Should You Buy Ahead of the Big South Loop Related Development? 1530 S. State
This 3-bedroom duplex up at 1530 S. State in the South Loop recently came on the market.
At 3150 square feet, it has as much square footage as many single family homes and townhouses in the Green Zone.
The corner unit has 75 feet of floor to ceiling windows with, the listing says, protected skyline views facing north and east.
It has 10 foot ceilings, exposed duct work and 3.5″ solid maple hardwood floors that have been recently refinished.
There’s a DeGuilio kitchen with Subzero, Miele and Thermador appliances, stainless steel counter tops and a 9-foot island.
All 3 bedrooms are on the second floor.
The unit has a large master suite with 2 walk-in closets. The bathroom has Snaidero cabinetry with Calcutta marble counter tops.
The first floor also has a family room, a laundry room and a 20 foot north facing terrace.
It has central air and one parking space is included with the option for a second for $50,000.
Related’s large 60-acre site is just a block away. That development is expected to bring in housing, commercial buildings, restaurants and a riverwalk.
There’s also talk of it possibly being an Amazon headquarters location.
But either way, it looks likely to finally get developed over the next decade.
Should you be buying into the nearby buildings now to get in before property values explode higher?
Mary Beth Malone at @Properties has the listing. It is agent owned. See the pictures here.
Unit #1012: 3 bedrooms, 3 baths, 3150 square feet
- Sold in July 2001 for $633,000
- Sold in October 2003 for $785,000
- Currently listed for $1.25 million (includes one parking space and second is available for $50,000)
- Assessments of $1481 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $10,731
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 23×14 (second floor)
- Bedroom #2: 15×13 (second floor)
- Bedroom #3: 19×11 (second floor)
- Family room: 17×14 (main level)
- Laundry: 10×5 (main level)
- Balcony: 20×6
A master suite without its own bathroom? It’s not really a “suite” then, is it?
The master bedroom floor plan is a fail. The adjacent bedroom would make a nice nursery or office, but it doesn’t really work as a legit bedroom imho.
The unit is nice though. A ton of space and great views.
“The master bedroom floor plan is a fail. ”
agree. do they really need that much closet space with 2 huge walk-in closets. sacrificing one of those walk-in closets for a bathroom would add much more value.
“The adjacent bedroom would make a nice nursery or office, but it doesn’t really work as a legit bedroom imho.”
That would be why they have it set up as an office.
The ‘layout fail’ is in the labeling of the floorplan. The master suite is a bedroom and an office and the 3d bedroom is the bedroom/den on the first floor.
further looking at the floor plan, there’s no door to enter the master bedroom so it’s open to the bathroom. only problem is that you’re sharing the “master bathroom” with the 3rd bedroom. odd layout.
Yeah people that don’t understand basic economics should totally buy here
I was expecting to hate this place, but the light in this unit is amazing.
I’m sure DeGuilio kitchens are very expensive, but I absolutely hate the way this one looks. I hate the different colored cabinetry and the drawer system underneath. There are too many pull handles. I’d rather there be shelving inside a cabinet instead of a ton of differently sized drawers on the exterior. I especially dislike the spot where the cabinets are completely open. I think I would have to gut this kitchen, only keeping the appliances.
I dislike the fake grass on the balcony, but that can be easily remedied. I also dislike the lighting, but that can also be easily remedied. The bedroom level layout is weird, but I could live with it. The closet space comes in handy.
“I’d rather there be shelving inside a cabinet instead of a ton of differently sized drawers on the exterior.”
Our current kitchen has several wide, deep drawers below our island. It’s amazing. If I were designing a kitchen from scratch I would put many of these in. If you have deep cabinets with shelves, the back space becomes very hard to reach.
“Our current kitchen has several wide, deep drawers below our island. It’s amazing. If I were designing a kitchen from scratch I would put many of these in. If you have deep cabinets with shelves, the back space becomes very hard to reach.”
Why not have pull out interior shelves instead? Deep drawers mean that some items get put on the bottom and are difficult to remove without rearranging the entire drawer.
I think I just dislike seeing all of those different cabinet pulls. Maybe if the drawers opened if you gently pushed in, I would like it better.
