We Love Authentic Lofts: 333 W. Hubbard in River North
A reader posted a few days ago that he couldn’t find a 2/2 with parking for under $550k east of Dearborn on the near north side.
This loft unit at 333 W. Hubbard in River North is west of Dearborn, but in a desireable area nonetheless.
At 1197 square feet, it is on par square footage-wise with many new construction 2/2 units but you can get it for far less.
Are parts of River North becoming, dare we say it, affordable?
This unit is in the old part of the building that faces south- into the Merchandise Mart.
Barbara O’Connor at Koenig & Strey has the listing. See more pictures here.
Unit #710: 2 bedrooms, 2 baths, 1197 square feet
- Sold in March 2005 for $317,000
- Currently listed for $365,000 (includes parking)
- Assessments of $584 a month
- Taxes of $4450
Is there anyone on here that currently lives or previously lived in this building? I went to an open house a few months ago on a Sunday and I felt like the building was on a bit of an “island” in that there didn’t seem to be much activity in the immediate area. I’d be interested to know if anyone disagrees with my impression. FWIW, the unit I saw was a 2/2, ~1200 sq. ft. but there was minimal closet space.
A small 2 bedroom in River North with no view shouldn’t even be close in price to the slightly larger 2 bedrooms with gorgeous views that typically cost around 500k. Asking 330k is more like it for this listing.
That is more like it… A little dated, but I think it will move fairly quickly.
I agree it will move quickly. I love living in this area of town. Plus it’s close to the brown line which is a plus (for me at least). I loathe having to use buses (except the 65 Grand to the pier) which is all that services SV.
Plus there aren’t as many bums (guy on Grand by Reagle Beagle and 7/11 guys)
Sabrina, I think you have a typo and this is actually Unit #710.
Why would this move quickly? It was previously listed for $375,000 w/pkg in September and subsequently reduced to $365,000 w/pkg before the listing was canceled in November, then relisted at $365,000 w/pkg. In addition, there have been 3 similar units (#2L, #3A, #5H) available since summer for $389K-399K w/pkg.
So G, do you think it will move slowly then?
It will only move quickly if a knife-catcher does.*
*Of course, there are those who truly can afford to lose tens of thousands without a care. Personally, I don’t think there are that many of them out there.
It would move quickly if priced at $300K. At $365K, I doubt it.
“Of course, there are those who truly can afford to lose tens of thousands without a care. Personally, I don’t think there are that many of them out there.”
Well, there may be plenty of them. I think the subset of those who can lose $10s of ks AND would be interested in *this* unit is vanishingly small.
I agree JPS. And they would still be knife-catching because nobody will want to pay in 2009 what someone did in 2008.
No kidding, anon. Those who can lose $10s of Ks are probably looking at homes that will see $100s of Ks in losses. If you love it and can afford to lose it, all the power to you. I did, in fact, this year.
$330k would put it at 5% appreciation since the last purchase, and a much more reasonable selling point in this market (although still overpriced). For it to be moving quickly today it would have to be around $300k, as JPS mentioned.
G, you knife catcher, you!
“$330k would put it at 5% appreciation since the last purchase”
If the next sale closes in March 09, $365k would be ~3.6% since the ’05 sale. That’s a pretty reasonable figure, for normal times from a normal price base; 05-09 is neither.
“If you love it and can afford to lose it, all the power to you. I did, in fact, this year.”
Real, or paper? The latter, I expect, as did I, but that’s just funny money anyway, right?
I hope you all continue to talk about how wildly overpriced this property is, so I can continue to save money to purchase something exactly like this (incredibly well located, constructed, unique loft community) while you continue to discourage people from quality real estate and keep the motivation down.
Then, after I commit to staying in the place (or renting it out)for seven to ten years… I can sell it at a premium when things turn around.
For those of you haters in the Chatter – please reread the address and learn the neighborhood. Feel free to mention whats going on at a few American Invsco bldgs and new product that’s unfinished with stalled sales. I’ll tell you I don’t care and it doesn’t matter. This is unique product in a unique loft community.
Yes, people will buy units in this complex and others at a cheaper price. That doesn’t mean that people that pre-buy before the bottom aren’t making strong investments. Please save the negative energy for discussions about West Bucktown, Albany Park, and the adjacent disgusting, cheap loft communities at Fullerton and Ashland.
