3-Bedroom Duplex Penthouse Loft Reduces $51,000 in River North: 520 W. Huron
This 3-bedroom duplex up penthouse loft in River North Commons at 520 W. Huron in River North came on the market in September 2022.
Built in 1912, it has 197 units and attached garage parking. It was converted into lofts in 2000.
It has 24-hour doorstaff, on-site management, a bike room and an exercise room.
This loft has authentic loft features including exposed brick walls, timber beams and a timber 12-13 foot ceiling on the main level. The listing says the second level has 10 foot ceilings.
It’s a northeast corner unit with windows along both walls.
There are hardwood floors throughout the main level.
The listing says the walls have been “freshly painted” along with the kitchen cabinets and vanities.
The kitchen has white cabinets, granite counter tops and stainless steel appliances along with a peninsula that seats 3.
2 bedrooms and 2 bathrooms are located on the main floor, including the primary.
It appears that both bedrooms are fully enclosed with walls to the ceiling. The primary suite has a walk-in-closet and an en suite bath with a double vanity, a tub and separate shower.
The second bedroom has a window.
The third bedroom is on the second floor which the listing calls “flex space.”
The third bathroom and laundry room are also on the second floor, along with a rooftop wraparound deck with “protected” city views.
The loft comes with 2 deeded heated garage spaces included in the price.
It has central air and the listing says it got a new furnace in 2022.
The listing also says there is no rental cap in the building and it has $1 million in reserves.
If you are a pet lover, the listing states:
“Residents are limited to two pets (dog/cat) per unit OR two fish tanks per unit. Each dog cannot exceed 100lbs and each fish tank cannot exceed a total of 50 gallons.”
This building is near the Chicago River and the restaurants of West River North.
Listed in September 2022 for $850,000, it has been reduced $51,000 to $799,000.
At 2,040 square feet and 2-car parking, is this a deal?
Elizabeth Ballis and Nicole Niermeyer at Compass have the listing. See the pictures and floor plan here.
Unit #610: 3 bedrooms, 3 baths, duplex up, penthouse, 2040 square feet, loft
- Sold in June 2000 for $550,000
- Sold in December 2001– but can’t tell at what price. CCRD just says $70,000- but maybe $570,000?
- Originally listed in September 2022 for $850,000
- Reduced
- Currently listed at $799,000
- Assessments of $1275 a month (includes doorman, parking, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $16,158 (includes 2 parking spaces)
- Central Air
- Washer/dryer in the unit
- 2 deeded heated garage spaces included
- Bedroom #1: 18×15 (main level)
- Bedroom #2: 12×11 (main level)
- Bedroom #3: 18×15 (second level)
- Living/dining combo: 23×21 (main level)
- Kitchen: 17×8 (main level)
- Foyer: 14×11 (main level)
- Walk-in-closet: 8×5 (main level)
- Laundry: 9×7 (second floor)
- Balcony: 13×5 (main level)
- Deck: 30×28 (second level)
This is a 2Br. Not sure why realators feel the need to lie
Nice space. Finishes are dated and low end
Pricing seems appropriate at 3%, not so much a 6%
You could totally split that upper floor into 2 rooms, so it’s really a 4 bed.
This recent sale in the building was at $410 psf:
https://www.redfin.com/IL/Chicago/520-W-Huron-St-60654/unit-219/home/12738377
Nicer fixtures/finishes, generally, but not nearly as desirable an overall space, and only really comparable if we are valuing the deck in the featured unit at zero.
Yes, I get that 219 sold when the buyer got a ~3.5% mortgage, and that’s a big difference. Hence the very prompt $50k whack.
oh, this places appears to be a legit 2000+ sf not counting any outdoor space. So the $850k was right on that comp psf.
And the 2001 deed appears to be for $670k. which, + CPI, is $1.123m.
This building was waaaay too popular in 00/01.
“And the 2001 deed appears to be for $670k. which, + CPI, is $1.123m.
This building was waaaay too popular in 00/01.”
This was true of ALL of River North, right? It was THE hot neighborhood for condos starting in 1999. You paid a premium to buy there, much like people are paying a premium to buy in West Loop/Fulton Market now. Inevitably, it didn’t stay the “hottest” neighborhood as there are too many places to build in Chicago.
And now there is no premium for the neighborhood, especially after the pandemic and looting hit the neighborhood hard.
“Yes, I get that 219 sold when the buyer got a ~3.5% mortgage, and that’s a big difference. Hence the very prompt $50k whack.”
