Are Buyers Pushing Back on Pricing? A 1-Bedroom Loft at 226 N. Clinton in the West Loop

226 n clinton

This 1-bedroom loft in the Clinton Street Lofts at 226 N. Clinton in the West Loop recently came on the market.

The Clinton Street Lofts have 176 lofts with exposed brick and timber ceilings along with large industrial windows.

This loft faces west, so it’s not directly looking onto the El tracks, and has a balcony along with 14 foot ceilings.

Parts of it have recently been renovated.

You can see the 2016 listing pictures pre-renovation here.

It now has dark stained hardwood floors throughout.

It has a new kitchen with what look like light gray 42 inch cabinets, stainless steel appliances and a large island with quartz counter tops.

The living room also has a built-in bar with a kegerator (I think this is the first time I’ve ever written “kegerator” on Cribchatter. Someone care to fill us all in on what it is?)

The bedroom doesn’t have a window.

This loft has the features buyers look for including central air, washer/dryer in the unit and garage parking is included.

It originally came on the market last year, in September 2017, for $339,000.

It was withdrawn in October.

The loft has come back on the market reduced $10,000 to $329,000.

With buyers loving renovated properties, and inventory super tight, are buyers starting to push back against the higher prices?

Joseph Nash at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #605: 1 bedroom, 1 bath, no square footage listed

  • Sold in October 1998 for $126,000
  • Sold in October 1998 for $141,000 (a flip on the first sale!)
  • Sold in July 2006 for $263,500
  • Sold in October 2014 for $259,000
  • Sold in November 2016 for $280,000 (parking included)
  • Originally listed in September 2017 for $339,000 (parking included)
  • Withdrawn in October 2017
  • Re-listed in January 2018 for $329,000 (parking included)
  • Assessments of $395 a month (includes doorman, who is evening only, cable, Internet, exercise room, exterior maintenance, snow removal)
  • Taxes of $3662
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 12×12
  • Living room: 18×16
  • Kitchen: 10×8

 

12 Responses to “Are Buyers Pushing Back on Pricing? A 1-Bedroom Loft at 226 N. Clinton in the West Loop”

  1. It’s a fridge for a keg (beer)

    Jan Terri and a keg of Old Style – what could go wrong

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    Rating: +5 (from 7 votes)
  2. A kegerator and a wine fridge – this place has seen some serious partying.

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    Rating: +3 (from 5 votes)
  3. My wife and I almost looked at this place during its open house this weekend. Very attractive price point especially with a parking spot included. We decided not to since we really don’t want to deal with the drawbacks of living in a timber loft (extra noise, dust). Also, with 20% down, this place would cost you about $2k/month, it makes more (financial) sense to rent a one bedroom nearby for @2k-2.2k/month (with more amenities) and keep your $60k DP liquid or invested and your life flexible. How long do people realistically stay in 1bedrooms? In the case of this unit, it will be 3 sets of buyers in the last 4 years. Seems to me like the ones winning the most here are the realtors and Chicago Title.

    Nevertheless, this is one of those properties that anyone from the coastal cities would look at and shake their head at how cheap you can buy a one-bedroom downtown with some moderate swank.

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    Rating: +17 (from 19 votes)
  4. interesting sales history. How much could that first owner/flipper had made after transaction costs?

    The 2nd owner probably did the best, either getting lucky or anticipating the pending Bust.

    3rd owner probably had to wait out the Bust and presumably didn’t need to bring anything to the table.

    The current owner is apparently shooting for the moon. $329K for a 1 bedroom seems ludicrous, especially in this part of the West Loop.

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    Rating: +4 (from 4 votes)
  5. “How much could that first owner/flipper had made after transaction costs?”

    Assume no realtor, and transfer taxes were lower back then, and prob netted out close to $10k, and that was probably on a $500 or $1000 deposit. Which is pretty decent. I knew a lot of people who were putting down deposits at pre-construction prices back then and making 5-15k per-unit for their trouble.

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    Rating: +2 (from 4 votes)
  6. Do they do diagonal wood floors in other cities as often as they do Chicago? What gives? Where does this come from? Elliott’s insights on the financials are bang on.

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    Rating: +3 (from 5 votes)
  7. Diagonal wood floors were big in the late 90s/early 2000s. They supposedly make the room look bigger; personal feeling is that the room looks the same size, but uglier.

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    Rating: +8 (from 16 votes)
  8. I’m really curious as to where design is going.

    I have a feeling the white kitchen, farm house chic look is going to be played out soon. Last place we bought was at the tale end of the stainless, black granite,m pottery barn, Ralph Lauren paint trend of early 2000s that looks so dated now. We are looking to gut/update our house but don’t want it to be dated in a year or two.

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    Rating: +1 (from 3 votes)
  9. “I have a feeling the white kitchen, farm house chic look is going to be played out soon.”

    Gray is the new white. I guess what was on the walls now is migrating onto the cabinets. And the walls need to be what color now? LOL

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    Rating: +1 (from 5 votes)
  10. If you are looking to gut/update, don’t go with a trend, invent one with a unique style that you really like.

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    Rating: +1 (from 5 votes)
  11. ^^ What Gone said. Better yet – look at design magazines (or just photos online) from 10, 20, 30 years ago and pay attention to what looks current and stylish still. Note the ones that don’t. Traditional is traditional always. Truly Modern and/or eclectic (not trendy grey cabinet modern) is always current. Trends go away more quickly than ever thanks to the more efficient knockoffing of top design – so don’t bother chasing it.

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    Rating: +2 (from 2 votes)
  12. Been checkin out some new toll bros houses out west here this week (not mcmansion crap) and I certainly cant tell you what kind of style it is but its pretty cool if executed properly… very colorful and interesting

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