How Long Will it Take to Sell the 2018 Properties? 616 W. Fulton in River West
This 2-bedroom duplex penthouse loft in the China Club Lofts at 616 W. Fulton in River West came on the market in October 2018.
It has newly refinished diagonal hardwood floors on the main level.
The kitchen has white cabinets with “brand new” high end appliances along with granite counter tops.
There is one bedroom, which doesn’t have any windows, on the main floor, with the master bedroom on the top floor with new carpet.
The listing says the bathrooms have been redone.
It has an outdoor rooftop terrace with built-in kitchen and city views.
This loft has all the features buyers look for including central air, washer/dryer in the unit and garage parking is $30,000 extra.
This is a doorman building with 113 units and a parking garage.
It came on the market in October at $569,900 and is still sitting on the market in 2019.
How long will it take to sell all of 2018’s properties in 2019?
Mark Raffaelli at Compass has the listing. See the pictures here.
Unit #712: 2 bedrooms, 2 baths, no square footage listed, duplex up
- Sold in March 2007 for $412,500 (per Redfin)
- Sold in July 2012 for $305,000 (per Redfin)
- Originally listed in October 2018 for $569,900 (plus $30,000 for parking)
- Currently still listed at $569,900 (plus $30,000 for the parking)
- Assessments of $566 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
- Taxes of $6441
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 21×20 (second floor)
- Bedroom #2: 10×10 (first floor)
Well, based on a 3 month supply of inventory at the end of December it would take roughly 3 months to sell it all. However, you know the problem with that perspective. Based on current market times, if it’s going to sell, it will take roughly 80 days on average. Those are pretty good numbers. But for this to be at a single price for this long…if the showings have ground to a halt they’ll need to lower the price.
BTW, I can’t subscribe to comments once again.
Was putting an outlet cover on the peninsula in the kitchen just too much to handle before listing?
Bluestreak – I’m sure their handyman ($50/hr minimum) was unavailable to swing by before the photographer showed up. Hopefully Compass has since fixed that because it’s definitely a liability if little Johnny sticks his finger in there and electrocutes himself.
This is a well located building but if I were forced to buy into it I would only buy units like this one on the 7th floor as it’s a newer addition they put on the original roof a decade or two ago, perhaps when they first converted the building, I can’t remember. I’ve visited and stayed with friends who rented in this building for a bit and I can say first hand that the walls between the other units (floors 2-6) are paper-thin, and the ceilings have no sound insulation as well. You can hear everything from people blowing noses to people blowing each other.
I think its overpriced. $550 max w parking included, thats probably why its not moving.
“and the ceilings have no sound insulation”
This is true of probably 95% of timber ceiling lofts in Chicago. They literally just put up drywall walls and turned them into apartments (and then condos.)
I had a friend who lived in one who could “see” through the seams in the wood planks up into the other unit’s kitchen.
Only later, when they wanted to turn some of them into “luxury” condos, did they bother with the insulation. Those are mostly in buildings converted from like 2005 to the present. There were simply too many complaints about the timber ceilings in the original conversions.
“Well, based on a 3 month supply of inventory at the end of December”
December always has low inventory, does it not? So that’s not really the story.
I feel like I need to do a property every day for the next several weeks that were all originally listed in like March through August of 2018. There are tons of them. This is the worst I’ve seen the market times in several years, actually.
The market has obviously slowed and changed. Low inventory or not. Things aren’t selling. They are sitting. For months.
Oh- and plenty of sellers who bought in the last few years are now losing money. That’s a new one. It tells you prices are no longer rising.
“BTW, I can’t subscribe to comments once again.”
I turned it off. I tried two or three different plug-ins and they were all causing problems in the sign-in form. Since that’s the only thing that I had changed on this older site, then it had to be causing the problem.
The subscription plug-in is almost non-existent now. There are only like 3 of them out there. The old one I had hasn’t been updated in 3 years. I guess no one wants this feature anymore? It’s odd.
Sorry, there’s nothing I can do. I’d rather have the site secure.
“Things aren’t selling. They are sitting. For months.”
That’s just not true. I’ve given you the market times. They are fine.
December inventory was the same as where it was the previous year. It didn’t go above 4.4 months at any time this year.
Regarding subscriptions…but everything was working fine a few weeks ago. What changed?
“Regarding subscriptions…but everything was working fine a few weeks ago. What changed?”
That plug-in hasn’t been updated in 3 years. I’m assuming it stopped working. I can re-activate it and see if it only works with this really old website. Lol.
Finally closed! 510K