We Love Authentic Lofts: Does a River View Matter? 550 N. Kingsbury
There aren’t many homes located directly on the Chicago River in the downtown area but the River Bank Lofts at 550 N. Kingsbury in River North is one of them.
What’s the premium for being able to look at the water every morning?
Here’s the listing for a 2-bedroom unit:
POPULAR RIVER BANK LOFTS CORNER TIMBER 2 BED/2 BATH CONDO! ENORMOUS LIV/DIN ROOM,LG OPEN DESIGNER KITCHEN W/ BALC,SPACIOUS MAST SUITE W/ BALC LOOKS ONTO RIVER. RARELY AVAILABLE 2ND FL UNIT,RIGHT ON THE CHICAGO RIVER. WATCH THE BOATS FLOAT BY.
24HR DOORMAN, FITNESS ROOM, ROOFTOP DECK, PRIVATE RIVER WALK. ASSES: 24 DOORMAN,DEEDED PKG,CABLE. TRENDY LOCATION NEAR EAST BANK MERCHANDISE MART,UPSCALE REST,DOG PARK, EXP WAYS
There is no square footage with the listing but the room sizes are large:
- Master Bedroom: 12×23
- Living room/Dining room: 19×28
@Properties has the listing. See more pictures here.
Unit #201: 2 bedrooms, 2 baths
- Sold in September 2004 for $520,000
- Currently listed for $599,000 (I think this includes the parking- but I can’t tell for sure)
- Assessments of $599 a month
- Taxes of $5,348
Premium? I would say discount, that river is disgusting.
I worked across the street from that building when it was turned into condos in 1994. I always wondered how buyers ended up doing. it’s too bad you couldnt get prices back to the original buyer. but still, thanks for posting.
The orginal buyer was the seller in 2004. They bought the unit 6/7/95 (per deed) for $270,500 with pkg.
Who wants to smell the river?
HomeDelete – Who wants to listen to you comment on every property in the area. Enjoy your studio and the great returns you are getting on your equities…
A friend of mine lived in the unit a couple down from this one and the river doesnt smell. He had a great balcony and used it often, as did all his neighbors (he was one of the original purchasers in 1994 or 1995). He bought it in the $290k range and sold it for around $550k when he moved into a $2m house in Lakeview (one that would certainly be roundly bashed on this site). He was/is very happy with both homes as hard as that might be for many here to believe.
I drive my car and ride my bike over the river and it stinks. I know others will agree with me on this.
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I have plenty more comments where that came from. And until you have the power to ban my ip you’re just going to have to deal with it.
“HomeDelete – Who wants to listen to you comment on every property in the area. Enjoy your studio and the great returns you are getting on your equities…”
I know the ducts have to go somewhere, but in front the windows?
I wish Sabrina would do a writeup on the new construction McMansion homes in Bridgeport on the south branch of the river.
In theory when you say “on the river” it paints a pretty picture. However, this is not a river but a canal at best and really more or less resembles a swamp. It is the equivalent to asking somebody to pay a premium for staring at septic tank.
You must ride your bike over the stinky part of the river, because out of the 50 times I was on this guys balcony, I never smelled a thing. And I have a PhD in smelling. Anyway, back to flips, foreclosures, mcmansions and new condos.
HD:
You’re definitely wrong about this part of the river smelling (at least most times). It’s far enough from any of the treated water outlets that it’s pretty smell-free, even on the river itself (I’ve paddled from north of lawrence to china town). The stinkiest parts of that stretch are near the treatment plant near Lawrence and the other near Webster.
Does it have multiple balconies? Listing doesn’t say so, but pics make it seem so.
I think this place is pretty cool, but have gotten increasingly skeptical of lofts, esp. timber ones. Anyone know what the noise is like in this conversion?
(And needless to say, as much as I like it, they are dreaming at $600K.)
im curious abut the noise in a loft anyone know?
Well, if the river doesn’t smell there, it doesn’t smell there. There are plenty of other places in the city to catch a whiff of the putrid summer stank. I’ve always been skeptical of living near the river due to the smell factor (north ave, addison, irving park)….belmont was especially nasty a few weeks ago. but i digress.
I have a few friends that live on or VERY near the river down here in River North/West and have never had one complain of a smell. I think that smell would be squashed by the chocolate factory if anything. But that asking price is WAY out of line.
I second Bob’s interest in a discussion on Bridgeport. This is a continuing point of debate in my marriage. My wife wanted to buy there in the early days of the development and I was not excited. Subsequently, we learned about the building code violations but I don’t know how serious they really were. Plus I was always leery of living on formerly industrial ground – visions of Love Canal. And the river there – well they call it bubbly creek for a reason.
This building is around the corner from mine. The river is just fine; no smells and it is a pleasant view. There is some noise associated with these units facing the river from the loud-speakers on the tour boats which run till about 8 pm. However, the former alderman, who now lives in the hi-rise condo next door to this building, was able to get the tour boats to turn the volume down in this residential part of the river.
I am disturbed by some commenters (regular blow-hards on this site) who hurl negative comments with little or no substance. They are never backed up with any direct or indirect knowledge, but are simply their gut opinions. It appears that many of them feel locked out of the market, for whatever reason (lack of money, fear to make a purchase, etc.). They’ll never learn a damned thing about the condo/loft/sfh market in the city if they don’t take their fingers off the keyboard for a few.
John–the chocolate factory smells are going to go bye-bye. Some residents complained (can you believe that?) and the EPA or whatever agency is involved forced Blommers into a deal to eliminate the odors in the next year or so. I, for one, will miss waking up to the smell of chocolate when the wind is coming from the south. I find it very pleasant.
