Downtown Views and 2005 Prices in University Village: 833 W. 15th Place
The University Village neighborhood has seen massive growth in the last 10 years. This 2005 mid-rise loft building at 833 W. 15th Place is one of the many new buildings that dot the area.
This 2-bedroom loft has 12 foot concrete ceilings and lovely views of the entire downtown skyline.
It’s also listed for around its 2005 purchase price and the listing says it’s “aggressively priced.”
Michelle Liffick at Dreamtown Realty has the listing. See more pictures here.
Unit #602: 2 bedrooms, 2 baths, 1181 square feet
- Sold in February 2005 for $347,000 (included the parking)
- Currently listed for $325,000 (parking is $30,000 extra)
- Assessments of $408 a month
- Taxes of $4397
- Fireplace
Uh why would I want this place when I could live closer to downtown and public transportation for the same, if not lower price in the South Loop?
The only potential market I could see for this place is UIC professors. Pretty slim pickings there.
Always love it when you feature my neighborhood. I think I’ve seen all the units for sale in these two buildings. This particular unit is very nice. All units above the 3rd floor that face north have that great view.
Here’s the kicker. For whatever reason loft units in this area just aren’t moving right now. I think the area is under appreciated personally and no, you don’t hear the train from this building. In the 811 and 833 buildings only 2 sold in the last 6 months. One of those was a short sale and the other sold for $310,500 with parking.
Seems small from the photos. I’d be worried that some bacon grease could potentially splash on the couch. (ok ok, it’s not *that* small). concrete ceilings are past their fad.
I would consider moving to this area for
So a posted while I was writing my comments and addressed one of the issues. Yep, public transportation is better from the south loop. No argument. But this area is a bit quieter, which some of us like. And it’s much better if you drive. Closer to all the highways and less traffic. Also, some of those south loop buildings scare me. I was in one the other day and looked like you had a bunch of flippers renting the units out. Not that it’s a surprise that flippers are renting them out but it LOOKED like they were renting them out.
Just noticed the 2nd BR. Is that a walk-in shower off the room? b/c that’s the only instance i think a shower curtain is an acceptable door (except college).
What makes this worth more per square foot than what Vetro units are now selling for?
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Earth to potential seller and agent: 355k for a 2/2 is not “aggressively priced”. And sellers still think the parking trick will work. I’d love to see someone put in an offer for 325k without parking and see what the seller comes back with.
Bob, he would bite the buyer’s hand off and rent/sell the parking to a neighbor.
Gary:
Not sure who told you UMM/DMM are the first time investors can participate in tradeable securities for RE. THere are many ETFs for tracking the C/S index and there are double inverse return equities like SRS that i’ve been speculating on
ChiGuy,
What ETFs track the C/S index directly?
Off Topic, there is a new financing scheme coming from our favorite condo conversion company, American INVSCO.
Yeah, they’re now offering 10 year interest only loans. And if you cant make payments on your unit anymore you apparently just hand over the keys back to them. And they give you a weekend in a Porsche!
Totally worth it. Oh but their studio’s are still 300k.
That’s my loft – so be kind. It does “seem” small from those photos, but the actual pictures from the tour on the listing do not. Go figure!
We love, love, love this area, but second children (while certainly doable in a 2 bedroom), isn’t necessarily ideal, hence the move.
I *think* (and I’m not a real estate expert) that we listed the parking as “additional” b/c (a) if someone is using a search engine with $325K as their “cap,” then our listing still pops up; and, (b) everyone else does it in the area…? I have seen parking spaces in our building pop up and sell for around $30K from time to time.
As for the second bedroom, yes, there is no door. In a loft, you can’t build up the walls (e.g., privacy wall like our master) or include a door and call it a “bedroom” if there are no windows. Apparently, my kid doesn’t seem to mind the curtain. But thanks for the post-college dig there, douche…I mean ChiGuy. 😉
As for the Vetro, I don’t think the units that are comparable to ours sell for anything less than $361K. I’m not familiar with that building, but when looking to buy several years ago, we did check out the South Loop and compare it to University Village. The South Loop is nice, but very much a concrete jungle. I liked the more neighborhood feel of UV, a lot of greenery, and great parks for our child. Good peeps in UV. Like I said, it’ll be tough to leave.
