Distress Sales Still Happening in 1601 S. State in the South Loop

1601-s-state-approved

This 2-bedroom at 1601 S. State in the South Loop came on the market in February 2015.

After numerous price reductions it is now listed as a short sale.

We’ve chattered about the distress sales in this building numerous times over the years so this is not the first. See our 2012 chatter on a bank owned unit here.

This unit is a split layout with hardwood floors but the agents who have seen the unit say the second bedroom has no exterior windows.

The kitchen has dark 42″ cabinets, granite counter tops and stainless steel appliances.

The master bath has marble floors.

It has central air, washer/dryer in the unit and garage parking is available in the building.

But one of the problems may be the El line that runs directly next to the building.

The unit has a huge 20×20 private terrace, but you can see the El tracks right next to the patio in the pictures.

Now listed $70,000 below the 2007 price, at $250,000, is this a deal?

J. John Maggio at @Properties has the listing. See the pictures here.

Unit #2l: 2 bedrooms, 2 baths, no square footage listed

  • Sold in January 2005 for $335,000
  • Sold in September 2007 for $320,000
  • Originally listed in February 2015 for $350,000
  • Reduced several times
  • Currently listed as a “short sale” for $250,000
  • Assessments of $414 a month (includes heat, water, gas, parking, cable, exterior maintenance, scavenger and Internet)
  • Taxes of $2987
  • Central Air
  • Washer/Dryer in the unit
  • Parking is available
  • Bedroom #1: 14×11
  • Bedroom #2: 12×11

 

10 Responses to “Distress Sales Still Happening in 1601 S. State in the South Loop”

  1. Seems like a deal until you look outside at that rusty abysmal reminder of Chicago’s insolvency. The tracks need a concrete infrastructure with softer wheels. That won’t happen though so real estate along the tracks will always sell at a discount. Of course this property will find a buyer willing to sacrifice deep sleep and sanity for a lower payment, but they’ll regret that in the long run.

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  2. It ain’t pretty, but affordable. Would make a decent home for someone.

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  3. It’s nice that the realtor was actually honest in the description and mentioned the El.

    I would love the outdoor space, but couldn’t handle the noise.

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  4. I love how they call it an “opportunity!” – as if transacting in real estate short sales is opportunistic and not time wasting for either party.

    Maybe this would make a good rental? If the bedrooms aren’t near the tracks it shouldn’t be that bad. I lived in a loft right next to the green line near Lake/Des Plaines and the bedrooms were far enough away that it was barely an issue, and it certainly wasn’t the reason I moved out. When one of my friends tried to sell a unit in Kinzie Park, all of the baby-boomer suburbanites interested in the property were worried about train noise (faint Metra clings, non-existent green line noise). People are ridiculously spoiled these days. Cities are noisy. Accept it or go back to [insert homogenous suburb].

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  5. I can handle real train noises, but the El noises are insane.

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  6. It’s not just the train noise. The CTA is constantly working on the old tracks. The track work is often done in the overnight hours. Few people can sleep with air-horn blasts, heavy machines, and the hammering of steel nearby. It’s far beyond normal “city-noise”.

    I would not criticize anyone for being worried about the noise profile of a home in the city. Not all city locations are equally noisy. I would not want to live near a hospital with a trauma center. YMMV.

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  7. 250k seems about right in today’s market.

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  8. Depends on the quality of the soundproofing. With good soundproofing, you should not hear much noise at all.

    I viewed a rental at the Morgan, right next to the Red Line el, at rush hour, when the place first opened, and was amazed at how quiet it was. You could not hear the trains going by 150 feet away, or the traffic noise with the windows closed, and the noise was muted with the windows opened.

    I don’t see people sitting on the balconies there, so the noise probably diminishes their enjoyment of their apartments’ outdoor spaces. But they don’t lose sleep over it.

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  9. I knew somebody who rented an apartment next to the el without realizing it (no idea how she could have missed that). She moved in and realized it and was worried how she would handle it. About a week after that she was on the phone with someone and they asked her what the noise was – she then realized she had already gotten used to it.

    However, construction on the tracks would be a different story. At least it’s near Mariano’s!

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  10. NICE property and the terrace seems attractive because that is something you have to look around for now a days.

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