Deal of the Week: 1800 Sq Ft for $350,000 in the South Loop
The foreclosures are getting interesting in the downtown market.
This week’s deal is a three bedroom unit at 1529 S. State in the South Loop.
The building was built in 2001 and has 143 units.
It was NOT built as a “luxury” building. But if it’s size you want, then this three bedroom unit is for you.
Unit #CT2: 3 bedrooms, 2.5 baths, 1800 square feet, 1 car parking
- Sold in October 2006 for $550,000
- Bank-owned
- Currently listed for $349,900 (which I believe includes the parking)
- Assessments of $943 a month
- Area Wide Realty has the listing
There aren’t any pictures available of the interior.
But here are pictures of another three bedroom also on the market. Most of the units have these types of standard finishes.
Unit #19J: Three bedrooms, two baths, 1600 square feet, listed at $429,900 plus $30k for parking
@Properties has the listing for Unit #19J.
Most agree the South Loop is going to be hit hard by the downturn and with all the capacity coming online the next two years. Its pretty early to set a new comp like this but its definitely welcome.
I’m waiting for a 1 or 2br steal like this to jump in. The buyer got a good price here at the bank’s expense.
Also there was a jr-1bdrm at 1503 S state (unit) that was listed for 140k a few weeks ago at a reasonable $200/sf but the listing has since been pulled and the unit has been relisted for $190k. I guess a greedy realtor talked the owner into higher price. I can wait 😀
I think Bob represents the typical “fence-sitter” that realtors keep refering to. Currently, the seller says “I’m not going to give it away” and the buyer says, “I can wait.”
I laugh everytime I consider that there are some who still don’t know how this standoff will be resolved. Bob obviously gets it. In the mean time, another comp will be set to verify the downward trend.
I’m also convinced condos in the South Loop will be one of the most affected segments. Prices could easily fall 30+ percent. But what do people think of townhomes or SFHs in Dearborn Park? I’m particularly interested in the immediate area south of Roosevelt, west of State. Two separate questions: (1) do you think in the long run (10+ years) the South Loop will continue to develop and be a desirable neighborhood and (2) do you think SFH/townhomes will be as affected as condos?
This might bring you all some amusement.
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=7333181&ref=patrick.net
DZ,
I lived in south loop for 5 years and sold last year. I think south loop is headed for a planning disaster. The condo alley south of roosevelt might very well turn into rental alley. My own condo building was turning into rental hell with college students and very young renters. This will definitely put downward pressure on the neighborhood and prices in general. 6000 condos, mostly downtown are about to arrive on the market this year. This is more than 2005 which was the peak of the market as most acknowledge. Expect a lot of condo buildings to go effectively rental.
sartre,
Out of curiosity, were college students really so awful as to “put downward pressure” on the neighborhood? I’m curious to hear an elaboration, some people view a mix of rental/owner, younger/older as a positive thing in a neighborhood, as long as there is no crime or nuisance (frequent 3AM college parties would be a nuisance, but most buildings have rules/fines to deal with that anyway)
“Out of curiosity, were college students really so awful as to “put downward pressure” on the neighborhood”
David,
Absolutely. Its one thing to say rules/fines, but if you have been in a building association for a while, you would know that its not easy to enforce. When crowds of people are going in and out of the building at all hours, some of them leaving graffiti on the elevator walls and doing interesting things in the hot tub, you pretty much need 24 hour policing in the building.This increases the cost of ownership. In addition quite often (I am not trying to stereotype) renters do not treat the unit and common areas with same respect that an owner would. Finally, renters usually are not from the same socio economic background as owners (because of higher barrier to entry for home ownership) and usually people looking to buy try to find housing in areas with demographics similar to their own. I am not trying to flame renters, I currently rent myself, but the profile of a typical renter is quite different from a typical home owner and this dissuades folks for buying in buildings with a high proportion of renters.
I would also like to point out that in the last few years the demographic profile of the neighborhood hasn’t mattered so much to home buyers because of appreciating property values and ability to sell quickly. But as home owners prepare to hunker down in their houses for longer durations, these things become important. Owners want a sense of community around them and it is harder to achieve with the transient nature of rentals.
Buyers are already marketing Library Towers on the corner of State and Congress Parkway to Columbia College students as rentals- although I don’t know how college students can pay $1900 a month for a one bedroom while going to school.
Imagine what that building will ultimately be like?
‘$1900 a month for a one bedroom while going to school.”
They’re college students. Splitting that b/t two and sharing the bedroom is still nicer than most dorms. Room & board at Columbia is north of $11k/school year, so it isn’t that much more (if mom & dad are paying).
College students are going to live two to a bedroom in a one bedroom condo? Since when?
Usually I’ve heard of them splitting rents on the two bedrooms (that would make sense to me.)
i may be wrong, but the picture of the bldg looks like 1717 s prairie to me
“College students are going to live two to a bedroom in a one bedroom condo? Since when?”
Um, since ever? My freshman and sophomore years (early 90s) were 3 to a “one bedroom” w/o a kitchen and the bathroom down the hall (i.e., a dorm room)–and those were some of the nicest accomodations on campus.
Are typical college kids really that spoiled these days? No wonder they don’t want to really work after graduation.