3-Bedroom Penthouse Overlooking the 606 Trail Reduces $49,900: 2111 W. Churchill in Bucktown
This 3-bedroom duplex-up penthouse loft in the Churchill Row at 2111 W. Churchill in the Bucktown came on the market in June 2023.
Churchill Row is a former cabinet factory which was converted into 39 loft condominiums in 2002.
It has attached garage parking but no other amenities.
When it was first converted, the big selling point was probably the nearby Churchill Field Park, but now it overlooks the famous, and popular, 606 Trail.
It’s a southeast corner unit with authentic loft features like exposed brick walls, large industrial windows, exposed duct work, timber columns, and 19 foot vaulted timber ceilings.
The first floor has the living/dining rooms and the kitchen, the third bedroom, which is not enclosed to the ceiling but does have windows, and a full bathroom.
The kitchen has been “updated” with wood cabinets, “newer” counters, backsplash, sink and faucet. It has an island that seats 4 and a walk-in pantry.
There’s also a balcony off the living room which overlooks the trail.
The second floor has the two other bedrooms, including the primary suite which has a vaulted ceiling with barrel edge finish and an en suite bathroom.
There’s a third full bathroom on the second floor, the laundry, a wet bar with refrigerator and two decks.
One is a larger roof deck which overlooks the 606 and Bucktown. It is accessed through the primary bedroom.
The second deck, shown on the floor plan, is accessed through the second bedroom.
The loft has features buyers look for including central air, washer/dryer in the unit and garage parking is included.
This building is near the shops and restaurants of Bucktown, an Aldi supermarket, and, obviously, the 606 Trail.
Listed in June 2023 for $899,900, it has been reduced $49,900 to $850,000.
This is a rare 3/3 loft with outdoor space. Why isn’t this selling?
Ron Ehlers at Compass has the listing. See the pictures and floor plan here.
Unit #307: 3 bedrooms, 3 baths, 2154 square feet, duplex up, penthouse, loft
- Sold in November 2002 for $498,500
- Sold in December 2015 for $700,000
- Sold in October 2020 for $750,000
- Originally listed in June 2023 for $899,900
- Reduced
- Currently listed at $850,000
- Assessments of $713 a month (includes exterior maintenance, lawn care, scavenger, Internet)
- Taxes of $15,282
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Fireplace
- Bedroom #1: 15×12 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 13×12 (main floor)
- Living room: 15×12 (main floor)
- Dining room: 15×11 (main floor)
- Kitchen: 15×15 (main floor)
- Foyer: 5×7 (main floor)
- Laundry: 7×4 (second floor)
- Balcony: 5×13 (main floor)
- Roof deck: 14×22 (second floor)
- Roof deck: 4×22 (second floor)
Not Bucktown.
“Why isn’t this selling?”
nearly 25 year old bathrooms and appliances (are the kitchen cabinets just the circa 2000 maple, stained?). For $900k.
Really nice WFH DINK layout, tho.
2150 sf? LOFL
Agreed w/ TFO.
This is an extremely shitty 3Br, a workable 2 Br and a VG 1Br with WFH/Guest room
I think the sellers f’d themselves
-Ask is stupid high
-advertising this as a 3Br
-lying about the sf
Still $100k high
Just for comps – Monthly nut today $7100, Owners monthly nut $4600
Ooof
Seems realistic…
Oct-20 PP + CPI = $880k–C-S condos has been running ahead of that; the initial ask was sensible *if* they didn’t overpay.
Nov-02 for $498,500 + CPI = $840k–this spot is way nicer now than 20 years ago. If the unit had been even moderately updated, I could feel ok about the current ask–if the space worked for me.
I just see ~$100k of deferred updates.
Holy moly the finishes are all original developer special grade finishes!!!!! Other than the 2002 buyer who got trapped for a period by the economy, no one sticks around more than 3-4 years.
I see tons of **hopefully cosmetic** maintenance issues and I am guessing you can hear your downstairs neighbors. Also guessing the folks next door use their roof deck a ton…one was even on it during the drone photos….and the access is via the master bed which is a fail (and good luck sleeping if your neighbors are out on theirs with guests over).
I do get annoyed when a condo owner has a renter mentality and merely occupies the premises for a few years, does nothing to improve but definitely adds wear and tear, and think they should make a cool hundo. There may be a sucker born every day but I wouldn’t touch this for even what they paid for it.
