Get a 2/2 Corner Duplex Penthouse for $465,000: 400 W. Ontario in River North
This 2-bedroom corner duplex penthouse in 400 W. Ontario in River North came on the market in April 2023, but it has been on, and off, the market since September 2019.
We actually chattered about this unit when it was last on the market in February 2018. See our chatter here.
400 W. Ontario was built in 1923 and has 117 units and an attached parking garage.
The building has door staff, on-site management, a package room and an exercise room.
You may recall that this unit is marketed as a “penthouse” but it is on the top floor of the base of this building. That’s the part that was built in 1923. A tower was added in the recent decades on top of that older base.
This unit has loft features including exposed concrete ceilings, industrial windows and exposed brick walls.
It has north and west views.
It appears that both bedrooms have a window. The primary bedroom has a walk-in-closet.
One of the bathrooms has a double vanity (primary?).
The kitchen has gray cabinets, stainless steel appliances, granite counter tops and a breakfast bar or peninsula which may have room for seating.
This unit has the features that buyers look for including central air, washer/dryer in the unit and 2-car tandem parking is included.
This building is near the shops and restaurants of West River North.
Originally listed in September 2019 for $580,000, it was on and off the market for nearly 4 years and was withdrawn in April of last year.
Re-listed this April for $465,000, that is $55,000 under the 2018 sales price of $520,000.
Is this a deal?
Alberto Canaveral and Rosalba Salinas at A&R Realty have the listing. See the pictures here. Sorry no floor plan.
Unit #701: 2 bedrooms, 2 baths, 1550 square feet, duplex up
- Sold in July 2000 for $252,500 (included parking)
- Sold in April 2001 (no price listed)
- Sold in October 2012 for $380,000 (included parking)
- Sold in June 2015 for $410,000 (included parking)
- Sold in April 2018 for $520,000 (included parking)
- Originally listed in September 2019 for $580,000 (per Zillow)
- Withdrawn in April 2022
- Re-listed in April 2023 for $465,000 (includes tandem parking)
- Assessments are now $840 a month (they were $691 a month in February 2018) (includes doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes are now $9107 (they were $6527 in 2018)
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×11 (main level)
- Bedroom #2: 14×10 (main level)
- Living room/dining room combo: 18×14 (main level)
- Kitchen: 15×8 (main level)
- Den: 14×12 (second level)
- Terrace: 14×12 (second level)
LOL
rEAl eSTaTe OnlY gOeS uP
From $580 to $465 in 3.5 years, owners are obviously rocket surgeons.
Accessing the 2nd floor and deck thru the “bedroom” kinda negates its use as a bedroom, no?
I always like when my railing connection has 3 out of 4 connections made. The industrial look of the pipe would work if not tied into an 70-80s railing. I also like the 1/2 finished column wrap in at the stair base. Not sure how that handrail is legal.
Why not powerwash the pavers, deck looks horrible.
You are also paying for heat and cooling, and I’ve been informed that this should run $400/mo so add that to the HMAM calc
On the plus side you’re withing walking distance to Trader Joes AND Eataly. Not sure why this didnt sell…
The fact that there’s a person walking around out there who, as shown in pic 14, took the time to do a proper housekeeper’s fold on a nearly spent roll of TP will haunt me.
New (largely unpopular) mayor elected exactly a week ago which has been enough time for people to get their units spruced up and on the market. I think we are seeing the beginning of an inventory spike. Fire sale commencing.
“withing walking distance to Trader Joes AND Eataly”
It’s over half a mile to either! I’ve been realiably informed that that is too far to walk, unless it isn’t.
Apr-01 sale was for $315k. + CPI = $535k.
October 2012 for $380,000 + CPI = $494k.
Vanities replaced, new appliances, painted the cabinets. Wonder if the HVAC and water heater are original or not.
There are 3 other 7th floor units for sale: (704 a 2/2 @$695 (contingent), 707 1 2/2 @$350, 709 a 1/1 @$325 (contingent))
707 doesn’t have the roof deck, but otherwise looks nicer:
https://www.redfin.com/IL/Chicago/400-W-Ontario-St-60654/unit-707/home/12766815
“New (largely unpopular) mayor elected exactly a week ago which has been enough time for people to get their units spruced up and on the market.”
If you honestly think people are going to suddenly flee because of the mayor, then I have a bridge in Brooklyn to sell you.
Because we just had two $4 million+ homes close since the mayoral election.
And you’re going to get your unit ready to list within 7 days? Wow. Good for you if possible. Most people would have to do a pretty big cleaning, removal of clutter, get the photographer out there etc. And where are they moving, pray tell? Going to “flee” to Oak Park or Evanston with their sky-high property taxes?
