Motor Row Brick Loft Still Available 10 Months Later: 2332 S. Michigan

We last chattered about this triplex brick loft at 2332 S. Michigan in Motor Row in January 2009.

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See our prior chatter and pictures here.

The loft has walnut floors, beamed ceilings and a private rooftop deck. There are also outdoor spaces on the other two levels.

The modern kitchen has Bosch appliances.

It has been reduced $20,000 since January 2009. It has also been on and off the market since 2007.

[The listing says the “photos are from a combination of units available. “]

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With an upcoming auction of other loft units in a new building across the street, what will that do to prices in this building that has yet to sell out?

Read more about the November 15 auction at the Motor Row Lofts at 2303 S. Michigan [Sheldon Good & Company website].

Vivienne Frow at Prudential Rubloff still has the listing at 2332 S. Michigan. See more pictures and a virtual tour here.

See the property website here.

Unit #409: 2 bedrooms, 2.5 baths, recreation room, about 1730 square feet

  • Originally listed for sale in 2007
  • Was listed in January 2009 for $569,000 plus $30,000 for parking
  • Reduced
  • Currently listed for $549,000 plus $30,000 for parking
  • Assessments are $241 a month
  • Taxes are “new”
  • Triplex
  • Fireplace
  • Central Air

36 Responses to “Motor Row Brick Loft Still Available 10 Months Later: 2332 S. Michigan”

  1. Its a nice unit but overpriced for sure.

    I will never understand the fad of these 17′ ceilings. Unless you’re Andre the giant who wants to pay to heat and cool that unusuable space throughout the year?

    No way this fetches 579k though, much, much lower. Given its only been reduced 20k since the beginning of this year I think at some point in the future the agent will have to report the taxes instead of “new”. Lets see how many years it takes ’em.

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  2. I must be in a good mood today because I like this place and the Sterling. Post something awful and overpriced! C’mon.

    I like everything about this place (it reminds me a little of the decor in the Clybourn place yesterday). The location and the price may be problematic at this point. Nice to see a triplex that actually works.

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  3. A cool place no doubt, but WAAAAAY too close to some serious ghetto!

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  4. Jon,
    what going on here? holiday spirit in the air?

    besides the hood and the bubble south loop.

    I fricken love this place, and love even more the historic nature of it. (do you get a historic tax freeze thing too here?)

    awesome!!!!!!!!!!

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  5. This is a great loft – but for 1700 square feet….at 550k? no way. 1500 sq feet and 450 will fetch you a very nice 2 bedroom in one of the new fancy shmancy museum park buildings, which are in a much nicer location.

    Motor row lofts is a great concept, and it would have really taken off if the south loop had continued to develop, unfortunately, it’s currently in the middle of a very ghetto block of the south loop….the closest transport is the bus or chinatown redline. do not want.

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  6. Matt the Coffeeman on November 5th, 2009 at 12:10 pm

    I don’t know if anyone noticed in the listing, but the “Photos are from a combination of units available.” That’s crap – don’t cherry-pick the best photos from different units when trying to sell a listing.

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  7. I toured several of the auction units this past weekend. Some are nice but many have very small bedrooms and weird layouts. A few have cool downtown views. The most impressive thing about the units is the very large windows. One units have skylight that face east ans west, so cool natural light. The one really scary thing was in the stairwell where the developer or building manager has placed these large rodent boxes (ick). One of the boxes had a bunch of large presumably rat footprints that were frozen in the surrounding cement. It was really creepy. They need to fix that quickly…there is nothing that will scare away buyers more quickly than a rodent problem….still gives me chills

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  8. how is the area around there? The farthest I’ve been to is mcCormick place and it doesn’t seem very residential down there. Nice place but I’d rather live in an actual neighborhood for that much money.

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  9. 2/2’s are a dime a dozen in this city. Eventually they’ll be selling nearly as cheap as 4 bedroom frame homes in Schaumburg; at the height of the boom they were priced damn near the same!

    2/2’s will be priced based almost exclusively on location and size; Cheap 2/2’s in RP and the far south loop like this property here; expensive 2/2’s will be in the heart of LP; my prediction is near the bottom the purchase price of a 2/2 will be a lot closer to rent parity than it is today.

    This 2/2.5 has a nicer look and it’s bigger at 1,700 sw, but it’s in a bad area, so that offsets the price, probably by a lot. I say this would be a ‘deal’ in the $300’s, the $500’s is fantasy land.

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  10. “how is the area around there?”

    Awful!

