$89K Price Reduction on Printers Row Loft: 711 S. Dearborn
We last chattered about this 2-bedroom authentic brick and timber loft in The Donohue Building at 711 S. Dearborn in Printers Row in May 2008.
Since then, it has been reduced $89,000.
Here’s the listing again:
This elegant, spacious loft is filled with light–a true jewel steps from the financial heart of Chicago. Located in the historic Donohue building, Unit 505 is approx. 1650 sq. ft. with 2 bedrooms plus den, 2 full baths, CA, in-unit w/d.
The loft was renovated by a master craftsman in 2001. The historic setting has been augmented with beautiful wood, stone and glass work. Deeded garage parking is available.
Urban Search Chicago has the listing. See more pictures here.
Unit #505: 2 bedrooms, 2 baths, den, 1650 square feet
- Sold in April 2002 for $426,500
- Was listed in May 2008 for $499,000 (parking can be purchased in 801 S. Plymouth just to the south of the building for $35,000 to $50,000)
- Reduced
- Currently listed at $410,000
- Assessments of $815 a month
- Taxes of $4,767
- Central Air
It looks like the realtor’s 2 year old took the photos. it’s only money, right?
$800 a month in assessments for a 400k property? no way.
Still with 20% down, you’re looking at $3,400 per month which would require 150k annual salary and no other debt? How many households in Cook County earn that much with no debt?
cjriis, if I were married I would easily have a household yearly income of 150k. But yes, it is way overpriced, and the assessments are insane.
nsarch,
Presumably that includes heat amortized over the whole year, which must account for $500+ month during the winter months.
David (the first one),
understandable, and I suppose that is what one could pay with an older, less energy efficient building.
First of all that’s pretentious because less than 1 out of 10 households make over $118,000; 2nd you’re not married so your household is not over $150,000 and your comment is academic; 3rd your income would not stay at $150k+ because there is a good chance you wife will want to stay at home. Then you are reduced to one income. I know very very few working professionals with high incomes whose wives continued to work when the children were young.
“cjriis, if I were married I would easily have a household yearly income of 150k. But yes, it is way overpriced, and the assessments are insane.”
Sadly these are some of the better realtor cell phone camera pictures I’ve seen on this site. At least this person bothered to turn on the lights before photographing the place.
Dude to heck with that if she can’t cook and clean and keep an orderly household then she is continuing to work. Sorry but most ladies my age (~30) who work in the corp world don’t have homemaker skills, they never really needed them just like us guys. If you’re expecting she’ll make the quick switch well from corp worker to homemaker..I guess you’ll lose some weight and get used to a non very clean household. The skills are not very transferrable (esp cooking, cleaning is a bit easier).
In defense of the photos- on Urban Search’s site they are much smaller and therefore clearer (and quite nice.) The only larger ones I could find were fuzzier (probably because they weren’t meant to be blown up into the larger frame.)
It wasn’t the realtor’s fault (this time.)
Actually Bob, I disagree. Many of the skills that make women (and men) successful in business DO translate to a household:
-Have to make and balance a budget (finance)
-Play well with others (culture & negotiation)
-Multi-tasking (productivity)
-Delegate chores & responsibility (decisiveness)
-Cook and/or plan meals (ok, this one doesn’t translate)
Having just made that leap I was sort of shocked at how little free time I have left at the end of the day- heck, while I was writing this email my daughter was kind enough to chew a corner off a real estate contract. See what I get for losing focus?!
Anyone who is interested in a good comment thread from the past should go back to the last post on this unit linked at the top.
The comments by the used home salespeople are hilarious. The SHill is still here, but what happened to forrealestate?
homedelete in the original thread said, correctly:
“Taking on a jumbo mortgage to buy this condo is financial suicide in my opinion. ”
Taking on a jumbo loan or not putting 20% down on a mortgage is always financial suicide. If someone reasonably cannot save 100k to buy that 521k house to bring it to conforming limits, they shouldn’t be buying that 521k house.
If you and your family need to rent in a 2/1 small apartment to save for a 20% downpayment, so be it. This is (or should be) the new mantra of America. No you don’t get everything you want right away. Theres a reason before the late 90s people needed 20% down payment on their home, its needed to ensure the solvency of our banking system and broader economy.
The fact that there are still side-doors to allow people to buy even 0% or
less than 10% down loans disgusts me, IMO. This bubble would’ve never happened without fanciful financing and models built on false assumptions about real estate appreciation and people’s behavior.
The price isn’t bad but the assessments are way too high. What do you get for that? At least in a more modern building you might get a swimming pool, a gym, etc.
Also what’s the deal with the photos? Are both photos of the same building? Window unit air conditioners look like crap.
G.. that was great. I remember that whole exchange when I was selling my place and reading comments back then (actually maybe making the same rare appearance under Derivs to say “banks are insolvent”).
SH was dead on as he points out he did say:
“…our country will be bankrupt, the stock market will crash, and are financial system will collapse….” May 28th, 2008 at 9:16 am
Freaking dead on!!
It’s hilarious how the SHill is only right when completely wrong.
Way off topic. Ze, your earlier comment about the volleyball game got me reminiscing about my time in Rio. I was living the life of a $30K millionaire. Nice thing was that $30K really made you a millionaire back in those days of 1000pct inflation. The only advice I got before arriving was to pack as many $1 bills as I could. A couple of beers in a café on Ave Atlantica with a very nice tip cost $1. All cab rides btwn Ipa-Copa-Leblon were under $1. The heartfelt appreciation for US$ was impressive.
I hadn’t thought about those days in a long time. Obrigado.
It’s nice to see the asking price reduced below the 2002 price on its way to a 1999 price. Others more bearish than myself are predicting an over-correction to 1996/1997 levels. We’re already half way there and we’re only in the 3rd inning of the great unwind. This mess will extend into 2012 or 2013. Of course there are dozens of factors which could shorten or lengthen the process but this chart is a pretty safe bet for the time being.
http://calculatedrisk.blogspot.com/2007/10/imf-mortgage-reset-chart.html
That’s not pretentious at all, my mother works as a secretary and my father has a regular blue collar job and they bring in over $118k. So no, its not. Both my parents worked when I was young. In fact the majority of mothers in my neighborhood when I was young worked at minimum part time.
You’re assuming a lot there homedelete. I’m merely stating that no, its not very hard for a young couple to bring in $150k/year. And that is exactly the niche of buyer this place is looking at, a young couple.
First of all that’s pretentious because less than 1 out of 10 households make over $118,000; 2nd you’re not married so your household is not over $150,000 and your comment is academic; 3rd your income would not stay at $150k+ because there is a good chance you wife will want to stay at home. Then you are reduced to one income. I know very very few working professionals with high incomes whose wives continued to work when the children were young.
“cjriis, if I were married I would easily have a household yearly income of 150k. But yes, it is way overpriced, and the assessments are insane.”
“Others more bearish than myself are predicting an over-correction to 1996/1997 levels.”
At that time, 1 bd 1 ba condos were in the $99K-$125K range. 2 bd condos were $199K and up.
You see that? Really?