Short Sale Alert: 3-Bedroom Under $300K at 1601 S. State in the South Loop
This 3-bedroom unit at 1601 S. State in the South Loop came on the market in February 2010.
The listing on Redfin calls it the “most inexpensive 3 bd in the south loop on the market.”
Priced as a “short sale” under $300k, the unit has marble baths. The kitchen has granite counter tops, cherry cabinets and stainless steel in the kitchen. There are also hardwood floors throughout.
The listing says the unit “needs some work.”
It is also on the side of the building directly next to the El tracks.
We chattered about a 2-bedroom foreclosure in this building in October 2009 which sold in November 2009. See that chatter here.
At this price, is this a deal?
Colin Hebson at Koenig & Strey has the listing. See the pictures here.
Unit #3E: 3 bedrooms, 2 baths, 1650 square feet
- Sold in September 2005 for $368,000
- Originally listed in March 2008
- Withdrawn
- Re-listed in February 2010 as a “short sale” for $299,900
- Reduced
- Currently listed for $299,000 (parking included)
- Assessments of $426 a month
- Taxes of $5254
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×11
- Bedroom #3: 10×11
This would be an awesome deal if the unit was not right on the El tracks. You could literally get your arm taken off BBQing if you’re not careful that’s how close the tracks are and the tracks side is right on the master bedroom! No wonder its so cheap
What do you think this could fetch as a rental?
Why do people leave the toilet seat up when taking “bathroom” photos… Never fails…
What is the nearest El Stop from here? Cermak/Chinatown? Roosevelt?
There are quite a few units for sale in this building. If I’m not mistaking, there is a 6ooo sq ft PH that looks like 50 cent designed half of it. pretty funny. You guys should look it up
“If I’m not mistaking, there is a 6ooo sq ft PH”
That master bath is teh awesum.
They obviously aren’t too interested in selling, stuck at the same price for 10 months.
Roosevelt is the nearest el stop, for Red,Orange, & Green line trains.
Master bath is beautiful. Even though the South Loop is laughably overbuilt, I’m surprised that this place is languishing at this price. Seems low already, but looks like it might have to go lower.
This place is so close to the El, they could take a piece of 4×4′ plywood and slap it on your balcony and create a 16th st. stop
“This place is so close to the El, they could take a piece of 4×4? plywood and slap it on your balcony and create a 16th st. stop”
Love it!
and LMAO at the 1601 S. state st. # PH-W
wow what a pad!
“This place is so close to the El, they could take a piece of 4×4? plywood and slap it on your balcony and create a 16th st. stop”
Can I instead make that that a hanger and attach it to the third rail for some free DC elec?
“Master bath is beautiful.”
I was talking about the penthouse. The posted units bath isn’t *exactly* what I’d want, but it’s certainly more than nice enough at the price.
How’s the SOUNDPROOFING? I have viewed some places right next to the tracks that have such good soundproofing you don’t hear the trains or traffic, but I’ve been in too many others where the thing sounds like its running right through your living room, you might as well sleep on the train platform.
Possibly even worse than the el trains are the freight trains that run on the 16th street tracks between 2 and 6 am that are notoriously loud – this building is in a perfect storm of train noise.
Good soundproofing makes all the diff in the world. It is absolutely possible to soundproof the place for trains even if you are right over the tracks. I recently looked at the new rental in Rogers Park, the Morgan at Loyola Station, which is a much nicer and better-looking building than many new condo towers such as the tragic Catalpa Gardens, which is almost ON the el tracks,or the ugly Clarovista. I was very impressed with the soundproofing- with the windows closed, you absolutely could not hear the trains or traffic.
There’s just no excuse for inadequate soundproofing in a new building close to trains and highways.
Agree about the effectiveness of soundproofing and how it should be *required* for all new construction buildings within one block of the tracks. But even with the sound issue solved you still have to contend with the grime that comes from the trains.
To me that is a more serious and dangerous issue.
Soundproofing is a fine solution if you’re OK with never opening a window or using your balcony. That would suck when the weather is nice.
I can still hear you….