Get a 3-Bedroom Unit for Under $450K With Lake and City Views: 1841 S. Calumet in the South Loop
This bank owned 3-bedroom unit at 1841 S. Calumet in the South Loop just came on the market.
It is listed for $193,000 under the 2006 purchase price.
From the pictures, it appears that all the kitchen appliances, the bathrooms, and even the washer/dryer are intact.
The northeast facing unit has floor to ceiling windows with views of the lake, the city and the Museum campus.
If this unit looks familiar, it could be because in July 2010 we chattered about Unit #601, with the same layout but its own gigantic terrace on a lower floor. That listing also said it was 1650 square feet. Unit #1001 is listed at 1580 square feet.
Here are some pictures from that unit.
At least one of you thought #601 would sell for $450,000, including the parking.
But it just closed on December 7, 2010 for $550,000, including the parking. That was $51,000 under the 2006 purchase price of $601,000. It was originally listed for $599,000.
See our July 2010 chatter on Unit #601 and pictures here.
Given the sales price on #601, is #1001 a steal? (even without the big terrace?)
Henry Jones at Jones Realty has the listing. See more pictures here.
Unit #1001: 3 bedrooms, 2 baths, 1580 square feet
- Sold in September 2006 for $634,000 (included 2 car parking)
- Lis pendens foreclosure filed in August 2009
- Bank owned in August 2010
- Currently listed for $441,000 (includes 2 car parking)
- Assessments of $515 a month (includes doorman and pool)
- Taxes of $6518
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
- Bedroom #2: 16×14
- Bedroom #3: 16×10
Getting better. This place could drop 1/3 more, and that’s assuming (baaaad assumption) the association is stable.
Wish better pictures of the views.
There’s some “funny business” going on with this, and other units at Museum Park. I made an offer on a unit at a different Museum Park building, a short resale. I was asked to increase my offer by $50K, which in a sideletter would be given back to me at closing. I was told the homeowners association didn’t want values to decline so dramatically and was “approving” sales based on this requirement.
question is, the hockey player place in postal service row or the sinking ship of the SLoop in which is poetic as you get a view of the water while…..
“question is, the hockey player place in postal service row or the sinking ship of the SLoop in which is poetic as you get a view of the water while…..”
If it were pick one or die, it would come down to physical/association inspection–I like this place slightly more in size/layout/location, but the bigger building is fraught.
In addition to the activity mentioned in the post, here is what I see in the 01 tier:
901 listed 12/13/10 for $682,950 w/2 pkg active 22 days “rarely available”
1201 listed 2/20/10 for $669,000 then $639,000 cancelled 7/14/10
1201 rented 7/14/2010 for $3000 w/2 pkg
1501 listed 2/4/10 for $669,000 cancelled 4/14/10
1501 rented 6/30/2010 for $2650 w/1 pkg
1901 closed 5/27/10 for $475,000 w/2 pkg
2001 listed 5/12/10 for $599,000 w/2 pkg active 237 days
Maybe for the top floor. It looks like you can barely see the lake from this floor. The water just out the window is the harbor. Calling it views of the lake is stretching it.
“If it were pick one or die, it would come down to physical/association inspection”
off the crainium i would go with this one due to;
-more room to breath
-a VIEW
-heck lot less traffic
-lake trails less congested
-shopping IMO easier and less congested
-extra bedroom
-less suicide tendencies walking up to the building visually (note i said visually not financially)
-you have the CHOICE of walking up to your unit
-better people in the area
-easy of getting out of your hood
-and you get a pool! sans fun slide so it maybe a negative?
“1201 rented 7/14/2010 for $3000 w/2 pkg”
btw, that’s the rental value I was basing the “could fall another 1/3” on.
And Groove’s list is basically why I’d go with this one, all association-issues being equal.
what are you talking about you can see a huge expanse of lake in the first picture of sabrina’s post LOL @ the harbor not being the lake
the views from this place are great
So who buys at this at this price point, needs three beds, and sends their kids where for school? Can you sell in 5 years for a profit, and squeeze out a couple kids in that time?
