154 W Hubbard Loft Conversion 50% Sold
The 18 unit conversion of a brick and timber building at 154 W Hubbard is 50% sold with the more expensive units still remaining. Part of the problem with this building is the price.
You have 2 bedroom, 2 bath units for $649,000 but the square footage is just average. You can buy a duplex penthouse unit at the Sexton Lofts down the street for cheaper and it has multiple decks. Yes, it’s not “new” construction but the Sexton isn’t that out of date either.
O.K. Someone stop me quick, but I think I am going to put an offer on one of these in the high $500,000’s. It’s a 2bd/2ba, and I just love the way the architects finished out these lofts. Is this too much to pay in the current market?, and would a condo in a building such as 600 N. Fairbanks be a better investment than a loft unit without a view?
Anon, I think Studio Dwell/Delevoper did a great job with these units/building as well.
Sabrina, commented on the Sexton lofts not being outdated. I agree that some units are very nice in the Sexton but haven’t seen anything as far as finishes that compare to date. Look over at the “Park Kingsbury Residences” featured at http://yochicago.com/magazine/lofts-adaptive-reuse/history-meets-luxury-at-park-kingsbury-residences_1026 (is comprised of 23 different floor plans, from 927-square-foot one-bedrooms priced from the $409s to custom three-bedroom-plus-den models starting at more than $1.4 million. The first deliveries are expected at the start of 2009) before you submit any offer. This will be your best comparasion for Loft’s in the River North neighborhood.
The unit I saw at the Sexton today was very much outdated. Also, the Sexton has 258 other units to compete against. 154 Hubbard has 18 with 6 units being priced over 805k.
Foot prints are great for entertaining and the assesments will stay on the low end. Don’t get me wrong 600 N Fairbanks is a great building but you will spend 200k more for the view and recieve about 350 less square feet. If you want the space to entertain go after Hubbard if you want the view go after Fairbanks…
Anoncondoshopper: The Hubbard lofts are very well done. Make sure you ask about insulation in the timber ceilings.
Also, they’ve been on the market awhile. You are in the driver’s seat if you make an offer!
The assessments will be less in a building like 154 Hubbard because there are fewer amenities. Some people like living in buildings with all the amenities and some do not. The feeling in 154 W Hubbard is very different from 600 N. Fairbanks.
One other thing- the developer at 154 Hubbard may be inclined to rent out units that aren’t selling (I don’t know this- I’m just commenting that I’ve seen other developers do this.) You could become an owner in a building that is only 50% sold and stays that way for many years. Just something to think about. That may or may not happen in 154 Hubbard- but in a slowing housing market- anything is possible.
Too cold to be outside tonight, so I am looking at listings online, and am thankful for your thoughts Sabrina and City Agent. 154 Hubbard did add concrete insulation to the floors, but I have kept my wallet in my pocket at this point. My concern, and some sleepless nights, have been over the fact that, as you mentioned, almost 40% of the buildng has remained unsold, and those units have sat on the market for a very very long time. If I could get a 2b/2b for around 500,000, I would go for it, but at $599,900 (listing price for unit I was interested in) I could get close to prices of some very nice 2 bedrooms in some of the newer towers in the city. What I like about Hubbard is the size and layout of the units, the finishes, and the fact that it is not a faux loft complex with hundreds of units, but instead, it is the real deal, a New York style timber loft, with only about 18 units in the building. In this market, there is no need to rush to make a decision, and I have been told that the prices were rather “firm”, but who knows, I might offer what I think one is worth and will let you know what happens.
Sabrina, I agree. As many buyers that love all the amenities(like 2 lane lap pool, 24 hour doorman, rooftop terrace, wine cellar, pool hall, media room) there are others that want nothing to do with a building with these high assessments. Some buyers love buildings with no amenities(no doorman, no pool, no property manager on site) because they can always pay the money they save to be a member at the “East Bank Club” or store the “Cigars/Wine Bottles” at Ruth Chris Steakhouse a block away.
