Are There Deals in River North? A 2/2 For $375,000 at 600 N. Dearborn
This 2-bedroom in The Farallon at 600 N. Dearborn in River North came on the market in August 2020.
The Farallon was built in 2002 and has 162 units and an attached garage.
It is directly north of the Post Office.
Rainforest Café, seen in the photo above, has shut and it’s unclear what will go on that lot.
It is a doorman building with an on-site engineer, a fitness center, sundeck and bike room.
This is a Southeast corner unit with a split floor plan.
It has hardwood floors and a covered private balcony.
The kitchen has 42″ cabinets, granite counter tops, white appliances and a breakfast bar.
There’s a separate dining area.
The primary bedroom has an en suite bathroom with a dual vanity.
The unit has the features that buyers look for including in-unit washer/dryer, central air and garage parking is $30,000 extra.
This building is in the heart of the River North scene, walkable to shops, grocery stores, restaurants and the Mag Mile.
Originally listed in August 2020 for $400,000 it has been reduced to $375,000.
Is this a deal for a 2/2 in River North?
Tod Pratt at Berkshire Hathaway HomeServices has the listing. See the pictures here.
Unit #1012: 2 bedrooms, 2 baths, 1200 square feet
- Sold in September 2001 for $345,500 (included the parking)
- Lis pendens foreclosure filed in January 2010
- Bank owned in April 2015
- Sold in October 2015 for $390,000 (included the parking)
- Originally listed in August 2020 for $400,000
- Reduced
- Currently listed at $375,000 (plus $30,000 for parking)
- Assessments of $817 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8212
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 15×10
- Living room: 14×13
- Kitchen: 17×9
- Balcony: 13×5
- Laundry: 4×3
Losing money after 5.5 years is the new HATWT ™. Buy now or be priced out forever
You can polish this turd enough to make any money. Even if you went completely on trend it would be like throwing $1000 rims on a shitbox Kia (See unit 1101)
Save the down payment and the headaches of trying to sell in 3 years and just rent
For over $8,000 in property taxes a year you could live in a beach community of million dollar homes in FL or The Carolinas.
That’s sum killer appreciation in 20 years. Probably why OpenDoor / Knock / Offerpad and other similar services won’t touch Illinois/Chicago. They don’t want to get caught holding the bag.
I guess this goes back to why buy this over renting? 20 years ago, this would have been clearly nicer than a typical rental high rise so buying usually made sense if you wanted a nicer place. There was a clear difference between a condo and an apartment. However, that isn’t so much the case now with the luxury rental options available with finishes rivaling most new condos.
The all in PITI on this place is probably around $3k to $3500 depending on down payment. How does this place compare to a rental for say $3500?
If the Chicago market 20 years ago was the way it is now, I don’t think I would have bought a condo. Renting would make way more sense imho.
I feel like $10k on painting walls, painting cabinetry, new cabinet hardware and appliances would go a long way here.
“How does this place compare to a rental for say $3500?”
I’ll take the $3,500 rental.
https://www.zillow.com/homedetails/369-W-Grand-Ave-MUME33Y7X-Chicago-IL-60654/2075428511_zpid/
“How does this place compare to a rental for say $3500?”
“I’ll take the $3,500 rental.”
I was going to say: ‘it’s a little bit bigger’–and it looks like you get about 10% more SF and the parking works out to be a bit cheaper.
I’ll take the $3,500 rental.
https://www.zillow.com/homedetails/369-W-Grand-Ave-MUME33Y7X-Chicago-IL-60654/2075428511_zpid/
I would take the apartment as well, but it looks like its showing 3Br + Daybed
The irony of the picture for this post is that the Rainforest Cafe is now closed along with dozens of other businesses along Ohio St.
Anything in this building should come with a huge discount for having to look at the ugly hulk of Rainforest.
That building was a stain on the city from the time it was built. It actually looks a bit better abandoned.
Judging from the awful stuff built around here over the last 40 years, I shudder to think what might replace Rainforest. The latest insult is the re-vamped McDonald’s nearby, which appears to be built on stilts.
I avoid this area whenever possible.
So the post picture above highlighting the rain forest cafe doesn’t actually exist in the listing.
A little tongue in cheek humor there from Sabrina 🙂
“Judging from the awful stuff built around here over the last 40 years, I shudder to think what might replace Rainforest. ”
Blight, dollar stores and seedy illegal drinking establishments will replace Rainforest Cafe and whatever else remains of river north. I drove down this stretch Ohio St. about two weeks ago and it’s a sad sight for sore eyes. On the bright side, at least the boarded up windows are gone!
“I drove down this stretch Ohio St. about two weeks ago”
What was on Ohio west of State that will be missed? Name *2* things that were there a year ago that I should be sad might be gone.
Well, Anon(tf0), I can’t speak to your poor tastes, but I’ll miss Escapades and Rainforest Cafe myself.
“I’ll miss Escapades and Rainforest Cafe”
Rainforest Cafe wasn’t a lockdown casualty, except as to timing–lease expired in 2021, and wasn’t planned for renewal. Won’t miss it any more than I miss the Red Lobster that once was in the featured building.
