Best Deal In the Loop: 208 W. Washington
Forget about new construction. If you really want a condo “deal” in a certain neighborhood (outside of foreclosures or short sales) you need to look to the older condo buildings. You might be surprised at what you get for your money.
Yes, some of them might need some minor updating (countertops or appliances) but if you pick the right building- you can get the great neighborhood at a fraction of the cost of your new construction neighbor who is buying literally, sometimes, right across the street.
Such is the case with 208 W. Washington. The building is smack in the middle of the loop- so no views of the Lake or the River- but it’s a great location if you want to walk to work and it’s a short stroll to River North, Streeterville and Millennium Park. Originally an office building, it was converted around 1998 into condos.
They aren’t glamorous, but the building has washer/dryers in every unit and parking is available for purchase. Some of the two bedroom corner units are quite nice, with pretty city views. There are also numerous roof-top units with large brick enclosed terraces which are especially nice.
What makes the building a deal is that you get a lot of square footage for the price.
Currently on the market are two two bedroom units listed for under $400,000 with the parking included. Compared to any nearby new construction buildings, such as MoMo, that’s at least $150,000 to $200,000 cheaper.
Unit #911: 2 bedroom, 2 bath, 1380 square feet
- Currently listed at $389,000 with the parking included
- The pictures above are of the Unit #911
- Assessments are very affordable for a two bedroom unit
- Brad Lippetz Real Estate Group has the listing
Unit #1105: 2 bedroom, 2 bath, 1200 square feet
- Currently listed at $375,000 with the parking included
- Sudler Sotheby’s has the listing
A two bedroom, two bath with windows in at least one bedroom AND parking for under $375,000 in the loop? Yes- it’s possible.
Living room in 911 is 40 by 14…nice and the kitchen is upgraded with granite counter, SS appliances, new cherry cabinets, and SS island. Assessments are a bit high at $746.00
Correction to your post, 208 Washington was converted in 2001. See article below
http://www.bestchicagocondos.com/luxury-condos/city-centre.html
911 is now Under Contract!!!
Unit #911 was a good price for that square footage and those amenities. It was also staged well to sell (lack of clutter etc.) The units in this building are well priced.
I personally believe that 212 W Washington is a better building to buy in than 208 W Washington. Most of 208 looks over the CTA tracks and the result is very loud. Half of the units that look over Washington in the 208 building have shared balconies. In addition, the walls in the 212 building are higher, affording more privacy if more than one person is living in the unit. Other than that, there is no difference in the design of the units. So technically, there are only…approx…12 units that actually have good outdoor space?
What’s the point? Comments?
Personally, I like 208 better but you are correct that the 2 buildings are basically identical. At 208, the hallways were just re-carpted and painted and the condo association is great. There have been no assessment increases in 3 years and the parking assessment was actually reduced due to better management (just had a buyer in the building).
Currently, there are 8 units on the market at 212 (out of 183 total) and only 4 at 208 Washington (out of 214 total).
Most sellers in this building in 2007 were losers on their investment when taking fees into account (not to mention inflation.)
208 WASHINGTON 508 10/12/2007 $275,000 1/13/2005 $269,900
208 WASHINGTON 807 3/30/2007 $244,000 8/9/2005 $259,900
208 WASHINGTON 1010 5/30/2007 $355,000 10/26/2005 $335,000
208 WASHINGTON 1206 6/4/2007 $305,000 8/23/2005 $315,000
208 WASHINGTON 1805 7/12/2007 $325,000 3/16/2005 $322,000
208 WASHINGTON 2006 7/20/2007 $331,500 7/20/2005 $295,000
212 WASHINGTON 2104 3/9/2007 $482,250 12/20/2005 $465,000
G
What is the story at 212 Washington? Any figures to share?
I have a feeling that 212 was probably the same situation (sellers not making anything in there either.)
G: got any numbers for 212?
Unit 2104 listed above is the only resale I could identify. There have been many more attempts at resales resulting in canceled and expired listings.
Here are the only actives that I identified the prior sale:
212 WASHINGTON 1501 7/20/2006 $328,000 now for sale for $349,900
212 WASHINGTON 1907 11/30/2005 $325,000 now for sale for $329,900
Here is someone that has been ‘testing the waters’ for almost 3 years:
212 WASHINGTON 1904 originally listed for $525,000 1/27/2005 and has been off and on the market, with current asking of $437,900.
wow, thanks G
CORRECTION: Sorry about that, but I just rechecked the listing for 212 Washington #1904. This is now an REO, which explains the long climb downward while under foreclosure. It is currently listed for $389,900 for a 3BR with tandem parking. Assessment is listed at $671/mo and taxes at $4267/yr (prior to reassessment).
This looks like a drop to 2000 prices. It was purchased new in 3/2000 for $361,000 with a mortgage for $288,720. It looks like $155,000 in ‘equity’ was taken out in 6/2001 and another refi was done in 1/04 for $438,900. Foreclosure was started in 7/2006, action for back assessments started in 8/2006 and the bank took title in 7/2007.
If anyone is contemplating a purchase of a downtown condo, there are many falling knives to catch.
G: Great info. Thanks.
That’s the question right- why catch a falling knife? Things “appear” cheap- but the correction is only just beginning. Why not wait a year or two or three to get some of these units much cheaper?
I’m assuming that many buyers are already waiting- hence the steep drop-off in sales that we are seeing in the downtown condo market.
Hi G,
12 units have closed in 212 Washington in the last 12 months. I just ran a CMA for it. 21 have closed in 208 over the same time period.