How Much Should That 1-Bedroom Loft Be In Motor Row? 2332 S. Michigan
This 1-bedroom loft at 2332 S. Michigan in the Motor Row neighborhood of the far South Loop just came on the market.
It is bank owned.
This is a 22-unit building which was converted into upscale lofts in 2006/2007.
This unit has exposed brick and a beamed ceiling.
There is a marble bath with rain shower and body sprays.
The kitchen has dark cabinets, stainless steel appliances and granite counter tops.
It has central air, washer/dryer in the unit and heated indoor parking.
But it is also listed at $274,000.
Is that a realistic price for this neighborhood?
Coya Smith at Smith Partners & Associates has the listing. See the pictures here.
Unit #301: 1 bedroom, 1.5 baths, no square footage listed
- It sold in November 2007 but I couldn’t find a prior sales price (the mortgage was $313,300 however)
- Lis pendens foreclosure filed in May 2010
- Bank owned in June 2012
- Currently listed for $274,000 (parking included)
- Assessments of $195 a month
- Taxes of $303 (??? typo???)
- Eligible for Homepath and Homepath renovation financing at 3% down
- Central Air
- Washer/Dryer in the unit
- Bedroom: 11×15
It’s a neat building with good finishes. I was in it years ago and was impressed but shocked by the prices. This unit is still 100K over priced
274k? Try 174k.
Because of tax freeze, taxes are so low. For the next owner taxes will be significantly higher.
I was also in this building years ago and it appeared to be done very nicely. This area is a bit of a no man’s land though. I am not sure if a 2/2 would sell for anywhere near $274k let alone a 1/1.5.
Why does the bank start out so high? I’ve seen this a lot lately. The result is a stale listing a few months from now.
I looked at some townhouses and multi-families out in Elgin recently as a possible investment opportunity. The finishes were on par with these and even had bidets on the bathrooms. There was much more space, free parking, and they were cheaper. Seeing the relative value compared to this is making me reconsider.
Yeah, lets keep comparing the suburbs to the city. Thats helpful and not at all comparing apples to oranges.
Elgin? You seriously comparing Elgin to this location?
Where is Elgin?
This location and Elgin do have a little in common….both are no man’s land.
This is a nice unit but massively overpriced! You are next door to the Burger King, across from a bunch of empty buildings and back up to 3 bedroom townhouses going for this price as foreclosures. Get real!
Sorry. Guess I should have clarified. I thought Elgin was a good example because I was implying that Elgin is actually quite a bit nicer than South Loop. I just thought other people had the same feeling. So basically, I was saying you get to live in a similar quality unit (arguably nicer b/c of the bidets), in a nicer location with better schools, and you pay less money. Plus the BK in Elgin is pretty close to it, so they have that in common too, I guess.
This is WAY overpriced for today’s market. Yes, it’s close to downtown, a quick hop onto I-55,a sturdy building that was rehabbed well, but…… the market is extremely soft for that price. Also, Michigan Avenue from 22nd to I-55 is going to be like Rush Street, soon. It’s got a brewery-bar-restaurant, and a night club featuring a rock group under construction right now. They are making Motor Row into a jazz-blues-rock club area to draw conventioneers and locals. Yes, priced about $100,000 too high.
I agree this is overpriced, but just to give some Comps for the area. A 2/2 duplex loft at motor row lofts across the street sold a few months ago at 295K parking also included.
http://www.redfin.com/IL/Chicago/2303-S-Michigan-Ave-60616/unit-310/home/25662016
from what I’ve heard the loft in question is supposed to have better finishes. i would say 200k would be a good asking price