Like I said, that’s my home and I love it, but we do need to sell. If anyone has any constructive criticism (or knows a buyer) they’d like to share, I’m all ears.
Thanks for the forum!
Why haven’t the lofts been selling?????:
Rent a 2/2 in the same building on the 7th floor for $1,750 with parking.
http://chicago.craigslist.org/chc/apa/1128333168.html
Or buy one with 20% down ($71,000) and pay $1,438 (at 4.5%) plus $400 taxes, $400 assessments and all the other incidental cost that come with the ‘joy’ of home ownership.
If these units were selling in the low $200’s it might be just enough to rekindle the depressed real estate market. $200k is about $1,000 a month plus taxes and assessments. The high $100’s would help even more.
I don’t think Vetro is comparable given the distance. But similar units in Vetro go for 260s (1,002sf) to 310s (1,133sf). The 1,133 ones would probably be the better comp and that includes parking.
But again, I think this is a different market so not indicative of what price your unit would fetch.
Thanks Bob! I believe our unit is about 1187sf, so yes, you seem to be right.
355k with parking is a bit much to be asking, especially considering the lack of public transport. 325k with parking would be more acceptable if there were an L stop nearby. I think this unit will sell at 300k with parking to a couple that’s having a kid and wants the parks/greenery for their child, but that will be a pretty small demographic as people are holding off on having a kid in this uncertain climate.
I hear that re: public transportation. I usually walk to the UIC Blue Line stop, or if raining, take the Halsted #8 to that same stop. The only time that became annoying was when I was nine months preggo in AUGUST and the bus ran late. I do know a lot of people who commute downtown actually take the Metra, which has a stop behind our building.
If you’re right HC (about selling to those wanting to have a child) those buyers would be in luck. The UV neighborhood is great for kids; playgroups, playgrounds, story time at Barbara’s, etc (and for the parents, LUSH is nearby…)
There is a problem with this neighborhood in general in terms of access to public transport. The 8 Halsted bus? ughh. The UIC Blue Line stop is a haul from here as well. Basically any property in this area is like living in a slice of suburbia dropped into the West Loop.
Even if it is close to the Loop, car culture is in full effect.
So even though the price is somewhat reasonable, parking is ESSENTIAL which inflates the price.
MRSB,
I guess we’ve met then! I personally liked your place. My clients preferred a different kitchen layout in the end. We’re also looking at the last 2 sales and holding out for lower prices in the building.
Sorry mrsb you came to cribchatter getting advice so I’m going to give it. 90/5/5 financing for new construction in the middle of a bubble doesn’t bode well for. you may have to bring money to the table – and you’ve got some competition to get to the exit first.
chicago.craigslist.org/chc/reb/1122534974.html #707
chicago.craigslist.org/chc/reb/1126739447.html #90x
chicago.craigslist.org/chc/reb/1126741511.html #605
http://www.redfin.com/search#lat=41.8610057&listing_id=3025824&long=-87.6470726&market=chicago&status=1&uipt=3,2,1&v=4&zoomLevel=17 #801.
Sorry I meant 80/15/5 not 90/5/5. Math!
You just had to do it, HD. I knew it. Thanks a lot. I was hoping to revist this one several months down the line.
The good news is at least the public schools are decent in this area.
But their children will grow up without a lawn, oh the horror, the horror!
Ugh I hate that disgusting #8 halsted st. bus with a passion!
Good luck selling this place, seems nice and if we were still looking we might take a peek (even though my wife wouldn’t want to live south of madison St.), but we’re done with that.
msrb,
just thinking out loud here, but couldn’t you just remove the curtain from the second bedroom and install a door instead? because the wall is a “3/4” and still have natural light filtering in from the top, you can still call it a bedroom.
To Gary:
iShares Dow Jones US Real Estate (ETF)(Public, NYSE:IYR)
*doesn’t* track the C/S but the Dow Jones U.S. Real Estate Index, which (i’m sure) uses parts of the C/S.
