Full Gut Rehab 2-Bedroom Loft Reduces $99,900 in River North: 333 W. Hubbard
This 2-bedroom loft in Union Square Loft at 333 W. Hubbard in River North came on the market in July 2022.
Union Square Lofts were built in 1962 and converted into residential lofts in 1998. There are 217 units and attached garage parking.
The building has 24/7 door staff, an on-site engineer, storage, a bike room and a dry cleaners.
The listing says this unit has had a “full gut rehab” with new hardwood floors throughout.
The loft has high ceilings with some exposed brick on the wall with windows.
It has a new kitchen with custom wood contemporary Omega &* Allure white and gray cabinets with Vadara countertops, high end appliances including Viking Pro, Fisher Paykel, a microwave drawer, Best hood and a Panel refrigerator. The island seats 4.
There’s also a dry bar with a 44 bottle wine refrigerator with a built-in espresso machine.
The primary suite has a custom walk-in-closet with a spa-like steam shower, double custom vanity, Graff faucets, heated floors and smart toilet. It has a window.
The second bedroom has oversized custom built closet but doesn’t have a window.
The loft has a brand new washer/dryer, central air, and garage parking is included.
There’s a west facing balcony off the living room.
This building is near the East Bank Club and shops and restaurants of River North and the River Walk.
Originally listed in July 2022 for $849,900, it has been reduced $99,900 to $750,000.
Will the price cuts get the deal done?
Ariel Marini at Continuum Real Estate Brokers has the listing. See the pictures and floor plan here.
Unit #523: 2 bedrooms, 2 baths, 1600 square feet
- Sold in September 1998 for $279,500
- Sold in September 2000 for $416,000
- Sold in March 2002 for $27,000 (assuming this was the parking space)
- Sold in October 2006 for $485,000
- Sold in April 2019 for $440,000
- Originally listed in July 2022 for $849,900
- Reduced
- Currently listed at $750,000
- Assessments of $1057 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9087
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Bedroom #1: 16×10
- Bedroom #2: 12×10
- Living room: 19×20
- Dining room: 11×10
- Kitchen: 14×10
Not close to 1600sf
It’s like, how much more boring could this be? And the answer is none. None more boring.
Subject Property Vs
https://www.zillow.com/homedetails/1425-Valley-View-Dr-Mount-Pleasant-WI-53405/52242737_zpid/?utm_source=zillowgonewild&utm_medium=zillowgonewild&utm_campaign=zillowgonewild
“Vs”
You clearly have no idea how much it would cost to get that driveway fixed up to look nice. Gotta be $100k+.
“You clearly have no idea how much it would cost to get that driveway fixed up to look nice. Gotta be $100k+.”
You should be able to do a full tear out for <$100k (Assuming the agg base is fine). The pavement when it drains off by the Brick wall looks failed and should be replaced. The rest I'd chip seal and call it a day.
I'd be more concerned about the roof
Whomever buys it should have an ample reserve fund.
“how much more boring could this be?”
They could have hung up more black white canvases.
$850k was hoping for a delusional sucker.
The measurement tool in the 3d tour puts it at ~30×45, or 1350 sf.
For a lower amenity association, in a less than awesome River North location, with a meh view (west side, hanging over Orleans?), even the ~$550 psf of the current ask seems juicy.
Highest PSF recent close appears to be ~$500 (rf sez $477, based on inflated SF) for a corner 2/2–so both bedrooms have windows–which is a clear upgrade.
$675k, and that’s assuming rates don’t go up again.
“I’d be more concerned about the roof”
Oh, yeah. Lloyd Wright flat roofs are notorious. Before even getting into the added cost of dealing with a ‘preservation’ project.
[and I was joking about the driveway, apart from it looking shitty as is]
Apropos of something said in another post:
“were looking at $800k properties and now you’re looking at $675k properties”
Like this one!
“The measurement tool in the 3d tour puts it at ~30×45, or 1350 sf.”
Prior listing called it “almost 1500 square feet”.
It’s nice to see one of these completely renovated. It’s been nearly 25 years since the original conversion. Sellers are going to have to upgrade to get higher prices.
Interesting that they swapped out the floors completely though. That’s a big cost.
Also, what IS the price people will pay when the property has had a total gut?
This newer construction 2/2 is 1442 square feet in 236 S. Racine in the West Loop that we just chattered about. It has a big outdoor space, however. But it’s under contract at $699,000. Building also doesn’t have amenities.
https://www.redfin.com/IL/Chicago/236-S-Racine-Ave-60607/unit-203/home/175658041
“Prior listing called it “almost 1500 square feet”.”
Shill speak for – It’s Not a Lie If You Believe It
“This newer construction 2/2 is 1442 square feet in 236 S. Racine in the West Loop that we just chattered about. It has a big outdoor space, however. But it’s under contract at $699,000. Building also doesn’t have amenities.”
You’re also avoiding $800/mo in HOA fees
I’m sure that has no iumpact tho
“Oh, yeah. Lloyd Wright flat roofs are notorious. Before even getting into the added cost of dealing with a ‘preservation’ project.”
Im sure some chud is chomping at the bit to paint all the woodwork white
This building again? Feel like we discuss a unit there every month. I hate the location. Hate it. Stuck in basically an alley between the elevated portion of Orleans and the Merchandise Mart. No decent views, no sunlight.
“This building again? Feel like we discuss a unit there every month.”
The last time we chattered about this building was March 2020 Dan #2.
I stand corrected
For anyone who didn’t see the other update:
contingent with a last list of $525k.