Corner 2/2 with Views in the Loop for $450,000 Returns: 235 W. Van Buren
This 2-bedroom in 235 W. Van Buren in the Loop came on the market in February 2023.
But it has been on the market before, including as far back as 2019, when we chattered about it.
See our chatter here.
Back in 2019, it was “Investor friendly” and there was “no rent cap.” No surprise, it is STILL “investor friendly” and there is STILL “no rent cap.”
235 W. Van Buren was built just as the housing bust was hitting in 2009. It has 714 units and attached garage parking.
The building has door staff and a convenience store is in the building.
This unit is a corner unit with 10′ concrete ceilings. It has skyline and lake views.
It also has laminate wood floors in the main living area and carpet in the bedrooms.
Both bedrooms are fully enclosed. The primary suite has a walk-in-closet and an en suite bathroom.
The kitchen has modern cabinets, granite counter tops, stainless steel appliances and a peninsula with seating for 4.
It is open concept with the living/dining space.
There is a private balcony.
The unit has the features buyers look for including central air, washer/dryer in the unit and 2-car tandem parking is available for $50,000 extra.
Development is happening in this neighborhood with new restaurants and retail going into the Willis Tower including an upscale restaurant, FoxTrot, Starbucks, an urbanspace food hall, and a Shake Shack. There is also building to the south, along the river, including apartments and condos.
In 2019, this unit was listed at $449,888 plus $50,000 for the parking. In 2023, it is listed at $450,000 plus $50,000 for the parking.
What will it take to finally sell this property in 2023?
Matt Laricy at Americorp has the listing again. See the pictures, the video and 3D Walkthrough here.
Unit #3601: 2 bedrooms, 2 baths, 1292 square feet
- Sold in January 2010 for $487,500 (included the parking)
- Was listed in February 2019 at $449,888 (plus 2-car tandem parking for $50,000)
- Withdrawn
- Re-listed in February 2023 for $450,000 (plus 2-car tandem parking for $50,000)
- Currently still listed at $450,000 (plus 2-car tandem parking for $50,000)
- Assessments are now $579 a month (they were $499 a month in 2019) (includes heat, a/c, gas, doorman, Internet, exterior maintenance, scavenger, snow removal)
- Taxes are now $8664 (they were $9909 in 2019)
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 11×11
- Bedroom #2: 11×15
- Balcony: 5×7
- Walk-in-closet: 8×4
“What will it take to finally sell this property in 2023?”
A price close to rental parity
$90k + $3900/Mo Vs $3000/Mo ($2800/mo Rent + $200/mo in “upgrades”)
rEAl EsTaTE oNLy GoeS uP
“A price close to rental parity”
ONe can somewhat rationalize the down payment, but, yeah, living in a building with a ton of rentals, you don’t want to *also* be paying a lot more than you would to rent–if nothign else, it affects your exit options.
Parking the DP is an “investment” but having a monthly loss if you decide to rent it out later is far more painful.
I could really sink my teeth into this unit as an in-town place, especially because getting 2 BR and outdoor space for this price in this location seems awfully tempting.
As a Chicago architecture fan, I love the views. And the location is great for walking to West Loop restaurants, theater district, Millennium Park, Art Institute, Symphony, train. I could also walk to my elderly parents’ place in River North from here, which would be convenient if their needs grow.
The only thing that bothers me, besides the fact that I doubt I’d ever make any money on the unit judging from the price history, is the ugly ceilings. It would make me feel like I were living in a unit still under construction. Could they be dry-walled or painted?
Also, is tandem parking for $50,000 the only option? What if I just had one car to park? Is there rental parking?
I’ve seen some people put up drywall on these ceilings and you probably could paint it. But if you don’t like the exposed concrete ceilings, and many don’t, then probably best to live somewhere else.
What is interesting is that the Reed, the new condo building just south of this building, is charging double the price for the same square footage as this building.
I’m also surprised that this building has basically no amenities.
Owned a unit in the building and sold in 2015. Units are going for the same price now, eight years later.
The building was very attractive due to its convenient location and an ability to walk to work/college in the loop. With an increase of remote options, that’s no longer a selling point. Unfortunately, it is also in no men’s land in between south and west loop, and there is absolutely no sense of neighborhood. It gets empty after 7pm and there is really nothing within walking distance that’s open in the evening and on weekends.
