Unique Condos Do Exist in the West Loop: A 2-Bedroom at 1016 W. Madison
This 2-bedroom at 1016 W. Madison in the West Loop came on the market in May 2016.
This 8-unit elevator building with just 2 units per floor was converted into condominiums in 1998 but it’s not a loft. It’s one of the rare, older boutique buildings in this neighborhood.
This unit has 14-foot ceilings and, the listing says, new windows.
The kitchen was gut-finished in 2015 and has custom white cabinets, stainless steel appliances including a double oven and quartz counter tops.
The listing says the bathrooms have been updated.
It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.
Originally listed in May for $740,000, it has been reduced $10,000 to $730,000.
It’s rare to see a property on the market for long in this hot neighborhood. This has been listed for 70 days.
Is an upper price limit developing for 2-bedroom condos in the West Loop?
Jo Simmons at Midwest Realty Services has the listing. See the pictures here.
Unit #2S: 2 bedrooms, 2 baths, 1850 square feet
- Sold in August 1998 for $270,000
- Sold in June 2014 for $560,000
- Originally listed in May 2016 for $740,000
- Reduced
- Currently listed for $730,000 (including the parking)
- Assessments of $493 a month (includes scavenger, snow removal)
- Taxes of $7177
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 17×10
- Laundry room: 6×7
Redfin estimate is 40K under reduced list (and Redfin estimates tend to be high, so a 50K or more reduction is probably in order).
Nice enough place; it would definitely benefit from some staging and better photos.
I’m always baffled by these “upper bracket” listings with terrible photography.
Interesting unit – overpriced, but interesting.
terrible staging and pictures. this place is a cluster. the new modern kitchen with red high gloss trim on the island and book case does not fit in with the rest of the place.
here’s this listing from when it sold in 2014. while not my style, this place looks totally different and a lot better.
https://www.redfin.com/IL/Chicago/1016-W-Madison-St-60607/unit-2S/home/12788835/mred-08598937
Are these Craigslist pics? What a joke.
WE LUV THE RED LOOK. IT RAWKSSS!!!
GOOD BLESS.
1850 sqft my arse
not even close
While there was a lot to not like about the old kitchen, the new one is worse.
With 14′ ceilings and the exposed duct, wouldn’t *somebody* maybe try to call this a ‘soft loft’ (whatever that is)??
are those photos from a blackberry? you have got to be kidding.
Redfin estimate on the old listing is $620K!
Nice example of how poor staging and poor photos will tend to dampen a sale. I don’t think many people will see this listing and think “I want to live there”.
Poor choices on the “updates” too. And for christssake…de clutter if you are going to list! this place looks so cramped. Everything seems catawampus.
The previous listing photos from the previous owner actually show the potential this place has. These photos and everything in the unit, is a train wreck.
Thread HiJack:
Has anyone been in negotiation with a seller and had them reduce their list price during said negotiations? They were at 1.3mm, we got to a point Saturday night where our bid was 1.080 and their ask was 1.150, and all communication was kinda put on hold as we discussed. Today I get an update stating they have reduced list to 1.22, that just seems bizarre.
“Today I get an update stating they have reduced list to 1.22, that just seems bizarre.”
Seems to me like they are looking for other offers to counter yours.
I’d drop my offer to a $1MM and tell them it goes down by $10k a day
You’ll see how serious they are about selling
YES, they often lower the price during negotiations, because of the 10% of list price rule as determined by the cartel. Any offered accepted more than 10% off of list price is a LOWBALL and is strongly discouraged in the industry…
However, if the seller lowers the asking price, suddenly a low ball offer becomes a contender for a sale…
and considering that your last offer was within 11% of asking, they want you to come up a little…..
“I’d drop my offer to a $1MM and tell them it goes down by $10k a day
You’ll see how serious they are about selling”
Do you know anything about negotiations? That shit never works.
at the end of the day, it doesn’t really matter what they list it at. it’s what the market is willing to pay. i would give the current owners X amount of hours to counter/accept/decline your offer to prevent them from receiving any other offers and enticing a bidding war.