A Renovated 2-Bedroom Brick and Timber River North Loft: 300 W. Grand
This 2-bedroom loft at 300 W. Grand in River North came on the market in June 2021.
I don’t know when this building was built but a Google search says it used to be a former macaroni factory.
It’s a brick and timber loft building with many authentic loft features.
There’s 51 units and garage parking. It doesn’t have a doorman but it does have a shared rooftop deck.
This loft faces south, over Grand, and has 12 foot timber ceilings and walls of brick.
There are hardwood floors in the living/dining/kitchen and new carpet in the bedrooms.
The listing says it has been “renovated” and has a two-toned open concept kitchen with white cabinets, a white subway tile backsplash, quartz counter tops, a black island that seats two, and stainless steel appliances.
The primary bedroom, which has a window, has an en suite bath which has a double vanity.
It doesn’t appear that the second bedroom has a window.
The listing says both bathrooms have been “updated.”
It has the features buyers look for including central air, washer/dryer in the unit and garage parking is $25,000 extra.
It also has a balcony off the living room.
Listed at $475,000, does this loft compete against the new luxury apartments in the neighborhood?
Sidrah Atiq at Lofty LLC has the listing. See the pictures and floor plan here.
- Sold in July 1998 for $226,500
- Sold in April 1999 for $272,000
- Sold in June 2001 for $342,000
- Sold in June 2005 for $353,000
- Sold in April 2012 for $305,000 (included the parking)
- Sold in June 2018 for $425,000 (included the parking)
- Currently listed at $475,000 (plus $25,000 for parking)
- Assessments of $605 a month (includes cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $7878
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 11×16
- Bedroom #2: 10×14
- Living room: 13×19
- Kitchen: 10×11
- Laundry room: 3×6
- Balcony
Overall, looks cramped.
The cramped balcony with no view appears to be useful only to the dog.
Ratio of square footage allocated to the master suite in proportion to overall square footage is crazy.
June-01 price + CPI = $517k.
People have made and lost money in between, but this place is dead flat in real terms for 20+ years, *with* a complete update of the interior.
Basic apartment at rent parity w/ the parking included
Bonus points of being a couple of blocks to Mr Beef
Fairness why should real estate ever increase above the inflation rate. Provided construction costs rise at same rate as inflation. Then units should depreciate as their build out ages.
The only places to rise above inflation are cities where land rents are increasing because they limit building.
“Fairness why should real estate ever increase above the inflation rate.”
In a neighborhood with stable appeal (which, natch, is generally reflected in land rents), it shouldn’t really, but the RE industry (and some here) like people to think that it should. And talk often about “making money” in ownership of a primary residence, touting increases in nominal prices.
Also: the reality is that over the very long term, Chicago-metro residential RE has beaten inflation by a bit. I would say that that is likely largely bc (1) even places without ‘major renovation’ get updated appliances and mechanicals and improved replaceable elements (roofs, windows, garages) that are ‘hidden’ increases in basis/value, and (2) a lot more of metro Chicago is UMC-desirable, increasing the land rent piece beyond cpi for more homes.
This loft is under contract.
Of course it is.
That contract failed, listed again in ’22, sold in Jul-22 for $500k, with the parking.