5 Months Later and a $111,000 Reduction on a River North Duplex Loft: 375 W. Erie
This 2-bedroom duplex up loft in Erie Center Lofts at 375 W. Erie in River North came on the market in May 2018.
It has authentic loft features including exposed brick and timber ceilings.
But it’s no standard 2/2 as it also has a huge 416 square foot terrace off the master suite.
The listing says the kitchen has been “upgraded.” It has white cabinets, granite counter tops and stainless steel appliances. Is this the same kitchen from 2014 but with newly painted cabinets?
There’s a master suite on the second floor with two walk-in-closets and a master bath with a steam shower.
The second bedroom is on the main level along with the kitchen/living room.
It has central air, washer/dryer in the unit and heated garage parking is an extra $35,000.
Originally listed for $710,000, it has been reduced $111,000 to $599,000.
The unit sold for $570,000 in 2014, including the parking. It was on the market just 3 months before it went under contract.
This time around, it has already been on the market for 5 months.
Why isn’t this selling?
Renee Greene at Compass has the listing. See the pictures here.
Unit #517: 2 bedrooms, 2 baths, duplex up, 1716 square feet
- Sold in February 1999 for $292,000
- Sold in March 2004 for $415,000
- Sold in March 2008 for $500,000
- Sold in October 2014 for $570,000 (included the parking)
- Originally listed in May 2018 for $710,000
- Reduced several times
- Currently listed at $599,000 (plus $35,000 for parking)
- Assessments of $787 a month (includes doorman, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $9653
- Bedroom #1: 27×24 (second floor)
- Bedroom #2: 11×10 (main floor)
- Laundry room: 6×6 (main floor)
- Terrace: 14×24 (second floor)
Not selling because of small living area which can’t fit a real dining table. Also, you can only access the terrace through master bedroom. It is a nice and somewhat unique unit, but has some big flaws imho.
Agree with Russ – you could probably use the space under the stairs for a small-ish dining table, but if you’re planning to have a dinner party, you’re going to have to do it in between May and October AND everyone will have to traipse through your bedroom to get to the deck.
I think it’s a nice space, and I love that it has a full sized laundry room, but the price chop was definitely warranted. $710K was a pipe dream.
Call it what it is – a 1BR + Den that has the balcony in the wrong spot.
This would be perfect for no kid couple that doesn’t like people visiting
Although that balcony looks nice, I would feel like I’m in a fish bowl with people’s windows just across the alley… Odd unit will have to wait for the right buyer, perhaps a young highly paid couple?
“This would be perfect for no kid couple that doesn’t like people visiting…”
after they took out the walls on the main floor BR. Better as a ‘truer’ loft.
Also, whats with the tiny w/d when you have a full-size laundry roon?
“Also, whats with the tiny w/d when you have a full-size laundry
They’re the floor lamps of appliances.
Pffft… do you even know any interior designers?
I always thought realtors’ warnings against starting out pricing a property on the high side “to test the waters” because it will have a “taint” if it doesn’t sell for a while was mostly to create a quick-sale situation for listing realtors to spend the least amount of time showing a place. But in this instance, I feel like this may absolutely be the case. $599,000 is not that bad for a place this size, but the first response at the initial listing price of $710,000 is, “Are you kidding? For a unit looking out the alley to cement walls?” Then that is all you can think about even when the price is lowered, and even $599,00 seems too much when considering this flaw.
It also goes back to my wonderment that people will consider a view this bad as acceptable in a habitat costing any money. Yes, I know there are different standards for lofts compared to high-rise units, but for me, the fact that the loft has all that “character” inside to make up for a view out to a brick wall falls in the category of “making a silk purse out of a sow’s ear”. Would anyone ever find acceptable a mansion that had interiors out of Downton Abbey if all the windows looked out to brick walls of neighboring houses?
But mostly, I’m just astonished by the hubris of people thinking this place justifies a 23% appreciation in price these past four years, despite zero updates put into it during that time.