Are First Time Buyers Priced Out of the West Loop? A 2-Bedroom Penthouse at 910 W. Madison

910 w madison

This 2-bedroom top floor unit at 910 W. Madison in the West Loop came on the market in March 2016.

This building was constructed in 2003 when loft-living was at its peak, especially in this neighborhood.

This unit, therefore, has higher ceilings and exposed air ducts.

The main living areas face south with the bedrooms facing north.

The kitchen has granite counter tops, maple cabinets and stainless steel appliances.

There’s a south facing terrace that runs the length of the unit.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

Including the parking, this 1378 square foot 2-bedroom will cost you $625,000.

Are first time buyers priced out of the West Loop now?

Edwin Diaz at Baird & Warner has the listing. See the pictures here.

Unit #1001E: 2 bedrooms, 2 baths, 1378 square feet

  • Sold in January 2003 for $441,000 (included the parking)
  • Originally listed in March 2016 for $625,000
  • Reduced (???)
  • Currently listed for $590,000 (plus $35,000 for parking) = $625,000
  • Assessments of $652 a month (includes exterior maintenance, scavenger and snow removal)
  • Taxes of $6718
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 10×17
  • Bedroom #2: 10×11

Love Brick and Timber Lofts? A 3-Bedroom at 1040 W. Adams in the West Loop

1040 w adams

This 3-bedroom loft at 1040 W. Adams in the West Loop recently came on the market.

This building has 266 units. It was converted in into lofts in 2006 and takes up nearly an entire city block.

This loft is a southeast corner unit with exposed brick walls and timber ceilings.

It has two balconies.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

The bedrooms have the preferred loft design of enclosed walls with doors, including the third bedroom which the listing says has “a window and a door and is smaller than the other bedrooms.”

The loft has the features that buyers want including central air, washer/dryer in the unit and deeded indoor parking.

This loft is listed for $174,900 more than the 2006 purchase price at $599,900.

Is $600,000 the new price point for 1300 square feet in the hot West Loop?

Mariam Harpur at @Properties has the listing. See the pictures here.

Unit #301: 3 bedrooms, 2.5 baths, 1300 square feet

  • Sold in March 2006 for $425,000
  • Currently listed for $599,900 (includes garage parking)
  • Assessments of $752 a month (includes doorman, exercise room including yoga room, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4746
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×16
  • Bedroom #2: 14×12
  • Bedroom #3: 7×10
  • Living room: 19×19

 

From Price Cuts in 2009 to $500,000 2/2s in 2016 at 659 W. Randolph in the West Loop

659 w randolph

This 2-bedroom at R+D 659 at 659 W. Randolph in the  West Loop just came on the market.

If you recall, this building completed construction in 2008 and therefore got caught in the grip of the Great Recession.

It was one of several new construction buildings that had to slash prices in order to sell units.

Here is a sample of some of the 2009 the reductions:

01 Tier: 2 bedrooms, 2 baths, 1147 square feet, Northeast facing

  • Old Price: $459,000-$492,000
  • New Price: $341,000-$367,000
  • Parking included
  • Assessments of $430 a month

Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, North facing

  • Old Price: $409,000-$421,000
  • New Price: $293,000-$301,000
  • Parking included
  • Assesments of $370 a month

Tier 18: 1 bedroom, 1 bath, 840 square feet, South facing

  • Old Price: $342,000-$369,000
  • New Price: $254,000-$260,000
  • Parking Included
  • Assessments of $317 a month

Tier 20: 2 bedrooms, 2 baths, 1200 square feet, Southeast facing

  • Old Price: $482,000-$500,000
  • New Price: $357,000-$372,000
  • Parking Included
  • Assessments of $450 a month

Tier 11: 1 bedroom, 1 bath, 654 square feet, West facing

  • Old Price: $273,000-$276,000
  • New Price: $192,000-$194,000
  • No Parking with these units- wait list for a spot
  • Assessments of $244 a month

You can see our chatter on the price cuts here.

The unit that just came on the market is #620, a Southeast facing 2/2.

It has a split floor plan with exposed concrete ceilings.

The kitchen has modern cabinets, a tile backsplash, granite counter tops and stainless steel appliances.