Ok maybe you consider lincoln park lagoon lake too?
This place has ok views. I still don’t see the photo of the “city view” Not many places have “great views” from the tenth floor I don’t think.
“what are you talking about you can see a huge expanse of lake in the first picture of sabrina’s post LOL @ the harbor not being the lake”
I hadn’t fully realized which building this is.
If one can “barely see the lake” from 100′ above the ICRR, with nothing b/t you and Michigan (the state, not the lake) taller than a boat mast, then one really needs new glasses.
Riddle me this Cribbers….let’s say you want to buy new appliances for your crib. Does anyone really notice if you buy one brand of fridge, another brand of dishwasher and another brand of stove/microwave as long as they are the same color?
I’m pretty sure soldier field is taller than a boat mast. Especially after the spaceship landed in it.
THOSE DAMN OBSTRUCTIONARY BOAT MASTS AND ROPES!
ALWAYS RUININ ME VIEWS FROM A MILE AWAY!
ARRRRGH!
but seriously, look at pic #2 just above
(living room photo)… if you cant see the lake you need glasses
most of the good view of the city is mostly blocked from this location, but its still a good view
Icarus: I think it’s rare that all 4 pieces (range, micro, refrig, dw) are of the same brand.
“all association-issues being equal.”
not saying i would ever “purcahse in a condo” for HOA and communist lifestlye living but if i had to and all “quality” and HOA equal the choice would be the sloop even if half of it WILL be sec. 8 once daley and his friends cut the loses and skeeeeeedaddle.
look for 2017 the year of the rahm to delcare sloop CHA owned and run
Icarus: I think it’s rare that all 4 pieces (range, micro, refrig, dw) are of the same brand.
I would say that its rare they are all the same brand. For example, if the price point is over 1 million, you should find top appliances in their category. For example, sub zero frigde and wolfe ovens b/c those are the best in the luxary category and buyers (or at least their agents) know this and expect it at this price point. Lots of homes that try to sell close to the 1 million mark that don’t have these, get dinged in a down market.
“I’m pretty sure soldier field is taller than a boat mast. Especially after the spaceship landed in it.”
Did Daley have Soldier Field moved south of 18th street over the weekend? I would have expected to hear about that by now.
“Icarus: I think it’s rare that all 4 pieces (range, micro, refrig, dw) are of the same brand.”
3 thoughts:
1. often there are rebates/deals if you buy a suite; might make the package price closer to equal, if buying all new.
2. make sure the colors *actually* match–not all SS looks the same, for example.
3. Try to avoid handle styles that are completely different.
“I would say that its rare they are all the same brand. For example, if the price point is over 1 million, you should find top appliances in their category. For example, sub zero frigde and wolfe ovens”
Sub-Zero and Wolf have been the same company since 2000. They qualify as “same brand”, afaic.
“you should find top appliances in their category”
What are the top ones in each category? Assume price is not a major factor (or at least that we are in the Wolf kinda range). I don’t care about prestige or name recognition, care about functionality (including reliability to some extent) for daily family use as well as dinner party kinda stuff.
“What are the top ones in each category? Assume price is not a major factor (or at least that we are in the Wolf kinda range). I don’t care about prestige or name recognition, care about functionality (including reliability to some extent) for daily family use as well as dinner party kinda stuff.”
This is a very good question. And it will vary depending upon your needs and/or space requirements.
I bring this question up because we’re thinking of updating our white kitchen appliances which are at least a decade old. They might last another 5-10 years, they might die next week. Our motivation is:
1) we want to enjoy them while we are there, so while we cannot afford high end Wolf/Sub-zero, we don’t want bargain basement either.
2) we know they will not impact re-sale value of the condo per se but we hope it helps in some way make the kitchen look more appealing to a potential buyer.
What really stinks is the cabinets limit the size of our fridge choices.
