Is $300,000 the New Price for a 2/2 in River North? 849 N. Franklin
This 2-bedroom in the Parc Chestnut at 849 N. Franklin in River North (or is this Gold Coast here?) has been on the market since November 2011.
It is a short sale.
There is no square footage listed but it appears to be one of the smaller 2/2s as it has a pullman style kitchen open to the living space with no kitchen island.
This building was completed in 2006.
The unit has exposed concrete ceilings and duct work.
It also has all the modern features including central air, washer/dryer in the unit and parking.
The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.
Originally listed for $319,000, it has been reduced $20,000 to just $299,000 (with the parking included.)
Is $300,000 the new going rate for these smaller sized 2/2s in River North?
Sarah Han at Century 21 S.G.R. has the listing. See the pictures here.
Unit #1209: 2 bedrooms, 2 baths, no square footage listed
- I couldn’t find an original sales price
- Lis pendens foreclosure filed in July 2010
- Originally listed in November 2011 for $319,000
- Reduced
- Currently listed as a “short sale” for $299,000 (parking included)
- Assessments of $471 a month (includes heat, a/c, gas, doorman)
- Taxes of $3537
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 11×10
- Living room/dining room: 22×21
- Kitchen: 13×9
It may be the going price for crappy 2/2s like this one. Would it have hurt to actually enclose the bedrooms? The photos seem to indicate that the bedrooms don’t have any windows, but I’d still prefer some privacy. The kitchen is also extremely small, but I do like the cut out area over the fireplace. It looks like a good place to put a TV, unfortunately the room has an odd shape as well.
Both bedrooms lofted, no view, wierd trapezoidal layout, this will be a tough sell!
I wouldn’t say this is your “typical” river north 2/2, and I actually think this will sell below 300k
What a sad, pathetic property. Developer definitely ve’d the crap out of this.
It is north of Chicago ave, so it is Gold Coast. Close access to Brown line Chicago stop. Not for me, but I could see this going for 240k without the parking spot. 300k seems a little too high.
There’s also a price penalty for being north of Chicago Ave.
To answer your question, No. But for this piece of crap – probably. If this is RN living at its finest – what does that say about the rest of RN? It is still amazing the shit people bought in the bubble while the realtors just sat back, wrote up some paperwork and reeled in the commissions.
Yes I believe google maps has this neighborhood as “Cabrini Green” not that the immediate area is horribly bad or anything, especially if you enjoy middle eastern food but that is another strike
This not real close to the area that I consider River North–Ontario, Ohio, Wells, Grand, Hubbard.
“Is $300,000 the new going rate for these smaller sized 2/2s in River North?”
Or less. There have been 50 2/2 condo sales since 10/1/11 in area bounded by river to LaSalle, river to 900N.
Min SP $245,199
Max SP $615,000
Med SP $340,000
Ave SP $352,165
I didn’t check them all, but the highest 8 in sale price were definitely not smaller sized. Here’s the stats on the remaining 42, some of which are likely not smaller sized either:
Min SP $245,199
Max SP $400,000
Med SP $323,500
Ave SP $326,221
“I didn’t check them all, but the highest 8 in sale price were definitely not smaller sized. ”
some brilliant analysis there
What an awful unit. The layout is terrible not to mention I hate lofts in general. Relist as 1bed plus big closet with a partially open wall
The developers torn down a very cool old brick loft building here – to build more sh!t condos. I think about that cool old building everytime I take the El past this place.
So many great buildings were lost during the mid-2000s. And for what? Now we have a glut of bland unmarketable condos.
“some brilliant analysis there”
It kind of gets subjective about what “smaller sized” means, so I provided what I could. Maybe you’ll find this more helpful:
630 N Franklin #703 closed 11/21/11 $281,000 w/pkg
630 N Franklin #503 closed 4/28/11 $295,000 no pkg
630 N Franklin #901 closed 3/09 $330,000 w/pkg
630 N Franklin #903 closed 2/29/08 $397,500 w/pkg
630 N Franklin #503 closed 4/14/07 $360,000 no pkg
630 N Franklin #801 closed 7/14/06 $387,000 w/pkg
630 N Franklin #1001 closed 12/12/05 $322,000 w/pkg
630 N Franklin #1003 closed 12/10/05 $370,000 w/pkg
630 N Franklin #901 closed 11/30/05 $309,500 w/pkg
630 N Franklin #903 closed 11/30/05 $390,500 w/pkg
630 N Franklin #801 closed 11/14/05 $298,000 w/pkg
630 N Franklin #703 closed 11/7/05 $378,500 w/pkg
630 N Franklin #503 closed 10/24/05 $347,000 no pkg
Now that’s a downward trajectory. This building is well below $300K now for small 2/2s. #703 was almost $100K off its price when new. The 01 tier started out $50K cheaper than 03, so they are well under $300K now. Same pattern in 600 N. Kingsbury. 330 W Grand will be there soon, with the only recent small 2/2 sale at $310K w/pkg.
