Live in the Gallery District: 215 W. Huron in River North
Remember when River North actually meant artists and galleries?
Some of that ambiance still exists in this boutique building at 215 W. Huron.
Here’s the listing:
Luxurious Sun Filled Condo/Soft Loft In Much Sought After Gallery District!
Private Elevator Into A Wide Open Floor Plan Makes A Very Spacious Unit. Sleek Snaidero Kitchen, Hardwood Flrs Throughout, Big Windows, 11 Ft Ceilings, Crown Moldings, Spacious Walk-in Closet With Organizers, Gorgeous Master Bath W/ Double Sinks, Jacuzzi And Sep Shower.
In Unit Washer&dryer. 1 Indoor Parking Space Included! Easy To Show.
MC Realty Group has the listing (see more pictures here.)
Unit #2: 3 bedrooms, 2 baths, 2400 square feet
- Sold in April 1997 for $335,500
- Sold in November 1998 for $310,000
- Sold in March 1999 for $419,500
- Sold in March 2001 for $599,000
- Sold in July 2003 for $600,000
- Currently listed for $750,000 (parking included)
- Assessments of $375 a month
- Taxes of $6879
An exact replica of the Brady Bunch kitchen. Very sleek.
It’s beautiful and huge, really exceptional.
But the 2003 price is right, not $750K.
Does it seem odd that they are saying this is a loft with those sheetrock ceilings filled with can lights?
Not very loft like…
I’d say $575,000 would be the right price.
I agree Laura – it’s very nice, but seems like a large increase since 2003. those three windows in front are beautiful – i wonder if the rest of the unit is sorta dark, tho.
although i like the look of a raw timber loft, i’ve heard too many people complain about noise and dust from above – so the sheetrock probably makes lots of sense.
Hey, ans this one, if it’s worth ’03 price, is also “only” worth the ’01 price!
i agree anon- if i’m reading your comment correctly.
Should’ve been a bump from 2001 to 2003, either overpaid or under paid during one of those transactions.
4th floor sold for $675 in 2005, peak of market, maybe slightly higher value for floor level. so still think $750 is pusing it in this market.
Looks very nice! 600k as the SALES price seems about right. Maybe 650k if the rest of the place looks as nice as the photos here.
It’s a crazy history:
1st owner held for 18 months, lost $25,500 (about -5%/year)
2d owner held for 4 months, made $109,500 (a crazy annual rate)
3d owner held for 24 months, made $179,500 (about 18%/year)
4th owner held for 28 months, made $1,000 (zero return)
5th owner has held for 60 months (so far) and would make $150,000 at asking (about 5%/year).
The 5% annual return the current owner is seeking is actually way below the average appreciation though the last sale which was right at 10%/year. If it sold for $600k, it would be about 5%/year since ’97–which is about right (assuming 335k was fair value in 97–I think that was high, too), given how much nicer (as residential) that area is than it was in ’97. So the ’03 buyer overpaid some and the ’01 buyer WAY overpaid.
Do the brokers listing these places ever counsel their sellers to consult the lenders before they price the place, and see what someone could get financed for?
Or do they just pick a Wishing Price based on idea that they’re somehow entitled to make a really good living off appreciation, just by living in the place?
Second or third owner probably renovated which accounts for the premium.
About the premium for renovation: prior to the housing rampage, you did renos with the idea that you were not likely to recover more than 50% of the cost when you sold, if even. Many improvements brought no price appreciation at all, such as swim pools (often regarded as a liability).
Only during the housing mania could people expect to “mark up” their renos and make money off them.
Sellers need to know that they needn’t expect to recover the costs of their renos, especially if they don’t match the tastes of subsequent buyers. We’re back to the old paradigm.
Okay, so there was a renovation–what did they do and how much did it cost? Lokking at the pics, the things that aren’t original are part of the kitchen, the closet and some paint. I doubt anyone spent over $25k on renovations.
There is one exception to Laura’s vlaid point about cost recovery on renovations–if you buy a genuine disaster fixer-upper, then you can expect to make money on the renovations (if you know what you’re doing and find the right type of place to buy). But even a seriously outdated place isn’t anything like a slam dunk and “updating” a late-90s era place is (generally) foolish at this point.
graham elliott’s new restaurant is next door to the west; and subway is next door to the east. great location, especially with the indoor parking spot, which i am thinking would be a garage back there. not sure what some of you guys are thinking about being over-priced. $300 a sf with parking included would be $720K, so they’re not at all out of the ball park for this location and building. seems to me $700-720K makes sense, not the 2003 price.
using subway as a justification of price strikes me as comical. Then again, if you’d mentioned that Hooters is on the same block I would have nodded my head in agreement.
Yes this unit is overpriced, but it is just an asking price. Every asking price is overpriced. Its a nice, spacious unit in what has come to be an awesome location. Also, the price one pays for this or any other unit should not be based on what predecessor purchasers paid. Instead, it is based on the current market. An analogy can be found in the art world. The person who pays $10 million for a picasso doesnt look back to see that the person from whom she is buying it paid only $1 million two years ago when deciding whether and at what price to buy the painting. The market determines the proper price, not prior prices. Sometimes the two coincide, but often times they do not. So to say “I wouldnt pay this price because the owner would be making too much on the sale” is no way to set your own price.
pete9441,
I disagree. When we add prior prices into the picture it helps add context to how ridiculous the housing appreciation has been given the funny money loans and artificially low interest rates.
Back when the economy wasn’t being driven by the smoke and mirrors of housing or stock market appreciation, but rather by economic fundamentals, its worth noting that house prices were a sensible multiple of incomes. The prior sales prices reflect a more sensible economic environment so I think they are worth considering when evaluating a unit.
CH–the reference to Subway was meant to be comical. By the way, Hooters is just around the corner (Wells and Erie)…for real.
If they couldn’t sell it for $750K before, what makes them think they’re going to sell it now? They really shouldn’t have waited until the onset of fall to list the place, did anyone tell them? Maybe their listing agent didn’t tell them that the conventional loan cap is $417K and jumbos sure as hell aren’t any easier to qualify for than they were a few months ago.
This is a beautiful place and it’s much more comfortable and livable than most lofts. It’s also in a great River North location. These factors will help.
Sure, it’s just an “asking” price, but it’s far enough out of the place’s bracket that it most likely won’t be seen by it’s likely buyers. Most people are not real estate junkies like me and perhaps like most of the posters here- they don’t spend a lot of time trolling the MLS just to see what’s there, like I do. It’s not their hobby. They look at stuff in their own bracket or not too far out of it, so a seller is shooting himself in the foot by asking a Dreamland Price for the place, and will probably end up taking much less than what he could have gotten if he’d priced it with reference to reality to begin with.