Did Building the Office High Rise Actually Help? A 2/2 at 165 N. Canal in the West Loop

165 n canal from down river 2017

This 2-bedroom at Randolph Place at 165 N. Canal in the West Loop (yes- this is west of the river so it is technically in the West Loop) came on the market in April 2017.

Randolph Place is a big brick industrial building with 341 units and a heated parking garage on the River.

This is an east facing unit, which used to have a direct Chicago River view until the office building was constructed directly in front of it.

Now it has some indirect views of the river as well as a view of the new 150 N. Riverside Park which was built over the train tracks which used to be directly next to this building (in between the building and the River.)

Now, there’s no more pollution or noise from the trains but there’s green grass and trees (see the picture in the listing).

These lofts do not have any authentic loft features (no timber or exposed brick) but they do have high ceilings and big windows.

The two bedrooms in this unit, however, don’t have windows as they are interior rooms (see the floor plan with the listing.)

The kitchen has granite counter tops, stainless steel appliances and a custom backsplash.

The loft has an entry foyer, central air, washer/dryer in the unit and an east facing balcony.

Parking in the heated garage is $30,000 extra.

There were a lot of worries over what would be built on the land next to this building and the river over the years. Ideas of a hotel and another condo building were floated before the office building was constructed.

It’s unique design has already made it famous among architect lovers.

Has the new office building and park next door actually enhanced the value of these lofts?

Jodi Slutzky at @Properties has the listing. See the pictures here.

Unit #514: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in March 1999 for $259,000 (no parking included)
  • Sold in February 2002 for $330,000 (no parking included)
  • Sold in January 2004 for $430,000 (parking included)
  • Bank owned in 2006
  • Sold in March 2008 with the parking but no price recorded in Recorder of Deeds
  • Originally listed in April 2017 for $469,000
  • Reduced
  • Currently listed at $467,000 (plus $30,000 for parking)
  • Assessments of $738 a month (includes cable, Internet, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $7003
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×12
  • Bedroom #2: 13×9

 

 

24 Responses to “Did Building the Office High Rise Actually Help? A 2/2 at 165 N. Canal in the West Loop”

  1. I think most people think of the West Loop as west of the highway. This area doesn’t have a name, though it’s just south of the Fulton River district.

    It doesn’t look that bad off the balcony but it’s definitely not better than it used to be. These units used to have killer views.

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  2. The office building has not enhanced the value of this unit. The market has enhanced the value of the unit. I would love/hate living this close to small cheval.

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  3. yeah I’m gonna call this neighborhood Ogilvie-ville
    Its sandwiched between the loop, river west, west loop

    The lot the property was looking at before where the building was built was metra train tracks… it is MUCH MUCH MUCH nicer now, in fact its quite fantastic

    but this is another 1+ den they are selling as a 2 bedroom… shady!

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  4. so essentially the building lost it’s views but gained curb appeal?

    Ogilvie-ville….I like it. Or maybe Ogilville for short.

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  5. I flat out refuse to call it the O word. it will always be forever known at the C&NW station to me.

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  6. ” this close to small cheval”

    ?? Au Cheval, no? “Small” is Milwaukee near Wabansia, right?

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  7. I don’t like this floor plan, at all. Just another example of a developer trying to cram as many units as possible into a building, layout or functionality be damned, all to maximize $$$.

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  8. “I flat out refuse to call it the O word. it will always be forever known at the C&NW station to me.”

    Exactly how I feel about the Sears Tower. You can’t rename a landmark.

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  9. “it will always be forever known at the C&NW station”

    And the airport is Orchard, the Kennedy is the Northwest, Pulaski is Crawford, Damen is Robey, and none of the house numbers make any sense. You’re real oldskool, HD, you crazy Palatine Township kid.

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  10. No way that’s 1700 sf.

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  11. “?? Au Cheval, no? “Small” is Milwaukee near Wabansia, right?”

    There is a second small cheval location going into the ground floor of the new office building. Also a Hannah’s bretzel I believe.

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  12. Definitely not a 2BR. The 2nd is a bonus room with a W/D closet that vents directly into the room. I live in the building.

