Buy This Loop 3/2 and Get a Lambo for a Month: 20 N. State

20-n-state-approved

This 3-bedroom at 20 N. State in the Loop recently came on the market.

This building right in the heart of the State Street shopping district was converted into concrete lofts in 2003.

This unit was actually on the market last spring and sold in April 2014.

You can see what it looked like last year here.

It has been renovated and has come back on the market.

The listing says it has been “designed by one of the leading international designers” with a new, large kitchen with white modern cabinets and white appliances and large island.

It looks like there are new wide plank dark wood floors.

The gray concrete ceilings have also been painted white.

Last spring it was listed as a 2-bedroom with 1105 square feet but this time around it is a 3-bedroom with 1350 square feet.

The listing also says it comes with an “elite health club membership” and “4 weeks of brand car of your choice – Rolls Roys, Bentley, Ferarri, Lambo.”

The loft has central air and washer/dryer in the unit but there is no parking with the building.

It sold in April 2014 for $250,000 and has come back on the market at $499,900.

I’ve been told that this building is all cash due to the number of renters in the building.

Would a luxury car for a month persuade you to buy in this building?

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

Unit #410: 3 bedrooms, 2 baths, 1350 square feet

  • I couldn’t find an original sales price from 2003
  • Sold in April 2014 for $250,000
  • Currently listed for $499,900
  • Cash only building due to too many renters
  • Assessments of $811 a month (includes a/c, gas)
  • Taxes of $4709
  • No parking
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 10×14
  • Bedroom #2: 10×12
  • Bedroom #3: 10×12
  • Office: 8×8

18 Responses to “Buy This Loop 3/2 and Get a Lambo for a Month: 20 N. State”

  1. This is hilarious listing- you don’t have to be all that bright to figure out that a month’s use of a Lambo, and new kitchen don’t offset a price double last year’s……. in an all-cash building burdened with too many rentals, and that doesn’t have the kind of amenities that buyers of $500k units usually expect.

    And most people expect to be able to get a loan. Actually, you CAN get a loan for a place in a building with a high number of renters, but it is more expensive and you must have a large down payment.

    That’s why cash buyers usually demand, and get, a substantial discount off the price the unit would sell for if conventional financing was available.

    I guess the fad for gray concrete ceilings is fading. I wondered how long it would take for people to get sick of feeling like they were living in a parking garage.

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  2. It appears that all of the closings the last few years were cash except for one short-sale in 2014 that states 25% down/ conventional financing for owner occupants

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  3. According to Redfin, it’s now de-listed.

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  4. Those are concrete ceilings done wrong. Wow those are bad!

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  5. “Rolls Roys”

    ??

    I wonder if they’d pay the mileage overage? And the parking?

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  6. lol and who the hell would even want to live in this location, madison st. and state is like the wierdo transient epicenter of this town. Hey at least you’re close to nordstrom rack tho

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  7. “madison st. and state is like the wierdo transient epicenter of this town”

    I know this is wrong, but now I want to know what IS the weirdo transient epicenter (and why not just “center”) of this town.

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  8. I dunno that lady with the sunken in face on the NW corner is really gross, then you have the guy on the NE corner with the “how in the hell does he move that much stuff around, I don’t see a shopping cart” guy on the other corner. I don’t go to the south side of the intersection but I imagine that its nasty as well.

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  9. “what IS the weirdo transient epicenter”

    Has to be close to Jenny’s [snif] place. Or close to her office.

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  10. “what IS the weirdo transient epicenter”

    Didn’t Sonies say he bought a place a mile or two as the crow flies from City Hall?

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  11. “I know this is wrong, but now I want to know what IS the weirdo transient epicenter (and why not just “center”) of this town.”

    I’d say boystown, or, 63rd and Halsted.

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  12. Oh my god. Another one of these. I rolled my eyes so hard when I saw pictures of this place that I think I saw my brain! This is the perfect kind of place for people who are into molecular gastronomy and gluten free diets and yoga and concerns over eating a local, sustainable diet. Why do you kids care so much what farm your park is coming from? You’re eating the pigs, not sleeping with them!

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  13. “Didn’t Sonies say he bought a place a mile or two as the crow flies from City Hall?”

    I dunno maybe? crow flying… wut

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  14. “lol and who the hell would even want to live in this location”

    Uh… Well considering CIM is putting up 600+ apartments a few steps away… And given the residential population growth of the Loop in the past decade… I’d say there is a demand.

    To answer your question: Students, workers not looking to add 40 min a day to commute to Lincoln Park or surrounding area.

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  15. This lambo unit is under contract. Remember, this is an all-cash deal.

    Wow.

    Who is buying this? And why?

    This would be a new price point for this building.

    Here’s the link for it. After we chattered on it, the unit was withdrawn from the market and then re-listed so the older link doesn’t work.

    https://www.redfin.com/IL/Chicago/20-N-State-St-60602/unit-410/home/12674822

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  16. Gotta be a foreigner who doesn’t know anything. easiest explanation that makes an iota of sense.

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  17. “Gotta be a foreigner who doesn’t know anything. easiest explanation that makes an iota of sense.”

    According to Bri foreign buying is limited, must be Clio as he is a sucker for a lambo.

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  18. Or is he selling :-)

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