Bought In The Bust But Selling This 2-Bedroom Duplex Loft In A Hot Market: 375 W. Erie In River North
This 2-bedroom duplex up loft at 375 W. Erie in River North just came on the market.
It is an authentic loft with exposed brick walls and exposed timber beams on the ceiling.
The main floor has the living/dining/kitchen and the second bedroom and bath.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The second level has the master suite complete with a large private terrace.
It has central air, washer/dryer in the unit and one parking space included, with a second one available for $30,000.
This loft last sold in December 2010 for $490,000 which included 2 parking spaces.
The only difference visible in the pictures between then and now is that the kitchen now has stainless appliances (they were black previously.)
If you include the second parking space, the unit is now listed for $609,000, or $119,000 more than 2010 purchase price.
Will this loft get the premium?
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
Unit #518: 2 bedrooms, 2 baths, 1800 square feet, duplex up
- Sold in May 1998 for $336,500
- Sold in November 2003 for $485,000 (included 2 parking spaces)
- Sold in December 2010 for $490,000 (included 2 parking spaces)
- Currently listed for $579,000 (includes 1 parking space with a second available for $30,000)
- Assessments of $656 a month (includes doorman)
- Taxes of $7078
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×18 (second floor)
- Bedroom #2: 13×12 (first floor)
- Deck: 20×16
No way. Sorry, no one is going to pay this much for this place. I do like it a lot, it’s large and the space is cool (great staircase). But come on, I would feel like I was getting ripped off.
Is the outdoor space off the bedroom the only outdoor space? I would not want to carry my raw meat upstairs and through my bedroom to bbq.
According to the floor plan there is a smaller deck off of the living room. Really, I think of this as a super spacious one bedroom w/den.
I think this goes for close to asking. 2 parking spots, 1800 sq ft duplex with a large outdoor space for 600k in river north? Seems like a solid deal not considering the previous purchase price. Only downside is that there are no views and a ton of units look into your outdoor space. PS T.S. in the 3rd picture you can see that there is a small balcony that can fit a grill.
Even if the only outdoor space was upstairs, what is wrong with a little raw meat in the bedroom? 🙂
I think that these sellers will be lucky to get a sale price in the 500s unless that second parking space is included. Even then seems greedy. I think that this is just mispriced. 2/2s. even in River North, just aren’t that hot. In-building comps also don’t seem to support this kind of price.
As for the River North location, it’s pretty far west from the more desirable areas where walking to places is easier.
I was just talking to my wife about this place, I don’t like the terrace off the master bedroom, it would maybe be acceptable if you weren’t surrounded by other units in another building, but the lack of privacy or view on that terrace is unacceptable to me.
Also the fact there is no way to change this to a 3/2 also makes it unattractive
Other than that its pretty nice. Top floor, newer finishes, great location, etc.
“it’s pretty far west from the more desirable areas ”
what more desireable areas, stupid tourist traps? thats a good thing IMO, this area is much more like a neighborhood, with trees and parks around than the tourist infested areas east of Wells
Couple things:
I think you could relatively easy solve terrace privacy problem with a row of tall bushes along the back.
Sonies is right. This area might be less desirable for a secondary home only used when wanting to crash for the weekend and play tourist, but as a full time place to live, I couldn’t imagine fighting the tourists every day. This area gives you great proximity to all of those restaurants, but without all the drawbacks. I walk to my job near the Sears Tower from here. To me, it is the perfect location a person or couple in their 20s or early thirties. I plan to move somewhere a little more neighborhood-y when the time for kids comes.
All things considered, I do think this is overpriced. Prices have come up since 12/10, but not that far. Knock $100k off the price and take the first $525k offer that comes in.
Seems like a make me move listing
For older buildings such as this one, in building comps are not the most accurate comps. This unit has been updated and many in this building have old white flat cabinets and bad finishings. Obviously those would go for a lot less. Also, in conversion loft buildings, comps don’t often work as well b/c they all have different floorplans, some really undesirable. Lastly, I used to live east of here which was a closer walk to restuarants. However, I recently moved 2 blocks from here and much prefer the west side of RN as it is more neighborhoody and the river walk and park are nice. I just take $3-4 cab to nice dinners east. If you can’t afford a short cab ride in winter (totally walkable in nice weather) then really can’t afford to live in this neighborhood downtown.
“In-building comps also don’t seem to support this kind of price.”
every interior picture has one thing in common.
here’s a clue:
http://www.youtube.com/watch?v=72AVXpeo_ZI
i like this place. quite a bit…but i’d say $520K with both spots max.
the natural light issue would wear on me. and i’m not referring to my addiction to cheap beer.
I used to live in this building on the same side, top floor. You really do lose a lot of the privacy/natural light being on this side of the building. The terrace is off the bedroom only, and the 5′ deep balcony on the lower floor has you facing flat across an alley into a brick wall. The terraces likewise look into the highrise across the alley. These originally sold in the 350k-ish region from the developer circa 1998. Some of the units have their parking spaces in the next-door highrise, which is not as convenient as those in the loft building. It is a great location though if you want to walk to work, and if you routinely have to drive out of the city since it is 2 mins to the expressway. I’d put it low 500s, tops.
Check out the master bath in pic 18, the oddball shower with the tub within the shower stall. Then see it described:
“The spa-like stone master bath features dual sinks and a wet room with whirlpool tub and shower.”
LOL.
Photos make this unit feel like a spacious fishbowl.
“For older buildings such as this one, in building comps are not the most accurate comps.”
I took a look at a few sets of pictures and, sure, this is nicer and bigger than several of those units and the duplex part is unique. But it’s not $200k – $300k nicer and bigger, it doesn’t cost that much to make big changes to these lofts. And there are a lot of nice, big units like this around there once you get around $600k.
My thesis is also that 2/2 buyers are a different breed than the larger unit and SFH buyers. Folks who are buying bigger places will get into a bidding war for what they want and have the means to do so, and the inventory makes you do that these days if you want to buy a certain type of property. Even if the inventory suggested that it was necessary (which I don’t think that it is) a buyer of a unit like this is more likely to be a first time buyer, more likely to be concerned about “getting a good deal” and more likely to be susceptible to an appraisal or financing problem. So maybe the plan should have been to list lower and try to get fast and quick interest, although I think that phenomenon around here is mostly a SFH sort of thing, so I don’t know if that would be successful either.
However, as usual for her listings, these pictures look great. That currently snowy private terrace looks pretty nice as well. This is a nice unit and I’m curious to see if the current frenzy for SFHs will result in a high price for this unit. Upon second thought I was probably too harsh yesterday and with money still costing nearly nothing someone will probably pay, say $540k for this unit and the two parking spaces.
ahhhhhhhhgggg it irks me so darn much when you need to go through the master bedroom to get to the outdoor space!!!!!!!!!!!
it can be my dream place at a price that is practically free and if had to walk through my bedroom to get to the terrace/deck deal is off right away.
Well of course they deserve a $120,000 profit for putting in stainless appliances!