Does Outdoor Space Matter? A 1-Bedroom in 333 N. Canal in River West
This 1-bedroom in River Bend at 333 N. Canal in River West came on the market in July 2015.
It has floor-to-ceiling 12 foot windows that face down the Chicago River and have east views of Wolf Point.
The unit has a loft-like feel with concrete ceilings.
The kitchen has wood cabinets, granite counter tops and stainless steel appliances.
There is stone tile in the bathroom.
Garage valet parking is included and it has washer/dryer in the unit.
If you’re an investor, the building allows 12-month leases.
Most of the units in this building have River facing balconies but this unit does not.
Is the lack of outdoor space a deal killer for buyers in Chicago?
Do buyers HAVE to have a balcony?
Laura Meier at @Properties has the listing. See the pictures here.
Unit #1406: 1 bedroom, 1 bath, 1047 square feet
- Sold in January 2002 for $337,000
- Sold in July 2004 for $295,000
- Sold in May 2013 for $320,000
- Sold in December 2014 for $325,000
- Originally listed in July 2015 for $390,000
- Reduced
- Currently listed at $354,000 (includes valet garage parking)
- Assessments of $680 a month (includes a/c, water, gas, parking, doorman, cable, exercise room, scavenger, lawn maintenance, snow removal, exterior maintenance)
- Taxes of $5676
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×14
How the hell is that 1047 sqft? Looks more like 750.
Yes, this is the smallest floorplan and the only one in the building without a terrace
Balconies aren’t mandatory, the Montgomery, Hancock, Trump, and many many more have few to no balconies and sell just fine. Plus your view from this unit is pretty much gone or will be gone soon so who cares, unless you’re a smoker or a person who likes to grill a lot balconies aren’t used that much.
and yeah… maybe 747 sqft… no way 1047
No one mentions the railroad tracks that run directly next to the building. It’s like RIGHT THERE.
Inexperienced developer lost building near construction conclusion, fled town. Nothing says “home” like a unfinished stained concrete ceiling; unit is depressing, and photographs cleverly avoid showing the new Wolf Point high-rise being constructed directly east, blocking views unless resident directs their gaze either sharply left or right.
My 2 cents, but when I was selling my 1bd unit at 235 WVB, there were bigger units on the market that did not have a balcony. What I was told by my realtor, one consistent feedback the other units received was lack of balcony space. When you live in a high-rise, a balcony is a chance to get out from your cage and get a breath of fresh air. If I were purchasing a unit again, I would not consider a unit without a balcony, W/D and floor to ceiling windows. However I would not have to have a parking spot. But everyone has different priorities.
“My 2 cents, but when I was selling my 1bd unit at 235 WVB”
Can I ask what you bought and sold for?
After a certain height, balconies seem pointless imho. Most of the folks I know who live in true high rises (say greater than 15 stories) rarely use them relative to folks who live in walk-ups.
Balconies in high rises are like the jetted tubs in master bathrooms. Everyone wants one, but they rarely get used.
Sold in January 2002 for $337,000
Sold in July 2004 for $295,000
I find this surprising. Things were getting bubblicious between ’02 and ’04.
A tub in the master bathroom? what is this the 50’s? Who the hell has time to take a bath anymore
“I find this surprising. Things were getting bubblicious between ’02 and ’04.”
That was the period when things had gone sour for the developer–the resale was either under the cloud of the mezz lender (Lehman!) foreclosing on the property, or in direct competition with the post-foreclosure sales.
Sonies, buyers want a separate soaking tub and shower even though the tub rarely gets used. I’d prefer a larger steam shower with no tub in master bath. I think the tub appeals to the wives who are driving the purchase decision. They have this vision of being in the tub with candles and Calgon taking them away…
“My 2 cents, but when I was selling my 1bd unit at 235 WVB”
Can I ask what you bought and sold for?
Bought: $209K
Sold: $236K
No Parking
Thanks aleks. I looked at that building back when it was all doom and gloom talk in here about getting “CMK’d”. Seems you got out unscathed.
yeah “getting CMK’d” involves making like 20k
where is that dipshit G anyway, miserable sack probably offed himself when real estate prices started to recover
Most people love balconies. Even if they get very little use. And because of smog, soot, noise, spiders, flies, etc. most do get very little use. It’s not just about fresh air, as some balconies are enclosed with glass doors. People like the feel of being close to outdoors. It’s also an informal space, even if the unit is formal. It’s a place that can be extra cozy. I love the vibe a good balcony gives.
It helped that my unit was extra clean and I installed the sliding door over the kitchen wall – it changed the look of unit. Many units in the building sold for below the original purchase price, some sold for more. Units with southern exposure typically got better pricing because of the views and natural light coming in. In all, it is a great building with no amenities – that helps keep the assessments low. There is a talk that the board thinks about restricting rentals in the building, it may cause prices to collapse a little bit if it gets approved. If needed to buy, I would buy in this building again if my horizon was 5+ years. The area is getting a lot of attention with two HUGE CMK developments directly south of the building (North and South of River City).
