Get a River North 2-Bedroom For $250,000: 645 N. Kingsbury
This 2-bedroom in Admiral’s Pointe at 645 N. Kingsbury in River North has been on the market since February 2010.
It is currently listed $24,000 under the 2005 purchase price.
The building was built in 2001/2002.
The unit has hardwood floors in the main living/dining space.
The kitchen has maple cabinets, granite counter tops and white appliances.
The unit has central air and washer/dryer in the unit.
Parking is available in the building either to rent or to buy.
Is this a good starter condo?
Marcia Badillo at Dream Town Realty has the listing. See the pictures here.
Unit #1004: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in January 2002 for $245,500 (included a parking space)
- Sold in April 2005 for $274,000 (did NOT include a parking space)
- Originally listed in February 2010
- Listed in August 2010 for $275,000
- Reduced
- Currently listed for $250,000
- Assessments of $459 a month (includes heat, a/c, gas, doorman, cable)
- Taxes of $3284
- Parking is available to rent or to buy
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 10×9
- Living room: 14×12
- Dining room: 12×12
- Kitchen: 12×9
Price is OK only if it includes the parking space. Otherwise, $215K.
This is River North, not the Gold Coast or LP or Lakeview. RN seems to have a lot of issues with street crime and lacks the livability of other near north neighborhoods.
RN does not have anymore problem with street crime than Lakeview and LP. Lakeview is worse…how many rapes this year alone? This is a far better location than Lakeview and West LP…so much cleaner and closer to downtown.
Throw in parking and you have a pretty decent starter place, sure.
REO in 12 months at $199k without parking
I’m pretty sure I looked at a “2/1.5” in this tier of this building and that they are actually 1BR + small den.
snoozers. uninspiring. only one full shower. dated. boring. This is ultimately a below $200 property.
If that is the case, PermaBear, then the price will go lower. Would be better if it was a full 2 ba and 2 bd.
This is rental quality at best. Those white appliances are the same ones in the *non-updated* units in my rental building. Unacceptable when you want a quarter million dollars for a property.
I don’t mind the white appliances. I do mind the lack of a parking space.
This area started off cute with some fairly decent buildings but overtime has tried to cram the proverbial 10 pounds into a 5 pound bag. Look at this building, it’s like it was designed by the contractor and cement manufacturer association. Chicago Architects where are you? Have you all been raptured or do you just suck now?
That is clearly not a two bedroom. It is a “multi-use space” and will always be a den. Perhaps you could use it as the temporary babies room. In the end there is not even a shower in the second bath. Imagine a roommate in bedroom two having to come thru the master bedroom to get a shower. FAIL for advertising it as a 2 bedroom unit. Shame on the realtor.
$175K with parking at best and only because it is a very bright unit and because I actually like the area.
“This 2bd/2ba condo”
BLACKLIST! ! !
I was the seller of the last recorded sale in this building, the top floor 03 unit in March 2011.
That unit was very heavily upgraded so does not provide much of a comparable but for what it’s worth it sold for $227,000 (incl. parking). It is a 1/1.5. These 04 units really are not 2 beds at all. I’ve been inside 3 or 4 of them and everyone uses the den as an office or nursery at best.
As previous discussed the building has a 20% rental cap to maintain its FHA status and there are 30+ on the list to be the next rental. The building has minimal amenities but an excellent door staff. The garage spaces are very tight as evidenced by the number of collision marks on the walls.
I found the location to be very convenient and there is certainly no crime issue in this part of RN by Erie Park, it’s too densely populated for that.
I know this is unrelated BUT….
I would love to know how these properties are holding up:
Those townhomes along the river?? When they were built they were like $600K?
There was also a lone building practically in the water…nautical theme??
Also in that area were dark brown townhomes…2 beds up with a shared bath…felt like a giant alley over there…very dark and smelled like chocolate?? When they were built..maybe in the 300’s??
I could look them up myself, but I dont have a sample address.
Thxs!
Noe, thanks for the info. I agree, this is a pleasant location in RN, by the Park with no crime issues. Do you know how the rental cap policy has affected sales and/or foreclosures. Are people walking away if they can’t rent?
“There was also a lone building practically in the water…nautical theme??”
Those handful of townhomes, just south of Kinzie, on Canal?
You can see the townhomes when you take the architectural tour along the river. I absolutely can not remember the streets. Red Brick I think…
I just remember like 10 years ago visiting a family/client in those brown/greyish maybe townhomes. Kind of small…2 beds/1 bath up….It felt like a dark alley over there. But the family regretted not buying one of the townhomes along the river.
I was always intrigued by those glass townhouses that are practically on the river. I wonder what they go for and how often they come on the market. I’m not sure I could stand smelling the river up that close, but it would certainly be a unique place to live.
I’d love to see a Cribchatter post about them…
Jenny…I agree.
I havent been in that area in since…Maybe its been built up alot since then. But it would be nice to get the RE update on those 3 properties/area.
1. The townhomes along the river
2. The building practically in the river.
3. Greyish/Brownish development nearby…feels like an alley, smells like chocolate.
The townhomes on the river are in the “Kinzie Station” development, just north of Kinzie. Asking prices remain really high, it seems. Dwayne Wade has a place in there. I think for his baby.
