Contemporary Bronzeville Condo Finds a Buyer: 3120 S. Indiana
We chattered about this 2-bedroom “Mies Van der Rohe-inspired” unit near IIT at 3120 S. Indiana in Bronzeville last January.
It finally closed in June 2009 for $11,100 under the 2005 purchase price.
See our prior chatter and pictures of the interior here.
Unit #401: 2 bedrooms, 2 baths, 1300 square feet
- Sold in December 2005 for $239,000
- Was listed in January 2009 for $299,000 plus $10,000 for parking
- Reduced to $285,900
- Reduced again to $250,000
- Sold in June 2009 for $227,900 (looks like that included the parking)
- Koenig & Strey had the listing for the sale.
- Assessments are $451 a month (includes an indoor pool)
- Taxes are $3603
- Central Air
This area has been “up and coming” for a good 10 years. I went to an IIT info session back in may and that area is for the birds. IMO, buying in a shaky neighborhood is just as silly as buying a hole in LP or GC….why not wait until you can afford something decent in a decent area.
Factor in parking, a little shy of a 100k discount over original listing. Eh…the area scares the shit out of me.
Cool place, hate the hood though!
I agree with the above to comments (Laura & a). All throughout the academic year there were campus seminars on safety in response to an increase in crime in the area. Not simply in the late evening hours; people being accosted on the El platform anywhere from 4-630 pm; assaults that took place on 31st within campus limits and other areas on campus… again, not an area I’d be interested in living in. And I’m nowhere near a Mies fan, so while it wouldn’t be my sort of place, I hope the new owners really love their new place.
I actually really like this unit. Not too keen on the location either. But if you think a unit like this is going to go for a decent price in a hood like LP or LV you’re mistaken. This sort of contemporary design is only found in a few ‘hoods, mostly in and around downtown.
Its too bad much of the southside is barren of any sort of amenities as well. I remember living in Hyde Park at one of the run down co-op grocery stores wondering why I was paying $5 for a 12pk of soda and had to drive to get there.
Forgot to add: yes I think they got a deal. Go even 15 blocks north and units like this sell for double the price.
Isn’t there a reasonable concern that areas like this could actually get worse? More affluent people bought with hopes that this areas and the areas around it would improve. They may just give up on that theory if the market continues heading south. Could this be another flight???
the living room looks like a porn set.
i’ve said it before, and i’ll say it again — whenever so-and-so tells you that such-and-such is the next “up and coming” neighborhood, don’t listen. odds are, the ‘hood will look roughly the same in 10 years as it does now.
i remember hearing the same crap about humbolt park & logan square a few years ago. fact is, unless something like a new L line comes into the neighborhood, there’s no reason to expect anything dramatic. citywide gentrification takes a long, long time.
“i remember hearing the same crap about … logan square a few years ago.”
I remember being told *definitively* that Logan had turned the corner — in 1995. Some parts are now what was then claimed, but on the whole it’s still “up-and-coming”.
How can you tell if it includes the parking or not? I know it doesnt make a big deal on this type of unit but just wondering?
logan hasnt turned the corner. but even in the late 90s prices there were really rallying. I wonder how buying there in 95, vs other hoods, looks like today.
“I wonder how buying there in 95, vs other hoods, looks like today.”
I’m sure that–like all else in Logan–it’s different block-by-block.
As I have stated before,I live in the area and I am in agreement that it is not for everyone,but just south of this property at 32nd and Indiana,there was a home that closed at $800,000.
I do think that with the access to the lake and the new 31st Street marina going in,this are will fare better than some of the other ‘hoods that aren’t as close to the lake.
If the Olympics due come,the area will also benefit from the infrastructure that will occur.
Only time will tell what will happen with prices.
This looks like a suburban office park.