Rare 2-Car Parking in River North: A 1-Bedroom at 60 W. Erie

60 w erie approved

This 1-bedroom in 60 W. Erie in River North came on the market in August 2016.

Built in 2002, it is a boutique building with just 24 units.

At 1100 square feet, this is one of the extra large one bedrooms that dot River North, Streeterville and the Gold Coast as its square footage is equivalent to many 2-bedroom units in the neighborhood.

It has luxury finishes in the kitchen including Subzero, Bosch and Thermador appliances, cherry cabinets and granite counter tops.

The master bathroom is marble.

It has a south facing balcony.

The unit has a separate laundry room as well as a half bath.

The price includes one deeded parking space and a second one is available if you need two spaces.

Listed at $449,000, that is $6,000 below the 2003 purchase price of $455,000.

However, that is a bit misleading as the 2003 purchase included both parking spaces but in this sale, only one is included.

For someone looking for 2 deeded parking spaces, is this a deal even if you have to pay extra for the second space?

Paulette Rodriguez at Baird & Warner has the listing. See the pictures here.

Unit #901: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in December 2003 for $455,000 (includes two parking spaces)
  • Currently listed for $449,000 (includes just one parking space with a second one available)
  • Assessments of $604 a month (but parking is also $121.22 per space)
  • Taxes of $7266
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 14×13
  • Living/Dining room: 20×16
  • Kitchen: 20×15
  • Laundry Room: 6×3

 

25 Responses to “Rare 2-Car Parking in River North: A 1-Bedroom at 60 W. Erie”

  1. For the love of god, why not include a shower in the 2nd bathroom? I suppose the configuration is OK for a single person, but it wouldn’t work for a couple.

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  2. Theres a proposed building going up across the street right?

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  3. Surprised to see crown molding throughout, even in the bathroom.

    A bit high taxes. Assessment is high for a 1 bedroom given want’s not included: no heat/ac, no on-site manager, no pool, no cable/internet, etc.. I doubt there is any staff other than the door-people. With only 24 units, assessments are going to be high anyway.

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  4. Yes, new condos to be built across the street/next to Walgreens

    http://chicago.curbed.com/2016/8/31/12730724/chicago-river-north-west-loop-development-plan-commission

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  5. Ah 12 stories, so this view will be blocked pretty soon if that ever gets going

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  6. No price for the second parking space?

    Based on other units, seems to be valued at 30-35k, both in ’03 and now.

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  7. I really like this unit but agree that the carrying costs are quite high for what’s offered. I don’t mind the 12-story building going up across the street, until the Walgreens parcel gets redeveloped (if it ever does) the views here are still pretty good.

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  8. “For the love of god, why not include a shower in the 2nd bathroom? I suppose the configuration is OK for a single person, but it wouldn’t work for a couple.”

    I’m pretty sure you’re in the minority here. My wife and I have two showers and neither one of us has ever been in the second one. We both use the same shower… often at the same time.

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  9. “I don’t mind the 12-story building going up across the street, until the Walgreens parcel gets redeveloped (if it ever does) the views here are still pretty good.”

    You’re not really buying this for the views though. They’re okay right now and, yes, there is a building proposed to go up across the street. But Erie is pretty wide so all of your light won’t be blocked. I think that is more important than the view.

    Has anyone else seen how narrow it is between Walton on the Park and the new 9 E Walton? I know it was always proposed as two buildings like that but it’s not even a street size between the buildings. And 9 E Walton is basically putting the stairs/elevators on that side of the building so Walton on the Park people will look into a brick wall.

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  10. “Ah 12 stories, so this view will be blocked pretty soon if that ever gets going”

    If you’re on a low floor in any high rise downtown, are you really buying for “the view”?

    Isn’t a “view” really like the 15th floor or higher?

    Otherwise, you’re in a very dense major city and smack in the downtown. Of COURSE there will be buildings all around you. Buyers should always be aware of any low rise buildings (only landmarked buildings are truly “safe”). And I can’t tell you how many people bought next to an empty parking lot and then were surprised years later when something got built there.

    Ya think?

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  11. Something came up last night so there won’t be a new post today. Sorry! But I’m working on next week already. The fall market is here!

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  12. I had an amazing view from the 9th floor of my old place..

    “I’m pretty sure you’re in the minority here. My wife and I have two showers and neither one of us has ever been in the second one. We both use the same shower… often at the same time.”

    we use both showers but we also get up at the same time for work, it is nice to not have to hurry up or wait

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  13. “I’m pretty sure you’re in the minority here. My wife and I have two showers and neither one of us has ever been in the second one. We both use the same shower… often at the same time.”

    “we use both showers but we also get up at the same time for work, it is nice to not have to hurry up or wait”

    fred seems to be unacquainted w jenny, but he does seem better acquainted w his wife than sonies is w his wife.

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  14. It seems that the trend for two-bathroom dwellings nowadays is to have a bathtub and shower in one of them, and just a shower in the other. BTW my experience as a Realtor showing houses and condos over the years has led me to believe that the “master” bath is actually the province of the “mistress” of the house, complete with fancy lacy towels, various scented items, and “feminine products” in the storage areas. OTOH the hall bath is the husband’s domain, what with shaving equipment on the sink, dark-colored utilitarian linens, and the tell-tale raised seat.

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  15. The listings in this building are inconsistent on whether it’s gas or electric heat. If it’s the building I’m thinking of (95% certain) then it’s electric heat and the buyer definitely needs to check out the heating disclosure. I remember looking at a unit in this building several years ago and the January heating bill for the unit was over $1000.

