A 2-Bedroom Duplex Loft Reduces $20,000: 758 N. Larrabee in River North
This 2-bedroom duplex loft in One River Place at 758 N. Larrabee in River North came on the market in January 2020.
One River Place was built in 1929 and was the Montgomery Ward Merchandise Building. It was rehabbed into 241 loft apartments in 2000-2001.
From FitzGerald Associates Architects, who did the restoration:
One of the first cast-in-place concrete structures in Chicago, the entire building, walls, columns, floor slabs, and roof are concrete. A full restoration was completed on the statue of Cirrus adorning the tower on the northeast corner of the building, marking the entrance. The statue was installed by Montgomery Ward after he acquired it from the 1933 Century of Progress World’s Fair in Chicago.
It has a heated attached garage, door staff, an exercise room and a rooftop deck.
This unit faces east and has city views.
It has 15 foot concrete ceilings with a bonus lofted den/office and storage on the second floor.
The loft has oak hardwood floors in the living room, dining room and kitchen.
The listing says the kitchen has been “renovated” and has “newer” Shaker style white cabinets, a custom marble backsplash, stainless steel appliances, quartz counter tops and an island.
The primary bedroom has full walls, a window, a walk-in-closet and an en suite bathroom with dual sinks, new quartz counter tops, new faucets and a separate soaker tub and walk-in-shower.
The loft also has a fully enclosed second bedroom that doesn’t appear to have any windows (see the floor plan).
It has a renovated guest bath with porcelain tile flooring and custom shower.
The loft has a private east facing balcony.
It has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is $35,000 extra.
This building is near Starbucks, the River, the water taxi and restaurants.
This unit was originally listed in January 2020, just before the pandemic hit, and went under contract that month but it fell out of contract and was re-listed in March 2020.
Listed at $560,000, this loft has recently been reduced $20,000 to $540,000.
If you include the parking, it’s just $20,000 above the 2016 sales price of $555,000.
Is this a deal?
Bari Levine and Alexandra Solak at @Properties have the listing. See the pictures and floor plan here.
Unit #416: 2 bedrooms, 2 baths, no square footage listed, duplex loft
- Sold in July 2002 for $402,500 (included the parking)
- Sold in October 2005 for $416,500 (included the parking)
- Sold in March 2016 for $555,000 (included the parking)
- Originally listed in January 2020 for $560,000
- Under contract
- Re-listed in March 2020 at $560,000
- Reduced twice in 2021
- Currently listed at $540,000 (plus $35,000 for parking)
- Assessments of $668 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $9861
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 14×12
- Bedroom #2: 10×10
- Living room: 18×15
- Dining room: 12×10
- Kitchen: 12×7
- Den: 13×13 (second level)
- Loft storage: 30×10 (second level)
Calling this a duplex is the height of Shill stupidity
There’s about a 1% chance this would get conventional financing as the comps are in the $450 range – https://www.redfin.com/IL/Chicago/758-N-Larrabee-St-60654/unit-506/home/12697901 w/o the stupid “den”
The Comps are priced pretty fairly IMO and look to be a pretty good deal.
lol that ain’t a duplex
and there ain’t much sq footage in this place for a 3500 a month monthly nut for a mediocre location
This unit leaves me completely cold. It doesn’t look like it was designed for humans to live in.
“and there ain’t much sq footage in this place for a 3500 a month monthly nut for a mediocre location”
If it’s really only $3500 a month, that is literally $1500 to $2000 under what it would cost you to rent this same amount of square footage.
This is why people are buying again. It’s so much cheaper, even with a downpayment. And you can put 5% down anyway with PMI. And it’s STILL cheaper.
Rents continue to rise. Hitting new records again. I can’t believe some of the rental prices, myself. I think it’s crazy. But when that happens, the pendulum is going to swing back to buying. It happens every cycle.
Well its 3500 a month if you have 20% down much much more if you’re doing a FHA loan like most first timers will do
“If it’s really only $3500 a month, that is literally $1500 to $2000 under what it would cost you to rent this same amount of square footage.”
