A Top Floor West Loop 2-Bedroom With Floor to Ceiling Windows: 125 S. Green
This top floor 2-bedroom in The Emerald at 125 S. Green in the West Loop came on the market in early March 2021.
The Emerald was built in 2008 and has 212 units and garage parking.
It’s a full amenity building with a doorman, fitness center, business center and private bar.
The listing describes this unit as a “penthouse” with 13-foot ceilings.
It has floor-to-ceiling windows which face west and north.
The kitchen is open to the living room and has dark wood cabinets, stone counter tops and stainless steel appliances.
The primary suite has a walk-in-closet and a bathroom with a dual vanity and marble counter tops.
It also has a private balcony.
This unit has all the features buyers look for including central air, washer/dryer in the unit and garage parking appears to be included in the price.
Originally listed in early March 2021 at $689,000 it has been reduced $40,000 to $649,000.
That’s $89,000 above last year’s sale of $560,000.
Is the West Loop market hot enough to get the premium?
Victoria Rezin and Dawn McKenna at Coldwell Banker have the listing. See the pictures and floor plan here.
Unit #1201A: 2 bedrooms, 2 baths, 1290 square feet
- Sold in August 2008 for $317,500 (included the parking)
- Sold in December 2010 for $380,000 (included the parking)
- Sold in March 2020 for $560,000 (included the parking)
- Originally listed in March 2021 for $689,000
- Reduced
- Currently listed at $649,000 (appears to include the parking)
- Assessments of $753 a month (includes heat, a/c, gas, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $10,125
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 13×11
- Kitchen: 11×8
- Living/dining room combo: 22×16
- Balcony
This is a old, mid grade apartment
Look at the previous sale pics and prepared to be depressed
Closer to 1150sf than 1300sf
There’s a couple of other 2/2’s for around $525k. The un-upgraded “penthouse” Isn’t worth a $125k premium.
Going to need a lot of luck selling this
Tiny rooms.
Outdated builder base finishes.
Unexciting views.
No thanks.
Looks like an overpriced rental that the owner thought they could charge ~$3800 and break-even in a “hot” rental neighborhood. Probably wasn’t able to rent it out over the past year and now wants to recoup the closing costs by asking for a higher price. Definition of a speculative bag-holder that closed in the wrong month of the wrong year.
****Yawn****
Views are meh and pretty soon you won’t even be able to see Presidential Towers…that empty lot between this building and the towers cannot possibly be long for this earth….and all that new supply won’t help with the appreciation of this unit.
The common area amenities are already looking a little too “hip” and in need of a refresh.
God I hate everything about this kitchen….This unit is a $400K unit IMHO.
I actually like the lower views to the west, but that looks like it might be blocked soon (and weren’t included in the listing photos), since I prefer rooftop views.
This seller has a lot of fkn balls! 550k, tops. That is not a 650k kitchen or view.
Units in this building are always grossly overpriced to comps. I’ve never been able to figure out why. Tiny units and high prices.
Once again, the chatterati gets it wrong on a property.
Sold in March 2020 for $560,000
Came on a year later, in March 2021, at $689,000
Took almost a year but just sold in Feb 2022 for $625,000
Sellers still able to get a premium. Only owned 2 years.
“Sold in March 2020 for $560,000
Took almost a year but just sold in Feb 2022 for $625,000
Sellers still able to get a premium. Only owned 2 years.”
——————————————–
Premium?
Ten percent closing costs, rounded down, in 2020 is $50K, so purchase price was $610K. Let’s play and say only closing cost for (the now) seller was a 5 percent commission for the real estate agent. Again, round down: $30K. Result, 2022 sale netted $590K.
So $610K – $590K = $20K out of pocket loss, and that’s being generous. Ask Gary, but most other cities in that time span using the (above) generous transaction costs would have broken even
“So $610K – $590K = $20K out of pocket loss, and that’s being generous. Ask Gary, but most other cities in that time span using the (above) generous transaction costs would have broken even”
They made $20,000 to $30,000 after owning it for 2 years during a time when the city was supposed to be dead, and never coming back, in a large building with common areas during a pandemic.
Lol.
You bears are just getting more desperate by the day.
At least you could be talking about how mortgage applications fell to 2 year lows last week as the rates rose, which tells us that housing sales should slow by this summer.
“Ten percent closing costs”
How is Buyer paying 10%? Shouldn’t be anything close to that–more like 2%, plus maybe another 0.5% loan fees (if they paid points and listed in 12 months, they made a huge misjudgment).
Sell side would be expected to be realtor fee + ~1%.
So, it’s fair to think of the entry + exit totaling roughly 10% of the sale price–as a quick, rough estimate. But 10% of buy + 5-6% of sell is way too high.
