Epitome of Chicago Living: An Old Town 2/2 with Skyline Views for $499,900: 1660 N. LaSalle
This 2-bedroom in 1660 N. LaSalle in the Old Town neighborhood in Lincoln Park came on the market in July 2022 and has been on, and off, the market since then. It re-listed in March 2024.
Built in 1974, 1660 N. LaSalle has 492 units including studios, 1, 2 and 3-bedroom units. It has an attached garage which has leased parking.
It’s a full service building with 24/7 door staff, an outdoor pool, exercise room, party room, bike room, roof deck, attached grocery store and cleaners.
This unit has south and west floor-to-ceiling windows along with “epic city views” from the south facing balcony.
It has solid oak floors throughout.
It has an “updated” kitchen that is open to the living and dining room combination with modern black cabinets, quartz counter tops, a Miele induction cooktop, a GE Profile refrigerator and Bosch dischwasher and oven.
The bathrooms are “straight out of a luxury hotel.”
The primary bedroom is en suite.
This unit has some of the features buyers look for including central air and there is rental parking in the building starting at $121 a month. There is no in-unit washer/dryer but there is a coin laundry room on the first floor.
This building is at the epicenter of the Old Town and East Lincoln Park neighborhoods. It’s just steps from Lincoln Park, the Zoo and the Farmers Market and near Second City, the History Museum and all the shops and restaurants in Old Town.
It’s also near several key bus lines and the listing says it’s 4 blocks to the red and brown lines (but that isn’t right about the red line. It is further away from a red line stop.).
Additionally, a new development in the old Walgreens on Wells and North Avenue, the gas station and the old Treasure Island, is expected to bring a new supermarket as well as a new high rise on North Avenue (if approved).
This unit last sold in July 2018 for $520,000.
Listed in September 2023 at $544,000, and now re-listing in March 2024 at $499,900, is this a deal?
Olivia Carlson and Paul Siebert at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #3002: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 1985 for $114,500 (per Redfin)
- Sold in September 1991 for $165,500
- Sold in July 2018 for $520,000
- Originally listed in July 2022 for $569,000
- Reduced
- Was listed in September 2023 for $544,000
- Removed in December 2023
- Listed for rent in October 2023 for $3800 a month
- Reduced
- Removed in December 2023 when listed at $3600 a month
- Re-listed in March 2024 for $499,900
- Assessments of $1034 a month (includes heat, a/c, doorman, cable, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet, bike room, sundeck, cleaner, party room)
- Taxes of $8329
- Central Air
- No washer/dryer in the unit. Coin laundry in the building
- Rental parking available starting at $121 a month
- Storage available for $10 a month
- Bedroom #1: 12×10
- Bedroom #2: 14×11
- Living room: 14×14
- Dining room: 14×10
- Kitchen: 14×10
- Pantry: 5×3
- Foyer: 6×11
- Balcony: 12×4
LOL at the owner. Must have listened to Sabrina rEAl eSTate onLY goEs uP
How is it possible to lose money in Chicago real estate? I thought it was HAWT(tm)?
No Deal Still overpriced by at least $40K. +$4500/mo and I have to schlep laundry
Here’s the recent sale comp for when this one was first listed in Jul-22:
https://www.redfin.com/IL/Chicago/1660-N-La-Salle-Dr-60614/unit-3401/home/13343086
Seller is a couple months away from having ~$75k in carrying costs since that first listing.
Listing it for rent and the rented furniture in the pix indicates Seller has moved out–wonder if they’ve been out the whole 2 years?
Ouch.
Only in Chicago could you buy in 2018 and be selling at a loss after a huge run up in prices nationally…
“Only in Chicago could you buy in 2018 and be selling at a loss after a huge run up in prices nationally…”
In my opinion, part of the issue may be that there’s going to be a tall high rise that is built just to the south that will block some views. Not completely block, as it will be far enough away, but it is bringing enough uncertainty that buyers are maybe waiting to see what will be approved and how it will impact.
We’ve seen this happen in other buildings, especially River Bend when Wolf Point was being built. Once the building goes up, the anxiety usually eases. But for buyers, it’s mostly about the “unknown.”
The best thing that can happen is that the development is approved and they start construction so buyers can “see” what is going to happen.
