Get a 4-Bedroom Loop Penthouse for Under $350,000: 431 S. Dearborn
This 4-bedroom penthouse in the Manhattan Building at 431 S. Dearborn came on the market in June 2019.
Built in 1891, it has 105 condos and was converted into residential living in 1999.
The listing says this unit has been remodeled.
It now has an open concept and, apparently, one of the bedrooms was opened up so it’s no longer, technically, a 4-bedroom.
The kitchen has custom maple cabinets, stainless steel appliances and granite counter tops.
It has other features that buyers look for including central air and washer/dryer in the unit.
The listing seems to indicate that there are 2 garage parking spaces but I don’t think this building has a garage. It might be rental in the neighborhood.
Originally listed at $359,900, it has been reduced $10,000 to $349,900.
At 1800 square feet, is this a deal?
Nick Rendleman at Exit Strategy has the listing. See the pictures here.
Unit #1604: 4 bedrooms, 2 baths, 1800 square feet
- Sold in November 1999 for $300,000
- Originally listed in June 2019 for $359,900
- Reduced
- Currently listed at $349,900
- Assessments of $1135 a month (includes exterior maintenance, scavenger, snow removal, doorman)
- Taxes of $6892
- Central Air
- Washer/dryer in the unit
- Parking??? Listing says it has 2 spots but I don’t think there is parking with this building
- Bedroom #1: 14×14
- Bedroom #2: 14×10
- Bedroom #3: 16×14
- Bedroom #4: 12×12
- Laundry room: 7×5
- Foyer: 19×6
This building does not have parking.
It’s crazy convenient for in the loop living.
From the windows views, this place does not over look dearborn but on the backside on federal into the library
Dear Realtor,
4 – 1 = 3
wow no appreciation at all over 20 years! thats insane
those huge assessments and tax hikes are probably the causes for a howmuchamonth unit like this one
Maybe I’m getting old (yes, most definitely), but $1,135 a month in assessments for water, insurance and basic maintenance seems really high. Did this building get drunk and hit a little old lady crossing the street?
This is a unique, historic building designed by famous architect William LeBaron Jenney. He was the architect of the Home Insurance Building, which was the first skyscraper ever building (steel frame), and was torn down in 1930.
I love the outside of the Manhattan and the location is excellent, but the units have always left me cold. They’re obviously a 1980s development, and not much seems to have changed in this one.
Not sure what can be done, really, to make the interior more interesting. To call it a penthouse is a bit misleading, too. It is on the top floor, but doesn’t seem to have anything unique to set it apart from any of the building’s other units, like a roof deck.
The price seems very low for a 4 bedroom at this location, but as others said, assessments are high and there’s no parking.
If I were thinking about this one, I’d want to have an interior designer come in with me first and see if he or she had ideas to make the interior less dull. Otherwise, you’re living in a generic box that comes in a beautiful, historic wrapper.
Quick correction: A 1990s renovation not 1980s.
My guess is the assessments are high to cover staff and maintenance on the facades – being a landmark it’s quite a bit more expensive when you do facade work. The entire interior was gutted when they converted it – I suspect that they may also be planning some upgrades. I also have the sneaking suspicion that there are a lot of students crammed into these bigger units hence the stress on the 4 bedroom aspect.
“Maybe I’m getting old (yes, most definitely), but $1,135 a month in assessments for water, insurance and basic maintenance seems really high.”
Assessments are usually determined by square footage and floor. How much are the assessment on other 1800 square foot units in a doorman building?
This actually seems cheap to me.
“wow no appreciation at all over 20 years! thats insane”
I thought the same thing sonies. Yikes, right?
The loop, and even Printers Row, has been tough. It saw a big surge in the 1990s and then, not so much.