This is a horrible unit. This building has a 2/2 layout with a “normal” kitchen, one loft bedroom, and one larger non-lofted bedroom with windows the size of the windows in the main living area. I looked at that style 2/2 about 2 years ago for $330K, with parking… that was a good deal. This is not.
BTW, the building itself is actually very nice.
Regarding the area: No, not River North at it’s finest – Still you are a skip away from the Brown line and the $$$ area of State and Dearborn is just 10 minutes walking away.
Regarding the property: Know little about the building other than driving by, but the unit itself is depressing. If I wanted a standard 2/2, I wouldn’t pick this unit and if I wanted a 2/2 with a loft feel, there are many other options in the older established areas of River North.
“Both bedrooms lofted”
“one loft bedroom, and one larger non-lofted bedroom”
Does anyone else call windowless bedrooms “lofted”? To me, lofted means that they are raised within a room, accessed by stairs/steps/ladder.
I think the same G. I think this is some RE euphemism.
http://www.redfin.com/IL/Chicago/630-N-Franklin-St-60654/unit-509/home/12592644 and http://www.redfin.com/IL/Chicago/411-W-Ontario-St-60654/unit-506/home/22961274 say the answer is definitely yes.
Also, this place will not even see that much.
“Does anyone else call windowless bedrooms “lofted”?”
I believe the “correct” term is soft-loft. Lofted means something else.
“Now that’s a downward trajectory. ”
more shocking analysis that prices have decreased from 2006, WOW! got anymore brain busting shocking numbers up your sleeve?
Do I care if my property value has decreased? Nope! Just carrying on paying my mortgage quite easily every month, now that my HH income has increased every year for the last 7 years thanks!
1. This is not River North or Gold Coast. It’s north of Chicago Avenue, and west of LaSalle Street, thus Cabrini Green. Come on Sabrina, your better than that.
2. There is a SEVERE price and security penalty for being in this area north of Chicago Avenue.
3 There are several 2/2’s in River North closing below 300k. This is the new market value for cookie-cutter units.
Sice C-G is virtually all gone now, letKs call this the “gallery district” in honor of the nearby art and home-goods emporia. Bit what “starving artist” can afford this – even at a – yikes – “short sale” price?
No this will remain ‘Cabrini Green’.
“let’s call this the “gallery district” in honor of the nearby art and home-goods emporia. ”
No, that doesnt work, either, as most of those emporia are south of Chicago Ave in an area with a name already. Clybourn Corridor Gateway might work.
Since it’s east of the L tracks, I would hesitate to call it CB. I think it’s a no man’s land Gold Coast or River North. Tough call. Having a “Franklin Street” address is not a plus.
Yeah, this is one of those “what-were-they-thinking” relics of the 2000’s.
“more shocking analysis that prices have decreased from 2006, WOW! got anymore brain busting shocking numbers up your sleeve?”
I was just answering Sabrina’s question with a little data. You actually come to cc for brilliant analysis? I know that everything I have provided has been very simple, really.
The 630 N Franklin data might shock some for how far it has fallen since 2009. No surprise to me, of course, since I was stating this obvious outcome at that time based on an analysis of the data. It wasn’t brilliant, and in fact was very simple, but many here thought the bottom was in back then. So, there were those who understood something simple and those who simply didn’t.
“Do I care if my property value has decreased? Nope! Just carrying on paying my mortgage quite easily every month, now that my HH income has increased every year for the last 7 years thanks!”
The lady doth protest too much, methinks.
I guess you are only concerned about a place you didn’t buy?
Sonies (February 24, 2012, 2:29 pm)
“man I sure dodged a bullet not buying that 1400sqft REO unit with the huge stained glass in the living room for 360k”
“The 630 N Franklin data might shock some for how far it has fallen since 2009.”
I know you’re trying to bait me to say something stupid like clio would, but how far prices have fallen is not shocking at all really, the loss of FHA financing in the building was obviously a huge hit to those trying to sell now.
Despite the units in 630 being better overall and a better location than this POS listing, I agree with sabrina that 300k is the going rate for small 2/2’s in River north (not this cabrini crapbox) and is what I would probably value my home with parking included. But since I don’t need to sell, and our jobs are fairly secure and we have a nice nest egg in case of emergencies, I’m not losing any sleep over it and could frankly care less. I am certainly enjoying watching the money I DID NOT put down on my home increase in value quite a bit since it is almost all invested in the stock market (which is up almost 100% since I bought my home).
Heck, I might even do a streamline refinance if they ever change the PMI rules and save myself an extra few hundred bucks a month for having a great credit score. I would then be paying under market rent and thats not a bad thing since I do enjoy the location and building quite a bit.
“I know you’re trying to bait me to say something stupid”
Nope, just illustrating that you already have. It appears that you have suspended mark to market accounting, too.
yo sonies, you claim to not care but wouldnt you like it if your unit value had gone up so you could lump it in with all those other gains yer tootin yer horn about.