Well hello, Gary! Thank you for the compliment. Your client was on crutches, yes? If so, tell her I hope she has a speedy recovery.
Thank you HD, indeed we are aware of those units. Totally and utterly aware.
And, um, so what’s wrong with wanting a lawn? Especially when that lawn is close to family?
Bunt,
Good suggestion. I think at one point we thought about doing that, but were scared off by the whole “you can’t call it a bedroom” issue. I’d have to do some more research just to be sure we could, in fact, call it a bedroom.
hd,
Put on your sarcasm antennae. They’re not bailing to the burbs for the yard–its the schools.
“They’re not bailing to the burbs for the yard–its the schools.”
Sounds more like they’re “bailing” for the 3d bedroom and a 2d living space (i.e., somewhere for the kids’ junk to live).
Kids have to be the biggest waste of money… ever! 8)
Having a kid is like having a full time comedian living in your house. Sometimes though, the joke is on you.
I have nothing but sympathy for parents of difficult children. I had a “good” kid and raising him was damn hard.
I was a bad kid and I know if I’m ever a parent theres going to be some karmic payback.
ChiGuy, the DJ US RE index consists of commercial properties. Apartment REITs are included, that’s as far as residential goes. C/S is single-family only. I don’t believe it affects SRS.
It had to take a lot of work to hammer SRS down into the mid 20’s. I hope you didn’t get caught in that squeeze. Or, did I miss all of the good news about CRE? Regardless, I enjoyed the opportunity to reload (one more time.)
“I was a bad kid and I know if I’m ever a parent theres going to be some karmic payback.”
Yeah my wife and I were both terrible… so that’s why we don’t plan on even bothering!
“I was a bad kid…”
And somehow, none of us seemed *that* shocked!
anon (tfo) “They’re not bailing to the burbs for the yard–its the schools.”
“Sounds more like they’re “bailing” for the 3d bedroom and a 2d living space (i.e., somewhere for the kids’ junk to live).”
Dudes, I’m right here; you don’t have to talk around me. It’s none of your biznass. Besides, I already answered that question, TYVM.
“It’s none of your biznass.”
You brought it up–see “second children (while certainly doable in a 2 bedroom), isn’t necessarily ideal, hence the move.”
And you responded to the speculation/normal-for-cc-mocking-of-parents, so you should expect more–it’s sort of the way of the tubez.
Obviously, the use word “biznass” should imply that I’m really “okay” with the speculation. It’s the internet – it’s not like you can mock a parent IRL, KWIM?!
“of the”
Stick that b/w “use” & “word” above. Proofreading. It’s what I should be doing more of…
Nah, proofreading not required. Anyone here at the CC that even notes it–unless it’s genuinely confusing or funny–just needs to get over it.
But re: biznass–some of the most serious folks (real or pretend, I dunno) I’ve encountered on the tubez use flippant web-ese.
Gotcha.
Its tough to mock Mrs B’s parenting skills nor wanting whats best for her family and children, that much is obvious.
Its easier to poke fun at the presumption that they could buy and own a 1,200sf condo for four years then pack up and leave as soon as one’s life situation changes. Presumably the kids were planned for (most people who can afford monthly payments on a 335k mortgage are nothing but meticulous planners), however what wasn’t planned for was a collapse in the real estate market possibly preventing moving.
I don’t know why this concept was so foreign to people given real estate crashes tend to happen with regularity every 10-20 years. That being said their situation is better than most. There is a captive audience of buyers in terms of the University. Universities are like the government they generally don’t cost cut in tough times.
If not they could always rent this out to students if they wanted to deal with the hassle of being a part time landlord.
Okay back on topic: I like the kitchen and finishes and the granite countertops. These granite countertops are the right width and it looks good. I’ve seen a lot of crap thin ones lately and it just doesn’t look right. Also I like the cabinets, they line up at the top, which is good. I’m generally not a fan of exposed ductwork but I don’t mind it here, maybe because its smaller in diameter to distinguish it from that in a Jimmy Johns/Chipotle and it blends in with the concrete ceiling well.
