Are Bidding Wars Still Happening in Chicago? A 2-Bedroom at 345 N. Canal on the Near West Side
This 2-bedroom in the Fulton House at 345 N. Canal on the Near West Side recently sold.
Built in 1903, Fulton House was original an old cold storage warehouse.
It was converted to apartments in the 1970s by star architect Harry Weese and then was converted into condos in the 1990s. There are 104 units. However, it’s also a live-work building where businesses can operate.
It has 24/7 door staff but no garage parking and a common deck overlooking the Chicago River. There is valet parking across the street at the River Bend building. It does not have other amenities like an exercise room.
This unit had a “complete gut” in 2010 and “updates” in 2023.
It has new high end vinyl flooring throughout, new paint, including on the barrel vaulted ceilings, 2 new HVAC wall units with high efficiency pumps, and a Miele washer/dryer circa 2022.
The kitchen has white modern cabinets, stainless steel appliances including a stove hood, a Franke stainless sink, pure white Corian countertops, and an island with a waterfall edge and seating for 3-4.
It has a separate dining room space.
There’s a built-in media center in the living room.
The primary bedroom has custom closets. The second bedroom is fully enclosed and has a window.
There’s only one bath but the listing says “no expense was spared” in the dreamy, spa bath with oversized shower with Jado thermostatic shower system, Grohe fixtures, and Duravit floating vanity, sink, commode and shower pan. It also has a Robern mirror.
This unit has a utility room with storage and an in-unit washer/dryer.
It is a corner unit with south and west facing views with a balcony with river and city views.
There’s no parking with this building but you can pay for valet across the street.
This unit came on the market on October 2, 2023 at $330,000 and recently closed, on October 20, 2023 for $340,000.
Are bidding wars still happening on some properties this fall?
Jennifer Cummings at Jameson Sotheby’s had the listing. See the pictures and floor plan here.
Unit #501: 2 bedrooms, 1 bath, no square footage listed
- Sold in May 1990 for $103,000
- Sold in September 1997 for $114,000
- Sold in October 2019 for $165,000
- Originally listed on October 2, 2023 for $330,000
- Sold on October 20, 2023 for $340,000
- Assessments of $690 a month (includes doorman, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $4105
- No central air. Wall units.
- Washer/dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 9×13
- Living room: 13×19
- Dining room: 10×10
- Kitchen: 8×10
- Utility/laundry: 5×8
- Foyer: 3×8
- Balcony: 5×8
Perfect Pied a Terre for a cash buyer. Great layout for that too. Bath is starting to look a little dated to me but it is still nice. That hood vent is waaaay up high. Wonder how effective it is.
I am under the impression that all vinyl flooring feels cheap when you walk on it…but I will freely admit that I have not walked on a whole lot of it. Am I wrong? This flooring looks ok…but to me still fake.
I have an employee renting a stupid expensive new construction place in the loop with a bunch of roommates and even though it is a full amenity building, they all workout at that hoity-toity Eastbank club gym across the river and up a little ways from here…they are very image focused.
Seriously could have bought this place and had a roommate help with the bills, be closer to the EB club, and be spending way less than he is now. Kids these days….
I love it when sabrina makes claims that have no basis in fact
I wonder if those wall units have sophisticated chips and if they contributed to the bidding war?
“I am under the impression that all vinyl flooring feels cheap when you walk on it…but I will freely admit that I have not walked on a whole lot of it. Am I wrong?”
Not wrong
“Seriously could have bought this place and had a roommate help with the bills, be closer to the EB club, and be spending way less than he is now. Kids these days….”
1 Bath might be a problem with a roommate
“I love it when sabrina makes claims that have no basis in fact”
What am I getting wrong?
Someone paid more than the list. There is no parking or storage unit that would have been “added” to account for it. Maybe they were the only bidder and the agent was savvy enough to indicate that there were going to be multiple offers so you’d better give your best one.
I’m also assuming it was all cash, given the quick close. If you have cash and you want a property, you offer above ask and you get it.
“I wonder if those wall units have sophisticated chips and if they contributed to the bidding war?”
They’re brand new, so, yeah, they are going to have the latest technology.
What don’t you understand JohnnyU? Things have changed. Try and get into this century.
“Perfect Pied a Terre for a cash buyer. Great layout for that too.”
It would work, for sure.
I’m also wondering if it couldn’t be for a GenZ child. The extra bedroom would be perfect for work from home. Everything else is updated enough that it’s as nice as a rental. They don’t have a car and don’t care about the parking situation. They have a terrace.
Either way, it pays to update your property to the apartment standards if you want a quick sale.
Offers over list with mortgage rates at 8% don’t fit the bearish narrative. I get it. But that bearish narrative is not the reality.
Inventory is super low. If an updated property comes on the market, there are often numerous buyers interested.
You can deny it all you want.
“What am I getting wrong?
Someone paid more than the list. There is no parking or storage unit that would have been “added” to account for it. Maybe they were the only bidder and the agent was savvy enough to indicate that there were going to be multiple offers so you’d better give your best one.
I’m also assuming it was all cash, given the quick close. If you have cash and you want a property, you offer above ask and you get it.”
Your assumptions dont = facts
“Inventory is super low. If an updated property comes on the market, there are often numerous buyers interested.”
Why? With super low inventory and per your past postings its a sellers market. Why the need to update to sell? As usual you dont make any sense are are playing “Heads I win, Tails you lose” with every data point
“Your assumptions dont = facts”
The MLS lists it as being bought with cash.
Maybe this cash buyer just felt like paying $10k over the ask. You know, for fun.
Sabs says
“Offers over list with mortgage rates at 8% don’t fit the bearish narrative.” and
“Maybe this cash buyer just felt like paying $10k over the ask. ”
chichow replies: list price isn’t a good metric to use
a realtor could set a lower list price of 500k to drum up interest
or in reverse Macy’s could set a price of 500 for a dress and then mark it down 80% and the buyer would be like I got it 80% off. Not really. You just paid 100 for the dress.
– – –
using the available data, it’s better to go with historical closing prices and CPI
I do like if they went with heat pumps / inverters with the wall units
“using the available data, it’s better to go with historical closing prices and CPI”
To that end, an important typo in the post–the prior sale was Oct-09, not 19.
It was also an REO sale, after f/c on a $228k mortgage from Mar-07.
Purchase price + CPI = $235k. And then the costs for the redo of basically the whole unit. Probably a little move-in-ready premium.