Flipper Alert: Flips and Rentals Appearing in Library Tower: 520 S. State
It’s taken many years, but Library Tower at 520 S. State across from the Harold Washington Library in Printers Row is finally going to start closings this month. There are 184 units in the building.
The first rentals and flips are appearing on Craigslist and the MLS.
Unit #714, a one bedroom unit, just appeared on Craigslist. You can rent it OR buy it.
Unit #714: 1 bedroom, 1 bath, 900 square feet
- Will be listed at $299K
- Available to rent for $1695 plus parking at $250 a month
- Available Aug 15
- The unit is agent-owned
- Tom Feddor at Keller Williams has the listing
What was/will be the closing price (original price) and did it include parking?
300k for 900 square feet in the saturated south loop? I like it, because you’re about to sit on the market and lose money.
This has to be one of the ugliest generic lofts I’ve seen in ages. All this time under construction, and for THIS? Looks like it was build in the 80s.
Drop in sink. lack of cabinet space. generic layout. Massive fireplace. zzzzz. many other buildings in printers row with same amenities for less
Craigslist posting is gone, too.
Like they say, you don’t buy a loft for the view, but you’ve got “no view” in spades with this one.
Still, I like the location and that the design of this building doesn’t look too out of place for the neighborhood.
Bet the developers in the Printers Row area wish they listened to the protesters and scaled down a bit.
yawn, why bother adding additional points but to second everything above and waste 40 seconds of my live….. why bother putting a fireplace in a unit so small.
I used to eat at the burger king that was there before this place.
the library is nice and close, so is the federal penitentiary .
I’ve been to the sales center before and also looked at a loft building right next to it, that is, if you like to see your neighbors all the time. The distance between these two building is so small that you can literally hand your neighbors your dinner place. I guess you have to be good friends with them cos they’d be there all the time watching your ever move–that’s just too creepy.
The developer actually did significantly scale down the height of the building because of NIMBY whining. This was originally supposed to be a more slender 32 story building, which would have provided more breathing room for the buildings around it by having a smaller footprint. But since downtown residents apparently have this terror of tall buildings that hack aldermen never challenge, developers are often forced to build shorter and ergo “squatter” because of the total Floor Area Ratio allowed under the zoning designation.
It is truly heartbreaking that the developer was “forced” to build this. The NIMBY voices of evil have once again curtailed the instinctively philanthropic actions of a developer.
Its not like the city’s affordable housing experts ever came up with as successful a plan. Just keep building units and the return of affordability is inevitable.
Bless you, developers (and your shills, too!)
Isn’t this a lennar building? Aren’t they hurting pretty bad right now?
Yes- Lennar is the developer of this building.
“Its not like the city’s affordable housing experts ever came up with as successful a plan. ”
Remarkable, isn’t it?
If developers listened to NIMBYs and didn’t build units, prices would get very high indeed.
Examples: San Fransisco, Boston.
Difference being, there’s not even a coherent or plausible neighborhood preservation argument in most of South Loop, unlike the aforementioned cities.
If the developers built quality vs quantity then the loop would be one expensive and high quality/individualistic site for new homes…instead greed won out and now you have crap like this on the market!
Sorry but quality always wins; too bad we’re stuck with this.
what is the best deal on a 2/2 do you think they will give now?
I visited Library Tower last year, one bedroom unit, particularly Unit 714, and another, Unit 712 I think. I was really impressed, very sharp. Nice layout, beautiful windows, views and balcony in one unit; the another was a bit shaded, windows were useless on this bright sunny day. I hated the engineered flooring however. I bought into the Astoria Tower up the street, but Library Tower, I think is a good contender.
This unit is listed for $226,000 with parking. Is this a good price and location for a 1st time buyer moving to Chicago? Seems like the price dropped a lot from ~180 days ago. Will it go even lower ? Please advise
Price, no. Location, yes, for walking to work in the Loop.
Yes, the price correction has only just begun.
Ray,
If you’re new to the city why the desire to own right off the bat? In this climate that seems rather foolish. You might find other neighborhoods more to your liking in a few years time and want to live there. You should only be buying if you plan to live there five years in normal times, but these days I’d peg that at ten.
If its for a corp reloc then this might not apply as often you need to buy a new place to get made whole on your last one so disregard my advice in that case.
G,
Thank you for your quick reply! I will hold out on buying soon then. do you think by summer time I will be able to buy or should I wait even longer? (I’m starting work in August) Also, could you point me toward other resources such as Crib chatter where I can learn more about chicago housing market and find a great real estate agent? Once again, thank you very much.
Bob,
Thank your for advise. I’m not 100% certain if I will buy or rent myself. I was planing on buy mainly because my parent offered to help. My plan was 3 – 5 years working in Chicago then decide what to do next; hoping that would be enough to see some appreciation but from your comment it seems like that may not be the case. I welcome any suggestions/advice. I am eager to learn more! please keep the advise coming
Welcome to Chicago!