The master bathroom is marble.

It has central air, washer/dryer in the unit and parking is available for $35,000.

If you buy the unit with the parking, it is asking $500,000.

As you can see from the prices above, as this is a 20 tier, that is equivalent to the old bubble pricing in this building.

Is the West Loop really that hot?

Tim Zielonka at Redfin has the listing. See the pictures here.

Unit #620: 2 bedrooms, 2 baths, no square footage listed

  • I couldn’t find a prior sales price. It looks like it was bought in 2011 along with a bunch of other units by a corporate entity
  • Currently asking $465,000 plus $35,000 for parking
  • Assessments of $657 a month (includes heat, gas, cable, exercise room, exterior maintenance)
  • Taxes of $4498
  • The unit is currently leased through June 2016
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×10

Vintage With Views of the Lake for just $72 a Square Foot: 5555 S. Everett in Hyde Park

5555 s everett

This 1-bedroom in the Jackson Towers at 5555 S. Everett in Hyde Park has been on and off the market since May 2014.

Built in either 1924 or 1926 (the listings are all over the place with the date), it was designed by Walter W. Ahlschlager who also designed the Sheridan Plaza Hotel and the Uptown Broadway Building.

There are 72 units on 19 floors. Some of the units are quite grand with duplexes and simplexes.

This is one of the smaller units but it has views of the Lake and the Museum of Science and Industry.

At 1165 square feet, it has a dining room and the spacious room sizes you would expect from a vintage unit.

The listing says it has updated plumbing and electrical.

There’s no central air, only window units. And there’s no washer/dryer in the unit.

There’s also no parking with the building but according to this 2014 Chicago Magazine article about the building, there is a nearby lot that many park at which costs $200 a month.

Also according to Chicago Magazine, most of the major building renovations were completed a couple of years ago so there are no big special assessments coming.

This unit has been reduced to just $85,000, or $72 per square foot.

Is this a deal, even with the $988 a month assessment?

Pamela Tuggle at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit B8: 1 bedroom, 1 bath, 1165 square feet

  • Sold in April 1988 for $47,000
  • Originally listed in May 2014
  • Has been under contract
  • Was listed in June 2015 for $99,500
  • Reduced
  • Currently listed for $85,000
  • Assessments of $988 a month (includes heat, doorman, exterior maintenance, scavenger and snow removal)
  • Taxes of $2540
  • No central air- just window units
  • No in-unit washer/dryer
  • No parking – nearby lot is available for around $200 a month
  • Bedroom #1: 15×12
  • Living room: 18×14
  • Dining room: 14×16

This Crown Molding Beats Yours: A 4-Bedroom at 3400 N. Lake Shore Drive in Lakeview

3400 n lake shore drive

This 4-bedroom at 3400 N. Lake Shore Drive in Lakeview just came on the market.

Built in 1922, this unit still has the amazing original mahogany millwork and paneling in the living room and library.

It also appears to stretch into the 23×10 foyer.

They just don’t build them like this anymore. There aren’t the craftsmen who can do it.

The apartment has a carved mantle in the living room and 2 fireplaces in total, both with gas starters.

It just so happens we chattered about this unit the last time it was on the market in January 2009.

See our chatter here.

It did not sell in 2009.

The millwork is as beautiful now as it was then.

These are the pictures from the PRIOR listing.

3400-n-lake-shore-_8ef-livingroom-approved

3400-n-lake-shore-_8ef-den-approved

Check out the intricate plaster ceiling in the dining room.

3400-n-lake-shore-_8ef-diningroom-approved

The listing says the master bathroom has been renovated.

It has the other features buyers of THIS era look for, including central air, washer/dryer in the unit and garage parking.

At 4,000 square feet, it is as big as most single family homes in the GreenZone.

Yes, the assessment is $2760 a month, but there are only 46 units in the building.

At $2 million, is this a bargain compared to all the new construction high rise units out there?