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  16. I owned the same 1 bedroom unit on a different floor in this building. Electric heat was not included in assessments and was $300-$500/month during the winters. The high assessments were due to a combination of different factors. Electric heat running all the common areas including the parking garage was a big factor, but so was having a terrible management company who didn’t care about squandering the building’s reserves on expensive contracts to workers, many absentee owners (who had units as pied-a-terres) not involved or interested in the affairs of the building, and a board consisting mostly of fat cats who owned huge units in the building and ran it like a private club to benefit their units and not others. I wish I could say these factors are unique to this building, but having owned in a number of other high-rises, I can say there is huge variation on how responsibly a building can be run, which can make a big difference in the assessments. As for responses to the other comments, the building going up across the street will make a definite negative impact on all the floors below the 13th. The wide open south view stretch was one of the most attractive features of my unit. The view to the east is also vulnerable, as there are near tenement-level low rental buildings along the entire stretch of Dearborn between Erie and Huron. As for the absence of the shower in the 2nd bathroom, I agree with the first post on this. It was an absolutely ENORMOUS powder room. I’ve never seen such a big powder room even in 5,000 s.f. houses. It was a complete waste of space not to have a shower in there just in case there was a guest crashing on the living room couch who could at least have the privacy of a full bathroom. I asked why they designed it that way, and the answer was that many many things in the building were not done thoughtfully as the design of the units in the building went through many changes during the course of the initial sale as the market crashed and units had to be reconfigured to sell. The developer also went through a legal issue at the beginning because the original design was taller than they had been given a permit for. As a result of this history, this building is a funny combination of luxury features/finishes and cut corners. There were many aspects of the building I loved, but I would never buy in there again. It would be like dumping my money into a gutter.

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  17. Visit, it seems like the only people that want to be on a condo board are the people least equipped to be on a condo board. But, my pet peeve with this property is cherry wood kitchen and blonde wood floors. I honestly couldn’t live like that.

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  18. “I asked why they designed it that way, and the answer was that many many things in the building were not done thoughtfully as the design of the units in the building went through many changes during the course of the initial sale as the market crashed and units had to be reconfigured to sell.”

    The market was crashing during 2002-2003 when this building was built?

    Um…no.

    This building was completely sold out by the time of the housing bust.

    But, that being said, the 1/1.5 unit size was popular in the new construction “luxury” buildings back in that time frame. Look at all the other buildings built around this same time in River North/Streeterville that have large 1-bedrooms. I can’t think of a single one that has 1 bedrooms with 2 baths even though they are big enough to have a second full bath (1000+ square footage.)

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  19. Sabrina – Macro market figures do not tell whole story sometimes. I lived right around the corner from this building while it was being built in 02/03. I had bought in one of the Magellan buildings in 1999 when there was a crazy run on snapping up new construction condo units in the new “Cathedral district”. (There was a Tribune article about one of the Magellan buildings having lines wrapped around the building on the first day of the sale and the whole building selling out in one day.) Many of the buyers were investors counting on flipping the units after closing. It took 2 years after I bought to close and move into my new condo. After everyone moved in, units started flooding the market at hugely inflated prices from what the original buyers had bought them for in 1999. As a result, there was a mini depression in new high-rise condo units in the area. I had several neighbors in my building who ended up selling at only nominally above what they had bought for, after reducing prices several times. Over the 11 years I owned my unit (I sold it in 2012), there was maybe a small window of a couple of years when I could have sold it for almost 20% above what I bought it for in 1999 (plus all the upgrades I put in after moving in). Most of the time, people ended up eking out only about 10% above their original 1999 price, and many sold for less than that. This is contrary to to all the statistics I have seen about the soaring prices during the same period, especially given it’s choice location. The 60 W Erie building was market JUST at the same time that all the first resales of the neighboring new buildings were flooding the market. They were also marketing at very high prices. This is why I think the developer went through a whole lot of problems, and ended up making many revisions that downgraded the finishes of the units, in order to afford to sell at lower prices. Much of this was in a hurry, and after infrastructures for the previous plans had been put in. For instance, when I lived at 60 W Erie, I had a kitchen drain from a unit above me running across my entire kitchen ceiling horizontally, because the location of my kitchen was different from the location of the kitchen above due to them turning my unit into a 1-bedroom at a late stage. That unit above had constant kitchen drain clogging problems, and was told by the plumber that this length of horizontal drainage was appalling! I had the building engineers accessing my unit multiple times due to units near me having various problems, and it is from them that I learned about the building history and why it had these unusual problems.

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  20. The big question is though…..do they allow that 20% welfare occupancy crap for the tax write-off while the other residents pay “market rate” social experiment stuff?

    It’s a shame what happened to that condo building in Streeterville along with the residents cars and the nearby convenience store.

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  21. Those cherrywood cabinets look great to me. I’d darken the floors though.

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  22. “Those cherrywood cabinets look great to me. I’d darken the floors though.”

    Yes, they are nice, but it is hard to match floors to redish wood. I would go a bit darker on the floors and use wider planks. But more importantly get rid of the black countertops. They just look so 1999.

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  23. Even a holiday weekend didn’t stop this housing market.

    This 2/2 brick and timber loft in River North with a private west facing terrace went under contract over the weekend.

    On the market just 2 days.

    http://www.bairdwarner.com/property/52775611/420-West-Grand-Avenue-2J-CHICAGO-IL-60654

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  24. Very nice unit with great space on Grand overall, but a lot of money to pay considering the state of the kitchen and baths.

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  25. Closed for 410,000

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