“yo sonies, you claim to not care but wouldnt you like it if your unit value had gone up so you could lump it in with all those other gains yer tootin yer horn about.”
of course that would be great! but thats why you diversify… how stupid would it have been to put 20% down when I bought, I’d be out at least 50k!, instead of being up way more than that in my savings/retirement funds and having the ability ot postpone a paper loss until i actually want to realize it, all the meanwhile live in a nice place at a reasonable rate
Wow. Poor little unit. I can’t speak for this actual space, but the building itself is quite nice. It has it’s own key park across the street with free wi-fi, a gym, a couple outdoor spaces for grilling, and a business center. Maybe the 2/2 you’re looking at is just a tough sell. I wouldn’t condemn the whole building.
Cheers.
Very strange negative comments about this building/unit… Not sure where it is coming from. The large 2/2 in this building sell in the 350k range. This is a smaller unit to be sure, but the lower price reflects that. There has not been a 2 bed in this building to sell for under 300k.
I bet someone picks this place up for 275k, which would be a great deal in my opinion
I am dumbfounded by the ignorant comments on this website. I just did a quick search of properties that have sold in the building one very similar to this just sold for 291,000. The people on this website all must live in million dollar homes. This is not the cream of the crop but for 290k you can’t beat this!
-Parking
-Workout room
-Sundeck
-Private Park across the street
-Storage unit
-2 bed 2 bath
-1100 sq ft.
-low assessments
-10 min walk from the heart of gold coast
-5 min walk from the heart of river north
Who wants to bet that Jake and Mike are the same person who also happens to either be the seller, agent or someone who lives in the building or otherwise has an interest in this selling near asking price?
“I am dumbfounded by the ignorant comments on this website. I just did a quick search of properties that have sold in the building one very similar to this just sold for 291,000. The people on this website all must live in million dollar homes. This is not the cream of the crop but for 290k you can’t beat this!”
Please quit pumping your property. It gets a bit annoying. I’m allowing the posts to go through because I find them amusing how desperate you are to sell this unit.
But obviously $290k isn’t going to get this done. Go lower.
“Who wants to bet that Jake and Mike are the same person who also happens to either be the seller, agent or someone who lives in the building or otherwise has an interest in this selling near asking price?”
I’ll bet on it! Not the seller – agent – and i live in gold coast near state and division. Just posting my opinion as someone who recently purchased a condo in the area. Also, i just looked this place up… looks like it is under contract now anyways. I will be interested to see what it sold for. Any guesses? If it is less than 270,000 I will be very surprised considering no 2/2 has sold below 291,000 in the last 2 years!
Also – do you really want to brag about “allowing posts to go through” – you are admitting that you sensor posts. What a garbage website. Funny how when 5 people agree with you it is because they are all correct, but when 2 say otherwise you assume that they are both the same person and are the agent or seller of the property. Sad.
I didnt assume what I did because it was two people who disagreed. I assumed it because of the two very similar over zealous posts one at the beginning of the day, one at the end after months of no comments and no sale.
If you are the agent, why did you have to look the property up to see it was under contract? Are you that unaware of your own listings? Did you post the ridiculous posts to ensure the buyer doesn’t get scared off?
Sad….
“Also – do you really want to brag about “allowing posts to go through” – you are admitting that you sensor posts. What a garbage website. Funny how when 5 people agree with you it is because they are all correct, but when 2 say otherwise you assume that they are both the same person and are the agent or seller of the property. Sad.”
I hate it when sellers and/or agents come on here months/weeks after we last talked about a property to “pump it” which is all that you were/are doing. If it was so great- it would have sold long ago. The market is “hot” or haven’t you heard? Some things are selling for over list now. There are multiple bids. So why didn’t this great deal get snatched up? Oh- wait- because it isn’t a great deal.
I’ve been running this site for nearly 5 years Mike. I know a troll when I see one. And that’s what you are. But hey- if you want to talk about today’s properties feel free (which is why I let your comment through.) If you want to actually CONTRIBUTE something rather than pumping some random unit in some random building- then please, join in.
It already sold – why would I be “pumping” a sold property. I did a google search about river north condos and this website popped up. I decided to make a comment. Is that really that strange? I was just saying that the property didn’t seem as bad as others were making it out to be. It is certainly not a TOP 2 bed 2 bath, anyone can see that. The bedrooms are on the smallish side it seems, and the kitchen is tiny too. I just spent a little over 500k on a gold coast property and I am not saying I would rather have this, but when I was looking I didn’t find ANYTHING for under 300k that interested me. This seemed pretty cool.
Sorry if you thought I was pumping, Sabrina. Was just making an honest contribution.
It depends what you mean by “the new price for a 2/2 in river north” – Prices have dropped dramatically all around the city. I have seen a number of 2/2 condos in river north sell for under 300,000. This one looks nice, but I would price it closer to 280,000. Those that are complaining about the “open bedrooms” must not be familiar with loft style properties!
I have seen some nice 2/2 in the Sandburg buildings go in the 250s lately (yes I know that is old town, but it is pretty close in proximity).
Hope this market continues to pick up steam…
Chears.
Chears my e-arse
Sold 12/31/12 for ….
wait for it….
$316k.
looks like Mike/Jake did better than he expected!