Here, I’s say it was ~$6k on the buy and ~$40k on the sell. Which would leave them a little ahead, but they paid an extra year of carry ($9k of HOA; $12k on their loan; $10k in tax) because they priced too high, and that kills the gain.
Of note–no HO exemption claimed, so seems to not be a primary residence. AND the 2021 initial AV (being appealed) is $875,980.
Looking at this units history on Zillow is a bit hinky
Unit goes up for sale in Oct 19, gets pulled a month later, comes back in Feb 20 at the same price, gets sold in 2 weeks for $10k premium and and immediately goes up for rent. After a month, “Rents” for $3900/mo (A bit dubious as 2Br are renting for $3300) for a year (asssume it goes up for sale 10Mo after renting). Sits for 1 yr trying to sell.
I’d add in the carrying costs for a year in the P&L accounting
In what world does it make sense to buy here with a time horizon less than 10 years?
You can rent and for $1k less a month, save/invest the 20% DP
I guess the buyer went to the SabrinaZ school of real estate
“At least you could be talking about how mortgage applications fell to 2 year lows last week as the rates rose, which tells us that housing sales should slow by this summer.”
Not sure this will be the case nationally as there are a lot of differences in the current environment. If you are a first time homebuyer currently renting a one-bedroom for $2500 a month and receive a 10%+ rent increase or $250+ more a month why would a one percent rise in rates adding $100 – $125 to your monthly mortgage scare you away from purchasing?
It’s not 2018 where rents rose 2% – 3% or in the above scenario $50 – $75 at renewal vs. a mortgage payment that has theoretically increased $100 – $125 with each point increase.
Rates might need to run higher than what we saw in 2018 to really see a slowdown. I think its likely the amount of bidding wars or deals that close above ask decrease first. Second are people more or less likely to list their homes in an increased rate environment which would effect their purchasing power of their next home as well.
We will see though. For Chicago, maybe more loop renters become loop condo owners and some of the neighborhoods feel the effects of higher interest rates first.
Seller refi’d in Apr-21, as well.
$420k mortgage, 30-yr fixed, at 4.25% in ’20
$419k mortgage, 30-yr fixed, at 3% in ’21
“You shills are just getting more desperate by the day.”
FIFY
“At least you could be talking about how mortgage applications fell to 2 year lows last week as the rates rose, which tells us that housing sales should slow by this summer.”
I’m sure summer will run from April 1 to Oct 1
Housing sales are already slowing
Did you hear about the Lindbergh baby?
“Seller refi’d in Apr-21, as well.
$420k mortgage, 30-yr fixed, at 4.25% in ’20
$419k mortgage, 30-yr fixed, at 3% in ’21”
LMAO
Its like they cant stop themselves from making poor decisions
“How is Buyer paying 10%? Shouldn’t be anything close to that–more like 2%, plus maybe another 0.5% loan fees (if they paid points and listed in 12 months, they made a huge misjudgment). ”
——————————-
Rubbish. Buyer’s share of property transaction tax will take a big chunk of 1 percent in and of itself, plus title costs for mortgage, survey/condo docs fees. Likelihood of mortgage points is high, misjudgment or not. I got dollars to doughnuts you haven’t paid closing costs and financing costs totaling only two percent of the purchase price in 40 years.
Let’s say for the sake of argument, however, that you did only pay 3 – 5 percent on purchase. You never sold for less than 5 – 7 percent of purchase price either. Agent commission, transaction taxes, title to the buyer — those right there bump you close to ten percent.
Still a bath, and not a “premium.” Sabrina opened another box of wine on that one.
“I got dollars to doughnuts you haven’t paid closing costs and financing costs totaling only two percent of the purchase price in 40 years.”
I could pull up my settlement statement from this century (ie, less than 40 years). Ain’t nowhere close to 2% of Buyer’s closing costs on it–but that was before the “CTA tax”–which isn’t customarily paid 100% by buyer.
I see ~1.5% Buyer costs *now*, and half that is the CTA tax.
And loan points are a choice–if I choose to get my loan from a predatory lender, does that mean I should roll that into “expected” costs, or that I’m an idiot?
I’ve had 7(?) mortgages and paid a grand total of *negative* points, so it just ain’t inevitable.
2% in, maybe 8% out = 10% of the higher of buy or sell as a rule’o’thumb.
Here’s an estimator to play with (gthooi):
https://cleartoclose.net/chicago-buyers-closing-statement/
Looks like you could claim maybe $10k in Buyer’s costs on this $625k buy–1.6%.
