Get a 3-Bedroom with Parking for $530,000 in the South Loop: 611 S. Wells
This 3-bedroom corner unit in The Vetro at 611 S. Wells in the South Loop came on the market in April 2023.
The Vetro was built in 2008 and has 232 units and attached garage parking.
It has 24 hour door staff, an exercise room, a spa, a sauna, a party room and a sundeck.
We haven’t chattered about a unit in The Vetro since 2018 but in 2009-2010 we were chattering about the building a lot.
If you recall, The Vetro was the first of the new construction high rises during the financial crisis to 1) sell units at an auction and then 2) to slash prices dramatically to move the rest of the inventory.
Many buyers in 2009, as recounted in press accounts from the auction, believed they were getting a “deal” as units sold for anywhere from 20% to 35% off the developer’s boom time prices.
This unit is a corner (N,E & W exposure) unit with 3 walls of windows, a rarity in a high rise outside of a penthouse unit.
It has “unobstructed” city, river and park views and has a large terrace the overlooks the river.
There are hardwood floors throughout and custom roller shades.
The kitchen has dark modern cabinets, black granite counter tops and stainless steel appliances and is open to the living/dining room combo.
The listing says 3 bedrooms are “fully” and then doesn’t finish but I’m assuming it would say “enclosed.” The third bedroom behind the kitchen, in other 03 tier units, has been a den.
The primary suite has an en suite bath with a soaking tube and shower, a dual vanity and linen clost along with a walk-in-closet.
This unit has the features buyers look for including central air, side-by-side washer/dryer, which appears from the floor plan to be located in the half bath, and one “prime” deeded parking space close to the elevator is included.
This building is near the new river front trail, as well as Printer’s Row and South Loop restaurants and shops.
Listed in early April 2023 at $535,000, it has been reduced $5,000 to $530,000.
The listing says it’s a “super deal.”
Given the prices on condos in The Reed at Southbank, the new tower down the street, where 1-bedrooms are selling from $450,000 to $550,000, is this a deal?
Craig Rogner at Century 21 Circle has the listing. See the pictures and floor plan here.
Unit #1703: 3 bedrooms, 2.5 baths, 1667 square feet
- Sold in June 2009 for $410,000 (included the parking)
- Sold in June 2014 for $460,000 (included the parking)
- Sold in October 2019 for $485,000 (included the parking)
- Originally listed in April 2023 for $535,000
- Reduced
- Currently listed at $530,000 (includes the parking)
- Assessments of $1050 a month (includes heat, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $11,800
- Central Air
- Side-by-side washer/dryer
- Bedroom #1: 11×15
- Bedroom #2: 10×15
- Bedroom #3: 10×19
- Living/dining room combo: 20×19
- Laundry: 5×7
- Balcony: 8×15
Is this a deal – ha ha ha ha
Maybe if you like setting your money on fire
1803 is for sale, has better finishes and layout and is $35k cheaper (A wall and a door aint $35k)
So much wasted space, the common space it tiny with the 3rd BR
Amenities are weak for $1k/mo
This reeks of someone that took a 2nd/HELOC and is in trouble financially.
rEaL EsTAtE OnlY gOES uP
“A wall and a door aint $35k”
I’ve heard it’s far more expensive to get work done in high rises.
“1803 is for sale, has better finishes”
So, you like the neighbor’s plumbing running through your bathrooms??
03 tier definitely better as a 2 bed, tho.
“This reeks of someone that took a 2nd/HELOC and is in trouble financially.”
No 2d mortgage, and indeed no 1st mortgage.
June 2009 for $410,000 + CPI = 576
June 2014 for $460,000 + CPI = 521
Octr 2019 for $485,000 + CPI = 571
Seems like the ask reflects reality, and think this gets more than 1803 bc of the pipes, even if you’d prefer the open dining room.