Meredith Manni at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #8EF: 4 bedrooms, 4 baths, 4000 square feet

  • Sold in September 2000 for $852,500
  • Sold in April 2002 for $1.05 million
  • Sold in June 2005 for $1.425 million
  • Was listed in January 2009 for $2.25 million
  • Withdrawn
  • Currently listed for $2 million
  • Assessments now $2760 a month (it was $2300 a month in January 2009)- includes heat and air conditioning
  • Taxes now $18,500 (they were $18,000 in January 2009)
  • Parking included
  • Central Air
  • 2 Fireplaces
  • Bedroom #1: 21×15
  • Bedroom #2: 15×14
  • Bedroom #3: 14×22
  • Bedroom #4: 13×13
  • Foyer: 23×10

Back on the Market for this South Loop 3-Bedroom Townhouse: 1426 S. Federal

1426 s federal

This 3-bedroom townhouse in Dearborn Park II at 1426 S. Federal in the South Loop came on the market in late March 2016.

It was under contract the first day but came back on the market in early April.

The listing says it is the largest floor plan in this complex.

It has the preferred layout of all three bedrooms on the same floor.

There’s a 4th floor bonus room with a second kitchen which leads to a private rooftop deck with city views.

The kitchen has granite counter tops and stainless steel appliances.

There are also 3 wet bars.

This townhouse also has the nice feature of having attached, 2-car parking. No need to go outside to get your car.

At $899,000, is this a deal for a townhouse in this location given what even duplex down condos are going for around the GreenZone?

Cynthia Bauer at Re/Max Premier has the listing. See the pictures here.

Unit #E: 3 bedrooms, 3.5 baths, no square footage listed, 2 car attached garage

  • Sold in March 2002 for $563,500 (according to Zillow- as the Cook County web site was down)
  • Sold in September 2005 for $720,000 (according to Zillow)
  • Originally listed in March 2016 for $899,000
  • Contingent on the first day
  • Re-listed in April 2016 for $899,000
  • Assessments of $200 a month (includes scavenger, water and snow removal)
  • Taxes of $12,324
  • Central Air
  • Bedroom #1: 16×15 (third floor)
  • Bedroom #2: 10×12 (third floor)
  • Bedroom #3: 10×11 (third floor)
  • Party room: 15×10 (fourth floor)
  • Family room: 15×17 (main level)
  • Roof top deck

 

Move-In Ready and Lake Views for Under $325,000: 3430 N. Lake Shore Drive in Lakeview

3430 n lake shore drive

This 2-bedroom at 3430 N. Lake Shore Drive in Lakeview recently came on the market.

The building was constructed in 1955 and has 219 units.

This 14th floor unit has east and lake views from the living room with west views from the bedrooms, including of the Wrigley Field lights.

The listing says the unit was gutted in 2011 and has new dark hardwood floors, plumbing and kitchen.

The windows are new as of 2009.

The kitchen has dark cabinets, white counter tops, a tile backsplash and stainless steel appliances.

The bathrooms are Kohler bathrooms with mocha vanities.

It has central air but no in-unit washer/dryer. There is coin laundry in the building.

Parking is rental in the building.

With buyers wanting move-in ready properties, will this sell quickly?

Lisa Resek-Peck at @Properties has the listing. See the pictures here.

Unit #14P: 2 bedrooms, 2 baths, no square footage listed

  • Sold in September 1998 for $144,000
  • Sold in April 2010 for $202,000
  • Currently listed for $320,000
  • Assessments of $1001 a month (includes doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $3225
  • Central Air
  • No in-unit washer/dryer- there is coin laundry in the building
  • Rental parking available in the building
  • Bedroom #1: 16×12
  • Bedroom #2: 14×11

 

Looking for that Spacious Brick and Timber Loft Like You See in the Movies? 2804 N. Lakewood in Lakeview

2804 n lakewood

This 3-bedroom loft at 2804 N. Lakewood in Lakeview came on the market in February 2016.

At 2100 square feet, it has the features true loft lovers crave including exposed brick and a timber ceiling.

On the top floor of the building, and a corner unit, it has industrial windows stretching across the unit.

The listing says it was featured in Chicago Magazine.

The kitchen has Subzero and Bosch appliances with concrete counter tops.

There’s a steam shower and a soaking tub.