Maybe you’re rolling in the property tax prorations into your thinking? That’s, imo, a cost of ownership, not of entry/exit, but it does affect the cash to close on both ends.
“Housing sales are already slowing”
Cite?
Haven’t seen this in ANY city or by ANY home builder. Not yet. Too many people locked in at the lower rates and now they’ve pulled back a bit again. Back under 4%. They really need to go to 4.5% before we really see a slowdown.
It will happen later this year though.
But this bull market keeps surprising me. Most thought the “pandemic” buying would end last spring and it didn’t happen. Hotter than ever in 2021. It’s now 2 years later and still remains the hottest market in 15 years even without any inventory. I don’t understand what everyone is buying???
But rents continue to rise. Another 5% to 10% for that apartment, which was already at record highs, and many are just thinking it’s time to buy.
Did anyone else see Love is Blind Season 2 when Natalie asks Shane whether or not they should buy a place after they get married? Lol. She is 29 and he is 31, I think. Perfect example of the Millennial demographic. They marry and buy around 30. Also, she’s the one with the down payment and he said he didn’t “believe” in 401ks. Lol.
“ Cite?”
Look at the 12Mo moving average on Gary’s blog
“Haven’t seen this in ANY city or by ANY home builder. Not yet.”
Bloomberg today:
“U.S. pending home sales unexpectedly fell in January for a third month as high prices and low inventory continued to restrict home buying.
The National Association of Realtors’ index of pending home sales decreased 5.7% from a month earlier to 109.5, the biggest drop since February 2021, according to data released Friday. The figure was worse than all estimates in a Bloomberg survey of economists”
https://www.bloomberg.com/news/articles/2022-02-25/u-s-pending-home-sales-unexpectedly-fell-by-most-in-11-months?srnd=premium
Um…pending home sales isn’t lower sales. Not yet.
Please try to keep up WP.
If you all bothered to read Gary’s great blog with all the data, you’d know that properties under contract and pendings, have slowed in Chicago. It’s likely monthly sales will show a year-over-year decline this spring because continuing to do a 20% gain on a 2-year stack just isn’t sustainable and if the pendings are lower, then the sales will be too.
It’s not going to mean the Chicago housing market is “bad” or “slow.” Lol.
It will just mean that the 15 year records set last year can’t be lapped.
It’s not going to create more inventory and prices aren’t going to decline.
Honestly, I’m surprised that January was able to lap. It’s been an incredible 2 year run in real estate. But it was always going to be this way because of the demand from the largest generation in US history. And Chicago has underbuilt over the last 10 years. It has built apartments but not many condos or single family homes. That’s why I would not be surprised to see some of the apartment buildings become condos, just like we saw in 2000-2002 time period.
Also, remember, those homes currently pending were bought before the rates rose. They go back 30 to 60 days.
“Look at the 12Mo moving average on Gary’s blog”
And?
Tells you what?
The bears on this blog are so desperate. It’s laughable.
Housing market is in a bull. Has been for 2 years. Will be for 2 to 3 years more simply based on demographics alone. Have to see what happens with the US economy but this year, economy will be strong.
2022 is going to be a really hot year for Chicago. The big conventions are back. Lots of tourists booking summer trips. Let’s all hope we don’t get another nasty big outbreak which slows the momentum.
Sales in Chicago haven’t slowed. Not yet.
Bob the Bear will probably appear in March or April when we get the first year-over-year lower sales data print and say, “the end is here. Chicago is doomed. The city is imploding.”
Lol.
“And?
Tells you what?”
That its slowing
“If you all bothered to read Gary’s great blog with all the data, you’d know that properties under contract and pendings, have slowed in Chicago.”
JFC – You still have another hour till noon
You aren’t actually telling us the data because it’s not showing it’s “slowing.”
For those of you who don’t bother to go over to Gary’s blog, here’s what he said about contract activity based on the January sales data. It will be another 2 weeks before we get February’s data.
“The number of contracts written has been trending down the last two months. January was 5.7% below last year which likely means that we are about to see negative sales comps. However, as you can see in the graph below January still had the second highest number of contracts written since I’ve been tracking this. In fact, January was 14.5% higher than the 2020 number.”
I still can’t believe how hot January was. Incredible given the demand the last 2 years.
Here’s what Gary said about pending home sales per the January data:
“What appears to be feeding sales in the face of declining contract activity is a decline in pending home sales. January had 413 fewer homes pending than last year and that means that either contracts are closing faster or we’re emptying the pipeline. However, the graph below appears to show that we are close to the pre-pandemic lows in this number.”
https://www.chicagonow.com/getting-real/2022/02/chicago-real-estate-market-update-highest-january-sales-in-15-or-16-years/
So I don’t really see what JohnnyU is citing to from Gary’s blog to support his statement about a slowing 12 month moving average. It will be very difficult to lap 2021’s red hot sales numbers. January was able to do it. But as pendings/contracts numbers slow, ultimately sales will too. This spring we will see some months that are below last year’s.
