Back To The 2002 Price For This Bank Owned 2-Bedroom Loft: 300 W. Grand in River North
This 2-bedroom loft at 300 W. Grand in River North has been on the market since July 2012.
It is bank owned.
It has exposed brick but white ceilings along with hardwood floors in the main living areas.
The bedrooms have carpeting.
It appears that only one of the bedrooms has windows in it with the second bedroom behind the kitchen.
From the listing pictures, it looks like this loft faces south, which is the preferred view, since the north facing lofts now look directly into The Silver at 303 W. Ohio.
The kitchen has white cabinets and appliances. The building was converted into lofts in 1998. This looks to be the original kitchen.
It also has two white bathrooms.
The loft has central air and there is a washer/dryer hook-up in the unit.
The listing doesn’t mention parking. Some units in this building had parking, some did not.
The loft has been reduced $19,000 since July and is now listed at the 2002 price.
Why isn’t this selling?
Rosario Terracciano at Resurrecting Real Estate has the listing. See the pictures here.
Unit #208: 2 bedrooms, 2 baths, 1200 square feet
- Sold in August 1998 for $184,000
- Sold in April 2002 for $299,000
- Sold in January 2006 for $345,000
- Lis pendens foreclosure filed in January 2010
- No record of the bank actually owning it but it is a Freddie Mac First Look Initiative property
- Originally listed in July 2012 for $318,900
- Reduced
- Currently listed at $299,900
- Assessments of $293 a month
- Taxes of $3486
- Central Air
- Washer/Dryer hook-ups in the loft
- Parking??? (it doesn’t list any)
- Bedroom #1: 11×17
- Bedroom #2: 14×11
The entire place just looks cheaply done. The kitchen looks cheap, the bathrooms look cheap, even the doors look cheap Plus its long and narrow. About the going for this place is the exposed brick.
Looks like an investment property/rental to me, which is probably why it hasn’t sold under the Freddie Mac First Look Initiative. FREDDIE MAC FIRST LOOK PERIOD APPLIES. ONLY OWNER OCCUPANT OFFERS WILL BE CONSIDERED UNTIL 08-03-2012
people want updated stuff especially if the condo isn’t that great in the first place. This home despot special looks really cheap. my guess is that with no parking it sells for 260-275k
You would have to put me on suicide watch if I were to live here.
Rehab it for 50k and you can rent this out for easily 3k a month. $283 dollar HOA help a lot in making this a good investment opportunity.
3k a month? with no parking? Wow
Another cave like loft with a bowling alley floor plan. Even with 50k in upgrades I don’t think I’d enjoy living in such a dark narrow unit.
The balcony is basically unusable being on the 2nd story of that part of Grand. Agree, you couldn’t get more than $2,400 for this place.
“Rehab it for 50k and you can rent this out for easily 3k a month. $283 dollar HOA help a lot in making this a good investment opportunity.”
1) I don’t think it would take $50k to reno. I mean, that kitchen is pretty small. This place certainly doesn’t require Grohe/Viking level finishes.
2) $3k for a 2/2 is only happening in new, full amenity buildings in the area. This second floor bowling alley on Grand is not that. $2400 seems closer to reality.
Track lighting is not a selling feature.
“Track lighting is not a selling feature.”
True…but you’ll find it in every loft.
IDK i really would like a formal definiton of a “loft”
to me when i hear loft i think high ceilings either timber or unfinished concrete, wide open space, and brick walls.
Fred “2) $3k for a 2/2 is only happening in new, full amenity buildings in the area. This second floor bowling alley on Grand is not that. $2400 seems closer to reality.”
Not saying this will rent for $3k per month but 2BR units in my old loft building in RN were renting for $3k. They were about 1200sft. This was with a decent kitchen and older bathrooms in a loft that was converted in the 90s. The rental market is crazy. $2400 will get you a 1BR in those new rental buildings not a 2BR.
“The rental market is crazy. $2400 will get you a 1BR in those new rental buildings not a 2BR.”
Agreed
“$2400 will get you a 1BR in those new rental buildings not a 2BR.”
Yes, I think this 2 bed would rent for the same price as a 1 bed in EnV or Flair.
Older space vs new amenities. Renters are weighing that choice every day.
The first word of the listing is comical: Gorgeous….
This was just reduced again to $284,900. Maybe the bank is reading Crib Chatter?