Checking in On the West Loop 1-Bedroom Condo Scene: 123 S. Green
This 1-bedroom condo at 123 S. Green is in the recently constructed 2-building complex called The Emerald.
The Emerald’s construction brought a Starbucks to Halsted and the buildings were meant to capitalize on the growing interest in living in Greektown.
The listing for this unit says it is “upgraded” with a gourmet chef’s dream kitchen and a marble bath.
It also has bamboo floors.
Annie Alexander at Jameson has the listing. See the pictures here.
Unit #307B: 1 bedroom, 1 bath, 765 square feet
- Sold in July 2008 for $302,500 (looks like parking was included)
- Currently listed for $285,000 (plus $25,000 for the parking)
- Assessments of $225 a month (includes doorman)
- Taxes are “new”
- Washer/Dryer in the unit
- Agent owned
- Bedroom: 12×13
There has to be close to 1,000 other units just like this in the city. 757 orleans and silver tower alone probably have 150 units that have the same old features of wood floors, granite counters, ss appliances, private balcony, floor to ceiling windows, and fairly low assesments.
The difference between this units and those at 757 and silver is that those two buildings now include parking, a den, and possible another half or full bath at a price that is about the same or lower than this. Plus they are in a way better part of town.
This place will prolly go for around 250 with the parking spot included.
There’s no way it’s selling at that price.
Totally missed how it was ONLY 765 square feet. I take my original number back. It will be lucky to go at 230k with parking included.
One thing is intriguing me. I wonder how they will reduce prices. Will it be in a huge chunk down to say 275k including parking, then 250k including parking and so on until sold. Or will they play the bs game where the price will be 305k with parking, then 298k, then 293k, 279k, etc….
I’m not clear on what makes this a gourmet chef’s dream kitchen.
I don’t understand why West Loop is so overpriced still – what’s the attraction?
the listing states that its a 4 room, 1 bed, 1 bath. Then it list dimension for the LIV, KIT, BED, BATH, Balcony, and list dining as COMBO. So I’m not sure on how this adds up to 4. Bath doesn’t count, balcony doesn’t count, dining is COMBO so that doesn’t count as a seperate room-since combo is short for combination, as in combined and not seperate. So I count only 3 rooms.
I’m sure this was just a misunderstanding between the owner and the agent. Oh wait, its agent owned. Hmm? An agent misrepresenting a property, impossible to believe…that would be as unbelievable as including the balcony into the square footage number…or including pictures of another unit in your listing (actually I think it might be a party room-see the furnished pic with white tile floors; either way its confusing and misleading)
At least this professional is cognisant enough to realize that you can sell something for more than you just bought it in 2008. ohhh, I guess that is another strike.
Hopefully she is more experience with negotiating short sales with the bank. She’s gonna need it.
I still say 1br’s are to be RENTED not OWNED. and thats that!
At one point Emerald held a promotion that gave away a green motor-scooter to people who purchased by a certain date. Hopefully this owner was in early and picked one up on that promotion. When all is said and done on this transaction at least she will have a $50,000 green scooter to remember her experience at the Emerald.
I have to admit that I have never toured the units but from the outside it appears to be a welcome addition to the West Loop. Other people that did look seriously have explained to me that they the units had average to decent finishes but that the unit owners party room is an added amenity that is above the norm.
“Gourmet Chef’s Dream Kitchen”
WTF. *shakes head*
Yeah… no
I bought my 2/2 in RN for very little more than that… oh and its about 250sqft bigger. Why does this agent think they are entitled to appreciation after buying this thing a mere 5 months ago? Oh yeah… they need the money to cover the closing costs. Lis pidens or an attempted short sale incoming I’m sure… Huge fail since nobody is going to rent this place out for 2300 a month. Realtors, the real estate experts! lol
What? Huh? No way. Really? I don’t know what to say… but I echo Groove77’s thoughts….
I have trouble accepting that this is 765 sq. ft. The LR/DR is reallly small–240 sq. ft., only slightly improved by the kitchen essentially being part of the room & adding another 88 sq. ft. But adding LR/DR + BR + kitchen comes to a grand total of 484 sq. ft, and it seems unlikely that an entry foyer, bath, closets would amount to 280 sq. ft (or 37% of the total sq. footage). The room dimensions here are more like a convertible studio.