I was in your shoes ten years ago and based on my experience I’d rent for awhile and get to know the town. Even if you can afford to buy you need to get acquainted with the different neighbohoods. (Thought I wanted Printer’s Row, ended up in Lincoln Park (didn’t like it!) and now live in Streeterville (love it – will never move again!) So take some time to look around without a financial ball and chain!
Ray:”This unit is listed for $226,000 with parking.”
What Unit is this? Unit 712? Unit 714? On Feb.14, I was told Unit 714 at Library Tower is 240K and no mention of a free parking space. Are u referring to the Library Tower? Hmmm, or something else?
Has anyone been by this place lately? Any idea about the quality of the building, Lennar, etc? Bad place to buy into? I really like the location.
Thanks for your help.
I currently live in the building and construction is just about complete aside from the green space that will be next to the building outside street level. The quality of the structure is excellent but each unit will vary depending on how much in upgrades where made. Last I heard its about 50% sold. The roof top gym, movie theater, internet lounge, Party, conference room, and the outside patio with grills and seating cant be better. The south loop is growing and prices and construction will continue to grow as we escalate out of this depression. Check it out for yourself!
Brad:
“The south loop is growing and prices and construction will continue to grow as we escalate out of this depression. Check it out for yourself!”
How will prices continue to “grow” with thousands of units coming on the market just this year alone?
Are you a renter or an owner?
How is anyone getting a loan with only 50% of the building being sold?
The developer, Lennar, is advertising price cuts in the building but they’re not as deep as The Vetro’s. Lennar had a big loan amount due on this building in January or February of this year. That deadline came and went with no news so I’m assuming they somehow refinanced it (or got an extension.)
This building won’t even begin to sell out until prices are cut at least like in the Vetro. Early buyers will end up way underwater (not the dark zone, more like the abyss.)
Just like the Vetro auction and subsequent re-pricing did to entire tiers of previous buyers there (including some with 6-figure down payments.)
Very little is selling in the SL, new inventory keeps increasing, and rents are declining. A classic self-feeding downward spiral if ever there was one.
If you are one who believes that paying a premium for your home is necessary, you still have time to act. The opportunity will not last forever.
Any more insight on the building? Has anyone been working with their sales people? Thinking of putting making an offer on a 2 bed room but I am not sure if I should. Is this building going to foreclose? Please help!
Jeff
Sabrina,
I am an owner. This building has had the highest sales rate in the loop for past 3 months, selling double digits (amount of units) each weeekend.
Just because some people can not get a loan does not mean that other people can not as well. What qualifies someone for a loan is a whole different conversation.
Original prices and current prices have not changed and I don’t seem them changing any time soon as they continue to close on units each week.
I take that back, they have made price cuts. Price cuts on the indoor parking spaces…
Brad: Prices are down dramatically and they’re advertising the cuts in their ads in the Tribune and other publications.
In addition, they’re now giving away free parking, which is another $30k to $40k price cut.
Take, for example, Unit #717. It’s a 1430 square foot 2/2.
Listed in August 2008 for $484,903.
Now listed for $425,000 (with the parking included.)
If the parking was extra last August (likely it was)- then that’s a $100,000 price cut.
Brad said: “Just because some people can not get a loan does not mean that other people can not as well. What qualifies someone for a loan is a whole different conversation.”
That’s correct but when you’re buying in a condo building in 2009, the mortgage provider will look at the health of the ENTIRE building.
From what I understand, Freddie and/or Fannie aren’t giving out mortgages if less than 50% of a building hasn’t yet sold and/or if most of the building is renters.
Brads screwed. haha.
“Last I heard its about 50% sold.”
“This building has had the highest sales rate in the loop for past 3 months, selling double digits (amount of units) each weeekend.”
Brad, you didn’t do the math, did you?
In case you haven’t realized it yet, I will be gentle. Some of what the developer’s agents tell you might not be entirely accurate.
“developers are often forced to build shorter and ergo “squatter” because of the total Floor Area Ratio allowed under the zoning designation”
WHAT??? FAR is sqft of space/sqft of lot. A 4 story building of 25,000 sqft floors on a 25,000 sqft lot has the same FAR as a as a 40 story building with 2,500 sqft per floor. It is FAR limitations that make squat buildings, it’s *height* limitations with the same FAR as a taller building.
Anyone trying to flip here is going to get blown up! Wow that unit you showed is freaking awful too… I hope there’s better ones in this building!
Losing one’s a** on a condo is not just for flippers. Look at Sabrina’s example, there are homedebtors who might already be $100K underwater here.
Getting ‘vetroed’ is the new black.
Is that plywood covering the 2nd and 3rd story windows? Is the developer trying to market this building as a finished product when clearly it isn’t (re: plywood)?
That is laughable. Its like One Museum Park where the incompetent developer can’t seem to complete the glass siding due to “bending issues”. Isn’t it the developer’s job to know about such things prior to commencing construction?