“I know the ducts have to go somewhere, but in front the windows?”
The other option is having your windows ice up.
Well I’m disturbed by the outrageous prices people paid for housing during the boom. I’m outraged that a handful of uppity blowhards with no money in their pocket and little money down bid up the price of real estate so high that it killed the market for everyone. The current real estate depression we’re in is a direct result of the blowhard behavior of a few, who yelled “buy now or be priced out forever!” and insulted anyone who didn’t buy (“lack of money, fear to make a purchase, etc.”). If there market were healthy and prices affordable there would be a heck of a lot more than 2,022 sales in August of 2008.
“I am disturbed by some commenters (regular blow-hards on this site) who hurl negative comments with little or no substance. They are never backed up with any direct or indirect knowledge, but are simply their gut opinions. It appears that many of them feel locked out of the market, for whatever reason (lack of money, fear to make a purchase, etc.). They’ll never learn a damned thing about the condo/loft/sfh market in the city if they don’t take their fingers off the keyboard for a few.”
I used to live along the river just north of the Domain. The river doesn’t smell. HD, maybe you should ride your bike around the river there…or better yet, walk along the riverwalk and grab dinner at Japonais, then report back with some actual relevant opinions.
Intersting to see the interiors of these places. There has been so much development on Kingsbury over the past few years.
HD – The River doesn’t smell. I always find your comments on this site to be insightful and probivde a good perspective.
G, thanks for the info. Looks like an 8% a year irr. I guess that’s not bad.
One downside of the location: it’s directly adjacent to the ohio feeder ramp. so units on the north end might be a little noisier than those to the south.
http://www.yelp.com/biz/fultons-on-the-river-chicago
Read Suzie’s review of Fulton’s on the River…..”Overpriced, Overrated, and Understaffed. We went here for my girlfriends birthday,so we were seated outside, and it was a beautiful night. A bit of the Chicago River ‘smell’ but after a few minutes you don’t notice the fishy-toxy smell emanating from below…….”
So we have a difference of opinion on the smell of the river. I think it smells and posters here don’t. Let’s let sleeping dogs lie and move on to the next topic.
p.s. thank you jason.
Well if Suzie says the river smells, that settles it.
Regarding the noise factor – like all timber lofts, you can sometimes hear your neighbors and they can sometimes hear you. My friend had a neighbor with sensitive ears who would sometimes complain when we were just talking loudly or watching an exciting sports game or something. Or when we would turn the music up to 11 on the volume knob just to piss him off.
I rented a unit in this building several years ago and currently live a couple blocks north. The river does not smell and its main advantage is not the murky water or scruffy ducks but the fact the river means your views are protected. The downside of being on the river is that the architectural tours go up the river and turn around at Erie St and are very noisy due to the loudspeaker. They pass by as early as 8 am I think. Also – if this unit is on Grand Ave it will add to the noise. That being said this building is very nice and well run. Oh – and this place is way way way overpriced.
hey john2, where did read about blommers and the EPA? not that im doubting you but im interested in the details.
im literally across the street from blommers and most of the time i dont mind it, but sometimes the smell of chocolate is so overpowering that i get nauseous.
and thank god that jewel opened up there.
HD fyi, fulton’s on the river is almost one mile down river from the featured lofts.
OK I guess Suzie and I are the only two people in the world who smell the river. Let’s let sleeping dogs lie.
bunt here is one link http://chicagoist.com/2005/11/30/parting_is_such_sweet_sorrow.php
just google “blommers epa” and you’ll find stories from news sources, including msnbc and others. also, there’s a youtube video produced by the environmental group spearheading ridding chicago of the cocoa particles or whatever.
HD can’t we all just take an extra prozac and enjoy the weekend?
HD, you keep saying “Let’s let sleeping dogs lie” and then you keep bringing it up again.
As they said in Princess Bride, I do not think that phrase means what you think it means. Perhaps you should substitute with “Let’s let me have the last word on this.”
Children – this is so uninteresting, please stop.
Maybe HD smells the chocolate factory, or maybe we can get the chocalate to flow into the river, and have a chocolate river….. that would be cool. Would that help home values?
bubbleboi, you only said we couldn’t pick on Deaconblue anymore, not homedelete.
Seriously, it’s a blog. If it bothers you, just ignore it. It’s not like the signal-to-noise ratio is out of hand here.
I prefer chocolate rain.
Time for all of us to watch “Willie Wonka and the Chocolate Factory” or, if you prefer, watch the intergenerational debate tonight! have a good weekend all.
This, strangely enough, is somewhat fitting to the over-excesses that have brought us to this economic situtation:
Oompa Loompas:
Oompa Loompa, doompadee doo
We have a perfect puzzle for you
Oompa Loompa, doompadee dee
If you are wise you will listen me
What do you get when you guzzle down sweets?
Eating as much as an elephant eats?
What are you at getting terribly fat?
What do you think will come of that?
I don’t like the look of it
Oompa Loompa, doompadee dah
If you’re not greedy you will go far
You will live in happiness too
Like the Oompa Loompa doompadee do
Doompadee do
(SORRY, GETTING A LITTLE PUNCHY, IT IS TIME FOR THE WEEKEND!!!)
Bubbles make people do crazy things, like buying a place next to a dirty river! Interesting story, apparently a young man fell into the river a few years ago and died not because of drowning, but because of the chemicals and sludge in the water.
Hopefully, Daley will put some more of that Indigo dye into the river to hide some of this nasty pollution.
Hi All,
This closed yesterday, 11/12 for
Sold Price: $560,000