Apartments are ok – high ceilings, floor to ceiling windows. No amenities keep assessments low. The only thing that will appreciate this unit is inflation.
If I was buying an in-town place and wanted to stay close to downtown, I would stick to Old Town or West Loop.
“It gets empty after 7pm and there is really nothing within walking distance that’s open in the evening and on weekends.”
This has changed 8 years later though, hasn’t it?
They are building a big river development directly to the south. And, as I mentioned in another comment, just a block or two to the north is now a bunch of restaurants- all of them open on the weekends- in the Willis Tower.
Starbucks, Fox Trot, Shake Shack, and a food hall.
Also, The Kindling has opened and will have a fantastic rooftop deck in the summer. It’s open Monday through Saturday. I hope it makes it in this location because it’s a great build out in the new base of the Willis Tower.
https://www.kindlingchicago.com/
“This has changed 8 years later though, hasn’t it?”
You assume that I have not been in the area since 2015, but you know what they say about assuming.
I frequent this area often, as recent as two weeks ago. It is still dead. The development south will not help. Natural separation via Congress to the south, and the River to the north will keep this building separated. And there is nothing recedential directly north or south either.
Friendly advice is to stay away from this building. And I have not even gotten into shady CMK construction. But thats a story for another day.
“I frequent this area often”
This is one of the strangest phrases that has become “in the language”.
To “frequent” is to go somewhere/do something often. One does not “rarely frequent” a place.
Who started this thing? Why?
“Natural separation via Congress to the south”
Franklin is *not* pleasant under the bridge, and Wells is basically an entrance ramp–and will get worse when the Wentworth connector is finally open.
Making the connection better probably involves a pedestrian bridge between the green spaces on the west side of Wells.
“I frequent this area often, as recent as two weeks ago.”
So you didn’t go over to Willis Tower, hang out in the food hall, eat at Kindling, work at FoxTrot then?
I’m not saying it’s like Clark and Diversey in Lakeview. But you claimed there is NOTHING going on nearby on the weekends and that’s not true. A lot has changed in the last few years, mostly because of Willis Tower’s desire to create food traffic in the base of the tower. What they built is working. The tourists who show up to go to the Skydeck on the weekends, now have places to eat and have fun.
“ So you didn’t go over to Willis Tower, hang out in the food hall, eat at Kindling, work at FoxTrot then?”
Did you?
Why not give us an on the ground report Vs what you think/want to be the case?
“there is NOTHING going on nearby”
It’s a figure of speech.
It doesn’t mean literally nothing.
“Did you?”
Yep. Haven’t eaten at Kindling yet as I’m waiting for better weather and for their super cool rooftop to open. But I’ve been at the Starbucks, as well as the Shake Shack, often on the weekends. It’s really created quite the buzz in that area because all the tourists going for the Skydeck now can stay in the area to get food. It’s made a huge difference, especially the ground floor Starbucks that opens onto Wacker (with outdoor seating in the summer).
Food hall expected to open this summer. Can watch the video here: https://www.urbanspacenyc.com/willis-tower
Some of us live in Chicago. We dine. We go to the parks. We know what is happening in the city.
I also really recommend the Urbanspace food hall that is in the Loop on Washington. It’s in the old Walgreens near the Macy’s. Some great restaurants in there and it’s open on Saturdays.
“Yep. Haven’t eaten at Kindling yet as I’m waiting for better weather and for their super cool rooftop to open. But I’ve been at the Starbucks, as well as the Shake Shack, often on the weekends. It’s really created quite the buzz in that area because all the tourists going for the Skydeck now can stay in the area to get food. It’s made a huge difference, especially the ground floor Starbucks that opens onto Wacker (with outdoor seating in the summer).”
Wow a Shake Shack AND Starbucks? You’re right on the bleeding edge of Haute cuisine
Are you sure you wernt in FTW?
“Wow a Shake Shack AND Starbucks? You’re right on the bleeding edge of Haute cuisine”
He said nothing was open in the neighborhood on the weekends. He’s wrong now. Things have changed in the last 8 years. The owners of the Willis Tower spent a lot of money to build out the base so that it COULD be a big contributor to the neighborhood. If you lived in Chicago you would know what is going on there. It’s a big transformation in the entire 4 blocks that wrap around the building.
Love that Starbucks. Very cool. And yes, Shake Shack is very popular in Chicago. I would think it’s a selling point for those in 235 W. Van Buren.
