$100k Price Reduction in University Commons: 1000 W. 15th St.
Need to sell? Odds are you’re cutting your price.
This 3-bedroom duplex up unit at the massive University Commons development at 1000 W. 15th Street on the west side has reduced its price $100k in the last 2 months.
Here’s the listing:
Huge price reduction. Duplex Up Sun filled 3 Bed 2 Bath loft with Master suite. Private roof deck. Large kitchen w SS app and Granite. Master suite has large walk in closet and separate 5 headed shower & large soaker tub. Tons of closet space and walk in pantry.
Storage locker and bike rack. Garage parking $30k. Assessments include Cable, Internet, pool, exercise room, 30 seat theater. Many Upgrades!
Michael Bennett has the listing. See more pictures here.
Unit #340: 3 bedrooms, 2 baths, duplex up, no square footage listed
- Sold in June 2005 for $420,000
- Originally listed in August 2008 for $499,900
- Reduced
- Now listed at $399,900 (parking $30k extra)
- Assessments of $428 a month
- Taxes are $1,257 (isn’t this the building where you have the tax freeze?)
Yes I think owners have an 8-yr freeze on a reduced tax rate, landmark status. 892? units and I bet most of them are underwater. 800sf 1-br were ~280K when they broke ground. You’d think more people could have bought parking with the tax deal, as it’s a slice of lincoln park now, parking wise. My UV neighborhood used to be so quiet, sighhhh.
The tax freeze is only for the original buyer, so the next buyer will not get the tax benefit.
I live a block away from here in University Village. University Commons is beautiful and seems well maintained. The only problem is that there are lots of loud parties on the weekend in these buildings (much quieter in UV). The condos themselves are well sound proofed, but owners have parties on their decks and the screaming travels for several blocks.
The price seems fair – about $459,000 if you want to add a second parking spot (I assume most people buying a 3 bedroom would want a second parking space). I live in a UV townhouse, which is just slighly bigger than this unit, with a two car garage. Similarly sized townhouses have been selling for around $520,000. I’m not sure if a townhouse can be compared to a loft, but $459,000 seems reasonable.
Yeah, this is my neighborhood. This is bad news for the sellers of 2 bedrooms who are asking almost as much money. This is how prices start to move down. Eventually someone has to move and then the comps are lower.
I agree with Jenny about the noise level here. We drive by UC to get home a lot, and it seems like every weekend there’s a lot of drunken screaming, loud music and general lack of respect for neighbors. Which is a shame because the units seem quite nice in a “generic Chicago loft” way.
I thought that the bigger building nearby that used to be a storage facility had landmark status, not these units. Or maybe they all have it?
Are all the decks connected as it appears?
Look at the numbers more carefully.
They bought it for 420k.
Listed it for 499k in August.
Dropped it “100k” to 399k + 30k for parking = 429k
This is still more than what they paid for.
The 100k drop in price is due to the fact they listed it originally way above its actual value.