Get a 3-Bedroom With Parking In the Heart of River North For Under $650,000: 33 W. Ontario
This 3-bedroom in Millennium Centre at 33 W. Ontario in River North has been on the market since March 2012.
It is bank owned.
At 1880 square feet, it is a “true” three bedroom (and not simply a 2-bedroom with a “den” now called a bedroom.)
It has hardwood floors throughout.
From the listing pictures, the “upgraded kitchen” appears intact. It has cherry cabinets, granite counter tops and stainless steel appliances (is that a SubZero refrigerator???).
From the listing pictures, it appears that the bathrooms are intact as well.
The unit also sports the highly coveted side-by-side washer/dryer and deeded parking is included in the price.
The listing says it has south and east skyline views.
Since March, the unit has been reduced $33,777 to $644,523.
It is the cheapest 3-bedroom currently for sale in the building.
At $343 a square foot, is this a deal for the location (and with that parking space included)?
Donald Wagner at Casey & Wagner has the listing. See the pictures here.
Unit #44B: 3 bedrooms, 2.5 baths, 1880 square feet
- Sold in July 2004 for $793,000 (included the parking)
- Lis pendens foreclosure filed in October 2009
- Originally listed in March 2012 for $667,900
- Reduced
- Currently listed at $644,523 (includes 1 parking space)
- The listing says it is bank owned
- Assessments of $1146 a month (includes heat, gas, doorman, cable, pool)
- Taxes of $8925
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 17×13
- Bedroom #3: 12×11
This is an American Invsco building!!!
“Sold in July 2004 for $793,000 ”
Yikes!
So, on the age-old, stainless appliances are out, but I can’t tell you what’s in, saga, saw a link to this:
http://www.refrigeratorinfo.com/News/So-Long-Stainless-Whirlpool-Introduces-a-New-Finish-For-Premium-Kitchens.htm
Anyone buy the pitch?
Of course, this building’s problems are legendary. Most of the sales below $400K were distressed in the last year and the rental percentage has to be above 50%. It was often blacklisted by lender, though I don’t know if it still is. Many realtors will steer their clients away from it.
Just a quick and dirty check of the last 12 month sales show price/SF from $220 – 300 + parking. So this would not be a steal.
I own a few condos in this building and I can say I get a ridiculously high return on my investment. This is the area that many young (20s-30s) single or married w/o children professionals want to live. There is so much entertainment within walking distance, it is unreal (way more than the gold coast or even near the Palmolive). A 2/2 can easily rent for 2300-2800 depending on finishes. A studio will rent for 1400-1600 depending on finishes.
Clio didn’t figure in his sale price less commissions into his IRR, which is necessary to fully do the calc.
This location is better than 200 W. Grand and the blue building.
i saw a 3 br that was ~2700 sq feet go for $745k, that seems like the much better deal. I toured it, it was huge, and had incredible views! I wish I could of bought it!
http://www.redfin.com/IL/Chicago/33-W-Ontario-St-60654/unit-52E/home/39564622
“Anyone buy the pitch?”
Don’t these trends start in Europe?? Where are they on the subject? Saw HGTVs househunters in Berlin and was amazed, their city’s interior design appears ahead of what I see on “Selling New York”.
“http://www.redfin.com/IL/Chicago/33-W-Ontario-St-60654/unit-52E/home/39564622”
Wow, the sales history on that unit is painful to see!
2/05 — $1.45M
2/08 — $865k
7/11 — $745k
Location is very touristy. May not be to everybody’s liking
I’ve been to this unit, the finishes really aren’t great. The “third bedroom” doesn’t really have access to a shower/bath unless you use the in-suite shower in the second bedroom. The master bath needs to be gutted and redone. Views are spectacular but still not worth it considering you’d need to redo the kitchen and bathrooms.