“On the plus side you’re withing walking distance to Trader Joes AND Eataly. Not sure why this didnt sell…”
It’s not that close. Not in this location. But I’m sure they do shop at TJ’s anyway, because, doesn’t everyone? Lol.
Eataly should be interesting with the casino going in nearby. But the real area you’d probably go to hang out is at the restaurants on Wells, right? Some interesting new additions there lately.
This unit is a case study in listing too high originally. And then there was the pandemic, which crushed this neighborhood.
It was smart to take it off the market in the last year. It’s a corner unit, which matters. Gives it much more light than the other units also on the market on this floor.
I feel like this price is a deal for the space and the tandem parking thrown in. Where else are you getting a 2/2 with 2 parking spots in this neighborhood for under $500k?
There’s a mistake in your description. I doubt this building was built in 1923.
Well, my comment on 1923 was when I looked at the tower part of the exterior. Looks like it was build on top of an older building, or adjoining it. So maybe 1923 is right in a sense.
Either way, it’s an odd exterior and not to my liking.
“If you honestly think people are going to suddenly flee because of the mayor, then I have a bridge in Brooklyn to sell you.
“Because we just had two $4 million+ homes close since the mayoral election.”
So, two purchases tell the whole story?
That’s just a dumb argument. I feel like you keep making it solely to annoy JU.
“It’s not that close.”
I KNEW it.
“Eataly should be interesting with the casino going in nearby.”
What’s the Chatterati’s take on the casino? It seems like a good source of revenue for the city. But sort of strange to have a major one right there. Was in Vegas a couple weeks ago. Gambling is such an exciting, bizarre, depressing thing.
“So, two purchases tell the whole story?
That’s just a dumb argument. I feel like you keep making it solely to annoy JU.”
Its her raison d’etre
““It’s not that close.”
I KNEW it.”
0.7 miles is just a number
Funny how someone was bragging about walking all over the city (even though someone is afraid to walk at night)
“Funny how someone was bragging about walking all over the city (even though someone is afraid to walk at night)”
I never said I don’t walk at night. I walk in heavily trafficked areas at night but even that is no guarantee.
When I go out to take my pictures post-pandemic, I don’t take anything of value. No credit cards nor my phone. If they want my camera, more power to them, but I don’t think they do. I wear minimum jewelry, aka, no engagement ring.
I’m pretty sure I’ve probably been in more wards than the mayor elect. Lol.
“So, two purchases tell the whole story?
That’s just a dumb argument. I feel like you keep making it solely to annoy JU.”
No. But if the big money were so damned terrified, would they be closing on those properties? Hell no. Because they’re not concerned. It’s silly to think anyone is “fleeing” because of the mayor.
People have been fleeing for 4+ years now. Those that have stuck around are hoping for change in the crime rates, taxes, and schools. A considerable amount of hope vanished on election night. Residents are getting fed up and impatient, and those with remote jobs can relocate more easily than ever before.
I’m not wild about the idea of a casino in downtown Chicago. Seems to me it’s kind of desperate, as if we didn’t have enough already to attract people downtown (we do). There’s something sleazy about casinos in general, if the ones I’ve been to in Vegas and Michigan are typical.
“I’m not wild about the idea of a casino in downtown Chicago.”
Many cities have casinos and they are fine. Bally’s will put in a very classy casino in River North temporarily and then permanently along the River.
We need to find $120 million. The casino can find it. If you have a better idea where to get the money Dan #2, please share.
“People have been fleeing for 4+ years now.”
They have? We had a bunch of people flee downtown during the pandemic. Apartment vacancy rate fell to multi-decade low of like 85%. It was rough. But it’s back up above 95% again and they are building thousands of units.
How do you get the highest home sales the last 2 years in 15 years and record low inventory if everyone is fleeing? Are you assuming that people are moving in to replace those fleeing KK?
It seems pretty obvious that the Silent Generation and Baby Boomers are moving. Many moved to the sunbelt during the pandemic and that push continues. They lived in big numbers in the Gold Coast, Streeterville and even River North. Those are the places with the most inventory. Millennials and GenZ aren’t showing much interest in moving to the Gold Coast, either.
But I’m curious where those with “remote jobs” are going. What big city doesn’t have the problems you describe? I don’t know a single one.
“We need to find $120 million. The casino can find it. If you have a better idea where to get the money Dan #2, please share.”
Hence Dan saying that it seems kind of “desperate.”
“Many cities have casinos and they are fine.”
Which of Chicago’s peer cities (in and out of the U.S.) have them? When I’m in Chicago, I’m in an office building near that stretch of the river. Every time I’ve been there the last few years, there’s some new spectacular building – between that development activity and the river walk, I’m always struck with a sense of “wow, now this place is a world class city, and it just keeps getting more awesome; Denver is not and the most impressive buildings built there in the past several years wouldn’t even merit a moment’s attention in Chicago.”