Thats why I would avoid purchasing pre-construction. Things don’t often turn out like the rendering. I doubt the rendering for this one had plywood showing, for instance. lol
Bob,
I would have to say that picture is atleast 6 months old, since that plywood was replaced with a smoked glass look a long time ago.
I would agree this is not the time to flip in this building or anywhere else.
G,
I agree what your told isn’t always true, However there is a system in store within the building that allows you to know which units are occupied and which are not. If the numbers double each weekend and the moving dock is booked for the next 30 days straight, got news for you that the units are selling.
I guess we all have different taste in what we like, If you don’t like this building or another one, then move on and look at something else.
Are you certain they are selling, or just closing old contracts or moving in renters?
Once again, do the math. According to you, a min of 10 “sales” per weekend for three months (total 120 min.) According to you, bldg is approx 50% “sold.” The bldg contains 184 units.
I also note that you weren’t aware of the big price cuts that Sabrina pointed out.
If any numbers are closing, I’d bet they are old contracts. I’d also bet they are already underwater.
I’ll get the details when I return next week.
Brad,
I’m interested in buying; can you tell me how this “system” works? I’m a little scared off by the idea that the building will be half empty for an extended period.
The public records only show 13 sales in 2009 (which is better than some other buildings.) But maybe Brad is right and suddenly there have been dozens of closings in just the past few weeks which haven’t yet shown up in the public records.
But somehow, I doubt it.
If people are moving in, it’s probably renters. There are a few rentals on Craigslist.
My data shows a total of 52 units closed to date. The mls has 3 under contract, but the developer might still hold additional contracts. It should be noted that some of the closings between July and October 08 have some differences between mls and deed closing dates (some Oct sales may have closed earlier.) The closed dates break down as follows:
7/08 = 7 1/09 = 4
8/08 = 9 2/09 = 1
9/08 = 3 3/09 = 3
10/08 = 12 4/09 = 1
11/08 = 4
12/08 = 8
Here are the 52 closed units:
503 closed 7/25/2008 for $425,000
504 closed 10/15/2008 for $383,990
505 closed 7/31/2008 for $329,854
506 closed 7/25/2008 for $312,500
507 closed 7/29/2008 for $449,139
509 closed 8/14/2008 for $539,000
510 closed 10/15/2008 for $568,317
605 closed 7/31/2008 for $314,000
610 closed 8/6/2008 for $467,500
611 closed 3/10/2009 for $330,000
612 closed 7/30/2008 for $298,500
613 closed 7/30/2008 for $307,900
614 closed 10/15/2008 for $301,990
615 closed 10/29/2008 for $280,000
702 closed 8/18/2008 for $396,500
708 closed 8/14/2008 for $423,000
711 closed 9/29/2008 for $425,500
712 closed 1/16/2009 for $260,000
713 closed 10/15/2008 for $293,900
714 closed 4/3/2009 for $221,000
715 closed 10/15/2008 for $280,900
716 closed 10/15/2008 for $441,990
802 closed 8/25/2008 for $405,000
806 closed 8/28/2008 for $391,500
809 closed 10/15/2008 for $668,908
810 closed 8/22/2008 for $480,500
811 closed 2/27/2009 for $341,000
814 closed 8/25/2008 for $273,880
909 closed 10/24/2008 for $613,900
910 closed 9/2/2008 for $486,000
912 closed 3/10/2009 for $272,000
915 closed 8/29/2008 for $298,000
1003 closed 10/16/2008 for $428,145
1009 closed 10/15/2008 for $642,000
1012 closed 9/25/2008 for $285,500
1105 closed 12/1/2008 for $348,500
1109 closed 11/25/2008 for $606,500
1116 closed 10/23/2008 for $452,500
1210 closed 11/14/2008 for $490,500
1216 closed 11/5/2008 for $458,500
1407 closed 12/1/2008 for $434,500
1409 closed 12/30/2008 for $599,000
1414 closed 11/19/2008 for $317,000
1417 closed 12/29/2008 for $444,500
1503 closed 12/24/2008 for $441,000
1515 closed 12/19/2008 for $291,500
1517 closed 12/30/2008 for $447,500
1618 closed 1/15/2009 for $697,000
1627 closed 12/29/2008 for $757,000
1723 closed 1/16/2009 for $765,000
1724 closed 3/26/2009 for $979,696
1725 closed 1/15/2009 for $775,000
I know that this bldg previously announced many more outstanding contracts. It is probably safe to assume that the lack of closings reflect a change in attitude by potential buyers and lenders. There have been some serious price cuts already, we shall see where these bottom out before selling out.
As I’ve been reading through the comments for the different south loop condos, so many are negative. I wonder, which buildings in this area are considered good? I’m looking for a 1 bedroom unit in the 230 price range.
Anyone with any ideas for Angela?
Angela, it depends what your priority list is.
1250 S Michigan – Unit 1204 is not looking bad. Please take a look at the unit and let me know if you liked it or not.
Thanks
Sunny!
How updates on this building in terms of recent closing info? Percentage of building sold? Any help appreciated.