If your going to go after 600 N Fairbanks make sure you get on a higher floor with lake views or the amazing city views. People will always pay more money for units with amazing views in these types of buildings. I was on floor 14 and 21 and was not impressed. When I got up to 27 in Fairbanks the difference in views was jaw dropping. 154 Hubbard you don’t have to worry about the views. If it has one its a bonus but for resale it will never be a deal breaker. People don’t buy into Loft buildings for a view. Go after the floor plan you love or makes most sense. The 2nd floor units have the 14 foot ceilings which I think makes a huge differnce in these units.
I agree with Sabrina your in the drivers seat. 4 of 6 penthouse units spoken for right now. 7 of 12 2bed/2bath units also sold. With those penthouse units having 2200(plus) I would say its about 70% sold as far as ownership FOR the HOA.
You need to understand that if the developer is firm on price(probably to protect buyers that already purchased) you can always go after other things they can hide behind “the price” but will cost developer money either at closing table or before you close (credit at closing for washer/dryer, credit for custom window treatments (expensive w/large windows), credit to cover all or portion of closing cost, install plasma points/wall mounts(family room/bedrooms), credit for custom closets (elfa closet system/ california closet) or request them to paint unit with custom paint colors. All these items can add up very fast and will always benefit you when you go to sell.
Good luck w/ anything you do decide to go after…
I recently looked at a 2br/2ba unit that faced the prking lot next door. The agent told me he ws unsure whether the lot was for sale but that the owner had been in negotiations to sell in the past. I’m not sure what this means but is it possible the lot could be sold and a building could go up next door completely killing the small view the unit had? Does this worry any other potential buyers?
Yes, the parking lot is what killed the deal for me as well. I had also heard of the possibility of a large building being proposed at that location, and with the light already being rather dark in some of the units, I decided it was not worth $600,000. If a building is built on the parking lot, you can almost predict that, if it is condos or apartments, those lofts are going to look into a parking garage.
Elliot, are they at all willing to consider prices at or below $525,000 yet? I still think these are VERY expensive for where and what they are, and in some strange way, even though it is in the middle of town, I felt rather isolated there compared to other neighborhoods.
As a side note, being that I was willing to put 25% down, and am prequalified above the price of the unit I looked at, they sure do not seem to be in a rush to sell. I have had no follow up calls, no emails, nothing. I guess they do not mind 8 units sitting empty for over a year? (and I am happy to lease the condo I have presently for another year while this market seems to fall apart)
Can anyone tell me when the last sale in this building was? How long can they hold out on the remaining units without a price reduction?
Morgan,
Unit 401 the original model closed 4 months ago.
2 of 6 Penthouse Units left (Unit # 601 priced at $1,049,000 which just had a 50k price reduction & Unit #502 priced at $859,900)
4 of the standard floor plans left. All 3 units in the “02” tier which look out onto Hubbard…
Thanks for the update City Agent. The 50k price reduction is good news as it may now mean they would be willing to entertain lower offers on the standard units.
154 is picking up some steam with 3 pending contracts… If all close it will bring the building into high 70% Range…
So only 3 standard floor plans left (Unit #302,#402 and Unit#303)
Same penthouse units left (Unit#601 Unit#502 both above 859k) which are both spectacular units with lots of space…
Are any units still available here???
Or are any available for rent??
I believe all units have now sold. I think Yochicago.com did an update on this building recently (or mentioned that it was sold out.)
Check yochicago’s website.
Thanks. I saw that same article I just wanted to double check. I am going to call the realtor of the building tomorrow.
Anyone Know of how I can find a loft to rent in the city?
Ben:
If you want a loft- look on craigslist. Also, there are lofts on the MLS for rent (in condo buildings.) Just search by address (or get an agent who can search the listings for you. It’s free to you as a renter.)