Is It Still a Seller’s Market in Chicago? A 2/2 Loft at 550 N. Kingsbury in River North
This 2-bedroom loft in the River Bank Lofts at 550 N. Kingsbury in River North originally came on the market in April 2018.
River Bank Lofts is an authentic loft building that was converted into condos in 1995. There are 150 units and a parking garage.
The building also has a doorman and exercise room.
This unit faces east, so it does not have River views.
But it has authentic loft features including exposed brick and timber ceilings.
The floors are maple hardwoods in the living/dining/kitchen.
Only the master bedroom has windows. It has full walls but no door.
The master bathroom has a double vanity.
The second bedroom has 3/4th walls.
The kitchen has maple cabinets, granite counter tops, including on the island, and black appliances.
This loft has the features buyers look for including central air, washer/dryer in the unit and garage parking is $25,000 extra.
Originally listed 10 months ago for $560,000, it has been reduced $135,000 to $425,000.
This loft building has been popular with buyers in the past.
Has the condo market shifted from a sellers market to the buyers in 2019?
Charna Thomas Osmundson at Oz Realty has the listing. See the pictures here.
Unit #518: 2 bedrooms, 2 baths, 1300 square feet
- Sold in October 1995 for $200,500 (included the parking)
- Sold in March 2000 for $320,000 (included the parking)
- Sold in July 2001 for $335,000 (included the parking)
- Listed in April 2018 for $560,000
- Reduced several times
- Currently listed for $425,000 (plus $25,000 for parking)
- Assessments of $581 a month (includes doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8089
- Central Air
- Washer/dryer in the unit
- Fireplace
- Bedroom #1: 16×12
- Bedroom #2: 12×12
appears to be under contract
“under contract”
Probably would have been back in April, if they’d started at $450.
The “recent sales” in the redfin listing is instructive as to how overpriced they were at $560. This:
https://www.redfin.com/IL/Chicago/550-N-Kingsbury-St-60654/unit-605/home/14102444
sold for $545k and is largely the same, but plus the roof deck & adjacent room, garage v covered parking, and of course no oone stomping on your head.
Well, on the plus side, it’s across the street from the National Public Housing Museum.
I can’t think of a whole lot else, though I do dig the ceilings.
I’ve been in a unit in this building before similar to this one, (A bit more upgraded) its not bad at all
i moved out of this building about 6 years ago. at the time, it was well managed and a great place to live. it had gone through a large special assessment while we were there which included tuck pointing and a new roof. noise is the biggest problem with this and any timber loft. we didn’t really have an issue with it until our upstairs neighbor moved out and rented out their place. owners all know about this issues so they typically are considerate and mitigate the problem. renters just didn’t give a shit. luckily we were already in the process of selling.