2-Bedroom Loft in River North in Short Sale: 333 W. Hubbard
We’ve chattered about Union Street Lofts at 333 W. Hubbard in River North several times in the past.
The complex has two buildings, the authentic brick and concrete loft building that overlooks the Merchandise Mart and the newer building with high ceilings and exposed ductwork but no exposed brick or concrete features at the front of the complex.
This 2-bedroom that is now in short sale is in the newer part of the complex.
It’s a northwest corner unit with hardwood floors, 42 inch cabinets and granite counter tops in the kitchen. Parking is included in the price. It has central air and an in-unit washer/dryer.
Is this a good deal on a basic starter unit or an in-town?
Scott Foster at Re/Max Exclusive has the listing. See the pictures here.
Unit #4-C: 2 bedrooms, 2 baths, 1237 square feet
- Sold in October 1999 for $268,500
- Sold in May 2003 for $315,500
- Lis pendens foreclosure filed in September 2009
- Listed in October 2009 for $367,000
- Reduced
- Listed as a short sale in November 2009 for $350,000 (parking included)
- Assessments of $591 a month (includes heat, air, gas, cable, doorman)
- Taxes of $2008
- Central Air
- Washer/Dryer in the unit
This unit is staring at the brown/purple line el tracks that is 50 yards infront. I think it should go for less than 350K. Look at the damn assessments!
Ooops, northwest, not northeast! However, there is nothing to see on northwest side. Better deals on newer condos few blocks north.
How are the taxes so low?
Looks like the assessments include almost all of the monthly bills.
Assuming the financial health of the building is fine and the association is just building reserves, assessments are still a little high for a 2/2, but no where near some of the worst offenders I’ve seen on here.
We have our place just a few blocks away, and think the neighborhood is great. Many restaurants, Binney’s, and lots of places that actually sell useful things (drug store, pet store, banks, hardware stores.) The EL runs down Franklin and is very noisy. Lots of young people walking around on weekend nights going to the clubs.
The Silver, which is still mostly unoccupied, is in the same neighborhood if that’s what JH means.
yawn. hardly a “loft”
This place stares directly at the El Turn… unless you enjoy screeching noises stay away. Myself I live near the El and I don’t mind the roar of the El but that screeching would really get to me, its like nails on a chalkboard.
Good $/sqft for RN though.
the fact that steve a mentions Binnys as a neighborhood attraction makes him all right by me.
always wondered about these places since watching them being built from passing trains.
That’s the smallest cheapest looking kitchen i’ve even seen. It’s like the builder didn’t expect the inhabitants to actually use the kitchen area.
Why would you when there’s so many awesome restaurants in the area?
“Why would you when there’s so many awesome restaurants in the area?”
On the Friday’s when we come into town our routine is to walk the dog, and then call Lou Malnati’s to pick up a medium deep dish Lou and a small salad. We share a bottle of champagne, bought at Binnys, with it. We usually wind up bringing the left over pizza home for Sunday night supper. Lou’s is so crowded that we haven’t been actually able to sit in there, and it was at the bar, since last March.
BTW, what’s with that sushi restaurant on Wells? I don’t care for sushi, but I sure do like the looks of the place.
Steve-
Sushi Naniwa. Love that place. it’s me and my girl’s go-to date spot. Great carry out, too. seems like it might go out of business, though b/c every time we walk the dog it looks empty. maybe there carry out carries them…. I highly recommend the, however.
Steve, why get Lou Malnati’s when you can have Pequod’s delivered to your door?
Also, Sushi Naniwa is VERY good, and they also deliver (for lunch at least) Also, Ai sushi at like 400 W. Ontario is also really good, little pricey but really good. I think they have some all you can eat special on Sunday for like $30.
Anyhoo, I was being sarcastic about the kitchen never being used.
Sonies:
I like walking around the neighborhood. I enjoy looking at the people and the stores. Remember we are only weekenders. Every trip to Chicago is like a small vacation so we want to be out and about.
Now something a little off topic. The drive on Friday evenings from O’Hare to East Ohio is a killer. Could we take 290 and go around coming back into the Kennedy before E. Ohio?
Ok Steve, then go eat at Pequods. (Clybourn & Webster) But you must get pepperoni, it is the BEST! And the neighborhood is certainly interesting to walk around. Lots of shopping and other stuff there.
To respond to the off-topic question: 290 has always been a LOT worse for me than 90. At any time of the day or night, 290 is crawling with cars and backed up for miles, especially around the 88 junction. But I hear there is a major resurfacing project for 90 next spring, so 290 may end up being the less-bad option for a while. But if you don’t have to have a car at O’Hare, take the blue line to downtown. Its so much easier.
what is pequods known for? bc i’ve had their thin and it was good but nothing to shout about.. the thick sausage from lou is in a league of its own. though Pizano’s on state could be a challenger.
“To respond to the off-topic question: 290 has always been a LOT worse for me than 90.”
Second. It also adds 9 miles to a 24 mile trip (24 vis Kennedy; 33 via Ike), so it has to be *much* faster to work well. If the Ike from Thorndale is reported as faster than Kennedy from O’Hare, it might be quicker, but there’s still the wildcard of the circle outbound back to Ohio, which is generally quite slow.
“what is pequods known for? bc i’ve had their thin and it was good but nothing to shout about..”
You went to Pequods and ordered thin crust?
no no no!
They are famous for their pan pizza. Seriously order a pepperoni pan (or deep dish or whatever you call it) and you will be in love.
there’s no good drive anywhere on friday evenings. we live in a very congested metropolitan area.
