Back to 2005 Prices? 1250 S. Indiana in the South Loop
1250 S. Indiana is a 168 unit 2005-constructed building in the South Loop just behind One Museum Park.
It has a good location, for those who want to be near Grant Park and Roosevelt Road’s transportation options.
The building wasn’t built as a “luxury” building. Many of the two bedroom units are on the smaller side (under 1100 square feet.)
Two two bedroom units just came on the market. Unfortunately, neither has pictures of the interior.
Is it back to 2005 pricing for these sellers?
Unit #301: 2 bedrooms, 2 baths, 1069 square feet
- Sold in January 2005 for $294,500
- Flipped
- Sold in August 2005 for $342,500
- Currently listed at $360,000 (includes the parking)
- Assessments of $431 a month
- Taxes of $3988
- Corner unit with east view
- Brand Central Homes has the listing
Unit #606: 2 bedrooms, 2 baths, no square footage listed, split floor plan
- Sold for $304,000 in February 2005
- Currently listed for $355,000 (parking included)
- Assessments of $409 a month
- Taxes of $3750
- East facing
- Charles Rutenberg Realty has the listing
For some pictures of the interiors, check out this 2 bedroom, 1.5 bath unit that is currently on the market. It faces west.
The listing says the “Seller is motivated! Will pay $2000 in closing costs.”
Unit #1308: 2 bedrooms, 1.5 baths, 1069 square feet
- I couldn’t find a prior sales price
- Currently listed at $369,900 (parking included)
- Assessments of $399 a month
- Taxes are $4161
- RDR Realty has the listing
Needs to drop 50-75k, too much inventory in that area with the same offerings. Plus, if I’m going to live in an area with a decent view, you better have some bigger windows.
AND SOME BETTER PICTURES! ake some summer pics for C’s sake!
The view will probably be blocked within the next 10-15 years. The site developer has zoning approval to line the south wall of Grant Park along Roosevelt with some serious highrises (think more in the 60-70 story range like One Museum Park). So even that neat view will eventually be reduced to a sliver.
Not that I’d expect most agents to divulge such information to prospective buyers.
I found out through the Emporis database that this is another wretched condo built by William Warman and Warren Barr (formerly Legacy Development, now Provence Development Group and Renaissant Development Group, respectively). These men should be in jail and I wanted touch a condo in this building if it was being offered at 1999 prices. Even if it is fabulous, who knows if they cut the same corners they cut at 1717 S Prairie (currently in litigation and facing up to $50,000 special assessments) and 1 E 15th (balcony issues, litigation as well).
Big bills hit Prairie Avenue tower residents. http://www.chicagojournal.com/main.asp?SectionID=1&SubSectionID=60&ArticleID=5416&TM=43189.16
Costly repairs in South Loop | Crain’s. http://www.chicagobusiness.com/cgi-bin/mag/article.pl?rssFeed=magazing&post_date=2008-07-26&article_id=30344
The Facts:
I worked on this building and I own there. Bill Warmen and Warren Barr were “cut out of the picture” of this building before it ever broke ground! It was eventually co-developed by entities of New West and Central Station. Warmen and Barr lost control early on.
Most owners are pretty happy living there and we have had no major problems thus far. There have been no special assessments and our board has no plans on any.
Could the person who lives in the building at 125 S Indiana tell me how sound the building is structurally and financially? Also why are the assessments so high on a newer building. I’m looking at a unit with 1500 sq. ft on the terrace level. Any advice?
MAB
MAB: Perhaps, if you have an agent, you can get a copy of the condo board minutes to discover what is going on behind closed doors in the building.
And, if you’re talking about Unit #712, which has an assessment of $512- that is relatively cheap as far as a condo unit downtown with that square footage is concerned. For that square footage- I’ve seen them range anywhere from $600 to $800 (easily). Especially in “new construction” buildings that are a few years old.
Has anyone heard anything about the develpment and construction of the Chess Lofts?