Looking for Designer Finishes on the Near West Side? 2-Bedrooms at 560 W. Fulton
This 2-bedroom in the Fulton Station at 560 W. Fulton on the Near West Side just came on the market.
This building in Fulton Station, which also includes townhouses, was built in 2000 and has 40 units and heated garage parking.
This is a corner unit which faces the courtyard.
The listing says it has been “remodeled from top to bottom” with “designer grade finishes.”
The kitchen has white cabinets with gold handles, luxury stainless steel appliances, stone counter tops and an island.
There are built-in bookcases in the living room around the gas fireplace.
The second bathroom has a wood vanity and a on-trend industrial shower door with gold finishes.
The master bathroom has an antique looking wood carved double vanity and walk-in shower.
There’s carpeting in both bedrooms with hardwood in the rest of the unit.
If you love outdoor space, it has a huge private terrace that faces into the courtyard.
This unit has the features buyers look for including central air, washer/dryer in the unit and heated deeded first floor parking.
There’s not much new construction condo or townhouses going up in the near west side.
If you want luxury, is a renovated condo the way to go?
Joseph Rossi at Joseph Rossi & Associates has the listing. It is agent owned. See the pictures here.
Unit #204: 2 bedrooms, 2 baths, 1371 square feet
- Sold in February 2000 for $265,500 (no parking included)
- Sold in October 2001 for $357,500 (included the parking)
- Sold in April 2003 for $360,000 (included the parking)
- Sold in August 2006 for $430,000 (included the parking)
- Sold in February 2014 for $430,000 (included the parking)
- Sold in June 2017 for $535,000 (included the parking)
- Currently listed at $795,000 (includes the parking)
- Assessments of $408 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8243
- Central Air
- Washer/dryer in the unit
- Gas fireplace
- Bedroom #1: 14×14
- Bedroom #2: 14×10
- Living room/dining room: 23×16
- Kitchen: 15×8
- Deck: 34×11
is it just me or does this seem like crack pipe pricing?
Crack pipe pricing. I had a debate with a friend last night as to weather one performs and renovation with an eye towards “getting their money back.” I think one should do it for themselves and their own enjoyment and it definitely gives you an edge if say, we are in a recession and all the other units on the market need work and yours is brand new everything… But trying to monetize one’s specific taste and one’s specific selection of finishes is a fools game. Did this unit not have functioning decently finished baths before? Why would you try to finance a reno with long term money?
That said. This is the west loop and pricing there lately has not ceased to amaze me. Would a buyer paying this price make any money when they go to sell? I have a hard time seeing it, but then again all they need to do is find one buyer, right?
It’s clearly nicer than this recent-ish sale in the building:
https://www.redfin.com/IL/Chicago/560-W-Fulton-St-60661/unit-505/home/12751370
But is it really $260k nicer? The terrace is worth what $50k? Is the interior $200k nicer?
Funny thing about 505: listing claims 1500 sf, and includes the floorplan which states the area as 1276.
“Would a buyer paying this price make any money when they go to sell?”
Not without updating to the then-hot interior design, and that assumes that the WL continues to be whitehot, and somewhat supply constrained, which seems an unlikely combo.
This place is at least $150k overpriced. If I was interested in this location, I would buy an un updated unit and decorate to my own tastes.
“This place is at least $150k overpriced. If I was interested in this location, I would buy an un updated unit and decorate to my own tastes.”
I would too, but most buyers by far, won’t.
“I would too, but most buyers by far, won’t.”
This.
Only about 5% of buyers can see past what is there and that’s just basic things like paint.
But if a buyer has to redo the kitchen and baths? Forget it.
Most buyers, even of a $500,000 property, won’t have the down payment AND the extra money to update anything. Nor the time. Who wants to wait 4 to 6 months during construction to move in? Are you carrying two properties then?
Buyers want move-in ready. They want it all new. Even the paint color.
Paint, by the way, is expensive. It could be $2,000 to $5,000 just to repaint a unit like this.
But trying to monetize one’s specific taste and one’s specific selection of finishes is a fools game.
The life cycle of home design trends is also getting shorter*, so if you pay a premium for the “latest, hottest” finishes, you can get burned if you need to sell within a few years.
*somehow the Joanna Gaines/Fixer Upper/Shiplap nonsense is immune to this trend.
I bought a wreck and a local realtor told me later that she’d shown it several times pointing out how things could be redone and yet the potential buyers had no clue that it would turn out well or even how it could turn out (it hadn’t been painted, in most cases since ’67 when the first owners did it to sell to the second, both lived there 40 years).