I will second that “the thick sausage from lou is in a league of its own.”
lou’s is some good stuff!!! but since the one in lincolnwood gave me the serious hershey squirts i have swore them off. (not good when its a business lunch meeting too)
I will be trying peqouds this sunday,thank you, i am always up for new pizza places 🙂
try gcmtravel.com
I second; thursday and friday evening rush is very bad on 90.
Pequod’s is awesome but IMHO their pepperoni tastes like bologna. :-/ They put it underneath so it doesn’t get crispy. Ick. Their sausage was great tho.
Still 2nd to Malnati’s with crumbled sausage, fresh garlic, and onions though, IMHO.
“try gcmtravel.com”
Excellent idea if Steve A gets a WiMax adapter for the laptop in the car. Else, 780am on the 8s.
bradford, you must have had a bad pizza because when I get pepperoni at least 50% of it is nice and crispy and the other half is delicious saucy pepperoni goodness. Dammit all this pizza talk, i’m going to get one tomorrow I guess.
Oh well, never mind about 290. It’s really painful when we hit O’Hare especially now that 90 around Rockford is just about finished. Three lanes of smooth road.
We are looking forward to Thanksgiving, Christmas, and New Years in Chicago. Between holidays, vacation, and furloughs we’ll be in Chicago more than Madison. We are going to see the new Cirque du Soleil show on the 27th.
I know that all you guys like to kvetch about Chicago but for us it’s great; a real city.
Pete, that is actually the Ike that will be resurfaced from Thorndale to the Circle interchange starting in the spring.
Good and it needs to be
”
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G on November 12th, 2009 at 12:53 pm
Pete, that is actually the Ike that will be resurfaced from Thorndale to the Circle interchange starting in the spring.
”
—-
Check out the site – ahead of time, it has historicals/analytics so if your flexible you can beat traffic, by leaving at a certain time/day.
“#
anon (tfo) on November 12th, 2009 at 12:41 pm
“try gcmtravel.com”
Excellent idea if Steve A gets a WiMax adapter for the laptop in the car. Else, 780am on the 8s.
“
Good and it needs to be
”
#
G on November 12th, 2009 at 12:53 pm
Pete, that is actually the Ike that will be resurfaced from Thorndale to the Circle interchange starting in the spring.
”
—-
Check out the site – ahead of time, it has historicals/analytics so if your flexible you can beat traffic, by leaving at a certain time/day.
“#
anon (tfo) on November 12th, 2009 at 12:41 pm
Excellent idea if Steve A gets a WiMax adapter for the laptop in the car. Else, 780am on the 8s.
“
sorry!
Short sale amount that is greater than prior sale price means this former owner used the house as ATM method to fund their lifestyle. I wonder how that is working out for them..
Bob, I’m sure the HELOC money worked out well for them, it just isn’t working out so well for the lender…
“I’m sure the HELOC money worked out well for them, it just isn’t working out so well for the lender”
I was thinking the same thing. I think it’s time for one of us to take a vacation.
Re: Pequod’s. It’s about the carcinogenic crust, more than anything. And I mean that as a compliment.
I have shown a few units in this building recently. I like the space in the units. I am not sure what this one looks like on the inside. The pics are pretty bad. Honestly though, I would just stay away from short sales as a whole. They are getting so bad. I remember they used to take 3-4months. They are now taking 6+, IF you can get them to close. Usually after you wait around the bank ends up denying the extension to purchase it and just sends it into foreclosure. I have never been on the selling side of a short sale because its not worth it, but on the buying side, I would say my clients have a 20% success rate of actually getting the place once we get a deal accepted. Let this place go into foreclosure and pick it up for less.
Also, Sushi Naniwa, is awesome. Never had sushi before. went to this place, now i love sushi!!
Steve A. may have been asking about Sushi Samba–the place on the West side of Wells, within sight of L. Malnati’s.
Sushi Samba Rio,
that place is a fricken over hyped. its fun but its good for a one time thing, it will be entertaining, you will enjoy it, the eye candy is sweet, the food will be average to good but for a second visit just not worth the craziness.
Sushi Samba Rio
That’s it. Really pretty especially in the evening.
Poppa Steve,
you should go to Sushi Samba once, you and the wife will have a good time, you will love the eye candy. It will be up to you if you want to go a second time. (to me the food is average)
This building just got hit w/ a special assessment for 2010 along w/ a 5% increase in their assessments. The special assessment for the 2/2 in the Row Lofts they range from $1750 to 1825. On average they increase their assessments by between 4 to 5%. Plus they have a mortgage that they are paying off. The assessments are very high for not much, no gym, no pool. You get a doorman; on-site manager (who takes lots of days off and works from 10 to 4 on an average day, so you are not getting immediate responses) on-site engineer who also does projects during is “off-time” (there is often a delay in getting stuff done if you do it through the manager). If you do ask to have something done, I believe the building charges you a flat $75 (if less than an hour) or $75 an hour. Assessments also include gas, basic cable w/ 4 HBO channels – RCN is provider, garbage and water. There is a move in fee of $350. Supposedly to have someone watch your stuff and for use of the elevator. HOwever, the last couple of moves there has been no security and the doorman has to run back and forth to “check” that everything is ok, but the building does not reimburse the money that was ear-marked for security (oh and security has also been a teen age girl.. yeah like someone stealing your stuff is going to be frightened by Miley Cyrus). If you have a dog, they charge you a $200 yearly pet fee. There is a lot of hidden fees that you only find out about later when you move in (or move out). Newer places are way less expensive in the long run.