JFC you can rent in the same building for under 3500/mo and save the $100k DP – https://www.zillow.com/homedetails/758-N-Larrabee-St-APT-417-Chicago-IL-60654/63698875_zpid/?
No wonder you’re always complaining about being Gaslight – you are compulsive liar
I’m trying to figure out how the loft “den” is almost 70 square feet larger than the bedroom it sits on top of, according to the floorplan. Truly magical!
Johnny – that’s a different building! The address is wrong.
JAH – the closet and walls?
I don’t see how that enclosed room under the loft can count as a bedroom anymore?
Thanks for the correction, FG
That being said, its an out and out lie that you’d need to spend >$5k/mo to get a similar place
This one is in the same building, and is apaprently available to rent for $3,700/month:
https://www.apartments.com/758-n-larrabee-st-chicago-il-unit-416/yt6m7vr/
Oh, wait–it’s *the same unit*!!
So, it’s $200/month more ($400 w/ parking) to limit entry/exit fees to $500, and keep $100k in the market.
So $400 more, not $1500-$2000 more.
“No wonder you’re always complaining about being Gaslight – you are compulsive liar”
I was referring to the luxury apartments that dominate this neighborhood which is what the Millennials and GenZers are all renting. Those are renting for $4,000 to $5,000 a month, or more, for this same square footage.
It makes sense to buy this unit, instead of rent in one of the luxury apartment buildings. This is what we’re going to see next. This is why realtors are trying to find people willing to sell in Lakeshore East high rises. They have buyers, even for the 1-bedrooms, which are always the hardest to sell.
The cycle never changes. It always goes from rentals to condos and back to rentals. We just had a decade of rentals, but people now want to buy as it’s cheaper than renting in the new buildings.
But you have to give the buyers the same finishes they’d get in the rentals. Give them the same product, and they’ll buy it.
Also, this week is being devoted to “deals” which I was sure I would find all over downtown.
But, it turns out, it’s actually hard to find properties priced below their last sales price, especially under $1 million.
Last year, there were dozens of deals. Everywhere. But the downtown real estate market has bounced back. It’s not hot as there is still too much inventory in many neighborhoods and it really is building by building, street by street.
But there is no longer 12 months worth of inventory downtown so sellers should have a better spring.
“ I was referring to the luxury apartments that dominate this neighborhood which is what the Millennials and GenZers are all renting. Those are renting for $4,000 to $5,000 a month, or more, for this same square footage.”
That’s not what you said
Nice gaslighting – Now it’s $4-5k?
One can rent a 2Br at Wolf Point W for the same monthly nut w/o $100k down payment
“ The cycle never changes. It always goes from rentals to condos and back to rentals. We just had a decade of rentals, but people now want to buy as it’s cheaper than renting in the new buildings.”
People thought the same thing in 05. But maybe it will be different this time.
But you have to give the buyers the same finishes they’d get in the rentals. Give them the same product, and they’ll buy it.”
Are you tying to say this has equal finishes to apt built post 2015?
While there’s some sense in buying now w/ the fed getting ready for rate hikes next year, you better really like the place cause you’re going to be underwater shortly
“it’s actually hard to find properties priced below their last sales price, especially under $1 million”
Opened up redfin, went to River North, scanned the options a bit, and the second one I actually looked at is listed at the same price as 2015 purchase:
https://www.redfin.com/IL/Chicago/333-W-Hubbard-St-60654/unit-1012/home/101734707
Here’s the third one, actually below 2015 purchase:
https://www.redfin.com/IL/Chicago/33-W-Ontario-St-60654/unit-32H/home/39564127
4th one is listed 5% over ’17 purchase (so a loser after costs, after nearly 5 years) and the 5th is also a small positive, after *9* years:
https://www.redfin.com/IL/Chicago/501-N-Kingsbury-St-60654/unit-F/home/177093760
RF doesn’t have the prior, but it was 865,500.00 in Oct-12.
Maybe actually listing below PP is somewhat hard (only 1 for 5), but basically flat seems to be pretty common.