G-
I made a good chunk when there was a run-up from the mid 90s to the 200s. I stopped playing the SRS game, though, since i figure karma is out to catch me on the flip side. aka I took the money and ran for different hills when i saw it drop to double digits in a matter of weeks.
The daily double inverse isn’t a game i’d play again. Especially since i have a trip to Vegas planned for early June..
You’re absolutely spot-on, Bob, it IS tough to mock my outstanding parenting skills. Who bribes their child to brush their teeth by offering…vitamins? As a treat?? This gal! I have no idea how it works, but it does. Feel free to steal this genius move.
In all seriousness, you do have a good point re: the cyclical nature of the real estate market. As first time home-buyers who used the money on a downpayment in lieu of a honeymoon, yes, we thought we were making a sound investment in purchasing our first home four years ago. And, while I do not believe that we thought it would be *easy* to “up and leave as soon as one’s life situation changes” four years later, we certainly weren’t expecting THIS type of market. Perhaps that was our inexperience/youth. Lesson, however, duly learned.
We’re simply doing the best we can with what we’ve got. And thanks for the compliment on my kitchen. I like the granite too.
mrsb,
Yes, you remember us correctly.
ChiGuy,
Yeah, I was looking for a direct Case Shiller play – hence the interest in the Macromarkets instrument. In addition, these instruments are often mispriced in the early days so there could be some opportunity there.
One other thing…you need to watch out for those double index funds. They DO NOT perform at 2 X the index over a period longer than one day.
mrsb:
Brave of you to post here about your property. Kudos for setting our critics here straight.
I live in University Village too – in one of the townhouses. The University Village can’t really be compared to the Vetro area. University Village is much more dog/kid friendly. There’s lots of grass and trees. The Vetro is closer to the Loop and a person could easily walk to work from there. It’s all a matter of preferences.
As a note, I really wish people would include the parking in the price of the condo. I find it’s a complete waste of my time when I have to read the “fine print” to see that parking is not included. I have a ceiling of what I can spend and an extra $30,000 would be a deal breaker for me in some circumstances. More people might look at the listing, but that doesn’t mean they are going to come see the unit once they notice they can no longer afford it because with the parking it come in over budget.
As a note, I really don’t know what a fair price for condos/townhouses in the University Village area should be at this point. A neighbor of mine has her townhouse for sale. Potential buyers seem surprised by the neighborhood in that it’s very green and not generally what people expect close to downtown.
Thank you, Sabrina.
Geez folks. Just move to the burbs already!
In this building, the listings have always been done this way – with parking listed for an additional price. I agree it is annoying that one has to read to see that info, but any agent who listed with the parking included would be pricing themselves, at first glance, 30k over the competition.Not a good place to start. Not a good idea.
I somehow stumbled over this thread and did not see it at all.
First, it is so nice to see a home that is beautiful, immaculate and well staged for photos. Regardless of the comments here, I think this place will sell for asking or perhaps slightly under…very nice and well maintained loft.
Second, good job in defending yourself from all the negativity routinely exhibited on this board mrsb! It was a blast reading through the posts to see you step up and knock the regular contributors (who never have anything good to say regardless of how spectacular a place is) back down a few notches to where they belong!
Great job and the best of luck to you in selling your beautiful loft.
Peter Seller on April 21st, 2009 at 10:32 am
“Geez folks. Just move to the burbs already!”
Um, willll do Peter – you interested in buying our loft first?!
😉
A gracious thank you, westloopelo. As you well know, selling a home is a taxing endeavor, so I appreciate your (and others here) kind words.
I say townhomes in UV should go for $270-280/sq foot.
Ok, so with all this talk have we established that this is a 2 bedroom sans door or a 1BR + den? I see it’s listed as a 2BR. Consensus?
It is a 2 bedroom.
So how do you guys feel about the 811 and 813 W. 15th place buildings today?
JC: We haven’t chattered about these in awhile. Gary would know more about these buildings- as he lives in the neighborhood.