Kindling is run by a big time chef so I’m excited to try it but, as I said, I’m waiting to eat at the cool rooftop deck. I’m also still waiting to go into the food hall, although I really like the Urbanspace in the Loop so I’m not sure I will need to go to the Willis Tower location.
For those interested, I recommend the Thai place in the Washington street location. They just opened a companion juice bar but the food is fantastic for a food hall. The owners are from Bangkok.
Prime criteria for major expenditures
– proximity to Shake shack
Sabrina, not everything needs to be taken literally word for word. Yes, you are right, and I am wrong for saying NOTHING is open on weekends near the building. Yes, there are dining options in the Willis tower.
But are you know that Taureaux Tavern, QDOBA and Chicken Plant, all 1/2 black away are closed on weekends? Do you think they would be closed if there was foot traffic on weekends?
To say that’s Shake Shack is a selling point for anyone buying a condo is laughable. People purchase because they like the unit. Because cost of ownership significantly outweighs cost of renting. Because they would like to build equity. Not because there is a Shake Shack near by.
But most importantly, it is location, location, location. Everyone wants a sense of neighborhood, not a parking garage, power station, police station, and Eisenhower in their back yard. Not a closed QDOBA. This building work for some, but not most.
Complete lack of appreciation in the building in the last 7-8 years shows that most agree .
Hot damn, there’s a Qdoba as well?
Well the first thing you know ol Johnny a thousand-aire,
Kinfolk said Johnny move away from FTW
Said the Illinois is the place you ought to be
So they loaded up the truck and moved to Chicago.
The loop that is. Starbucks, Shake Shacks, Qdoba.
“To say that’s Shake Shack is a selling point for anyone buying a condo is laughable. People purchase because they like the unit. Because cost of ownership significantly outweighs cost of renting. Because they would like to build equity. Not because there is a Shake Shack near by.”
This is actually incorrect. We know that homes sell for a premium if they are within walking distance of certain amenities like Trader Joe’s or Whole Foods.
Your comments that nothing is happening around this building only confirms that, yes, buyers also buy the neighborhood, not just the building or house. As amenities are added to a neighborhood, it can bring up property values.
“Prime criteria for major expenditures”
Yep. People buy because there is a Starbucks at the end of the street (big selling point, actually.) And most people will not drive/walk more than 2 minutes to get to their gym, so if the gym is nearby, that’s a selling point too.
Has no one on this blog ever bought a home before? Are you all that clueless? I should hope not.
“Yep. People buy because there is a Starbucks at the end of the street (big selling point, actually.) And most people will not drive/walk more than 2 minutes to get to their gym, so if the gym is nearby, that’s a selling point too.
Has no one on this blog ever bought a home before? Are you all that clueless? I should hope not.”
Proximity to a Starbucks is strictly a nice to have for buyers other than you. You may view it as a must have, but your N=1 is a very minority opinion
Bedrooms, Baths, SF, Schools, Neighborhood, yard/deck, parking, commute time, floor plan, etc are all criteria for buying a home.
“And yes, Shake Shack is very popular in Chicago. I would think it’s a selling point for those in 235 W. Van Buren.”
…
“We know that homes sell for a premium if they are within walking distance of certain amenities like Trader Joe’s or Whole Foods.”
—————————————————–
Let’s do the math, boys and girls.
Per Sabrina: Shake Shack = Major Grocery Stores.
QED
“We know that homes sell for a premium if they are within walking distance of certain amenities like Trader Joe’s or Whole Foods.”
“Love that Starbucks. Very cool. And yes, Shake Shack is very popular in Chicago.”
I live a few blocks from a WF (and a conventional grocery store), and certainly do consider it a neighborhood amenity. There’s also a Starbucks in the same center, which is nice, but in my observation it’s more of a teenager joint. Starbucks is great in a pinch, but in mid-size cities and larger, and in more upscale towns and small cities, there’s always a better option for adults who have even a minimal appreciation for good coffee. It’s not the 90s (though my parents still send me Starbucks gift cards as if it is, because they live in areas where Starbucks is still a minor thrill, which works out well for our 14-year old).
Shake Shack is popular here too (like everywhere), but it’s located in the commercial/retail chain/big box zone of town with the McD’s, Target, REI, Five Guys, mid-level hotels, and so on. There are apartments and condos in that zone, but I doubt the Google workers and various other 20-somethings who live in them factored proximity to higher-end fast food into their decision to rent or buy there.