But, the small size is made up for by the spectacular views . . . of a parking lot.
I got a 1BR on LSD with amazing views that you could drop $25k into and it would look like this place and I’d be lucky to get $150k… I smell the cram down coming.
Sonies,
They’ve hold on for a whole year and a half – not just 5 months. Nobody would expect appreciation after just five months lol.
“Nobody would expect appreciation after just five months lol.”
you’d be surprised… and yes I saw that after I posted… 17 months, the real estate market crashed about 24 months ago did it not?
“it seems unlikely that an entry foyer, bath, closets would amount to 280 sq. ft (or 37% of the total sq. footage).”
@JH
-as was part of my rant, I think that this schmo is including the balcony in the square footage. Maybe since the LV/DIN is a combo she added it twice, maybe the ‘optional’ parking spot is also included in that number.
Either way this listing is a huge fail. I’m not seeing why she even closed and didn’t just give up her earnest money. Maybe she actually had a large chunk in, some new devs. require 10% to accept contracts. Even then, I think she will eat more than $30K by the time she sells with closing costs both ways+holding costs.
The seller/realtor is the co-listing agent, not the agent shown by Sabrina.
The seller put 20% down and borrowed $242,000 from METROCITIES MTG LLC.
” I think that this schmo is including the balcony in the square footage. Maybe since the LV/DIN is a combo she added it twice, maybe the ‘optional’ parking spot is also included in that number.”
765 SF is from the developer. Floorplan available here:
http://emeraldchicago.com/plans/unit2.html
Which doesn’t mean the 765 doesn’t include the balcony, but, given the dimensions of the floorplate, if it does, they also dedcuted interior walls–it’s about a 29.5×24.5 rectangle which is 722sf, and the balcony is almost 100sf.
Various comments:
I actually like the location. I like the fact that it is VERY close to Greektown with access to the restaurants on W. Randolph and Lake.
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I think 1 bdrms do work for some people. FWIW
I’ve got a friend with a place in Streeter. Not fancy. Older building. They go for about 200 – 250k for a 1bdrm (700 sq. ft). He/She’s been there for probably 8+ years.
I currently live in a 1-br at this bldg (renting). The building is nice, but the units are definitely small. Virtually no storage space and the separate bathtub/shower takes up valuable space in the bathroom. The lobby/party room/green room/gym are all great. Walking distance to the loop and convenient access to 90/94 are plusses. Using the NY Times Rent vs. Buy Calcluator to compare going rental rates to asking sales prices, it seems that renting is the obvious choice here.
I think the main reason people like the West Loop, or more accurately, the main reason I like it, is that you can walk to work in the Loop. Then again… I rent.
The location isn’t the problem with this unit. In fact, its fantasitcally located as far as properties go. The fact that its a small 1 bedroom for 300k is the problem.
this is a good looking building. if it were still 1.5 year ago, this 1-br condo would an easy sell.
In addition to the too-high price, no way are those assessments staying at $225 a month. I bet either they go to $300 rather quickly or that a special assessment comes along. Also, taxes are not listed here. In any case, you’ll never get the monthly burn rate under $2000 which means it can’t be rented without bleeding cash. Short sale or jingle mail will be the only way out of this one.
I have to agree with Pete in that those assessments are suspiciously low, especially for a building with a doorman. And I have to agree with virtually everyone else on the price- I recently bought a nearby duplex with twice the space, beds, and baths and didn’t pay much more than this. It may be close to a decent bar (Dugan’s) and I’d love to see a nearby place appreciate if only for the theory about a rising tide, but this place is facing a futile battle if they think they’re going to get a nickel over 275.
The location is probably the best part:
*close to public transit (Blue line, buses, Metra Ogilvie/Union)
*right off the Kennedy
*1 blk from 24hr Dominicks, 24hr Walgreens across the street
*Starbucks around the corner, if that floats your boat
*lots of restaurants
Not sure why there’s so much suspicion around the monthly assessment… they all go up at some point.. what’s the use in speculating? It’s new construction and there are no over-the-top building amenities like a bowling alley, indoor dog run, pool, movie theater, etc.