C’mon this unit is on the 10th floor at least half a mile from the lake, and soldier field is 2 blocks north blocking lake (photo ends conveniently). Nice view but lake or city views? Might as well say there is a view of michigan.
“Might as well say there is a view of michigan.”
I’m sure there’s a good (can’t necessarily say nice) view of Indiana. Across the lake. And a nice view of Soldier Field, and an unobstructed view up Columbus to “city” views–which isn’t the greatest angle, but is a wide open “city” view.
Yeah, they wrote “incredible”, but that’s a word that has been sapped of meaning anyway. It’s not like they used “expansive” or “panoramic”.
“This is a very good question. And it will vary depending upon your needs and/or space requirements.”
Coming from my current rental eastern european grade castoffs, pretty much anything will seem luxurious I suppose. Think a large-ish kitchen in a SFH on a regular city lot. Here’s what I can think of in terms of requirements:
–fridge/freezer space does not have to be unusually large, expect we’d have an extra unit in basement, easy to use compartments that help us stay organized is valuable
–dishwasher, dunno, low noise I guess, large capacity is helpful here, to the extent they vary significantly in size/capacity, as we probably would not have two and one seems to get full quickly when you have company
–stove, high reliable output is useful to me, also relatively easy to clean day to day (we have a cleaning service, we do not have a live in maid), probably not looking for grill options
–oven, probably double oven, my wife uses more than I do, not sure what her needs are, would like a useful broiler
DZ… do double ovens…people love that and it looks pricier than it is. It will be standard for a future resale. Try GE profile or Jennair. Mid range, nice but not as pricey. Make sure the fridge looks as built in as possible…no big gaps. This looks more expensive. Also, if capacity of fridge is an issue get something with a two door fridge above and freezer drawer. Most people don’t use the freezer that much. The two door fridge that opens in the middle will hold more and is easier for large items.
I actually won 10K worth of Jennair appliances for a 5K bid at a charity auction. I can select from any of their offerings, but was thinking of posting it on craigs list for 7K since I have already redone my kitchen. If your interested, let me know.
For the love of Pete, what person with that little kitchen counter space needs a double oven? To cook multiple frozen pizzas at the same time?
This is the giant tic-tac-toe building visible from LSD near Soldiers Field. That’s a game that always seems to end in a stalemate.
Don’t knock using the double oven for multiple frozen pizzas. That works very well!
When it comes to frozen pizza cooking, skip the oven all together and get yourself a pizzazz. It’s a plug in counter top rotating platter that cooks pizzas exactly like the oven in 16 minutes with no oven preheating. You can cook breaded fish / shrimp, chicken nuggets / tenders, potato skins, tacquitos, etc. It uses way less power and doesn’t heat up the whole kitchen in the summer so you don’t have to waste money on a/c. You can get it for under 40$. Best appliance investment ever becuase you save money over the oven with heating costs.
all I have to say is that people without front dispensing ice makers on their freezers annoy me
“all I have to say is that people without front dispensing ice makers on their freezers annoy me”
I was at the ‘rents for the holidays. They had one of those: “with a two door fridge above and freezer drawer” that seems to be the hip choice these days. My question to them was: you bragged about the finishes on this place but I remember having a front ice dispenser 20 years ago and up until recently & it had crushed ice.
I’ll never sacrifice hip trends for function–they may have been sold that the SS fridge was all the rage these days but IMO its still an epic fail. Those fridges are an epic fail and basically the same kind of fridge as the 1970s/early 80s fridges just with the freezer switched with the fridge compartment.
I’ll also add that crushing your own ice for a drink on the rocks is a real PITA.
Gross! What an insult to Chicago architecture. This tic-tac-toe building may fly in Dallas or Omaha but Chicago? Com’on… you’re giving Donal Dump a run for his money with this horrible architecture!!! Gross!
Pretty sure that maybe three years ago the owners were suing the developers here re leaking windows?
