Are Renovators Good for the Housing Market? 130 N. Garland in the Loop
This 2-bedroom in the Heritage at 130 N. Garland across from Millennium Park in the Loop just came on the market.
But some of you who have been looking in the Loop might recognize it as it was on the market in the spring.
Apparently, it was bank owned and for sale via auction.
It sold in April 2016 and is now back on the market completely renovated.
This unit used to be a 3-bedroom but the walls for the third bedroom were removed to make an expansive living room.
There are new hardwood floors throughout.
There’s also new LED recessed lighting.
The kitchen has new Italian modern cabinetry and Viking appliances.
The bathrooms have been updated with marble.
It has east facing views along with central air and washer/dryer in the unit.
Deeded parking is available for $50,000 extra.
This unit was originally listed by the bank in February 2016 at $865,000.
It sold at an auction in April 2016 for $680,000.
You can see what it looked like at the time of the auction here.
It’s come back on the market listed for $419,000 above the auction sales price, at $1.099 million.
The renovation shows are popular again on various cable stations like HGTV and DIY.
Buyers want “new.”
Are renovators doing a service in this tight housing market by upgrading the housing stock?
And will this renovator get the premium on this unit?
Robert White at Conlon has the listing. It is agent owned. See the pictures here.
Unit #3803: 2 bedrooms, 2.5 baths, 1758 square feet
- Sold in July 2005 for $1,004,000 (no parking included)
- Lis pendens foreclosure filed in October 2012
- Bank owned in October 2013
- Was originally listed in February 2016 for $865,000
- Withdrawn
- Auctioned
- Sold in April 2016 for $680,000
- Renovated and now listed for $1.099 million (parking available for $50,000 extra)
- Assessments of $1042 a month (includes gas, cable, Internet, doorman, pool, lawn care, scavenger, exterior maintenance, snow removal)
- Taxes of $12,436
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×13
- Bedroom #2: 13×13
- Living room: 25×28
Not all buyers want new, and no buyers want to be gouged, which is what you get with this place.
1.1 million dollars for 1800 square feet in the loop, with 1200 in assessments?
Yeah, I think not. Who’s buying these units? I guess if I just moved here from Manhattan this may seem like a good idea.
Where to begin with this one?
They stole this unit. It was probably the worst marketed unit in the history of this building. The photos totally sucked. They even had one of the cleaning ladies in one of the shots. Even so I don’t know how it went so cheaply.
We sold unit 2103 in June for $1.085 with parking, which is essentially the same unit, and that was a pretty high price/SF for that unit. Our unit had been gut rehabbed about 7 years ago and the kitchen opened up and done with Valcucine cabinets and high end appliances but the unit was very taste specific. Our unit had the original 3 bedroom configuration with the bedroom next to the living room opened up to the living room with pocket doors. That’s the bedroom they took out in this unit long ago. I’m surprised they didn’t put that back because being able to market it as a 3 bedroom unit would have greatly improved the marketability of the unit.
I think the unit is fairly priced for the square footage but they may have trouble selling it as a 2 bedroom.
For reference: http://www.130NGarlandCt.com
I’m not Bud Fox, we ain’t living in the 1980’s Wall St., and while Bud may have a cool mil for his condo, this will not sell for anywhere near ask. Bud’s boss Gordon would tell you this was a bad investment; because you make money on the buy, not on the sell…
“Are renovators doing a service in this tight housing market by upgrading the housing stock?”
yes absolutely! Most people do not spend anywhere near enough money upgrading their current abodes, then 5-10 years goes by and it looks terrible and dated, but still miraculously the realtor cartel in this town keeps prices going up up up on a depreciating asset! Thank goodness for that!
“but still miraculously the realtor cartel in this town keeps prices going up up up on a depreciating asset!”
Yeah, the real estate market is rigged.
– Donald Trump
Those wood tones are horrifying.
Calling BS on the second bedroom sizing
Dont see this getting anywhere near ask
Terrible
The square footage of these Walsh built buildings are inclusive of structural elements which is why you think the square footage is misleading. There have been lawsuits for this before and the people that bought units expecting larger units lost the suit because the units square footage were marketed inclusive of structural elements.
If you think these prices are high you just don’t understand the Millenium Park market where a 1BR @ 340 facing Millenium Park goes for 750-900k and that’s with old finishes so I can see this price in the ball park.
However if I was going to pay 1m for a 2br I’d look at 5906 which towers over the Heritage and has an amazing view.
Regarding last line : https://www.redfin.com/IL/Chicago/60-E-Monroe-St-60603/unit-5906/home/45512937
Someone is suppose to complain about the ceiling height. Looks like a standard 8 feet to me. A cool million doesn’t even get an extra foot of ceiling height.
“However if I was going to pay 1m for a 2br I’d look at 5906 which towers over the Heritage and has an amazing view.”
Other than the view, which is amazing, that Legacy unit looks really cheap and a lot smaller. The finishes at the Legacy are so mediocre.
“The square footage of these Walsh built buildings are inclusive of structural elements which is why the square footage is misleading.”
FTFY
I agree many of finishes need an upgrade at the Legacy. Likewise at the Heritage. Can’t forget you could get away with those finishes back then. Everything was selling.
Anyway this 3803 unit is under contract. People like new finishes.