A 2-Bedroom Listed Under the 2007 Price in River North: 319 W. Erie
This 2-bedroom in 319 W Erie in River North first came on the market in March 2018.
This is a boutique vintage building that was turned into 7 luxury condos in 2007, during the housing boom.
It has garage parking and an elevator.
This unit has a Waterworks mosaic tile entry foyer with 12 to 13 foot ceilings and 2,419 square feet.
There are 2 fireplaces and 3 private terraces.
The kitchen has Snaidero modern cabinets, Subzero, Wolf and Miele appliances with a wine refrigerator.
Both bedrooms are en suite.
There’s a den that the listing says could be a third bedroom.
The unit has all the features buyers look for including central air, washer/dryer in the unit and tandem garage parking for 2 cars.
Originally listed 19 months ago, in March 2018, for $1.375 million, it has been reduced several times and is now listed at $899,000.
That’s $81,000 under the original 2007 sales price of $980,000.
Is this a deal for the neighborhood and square footage?
Suzanne Gignilliat at @Properties has the listing. See the pictures here.
Unit #2E: 2 bedrooms, 2.5 baths, 2419 square feet
- Sold in August 2007 for $980,000
- Originally listed in March 2018 for $1.375 million
- Reduced several times
- Currently listed at $899,000
- Assessments of $945 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $24,963
- Central Air
- Washer/dryer in the unit
- 2-car tandem garage parking included
- 2 fireplaces
- 3 private terraces
- Bedroom #1: 24×20
- Bedroom #2: 14×12
- Bedroom #3: 33×21
- Den: 12×12
- Kitchen: 15×14
I always loved this building but could never live in it… being that close to da clubs is just not interesting to me at this point in life. The adjacent parking lot is a shit show every weekend
3k a month before touching mortgage. You can rent an equivalent unit for what 4-5k a month? 10 years from now this property loses another 100k. Tax benefits non existent from salt cap at this price point. You have to hate money to buy this place.
I remember when Chicagoans gloated about having lower property taxes than the burbs, times are a changing. Waiting to see how long Lori fools around with nickel and dime tax increases before she caves in and dumps it on homeowners.
This previously feature one is also back on the market:
http://email.generalcounselnews.com/c/17mbAUJjRUrVUl1IToCovJvU
Asking $995k, having sold in 2014 for $1.075m.
And the previously featured PH is also available, for $2m:
https://www.redfin.com/IL/Chicago/319-W-Erie-St-60654/home/13112402
2W is also listed for $1.1m.
I would do some serious diligence on the association before considering buying, with 4 out of 7 currently all listed near or below purchase prices.
And, the prior CC appearance of the PH:
http://cribchatter.com/?p=9511
The PH would be an *awesome* space if it were just a couple blocks east or north or NW. Or in the West Loop. Hate most of the finishes, tho.
Oh lawd, that location. You’re in the melee / robbery / shooting gallery of RN. Cuvee, Clutch, Concrete, Spy, Sound, etc. all within a block. Maybe the resident coke dealer might pick this up, but whoa I can’t imagine too many with this cash that would still be living the clubbing life (unless old-man creepers with 21yo girlfriends, etc.)
Like everyone above has said, the location is just killing this building.
I used to live not too far from here in 757 N. Orleans for a little bit…This stretch was just a shitshow on weekends. Have to go a lot farther west to the quiter ‘near north’ area to get some peace and quiet. I think the 90/94 highway feed is just a block away as well, right?
Given over half the building is for sale..is it possible there’s something more at play here we don’t know about.
Oh, and does the entire balcony look out over the brown line? or am i off by a block. It’s been a while since i’ve been out this way.
“does the entire balcony look out over the brown line? or am i off by a block. ”
Half a block. There’s a building across the parking lot between this one and the brown line.
Taxes seem really high, so I checked. Assessed at $1.4M!
That does seem cheap at that price.
FWIW my guess is that would rent for 7-8k a month. That square footage in a luxury rental with parking would be around 8500. A friend rented around 2k sq feet at 4400 in that neighborhood but this unit is a lot nicer.
At that 900k price I’d consider just keeping it and renting it out. Maybe appeal the property taxes and try to get them lower. If they can rent it at 7k they would clear about 4K a month. 900k at current mortgage rates would have a cost of capital of about 30k per year. So net 18k a year.
Though I’m not sure that all property in Chicago isn’t a zero. The taxes necessary for Chicago to make good on their pension promises are significant. And the only thing they can tax that can’t move is real estate.
“I remember when Chicagoans gloated about having lower property taxes than the burbs, times are a changing.”
Which one?
It all depends. Evanston and Oak Park are both insane. As is the rest of the north shore (little commercial properties there to pitch in.) DuPage County probably has it the best.
Have you seen Elgin’s taxes lately? Horrible. In some cases, nearly as high as the actual mortgage payment. That’s what’s happened on the south suburbs.
“The adjacent parking lot is a shit show every weekend.”
A bunch of the nearby parking lots are being built on with either commercial space or more condos. Eventually, this one will go too (but then you have the issue of blocked views.)
I had friends who were out in Aurora and their taxes were exorbitant (as was their commute). They moved back downtown and rent.
Interestingly, I’ve met upwardly mobile families of color moving from Logan Square – not traditional black areas – to the south suburbs (along the Metra Electric) for better schools, lower costs and more space. And they are opening businesses and adding a cosmopolitan vibe that wasn’t there recently.