A 2-Bedroom for the Price of a 1-Bedroom: 1000 W. Adams in the West Loop
Are 2-bedroom the “new” 1-bedroom condo units?
This 1200 square foot 2-bedroom in 1000 W. Adams in the West Loop recently came on the market for $60,100 less than its 2007 purchase price.
It is a soft-loft type unit where the bedroom walls don’t go all the way to the ceiling. The ceilings are 10-feet tall. The kitchen has black appliances and does not have granite counters. The balcony faces east.
Is this a steal?
Anthony Hanas at Coldwell Banker has the listing. See the pictures here.
Unit #602: 2 bedrooms, 2 baths, 1200 square feet
- Sold in October 2001 for $251,000
- Sold in March 2007 for $375,000
- Currently listed for $314,900 (includes the parking)
- Assessments of $469 a month (includes cable)
- Taxes of $4364
- Central Air
- Washer/Dryer in the unit
- Listing says it is “corporate owned”
One bedrooms look like they’ve been selling in the 250-275k range, so I wouldn’t call this going for the price of a one bedroom. 315k sounds about right for a 2bed/2ba with 1,200 sq ft, but this one is way too cookie cutter. I’d guess that this will go for slightly below 300k.
Agreed that this isn’t the price of a 1br. However at 315k for a 2/2 its pretty reasonable overall. This is priced right and its my prediction it sells at or near ask (300-330k).
A 16% reduction in price is a start, but probably not enough to spark a stampede in an area that has many unsold units. 250-275K range sounds about right for this unit; lower the longer it is on the market.
Terrible view, but I guess that’s what the rooftop deck is for. Overall not a bad deal at all.
I suspect West Loop stuff is going MUCH lower before this is all over. As in, $250K tops for this place. Keep your powder dry folks.
No way this is 1200 sq ft. From the pictures it looks like it’s about 800sqft instead, and the room sizes add up to ~950sqft. 250sqft of hallways?
And I’ll never live in another apartment/condo without full bedroom walls. I do currently and it’s the most obnoxious thing everevereverever if you have a room mate that’s not you’re significant other.
Why would you buy a place and have a roommate that wasn’t your S/O?
Overall, you can’t complain about the pricing for this unit as it is the going rate ($310-425k) for 2/2s in the area. This is one of the better buildings and the room sizes are above others that have been discussed here.
It has CA, W&D, and parking with the added protection of a 24/7 manned entry. It seems that both bedrooms do have windows so that is a plus considering most do not.
I really don’t think prices will be reduced by much, for what you get in comparison to other areas it is a great deal. As I have said many times before, this area just keeps building and has places from $250k – close to $1,750,000, so I assume it is a decent place to be.
Stephen:
This unit may be close to 1200 sq ft, if the listing is to be believed
2 min bathrooms app. 100 sq ft
2 bedroom closets app. 60 sq ft
W/D app 9 sq ft
hall closet app 5 sq ft
hallways the remainder
I expect full walls for this price.
“Why would you buy a place and have a roommate that wasn’t your S/O?”
Eh, I live with (and pay cheap rent to) a high-school buddy who bought a condo.
Really glad I didn’t go in on it with him back when he bought.
I am still kicking myself that I re-signed my lease right before seeing an ad on craigslist to share a 2/2 with two med school students (a couple) for like $800/month. There are steals out there if you’re willing to look and can move quickly.
^^oh yeah the building was Vetro sorry 🙂
“Why would you buy a place and have a roommate that wasn’t your S/O?”
I didn’t buy the place. My room mate did, and I rent a room. Never again 🙂
Did you ever think that was going to be a good idea? hahaha I would have at least made sure I had a soundproof bedroom before I decided to move in!
I have purchased many a house to share with a couple who works for/with me and the house share/work relationship worked out great for many years. In the end though, I think I wore them out by buying places that we eventually rehabbed and moved on after they started to plant roots. The last place we shared they ended up buying from me and that was the end of the house sharing…..hhhmmmm has me wondering now if I was a bit much for them?? I have plenty of adult friends who share space in NYC, but perhaps that is a different situation?
I agree with westloopelo. You can not complain about the price of this unit any more. No matter how crappy this unit is, it’s worth the price.
“I really don’t think prices will be reduced by much….this area just keeps building”
Behold the audacity of hope.
“Did you ever think that was going to be a good idea? hahaha I would have at least made sure I had a soundproof bedroom before I decided to move in!”
I realized the problem before hand, and it’s something that I can handle temporarily. It was outweighed by the benefits of the place. Great location, low price, and easy work commute.
The worst part is having a lady friend over 🙂
Am I the only one that finds it a bit strange that the West Loop is trying to pull the prices that more established (read: long established, not built up mainly within the bubble years) neighborhoods merit? This neighborhood changed quickly over the past several years and has very likely plateaued. It’s rather close to less than desirable neighborhoods and has little in the way of established schools and single family homes. Condo buildings and industrial areas do not a nice neighborhood make. Much of the appreciation of this area was illusory. Further condo development isn’t going to help with the glut that currently exists. People willing to plop down 400-500 on a 2BR condo wanting a more urban feel would be better served in river north, possibly river west. If they want a neighborhood feel, they should go elsewhere entirely. I wouldn’t be surprised to see this area stagnate a bit. I may be missing something – and am interested to hear if I am.
I have looked in this building. The units are somewhat nice, but they are extraordinarily cramped (thank the lord for the high ceilings). Tiny master bedroom/bath. No (generally ubiquitous) granite, ss apps. No view. Nice amenities in the building, though. Still think sub 300 is fair. You can be cramped in other city areas for similar prices.
If this is overpriced then the unit directly two floors up is in bigger trouble, since they want $25k for the parking on top of a near-identical price.
Did my comment vanish? wtf