A New Yorker’s Dream Loft Returns and Reduces to $750,000: 215 W. Illinois in River North
This 2-bedroom authentic loft in the Anchor Lofts at 215 W. Illinois in River North originally came on the market in February 2020.
It has been on and off the market. We last chattered about it in February 2022. You can see our rather infamous chatter here.
Built in 1923, the Anchor Lofts has 17 lofts and an attached garage although the current listing says it has 11 lofts. It was converted in the 1980s and does not have door staff or other amenities.
The prior listing said parking was available for rent from the HOA but this current listing doesn’t mention parking at all and doesn’t even say it’s available in the neighborhood.
This loft has an open floor plan with southern and western exposures along with exposed wood beams and 11 foot ceilings. The current listing says it has timber ceilings, but the ceilings are white so are they painted or have they put up drywall?
The prior listing called this loft a “true New Yorker’s dream.” It has original architectural and decor details.
The kitchen has white cabinets with black cabinets on the island which seats 2, along with marble counter tops and luxury appliances including a Wolf gas range, glass door refrigerator and separate wine fridge.
This loft is now a 2 bedroom instead of a 3 bedroom but it now had a den which could be a “nursery, charming office or workspace.” According to the floor plan, both bedrooms and the den have windows.
The primary bedroom has a wall-to-wall closet and a “dedicated” bath.
This loft has features buyers look for including central air and washer/dryer in the unit but parking isn’t mentioned.
This building is near the Wells Street restaurant corridor, the Merchandise Mart Brown line stop, the East Bank Club and the shops and restaurants of River North.
Originally listed in February 2020 for $1.2 million, it was on, and off, the market for three years.
It came back on the market in May 2023 at $899,900. It has been under contract twice this year. But it has been re-listed and reduced and is now priced at $750,000.
Will the reduced price finally get the sale done?
Gisela Attlan at Engel & Voelkers has the listing. See the pictures and floor plan here.
Unit #5C: 2 bedrooms, 2 baths, 2300 square feet, loft
- Sold in July 2010 for $395,000
- Sold in February 2013 for $780,000
- Originally listed in February 2020 for $1.2 million
- Reduced and on and off the market
- Re-listed in May 2023 at $899,900
- Under contract twice
- Reduced
- Currently listed at $750,000
- Assessments of are now $714 a month (they were $526 a month in February 2022)(includes exterior maintenance, scavenger and snow removal)
- Taxes are now $22,948 (they were $14,448 in February 2022)
- Central Air
- Washer/dryer in the unit
- Parking? Prior listing said you could rent it from the HOA
- Wood burning fireplace
- Bedroom #1: 15×16
- Bedroom #2: 15×13
- Den: 12×9
- Living/dining room: 33×24
- Kitchen: 14×12
- Laundry: 7×6
- Gallery: 30×4
Did they actually update the closet doors to glass in the MBR – WTF? Unless you have a serious case of OCD, waking up to a non-perfectly arranged closet is going to suck.
The different flooring at the office is really off-putting.
They really should get some renderings targeting empty nesters. Turn the second bedroom into a A/V room.
Another property getting close to deal territory
I’d be appealing the property taxes ASAP
“They really should get some renderings targeting empty nesters. Turn the second bedroom into a A/V room.”
Is that the buyer? Empty nesters? Prior to the pandemic, I would have said “yes, they are in the mix.” But after the pandemic and the looting, I’m not sure empty nesters are ready to return to River North. I, personally, know several who fled and moved out of Chicago altogether during the pandemic.
River North is still struggling. Fulton Market and the West Loop has basically replaced it even in terms of lofts, restaurants etc. You can get the same aesthetic without the night clubs and crime in other neighborhoods now.
“Is that the buyer? Empty nesters? Prior to the pandemic, I would have said “yes, they are in the mix.” But after the pandemic and the looting, I’m not sure empty nesters are ready to return to River North. I, personally, know several who fled and moved out of Chicago altogether during the pandemic.”
Then who is the target market? Its not young families. Agree with your comment below about FM/WT being HAWTTER ™, so its probably not younger couples. Who’s left?
I though no one ever left bIG CiTy LivINg?
“River North is still struggling. Fulton Market and the West Loop has basically replaced it even in terms of lofts, restaurants etc. You can get the same aesthetic without the night clubs and crime in other neighborhoods now.”
You’re also going to pay a lot more to live in FM.
Most Empty nesters are past their nightclub phase.