“Here’s the recent sale comp for when this one was first listed in Jul-22:”
Thanks for this comp. I love this unit. So lovely. This building has some of the best views in the city, from either side of the building.
The only problem with the floor to ceiling windows, which wrap around, is that there is little wall space for storage. I can see why they put some cabinets in front of the windows in the link to unit 3401 for the kitchen. And they put cabinets on both sides of the island. Anywhere you can get it, is helpful.
Also, with the dining room open to the living room like this there’s actually no space for a dining space buffett or cabinet either.
“Must have listened to Sabrina rEAl eSTate onLY goEs uP”
You have to be really really clueless or just daft to think I have EVER said this. Especially as I have been accused of being the biggest bear on Chicago real estate in the city over the years.
And also, as I have said as recently as, oh, a few weeks ago, that downtown Chicago is still struggling for a variety of reasons which I won’t bother to list again here since I list them all the time. I know most of you get tired of hearing the reasons.
The good news is that inventory is being absorbed now, even downtown. If you want to be in a certain building, there are slim pickings in some. There may not be ANYTHING available.
But buyers still want something that is updated and where they don’t have to do anything. Not many buyers are willing to do a big project, even if you price it to give it away.
For sellers, you need to update the kitchen and baths. Hire Renovation Sells. Put on some new counter tops and install a new vanity, with new lighting, in the bathroom. You don’t necessarily have to do a full gut to have it pay off.
According to the 2022 listing that anon(tfo) linked to (unit 3401), this building has $10 million in reserves. Wow. That is incredible. I also see that they replaced all the piping already. All of the 1960s and 1970s high rises are going to have to do this in the next few years. It’s not cheap. Good for them. Great management.
I wonder if they put the money into a money market account and are getting 5%?
This building is also non-smoking.
If only there could be washer/dryers in the units, it could be a perfect building.
There are also a lot of flippers in these older buildings. This one took about 5 weeks to go under contract.
https://www.redfin.com/IL/Chicago/1660-N-La-Salle-Dr-60614/unit-3709/home/13342604
This is the only 2-bedroom for sale in the building. There also haven’t been that many 2/2s that have sold over the last 2 years.
It has also been updated.
I’m surprised it is taking this long to sell.
It’s interesting to see what the owners are doing on rehabs on these units. Personally, while the open concept is in, with the kitchen island, it really takes away key storage and the back side of the wall which is where you could put bookcases, a dining room cabinet for storage. I would keep the galley kitchen, if it were me. Especially as this one would have windows for natural light.
Also, I think separate kitchens are nice. You don’t have to stare at a refrigerator all day.
Listing says
“Step inside to discover a modern, open living space boasting an updated kitchen with quartz counters, Miele induction cooktop, GE Profile fridge, and Bosch dishwasher and oven”
I can’t tell what the oven is, but if you are going to mis mash it up, then do a drop in upgrade on the builder GE Profile with some LG/Samsung/Subwolf something.
As mentioned if you going to look at the fridge the whole time, then make it look better
SABS says:
In my opinion, part of the issue may be that there’s going to be a tall high rise that is built just to the south that will block some views. Not completely block, as it will be far enough away, but it is bringing enough uncertainty that buyers are maybe waiting to see what will be approved and how it will impact.
chichow replies
Price the unit lower
take the loss
cut and run
SABS says:
And also, as I have said as recently as, oh, a few weeks ago, that downtown Chicago is still struggling for a variety of reasons which I won’t bother to list again here since I list them all the time. I know most of you get tired of hearing the reasons.
chichow replies
honestly speaking, I and I really just mean I don’t consider this location to be downtown so downtown struggling isn’t really on point.
SABS says
If only there could be washer/dryers in the units, it could be a perfect building.
chichow replies
It’s never going to be the perfect building as it is right on Lasalle. At least this unit is high up.
Anyone know
1) Are all in one washer dryer units disallowed?
2) what’s the ceiling height?
“The only problem with the floor to ceiling windows, which wrap around, is that there is little wall space for storage.”
Storage becomes an issue, as does art. (never really been a fan of “open concept” and the storage/art challenge is just one of the reasons)
The other challenge (for us) in floor-to-ceiling windows is making the environment feel like a home. Tons of glass is something we tend to not like, although we do enjoy those buildings from an architectural standpoint.