I can see this place going for $3,500 a month MAX. Two young professionals can likely share and the loft can be used as an office. The HOA is surprisingly low and the gym is decent here (has heavy free weights). Location is decent, but not ideal (getting better though).
RE that 33W Ontario unit, ya that’s a tough sell. I like that it’s got 9ft ceilings and that lil flex room, but overall meh at that price. The pool & gym in the building are pathetic. I do like their rental parking, I use it as it’s much cheaper than mine across the street at $200/mo. Oh an of course the location is 10/10 imo.
“4th one is listed 5% over ’17 purchase (so a loser after costs, after nearly 5 years) and the 5th is also a small positive, after *9* years:”
Like I said, I’m having a hard time finding people who are losing money at the lower price point downtown. The market is improving. Dramatically. There were real deals last year. Sellers were literally giving their properties away in a panic. That is long gone.
I never said there were NONE who were selling under their last price, especially if it’s in the last 5 years as prices peaked in 2016, which was the last time the mortgage rates hit new lows (around 3.6%).
But last year, I could find hundreds that were losing money. And now, it’s just a handful or so. Certain buildings not doing as well as others. People who have never updated so the finishes are 20 years old, or, even 30+ years old, are also getting hit hard.
As I’ve been saying, you have to give the buyer what they want. You have to have a product that is at least as nice as what the buyer can rent right down the street. Yes, you have to compete with One Chicago in River North. Your old cherry cabinets and granite counter tops aren’t going to cut it.
But downtown is improving quickly. I give it two years until this inventory is absorbed. By then, those who want to retire to Florida or Arizona will have finally sold and moved on.
It’s all about supply and demand. Demand is returning for downtown living. Once you get the inventory down below 6 months, or lower, prices will rise.
“Opened up redfin, went to River North, scanned the options a bit, and the second one I actually looked at is listed at the same price as 2015 purchase:”
Yep, there are a few dozen here and there. But it’s actually hard to find now. Across all of downtown. Last year, there were some true deals. People just dumping and selling for 10% or 20% under what they previously paid. Those kinds of deals are mostly gone. But tightening inventory will do that. And in some parts of downtown, prices are on the rise again due to lack of inventory.
“Nice gaslighting – Now it’s $4-5k?”
Yes. 1100 square foot 2 bedrooms are renting at $4,000 to $5,000, or more, in the neighborhood in the luxury buildings. Get into this decade.
I’m not comparing it to a Class B building or a smaller 2-bedroom unit, of which there are many 1000 square foot 2-bedrooms. Those are even renting around $4,000.
Wolf Point East has Unit 3104 with city views. It’s a 2/2 at 1142 square feet at $4238 a month. This unit is smaller than this River North Loft.
It is missing a dining room and has no lofted den space. Primary bedroom is just 11×10 whereas the loft is 14×12.
The Loft is a deal comparing to Wolf Point pricing. This is why condo inventory is tightening. It makes no sense to rent at Wolf Point if you are going to be there for numerous years.
I have always believed that in Chicago you need 5 to 10 year time horizon to buy. We just have not had the appreciation to even get beyond the closing/realtor costs. If you are going to live somewhere for 2 years, by all means, you should be renting. My kids are all renting. Who knows where their careers/lives will take them in the next few years?
But 30-somethings have a better idea of what is going on in their lives.
“While there’s some sense in buying now w/ the fed getting ready for rate hikes next year, you better really like the place cause you’re going to be underwater shortly”
Homebuyers are hopefully buying to live there 5+ years. 10 years. 20 years. Yes, it happens. Imagine that?
If you are worried about being “underwater” as soon as you buy, don’t buy.
Home buying is a long-term commitment. The transfer/closing costs are simply too high for it to be anything else.
“Are you tying to say this has equal finishes to apt built post 2015?”
Does it have natural wood cabinets, waterfall edge on the island, white subway tile backsplash, open shelving, floating wood vanities in the bathroom?
“Yes. 1100 square foot 2 bedrooms are renting at $4,000 to $5,000, or more, in the neighborhood in the luxury buildings. Get into this decade.”
