What You’ll Pay for a West Loop Townhouse: A 2/2 at 24 S. Aberdeen
This 2-bedroom townhouse at 24 S. Aberdeen in the hot West Loop came on the market in May 2016.
At 2000 square feet, it has a private rooftop deck and a 2-car garage.
The two bedrooms are on the third floor along with a den.
The kitchen has wood cabinets, black appliances and granite counter tops.
The townhouse has central air.
It is fee simple but there’s a monthly HOA of $262.
The West Loop remains one of the hottest neighborhoods in the city with McDonald’s beginning construction of its new headquarters and the expansion of the entertainment district in Fulton Market.
However, this townhouse has been reduced twice since May.
What will it take to sell this property?
Carl Zweig-Driscoll at Jameson Sotheby’s has the listing. See the pictures here.
Or see it in person this weekend on Saturday, Dec 10 from 12-2 PM and Sunday, Dec 11 from 12-4 PM.
Unit #2: 2 bedrooms, 2 baths, 2000 square feet
- Sold in December 2003 for $350,500
- Sold in December 2005 for $430,500
- Originally listed in May 2016 for $699,500
- Reduced twice
- Currently listed for $637,500
- Assessments of $262 a month
- Fee simple
- Taxes of $6554
- Central Air
- Washer/Dryer
- 2-car private garage
- Bedroom #1: 13×13 (third floor)
- Bedroom #2: 13×10 (third floor)
- Den: 8×8 (third floor)
- Family room: 18×12 (main level)
What will it take to sell? I don’t know, another ten percent off? An investment in refreshing a place that badly needs it? An ounce of character somehow imparted to a decidedly cookie cutter unit? Someone who sees the garage, which is the best feature, and loses all reason?
I’m surprised this didn’t sell already. If this were Manhattan, or Manhattan beech, this would be twice the price for half the space, and it would have multiple bids.
Not sure what I’d pay for this hot west loop townhouse. It definitely needs some hot upgrades like hot new flooring (to replace the old hot flooring the developers put in). Hot carpet needs to go, looks disgusting. The fan seen in picture 3 has got to go, looks ancient, probably doesn’t work too well. You’ll need good airflow so you don’t get too hot in this unit when you’re already in such a hot neighborhood. But I’m sure some hot shot upper-management guy at McDonalds will come in hot and buy it up so he can brag to his friends about being in the hot west loop. This hot property doesn’t seem too hot to me, but what it will take is for some buyer to think it’s hotter than it really is.
Is that really two thousand square feet? The pictures don’t really show it as being that big, which should be fairly easy to do with only two bedrooms. Many 3/2’s in this area aren’t that big. $318/sq-ft seems a little high for a place lacking character and needing upgrades but it’s still realistic, especially since it has a private two-car garage. (And I say that as someone who sold a 2/2 in the West Loop earlier this year.)
Looks so plain, like a McDonald’s meal. This unit looks like a rental unit. This is one instance where the “open floorplan” just makes the place look cheap and plain.
I’m not defending this place (it does look builder-grade, outdated and generic) but the posters here are one tough crowd. You guys seem to dislike most listings posted.
I think it’s McLovely. I’d like fries with this!!!
Looking past the blandness of the finishes and space, 2000 (ish) square feet in what is becoming the “it” neighborhood ( let’s face it, the bar/ restaurant portions of river north are degenerating into some sort of weird wrigleyville + bobby bottleservice hybrid ) holds some value.
630k? A bit of a stretch right now, but after the nobu hotel opens and Randolph continues to expand , could be a fair price in 5 years. For now I say 500-550 range.
Just my .02 though…I’ve certainly been wrong before.
“630k? A bit of a stretch right now, but after the nobu hotel opens and Randolph continues to expand , could be a fair price in 5 years. For now I say 500-550 range. ”
Despite my snarky comments above, I certainly don’t disagree with this. My buddy lives not too far from here and it’s actually a nice professional neighborhood of people who actually live in Chicago neighborhood as it’s being developed into somewhere even more livable
To this end, a nice facelift (and drywall repair!) would go a long way towards improving this place. Heck, even some not-white molding would immediately improve the vibe. I got ‘a guy’ if the owner is interested in spending a few $$$ to spruce the place up!
I would replace the carpeting. I like the wood floors. I don’t care if dark floors are now in style.
The developer should have buried the power lines. They are an eye sore.
Unit 1 apparently rents for 1900, so good luck trying to get anywhere near 600K for this. The 90s rental grade finish doesn’t exactly scream luxury.
“Unit 1 apparently rents for 1900”
That implies a value of about $300k. Using a ‘owner occupied’ cap number (ie, too low to be a real investment).
That’s a *way* below market rent–unless that unit is smaller than this one and totally trashed, they could re-lease it for $3000/month in about 30 minutes.
Which still doesn’t get you to the current ask, of course.
Needs what? $30k? in updates/upgrades? Then might seems reasonable at $650?
These townhomes begin on Aberdeen, and head West. This particular unit is on the South side of the development. When you get midway down the row of homes, the South side ends up in the alley between Madison and Monroe. You can see it in the photos. When you are in the living room of this unit, you are facing the alley, and the back of a factory that is on Monroe. Your front door is literally in an alley. I used to park in a garage off of this alley, and thought how odd it would be to own one of these townhomes in the alley.
“facing the alley, and the back of a factory that is on Monroe”
Well, *former* factory. Looks to be 100% office space, now.
The exterior pic in the listing is from the other side of the complex, facing Rundell Place, rather than Arcade Place.
Hmm it could be that the end units are much smaller or something, seems like a townhouse that big should cashflow at least 2500 a mo.