Unique Condos Do Exist in the West Loop: A 2-Bedroom at 1016 W. Madison

1016 w madison

This 2-bedroom at 1016 W. Madison in the West Loop came on the market in May 2016.

This 8-unit elevator building with just 2 units per floor was converted into condominiums in 1998 but it’s not a loft. It’s one of the rare, older boutique buildings in this neighborhood.

This unit has 14-foot ceilings and, the listing says, new windows.

The kitchen was gut-finished in 2015 and has custom white cabinets, stainless steel appliances including a double oven and quartz counter tops.

The listing says the bathrooms have been updated.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

Originally listed in May for $740,000, it has been reduced $10,000 to $730,000.

It’s rare to see a property on the market for long in this hot neighborhood. This has been listed for 70 days.

Is an upper price limit developing for 2-bedroom condos in the West Loop?

Jo Simmons at Midwest Realty Services has the listing. See the pictures here.

Unit #2S: 2 bedrooms, 2 baths, 1850 square feet

  • Sold in August 1998 for $270,000
  • Sold in June 2014 for $560,000
  • Originally listed in May 2016 for $740,000
  • Reduced
  • Currently listed for $730,000 (including the parking)
  • Assessments of $493 a month (includes scavenger, snow removal)
  • Taxes of $7177
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×12
  • Bedroom #2: 17×10
  • Laundry room: 6×7

19 Responses to “Unique Condos Do Exist in the West Loop: A 2-Bedroom at 1016 W. Madison”

  1. Redfin estimate is 40K under reduced list (and Redfin estimates tend to be high, so a 50K or more reduction is probably in order).

    Nice enough place; it would definitely benefit from some staging and better photos.

    I’m always baffled by these “upper bracket” listings with terrible photography.

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    Rating: +6 (from 12 votes)
  2. Interesting unit – overpriced, but interesting.

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    Rating: -1 (from 3 votes)
  3. terrible staging and pictures. this place is a cluster. the new modern kitchen with red high gloss trim on the island and book case does not fit in with the rest of the place.

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    Rating: +7 (from 11 votes)
  4. here’s this listing from when it sold in 2014. while not my style, this place looks totally different and a lot better.

    https://www.redfin.com/IL/Chicago/1016-W-Madison-St-60607/unit-2S/home/12788835/mred-08598937

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    Rating: +3 (from 7 votes)
  5. Are these Craigslist pics? What a joke.

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  6. WE LUV THE RED LOOK. IT RAWKSSS!!!
    GOOD BLESS.

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    Rating: -8 (from 12 votes)
  7. 1850 sqft my arse

    not even close

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  8. While there was a lot to not like about the old kitchen, the new one is worse.

    With 14′ ceilings and the exposed duct, wouldn’t *somebody* maybe try to call this a ‘soft loft’ (whatever that is)??

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  9. Luis_Carruthers on July 26th, 2016 at 11:35 am

    are those photos from a blackberry? you have got to be kidding.

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  10. Redfin estimate on the old listing is $620K!

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  11. Nice example of how poor staging and poor photos will tend to dampen a sale. I don’t think many people will see this listing and think “I want to live there”.

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  12. Poor choices on the “updates” too. And for christssake…de clutter if you are going to list! this place looks so cramped. Everything seems catawampus.

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    Rating: +7 (from 9 votes)
  13. The previous listing photos from the previous owner actually show the potential this place has. These photos and everything in the unit, is a train wreck.

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    Rating: +4 (from 6 votes)
  14. Thread HiJack:

    Has anyone been in negotiation with a seller and had them reduce their list price during said negotiations? They were at 1.3mm, we got to a point Saturday night where our bid was 1.080 and their ask was 1.150, and all communication was kinda put on hold as we discussed. Today I get an update stating they have reduced list to 1.22, that just seems bizarre.

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  15. “Today I get an update stating they have reduced list to 1.22, that just seems bizarre.”

    Seems to me like they are looking for other offers to counter yours.

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  16. I’d drop my offer to a $1MM and tell them it goes down by $10k a day

    You’ll see how serious they are about selling

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  17. YES, they often lower the price during negotiations, because of the 10% of list price rule as determined by the cartel. Any offered accepted more than 10% off of list price is a LOWBALL and is strongly discouraged in the industry…

    However, if the seller lowers the asking price, suddenly a low ball offer becomes a contender for a sale…

    and considering that your last offer was within 11% of asking, they want you to come up a little…..

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  18. “I’d drop my offer to a $1MM and tell them it goes down by $10k a day

    You’ll see how serious they are about selling”

    Do you know anything about negotiations? That shit never works.

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  19. at the end of the day, it doesn’t really matter what they list it at. it’s what the market is willing to pay. i would give the current owners X amount of hours to counter/accept/decline your offer to prevent them from receiving any other offers and enticing a bidding war.

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