A 2-Bedroom in Fulton House Reduces $22,500: 345 N. Canal in the Near West Side
This 2-bedroom in Fulton House at 345 N. Canal on the Near West Side came on the market in 2021 and was withdrawn and then was re-listed in May 2022.
Built in 1903, Fulton House was originally an old cold storage warehouse.
It was converted to apartments in the 1970s by Harry Weese and then was converted into condos in the 1990s. There are 104 units. However, it’s also a live-work building where businesses can operate.
It has a doorman but no garage parking and a common deck overlooking the River.
This unit has been remodeled and has hardwood floors throughout and barrel vaulted ceilings.
Both bedrooms have walk-in-closets.
The kitchen is “gourmet” and has white cabinets, granite counter tops, with an island, stainless steel appliances and a new dishwasher and cooktop.
There is an extra vanity outside of the bathroom.
The unit has a walk-out balcony with city views.
It has washer/dryer in the unit, wall heat/ac units and valet parking is available for $225 a month next door.
This building is near the Metra, East Bank Club and stores and restaurants of Fulton Market.
Listed in May 2022 for $337,500, it has been reduced $22,500 to $315,000.
Is this a deal?
Angie Schneider at @Properties Christie’s has the listing. See the pictures and floor plan here.
Unit #902: 2 bedrooms, 1 bath, 1250 square feet
- Sold in July 1992 for $90,000
- Originally listed in May 2022 for $337,500
- Reduced
- Currently listed at $315,000
- Assessments of $781 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
- Taxes of $4012
- No central air- wall unit heat/ac units
- Washer/dryer in the unit
- No parking but valet is available next door for $225 a month
- Bedroom #1: 14×14
- Bedroom #2: 14×11
- Living room: 25×19
- Kitchen: 13×8
- Balcony: 6×8
What would it cost to update the bath and kitchen to substantially this one:
https://www.redfin.com/IL/Chicago/345-N-Canal-St-60606/unit-805/home/176121391
Can you get that done for under $100k right now? Any way to squeeze in a half bath?
The corner v not-corner is a big difference in value, too, imo.
River Vs Tracks off the balcony has some value, no?
“Any way to squeeze in a half bath?”
Not easily
The Subject unit seems priced fairly for what it is – Bachelor pad with a HO
“https://www.redfin.com/IL/Chicago/345-N-Canal-St-60606/unit-805/home/176121391”
10 Mo to sell w/ a 20% haircut – HAWT ™
This building is great for special assessment aficionados
Look at that rust on the balcony
I could just feel myself scraping my arm on that huge pillar in the middle of the room… wtf were they thinking doing a stucco or popcorn coat on that
really looks like ass, a smooth skim coat would have been so much better
and nice view… LMAO
“10 Mo to sell w/ a 20% haircut – HAWT ™”
Time to move on JohnnyU. The market has changed. Get into July 2022.
“Any way to squeeze in a half bath?”
You would never get the money back from a half bath. Not worth it.
“What would it cost to update the bath and kitchen to substantially this one:”
We chattered about #805 last year when it was listed for $525,000.
http://cribchatter.com/?p=27925
I’m amazed it sold for $430,000 even though it’s a huge 1-bedroom. Wow.
“This building is great for special assessment aficionados”
It’s old, that’s for sure. Lots of maintenance with older buildings.
But what do you know, sonies, about the projects that are ongoing? What are reserves like in the building now?
“You would never get the money back”
I thought this was someplace to live, not an “investment”.
“I could just feel myself scraping my arm on that huge pillar in the middle of the room… wtf were they thinking doing a stucco or popcorn coat on that
really looks like ass, a smooth skim coat would have been so much better”
Looks like spray on FP thats been encapsulated
“Time to move on JohnnyU. The market has changed. Get into July 2022.”
Are sophisticated chips no longer on trend?
“I thought this was someplace to live, not an “investment”.”
Are you actually expecting consistency?
“Looks like spray on FP”
That is what it looks like, but why? It’s a concrete column.
“The market has changed. Get into July 2022.”
True, but what about those months prior to the big market shift?
“That is what it looks like, but why? It’s a concrete column”
Possibly they were chewed up, easier/cheaper than patching or not enough cover over the rebar
Def odd
“True, but what about those months prior to the big market shift?”
If you click on the cribchatter link and look at our chatter, I don’t think anyone thought a 1-bedroom in this building would sell for $525,000 no matter how “hot” the market. Pricing still matters.
