Buying, Rehabbing and Selling Within 3 Months in River North: 405 N. Wabash
This 2-bedroom penthouse unit in 405 N. Wabash just came on the market.
If it looks familiar it’s because just sold 3 months ago, in September 2014.
The new listing says that the “interior appointments” have been “all refinished”.
The unit now has ebony stained floors and new Bosch appliances in the kitchen.
The listing doesn’t say that the kitchen is new.
There are no pictures of the bathrooms in the new listing and the furniture has been “virtually staged.”
It has the finishes buyers look for including washer/dryer in the unit and central air.
It also has north, south and east exposures.
Parking is available for extra.
405 N. Wabash is a full amenity building with 697 units and has a pool and doorman.
This unit was bought for $713,000 in September and is now listed, just 3 months later, for $899,000.
Will this seller be able to cash in quickly?
Tom Witt at Executive Realty Consultants has the listing. See the current pictures here. But you should also look at the previous pictures here.
Unit #5110: 2 bedrooms, 2.5 baths, 2750 square feet
- Sold in March 1997 for $550,000
- Sold in September 2014 for $713,000 (looks like it included the parking)
- Currently listed for $899,000 (parking is extra)
- Assessments of $2942 a month (includes a/c, parking, doorman, cable, pool)
- Taxes of $18198
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 19×15
- Bedroom #2: 18×10
I like the older finishes/kitchen better. Now the place looks like a pseudo-postmodernistic black hole. Are white kitchens now out of style? Keeping track of these trends is exhausting.
So you’re paying about $4500/month BEFORE mortgage… Regardless of what it sells for, there are much wiser real estate purchases you can make with your cash. To put things in perspective, The Domain at 900 N Kingsbury charges about $700/month in HOA fees for the exact same amenities (minus pool); obviously the location in RivNo & views aren’t as great, but is it worth the $2300 markup?
Panty-dropping views aside, definitely not worth it.
In my comparison to the Domain, I forgot to account for the differences in square footage and its directly proportional relationship to HOA fees, but either way, as a 10%er, I can’t fathom paying $3k in assessments. Someone obviously will though.
YIKES!
virtual staging = fail
the listing for the before pictures says it’s unit 5109. is this an error on redfin’s part?
They just painted the kitchen cabinets, rihght?
I love the rehab.
This is a really beautiful, huge, well-appointed apartment with large rooms and good architecture in a great building with a wonderful location and gorgeous views, to begin with. This has always been considered to be a very desirable building.
The only deal-killer is the HOA of nearly $3,000 a month, and the taxes are high, nearly 2%. However, the HOA probably won’t deter someone who really likes the place and is in the income bracket that can afford it, anymore than a $500 HOA deflected me when I bought my MUCH cheaper vintage place.
I also like the rehab.
“the listing for the before pictures says it’s unit 5109. is this an error on redfin’s part?”
I noticed this too marco. The units were combined some time ago. That’s why it’s so big and the HOAs so high.
I like the rehab too.