As to escapades: rage room or escape room?
There are many Chicago restaurants and institutions I miss, but the Rainforest Cafe is not among them.
Isn’t the post office being redeveloped? Setting aside how not much of a deal this mediocre unit is, as some point in the coming years this building is going to be surrounded by a lot of construction projects.
Portillo’s and Kerryman. What else do you need?
“Portillo’s ”
I stopped eating there in 2014 after the owner sold his company, through a leveraged buyout, to a private equity company. A Maxwell Street Polish Sausage with mustard and onions doesn’t taste as good knowing that you’re helping a Harvard MBA buy a 2nd yacht.
“Portillo’s and Kerryman. What else do you need?”
Yikes.
Again, HH doesn’t live in Chicago and hasn’t for a LOOOOOONG time.
“Isn’t the post office being redeveloped?”
Not that I’ve heard.
Anyone?
Perhaps you are thinking of the “Old Post Office” which was redeveloped in West Loop Gate.
“There are many Chicago restaurants and institutions I miss, but the Rainforest Cafe is not among them.”
You and everyone else anonny. Which is why it closed.
“Blight, dollar stores and seedy illegal drinking establishments will replace Rainforest Cafe and whatever else remains of river north. I drove down this stretch Ohio St. about two weeks ago and it’s a sad sight for sore eyes.”
Whut?
What city were you in HD because it wasn’t Chicago.
In fact, other than Rainforest, I can’t think of much that has shut down on that stretch. There’s a few here and there, I’m sure but I ignore most of that because when you live somewhere and drive around and take the buses around, it looks the same as 6 months ago so it’s not different.
And there goes HD, once again, doom and gloom WISHING for Chicago to go into the dumps. HOPING for “blight, dollar stores and seedy illegal drinking establishments” because he HAS to bet against Chicago, Illinois, and America. It all has to burn down so he can be RIGHT that the country sucks.
Why people think like this and waste their lives thinking like this, I still don’t understand.
Instead of living the American Dream he is actively wishing it would DIE.
“Judging from the awful stuff built around here over the last 40 years, I shudder to think what might replace Rainforest.”
They’ve said they are looking for another restaurant tenant but they apparently haven’t ruled out the possibility of condos. It’s a big lot in a prime location.
““There are many Chicago restaurants and institutions I miss, but the Rainforest Cafe is not among them.”
You and everyone else anonny. Which is why it closed.”
You’d have to be INSANE not to LOVE the Sparkling Volcano desert, “A giant, rich chocolate brownie cake stacked up high, served warm with vanilla ice cream, creamy whipped topping, caramel and chocolate sauces” I go crazy just thinking of it. When JB and I used to go for business lunches together, I’d watch that dude devour an entire volcano himself, and then eat nearly 2/3rds of a second one. It was hard to talk business when his mouth was full of that tasty, corn syrupy, Yellow #5 filled creamy whipped topping, but we did some business discussed.
“And there goes HD, once again, doom and gloom WISHING for Chicago to go into the dumps. HOPING for “blight, dollar stores and seedy illegal drinking establishments” because he HAS to bet against Chicago, Illinois, and America. It all has to burn down so he can be RIGHT that the country sucks. ”
I love America. I want America to succeed. But it’s difficult to root for a city, and it’s political establishment, that actively wants to destroy Chicago. After the summer of 2020, it’s blatantly clear to the rest of America, that Lori/Toni/BMI50, none of them give two $hits about Chicago, and neither should I. Because if they did care, it wouldn’t be the decrepit eyesore that it is now.
Chicago survived a great fire, and floods, and gangsters, and the great depression, and other disasters. But it unfortunately cannot survive under the steward of progressive politics, and is now, unfortunately, on a life support with a terminal illness.
“Portillo’s and Kerryman. What else do you need?”
This place is a few blocks from Mr Beef and you went Portillo’s?
Credit for not being a poser and going Al’s
“I stopped eating there in 2014 after the owner sold his company, through a leveraged buyout, to a private equity company. A Maxwell Street Polish Sausage with mustard and onions doesn’t taste as good knowing that you’re helping a Harvard MBA buy a 2nd yacht.”
I Believe Dick still hold the ground leases and the commissary
Uh-oh, we’re getting parody HD again.
Last time, it was a run up to buying a house, is it a run for political office this time around?
““Isn’t the post office being redeveloped?”
Not that I’ve heard.
Anyone?”
They’ve only been talking about it basically forever:
https://www.chicagobusiness.com/article/20080111/CRED03/200027733/postal-service-eyes-redevelopment-of-dearborn-site
Haven’t heard any serious discussions recently.
“that Lori/Toni/BMI50, none of them give two $hits about Chicago, and neither should I”
Don’t you think Lori wants to be re-elected in 2023? I see your posts and it looks like you forget we live in a democracy….
What’s the beef with Toni? She is a machine politician somewhat annoying but doesn’t care about Chicago I don’t see that.
Who is BM150?
“But it unfortunately cannot survive under the steward of progressive politics, and is now, unfortunately, on a life support with a terminal illness.”
