Trying to Sell a 1-Bedroom in River North: 70 W. Huron
We’ve chattered about The Hermitage at 70 W. Huron in River North before. Built in the mid-1990s, it is among the older of the River North highrises.
This 1-bedroom came on the market in February and has already reduced twice.
From the Craigslist ad:
Accepting all offers! Seller has run into a situation and MUST SELL ASAP! Price has been dropped TWICE! This same type condo sold in November for 329K. DON’T MISS OUT ON THIS DEAL!
Unit #803 is currently priced $500 less than similar tier Unit #1403.
The unit has carpeting and no washer/dryer in the unit. It does have central air and parking is available to purchase. And, of course, it has the River North location.
What’s the market like for nearly $300,000 1-bedroom condos in highrises in River North?
Nick Patterson at Kale Realty has the listing. See more pictures here.
Unit #803: 1 bedroom, 1 bath, 925 square feet
- Sold in September 1996 for $138,000
- Sold in November 1998 for $147,000
- Sold in May 2004 for $252,000 (looks like it included the parking space)
- Originally listed in February 2009 for $274,900 (parking extra)
- Reduced twice
- Currently listed at $258,500 (parking $35,000 extra)
- Assessments of $505 a month (includes heat, air conditioning and cable)
- Taxes of $2838
- No in-unit W/D
I’m not a huge fan of galley kitchens but I’ve been in this building before. It’s on the corner of Huron and Clark so it’s a great location – though the western exposure overlooks the Catholic Charities building – nothing says romance like a sunset sprinkled with hobo silhouettes.
It is a nice building, though. Price seems fair, assuming it’ll move a bit as well.
Sabrina-was the $329 sale recent? To each its own but I have never seen the logic in paying anything over 300k for a 1 BD when a couple hundred dollars more in mortgage/month gets a 2BD in the same area. I actually like the galley and the floorplan; every inch of space is useable in this unit.
Does anyone know if in unit laundry is allowed? I swear I saw one with it in the building.
passssss. $300K for a 1 br apartment? ugh. Good space but no W/D, galley kitchen, and $500/mo for assessments?
Good luck.
I had a galley kitchen; I liked it for actually cooking. Kinda a pain for parties when everyone wants to stand there after getting a drink. That said, I personally wouldn’t consider it a negative.
Agent owned? Looks like this Realtor drank too much kool-aid. I wonder what the ‘situation’ is (maybe a default notice from the mortgage company?)…
The price per sqft is somewhat reasonable at $258k but it is still a 1br with high assessments. Good luck, that’s all I’m gonna say!
Wasn’t this an American Invsco conversion back in 1996?
I remember looking at a 1 bd unit on the 9th floor of this building for $99K back in 1999. This was literally right before the market took off.
This was during a time when condos has been stable in price from 1989-1996, and during that period condos did not appreciate. I remember because at the time, people viewed the stock market as the better investment, and we all know what happened with that and the dotcom/NASDAQ crash.
I remember because I didn’t buy that $99K 1 bedroom unit, and later wished I had.
Of course back in 1996, interest rates were 7%-8%, so the monthly payment was still around $1500-$1800 (with taxes), which is what it practically is today with a 4% ARM.
I have always believed that the property value boom was driven by interest rates being cut in half.
Typo: I looked at a 1 bd. for $99K back in 1996.
‘I wonder what the ’situation’ is’
Bail?
No way this sells for ask with those assessments and taxes. I’m thinking 230k total and thats being generous.
barf.
There are nicer 1 beds in this building listed for under 250k (lowest is 234k). 603 is on the market for 239k+35k for parking, and shows a hell of a lot better than this one (803). 2 floors in a highrise does not justify a 15k difference. Good luck to these guys at 803.
Oh and 2003 is listed for 249+35 for parking.
A perfect example of how poorly most “contemporary” buildings age. This one is already starting to look like crap while 3250 LSD remains elegant and timeless. I know which one I’d rather live in.
This isn’t contemporary, this is late 80’s early 90’s crap.
I’ve seen nicer at 200-215. I’d put this one at about 180.
It was considered contemporary design when it was built.
“This isn’t contemporary, this is late 80’s early 90’s crap.”
And Neon Umbro shorts and Z. Cavaricci’s were cool once upon a time too… this is just butt ugly when it was built, and still butt ugly today. Then again it wouldn’t matter if the inside was all nice, but its pretty average for a condo in the city.
Where in this location downtown are you finding 900 sq ft 1 bedrooms for 180k?
Yep, I believe this was an INVSCO conversion.
On a positive note, some relatively expensive units have been built in the surrounding area and the new hotel probably enhances the hood, but I think the parking would have to be thrown in to make it an attractive deal.
that new hotel hardly enhances the hood, imho. every time i walk my dog i shutter when i see it. I thought it was cool when it went up but the fact that its just concrete fascade makes it ugly as hell, to me.