Not offensive but there’s something very generic about this unit and building, and I’m not sure there’s a cure for that. Does anyone know if those unfinished ceilings could be whitewashed? I’ve seen these elsewhere and it makes me feel like I’m in a parking garage.
Also, I wonder if the unobstructed western view will remain that way. This looks over the site of Grand Central Station, which was thoughtlessly razed in 1971 and replaced with a weed-strewn nothingness that’s persisted 50 years. Is this property owned by someone or is it considered the public’s?
Have to disagree with whoever said the HOA is too high. For a 3 BR in this location with parking included I’d say HOA is a relative bargain.
Also I’d want to be higher in building if in this tier. Units above 25th floor can see the lake. Huge advantage for resale.
“a weed-strewn nothingness that’s persisted 50 years”
Lot of rent for weedy nothing:
https://altagrandcentral.com/
but yes, the Southbank master plan includes two more towers–one between alta and the river, and one south of alta along Wells, both about 40 stories.
Scroll most of the way down and see the general siteplan:
https://thereedsouthbank.com/southbank
Thanks, Anon. I figured that site would eventually be used.
“Thanks, Anon. I figured that site would eventually be used.”
This is a big development. Have been building for years.
We chattered about The Reed last October. They are now having move-ins. https://cribchatter.com/looking-for-new-construction-the-reed-at-southbank-in-printers-row-at-234-w-polk/
“Have to disagree with whoever said the HOA is too high. For a 3 BR in this location with parking included I’d say HOA is a relative bargain.”
Agreed. For that square footage I would expect $1200 to $1300.
“Have to disagree with whoever said the HOA is too high. For a 3 BR in this location with parking included I’d say HOA is a relative bargain.”
Why?
Its 1600sf – so no way would this be considered anything but a small 3Br
Other than the doorman, there doesnt appear to be much for amenities.
No Pool
Workout area is a joke
Common areas a look to be lower end.
Regarding assessments: Maybe they are putting more in reserves?
I would think it’s better to live in a well-run and funded building in the long run. Isn’t that better for property values – well to a certain extent. It does get to a point where excessive hoa fees hurt property values but these don’t seem to be there.
I’ve always loved this tier in this building because of the three sided exposure.
DD – that’s a good point but I believe the west view is going away.
wonder if this is bob’s pad, I know he always aspired to live in the Vetro
Off topic (sorry), but does anyone know if there is something going on in 3400 N Lake Shore that is causing prices to drop? I realize the HOA is on the high side — though not as bad as in some other vintage buildings — and the taxes are too high (they need to hire a better lawyer for their assessment appeals), but this price seems really low for such a gorgeous apartment in this location. https://www.zillow.com/homedetails/3400-N-Lake-Shore-Dr-APT-4A-Chicago-IL-60657/3717831_zpid/ (PS My comment on the taxes is based on what I’m paying for a similarly valued apartment in the neighborhood.)
@Tsippi I don’t know but coin laundry when your assessments are $2200 a month is pretty rough.
“the taxes are too high (they need to hire a better lawyer for their assessment appeals)”
AV = $810k. No appeal filed at ’21 re-ass.
PP was $850k, so not crazy from that side, but…
most recent A-tier sale was 2A, Dec-21, for $630k:
https://www.redfin.com/IL/Chicago/3400-N-Lake-Shore-Dr-60657/unit-2A/home/13376037
Seems like a really good comp for appeal. Woiuld expect a Buyer could win an appeal to get the AV down at least to the $650k range–~20% off.
another issue is that 4A doesn’t have the H-O exemption the last few years, so maybe the owner just isn’t paying attention to the unit in general.
Waxbean, read the listing. There’s W/D in the unit.
“Off topic (sorry), but does anyone know if there is something going on in 3400 N Lake Shore that is causing prices to drop? I realize the HOA is on the high side — though not as bad as in some other vintage buildings — and the taxes are too high”
When the HOAs are as high as some mortgage payments, that’s usually a deterrent to many buyers.