would do differently with this space? Finally – location – you’re taking an elevator down to the street level then going about your business. Off to the gym, Museum Campus, ball game, lunch…. How is this location worse than, say, 60 E Monroe? Every location has pluses and minuses – the key is to finding the one that suits your individual needs. The biggest downsides to this building are the horrible parking garage entrance/exit and the amenities which, other than the dog walk (cement yard), are pretty worthless.