/you know which one i’m talking about, although there are a few new hotels in the area.
There are some 2 bedrooms available in ths building for $300-$330K. I would think those are a better value. Those 2 bedroom prices seem very affordable given the neighborhood and amenities. I wonder what the cynical posters of this website think of them? 🙂
Whoever thinks large 1 bedrooms in River North / Gold Coast go for under $200K is out of their mind.
Looks like every other overpriced 1/1 in RN. This condo should be 200k w/parking incld. Oh lets not forget the assesments of $500/mo DRAIN TO BANKRUPTCY.
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jc on April 14th, 2009 at 9:41 am
Where in this location downtown are you finding 900 sq ft 1 bedrooms for 180k?
INVSCO conversions. I’ve seen 2 of them at Ontario Place for 199. Which is definitely nicer than this shithole.
a, 10 E Ontario #2202 is listed as a short sale with parking at $168,900.
Finding one or two examples of 1 bedrooms below $200K in buildings where many units are in foreclosure does not mean that the market price is below $200K.
Laker- you are correct about a few exceptions not setting the standard, but G and A answered the exact question you asked. All you said is that large 1BR in RN do not go for under 200K, which was proven false.
ChiGuy 1
Straw Man 0
I always find it quite amusing 90% of the “bulls” on this site are people commenting presumably for the first time. As if its not just one or two people who rotate through a list of handles to try to cheer the crowd into believing its not as bad as it actually is.
Sorry kiddos its brutal out there and the pom poms aren’t working anymore.
You can’t compare a stable building like 70 W. Huron to a Invsco conversion. Sure you can get a cheap 1 bed in an Invsco conversion, but how much is it going to cost you a few years from now when something needs to be fixed and half the units have gone into foreclosure so there’s no money in the reserves and you have to pay a huge special?
I’d much rather pay $240k and be in a stable building than $190k for a shitty building that’s full of renters and no reserves.
don’t worry bob I’ll be here, showing the silver lining, same with pc police.
I don’t think it is as bad as some of you make it out to be. Yeah, it sucks to be a seller in this market with little equity, but that’s life. I am seeing a noticeable pick up in purchase activity. Whether or not it lasts is anyone’s guess, but people are looking to buy.
The jumbo market is completely at a stand still though because of lack of financing. All the buyers who would have been buying the $500k+ 2/2’s have moved down stream and looking to get conforming financing with 10% down basically. Anything more than $500k is going to sit or a while.
This is only a bad thing from the perspective of those who played the game. This is great news for first time home buyers, those that sat on the sidelines during the boom, those with substantial cash and or equity positions; and furthermore, the market freeze is basically a big F U to people like Bob Toll who said that I was going to live in my parent’s home into my 40’s because housing was so expensive and that we were functioning on an entirely new paradigm.
“The jumbo market is completely at a stand still though because of lack of financing. All the buyers who would have been buying the $500k+ 2/2’s have moved down stream and looking to get conforming financing with 10% down basically. Anything more than $500k is going to sit or a while.”
“ChiGuy on April 14th, 2009 at 2:42 pm
Laker- you are correct about a few exceptions not setting the standard, but G and A answered the exact question you asked. All you said is that large 1BR in RN do not go for under 200K, which was proven false.”
This is an uterrly pointless comment. I guess I should have clarified my comment and said for comprable buildings. Ontario Place is a disaster – Google it. You can always find an exception here or there, be it from buying a unit with structural issues or from those infomercials where you buy homes for $1. Comparing Ontario place to this building is not remotely accurate. 30 E Huron down the street has 725 SQFT 1 BRs listed at $250K for comparison. Large 1BRs in these neighborhoods in nice buildings have sold in the 250s or much more just like this owner is trying.
Personally I question why a buyer would purchase a 1BR at $250K if you can get a 2BR for $50-$80K more in the same building. Assuming you like the building, I think thats a better value.
I will be shocked if it closes above 240. W/ parking that’s 275 (and why are parking spaces immune from the bubble?) Then the high ASM…
With a 5% mortgage on 220k (20% down with a sale at 275), the bill is still $1922 per month for a 1-bedroom. That’s way too high. Depending on the tax bracket, you can get about $200 a month off in the first year (all interest)…ok so $1722 per month is not terrible. However…
Nobody ever likes to divide out the transaction costs per the time living there (transfer tax in + closing fees + transfer tax out + closing fees + realtor commission to sell in 5 years) All of this (sold at current price) = ~30k. 30k/5 yrs = $500/month.