“West Bucktown, Albany Park, and the adjacent disgusting, cheap loft communities at Fullerton and Ashland”
When did Fullerton and Ashland become adjacent to West Bucktown or Albany Park? It’s the northwest end of Lincoln Park, for FSM’s-sake
does anyone know what these went for orginally. I remember watching them work on this place, and build the one north of it from the el, so I am curious.
Aaron, what makes this place unique? not saying it isn’t nice, just wondering.
AaronERG, You’re buying here? I’ll probably be your neighbor one day. I like this place and will probably buy here in about 10 months when the market is much lower. Then again I may wait and buy it even lower in 2010. First let’s see whether Trump Tower ends up as Section 8 housing much like Presidential Towers did initially.
You’re right G. It IS Unit #710. Sorry about the typo.
This building is within easy walking distance of the Mag Mile AND the loop (if you work there)- so I would think it would be pretty popular for that reason. The East Bank Club is also right down the street.
I agree with JPS, although I would think that given the current market conditions, and with conditions expected to get MUCH worse… …I would price it at $259K for an actual sale to occur.
As much as it hurts to admit, the market growth since 2005 was mostly artificial and people have too many choices to take this seriously for $365K.
AaronERG on December 10th, 2008 at 5:15 pm said:
“…and the adjacent disgusting, cheap loft communities at Fullerton and Ashland.”
What IS up with that monstrosity that’s on Fullerton, in the old Krivo space, anyway? I think they call it “Ashton Lofts” or something? They have a huge piece of facade missing in front, and it looks like there’s a heating duct WITH a vent in the soffit space. That soffit is over the garage entrance. Uninsulated. Looks like some chump (the unit directly above?) would be heating an uninsulated dead space under their own floor? that place looks like a Soviet Union apartment building.
Oh, whoa:
Sabrina, maybe this needs a thread of its own?
Logansquarean – you mean these? The ones that went bankrupt?
http://www.bestchicagocondos.com/blog/ashton-lofts-faces-bankruptcy/
“Trump Tower ends up as Section 8 housing much like Presidential Towers did initially”
Uh, presidential towers was built with tax-exempt bonds (recollection refreshed via thegoogle). The law required set-asides for Section 8 if you used tax-exempt bonds to finance construction. The developers of PT used their clout with Rosty to get an exemption.
Nonetheless, the developers defaulted on their FHA mortgage and still kept out ALL section 8 tenants. As part of the price of re-fi’ing the property, the Feds got the developers to agree to 7% set-aside for section 8.
““Ashton Lofts””
Developer defaulted, bank foreclosed. The 2/3 of the units unsold belong to the bank (LaSalle? Cole Taylor? Can’t remember).
“a heating duct WITH a vent in the soffit space”
I think that all of the hvac is overhead in all the units–exposed ductwork is cool, right?–and that vent is prob part of a driveway anti-ice system or something stupid. So everyone gets to share the cost thru their assessments.
But it’s still not adjacent to West Bucktown or Albany Park.
Sabrina,
That’d be an interesting thread. The modern one was in the foreclosure process I’m guessing eight months ago. I’m curious what the update is now. The other one was/is being built as an eco-development. Developer has historically done a very nice job selling out units at an affordable price (often times more expensive on a price per square foot basis). I think this is likely a tough (impossible) time to sell to that segment of the market right now. Such a funny choice of location for residential development.
Bri – not sure if I’m buying there but it’s one of a few choice communities I’d like to live in. Great proximity to EBC, public transportation, downtown, quick trip to the expressway… It’s good for my lifestyle. I also really like some of the units at 375 W. Erie. Some of the units are a bit cramped – but I have a close friend that lives in an ideal unit.
“a unique loft community” is that from the sales brochure?
this is generic mccrabbox velveeta faux-loft if there was was one!
Part of the charm (at least for me) of lofts is a slight roughness and uniqueness that should come with the space; once you have the Granite Fairy pay a visit with her “choice of ten different finishings” and all of the other bells and whistles and add walls you might as well call the unit “An open plan condo with big windows” and call it a day, because that’s what you’re getting.
I went to an open house for this this soft loft, it is fairly nice with recent updates. no 1/2 walls and high ceilings. The price was a factor for me to walk away, its a bit much giving the history. I was told an offer of 342K will close this place. I saw some say 300K and so on, i think the seller would be offended and reject that kind of an offer hence the long market time. its been on for over 105 days or so. Thoughts????