From $545K to $389K for this 2-Bedroom River North Loft: 360 W. Illinois
This 2-bedroom loft in the Sexton Lofts at 360 W. Illinois has been on the market since September 2011.
It is bank owned and the bank has been lowering the price every two weeks.
The loft is in the concrete side of the building, which many loft buyers prefer over the timber because there are fewer noise issues.
It has high ceilings and exposed brick. The listing says it is a corner unit and it appears at least one bedroom may have walls that go to the ceiling for privacy.
The kitchen appears intact, with stainless steel appliances and granite counter tops. The baths also seem to be intact and are marble.
The unit has central air, a rare side-by-side in-unit washer/dryer and deeded parking is included.
At 1754 square feet, this is not your typical 1200 square foot 2/2.
The loft is now listed $156,000 under the 2006 purchase price.
Is this going back to the 2000 price?
[By the way- public records show that the bank took this over more than 2 years ago. If true…wow.]
Mark Miles at Dream Town has the listing. See the pictures here.
Unit #2A: 2 bedrooms, 2 baths, 1754 square feet
- Sold in August 2000 for $354,500
- Sold in August 2006 for $545,000
- Lis pendens filed in June 2008
- Bank owned in September 2009
- Originally listed in September 2011 for $419,900
- Reduced several times
- Currently listed for $389,900 (includes parking)
- Assessments of $658 a month (includes doorman)
- Taxes of $7519
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×14
- Bedroom #2: 13×12
“Is this going back to the 2000 price?”
Yes. There is nothing special about this place. High taxes, high assessment for what is included, and 2nd floor views about to be blocked even further by the new tower at 360 west hubbard mean this place is no more special than any other larger 2/2.
Also, if they allow 16 pictures on the mls, why are some realtors only putting up 9 such as this one? I’d throw them out the window if they pulled this b.s. while trying to sell my house.
“Yes. There is nothing special about this place. High taxes, high assessment for what is included, and 2nd floor views about to be blocked even further by the new tower at 360 west hubbard mean this place is no more special than any other larger 2/2.”
It looks like #1A is also on the market. The layout looks similar but it has marble floors. Listed at $535,000 plus $35,000 for parking.
And people think we’ve hit the bottom of this bust? Look at the disparity in pricing between #1A and #2A.
wow this place was over $500K? It is everything Mike said and worse.
“And people think we’ve hit the bottom of this bust?”
But what does someone’s listing price have to do with that? You will ALWAYS have delusional sellers in any market. Selling prices are all that matters. Now, if someone actually paid $535k for it now, then you’d have a very valid point.
Not sure Chuk. It depends how many delusional sellers there are. It seems to me the market is still trying to settle on prices. It is just too much variation in the pricing. It makes the buyer second guess every price and basically get cold feet. I think we are still far from an equilibrium.
WOW, THIS IS SO BIZARRE –
I toured this place a few summers ago as a rental. I was looking at lofts around the city and a guy posted an ad for a 1500 sq. foot corner loft at sexton for 1300/month. I knew there had to be a catch but I toured it anyways…when i got there, I knew something had to be up. It was huge, great location, but a total mess. Looked like he was in the proces of moving out. While there, he tried multiple times to get my credit card information so he could run a ‘credit check’ on me, stating he would reimburse me later for the 100 dollar credit check. I politely declined….later on craigslist there were multiple complaints of this guy charging credit cards to a random paypal account and never calling people back, ended up being a scam.
i’m fairly certain it was this unit as it was a ‘corner’ unit on the 2nd floor…it had a view of the street and home depot nearby if i remember correctly.
“And people think we’ve hit the bottom of this bust?”
I agree with chuk. No one is calling a bottom or near bottom based on list prices… it’s based on sale prices. The delusional listing prices will affect sales volume, not pricing.
“But what does someone’s listing price have to do with that? You will ALWAYS have delusional sellers in any market. Selling prices are all that matters.”
“Not sure Chuk. It depends how many delusional sellers there are. It seems to me the market is still trying to settle on prices. It is just too much variation in the pricing. It makes the buyer second guess every price and basically get cold feet. I think we are still far from an equilibrium.”