Sellers who MUST sell (this is empty, so I’m assuming they really want to sell it) are reducing quickly because they literally are getting NO showings. I’ve heard from several sellers recently that no one is coming to look at it.
The market has died. Buyers are mostly out of the market and will “wait.” So why sell? You will only do so if you HAVE to.
Some buyers will be able to get some deals, I think. But those might not happen for a few more months as sellers get to the point where they just want to dump it.
I would especially be looking at properties that are estate sales or a longtime owner who wants to move on to a new retirement destination. They have equity and will be willing to cut their price.
This 1935 historic home in Palos Park describes what I said perfectly.
Last bought in 1986. Long-time owner. Is now aggressively lowering the price because they have the equity and they WANT to sell.
Will someone get a deal? Most likely.
If I’m a buyer, these are the scenarios I’m looking for. NOT the property which was just bought in the last 5 years and therefore the sellers won’t “give it away.”
https://www.redfin.com/IL/Palos-Park/8614-123rd-St-60464/home/13194363
“The market has died. Buyers are mostly out of the market and will “wait.” So why sell? You will only do so if you HAVE to.”
What happened to MuH dEMoGRAphIcS?
Where are these people going to live?
Are you now advocating renting?
Why do realtors waste precious space in the listing description to describe the HOA pet policy? While I appreciate the transparency, they can put it in the fact sheet and those that have pets/concerns will certainly inquire about it. The agent took more than 10% of the listing to describe the details of dog/cat/fish requirements….Does that appeal to buyers and is that the best way to market a property? Bahahaha.
The outdoor space sets this one apart, but the interior is pretty blah….and the layout is not very functional for a family.
Nice but not $160k then ~7k/mo nice.
7% rates are here
bUY NoW oR Be PriCEd oUt fOREvER
How does the buyers “move down” theory hold?
Interesting space and nice views, but like a lot of lofts, it looks more suited to be the office of a small company than a place to live.
“How does the buyers “move down” theory hold?”
It holds even more than ever now. We’re a monthly payment nation. What can you buy for that $2500 monthly payment? Not the $500k place anymore. You will buy the $350k place.
Or you won’t buy anything because you believe that rates won’t stay above 5% for long. Many buyers will sit on the sidelines until the spring now “waiting.” Sellers will too.
Anyone who is tracking the Chicago market can see that inventory is not building because sellers aren’t listing.
But, like I said, there are some long-term owners who DO want to move because they want to be in Florida (!) or retire to their dream in the Tuscan countryside and they own the property free and clear and just want to dump it. Some buyers will be able to get deals.
But otherwise, the market has completely seized up and will stay there until spring, or until rates come down substantially. Whichever comes first.
“Nice but not $160k then ~7k/mo nice.”
The Chatterati has said these kinds of comments for 15 years. Yet the properties always sell. Clearly buyers don’t care what you think.
“What happened to MuH dEMoGRAphIcS?”
They’re in rentals. Hottest rental market in Chicago. 95.2% occupancy. Highest rental rates for both Class A and Class B apartments.
Go pound sand Indiana dude who hasn’t lived in Chicago for 30 years and has no clue. I beg of you to talk to your grandchildren and find out where they want to live and why. GenZ and Millennials are all still moving to the big cities and Chicago is one of the popular choices.
“Nice but not $160k then ~7k/mo nice.”
Additionally, no one would ever say this about some crappy 2 bedroom bungalow with a 50 year old kitchen in some hot, midtown location in Los Angeles that is listed for $1 million. They never bring up, “gosh, it’s nice but not $200k and $9,000 nice.” They actually would criticize the property as it is, not simply stating it’s not worth it to buy that asset.
I don’t understand why some on this blog don’t value Chicago real estate the same way. Why do Chicago properties have to be out of a magazine and somehow “perfect” or it’s not worth living there for 10 or 20 years?
Chicago is the most affordable big city in the country. Your money goes much further here. And with rents still rising over 5% a year, home ownership may be cheaper for some buyers than renting, on a monthly payment basis.
Someone is putting $200k down on that crappy bungalow. It’s not even nice. That makes this buyer look completely sane and rational given that this is 2000 square feet and has at least been updated in the last few decades.
“They’re in rentals. Hottest rental market in Chicago. 95.2% occupancy. Highest rental rates for both Class A and Class B apartments.”
I thought rents were too high?