I have never seen any of those glass townhomes south of Kinzie listed. Redfin is not showing any listings or sales.
Cominghome – lots of new construction apartments nearby, and the Jewel, are the main changes.
I live in that area, and have no idea what “greyish/brownish” development you are talking about. Is it this one? http://www.redfin.com/IL/Chicago/324-N-Jefferson-St-60661/unit-201/home/12572239
It’s grey and brown, and is kind of surrounded by larger buildings, so seems kind of dark.
For chocophiles, the glorious smell in this area comes from the Blommer factory on Kenzie.
In terms of rentals and values, this is a double edged sword. Fewer rentals means more owner occupiers which is intrinsically good for a building. However with the level of speculative buying that occurred in the condo market this removes the hanging-on option for investors who are prepared to run a loss-making rental in the hope of future appreciation. That in turn means more default which is clearly bad for a building.
I bought my unit in this building at a foreclosure auction. I overpaid as it turned out since it was in much worse condition than we had realized and the HOA tried to hand us an $11k bill the first time we went in. In the end I decided to over finish my unit as my own place in Chicago. I subsequently found something I wanted more and sold the unit around break even.
Ok this makes more sense.
“I’m pretty sure I looked at a “2/1.5? in this tier of this building and that they are actually 1BR + small den.”
Oh and that kitchen is so sad. They better discount the place another 20-30K just for that.
Nat – those town homes just north of kinzie are actually in a gated community called “kinzie park.”. Kinzie station is a different development. None of the TH in kinzie park along the river are 2 bedrooms… All are very large and still over 1m asking price. And yes – d wade owns one of them. I’m pretty sure Shawn Marion used to live in a TH there too (but not on the river)
“As previous discussed the building has a 20% rental cap to maintain its FHA status and there are 30+ on the list to be the next rental.”
This building is a disaster.
Thanks for all the info!
I was actually asking about 2 different sets of townhomes. The ones on the river and then the little ones…2beds/1 bath up, that kind of dead end…like in an alley…smells like chocolate…one car garage in the front…there were rows of units facing each other…
Nat…the Jefferson address are not the ones I was thinking about. What is clear is that, much has changed in that area, so probably those original properties are doing well.Is this area still considered RIVER NORTH???
“Is this area still considered RIVER NORTH???”
East of the River, yes, or maybe Erie Park, as a made-up sub-hood.
West of the River is River West or North Westloop Gate or Fulton Market Gate or Kinzie Corridor Gate or Far Southeast East Village or End of Milwaukee Ave or Greater Funky Buddha or something.
Bob–“As previous discussed the building has a 20% rental cap to maintain its FHA status and there are 30+ on the list to be the next rental.”
FYI… FHA allows up to 49% rental, not 20%. So its not necessary to cap rentals for FHA status. It may be necessary to cap for conventional financing (non-FHA) for larger units.
local-I was quoting someone else who posted previously in this thread who passed that off as fact. I have no idea what requirements FHA sets.
cominghome38:
Iirc two different townhome devts that sort of fit your description. First 310 & 320 N Clinton (Sabrina featured in past) are 2/3 bedrooms w/ 1 car gar & alley like access around $550K+.
River Village townhomes (N of Chicago at Kingsbury) are 1200 sq ft 2 story w/2 bed/ 1.5 ba up @ about $400K (underground parking, not attached to unit.)
Kinzie Station TH’s – some smaller have rec sold around $650-$700K.
THATS IT!!! 320 CLINTON!!!!
How can I pull up the old chatter???
What is that area called???
River North??
River West??
“How can I pull up the old chatter???”
http://cribchatter.com/?p=6584
http://cribchatter.com/index.php?s=320+Clinton
Thanks!!!
Looks like 2009 was the last sale.
Sabrina, if these ever come on the market again…can it be featured??
Also, what about the 3-story building thats practically in the river??? You see it on the architechural tour of the river. Maybe 150’s when it was built YEARS AGO?? I think everyone thought the builder was crazy for building it?
Anyone know the address of that?? Its history???
“what about the 3-story building thats practically in the river???”
These?:
http://arcchicago.blogspot.com/2010/04/buildings-weve-grown-to-love-harry.html
FYI cominghome – last 3 sales at 320 Clinton – unit D @ $425K (11/2010); unit K @ $515K (3/2011); Unit L @ $520K (10/2010). Low assessments (like $125/mo iirc)and taxes (around $6K).
“Nat…the Jefferson address are not the ones I was thinking about. What is clear is that, much has changed in that area, so probably those original properties are doing well.Is this area still considered RIVER NORTH???”
This would be near west side. Lots of professionally athletes buy in these developments because of the location near the United Center. There have been some foreclosures in the townhouses that were around $500k. Some of the bigger townhouses along the river can be priced up to a million dollars.
It’s been awhile since we chattered on this area.
Anon-““what about the 3-story building thats practically in the river???”
These?:
http://arcchicago.blogspot.com/2010/04/buildings-weve-grown-to-love-harry.html
YES!!! THANKS!
Sabrina, another future crib chatter location????
Thanks everyone for helping!