Taxes seem to be a steal for this price point. But I don’t know taxes in the S. Loop. Assessments seem to be a steal (for this price point and sq. footage) for an amenity building. Killer view of the loop. Master bedroom is clearly configured for the way the owner uses it. The existing floor plan would suit me and Someone really well. If you needed Bedroom #3 as a private bedroom for another family member, I could see it presenting a problem. What if they called it Master Den? Master sitting room? Problem for the BR count then maybe. But 3100sf with a panoramic view a stone’s throw from city center… for 1.25? I don’t know any other top tier city where that is happening.
Personally I’d find it hard to rule a place out because of kitchen handles – even if I hated them, but hey – buyers decide on all sorts of factors. To each his or her own.
taxes should double if this place sells at that price… I mean wtf mine are 40% more than that right now and mine is worth nowhere near what this place has ever sold for even in 2003… what the fuck
I love that they advertise that the skyline views are protected. That is not technically true. Especially since this is a 10th floor unit.
While it is unlikely that a developer could amass a bunch of individual low rise properties to the north, it is not impossible. While they are not protected views by the city, parkland, or some significant building restrictions they are indeed unlikely to be blocked for a long time.
My old neighbor sold a loft in the West Loop to a famous TV actor. Two years later his incredible West Loop John Hancock to the Sears Tower (I know its Willis now) panorama has been replaced with a glass building of 1 bedroom rentals looking into his huge windows.
F’n hysterical that the buyers agent did not do any due diligence. The permits were already approved so they should have stopped him from buying that now significantly devalued unit.
“Personally I’d find it hard to rule a place out because of kitchen handles – even if I hated them, but hey – buyers decide on all sorts of factors. To each his or her own.”
It’s not just the handles. I hate the cabinets themselves. I hate that some are frosted, some are completely open, and some have a bunch of handles. I hate the stainless backsplash and the way the wall looks against it. I dislike the grey color of the cabinets. I’m sure it was a very expensive kitchen and that’s part of why I am being so critical. I would rather buy a place with a cheap, older kitchen that I could remodel to my taste.
This seems over priced by $250M (or $0.250MM)
How much longer will the sleek Euro kitchen look be in style?
“wtf mine are 40% more than that right now”
Your taxes are $14k?
and “is worth nowhere near what this place has ever sold for even in 2003”?
so, is worth considerably less than the $730k AMV implied by a $14k tax bill? Since 730 is close to 785.
yeah 14k… and not sure about considerably less, but not under assessed like 90% of the shit I see for sale these days
I may be way off base here, but having lived in the south loop, this particular stretch kind of sucks. I guess there’s decent proximity to the mariano’s though.
IF i was a buyer who could afford a condo at 1.2-1.3, chances are I could stretch my dollar a little bit more. In this case, I would, and would buy a place like this:
https://www.urbanrealestate.com/property/1201-S-Prairie-Unit-3501-CHICAGO-IL-60605-6WqFkpy5kS3F.html
My wife and I own a unit in the building and I can attest that it’s top notch – as is the location. With the newer luxury tower coming on the corner I think prices will only go higher. I may be wrong though. ( I own a 1 bedroom that i’ve held onto forever, much less risk. )
Correction on my part: I own a unit at 1211 not 1201..But I think the rest of my points still make sense. If one cane stretch the mortgage and tax burden I bit I would rather go ‘big’ for this price point, as opposed to mediocre.
“While it is unlikely that a developer could amass a bunch of individual low rise properties to the north, it is not impossible. While they are not protected views by the city, parkland, or some significant building restrictions they are indeed unlikely to be blocked for a long time.”
The only views “protected” are if it’s literally ON the lake or a national historic landmark.
If there is a parking lot, you’re in real trouble. And even another larger building is no guarantee. We’ve even seen them build over the railroad tracks in the loop and on top of an older building- extending the height.
Buyer beware. Always.
And never believe the old “oh, that lot has been undeveloped for years. The owner doesn’t want to do anything with it.”
“Buyer beware always”
Reminds me of 340 E Randolph. Many western facing units were shocked when Blue cross added floors to their building effectively killing the previously great view.
I can imagine that they were told when buying that your unit will be above the (then current) roofline if you buy on this floor or higher. Bet that there was even a premium for those floors. Then out of nowhere they placed a vertical addition that I’m told was planned and approved prior to the 340 building being built.
That had to hurt!
“out of nowhere”
Ha!
“planned and approved prior to the 340 building being built”
Planned and approved *before the BCBS building was built*–the BCBS building had to be engineered for the additional floors. Known fact for anyone doing appropriate diligence.