But last year was the hottest in 15 years. If you have 50 or 100 fewer sales in a month this year, it’s still a strong market.
All of this is going on without the speculative investors buying up 5 condos like they were in 2005-2006. It’s incredible how strong the “real” demand is this cycle.
“You aren’t actually telling us the data because it’s not showing it’s “slowing.””
LOL, WTF?
Look at the green line rummy, what does the change in the slope signify?
The “change in the slope” signifies nothing?
I’m assuming you’re talking about pendings and not contracts but you won’t clarify.
2016 was the last bull in Chicago’s housing market, when mortgage rates went down to 3.6%. It slowed in 2017 and 2018 when the rates rose above 4% again and approached 5%.
We’ll see what happens this go-around. Rates over 4% will slow it but I really think it needs to be 4.5% to see any dramatic slowdown because it’s still much cheaper to buy, than to rent and apartment rents continue to rise. Millennials still want to buy a home. They don’t want to be renters forever. Younger Millennials who are buying now have no memory of the housing bubble, or bust.
“But last year was the hottest in 15 years. If you have 50 or 100 fewer sales in a month this year, it’s still a strong market.”
Now you’re just making shit up and changing the discussion
Get your head of the bottle (or box), sober up and learn to read Vs completely lying about what I stated.
“The “change in the slope” signifies nothing?”
LOL
Arent you allegedly in “finance”. Maybe walk this over to one of your co-workers (Maybe throw in a couple of Altoids first) and ask him/her to explain it to you like you are 5
Go and look at the graph, what is the X axis?
“Now you’re just making shit up and changing the discussion”
Nope. YOU are the one who doesn’t understand the definition of a “hot” market, right?
I think we can all agree this market is hot. Sales are at 15 year highs. In January, on a two year stack, they were up 25% from pre-pandemic in January 2020.
If in February, they decline 3% from last year’s 15 year high, they are STILL hot and the market is still on fire. Because those numbers are probably the second highest in the last 15 years.
But JohnnyU, WP, Homedelete, Bob the bear and all the other housing bears “chicago is doomed” crowd on this blog will say, “see, it’s doomed! It’s crashing. It’s over.”
When the market remains red hot, prices are still rising and there are multiple bids. Lol.
Sorry fat fingered the above
should be Y axis
The data is the data. I’m sure in February or March we’ll see negative year-over-year comps. Gary will post the data around Mar 7 for February so we’ll see.
But the Chicago housing market is red hot, even with a negative year-over-year comp. Over 30% of listings are going under contract in the first week on the market.
The economy is good and rates are still below 4%. It’s cheaper than renting.
I don’t know what you are even talking about JohnnyU because you never clarified.
Pending or contracts?
Listen Rummy
Respond to what I posted that you disagreed with: “Housing sales are already slowing” vice letting the liquor do the talking
“Nope. YOU are the one who doesn’t understand the definition of a “hot” market, right?”
No one understands your metrics for a HAWT(tm) market because you constantly move the goal posts and claim victory. Sobering up and putting your actual definition would be a good start for you
“But JohnnyU, WP, Homedelete, Bob the bear and all the other housing bears “chicago is doomed” crowd on this blog will say, “see, it’s doomed! It’s crashing. It’s over.”
Where did I state its crashing? Is the the Prosecco talking?
Here’s what I’ve stated
1 – The Chicago market has severely lagged the rest of the US – Absolute fact
2 – The City has a number of headwinds that are long term problematic (Debt, Taxes, Mismanagement, Schools, etc) and in general make RE investment not attractive – Opinion
If you believed 1/2 the BS you spew – you’d be emptying your 401k and buying property. Instead you’re content getting soused drinking cheap boxed wine and flat out lying
“The data is the data. I’m sure in February or March we’ll see negative year-over-year comps. Gary will post the data around Mar 7 for February so we’ll see.”
Not sure why you’re posting this as it has zero to do with my statement that “Housing sales are slowing”
“I don’t know what you are even talking about JohnnyU because you never clarified.
Pending or contracts?”
What does the Y axis show?
“Um…pending home sales isn’t lower sales. Not yet.
Please try to keep up WP.”
Your question was that you have seen no data of home sales slowing. The data I posted supports this hypothesis which is likely to be confirmed with February and March home sales data.
Given the data was national it could be more due to lack of inventory nationally than due to an actual slowing market or a market responding to increased rates.