“Oct-20 PP + CPI = $880k–C-S condos has been running ahead of that; the initial ask was sensible *if* they didn’t overpay.
Nov-02 for $498,500 + CPI = $840k–this spot is way nicer now than 20 years ago. If the unit had been even moderately updated, I could feel ok about the current ask–if the space worked for me.
I just see ~$100k of deferred updates.”
I looked at the other units that have sold and no one seems to be in a big hurry to update, for example:
https://www.zillow.com/homedetails/2111-W-Churchill-St-APT-312-Chicago-IL-60647/63696146_zpid/?
This seems to be the standard (Though the rendering shows a Pergola (which is at least $125k).
Barring an all cash offer, for starters the ask is out of whack for the building. Throw in the lack of upgrades and shitty layout and dont see where this goes for anymore than $750k
“Throw in the lack of upgrades and shitty layout and dont see where this goes for anymore than $750k”
But it sold for $750k three years ago with mostly the same finishes. And prices are up in that time.
But I agree that most buyers at $800k+ expect some updates in the kitchen and/or baths.
“Just for comps – Monthly nut today $7100, Owners monthly nut $4600”
It’s just shocking to me that after a year of 6%+ mortgage rates, yet all of these $800k homes are still selling, and pretty quickly, that someone is actuallly arguing that it matters what the owners payment is versus the buyer’s. If that was true, NOTHING would be selling, right?
But all that matters is what YOUR monthly nut is. Who gives a shit what the other person’s mortgage payment is? If they had paid all cash and have NO mortgage, would that matter to you, as a buyer?
The only questions asked are: Can you afford it? Have you been pre-approved for it? You get pre-approved for a certain monthly payment and go out there and look for a property in that range. That is it. Nothing fancier than that. We are a monthly payment nation.
If your monthly payment is $7,000, then you are looking at properties in this price range. 3 years ago, that monthly payment would have bought you $1 million. But it’s not 3 years ago and today, it doesn’t.
For all of you who think a buyer, who just needs a place to live, isn’t going to buy a home because “the last buyer only paid $4600 for this”- you really aren’t in the real world.
Sorry for the rant, but this “analysis” of this market with much higher rates is just wrong.
Oh, and the prior purchaser’s monthly payment is NOT a “comp.”
“Not Bucktown.”
Nothing if not consistent. Did you know, that there actually isn’t even a Bucktown? According to Johnc, it actually doesn’t exist.
Just a fantasy, folks. No such thing as this neighborhood at all.
“It’s just shocking to me that after a year of 6%+ mortgage rates, yet all of these $800k homes are still selling, and pretty quickly, that someone is actuallly arguing that it matters what the owners payment is versus the buyer’s. If that was true, NOTHING would be selling, right?”
This has been for sale for almost 3 months, thats quickly to you?
Its interesting nothing more. However IMO its interesting to see the dynamics of settling for this and a $7k/mo payment
“But all that matters is what YOUR monthly nut is. Who gives a shit what the other person’s mortgage payment is? If they had paid all cash and have NO mortgage, would that matter to you, as a buyer?”
If you really believed this, why have the blog?
I get talking architecture & ID, but if thats your stance, why list properties and asking if they’ll sell?
“If your monthly payment is $7,000, then you are looking at properties in this price range. 3 years ago, that monthly payment would have bought you $1 million. But it’s not 3 years ago and today, it doesn’t.”
Why do you give a shit about what someone that can afford $7k/mp is looking at?
You ‘ve become very bitter in your golden years
“But it sold for $750k three years ago with mostly the same finishes. And prices are up in that time.
But I agree that most buyers at $800k+ expect some updates in the kitchen and/or baths.”
Because the monthly nut 3 years ago was $2500 less. Do you think most folks after tax income has gone up this much?
Why do you give a shit what buyers at $800k+ expect in kitchens and baths?
I’m looking at the Willow Court development that’s kitty corner. I think those are much nicer (esp for my needs) for basically the same price. Here’s one that went for $835K in the layout I want:
https://www.redfin.com/IL/Chicago/2046-W-Willow-St-60647/unit-C/home/12792670
You have an attached 2 car garage which is pretty huge (and a nice private drive to enter in on. You also get a full rooftop space (although it’s right next to everyone else’s). In this loft, the ‘bedroom’ on the first floor is basically an office (same as the first floor of Willow Court, but with a ceiling).
In general these finishes are dev specials and I would be worried about the noise transmission in the loft. The high ceilings are nice, but not worth that inconvenience to me.