22% Gain in 22 Months for this 3-Bedroom Penthouse Loft in River North: 154 W. Hubbard
This 3-bedroom penthouse loft at 154 W. Hubbard in River North recently came on the market.
This building was converted into 18 luxury lofts by Studio Dwell just as the market bust was beginning to hit in 2008.
This loft has many authentic loft features including the original industrial windows, 14-15 foot ceilings, exposed brick and timber ceilings.
The kitchen has custom Italian cabinetry with an oversized island and Viking, Jenn Air, Bosch appliances.
The master bathroom has a steam and rain shower.
There’s also a side-by-side washer/dryer in the separate laundry room.
But the big selling feature is the 1500 square foot private roof top deck with a covered outdoor gourmet kitchen.
It has central air and 1-car garage parking.
This loft sold just 22 months ago for $1.225 million.
The listing doesn’t say this loft had a renovation.
If you want to see what is different for this sale, compared to 2013, you can see the prior listing pictures here.
It’s been listed 22% higher.
Will they get the premium?
Amy Pritchard at Jameson Sotheby’s has the listing. See the pictures here.
Unit #601: 3 bedrooms, 2 baths, no square footage listed (but the 2013 listing says its 2282 square feet)
- Sold in September 2008 for $1,010,000
- Sold in November 2013 for $1,225,000
- Currently listed for $1,495,000
- Assessments of $470 a month (includes water, snow removal, scavenger and exterior maintenance)
- Taxes of $14804
- Central Air
- Washer/Dryer in the unit
- 1-car garage parking included
- Bedroom #1: 14×14
- Bedroom #2: 10×14
- Bedroom #3: 14×11
Nice enough loft, but I can think of better ways to live for $1.2M.
” I can think of better ways to live for $1.2M.”
And they’re asking 25% more than that!
Wickedly underassessed–AV is 82,358 (yeahyeah, 1/1/12 value, supposedly, and appealed down from 97,198). If the AV goes back up to the ’12 original, and isn’t appealed down again, tax bill will be about $20k.
Wow, that is freaking awesome if they can sell it for a hefty profit. Then the current buyer can do the same thing. In 24 to 36 months relist the property for a hefty gain. Let this cycle continue and we will all be rich. WE ARE GOING TO BE RICH!!!
The low assessments make me very wary. I am also surprised that this place sold for anywhere near a million, let alone $1.5 million.
yup the assessments are low, but they don’t seem to have staff costs which is a big chunk of the expenses.
I would certainly look at the reserves, but if these assessments were for any more $, I would say “for what”? Basically, it’s just for snow removal and insurance.
This loft is already under contract.
Wow.
Sizzle.
How hot is the market?
The “sister” penthouse unit to this one above, Unit #603, came on the market on Sep 18. It went under contract in one day.
Listed at $1.475 million including the parking.
Just sold at $1.5 million
Sizzle.
https://www.redfin.com/IL/Chicago/154-W-Hubbard-St-60654/unit-000603/home/23057285
“How hot is the market?”
Impossible. I was assured that the 1m-1.5m market was dead and fell off a cliff.
“I was assured that the 1m-1.5m market was dead and fell off a cliff.”
Maybe RK is only looking at single family homes and not at condos. The two markets are not always the same.