But amazingly, they still managed to get $430,000 for it which is a great result for this building. They were lucky to sell ahead of the 6% rates.
“Are sophisticated chips no longer on trend?”
It sold for $430,000 so I would say that buyers don’t seem to mind.
With the price of natural gas right now, more buyers might be looking for electric heat and a/c.
“I thought this was someplace to live, not an “investment”.”
Does that mean people are complete fools?
If you want 1.5 baths in a large 1-bedroom condo, there are PLENTY of them around the city you can buy. Makes NO SENSE from any angle, financial or otherwise, to go through a massive condo renovation just to get a half bath.
Stupid.
“But amazingly, they still managed to get $430,000 for it which is a great result for this building. They were lucky to sell ahead of the 6% rates.”
So, they sold before the market changed?
“If you want 1.5 baths in a large 1-bedroom condo”
1/1.5 (or 2) at over 1,200 sf, and under $400k = 5.
Go up to $500k, you can add 10 more. In the whole city.
“just to get a half bath”
No, it would be primarily to get rid of that dated bath and dumbass, dorm-like, hallway vanity. And, if allowed, prob add w/d, too.
“1/1.5 (or 2) at over 1,200 sf, and under $400k = 5.”
Because you would get a 2/2 for 1200 square feet.
Duh.
Come on. You are being a complete fool. No, no one is spending $100k to put in a half bath in a big 1-bedroom. If they wanted 2 bathrooms they would simply BUY it.
God.
Your comments also tell me you have never done any construction in a high rise building.
“So, they sold before the market changed?”
Contingent on June 3. Closed on June 30. Buyer could have been rate locked a number of months before. So, yeah, that buyer might have had a mortgage in the 4s.
Chicago market has cooled quickly. Old rate locks have expired. Buyers are on the sidelines now. Inventory is rising. Sales are down.
“Because you would get a 2/2”
But you wrote:
“If you want 1.5 baths in a large 1-bedroom condo, there are PLENTY of them around the city you can buy.”
I don’t want a 2/2, I want a large 1/1.5.
And there aren’t “PLENTY”. There are very few.
Depressing
I guess it’s a cost saver, but seems illogical to be in this building without a river view. Not a fan of the ceiling or the columns.
“And there aren’t “PLENTY”. There are very few.”
What’s “large”?
You didn’t include the 1000 square foot 1/1.5s. There are plenty of them all over downtown. And if there aren’t RIGHT NOW, then just wait a few months.
Also, if there aren’t, that just tells you how low inventory was this spring. Lol.
“Also, if there aren’t, that just tells you how low inventory was this spring. Lol.”
Even though I was wrong I was right
Circular logic is circular…
“Even though I was wrong I was right”
I’ve been doing this job a LONG time. There are PLENTY of large 1-bedroom condos with 1.5 baths all over downtown.
See 100 E Huron, for example. That building has 1000 square foot 1/1.5s. Several on the market right now. There are other buildings with this.
Looks like the Fordham actually has 1200 square foot ones.
https://www.redfin.com/IL/Chicago/25-E-Superior-St-60611/unit-1004/home/12695888
There is absolutely NO reason to install a half bath in a smaller condo like this. It would be a complete waste of money. This is not New York City where you have to settle.
Just buy a different unit with the 1.5 baths already there if that’s what you want.
“You didn’t include the 1000 square foot 1/1.5s”
Because the featured unit is 1250. Why would I want 20% less space?
“Looks like the Fordham”
Yes, one of the 15 listed now in the whole city.
That’s a good comparison one, tho–en suite full bath, and half+laundry. $110k more.
But I guess your position is that would over-improve this unit for this building. Which is fair enough, given that it’s closer to a $100k project than a $25k project–the reasonable ceiling for this unit being somewhat less than the $420k corner unit.
“a smaller condo like this”
Then why the hell would I want a 1,000 sf condo with 1.5 baths? That’s 20% smaller!
“But I guess your position is that would over-improve this unit for this building. Which is fair enough, given that it’s closer to a $100k project than a $25k project–the reasonable ceiling for this unit being somewhat less than the $420k corner unit.”
You clearly have never done any construction projects in a high rise building in Chicago anon(tfo). Let’s just leave it at that.
“You clearly have never done any construction projects in a high rise building”
1. You clearly don’t know anything about me.
2. I asked a question, you were customarily insulting.
3. What would it cost, oh expert of experts?