I agree with miu’s point, to a degree. When there’s a lot of uncertainty in the market, I think you’ll tend to see more delusionally high asking prices (as well as delusionally low offers). If it was clearer what the market price was, and less room for debate, it would be harder for people to delude themselves, which is not to say it won’t still happen but will happen less. Now, I don’t know that the existence of uncertainty in and of itself means prices will go down, they could go up, or stay about the same. I do think prices will go down some more (in real terms at least), but not because of delusionally high list prices.
A lot of those units, especially large ones are going to lose value b/c of the views that are going to be blocked by the new apartment tower. Views are going from skyline views of the loop and Sears tower to your neighbors living room.
I can’t tell if this place is really as bad as it appears or if it’s just the pictures. If it’s really 1,754 square feet, it’s rather large for a 2/2 and $222 per square foot, which doesn’t seem too bad. I’m thinking $330,000 will get the sale done.
” When there’s a lot of uncertainty in the market, I think you’ll tend to see more delusionally high asking prices (as well as delusionally low offers). If it was clearer what the market price was, and less room for debate, it would be harder for people to delude themselves”
Agree, this is where our policymakers have failed us. They need a final plan, no matter how painful so the market can stabilize and people have a true sense of market value. The bandaid plans out of the Obama administration and this Congress only add to the uncertainty. Just decide how to proceed and rip the bandaid off.
“They need a final plan, no matter how painful so the market can stabilize and people have a true sense of market value.”
Yeah, because they really care about the individual person or the regular guy’s situation. ARE YOU KIDDING ME?!!! Honestly, if you are that stupid and naiive to believe that politicians and policy makers/lobbyists have Joe 6 pack’s interest at heart, you are even dumber than a moron/idiot. Your opinions (and anyone who shares the same beliefs) should be banished.
It’s a bank deal, hence the lousy pictures. There appear to be plenty of comps from within and nearby the building to dictate a general price range. The previous sale price was nuts, but this place is a deal at the current ask, assuming the bank will take it. (And I say that as one who would never live in the area.)
Wow I ususally like units in this building but this unit looks like a depressing dump
Yeah, CLIO, cause your so in the know… My point, if you read the whole statement, is that our policymakers are failing us — everyday ordinary citizens. Thus, the logical conclusion is to vote them out. I’m not naive. I’m commenting on what is needed to fix the housing problem. I’m not saying that this is what policymakers want to do or that the average joe is their true concern.
A Local has it right. A high rise apartment tower is being built to replace the parking lot across the street. Any views the units have will be gone. Any abundance of natural light the units have will be reduced to “typical” urban amounts of natural light.
This just isn’t the same place it was in 2000 and it shouldn’t cost as much as it did in 2000.
” a view of … home depot “???
Riz: Huh?
“” a view of … home depot “???”
perhaps the underground ACE/Petco?
Bank sat on this like a papa penguin guarding the egg in the Antarctic winter…for 26 months…wow.
Just wow..makes one wonder how many more are out there in shadow inventory land.
“perhaps the underground ACE/Petco?”
Realized after I posted–maybe the *office* depot?
the interior brick under the windows doesn’t look to be in the best shape. looks like efflorescence. anyone know if this building has been point tucked recently.
Never buy a place with across from an empty parking lot. Views aren’t protected. This is probably why the unit isn’t selling. Not to mention having to deal with the construction noise for two years or whatever it takes to build a high rise.
“Bank sat on this like a papa penguin guarding the egg in the Antarctic winter…for 26 months…wow. ”
the bank was probably running the credit card scam 8)
” You will ALWAYS have delusional sellers in any market. ”
boy did I learn that today!
ugh, correction, i meant office depot
I imagine someone will buy this at $350 and be happy. It doesn’t appear that the 2nd floor in the building has balconies, which kinda stinks.
The 360 hubbard building is a fairly recent announcement, no? or has that been going on for a while? just wondering how stupid the bank is for sitting on this, ie, did it lose its views during that timeframe.