Private outdoor space IS mandatory for me, it’s a non-negotiable. Not for many others though.
“If needed to buy, I would buy in this building again if my horizon was 5+ years. The area is getting a lot of attention with two HUGE CMK developments directly south of the building (North and South of River City).”
What building are you talking about? Not 333 N. Canal.
“and photographs cleverly avoid showing the new Wolf Point high-rise being constructed directly east, blocking views unless resident directs their gaze either sharply left or right.”
Have you been in the building since they built one of the three high rises that will go there? Yes- it “blocks” the view but it is simply a city view now. To me, it’s not that big of a deal because it’s not across the alley or right up against the building as some other new construction can be. It’s all the way across the river.
The high rise that is there is the first of the buildings closest to River Bend so it’s not like there will be another building even closer.
I don’t think anyone looking to buy at RiverBend these days will NOT also be aware of Wolf Point. It’s kind of hard to miss.
“No one mentions the railroad tracks that run directly next to the building. It’s like RIGHT THERE.”
The railroad tracks are irrelevant. All the units face east, south and north. They designed it so the hallways were on the west side of the building- where there weren’t any “views” and where the railroad tracks went.
Balconies are used for “urban gardens” of flowers and veggies. Some folks even put Christmas lights and decorations out there – ever seen Marina City in December? And if course in winter it’s often convenient for the dog…usually in violation of condo rules but if it gets cleaned up quickly who’s to know?
“It helped that my unit was extra clean and I installed the sliding door over the kitchen wall – it changed the look of unit.”
hey I did that too! definitely instant equity with that
you use the sliding door company?
“you use the sliding door company?”
I sure did! Was the best $1300 or so I spend on the unit. Also, while I am not sure how much of an effect that had, but my bathroom and hardwood/kitchen were an upgrade from the standard finishes the developer offered.
It did help was that my unit was slightly different (in a good way) from the rest of cookie cutter units in the building. It was a good time to sell since we were looking for a house (closed two weeks ago!) but overall, I will miss the unbelievable views and unbeatable location.
“I will miss the unbelievable views and unbeatable location.”
The location is the main thing the stopped me from buying there. That area is totally dead after 6pm. I would much rather be in River North or South Loop.
Alek, when you were there, was the guy from House Hunters living there? He bought a huge place on the top floor and spent millions an the decor. He talked about how much he loved to have parties. All I could think was how much I would hate to have him as a neighbor.
I don’t understand the love for Ikea. I’ve been to an Ikea store exactly twice (the one in Schaumburg) and I just found it horribly depressing. If you want inexpensive furniture, go to Goodwill or garage sales or browse Craigslist.
The swarms of humanity in the Ikea and the clamoring over cheap furniture and those disgusting, horse meat meatballs would be enough to make any space alien hate the human race.
Location is relative. My gf was 3 blocks away from work, cannot really bit a 10 min commute. I’d rather live close to work and travel everywhere on weekends. The area is becoming better. Look up two HUGE CMK developments that are planned north of the building.
“If you want inexpensive furniture, go to Goodwill or garage sales or browse Craigslist.”
I get that you have anthropophobia and don’t lint being around people, hating running into people in elevators, preferring tortoises to people, etc…
But, are you kidding me? Ikea furniture is affordable yet modern looking and has an element of design. The cheap American furniture is just ugly as it gets.
In other words, you are saying
http://www.bulkea.com/poundex-recliner-sofa-with-microfiber-in-chocolate-f6668-3-seater-only.html?language=en¤cy=USD
is equal to
http://www.ikea.com/us/en/catalog/categories/departments/living_room/roomset/201523_idde04a/
Also some people don’t like second hand furniture. I for one, don’t like buying a used mattress of sofa.
“Horse meat meatballs”
Haaaaaa, had no idea that the sweeds liked horse!
Every day in Ikea is like black Friday with mobs of people pushing and shoving. It’s the only furniture store I have ever visited where there are so many people that you can’t even enjoy looking at the furniture.
You can get similar stuff here (albeit a little more expensive) without having to push through the mobs of people: http://www.wayfair.com/Shop-The-Look/filters/Wayfair,Living+Room,Modern/designer,space,style
My feelings towards Ikea might be different if you didn’t have to go to the store to buy.
Jenny- I have heard of Wayfair and visited their website. How much furniture, home furnishings, etc. have you bought from Wayfair? How is the quality?
Nimesh, I bought a coffee table from them. It is functional and what I needed. I wouldn’t say it’s high quality, but it came assembled and has held up well. For the price of about $150, I have been happy.
you can buy a ‘rocking bed frame’ from them even… lol wtf who would want that
http://www.wayfair.com/Shiner-International-Rocking-Bed-75627-OXJ1087.html?piid%5B0%5D=9903980