Get 3-Bedrooms and Views for $765,000 in River North: 345 N. LaSalle
This 3-bedroom on the 41st floor in The Sterling at 345 N. LaSalle in River North came on the market in August 2022.
Built in 2002, The Sterling was originally expected to be apartments but the condo boom had started raging so it was converted to condos before anyone moved in.
It has 389 units and attached rental garage parking which is $290 a month.
The building is a full amenity building with a “24-hour door staff, outdoor pool, party room, bbq area, two tennis courts, and recently-renovated sundeck area.”
The listing for this unit says it has had a $110,000 renovation including $20,000 for 1/2″ soundproof windows.
It has a “brand new floor” which is an AquaGuard walnut wire-brushed water resistant engineered hardwood with a lifetime warranty.
The kitchen has been “fully renovated” but the 2017 listing says it was “renovated” in 2015. The cabinets are white and the listing says it has a new refrigerator and induction range/oven.
The AC has been deep cleaned.
It has a primary suite with a custom walk-in-closet and en suite bath with dual sinks, quartz tub, walk-in-shower, custom walnut vanity, Italian tile and Grohe and Toto fixtures.
The second bathroom also has similar finishes.
It has features buyers look for including central air, washer/dryer in the unit and you can rent garage parking in the attached garage. It is managed separately from the building.
It does not have private outdoor space.
The Sterling is near the shops and restaurants of River North and the River Walk and is an easy walk to the Loop.
Listed at $765,000, with many working from home, are three bedroom units suddenly more valuable?
Michael Marin at Signature Homes Realty has the listing. See the pictures and floor plan here.
Unit #4102: 3 bedrooms, 2 baths, 1630 square feet
- Sold in September 2004 for $830,000
- Lis pendens filed in November 2005
- Bank owned in September 2006
- Sold in January 2008 for $459,000
- Sold in July 2017 for $695,000
- Currently listed at $765,000
- Assessments of $1055 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $12,551
- Central Air
- Washer/dryer in the unit
- Rental parking in attached garage at $290 a month
- Bedroom #1: 13×20
- Bedroom #2: 12×12
- Bedroom #3: 11×13
- Living/dining room combo: 16×18
- Kitchen: 8×10
“the listing says it has a new refrigerator and induction range/oven.”
Fridge yes and unless they went with the exact same range/oven – BS
I’m not seeing $110K in reno’s (Unless they’re counting the previous owners work)
“It does not have private outdoor space.”
Look at the previous sales pics – LOL
Space isnt bad, just not sure who a 3Br in this location appeals to – DiNKS who WFH?
If the owners spent $110k (Hint – they didnt or they wuz robbed) they’re losing their ass.
“Look at the previous sales pics”
Nevermind that, click thru to the virtual tour, and find the floorplan.
And then you can see it in pic #24–thru the bedroom.
It’s pretty sad–being tiny and off the bedroom–but it’s there. Looks like the prior owner’s used it for their tiny dog, and the current are using it for storage.
“the listing says it has a new refrigerator and induction range/oven.”
The listing says:
Brand new fridge, and
induction range.
As to the $110k of renos–they really seem to be talking about “total, ever”; the phrasing is really vague, and I assume intentionally so.
It’s clearly 6-figures nicer than it was originally or in 2008 (REO sale from DB), and the ’08 price + CPI = $645k, so the question is: how bad is the current market for river north condos?
Oh, and:
“who a 3Br in this location appeals to”
With as small as the LR/DR is, AND with no counter seating area (unless you replace the counters), the target market is those looking for 2+den, or a big 2 bed.
They replaced the windows for $20,000. I wonder which windows and how they can possibly be of the “highest standard” for only $20,000 if all of them were replaced. They also replaced the floor, but I prefer the old floor.
“who a 3Br in this location appeals to”
I wouldn’t mind a craft room and extra storage. At 1600 sqft, I would still rather a large two bedroom with lots of storage.
“how they can possibly be of the “highest standard” for only $20,000 if all of them were replaced”
Looks like a version of storm windows inside existing windows (see pic 24). I can’t imagine it is so loud at the 40th floor to need those.
“Looks like a version of storm windows inside existing windows (see pic 24).”
Did not know that people did that, but apparently they do.
“I can’t imagine it is so loud at the 40th floor to need those.”
I’d have to expect that it’s about wind noise rather than street noise, and that the association said “no” to replacing the exterior windows.
Nothing really distinctive about this unit. Even the views aren’t all that impressive considering it’s on 41st floor. There’s nothing offensive about it, really, but nothing memorable either. The assessment seems very low, but maybe I’m mistaken.
Having lived on the 50th floor of a building in Streeterville, I can attest to street noise being an issue even way up high. The ambulance and fire sirens, especially.
“I can’t imagine it is so loud at the 40th floor to need those.”
Is there a fire station nearby? That’s the only way I would think it would really be that loud.
“Is there a fire station nearby? That’s the only way I would think it would really be that loud.”
Closest fire station is on Dearborn and Illinois–too far to be loud. Must be wind noise as anon (tfo) says.
“The assessment seems very low”
iirc, there were special assessments back in the foreclosure days…might have been to cover unpaid assessments from defaulting owners, or something else. Don’t feel like trying to figure it out.
Sometimes when an association starts down the path of using specials, they stick to it, and it would be worth getting more comfortable than average with the reserves here, just to be sure. bc, yea, for the services and including heat, that’s on the low side.
speaking of heat–given that this was designed to be rentals and then Invsco’d–it is 2 pipe or 4 pipe?
Parents own a 2/2 here. It’s a decent spot (especially if you walk to work in the northern part of the loop). Gym is okay for gals / cardio. Pool deck got renovated a few years back taking out 1 tennis court for a nice fire pit / grill section. Pool have no party vibe though, mostly for laps. Balconies are pretty shit though (they don’t even mention it in the ad lel)
Assessments are in check (I see the budget each year), no specials, much better run than when it was Invesco or whatever.
I still think this price is high though. I would have gotten the 3/2 in my building here: https://www.redfin.com/IL/Chicago/545-N-Dearborn-St-60654/unit-W3505/home/26813962
HOA is nearly double but the amenities, views/balcony are 10x better imo (and it’s $100K cheap on the face).
“I would have gotten the 3/2 in my building here”
Redid basically the whole place, and after 5.5 years sold for (basically) the same “45% UNDER MARKET VALUE!” they bought for. Ouch.
Yup the prior buyers got hosed. But I’m not talking about original buyers, but focusing on the current sales. I would save $100K and live in a social building with amenities hands down. Once again, I’ve been in both buildings extensively…
Also River North condos in general are NOT investments at all. For me it’s just slightly better than paying rent (and my interest is ‘just’ 3%). With the casino moving in prices will drop even more.
Personally plan to move in a few years to a Bucktown townhouse with a 2 car garage and rooftop. Hoping by then they will still be under $850K, but time will tell… Likely in this development right off the 606 and Damen: https://www.redfin.com/IL/Chicago/2008-W-Willow-St-60647/unit-E/home/101704204