Has the South Loop Recovered? A 2/2 in 1720 S. Michigan
This 2-bedroom at 1720 S. Michigan in the South Loop came on the market in September 2014.
This is one of the larger 2-bedroom units in the building at 1146 square feet.
It is a corner unit with floor to ceiling windows with north and west views.
The unit has a galley kitchen with stainless steel appliances and granite counter tops.
There are hardwood floors in the living/dining area and carpet in the bedrooms.
This building was built in 2007 at the height of the boom. With 498 units, it became a poster child of the bust with many units going into foreclosure or short sale. We chattered about it many times over the years.
This unit was originally listed for $325,000 in February 2014 and then de-listed in April.
It came back on the market in September at $339,000 and has been on the market ever since.
It last sold in 2008 for $345,000 so it is listed just under the boom-era price.
Have prices in the South Loop finally recovered from the bust?
Kimberly Jones at Baird & Warner has the listing. See the pictures here.
Unit #918: 2 bedrooms, 2 baths, 1146 square feet
- Sold in August 2008 for $345,000 (didn’t include parking)
- Originally listed in February 2014 for $325,000
- De-listed in April 2014
- Re-listed in September 2014 for $339,000
- Currently still listed for $339,000
- Assessments of $430 a month (includes cable, doorman)
- Taxes of $4548
- Central Air
- Washer/Dryer in the unit
- The listing doesn’t say anything about parking but there is parking in the building
- Bedroom #1: 16×11
- Bedroom #2: 13×10
“Have prices in the South Loop finally recovered from the bust?”
Yes. Next.
Some units are selling in this building right now. Obviously, this is one of the more expensive ones so maybe that’s what’s holding it back.
Where are all the accidental landlords? I would expect hundreds of them to list and try and finally get out since prices seemingly have recovered.
There’s no neighborhood with more accidental landlords than the South Loop.
“Where are all the accidental landlords?”
The amount of “accidental landlords” was blown out of proportion (like “Shadow Inventory”). And given the rents they are getting now, why sell? Renters are paying through the nose. I could sell my 2br in the South Loop for almost 2x what I paid for it. But I am making very good money renting it out.
“Some units are selling in this building right now. Obviously, this is one of the more expensive ones so maybe that’s what’s holding it back.”
I consider this building (and 1620) as one of the “lower tier” buildings in the area. Way too many renters, and much better buildings very close by. These were the buildings that were selling for $99k in 2012 (1 br). 2 br were going for 160-200. I would much prefer 1600 S. Indiana at around $299k over this building.
“Where are all the accidental landlords?”
D’uh! waiting for the day after the Super Bowl to list.
Has the South Loop recovered? According to anecdotal evidence here, yes!
Does it still have the most bland/homogenized real estate out of all Chicago neighborhoods? …
“Does it still have the most bland/homogenized real estate out of all Chicago neighborhoods? …”
I personally really like the area around Roosevelt/S Prairie. Gives you some old lofts, townhouses, new highrises and even a few trees. Once you get past 13th, then it is all bland to me.
“the area around Roosevelt/S Prairie … Once you get past 13th”
So, you like the block that fronts on Grant Park?
Or did you mean 15th oe 18th or something?
“So, you like the block that fronts on Grant Park?
Or did you mean 15th oe 18th or something?”
Actually, I meant up to around 15th, not 13th. And more on the S Prairie part, not so much the Grant Park part.
Not only have sale prices recovered, but rents have recovered and then some. I’m in one of the lower-end buildings in the south loop (renting) and I’ve been unable to “move up” to a more prestigious building. I’ve had my eye on 1235 S. Prairie (Tower Residences), one of the best-managed buildings in the Central Station project.
Rents just keep moving up, as the buildings start to clamp down on overall numbers of renters in the buildings.
If anyone gets a lead on a nice 1BR there, let me know!
Here is a SL townhome listed $100k over 2013 price, with no apparent upgrades.
https://www.redfin.com/IL/Chicago/1327-S-Plymouth-Ct-60605/unit-G/home/14085116#property-details