Crown Molding Makes All The Difference: A 1-Bedroom in 440 N. Wabash in River North
This rehabbed high floor 1-bedroom at 440 N. Wabash in River North recently came on the market.
In January 2012, it sold in a distress sale for about 54% under the 2005 purchase price.
Back in January, the 807 square foot unit had carpeting and a completely white rental kitchen and rental bath.
See the prior pictures here.
But now it has been rehabbed.
The kitchen wall was removed, opening up the kitchen to the living room and allowing an island to be installed.
The kitchen now has espresso wood cabinets, granite counter tops, a tile backsplash and Kitchen Aide stainless steel appliances.
It has a new bath with just the walk-in shower (instead of a bathtub.)
The west facing unit has new dark hardwood floors and crown and base board moldings.
Isn’t it amazing how a little thing like crown molding can make such a big difference in the space? (look at the before photos again.)
Will this unit sell quickly given that it’s “new”?
Maritherese Karolich at Koenig & Strey has the listing (it is agent owned.) See the pictures here.
Unit #4602: 1 bedroom, 1 bath, 807 square feet
- Sold in November 2005 for $372,500 (included parking)
- Lis pendens foreclosure filed in November 2011
- Sold in January 2012 for $170,000 (included the parking)
- Currently listed for $319,000 (plus $20,000 for parking)
- Assessments of $528 a month (includes heat, pool)
- Taxes of $3188
- Central Air
- No washer/dryer in the unit. Coin laundry in the building
- Bedroom: 15×11
$300m 800 square foot one bedroom plus parking (and coin laundry)????
“Will this unit sell quickly given that it’s “new”?”
No, no, a thousand times no (unless the seller is willing to dramatically drop the price). The rehab looks to be relatively well done, but given the rental quality of the overall building and the prices of other units, I just can’t see this selling anywhere near $340k. For that amount, you can get one of the 06 tier 2/2’s (with parking) in the building, which are 1300 sq ft. Or the best step for those interested in the building simply is to rent, as the building was designed to be rental and that is its best use (even though morons like me bought units to live there).
My guess is that this does not sell above $240k (including parking). The Jan 2012 price was a pretty good deal, but the current owners either over-rehabbed it or simply are being greedy / unrealistic. If this does sell above $240k, then I’m going to give serious consideration to rehabbing my own unit and getting rid of it.
BOOONTASTICAL!!!
Wow, I remember back in the day when people were so proud to live in this building.
The price per square foot may be out of whack with the current market, but keep in mind this building is a short walk to Merchandise Mart where Google announced they will be moving something like 2000 Motorola employees. Groupon (w/ the downward spiraling stock) is not too far and other tech start up companies are flocking to this area as well. As they say in sports…it only takes one dumb owner (or in this case…one dumb buyer).
I’m thinking the Libertyville Metra stop is going to get a lot more action once the jobs start moving downtown as opposed to a whole bunch of people and families moving into Chicago.
“Groupon (w/ the downward spiraling stock) is not too far ”
?!?? It’s about a mile and a half. And there are plenty of comparably priced options that are actually close to Groupon’s space. This screams “NYC transferee working in the loop or river north”.
“I’m thinking the Libertyville Metra stop is going to get a lot more action once the jobs start moving downtown”
Yep. But there will also be more vacant apartments in Lake County, as I’d expect all younger simgles to move south.
Anon. You obviously don’t know the crowd that works at Groupon. Hipsters with bicycles! 1.5 miles is a 10 minute bike ride and this building gives them better access to services, bars, restaurants, loop and lake.
Groupon has been around for a few years. If those hipsters with bicycles were going to buy this unit, they probably would have done so already.
“You obviously don’t know the crowd that works at Groupon. Hipsters with bicycles!”
What self-respecting hipster wants to live in the shadow of the Trump?
No worth it by any means. The reno is nice, but $300 for a 1BD. Nope not now. The taxes are reasonable… everything else (price, HOA, etc) are out of whack!
Again I’d rather be in a neighborhood like Old Town, Lincoln Park, West Town, Pilsen, doesn’t matter. Some place with trees, street parking, just a neighborhood feel. I never understood why people want to live in a glass box. A SFH in Lincoln Park any day over a penthouse in Dump Towers.
oh yeah nothing more awesome than street parking… what a life that is…
I don’t think that too many folks have gotten rich from Groupon. I haven’t heard of the salaries being very high at all or even competitive and there can’t be too many people who got so many options at such a great call price that there are that much in the money after the fall of 80% from the IPO. The slide has mostly occurred while lock-ups are still in effect.
Merchandise Mart is 0.6 miles away. If you can’t walk that, you don’t belong in the city.
“Yep. But there will also be more vacant apartments in Lake County, as I’d expect all younger simgles to move south.”
Unless they are among the ~25% of workers who will be lost in the move.
“Unless they are among the ~25% of workers who will be lost in the move.”
Prob still moving south, just more likely not to stop moving til out of Illinois
“Again I’d rather be in a neighborhood like Old Town, Lincoln Park, West Town, Pilsen, doesn’t matter. Some place with trees, street parking, just a neighborhood feel. I never understood why people want to live in a glass box. A SFH in Lincoln Park any day over a penthouse in Dump Towers.”
I don’t understand why people that what to live with trees, parking and a neighborhood don’t just live in the suburbs…???
Tall buildings, concrete and vertical living is what I call an urban environment. A SFH belongs in the suburbs.
Many of the most desirable hoods in the US are treelined. I guess it is just a preference things. People like walking their dogs, biking, strolling to the grocery store, etc. Lincoln Park (Chi) Greenich Village (NYC) Pac Heights (SF) Santa Monica (LA). There is something about being in a neighborhood. Vertical living doesn’t make sense to me. It is so cold and not unique at all. Everyone in the 07 tier has the same condo you do. No unique outdoor space, no weird den in the back, no cool old brick, nothing like that. Just cookie cutter.
Treelined streets are beautiful in a city. Or anywhere really. Not everyone thinks that brick and dens you dont use are cool though. Cookie cutter can be bad or good, depending on whats been cut:) You dont see other peoples units, just your own, and you can make it unique. And unique doesnt always mean “good” anyway. We have all seen unique places we would never live in, yet someone lives there.
I lived in this unit for 2 yrs. Compared to how it looks now, its amazing, but the building sucks, and this unit will never sale at that price.