Back on the Market for this South Loop 3-Bedroom Townhouse: 1426 S. Federal

1426 s federal

This 3-bedroom townhouse in Dearborn Park II at 1426 S. Federal in the South Loop came on the market in late March 2016.

It was under contract the first day but came back on the market in early April.

The listing says it is the largest floor plan in this complex.

It has the preferred layout of all three bedrooms on the same floor.

There’s a 4th floor bonus room with a second kitchen which leads to a private rooftop deck with city views.

The kitchen has granite counter tops and stainless steel appliances.

There are also 3 wet bars.

This townhouse also has the nice feature of having attached, 2-car parking. No need to go outside to get your car.

At $899,000, is this a deal for a townhouse in this location given what even duplex down condos are going for around the GreenZone?

Cynthia Bauer at Re/Max Premier has the listing. See the pictures here.

Unit #E: 3 bedrooms, 3.5 baths, no square footage listed, 2 car attached garage

  • Sold in March 2002 for $563,500 (according to Zillow- as the Cook County web site was down)
  • Sold in September 2005 for $720,000 (according to Zillow)
  • Originally listed in March 2016 for $899,000
  • Contingent on the first day
  • Re-listed in April 2016 for $899,000
  • Assessments of $200 a month (includes scavenger, water and snow removal)
  • Taxes of $12,324
  • Central Air
  • Bedroom #1: 16×15 (third floor)
  • Bedroom #2: 10×12 (third floor)
  • Bedroom #3: 10×11 (third floor)
  • Party room: 15×10 (fourth floor)
  • Family room: 15×17 (main level)
  • Roof top deck

 

21 Responses to “Back on the Market for this South Loop 3-Bedroom Townhouse: 1426 S. Federal”

  1. unfortunately, this place doesn’t look like its been updated in any way since it was built. just doesn’t show as a 900k property.

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    Rating: +4 (from 6 votes)
  2. “Built in 1993”

    and nothing has been updated since then either it looks like

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    Rating: +6 (from 8 votes)
  3. 1993 was a VERY good year!

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    Rating: +2 (from 4 votes)
  4. I am also generally not a fan of town homes. I like open spaces.

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    Rating: -2 (from 2 votes)
  5. I like townhouses because you can escape the noise of other family members by going to a different floor.

    I have no idea on what a good price would be in this case, but it’s so outdated.

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    Rating: -1 (from 1 vote)
  6. Needs some updates, but it’s a LOT of space in a desirable location. Not my cup of tea, but it’s clearly someone’s, as it’s gone under contract again.

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  7. Just needs some new white paint, and new white cabinets in the kitchen and baths and it could easily look up-to-date. I’d be worried about the condition of the doors and windows after 23 years, do they need to be replaced? Sure would be nice to have new doors and windows compared to older ones that are abused by our climate.

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    Rating: -2 (from 4 votes)
  8. This place is a interesting display of early 1990’s builder grade materials.

    That stuff was probably alright for a $250K place in 1993 (my guess for the 1993 sale price), but for a $900K place in 2016 those materials are really out of character.

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  9. “a $250K place in 1993 ”

    It looks to me like it was $369k in 1990.

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    Rating: +1 (from 3 votes)
  10. I wish more listings would include floor plans. 4 floors, 3 wet bars, where are they? I just don’t understand who’s this is laid out. But, good assessments but the taxes are ridiculous.

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    Rating: +2 (from 4 votes)
  11. Contingent on the first day on the market throws some red flags.

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    Rating: -3 (from 3 votes)
  12. “Contingent on the first day on the market throws some red flags.”

    Not in this market. Plenty is being “sold before print” so it’s going under contract before the agent even lists it because the agent already has a buyer.

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    Rating: 0 (from 2 votes)
  13. Reports of the “hotness” of this market are greatly exaggerated. Buyers are turned off by the rampant greed reflected in many of the so-called GZ asking prices, i.e. “I lived here two or three years and did next to nothing yet I am still entitled to a 20% profit”.

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    Rating: -2 (from 4 votes)
  14. “Reports of the “hotness” of this market are greatly exaggerated.”

    It is?

    It is on FIRE for anything under $600,000 (for condos) and under $800,000 (for single family homes.)

    There is a glut over $1 million (in all properties)- but, again, depends on the location.

    People have e-mailed me that they are giving up on buying right now and are renting another year because the inventory is so low, and the bidding wars so fierce, that they can’t deal with it.

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    Rating: +3 (from 5 votes)
  15. I suppose parents in this development take advantage of St. Mary’s grade school on Michigan, but what about the public grade school? There was quite a controversy about 10 years ago, as I recall, about whether it would be an open-enrollment or magnet school.

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  16. Are you in the market Sabrina? I am. I know what I see both from the perspective of a buyer and a seller, out there in the field regularly. Slow? Absolutely not. On fire, not really.

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  17. “Are you in the market Sabrina? I am. I know what I see both from the perspective of a buyer and a seller, out there in the field regularly. Slow? Absolutely not. On fire, not really.”

    You’re kidding me, right?

    Am I in the market? I’ve done nothing but follow the market every day for over 8 years. The new listings. The price changes. The closings.

    Maybe you’re looking outside the GreenZone Sid V. Because inside it, if you’re under a million dollars, most properties are going under contract within a week of being listed. Some on the first day. With multiple offers. Many over the asking price. Many all cash.

    It is the hottest market since 2005-2007, and not because the sales are soaring, they are not. They can’t soar because there isn’t enough inventory on the market. It is “worse” than in 2013, when I knew people who gave up looking because they were outbid so many times.

    But, it all depends on where you’re looking to buy.

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  18. “I suppose parents in this development take advantage of St. Mary’s grade school on Michigan, but what about the public grade school?”

    I thought South Loop elementary was one of the better neighborhood schools?

    Also, a lot of people who live in the South Loop work for the University of Chicago. Many of their kids go to the Lab School.

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  19. We just bought a SFH in Logan and we were looking for a year in WP, EV and Bucktown – we lost out on a lot of places in the under $1m price range – and went under contract on 2 places before pulling out because of major inspection issues (and then those places were under contract and closed shortly thereafter!). I agree with Sabina – the market is nuts for the right place, in the right location at the right price. Anything sitting on the market is not priced right or has some major defect.

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  20. No, I am not kidding you. I am in the GZ both trying to sell and looking, have been for months, more or less in the price ranges you state. Seeing open house traffic, hearing realtors opine and seeing it first hand. You are exaggerating, simple as that.

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  21. I have some anecdotal evidence that SL elementary is very good, but this comes from neighbors I chat up in the elevator or playgrounds so I am not sure how reliable it really is.
    They have now an excellent private school in SL as well, the British (http://www.nordangliaeducation.com/our-schools/chicago/south-loop).

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