So at the end of the day it’s $2200 a month, not counting tax increases, asm increases, and equity decline. If the person lives there shorter than 5 yrs, it’s more… and vice versa if longer.
And, again this is a horrible time to buy because once rates go up, more equity will evaporate…so all payments must be seen as rental payments bc no equity will build.
I wouldn’t rent this place for $2200 per month or expect it to generate even $1900 in rent.
Mess, it says they get $1800/mo currently.
Mess, nice anaysis.
jc,
You’re right about the value of a stable building. The grapevine says there have only been two foreclosures in this building (hope G doesn’t shoot me down on that one). But I highly doubt the $1800 in rent. I’m paying about 20% less. 🙂
Assessments are the deal breaker. A fair price would be $200,000.
$200,000 w/ parking
“And, again this is a horrible time to buy because once rates go up, more equity will evaporate…so all payments must be seen as rental payments bc no equity will build.”
Whats hilarious about your obvious and common sense analysis, Mess, is that our Federal Reserve and government are pretending that everybody is stupid and they can keep spending seven billion dollars per weekday like they did yesterday to keep yields low.
The king is wearing no clothes! And look at the man behind the curtain! They can’t keep up the charade forever. I think this year is a one-off event with the fed bloating up its balance sheet. The most they can do is 12-14 months of this per my analysis, then we’re as F’d as Japan.
Flushing hundreds of billions down the drain every month to make people think the artificial rates they create via their interventionist measures are realistic and semi-permanent. It ought to be criminal. I know I’LL not be buying until the Fed is out of the interest rate game because it is disingenuous at best, downright criminal at worst.
Those paint colors are BAD.
Bob – THANK you! I keep saying this (not really on here…but the housing market comes up in conversations these days) and I always get blown off with replies like “well then everyone will be in the same boat” (not renters – and so who cares if “everyone is in the same boat” — it doesn’t solve anything, just deepens the crisis) or “the economy will be better by then” (well, homes have a supply/demand issue and the market just booted out a huge part of demand w/ all the people who were subprime or forclosed & there is too much supply w/ all the bubble building… this is not easily fixed unless we start burning down properties). I basically agree that we are headed for Japan’s economic state….except I’m not an economist so who knows. However, my admittedly basic understanding is that the scenarios are very similar. There are still people in Japan paying for homes that were 1mm and now worth like 250… and they haven’t raised their rates. I’m guessing the country did very agressive loan mods (?)
JC – thanks I didn’t see it was a rental @ 1800… that’s a little higher than I would’ve predicted – but I don’t know much about river north. I just didn’t think it could be higher than some places in old town/lp (which I know better) that look even nicer…but i guess it is what it is.
The reason I mentioned the transaction cost thing is bc I think it’s incredibly overlooked… My place barely even dropped in actual value. The transaction costs were what killed me the most.
Btw, I like a galley kitchen… i think it’s easier to cook & I like it separated off from the other rooms. The one time I had an open kitchen, i felt like I lived in 1 giant room.
not a deal.
ChiGuy, there’s that new “boutique” hotel that opened on the corner of Huron and Clark. The website looks alright, but admittedly I’ve not been inside…so maybe I spoke too soon. Nevertheless, its gotta be nicer than when it was the old SRO.
Others, I’ve gotta agree with those who dissed the Ontario building. Given a choice, I’d try to get the Huron joint @ a decent price w/parking included before I’d consider Ontario. There seems to be too many issues with that developer’s recent conversions.
I’ve seen this place, apt 803. Its actually not agent owned, not sure why someone above mentioned that. Also, I asked about the “situation” of the owner. Its nothing serious from what I was told. The owner lives out of state and is in the middle of trying to purchase a home there. Needs to sell this condo to help pay for the new home. (or something to that effect).
Anyway, this place was pretty nice overall. Definitely bigger than most 1 BR’s in the area at like 920 sqr feet. I liked the nice long hallway upon entry and I the fact that its an end unit. and the owner pretty much upgraded the kitchen and bath with top of the line stuff. just may need stainless steel in the kitchen as the last touch. it has hardwood floors in half the place too.
Its currently got tenants; probably would show even better if it was unoccupied. But overall not bad. its in the running!
By the way, although I was first concerned about the high assessments ($500) I then found out that it includes basically everything except phone. It includes heat, AC, water, and cable. So actually, it seems pretty good. Especially compared to a few friends of mine who live a few blocks east (Mich Ave / Lake Shore drive area) who pay 700-800 a month for maintenance and that doesn’t even always cover all the utilities.
looks like new upgrades / painting , etc have been done. the place looks great. its vacated now.
http://www.redfin.com/IL/Chicago/70-W-Huron-St-60654/unit-803/home/14102665
not sure that I would say, great…some staging and flooring changes would help