Crib Chatter

 

 

Not every building is a sure fire winner in Chicago over the last five years, even in the once booming loft market.  One River Place, or 758 N. Larrabee in River North, was a conversion of one of the old Montgomery Ward storage buildings in 2002.  It sits on the North Branch of the Chicago River and the units facing west have direct river views.  The building is rather famous for the statute of a 17 foot tall woman, called “Spirit of Progress,” on the roof of the building.

The lofts are concrete with 12 foot to 15 foot high ceilings.  The building has 407 units of various sizes (from studios to large three bedroom units.)

What’s wrong with the picture?  I’ve been in the building and it’s quite nice.  The units have nice layouts.  But a tipster has told me that there is ongoing litigation with the developer which has resulted in a quite substantial special assessment.

Some of the units are selling for less than 2004 pricing.

Unit #407: 2 bedroom, 2 bath, faces the river

The picture above is of Unit #407.

• Sold in November 2006 for $372,000
• Currently listed for $369,000 plus $30,000 for parking
• The unit is under contract

Unit #826: 1 bedroom,  1 bath, seller to pay special assessment

• Sold in November 2003 for $210,000
• Currently listed for $224,000
• The unit is under contract

Unit #813: 2 bedroom, 2 bath

• Sold in March 2004 for $390,500
• Currently listed for $389,000 plus $35,000 for parking
• Koenig & Strey has the listing

These owners are listing for less than what was paid several years ago (or, in the case of #826, barely higher than over 4 years ago.)

Who would have thought in 2002 when this building was originally selling that it would become a “tainted” building with little to no appreciation only 5 years later?  Just goes to show you, with new construction or conversions, you never know what is going to happen.