“a very classy casino”
That notion is sort of what prompted my comment above. Yes, go to a casino blocks away from the Vegas strip, or in Atlantic City, or Niagara Falls (especially NY), or whatever, and they hardly scream “classy.” But just under the veneer of the newest casinos in Vegas, the ones with the most expensive hotels above them and with the most expensive restaurants/bars and retail stores (e.g., the shops at the Wynn – jeez) in them, it’s the same underlying thing. Anybody can go into any casino – the only people who can be scrutinized or met with any sort of profiling hostility are families/minors (we came out of the Beatles LOVE Cirque show and at my kids’ urging I put a dollar in a slot with them standing about 40 feet away – and bam! a guy came running up to me to remind me that kids can’t so much as watch their adult gamble).
“Desperate” and gambling go hand in hand.
“We need to find $120 million.”
Chicago needs to find a helluva lot more tha $120m annually.
“they hardly scream “classy.””
I’ve thought of ‘classy’ as a not very subtle diss for decades. “classy” = a facade of high-end-ness (or general admireable-ness) that impresses the group who might use the word earnestly.
“Which of Chicago’s peer cities (in and out of the U.S.) have them?”
What are the peer cities?
Paris and London and Singapore and Tokyo have casinos.
Amsterdam, Brussels, Frankfurt, Kuala Lumpur, Madrid, Mexico City, Milan, MOscow, Sao Paulo, Sydney all have casinos.
Toronto has them, and the largest in Canada opening this year.
Yes, NYC and LA do not. Not least because of the puritanical leaning of the US. The commonality of the other ‘global’ cities that do not have casinos is governmental religiosity.
One can say “In [city X] I don’t notice the casinos” and that is likely true, but is different from the mere existence of a casino.
I will say, no matter how one feels about gambling, it should be preferable to have one large casino rather than video gambling machines infiltrating every place with a liquor license, as much of the rest of Illinois already has.
“Chicago needs to find a helluva lot more tha $120m annually.”
We only need $120 million to plug the hole. If the Rockford casino can do $5 million a month, imagine what the River North one will do?
At this point, all things need to be on the table because Chicago cannot raise property taxes again. It has to find other areas for new revenue. I understand another possibility is raising the hospitality tax on hotel rooms. That’s a captive consumer so it makes sense. What will you do, not rent that hotel room while you’re going to the NASCAR event? Our hotel prices are relatively affordable compared to other major cities anyway.
Gambling is such an exciting, bizarre, depressing thing.
But just under the veneer of the newest casinos in Vegas, the ones with the most expensive hotels above them and with the most expensive restaurants/bars and retail stores (e.g., the shops at the Wynn – jeez) in them, it’s the same underlying thing.
This is such a perfect description. Whenever we go to Vegas (always for a long weekend), the first day and a half I think we didn’t book a long enough stay, and the last 12 hours or so, I can’t wait to get home.
Subject unit is contingent, BTW
“Subject unit is contingent, BTW”
It was finally priced right.
“I understand another possibility is raising the hospitality tax on hotel rooms. That’s a captive consumer so it makes sense. What will you do, not rent that hotel room while you’re going to the NASCAR event?”
They will stop going when you nickel and dime them enough.
Also increasing the hotel tax rate always sounds good, but it will start to push convention biz away.
“Our hotel prices are relatively affordable compared to other major cities anyway.”
yeah, no
“Our hotel prices are relatively affordable compared to other major cities anyway.”
“yeah, no”
Not only does JohnnyU never travel to Chicago, he apparently never travels to any of the large cities. Chicago hotel rates are 30% to 50% less than similarly suited hotels in NY, SF, LA, Boston. You can actually bring your family and stay for less than $400 a night at a suites hotel in River North. Hooray. Try doing that in other cities this summer.
Of course, this excludes the Taylor Swift concert weekend. Lol.
So, yeah, if the tax adds another $10 a night, it’s not a biggie. Remember when everyone was outraged about the entertainment tax on Cubs tickets? Lol.
The casino fantasy is James Bond in a white tux being debonair with some classy lady on his arm in Monte Carlo… the reality is an overweight grandma on oxygen eating at a cheap buffet hoping to win big on the slots.
“Not only does JohnnyU never travel to Chicago, he apparently never travels to any of the large cities. Chicago hotel rates are 30% to 50% less than similarly suited hotels in NY, SF, LA, Boston. You can actually bring your family and stay for less than $400 a night at a suites hotel in River North. Hooray. Try doing that in other cities this summer.”
So if I show you a suite hotel for less than $1300 a night in NYC, will you admit that you are wrong?
“So, yeah, if the tax adds another $10 a night, it’s not a biggie. Remember when everyone was outraged about the entertainment tax on Cubs tickets? Lol.”
Yeah, its another on top of 27 other taxes and fees.