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  13. I’ve always liked the spaciousness of these units. I think having the building finally built helps at least stabilize the unit values here. You know what you have. Its a plus not looking over the tracks anymore, that’s for sure. Location is a little too close to the office though…

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  14. Comiskey too, not Guaranteed Rate Mortgage field. If that’s not the sign of a huge real estate bubble, I don’t know what is….I saw on a settlement statement the other day that the mortgage broker was POC more than $7,000 for referring a mortgage loan to a wholesaler for a $300k mortgage! That’s crazy, that’s more than 2 points to the broker. I refinanced last year and my lender charged me something like $500.00 as a fee to refinance. It’s the good old days again, where country clubs are filled with mortgage brokers and real estate agents, while the lawyers, doctors and airline pilots are picking up crumbs with the sparrows. I know of doctors and hospitals who perform in patients surgeries and they don’t get even paid $7,000 from the insurance company for the entire stay!

    “anon (tfo) on July 6th, 2017 at 10:32 am

    “it will always be forever known at the C&NW station”

    And the airport is Orchard, the Kennedy is the Northwest, Pulaski is Crawford, Damen is Robey, and none of the house numbers make any sense. You’re real oldskool, HD, you crazy Palatine Township kid.”

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  15. This unit is not for me and definitely not a place I would consider living in full time but that view of that new office building is killer in my book. This would actually be a great pied a terre for some high net worth person who works in that building and needs a place to crash from time to time when work is crazy.

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  16. “I think having the building finally built helps at least stabilize the unit values here. You know what you have.”

    That’s true duffer. There is no longer a question of “could something get built there and block the views?”

    Now everyone knows and can see it.

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  17. the Wolf Point towers are higher end than these units right?

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  18. HD, don’t be jealous… Brokers have to disclose their Yield Spread Premium, banks/direct do not (called service release premium/srp). Just a fancy term for profit margin.

    Banks lobbied for this regulation to make brokers look less competitive in the late 90s when brokers were stealing a lot of market share from banks. Trust me, your bank made way more than 2 points on your mortgage. They only disclosed the $500 that you paid directly. The SRP they get on the back doesn’t go on the CD.

    A broker making 2 points is still likely offering better terms than a bank to their own customers.

    It is no where near like it was during the heyday. Pay option ARMs could pay 4-6 points. This is why so many boiler rooms were pushing those products during that time.

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  19. “It is no where near like it was during the heyday. Pay option ARMs could pay 4-6 points.”

    Back in the days as a young associate I worked at a firm where I would often be handed a file just moments before and expected to perform. Once I had to go to a closing where the buyers was supposed to get a 30 year fixed and instead the final paperwork was for one of those option arms with 4-6 points to the broker, who failed to show up to the closing. The buyer was so pissed and had no choice but to sign. The lender refused to rework the paperwork or do anything. This happened on more than a few occasions

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  20. HD, I know that has happened. However, to be fair, you’d be surprised at how many people don’t know the terms of a mortgage that they’ve signed up for despite their being 50 billion disclosures.

    A lot of those companies used to advertise ARMs with a “30 year payment” meaning amortization schedule to make it look like the rate was for a 30 year fixed. Borrower’s would get so fixated on their super low rate that they completely miss all the other info. Gullible enough to believe they were really getting a 1% 30 year fixed rate.

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  21. I think everyone is missing the obvious question here. How in the hell does that building NOT topple over? Someday…

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  22. “I think everyone is missing the obvious question here. How in the hell does that building NOT topple over? Someday…”

    If you take the architecture tour, they’ll tell you.

    It’s all about physics.

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  23. It’s funny but I’ve been back in Chicago since 1999 and have never done the architecture tour. But my wife and I actually decided we are going to do it in the next week or two.

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  24. “It’s funny but I’ve been back in Chicago since 1999 and have never done the architecture tour. But my wife and I actually decided we are going to do it in the next week or two.”

    Excellent Gary. It really is a great tour. You’ll learn a lot that you never knew even though you’ve been here for 20 years.

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