Is Now the Time to Buy in Motor Row? A 2/2 Loft at 2332 S. Michigan in the South Loop
This 2-bedroom loft at 2332 S. Michigan in the Motor Row neighborhood of the South Loop recently came on the market.
Motor Row was reaching peak conversions/development just as the housing bust hit.
It’s a two block area on South Michigan Avenue that was home to a bunch of car dealerships, many of which have now been converted into loft condominiums.
This building was converted into 22 units in 2007. We’ve chattered before about the difficulty in selling these units once the bust hit.
However, it has some terrific authentic loft features including exposed brick and unique windows and French doors to the balcony.
This unit also has 14 foot high ceilings and a coffered ceiling in the kitchen.
The kitchen has newer dark cabinets and stainless steel appliances.
There are stone baths and the master bathroom has a double vanity.
It has the other features buyers look for including central air, washer/dryer in the unit and heated garage parking which is $20,000 extra.
With all the other GreenZone neighborhoods picking up steam, is this the time to get in on Motor Row?
Karolina Suszynski at Prospect Equities Real Estate has the listing. See the pictures here.
Unit #306: 2 bedrooms, 2 baths, 1400 square feet
- Sold in October 2007 for $401,000
- Currently listed at $349,900 plus $20,000 for parking
- Assessments of $336 a month (includes cable, exercise room)
- Taxes of $6390
- Central Air
- Washer/Dryer in the unit
- Leased through November 2015
- Bedroom #1: 14×12
- Bedroom #2: 12×11
Now? No. 3 years ago when you told people not to? Yes.
are there 2 kichens in this place? pics are confusing
This place about 6 blocks too far south for my tastes.
Decent place, even though the terrible photographs hardly compliment the unit (the one of the lobby was stolen from VHT). If I were the sellers and knew the realtor was eventually going to get between $5k-$8k from my sale in commission, and they didn’t spend $150 for some decent photographs, I’d be livid. The laziness here is just unprofessional as it is pathetic.
Taxes seem high for the area but that’s probably because it’s newer construction. New buyers better hope Chuy doesn’t get elected next week.
I have a few friends/couples looking for condos now and none of them show any interest in moving to the south loop or the whereabouts. The reason being is that they know no one will visit them and that they’ll have to drive/uber every time they want to casually meet up with friends.
I like this place, but it’s too far south for the price.
“Taxes seem high for the area”
The taxes are based on Assessor’s Market Value of $317,340, plus $2,540 for the parking spot.
Does anyone think that that assessed value is out of line with the value of the unit?
That’s just how much property taxes are in Chicago…
“The reason being is that they know no one will visit them and that they’ll have to drive/uber every time they want to casually meet up with friends.”
sounds like it’s time to get new friends.
Icarus,
When was the last time you partied in Motor Row?
Better question:
When was the last time you wanted to go out/party in Motor Row?
If all of your friends lived in downtown, Lincoln Park/Bucktown/Lakeview/Andersonville, choosing to live in a fringe location like this would come at such cost. Expectations have to be managed. Let’s be realistic here.
I wouldn’t want to live in a building where too many people liked to “party,” so maybe this would be a great building/area for a quieter person.
Elliot, I believe I ran past here in the 2010 Chicago Marathon. Buildings looked nice though a shame there were still a lot of abandoned store fronts.
I’ll concede that the balance between your friends coming to visit you and you having to go see your friends will be skewed in their favor, especially if you the core of your friends are car-less (or car-free) transplants.
But you don’t buy a place based on whether Joey, Chandler and the Phoebs will break away from the coffee house to come hang out. Or at least that probably shouldn’t be the major factor.
Solution, get rid of your “car-free” friends. I decided awhile ago that it’s just not worth the effort it takes to be friends with a “car-free” person. (Note, I make exceptions for my disabled friends who physically cannot drive.)
I bet more people would be interested in buying this place if you called it “East Chinatown” rather than motor row
This place is too far south for the typical yuppie. However, some people like being off the beaten path.
The city is positioning this area to become River North-like. So whether or not ‘now’ is the time to buy depends on 2 things:
1) Are you willing to gamble on that actually successfully happening
2) Are you willing to hold onto the place long enough for it to happen.
The transformation is likely 10+ years out at this point, if it happens at all. So if you are willing to own for that time frame and believe it will successfully happen (certainly not guaranteed at this point) then yes, now, before the process gets into full swing, is a great time to buy. If your ownership timeline is anywhere less than 15 years, I’d wouldn’t buy in this area.
Also, don’t forget that the blocks are short on the south side for the first 3 miles. Cermak is 2 miles from Madison, just like North Ave. So its not as crazy far south as it sounds. Lakeview and Logan Square are twice as far from downtown as this place.
Fred, the problem is that many of these places ask for prices that assume the neighborhood has already been gentrified. There is nothing wrong with being a pioneer, but you are supposed to get a steep discount imho for doing so.
Those shitty Brazillian Cherry floors need a return on investment
“That’s just how much property taxes are in Chicago…”
Oh, I forgot to add:
The tax number in the listing is actually 110% of taxes paid last year–whoever input the amount looked at this March’s first installment, and simply doubled it.
Isn’t this across the street from the former location of the ill-fated E-2 nightclub? Might “creep out” some potential buyers. I wouldn’t feel all that comfortable living in the shadows of the ghosts of the Gacy or Speck victims either.
Why is everyone talking about this place like it’s a transit desert? There’s an entrance to the Green Line station on 23rd, less than 2 blocks away. Red Line is just over 1/2 mile. 1 and 4 run north on Indiana/south on Michigan, 3 is on Michigan north of Cermak.