I think you’re thinking of another south loop building:
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These search terms are highlighted: 1717 s prairie fraud
Nightmare on Prairie Avenue; residents seek funds, repairs
By Jean Lachowicz
“It’s the perfect storm,” said Jane Justic, property owner at the TowerCondominiums at 1717 S. Prairie Ave., sitting in a well appointed kitchen with a stunning urban view. “This was supposed to be our dream home, and it has turned into a nightmare. Our building is beautiful, and we love the neighborhood. The people who live here are wonderful.”
Thomas Justic, Jane’s husband, explained that residents of 1717 S. Prairie have been trying since 2005 to recover money due them from the LLCs (limited liability corporations) controlled by developers Warren Barr and William E. Warman.
The LLCs turned the 1717 building over to unit owners in September 2004. In July 2005, an independent audit confirmed the LLCs owed the building’s condominium owners more than $175,000 in turnover audit funds; to date, they have not paid the owners.
Also, as part of various warranty claims, installing a dividing wall in the building’s heat exchange area will cost about $20,000. Another 11 claims remain outstanding.
“All 12 of these claims have been ignored by Barr and Warman,” Thomas Justic continued.
“As if that weren’t enough, due to faulty design, many units in the building have windows that leak heavily during rain storms.
That is it! Thanks, sabrina!
Ahhhh….1717 S. prairie comes up again. This is my wife ‘s one bedroom condo from before we married. That and a bunch of law school debt were her wedding gift to me. We paid a special assessment of $20k this year. Glad to have that one behind us. There have been rulings against the developer and the city mysteriously lost the inspectors files that would have shown who was guilty of not doing a pro pee inspection. Big shocker here that the developers are from Bridgeport. Wink wink….
The HOA will continue to win judgements but it is quite unlikely they will ever pierce that LLC and be able to hold the individuals responsible.
Make that …proper inspection…..damn iPad is letting me down twice today.
Sorry for your troubles Jp3. It’s an awful tale.
Are other homeowners just walking away? How many can afford the special?
601 did had that awesome terrace. Is it worth 228k extra? Probably not but hard to say–sounds outrageous but someone wanting a terrace in the south loop doesn’t leave a lot to choose from.
Can some one please comment on … “funny business” at Museum Campus? Are Condo Associations able to require an additional $50,000 which would be given back at closing? I noticed on some sales @ MP that they sold above offer price. Isn’t the thought ….Free markets are to price based on supply and demand (not manipulation)
“I’ll never sacrifice hip trends for function–they may have been sold that the SS fridge was all the rage these days but IMO its still an epic fail. Those fridges are an epic fail and basically the same kind of fridge as the 1970s/early 80s fridges just with the freezer switched with the fridge compartment.”
yup
pretty much a dealbreaker going forward
add it to the list of “must haves”. I could give two shits if you have a $10,000 refrigerator (actually now that I think about it I don’t know anyone that has one of those subzeros) if I have to bend way the hell over and dig through a drawer to get something as simple as ice, you fail!
“I could give two shits if you have a $10,000 refrigerator (actually now that I think about it I don’t know anyone that has one of those subzeros)”
Well you don’t exactly know me, but in our Madison place we have both a Wolf five burner cook top and a Sub-Zero frig. They came with the place, which had been built out by the developer. BTW these are Madison companies.
“I actually won 10K worth of Jennair appliances for a 5K bid at a charity auction. I can select from any of their offerings, but was thinking of posting it on craigs list for 7K since I have already redone my kitchen. If your interested, let me know.”
Probably not interested but thanks for the offer and good luck.
“all I have to say is that people without front dispensing ice makers on their freezers annoy me”
I almost insisted on moving out of our current place when I found out the ice maker was not and could not easily be hooked up. I have to fill up those ice trays things. (Think about that when you’re bemoaning the lack of front dispensing ice.) Then again, one of our neighbor friends doesn’t have a dishwasher, so I try to be grateful for what we do have.
“all I have to say is that people without front dispensing ice makers on their freezers annoy me”
First time one of them breaks, runs all night and floods your kitchen, you might change your tune.
“Most people don’t use the freezer that much.”
