4 Months Later and No Reductions: 154 W. Hubbard in River North
We last chattered about the first re-sale of a brick and timber loft in the new conversion at 154 W. Hubbard in River North last November.
See our chatter and pictures here.
Since then, there haven’t been any reductions in the price of the property.
Is it better to just hold firm and wait for that one buyer rather than reduce?
Unit #404: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 2007 for $577,000
- Was listed in November 2008 for $599,000 (plus $35k for parking)
- Still listed for $599,000 plus $35,000 for parking
- Assessments of $168 a month
- Taxes are “new”
- Bedroom #1: 15×15
- Bedroom #2: 11×10
- Living room: 16×24
- Dining room: 10×9
- Kitchen: 13×9
- Custom Italian cabinetry by Copat
- @Properties still has the listing. See all of the pictures here.
This is one of those cases where listing the parking as additional seems to be highly misleading. The parking appears to be deeded with the unit (no separate parking PINs in bldg,) so I don’t understand how it can be bought without it.
Here are the most similar units to 404, with their purch date and price (of course, all include parking.)
201 12/5/2007 $580,000
203 11/2/2007 $541,100
204 10/9/2007 $549,900
301 10/1/2007 $600,000
303 5/1/2008 $535,000
304 3/12/2008 $560,000
401 11/19/2007 $625,000
403 11/2/2007 $566,400
Notice how there are no comparables post bubble collapse. No reductions = no buyers.
I love the way these look, however if you look at one of the pics there is something weird. In the second bedroom there is a door that is being blocked by a desk the owner put infront of it. Why did he put a desk infront of a door? It looks like it may be another entrance to the bathroom. (you can see from a pic of the bathroom there is another door) But who knows. Maybe something lurks behind there….
Doorways are easily removed if it does open to the bathroom.
G is right. I seem to remember when I originally looked at these that parking was deeded with the unit. I also don’t understand the game of listing the parking separate. Is this allowed in a resale?
who is Studio Dwell and why would I pay more for a Dwell loft??
http://www.studiodwell.com
they have some pretty innovative designs…mainly mid/low rise and some single family projects. This was obvisouly a rehab.
I find this unit VERY beautiful and well set up. I am however, as is being discussed, left questioning why the parking space is not included in the price if in fact the original listing included the spot. It seems a bit of ‘hidden profit’ for the owner? Regarding the extra door, the loft I am in now also has the double door to the bathroom from the Master. I have my bed in front of it with a king size quilt on the wall covering it. Had this been my condo, I would seal the door off…easy project as was mentioned.
I see also that it has hook ups and the W/D is not included in the price. Would love to see a floor/building plan to know exactly where the unit is located in the building. So interested it warrants a call to the agent! Perfect location for me.
I just viewed the Architect’s website and I am VERY impressed with their projects! I was just left wondering why none of the high end materials/forward thinking ideas were not incorporated into this building? I can see why the owner here does not want to reduce the price…he/she is thinking because of the firm, the price will remain…firm. Wonder why this building is not listed as one of their projects?
actually the project is listed. http://www.studiodwell.com/154.html
only exterior shots and floor plans, however. I agree that the finishes in their other projects are much nicer. Perhaps it was a developer selection or something of that nature.
Thanks nsarch for the additional link. The floor plan looks fantastic!