A 3-Bedroom With Views for $499,900 in the South Loop: 1720 S. Michigan
This 3-bedroom in 1720 S. Michigan in the South Loop came on the market in March 2021.
Built in 2007, by CMK at the height of the housing bubble, this building has 498 units and an attached garage.
It’s a full service building with a 24-hour doorman, bike room, dog run and has an attached grocery store on site.
Many of these units were being flipped by investors in 2007 and 2008.
We have chattered about foreclosures in this building in the past.
But that was then, and this is now.
This unit is the largest floor plan in the building at 1400 square feet.
It has northeast views of the skyline and Lake from floor to ceiling windows and its balcony.
The unit has tall ceilings and exposed concrete.
There are hardwood floors throughout.
The kitchen has wood cabinets, granite counter tops and stainless steel appliances.
There’s a separate dining space.
The unit has the features that buyers want including central air, side-by-side washer/dryer and garage parking is available for extra (it doesn’t say how much).
The listing says this building is “investor friendly” and also that “investors welcome.”
Listed at $499,000, plus additional for the parking, that is over $65,000 above the 2007 sales price of $434,000.
Has the South Loop finally recovered from the housing bust?
Nick Kluding at Baird & Warner has the listing. See the pictures here.
Unit #2401: 3 bedrooms, 2 baths, 1400 square feet, northeast views
- Sold in November 2007 for $434,000 (included the parking)
- Sold in July 2008 but unclear on the price (typo in the public records)
- Sold in October 2015 for $435,500 (included the parking)
- Currently listed for $499,900 (plus extra for parking)
- Assessments of $658 a month (includes heat, a/c, gas, doorman, Internet, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $3967
- Central Air
- Side-by-Side washer/dryer in the unit
- Garage parking is extra
- Bedroom #1: 15×11
- Bedroom #2: 10×10
- Bedroom #3: 10×10
- Living room: 16×11
- Dining room: 10×9
- Kitchen: 14×8
Realator went all out on this one. The Shitty computer generated images are on par with this unit Not helping the pictures were taken on a very grey day
Looking at the other units for sale here points to a very dreary depressing building. On the positive side all the BR have windows/ direct nat light
I guess if a couple really need 2 home offices for WFM, this would work but it would have me questioning the choices I made leading up to purchasing a low quality 3br apartment in Sloop
So Shitty unit + CMK quality = 13 Years old w/ no updates = profit?
What stain is the virtual carpet covering up on the actual carpet in the one bedroom? Was this a crime scene? I like a place with an air of mystery.
Nice place..circa 2007. In 2021? Not so appealing
JohnnyU on March 12th, 2021 at 6:18 am
Shitty unit + CMK quality
Whoa whoa careful now about what you say about CMK, lest you wake the shill beast that is JZ (can’t type his name out because he gets google alerts)
Anyone trying to sell a condo or home should never use descriptors of “exposed concrete” in the sales pitch. Not only is the unit a rental but even worse “investors welcome” means most units in this building are selling on “exposed concrete” and 15 year old finishes.
Who the heck would buy this? this is a money pit. If you are buying to own you get to throw at least 20K into the unit (bathrooms, lighting, kitchen, and tearing down the cabinet/wall to open the place up a bit).
After you do this guess what no appreciation occurs. Why? 30% – 50%+ units in the building are rented and in terrible shape.
If you are investor. This is a loser. At $2,800 on a 3 bedroom in the south loop that’s 15 years old with no updates or amenities you are hopefully breaking even with little chance of appreciation.
Look at the competition in the South Loop. Brand new apartment buildings over the past 5 years or so all over the place with amenities galore.
The right buyer? Someone from the burbs who thinks they are getting a deal on a spacious pied-a-terre and are ready for re-opening. These boomers or older Gen-X couple may also have high school or college aged children that go or will go to UIC, UofC, or DePaul.
“There’s a separate dining space.” So shoving a virtual table and chairs (could they have picked less appealing ones? LOL) between the entrance and the kitchen in what I would consider a circulation space now counts as “separate dining space.” That’s sad.
This kinda actually pencils out as a rental. I think you could easily get $3200/mo for this. Need to negotiate the price down a bit. I wouldn’t buy the parking – – If the tenants need parking I am sure there are spaces galore for rent in the building (including the one that you wouldn’t buy in this case which would eventually become a rental). the zero amenity rental next to me gets at least $3K per unit with no parking.
“13 Years old w/ no updates”
What are paint and Elfa replacing the Closetmaid if not updates??
Funny that they re-used a couple of the Clostemaid shelves in the laundry closet. Better than throwing them out.
“hoving a virtual table and chairs … between the entrance and the kitchen”
It appears that there is a ceiling box in that space, even if the fixture is virtual–I can’t tell for sure–so it was intended as a space for a smaller table, or perhaps a desk. Probably Ikea-sized (eg, this: https://www.ikea.com/us/en/p/lerhamn-table-black-brown-50444306/ ), which would go with the ceiling fixtures you can see in the two bedrooms.
Might be a reasonable AirBNB “investment” if that’s still a thing and you can fake it being your residence.
“What are paint and Elfa replacing the Closetmaid if not updates??