Huh? What generation of “people” are you talking about? If the residents are of Baby Boom age or younger, you can bet that a substantial portion of their diets will be frozen pizza, microwaveable entrees, even – yes – prepackaged organic vegetables from the grocer’s freezer! Fresh meat will be bought in large quantities, divided into individual portions, and frozen for future use. And don’t forget the yuppie obsession for gourmet ice cream, gelato and sorbet (low-fat/calorie, of course)!
Which means that a sell-able house or condo should have a large freezer on top or on the side for easy access. Lower-level freezer drawers were a 1950s fad (in the early days of mass-produced frozen food) whose retro-chic return to the contemporary appliance market is totally incomprehensible and destined for a short life.
““Most people don’t use the freezer that much.”
Huh? What generation of “people” are you talking about? ”
So, you open your freezer *more often* than the refrigerator?
At least that’s how I read it.
” I have to fill up those ice trays things”
hahaha that BLOWS
I hate ice cube trays with the hate of a million hitlers!
Personal pref,
the groove family likes our small fridge, this large fridge and freezer dual side by side door is a product of the costco mindset.
get smaller quantities more frequently means what you make will be fresher and your tounge and tummy will thank you.
also people should realize how wasteful they really are with all that storage as most end up in the garbage as it expires before you get to it
“First time one of them breaks, runs all night and floods your kitchen, you might change your tune.”
Parents had two in two different houses for ~25 years and never experience this problem. I guess it helps if you have competent installers to hook it up to the water line.
“I guess it helps if you have competent installers to hook it up to the water line.”
Switch in the dispenser, not in the line. Appliances from 20+ years ago weren’t value engineered to shit.
my ice dispenser is quite loud, i’m pretty sure i’d wake up if it decided to randomly dispense all night long
this has to be the word of 2011 “value engineered” not only does it describe a lot of aspects of the bubble but of society/policies in general
“my ice dispenser is quite loud, i’m pretty sure i’d wake up if it decided to randomly dispense all night long”
Water dispenser in the ice dispenser; bedrooms not next to kitchen.
Sabrina,
Re the 1717 special how many walked away?
Good question.. I have no idea but it seems like most unit owners stuck it out. I think tha the HOA set up a good financing option for most unit owners. This is how I found out it had gone thru. One day I noticed the auto withdrawal for the monthly assessment had moved from sub 300 to 850 per month. Pissed me off! Wrote a xheck that night to pay it off. Good to see the assessments and the mtg. Are again balanced by the rent we are charging. We have a great couple living there that are paying us $1500 for the one bedroom.
Many of the unit owners may have stayed led by a false belief that we are one court victory away from a settlement that will pay back all of their losses. Id tell them that they are living in Fantasy Island.
We look at it as a game. As long as we can keep a tenant in place that covers our costs then we can pay it down over the next 15 years, sell the unit and take the profits or continue to rent it and use those dollars for our daughters education fund.
Jp3 – you seem to have a good handle and mindset about you. If you look at things logically (like you are doing) and don’t panic, I think the majority of the people will see that things are not that bad and you don’t need to panic. Sure, you may not LIKE not being able to sell or move, but there are far worse things in life to deal with. I think with your strategy and with some coping skills, your investment may turn out to be better than you thought!!!
“Water dispenser in the ice dispenser; bedrooms not next to kitchen.”
well ok, whatever… I’ll gladly assume the minimal risk of that happening for the conveinence of ice on demand without opening a door or filling up any ice cube trays!
You can install an under fridge drain pan and or water alarm if you are super cautious. FYI my water line to my Viking built in ice maker had a slow leak on Christmas day. Easy fix!
We did not get the in-door ice and water dispenser and i have regretted it ever since. Every other day I’m refilling the Brittany water thing and that takes up room the fridge.
In my first place I put in a bottom built in Amana freezer and actually liked the design. Back then I was a bachelor and ate plenty of frozen foods and it still worked great. I guess that most of my trips to that appliance during that era revolved around my 12 ounce needs.
