2-Bedroom At Village Pointe Sells For $92K Under 2007 Price: 845 N. Kingsbury in River North
We last chattered about this 2-bedroom unit in Village Pointe at 845 N. Kingsbury in River North in July 2010.
See our prior chatter here.
At that time, it wasn’t yet listed as a short sale.
It finally sold after 11 months on the market, as a short sale, for $92,500 under the 2007 purchase price.
The floor plan is the largest in the building- and is actually in the part of the building that IS the pointe.
At 1700 square feet, it had an actual walk-in laundry room and a 20×7 deck.
It had floor to ceiling windows, dark hardwood floors and concrete ceilings.
The kitchen had all the new construction finishes including granite counter tops and stainless steel appliances.
The building is near Japonais and across the street from Groupon’s headquarters.
Did someone get a deal?
Amanda Pasicznyk at Quest Realty Group had the listing.
Unit #201: 2 bedrooms, 2 baths, den, 1700 square feet
- Sold in June 2007 for $437,500 (included the parking)
- Was listed in July 2010 for $439,900 (plus $30,000 for the parking)
- Reduced numerous times
- Sold as a “short sale” in May 2011 for $345,000 (looks like parking was included)
- Assessments of $618 a month (includes doorman)
- Taxes of $4990
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 13×11
- Den: 10×9
The neighborhood is improving everyday. With the addition of Groupon headquarters (and their continuing expansion), the neighborhood will likely see more resturaunts and amenities…especially moderately priced resturants (lunch spots from Groupon employees) such as Roti, Chipotle etc…Now there are a few walkable restuarants but they are all pricey (Japonais, Schoozi, Rizas, etc….). The down side to this unit is that it hovers over two streets Kingsbury and Larabee. Kingsbury is a quiet one way, residental street that only goes on for a block. Larabee, however, is increasingly congested as it is a thoroughfare from LP to RN and, if Target goes in on Division and Larabee as planned then traffic will only increase. Thus, the neighborhood is improving but this unit will suffer because it faces two heavily trafficked streets. Even if the windows have good soundproofing, the noice on the terrace will be pretty loud.
I like this unit, but second floor, right on that point? Seems like it’d be pretty busy and loud… perhaps on a higher floor this unit would be more desirable.
Speaking of that area, what do people think of those River Village town houses that are just north of this building?
I’ve always thought of a doorman as an old black guy in a military-style uniform standing in front of a hi-rise helping people out their cars. Does this building have one of those, or does it simply have a “front desk clerk” inside?
Architecture that ridicules.
This area is a zoo during the rush. Close to Ollies (RIP) though.
Now this sale seems truer to the where the market is going (not even going to call it a ‘deal’, just a good value).
Although the assessments seem a bit on the high side, unless they include more than what is appears in the listing, which, isn’t much.
Probably will be able to buy something like this for another 5-10% less when the market finally finishes correcting in 2013 or so, but as long as the buyer plans to hold it for a while, buying now should still work out for them.
Everyone is finding out that the best way to go from River North to Old Town is Larrabee – unfortunately the cat is out of the bag and it’s extremely congested now, almost every morning noon and night. Given 600 W Chicago is now 97% occupied (and under contract for $390M) – I, like local said, hope that more eateries and local retailers come to the market. Since the early-2000’s, this has been a residential area only, with a lack of food options. The area to the north of this building is slowly being developed, with the Caprini Green buildings coming down and Target coming. Yellow row housing is still prevelant and there is still a big difference between being south of Chicago Ave and north of Chicago Ave.
While north of Chicago Ave., west of Wells, to North Avenue might be a different world in 7-10 years from now, I still think the next 5 will be fringe, where people will want to pay $275k-$350k for what is $400k+ south of Chicago Ave. These assessments are roughly $150/month higher for the same SF than the twin yellow buildings at 700-720 N. Larrabee.
It should be noted that the feedback I hear from people buying these types of condos (River North Commons/500 W Superior/700-720 N. Larrabee/845 N. Kingsbury/451 W. Huron/421 W. Huron/Enterprise and Smithfield Developments) are buying for location/proximity to work and play. In my opinion, I only hope they don’t think they are going to be able to get out in 5 years with a $75k-$100k pop in value. Assessments will rise (just like taxes) and if interest rates creep up even to 6.5-7% – value will stay pretty flat. Great area/places to live, but don’t treat it like an investment. FYI, I RENT a condo in this area and am not a realtor.
Just keep your patio doors closed during business hours. That’s right by the outdoor smoking hangout for all Groupon employees and it is typically PACKED. Work in this area, absolutely. Great work lunches, sure. Live here? No thanks. You have to cross Chicago and march a bit east to really be anywhere desirable. Sure those gated homes north on Kingsbury provide a living community, but north of this on Larabee is a disaster. Vacant strip center, liquor stores, etc. This is not a place I’d feel comfortable walking a dog. I think when people on here gripe and complain about certain parts of Old Town (South of North Ave, West of North Park) they should visit this spot to put it into perspective. That’s my two cents on location…
re: traffic, esp for those who live around here:
when they open up a street or two b/t Orleans and Larrabee (Oak, I would expect, maybe Wendell/Hobbie, too), do you think that makes it better or worse?
Given all the residential that has gone in just south of Chicago Ave., I’m shocked that they can keep Larrabee one-lane in each direction, north of Chicago Ave. But it looks impossible to widen the street. Obviously Division/Clybourn intersection was re-done for the grocery-anchored shopping center there, but with all the development on Larrabee in the coming 2-years (if it comes), that pot-holed street won’t be able to handle the traffic. It already can’t.
Anon, to answer your question, I’d love to see another LaSalle-type street between Orleans and Larrabee – that would really help with traffic as many are coming from the east and making a right on Larrabee. Very doubtful I would think, though.
“With the addition of Groupon headquarters (and their continuing expansion)”
MarchFirst redux?
“I’d love to see another LaSalle-type street between Orleans and Larrabee …. Very doubtful I would think, though.”
Well, it wouldn’t be 6 lanes wide, for sure. Doubt it would even be four lanes wide. But if (when!) Oak is opened up at Orleans, at the same width as it is east of Orleans, it seems like it will take much of the pressure off the Larrabee/Chicago intersection.
Of course, that whole area is going to be a *nightmare* starting (next year? 2013?) when they replace the whole Chicago/Halsted elevated intersection. Hopefully they get funding to widen the Chicago Ave bridge, too, b/c that bottleneck is really, really awful in both direections.
Folks also need to remember that part of the traffic issue here is due to Larabee being a detour street while Halsted is closed south of division.
I agree…the traffic is bad now b/c of hte Halstead bridge closure. However, the Groupon smoking is pretty bad at this corner. I’d rather be in one of the townhouses or loft building down Kingsbury. Its quieter and doesn’t have the Groupon smoking issue.
I’m sure Chicago will soon have an outdoor smoking ban courtesy of Burke or some other useless alderman and then the Groupon smoking issue will go away.
Executed Recorded Document Type Amount
05/13/2011 06/10/2011 MORTGAGE $258,000.00
BEWARE OF FLASH MOBS IN RIVER NORTH – NOW THEY’RE STEALING CONDOS!
Great price, great building, great location. Congrats to the new buyers.