Funny that they re-used a couple of the Clostemaid shelves in the laundry closet. Better than throwing them out”
Think the closetmaid w/ W&D was standard
Since you’re getting technical, they prob. replaced the original Washer
Whoa whoa careful now about what you say about CMK, lest you wake the shill beast that is JZ (can’t type his name out because he gets google alerts)
Sabrina has taken over for him/her
“”Might be a reasonable AirBNB “investment” if that’s still a thing and you can fake it being your residence.”
This would be a weekend party room (The 3br isnt going to get much business travel)
Dont see this getting anything more that $300/night
“The right buyer? Someone from the burbs who thinks they are getting a deal on a spacious pied-a-terre and are ready for re-opening. These boomers or older Gen-X couple may also have high school or college aged children that go or will go to UIC, UofC, or DePaul.”
They dont need 3Br
Buyer is running a start-up trading rent for salary to a couple of code monkeys
“Since you’re getting technical”
Technically, I’m mocking both the nature of things that get highlighted in listings (freshly painted!), and the use of limited shelf closetmaid buildouts in ‘luxury’ (not that this necessarily qualified) condos when new–what’s in these closets now should be the minimum you get in a nicer condo.
The laundry closet has a couple of elfa shelves, and at first glance looked to have elfa rails, but looking again, looks more like closetmaid rails and uprights–and then when I look at other units in the building, they mainly have the shittier closetmaid, with the angle brackets. I find that crap upsetting at $300+ psf.
“exposed concrete” = Soviet chic
“pied-a-terre” Who would want a pied-a-terre at 1700 block south? Maybe some guy from Tinley with some auto repair biz who has done OK, etc.
Unit looks depressing and taking photos on a gray day doesn’t help. I hate those concrete ceilings. This didn’t look good in 2007 or now.
“Maybe some guy from Tinley with some auto repair biz who has done OK, etc.”
That’s an elitest, dick statement to make, and you just showed it. One of my best friends from high school owns a successful auto repair biz. You and southbound are the same person, i’ve known it all along.
the clown prince of posting elitist dick statements on cc posted “That’s an elitest, dick statement to make,… You and southbound are the same person, i’ve known it all along.’
That’s ironic coming from helmethofer’s clone/ favorite teammate, having replaced Bob. Based on what hd posts it’s clear hd is also a bigoted authoritarian supporting rightwing nut. What lying pos’s hd & hh are.
I noticed when hd complains about incompetent politicians hd never mentions Trump, Rauner, or McConnell. And since hd’s convinced dems are marxist socialists I’m wondering if hd’s refusing the pending stimulus payments and child tax credits?
Speaking of elitist statements I believe hd is the auto repair shop owner he refers to, not an attorney as his lying posts claim. (Not that there’s anything wrong w running an auto repair place – my best friend started as a body man after HS and opened his own shop.) Typically ime lawyers don’t post such ill conceived, ill supported arguments and poorly written posts as hd does.
^says the self-loathing, closeted homosexual, white supremacist…
“It was once a world-class city, when it was white-European, and the City of Big Shoulders, the City that Worked.”
Like I said, I don’t know why anyone even responds to HH at this point. I deleted this comment.
He doesn’t live in Chicago and his reference for the city is literally the nickname given it like a 100 years ago. That’s how far back he lives in his mind.
Also- just wondering what “white European” even means.
Does that exclude Mexicans who are, of course, Spanish?
Does it exclude the Spanish and Italians?
HH’s racist statements never make sense to me. America will never again “look” like the year 1900. We continue to have healthy immigration from everywhere and get more and more diverse. I don’t understand the people who bet against America simply because there is more diversity.
Instead of politics can we talk about what shitboxes these CMK buildings are in a neighborhood that has rapidly lost many of it’s amenities the past year?
I just can’t for the life of me figure out why anybody would want to live in a high-rise or even mid-rise in the South Loop. I really can’t–what is the draw? Walk to work? Not easily in most months. Street parking? Negative. Tons of walkable amenities? Not especially vs other neighborhoods.
This neighborhood has always been a bit of a dud and then the cookie cutter developers come in with the allure of “if you build it, they’ll come”, and yeah I guess many came that grew up in the suburbs of Chicagoland and just wanted to live “downtown” to prove back home they’ve made it. But this neighborhood sucks. I’ve had friends that have lived here for a year or two but its never much longer than that they all either move to the burbs or to a proper city neighborhood. No one stays in the South Loop because it has all of the negatives of cramped urban living and few of the benefits.
“Does that exclude Mexicans who are, of course, Spanish?”
Mexicans are a mix of Spanish and the indigenous people that lived here before. You can often tell the difference but not always. I bet Mexicans themselves and Spanish can easily tell the difference between the two.
POS CMK Construction and yes, I’ve owned a 235 WVB condo a luckily got rid of it. Workmanship is crap, materials are cheap, kitchen cabinets will start peeling off under any kind of heat (read: cooking). Exposed ceilings are absolutely hideous and was just another way for CMK to save money. Taxes on this unit are a tad a low and will probably be increased later this year.
Overpriced by at least $70k given the location and crappy building.
Btw, a doorman does not automatically make it a full-service building. Workout facility, game room, indoor pool do.
“Exposed ceilings are absolutely hideous ”
I agree but why would you buy there if this is your opinion on it.
This 3-bedroom just closed for $475,000 (not sure if that included the parking or not).
Even if it included the parking, still means that they sold for more than they paid in 2015.
A good sign for the housing market.