All three bedrooms are on the main floor. There’s a sun room/Florida room on the roof that leads out to a private rooftop deck with built-in planters, a sprinkler system and a solar shower.

The loft has central air, washer/dryer in the unit and garage parking.

This is a small loft building with just 20 units.

Since February, it has been reduced $39,000 to $610,000.

This loft hasn’t been on the market in 21 years.

Is this a deal for a unique property?

Randee Wheeler at Conlon has the listing. See the pictures here.

Unit #202: 3 bedrooms, 2 baths, 2100 square feet

  • Sold in June 1993 for $278,000
  • Sold in January 1995 for $285,000
  • Originally listed in February 2016 for $649,000
  • Reduced
  • Currently listed for $610,000 (garage parking included)
  • Assessments of $328 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $6183
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×14
  • Bedroom #2: 14×9
  • Bedroom #3: 13×13
  • Florida room: 14×10 (second floor)
  • Deck: 30×20 (second floor)

Looking For Your Own 1100 Sq Ft Landscaped River North Terrace? 200 W. Grand

200 w grand

This 2-bedroom in 200 W. Grand in River North just came on the market.

Located on the 6th floor, it has a large 1100 square foot southwest facing private terrace.

But unlike most of those terraces which sit on top of the parking garage for the building, and are simply slabs of concrete, this one has actually been professionally landscaped by Chicago Specialty Gardens.

It has stereo speakers, a pergola, custom lighting, landscaping with irrigation & outdoor storage.

If this terrace looks familiar, that’s because we also chattered about it back in 2011.

You can see our chatter here.

The unit has new bamboo floors and a built-in wine bar.

The kitchen has dark cabinets, granite counter tops and stainless steel appliances.

One of the comments in 2011 was that the actual living space was too small. Yes, the living room is still 14×13.

It has central air, washer/dryer in the unit and there are 2 garage parking spaces included.

In 2011, most of you thought this property should sell for under $500,000. It sold for $475,000.

But that was at the bottom of the bust.

It’s now listed just $1500 under the 2007 price at $600,000.

Will the terrace make it a quick sale?

Liz Prassas Licata at Coldwell Banker has the listing. See the pictures here.

Unit #603: 2 bedrooms, 2 baths, no square footage listed but in 2011 it was 1250 square feet

  • Sold in June 2004 for $486,000 (included the parking)
  • Sold in November 2007 for $601,500 (included the parking)
  • Originally listed in April 2011 for $559,000 (included the parking)
  • Reduced
  • Sold in June 2012 for $475,000 (included the parking)
  • Assessments now $791 a month (they were $783 a month in June 2011) (includes heat, a/c, gas, doorman, cable, wifi, scavenger, exterior maintenance, exercise room)
  • Taxes now $6277 (they were $3693 in June 2011)
  • Central Air
  • In-unit washer/dryer
  • Bedroom #1: 13×13
  • Bedroom #2: 14×10
  • Terrace is 1100 square feet

A Bank Owned Starter Condo for $208,000 in Old Town: 143 W. Burton

143-w-burton

This 1-bedroom condo in 143 W. Burton in Old Town just came on the market.

The building is art deco and has 6 units. Those are the original leaded glass windows.

This is a Fannie Mae Homepath property.

This unit is on the first floor and faces east.

It has hardwood floors.

There are no pictures of the kitchen.

The listing says “owner offers only, no investors.”

It looks like it has central air and that there might be a parking space behind the building (there ARE some there.) I think there is laundry in the basement.

At just $208,000 is this a deal for someone who is handy with paint and renovations?

143-w-burton-_2

Rakesh Parikh at Coldwell Banker has the listing. See the pictures here.

Unit #1S: 1 bedroom, 1 bath, 800 square feet

  • Sold in October 1994 for $97,500
  • Sold in April 1997 for $128,000
  • Sold in January 2002 for $192,000
  • Lis pendens foreclosure filed in June 2012
  • Bank owned in February 2016
  • Homepath property
  • Currently listed at $208,000
  • Assessments of $270 a month (unclear what this includes)
  • Taxes of $4706
  • Central Air
  • 1-car parking appears to be included
  • Bedroom: 14×12