    Unless you enjoy projects and daytime/nighttime street wanderers, currency exchanges, and shady liquor stores.

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  11. I, for one, enjoy shady liquor stores.

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  12. Yeah but I have a feeling you don’t enjoy the clientele…

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  13. I love the look of this place. I do have some misgivings however about the fact that the realtor (despite having the listing for how long?) has yet to put up pictures of the actual unit. Why would you not? If the photos are not representative, all you are going to do is piss off anyone that actually takes the time to look at it. I wish the level of expected service at my job was equal to the level of expected service in the realtor world. My life would be much more enjoyable.

    The price is also absurd for the location. You can get pretty amazing, large 2 bedroom, 2 bath condos in great areas for this price.

    Now, I may be willing to live in this area if the price on this unit (assuming that it actually looks like the photos) ends up matching the prices of the current auction. But, I am guessing this unit will continue to linger on the market for a couple more years.

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  14. The projects in that area are disappearing. They are in the process of tearing down the projects on State Street just south of Cermack now.

    Even with that, I agree that the area is not the best and the pricing is way out of line.

    Cheers

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  15. Pimp Kitchen. I love it. Dont love the hood or price.

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  16. I think this place will end up selling for around $270,000 to $290,000. The location is such a negative that it will bring the price down. The auction nearby will give us some market comparables that will turn this development into a sure loser.

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  17. There is a pretty awesome looking Burger King right next to this building for some late night snacking.

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  18. You wouldn’t even need a car then with that Burger King next door!

    $30,000 for parking in that neighborhood is absurd.

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  19. On a positive note the Harold Ickes projects are in the process of being demolished. As go the projects so go the hoodrats.. hopefully.

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  20. Yes, Bob, they scatter the hoodrats around the city to the vacant condo conversions that have gone Section 8.

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  21. could most of these postings possibly be more rascist?

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  22. er, racist.

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  23. paulj are you Pookie Jenkins? haha..

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  24. paulj = Al Sharpton?

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  25. If you close your eyes and ignore the proximity of this condo to the housing projects it should sell for $700k or more! Oh wait, it’s very close to the housing projects and a burger king….$150k and declining…

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  26. “possibly be more rascist?”
    “er, racist.”

    No paulj, nice tries, but its actually “raciss’!”

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  27. some people pay more to live in places with “history” (yes i set you up for snide comments with that one)

    i for one would pay the price to live in this place, and i would also pay the odd premium at the montgomery wards building (six north michigan).

    there are people out there that buy on heart not balance sheet.

    side note; i as a teen would venture past the futureistic project homes from the train at night and was never bothered or messed with.
    now as an adult i wouldnt do the same.

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  28. groove77,

    you must have been a brave teenager, as 2 of my friends have been mugged in the past few years in this block of the south loop. I repeat, this is NOT a desirable location. Up until last year there was a prostitute that would solicit at the white castle drive thru. i’ve lived all around the south loop and i would NOT reccommend living anymore south than 18th!

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  29. “you must have been a brave teenager, as 2 of my friends have been mugged in the past few years in this block of the south loop”

    yeah but i was a teen 20 years ago. and back in 1998 or 99 i would walk past alone to met a girl i was dating at an african dance studio (i wonder if that still there). i was on guard at all times but i guess i had good kharma.

    but now i wouldnt do it. people are a bit more wild since 10 or 20 years ago.

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  30. property taxes are frozen really low. that’s nice.

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  31. according to google, it’s across the street from the “e2 nightclub stampede.” the harold ickes buildings i think look really cool(http://tigger.uic.edu/depts/ahaa/imagebase/maclean/aerials1/98.JPEG) – does any know if they were designed by bertrand goldberg?

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  32. I used to live at 19th and Clark – much closer to the Chinatown Red Line stop than this place – and it was not a pleasant stroll, the aesthetics of the Hilliard towers obviously notwithstanding. /snark

    On the plus side, having to deal with prostitutes and panhandlers at the White Castle drive-thru did an excellent job of curbing my late night cravings.

    $335/sqft seems a bit steep for the area. Nice place, though!

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  33. Sonies,

    Could you tell me where the shady liquor stores are,because I can’t place any of them in this area.Thanks

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  34. Sonies is confusing this area with Englewood- where he frequently travels to pick up the best rock.

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  35. No value for the close proximity to Reggie’s Rock Club?

    Come on!

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  36. “No value for the close proximity to Reggie’s Rock Club?

    Come on!”

    How else do you think they justify the asking prices?

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