Lori does not govern as a progressive. Go look at the backgrounds of the people she surrounds herself with. She tapped George H.W. Bush appointees to lead the covid recovery in Chicago.
The recently let go City Attorney was getting homestead exemptions on his Chicago and Naperville home.
Both of her city council floor leaders are to the right of actual progressives.
If you think Lori or Toni are the bastion of progressive ideologies I have news for you. There’s this group called the DSA that formally aligns with the CTU that’s seen some pretty large political gains in city council over the past couple years.
Let’s see if the next mayoral candidate they put up to run against Lori can get more than 35% – 40% of the vote and actually win a ward outright unlike last time.
The city is not on life support with terminal illness. It’s in for one more tough decade financially until the Ramp levels out. Between 2030 – 2035 the financial picture should be alot rosier and maybe we can finally replace civil war infrastructure and get the lead out of the dilapidated water pipes.
“Who is BM150?”
BMI-50, aka the charming sobriquet “Governor FatFuck”.
JB.
Also:
“Don’t you think Lori wants to be re-elected in 2023? I see your posts and it looks like you forget we live in a democracy….”
HD doesn’t get a vote, living out in Long Grove.
“BMI-50, aka the charming sobriquet “Governor FatFuck”.”
Ah that makes sense. Body Mass Index. JB is not a progressive. He is a traditional uppity, corporate city liberal.
The criminal justice bill and education bill that he recently signed he had no part in its design or even pitching it.
Perfect example is his actions with the United Center vaccine rollout site. He talked about “equity” but originally opened the site to anyone in the state and over 60% of the original sign-ups where people outside the city of Chicago.
Lori had to contact FEMA and the Biden Admin to put pressure on him to change the eligibility of the site. JB quickly ran away from owning it and started saying it was a partnership with Lori and FEMA.
Further, go look at the weed legalization bill he signed in 2019. The rollout has been such a disaster that a new bill is needed on awarding licenses. Politicians to the left of JB and Progressives are directly blaming him and his administration for the bungled roll-out that he designed.
https://patch.com/illinois/chicago/pritzkers-fakequity-problem-surfaces-united-center-vax-site
I don’t consider Preckwinkle to be “machine” though she knows how to play the game – she defeated the establishment candidate to become 4th ward alderman, which she was very effective at (got development started that previous alderman had promised for all his terms – it’s a very different ward than when she was originally elected, whiter and much wealthier). A lot of people I know think that the “establishment” backed Lori because they couldn’t control Preckwinkle.
Toni Preckwinkle is a 100% boafide union shill. She may have been a political outsider but she is was and always will be a lap dog for public sector union scumbags.
“JB is not a progressive. He is a traditional uppity, corporate city liberal. ”
This is nonsense and I don’t care for your intra-party “who is the real progressive’ squabbles. To a 3rd party observer, JB is a progressive, he ran as a progressive, regardless of how far to the right or left he is of the DSA communist wingnuts.
JB has overseen and signed some pretty progressive whacked out bills that have made this state the laughing stock of the nation. From the progressive abortion bill (he actually used the word progressive to describe the bill), to the progressive crime bill, to a failed progressive tax bill, and now all of the progressive and equity executive orders, to the insane educational bills he intends to sign (state sponsored social justice summer school camps!), he’s easily the most progressive governor overseeing the most progressive legislative caucus in the state’s history.
He did the right thing with the FEMA site. Distributing vaccines based on skin color alone isn’t progressive, it’s straight up racist. Only segregationists, KKK members and straight up racists believe otherwise.
““JB is not a progressive. He is a traditional uppity, corporate city liberal. ”
JB is a fat, barely functional retard who was born on third base and likes to pretend he hit a triple. If he wasn’t a billionaire he wouldnt be qualified to shovel shit out of one of his stables.
Lets quit pretending that he’s anything more than the above
JB is basically a morbidly obese (Or if there’s a category above this) Ruprecht the Monkey Boy
“I don’t consider Preckwinkle to be “machine” though she knows how to play the game – she defeated the establishment candidate to become 4th ward alderman,”
When you fundraise at Ed Burke’s home and hire his son you are part of the machine.
As to the Dearborn post office redevelopment – I was definitely not confused with the Old Chicago Post Office (which FYI is pretty much done), but I was definitely actually thinking of the fire station:
https://www.chicagobusiness.com/commercial-real-estate/river-north-developer-forges-ahead-30-story-office-plan
Interesting however that anon(tfo) found an ariticld from 2008 about redeveloping the Dearborn post office.
“A lot of people I know think that the ‘establishment’ backed Lori because they couldn’t control Preckwinkle.”
——————–
I lost my shine for Lightfoot, but I have to ask: Of the people who said that the establishment backed Lightfoot over Preckwinkle — how many have IQs over 50?
“They’ve only been talking about it basically forever:”
Wow anon(tfo). The best article you could find was from 13 YEARS AGO?
LMFAO.
“The best article you could find was from 13 YEARS AGO?”
The first article I could find that matched my knowledge that they’ve been talking about it from time to time for *decades* was from 13 years ago.
That you apparently haven’t ever heard it mentioned makes me wonder…