You stated that you’d expect this to be > $5k before. You dont know what you’re even talking about any more
“I’m not comparing it to a Class B building or a smaller 2-bedroom unit, of which there are many 1000 square foot 2-bedrooms. Those are even renting around $4,000
Wolf Point East has Unit 3104 with city views. It’s a 2/2 at 1142 square feet at $4238 a month. This unit is smaller than this River North Loft.”
I said Wolf Point West- $3800/mo (Plus they’re offering a free months rent). Its comparable and sorry, not counting the BS “Duplex pace”
“The Loft is a deal comparing to Wolf Point pricing. This is why condo inventory is tightening. It makes no sense to rent at Wolf Point if you are going to be there for numerous years.”
Why hasnt it gone contingent after being on the market for 2 years?
Do you even read white you write or just type whatever BS pops in your head
“I have always believed that in Chicago you need 5 to 10 year time horizon to buy. We just have not had the appreciation to even get beyond the closing/realtor costs. If you are going to live somewhere for 2 years, by all means, you should be renting. My kids are all renting. Who knows where their careers/lives will take them in the next few years?”
Nobody cares what your kids are doing
“Homebuyers are hopefully buying to live there 5+ years. 10 years. 20 years. Yes, it happens. Imagine that?”
Yeah, nothing better than a 1200sf 2Br condo for 4 people. But I guess you can brag to your friends that even thought you’re losing money you live in the HAWT ™ city (But you have to be in by 9PM)
“If you are worried about being “underwater” as soon as you buy, don’t buy.”
Or, follow me here maybe you buy in an area that is appreciating.
“Home buying is a long-term commitment. The transfer/closing costs are simply too high for it to be anything else.”
What % of these 2/2’s are held for over 7 years?
“Yeah, nothing better than a 1200sf 2Br condo for 4 people. But I guess you can brag to your friends that even thought you’re losing money you live in the HAWT ™ city (But you have to be in by 9PM)”
Why are 4 people living in it again? Under what scenario?
Millennials are getting married later. Having fewer kids, and having them later, when they have them.
Not unusual for a 26 year old to live in a downtown condo either as a singleton or in a DINK situation for 8 to 10 years.
But this is also why the developers have been building 3 and 4 bedroom condos around the city because there has been more demand for those than the housing boom year 2/2s. And now, people also want an office so they really need that extra room, even without having kids.
“You stated that you’d expect this to be > $5k before. You dont know what you’re even talking about any more”
All depends on what unit. If you actually get one with bigger square footage, yeah, they are leasing for $5800. That’s square footage that is similar to this loft.
The internet is your friend JohnnyU.
“That’s square footage that is similar to this loft.”
This *exact* loft has been listed for $3700/month.
“Why are 4 people living in it again? Under what scenario?
Millennials are getting married later. Having fewer kids, and having them later, when they have them.
Not unusual for a 26 year old to live in a downtown condo either as a singleton or in a DINK situation for 8 to 10 years.”
2 Parents + 2 kids
So the “not unusual” is the metric were going to define things by?
“But this is also why the developers have been building 3 and 4 bedroom condos around the city because there has been more demand for those than the housing boom year 2/2s. And now, people also want an office so they really need that extra room, even without having kids.”
People want a lot of things they cant afford
“All depends on what unit. If you actually get one with bigger square footage, yeah, they are leasing for $5800. That’s square footage that is similar to this loft.
The internet is your friend JohnnyU.”
Like this – https://www.zillow.com/b/parc-huron-chicago-il-5XhZX5/
$4k/mo same sf and dont have to deal with a shitty “loft”
Keep it up Smolette
““That’s square footage that is similar to this loft.”
This *exact* loft has been listed for $3700/month.”
Its just a number
I guess Smolette #2 has posting duties
So we went from Nothing available similar to this for $5-5.5k to $4-5k to the exact unit available for #3.7k
Its almost like those previous comments were made by someone else…
“2 Parents + 2 kids”
A 25 year old millennial is not going to be married and have 2 kids in downtown Chicago. They would live somewhere else.
Family creation is happening much, much later now. And many young people are choosing not to have kids at all.
Sold for $565k in Feb-22