“You can install an under fridge drain pan and or water alarm if you are super cautious.”
With the problem I described, *zero* help.
“With the problem I described, *zero* help.”
i assume your warning comes from experience?
and when did we get so lazy as a society that a non ice making fridge (oxymoron i know) is a deal breaker?
you just don’t understand groove, its not about lazyness… its about having lived with something and not sacrificing that lifestyle! (you know… the american way!)
“its about having lived with something and not sacrificing that lifestyle”
get your point now
sorry object in mirror is close than it appears and
didnt see it that way,
my bad, i never had a ice/water thingy until this summer so my perspective is always crooked.
“get your point now”
You can name drop you trendy Viking or Subzero fridge at your neighborhood gatherings all day long if you’d like. I’d rather pay less and get what was once a common, near standard, amenity in fridges: an ice & water dispenser (including crushed ice).
The same people that go with those newer, less functional fridges are the same one’s re-sealing their granite every year because granite is a higher maintenance, inferior material compared to most others.
“You can name drop you trendy Viking or Subzero fridge at your neighborhood gatherings all day long if you’d like”
i know my gathering nobody could care less if i was rocking a viking and car less that is white not SS, they just want it filled and working when they come by.
I don’t mean to hijack the thread, but has anyone tried to get approved for a mortgage lately in other markets? I am starting to wonder who is getting approved. I’m still saving for my 20% down, but a friend in Atlanta with a credit score over 800 and a 30% down payment was told that she couldn’t get a condo loan for anything less than 7.75% for 30 years.
I didn’t realize things were so bad for people with good credit scores and more than 20% down. I’m never going to own at this rate.
@icarus. if you have restrictions on width of refrigerator, look at Fisher/Paykal. They have white (no icemaker, though) or ss (icemaker and water dispenser) that are only 31″ wide. Available at Plass or Abt. Very happy with mine.
Lost Horizion,
I bought a few months ago and I couldn’t believe how difficult it was, I had 20% down and with a score in the upper 700’s. It was defiinitely difficult but that case your talking about sounds extreme.
Lost Horizon,
Tell your friend not to buy a condo in Atlanta. It’s a SFH (or at least a townhome) city, and condos there should be rented. When I moved there in 05, I considered buying a condo, and figured, “when I graduate in three years, I’ll sell for a profit, and won’t have poured rent down the drain.” Fortunately I did not make that grave mistake.
“Lost Horizion,
I bought a few months ago and I couldn’t believe how difficult it was, I had 20% down and with a score in the upper 700’s. It was defiinitely difficult but that case your talking about sounds extreme.”
in 4th qtr refi’d my house and was looking for a second. i had no hiccups with either transactions.
Russ can chime in as he is the lender guy to turn to for these questions.
but i wonder if a few of these things may make your example an extreeme case;
-the apraisal was way lower than the deal price
-there is a seceret no lend list for condo’s in chicago, and assume other citys have bank list like that
-20% down and good credit is only a part have 20% down and a 750 score trying to buy a house for 500k and only w-2’ing 40k a year i suppose will not be good
“but a friend in Atlanta with a credit score over 800 and a 30% down payment was told that she couldn’t get a condo loan for anything less than 7.75% for 30 years.”
Your friend might be exaggerating the story a bit. At 30% down and 800 score she should get better even in this climate. Perhaps there was an issue with an appraisal that would not hold water with regard to the sales price. Maybe she was trying to buy Carol Mosley Braun’s home at full price?
Or there is the possibility that she is heavily extended with other debt. Perhaps she is only showing a short time on the job or is self employed. All of those factors would make her a higher risk loan and might explain why the terms were so high on paper when she seems to be a slam dunk for better loan.
FYI Lost Horizion – when people do not get what they want or expect they often blame someone else.
Unit 1509 is a 2/2 listed as a short sale with an ask price of $242,500. Parking appears to be included.
Sorry- but I missed the sale of this one. This unit sold in February 2011 for $462,000.