Turn the orientation of the f’ing light above the DR table
Nice job with the TV location in the LR
Based on memory, I think this was fluffed and buffed since the previous discussion. It doesnt look like it was done very well
Priced to sell
“I’d be appealing the property taxes ASAP”
They did appeal. AAV was originally 121,000, lost at the Assessor, and apparently got a small reduction from the BOR to the current $114,121. Ouch.
No HO exemption claimed for ’19, ’20 or ’21.
“They really should get some renderings targeting empty nesters.”
If you recall, the two bedrooms used to be a single bedroom, and it was listed as a 3 bedroom (the office being the third).
I don’t understand making the primary bedroom the not-corner, and the not-(pseudo)-ensuite.
“They did appeal. AAV was originally 121,000, lost at the Assessor, and apparently got a small reduction from the BOR to the current $114,121. Ouch.”
Did the owner bang Fritz’s signifgant other? – Ooof
“If you recall, the two bedrooms used to be a single bedroom, and it was listed as a 3 bedroom (the office being the third).
I don’t understand making the primary bedroom the not-corner, and the not-(pseudo)-ensuite.”
Was that abortion of a closet there? As set up, I think it flows better for a common area use Vs Br
Is there no shower in the second bathroom. I only see a tub.
relisted for 710K
Should get some interest at that ask.
Just closed for 650K
Thanks for the update on the closing price David. Wow.
Oooof
Hope the sellers didnt need the extra $500k
Was for rent at $5500, Buying w/ 20% down is around $6600. Funny I keep hearing how much more expensive it is to rent
For an all cash buyer this is a pretty good deal.
“Was for rent at $5500, Buying w/ 20% down is around $6600. Funny I keep hearing how much more expensive it is to rent”
You have some bad sources about Chicago real estate prices JohnnyU. We are at record high prices with 8% mortgage rates. Many rents may be lower than buying now but it depends on the building/amenities/finishes. Those mortgage payments have soared. This is why thousands of new apartments are being built in Chicago for the next few years, and not condos.
I’m wondering how OneChicago matches up now, for instance. Which is a better deal in there on a monthly basis? Buying the new condo or renting it? Finishes not quite as nice on the rental, but still nice.
“You have some bad sources about Chicago real estate prices JohnnyU. We are at record high prices with 8% mortgage rates. Many rents may be lower than buying now but it depends on the building/amenities/finishes. Those mortgage payments have soared. This is why thousands of new apartments are being built in Chicago for the next few years, and not condos.”
My primary source is an important and successful blogger, not named Joe Zekas.
So all these developers new 2 years ago that rates were going to hit 8%? LOL
You really shine at taking any data point and twisting it to such a ridiculous level that its no longer recognizable
So the market >> Demographics and “Just wanting to live their lives”?
“So all these developers new 2 years ago that rates were going to hit 8%? LOL”
Nope. They’ve been building thousands of apartments for years now. But with rates this high, they aren’t going to be building condos anytime soon.
In fact, the new huge Related development in the old Spire hole in the ground, is breaking ground in the next month in Streeterville. It will be two 72 story towers. They are only building one, for now. And it’s the one that will be apartments. No surprise there.
“So the market >> Demographics and “Just wanting to live their lives”?”
Millennials can, and are, living in apartments. No difference between that 2/2 shitbox you talk about all the time and the 2/2 apartment. And, in some cases now, the apartment is cheaper and nicer.
Everyone loves “new.” Renters want certain things too. Who wants those old, 20 year old granite counter tops? Not today’s renters.
“It will be two 72 story towers”
Southern tower is planned as shorter.
“No difference between that 2/2 shitbox you talk about all the time and the 2/2 apartment.”
About a $100k difference.
“Millennials can, and are, living in apartments. No difference between that 2/2 shitbox you talk about all the time and the 2/2 apartment. And, in some cases now, the apartment is cheaper and nicer.”
But dONt ThEy haVe tO LiVe?
So Cheaper, nicer, no DP, not being stuck in q 2/2 shitbox and being able to walk away
But yeah other than that they’re the exact same
“About a $100k difference.”
The finishes are different anon(tfo)? They are nicer on the new apartment unless the condo has been renovated this year. And if I can get it cheaper, I will likely do that.
Sales have plunged 30%+ in Chicago. Millennials certainly aren’t buying right now, but, then, there is nothing to buy even if they wanted to. Inventory still near record lows.