Build Your Own Pickleball Court in River North: A 3-Bedroom at 635 N. Dearborn
This 3-bedroom in The Caravel at 635 N. Dearborn in River North came on the market in October 2023 but it has been on, and off, the market since 2018.
The Caravel was built in 2003 and has 126 units and an attached parking garage.
The building has full time door staff and an exercise room.
This unit is a corner unit with a split floor plan.
It has “newer” floors throughout.
The kitchen is “gourmet” and has Scavolini cabinets, granite counter tops and “newer” stainless steel appliances.
There’s an oversized primary suite with a custom fitted closet spanning the entire length of the room plus a walk-in-closet and a huge marble/granite bathroom with a separate whirlpool, shower, water closet and linen closet.
But the biggest feature of this unit is the 1200 square foot private patio which the listing shows the possibility of building a pickleball court on.
This unit has central air, washer/dryer in the unit and 2 car parking is available for $30,000 each.
The Caravel is in the heart of River North, near numerous shops, restaurants, grocery stores and the new temporary Bally’s casino.
Listed at $599,000, that’s $36,000 under the 2016 sales price of $635,000.
Will pickleball dreams make this sale?
Bo Xu at Corcoran has the listing. See the pictures here. Sorry, no floor plan.
Unit #705: 3 bedrooms, 2 baths, 1622 square feet
- Sold in December 2004 for $575,000
- Sold in November 2007 for $651,000
- Sold in January 2016 for $635,000
- Currently listed at $599,000
- Assessments of $1383 a month (includes heat, a/c, gas, doorman, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $13,464
- Central Air
- Washer/dryer in the unit
- 2 car parking available for $30,000 each
- Was listed for rent in July 2023 for $5200 a month
- Reduced
- Withdrawn in September 2023 at $4200 a month
- Bedroom #1: 15×13
- Bedroom #2: 14×12
- Bedroom #3: 11×11
- Living room: 16×15
- Kitchen: 8×16
- Dining room: 12×8
- Walk-in-closet: 8×5
- Terrace: 58×26
I love pickleball, but I promise you that the neighbors will never allow this to happen.
There’s a very obvious reason the outdoor area was never built out
LOL they’ve been trying to sell since 18 ($675k) and they couldn’t rent this for $4200/mo. bUT bUyINg iS cHeaPeR ThAn RenTiNG. pEOpLe wAnT tO lIvE THeIR LiVeS.
$120k + $6.3k/Mo – good luck
Cute idea – Terrace is nice space, should be built out as a terrace (decking/bbq/pergola etc)
this will be the 4th sale since 2004 and yet no one has ever built out this terrace. I’m sure every buyer had visions of it. maybe, because if you want to do it right, it doesn’t make sense to spend $$$$ on a terrace for a mediocre condo.
Is the Caravel really this much of a dog?
Sold in December 2004 for $575,000 + CPI = $930k; +C-S = $696k
Sold in November 2007 for $651,000 + CPI = $953k; +C-S = $725k
Sold in January 2016 for $635,000 + CPI = $825k; +C-S = $822k.
Down 35% from original price, Down 28% (and lagging comps by the same) from 7 years ago.
“I love pickleball, but I promise you that the neighbors will never allow this to happen.”
Probably so. Maybe the pickleball sound would be drowned out a bit by the huge machines directly across the way on the roof of the neighboring building?
The scene, a young professional, out in the burbs this weekend making the pitch to the Bank of Mom and Dad for some down payment help: “You guys could play pickleball when you’re in the city! It’s a great deal too – hasn’t been this cheap in nearly 20 years – lower price than when it sold in 16 and 07. And it’s close to a temporary casino!” End scene.
LOL @ pickleball court with neighbors right on top of you.
That cooling tower may be the reason the terrace has not been developed.
The rendering with the new light poles and fencing is rich… I’m sure the owner of the balconies above this unit would love having that light fixture next to their outdoor space. (not to mention the noise).
Zero chance association would take more than a second to bonk it.
This building is blah, and I agree, the views from the terrace kinda suck.
Those views. No – just no.
Beyond depressing.
“Listed at $599,000, that’s $36,000 under the 2016 sales price of $635,000.”
Is this apples to apples or is Sabrina playing games? Were the two parking spots included in the sale in 2016?
“Cute idea – Terrace is nice space, should be built out as a terrace (decking/bbq/pergola etc)”
It’s huge and would cost a lot to build it out. There doesn’t seem to be much of a view, so why bother? Why not just buy a unit where it already IS built-out?
“Probably so. Maybe the pickleball sound would be drowned out a bit by the huge machines directly across the way on the roof of the neighboring building?”
Winner – Cooling towers are noisy AF
“Were the two parking spots included in the sale in 2016?”
Yes, the two spots were included in every prior sale.
And it appears that the standard in the building is to price the parking spots separately, tho it is not so with 100% of listings.
1205 sold in Apr-23, listed for $535k, inc 1 sport, sold at ask.
701 sold in Jul-23, listed for $499 + $25 for 1 spot, sold for $510k.
2001 sold in May-23, listed for $470 + $50 for 2 spots, sold for $500k.
2604 sold in Jun-23, listed for $495k, inc 1 sport, sold for $485k.
etc. Seems like there is a reasonable market for the parking at $25k/spot.
the interior hasn’t been renovated since like 2007 so why would anyone bother to crap out 100k to build out the terrace either lol
This one just closed for $580
Thanks David. So they didn’t end up renting it after all. Took a loss though. Downtown still out of favor. No one wants to be in the high rises.