Is the city going to allow you to bring in beer to the track?
“So if I show you a suite hotel for less than $1300 a night in NYC, will you admit that you are wrong?”
That’s my point. NYC you will pay $400-$500 a night even at the crap hotels or over in Brooklyn. In Chicago, I’ve paid under $200 in the Loop even recently. Will still have to pay the big bucks in Chicago whenever there’s a big event like the Taylor Swift concert or Lolla.
Chicago is a bargain, at least as far as hotels, compared to other major US cities. This is why we get millions of tourists every summer. And you don’t have to rent a car to get around either. A real bargain.
“The casino fantasy is James Bond in a white tux being debonair with some classy lady on his arm in Monte Carlo… the reality is an overweight grandma on oxygen eating at a cheap buffet hoping to win big on the slots.”
The building they are putting the temporary casino in is a beautiful historic structure which is fairly limited in use because it doesn’t have many interior windows. A casino is perfect use there.
Nearby is the Nordstrom Mall, the Eataly, a movie theater, Trader Joe’s and Shake Shack. I don’t think the clientele at the casino will be any different than those going to those other nearby places.
Are you all snobs or what?
You don’t have to go into the casino if you don’t want to. Can walk right on by. But it should bring in a TON of money. If I was the mayor elect, I’d try and get it open by this summer when the city is having these big events. But probably not enough time to get the build-out done.
“ That’s my point. NYC you will pay $400-$500 a night even at the crap hotels or over in Brooklyn. In Chicago, I’ve paid under $200 in the Loop even recently. Will still have to pay the big bucks in Chicago whenever there’s a big event like the Taylor Swift concert or Lolla.
Chicago is a bargain, at least as far as hotels, compared to other major US cities. This is why we get millions of tourists every summer. And you don’t have to rent a car to get around either. A real bargain.”
Tell me you’ve never been to NYC without telling me you’ve never been to NYC
Your point is, you made a ridiculous statement that was easily debunked and now are completely changing the discussion
I don’t get the incessant need to lie 24/7
“Nearby is the Nordstrom Mall, the Eataly, a movie theater, Trader Joe’s and Shake Shack. I don’t think the clientele at the casino will be any different than those going to those other nearby places.”
wOrlD ClASs CitY. You havent been in a non LV casino before have you?
“You don’t have to go into the casino if you don’t want to. Can walk right on by. But it should bring in a TON of money. If I was the mayor elect, I’d try and get it open by this summer when the city is having these big events. But probably not enough time to get the build-out done.”
Unless the Mayor elect takes a heavy handed approach wrt police presence like Rosemount, the surrounding areas will be affected by the casino
“wOrlD ClASs CitY. You havent been in a non LV casino before have you?”
Actually, I have. But the difference is, you haven’t been to Chicago, specifically the area where they are putting in the new casino, in decades so you have no idea who the clientele is for this casino. That much is obvious.
Because if you had BEEN to the Shake Shack in River North or the Eataly, for instance, you would know that the customer in both of those places will be the same customer in the new casino just a block away.
“Tell me you’ve never been to NYC without telling me you’ve never been to NYC”
I just went JohnnyU. Hotel prices were so absurd I had to stay in Brooklyn, where they were still equally as absurd. Chicago hotels 30% to 50% less in the similar tourist locations unless there’s a big event like Taylor Swift that particular weekend.
“I just went JohnnyU. Hotel prices were so absurd I had to stay in Brooklyn, where they were still equally as absurd. Chicago hotels 30% to 50% less in the similar tourist locations unless there’s a big event like Taylor Swift that particular weekend.”
BS
You want to hold onto this lie that you couldn’t find a suite for less than $1300 in Manhattan, go ahead. No one believes you but you do you. Show a link to a suite in RN Vs a comp in NYC
“Actually, I have. But the difference is, you haven’t been to Chicago, specifically the area where they are putting in the new casino, in decades so you have no idea who the clientele is for this casino. That much is obvious”
If its people that are impressed with a Shake Shack and Eataly (With their rEaL sAN MaRZanO ToMAtoEs), the answer is not high rollers, its folks that will don Depends so they can sit infront of their slot machine all day
“Because if you had BEEN to the Shake Shack in River North or the Eataly, for instance, you would know that the customer in both of those places will be the same customer in the new casino just a block away.”
Any tourists (or locals) eating or shoipping at these places are chuds. Chicago is a world class food city and the places you listed are a joke. Eataly is a 1/2 step up from Olive Garden and Shake Shack is a marginal at best
Dont think the city is going to get rich off of rubes dropping a couple of hondo on the slots
“You want to hold onto this lie that you couldn’t find a suite for less than $1300 in Manhattan, go ahead.”
I don’t know where you’re getting the wacky $1300 number. I never said that. I said Chicago was 50% less than similar city hotel prices.