“Go pound sand Indiana dude who hasn’t lived in Chicago for 30 years and has no clue. I beg of you to talk to your grandchildren and find out where they want to live and why. GenZ and Millennials are all still moving to the big cities and Chicago is one of the popular choices.”
Why so bitter? I’m not as old as you, so no grandchildren
Kids want to live in Nashville, Austin, Denver, Bozeman. For those that want Big city – NY, Bos, SF, Mia are all much higher on the preference list. Chicago is an also ran
“Additionally, no one would ever say this about some crappy 2 bedroom bungalow with a 50 year old kitchen in some hot, midtown location in Los Angeles that is listed for $1 million. They never bring up, “gosh, it’s nice but not $200k and $9,000 nice.” They actually would criticize the property as it is, not simply stating it’s not worth it to buy that asset.
I don’t understand why some on this blog don’t value Chicago real estate the same way. Why do Chicago properties have to be out of a magazine and somehow “perfect” or it’s not worth living there for 10 or 20 years?”
Chicago is not LA/NY/BOS
No one sane or sober ranks (inflates) Chicago value as high as you. You always ignore any issue (Taxes/Debt/crime/Gov). Heck you’re even afraid to walk the city after dark and thats a positive?
Too funny – You’re the one constantly harping about everything having to be new.
“Chicago is the most affordable big city in the country. Your money goes much further here. And with rents still rising over 5% a year, home ownership may be cheaper for some buyers than renting, on a monthly payment basis.”
Why are you ranking affordable big cities? Its impossible right?
So bUY Now Or bE PriCeD oUt FoREVer?
I wonder if Chicago will start picking up in the next few years. This city is really affordable compared to others. So much of this country is becoming unlivable whether due to climate issues or political issues.
Depends what you define as a “big city,” but there are many large cities with more affordability than Chicago like St. Louis, Detroit, Cleveland, Memphis, Kansas City, Milwaukee, and Baltimore. Those are a step down from Chicago in terms of offerings, but aren’t chopped liver either. It’s fair to say that Chicago has BECOME more affordable RELATIVE to the “superstar” cities because of poor price appreciation. If you look back 15 years, Chicago was MORE expensive than Denver by far as an example. Denver has had a meteoric rise since then, Chicago has not. And cities that were already expensive like LA/San Fran/NYC/Boston, have continued to escalate even further, outpacing Chicago’s price appreciation even at their already elevated levels.
If you want to focus on only the top 20 cities by population, I’d suggest Houston, Philadelphia, Dallas, Jacksonville, Fort Worth, Columbus, Charlotte, and Indianapolis are more affordable, making Chicago the 9th most affordable big city, almost in the middle of the top 20. I’d much rather live in Chicago than those others myself, but some may have different opinions.
Having said all the above, I take a bit of a middle ground on it all. Chicago IS still a desirable major city, particularly to those with Midwest roots. The elite college grad crowd in the Midwest still would see Chicago as near the top of their list for employment and living. It’s a “tier 1” city with world-class restaurants, museums, offerings, and amenities, including one of the best (at least as it relates to WHERE you can go) airports in the world. But you also can’t ignore the fact that Sun Belt and Mountain cities are eating Chicago’s lunch as it relates to adding population and price appreciation. Chicago has some headwinds (taxes, crime, weather), but I could see it picking up some appeal due to more affordability.
Take a look at the Case Shiller Home Price Index of the 20-city composite and with 2000 as the baseline, Chicago fares the third worst (only Detroit and Cleveland have had lower price appreciation), BUT if you compare it to mid-2006 levels, Chicago has had the absolute WORST price appreciation (worse than Detroit and Cleveland). Does that bode well into the future given Chicago becomes more appealing because it’s “cheap” now? Maybe, maybe not.
Here are some interactive graphs to play with:
https://realestatedecoded.com/case-shiller/
“The Chatterati has said these kinds of comments for 15 years. Yet the properties always sell. Clearly buyers don’t care what you think.”
Just my opinion. I wouldn’t feel great about parting with $160K then barfing up $7K/mo for this place. Its not bad, but its not worth that much TO ME.
“Just my opinion. I wouldn’t feel great about parting with $160K then barfing up $7K/mo for this place. Its not bad, but its not worth that much TO ME.”
We’ll you’re likely sober and not a shill
Would your opinion change if it was also with in 1 mile of being able to get REAL San Marzano tomatoes?
“also with in 1 mile of being able to get REAL San Marzano tomatoes”
In stock at Costco, last time I was in. DOP San Marzanos, $11.99 for 3 28oz cans.
This one sold it April at $740k.