A Secret South Loop Oasis: A 1-Bedroom Townhouse at 1242 S. Federal
This 1-bedroom 3-story townhouse in Dearborn Park II at 1242 S. Federal in the South Loop just came on the market (the picture above is actually of another corner unit- and NOT the property.)
This Dearborn Park II complex was built in 1993 and has 50 red brick townhouses.
Because of its age, the trees and shrubbery are “mature”, making it a forest-like oasis in the middle of the South Loop.
This unit faces east, towards a park across the street. It’s a corner townhouse so it also has south facing windows.
It has a family room on the first floor, the living/dining and kitchen on the second floor and the bedroom is on the top floor.
The listing says the kitchen is “updated” and has granite counter tops, stainless steel appliances and a mosaic backsplash.
It has central air, a 1-car attached garage and the listing says it is in the South Loop elementary school district.
The townhouse is just a short stroll from the Roosevelt El line stop and the shops/movie theater of the Roosevelt Collection as well as Printers Row.
Is this development of townhomes a secret enclave in the South Loop?
Ted Mortellaro at Dream Town has the listing. See the pictures here.
Unit #A: 1 bedroom, 1.5 baths, 1450 square feet, 3 stories
- Sold in February 1994 for $157,000
- Sold in April 2005 for $360,000
- Sold in December 2007 for $389,500
- Currently listed for $385,000
- Assessments of $275 a month (includes water, exterior maintenance, snow removal, lawn maintenance)
- Taxes of $5310
- Central Air
- Attached 1-car garage
- Bedroom: 16×13 (third floor)
- Living/dining/kitchen: second floor
- Family room: 15×13 (first floor)
Oh, if only it had two full baths and was closer to $350,000, I would jump on this place. I wish the agent had taken a picture of the half bath. If I bought this place, I would want to expand it to a full bath.
horrible, the place is all stairs! Is this by the same developer that crammed all those townhouses next to the metra tracks in NW lincoln park (terra cotta townhomes or something)? If so these places are frickin bad bad bad
Went to see this today. Zero chance of making that 1/2 into a full. Stairs def cut into space but weren’t too bad. I’d be interested in this at 300k but it will probably sell 360k+
“Went to see this today. Zero chance of making that 1/2 into a full. Stairs def cut into space but weren’t too bad. I’d be interested in this at 300k but it will probably sell 360k+”
Thanks for the report. This is one of the bigger 1-bedrooms in this complex. The smaller 1-bedrooms have been selling for over $300,000. There’s no way one of these bigger ones is going to go that low.
But I’m amazed at what prices they’re getting in this complex, for both the 1 and 2-bedrooms. It seems like that living/dining area is really small due to all the stairs. And the kitchens are what they are. I’ve never seen one of these renovated and configured differently. If anything, all they do is put in some new cabinets and counter tops. But those kitchens aren’t really “big” either. But I guess that was the style in the early 1990s.
Yeah, everything about this place screams early 90’s. The “updated” kitchen was new SS appliances. The upstairs full bath needs to be gutted. What’s slightly interesting is that these are fee simple condos. So while there is an HOA, it only covers snow, landscaping, etc. It does NOT cover the units themselves. This owner paid to replace the roof and windows around 3 years ago.
Like I said, I don’t think it will sell for 300k, but I would buy it there. Too much downside risk for me at close to 400k. From what I understand the smaller 1 br don’t have the lower level where the office is.
This unit has 2br for 40k more:
http://www.remax-indiana.com/Condo/Chicago-Near-South-Side-IL-60605/NCR/09024027/
Both seem overpriced to me, but the 2br seems like the better value.
There is a smaller 1-bedroom on the market right now. It’s located closer to Roosevelt Road and it isn’t a corner unit.
But you’re right, Chuk. As you mentioned, the smaller 1-bedrooms don’t have the lower level den/office/family room. Their footprint also seems smaller. I’ve been in the smaller ones and that living room area is small.
This one is under contract priced at $306,000.
http://www.bairdwarner.com/property/41129120/1214-South-Federal-Street-H-CHICAGO-IL-60605
Another large 1450 square foot 1/1.5 is also under contract listed at $355,000.
This master bathroom hasn’t been redone either.
http://www.bairdwarner.com/property/41875067/1248-South-Federal-Street-D-CHICAGO-IL-60605
As I said, this community of townhomes seems to be red hot right now. It doesn’t even matter if the kitchen has granite counter tops, apparently. And these are just 1-bedroom units. Not many families choosing this option, I wouldn’t think.
My biggest problem with the layout is that the bottom level is pretty unusable for anything other than a desk/computer. The main entrance opens right into it. I wouldn’t need more than 1br on most occasions, but it would be nice if the bottom level could double as a guest room with the 1/2 bath. The one you linked to for 355k looks much nicer than the one I saw. The partial wall after the entrance is nice, and having the hardwood in the master is much better. If that one is 355k, the one in the OP is only worth 330k.
1248 Federal Unit D closed for 350K yesterday.
I almost bought a smaller 1 bedroom unit in this complex, but couldn’t get over the smaller living space and chopped up floor plan. The unit I was looking at had a fireplace in the living room which made for awkward furniture placement. Chuk mentioned that the owner paid to have the roof redone, however I believe the roofing was covered by the association; roofing throughout the entire complex was done in phases approx 2 – 3 years ago.