Back in 2016, my incomplete analysis found that units in dog-friendly buildings were worth about 20% more than in no-dog buildings. Buildings with few or no dog weight restrictions got a little extra bump in price, whereas buildings with very complicated rules on dogs (i.e. 3750 N LSD) didn’t get as much help. I would anticipate the gap has increased since Covid, when lots of people added dogs to their households. All of this is to say that this building doesn’t allow dogs, which combined with the washer/dryer question is limiting buyer pools.
“honestly speaking, I and I really just mean I don’t consider this location to be downtown so downtown struggling isn’t really on point.”
You are right chichow, that it is slightly north of downtown. “Downtown” for the purposes of the real estate industry has boundaries of North Avenue to the north and Cermak to the south.
Given that there are few 2 bedrooms that have been for sale in this building in the last 2 years and this is the only one currently, and it’s updated, I would suppose that it’s issue is the new high rise that is going to be built just south of here. It’s going to be, what, 40 stories? Hasn’t been approved yet as the developer is still in talks with the design with the community and alderman. But they just added on another 8 stories but made the building slimmer.
Uncertainty can kill sales in buildings until it is cleared up. Buyers often need to actually see what the building is going to do to views.
Because the 1-bedrooms that don’t face south in this building are selling quickly.
“All of this is to say that this building doesn’t allow dogs, which combined with the washer/dryer question is limiting buyer pools.”
Perhaps. It’s also non-smoking which may limit it even more.
But that didn’t stop the 2-bedroom that anon(tfo) linked to from selling nearly immediately 2 years ago.
“The other challenge (for us) in floor-to-ceiling windows is making the environment feel like a home.”
These 1970s buildings are a bit different from current construction though. There is actually concrete in between the windows which doesn’t give you the full windows-only coldness. Also, the lower ceilings actually seems to help make it seem more “home”-like.
“It’s never going to be the perfect building as it is right on Lasalle. At least this unit is high up.”
What does being on LaSalle in this location have to do with anything? This is better than being on a lot of other heavily transversed streets.
Downtown as North to Cermak is as ridiculous as saying Bucktown goes South of Armitage.
Think about it; some shill is going to say that downtown abuts Bucktown.
“I can’t tell what the oven is”
Looks like a bosch.
Fridge looks like it’s pre-haier, and prob by a decent piece–ie, at least 8, prob 12+. Due for replacement, probably.
“Downtown as North to Cermak is as ridiculous as saying Bucktown goes South of Armitage.”
Yep- North to Cermak and I don’t remember the west boundary. Has been in use for as long as I’ve run this blog, which is now 17 years. Been used by the real estate companies (industry companies, not brokerages) such as the ones who supply the data about apartments and condos being built. These are data shops. Crain’s has quoted their data for the entire time I’ve run this blog.
I know you have a hatred for real estate agents Johnc (not sure what that is about) but they aren’t the ones putting in the downtown boundaries on this data.
“North to Cermak and I don’t remember the west boundary.”
I think it’s been Ashland, which was ridiculous 25 years ago.
Appraisal Research Counselors, which was acquired by Integra Realty Resources (note the acronym). Gail Lissner the most frequent name on a quote in Crain’s.
Found confirm:
“Gail Lissner is co-author of Appraisal Research Counselors’ quarterly Downtown Chicago Residential Benchmark Report, an in-depth analysis of the downtown Chicago housing market, focused on the area between North (1600 N.), Cermak (2200 S.), the lake and Ashland (1600 W.) The report tracks development activity and helps people investing in residential real estate make informed decisions”
https://yochicago.com/downtowns-record-building-matched-by-record-buying-in-1st-quarter-of-05/466/
Thanks anon(tfo). I would have guessed Ashland but thought maybe it was Halsted too. One of those two.
There were plenty of manufacturing businesses all the way out to Ashland which is maybe why they put it all the way that far west. I don’t know. You’d have to ask Gail.
But, as someone who looks at the data, the most important thing, to me, is consistency. No way to compare the data over several decades unless it has the same parameters. And this does.
Same with how IAR designates “inventory” data. As long as they’ve been tabulating it the same way year after year, that’s fine. Because at least it is comparable and sets a benchmark.
Also seems like they were ahead of their time going all the way out to Ashland because there is now plenty of development that far west, including past Ashland.