Looking to Operate Your Business from a Life/Work Loft? 711 S. Dearborn in Printers Row
This 3-bedroom loft in the Donohue building at 711 S. Dearborn in Printers Row recently came on the market.
The Donohue Lofts are authentic brick and timber lofts that were built in 1886.
The Donohue was one of the first buildings converted to residential condos in Printers Row in the 1980s.
There are 90 units but no parking. There is rental or purchase parking available in the neighborhood.
Each unit is unique, with the building having many different layouts.
This unit has exposed brick, timber beams and big, east-facing industrial windows.
It appears it may have concrete ceilings as one part of the building does have concrete. Or, perhaps, drywall was added at some point.
From the pictures, it looks like 2 out of the 3 bedrooms are enclosed. Just 2 have windows.
The master bedroom has an en suite bathroom with a clawfoot tub.
The listing says the second bathroom has been remodeled.
The kitchen has white cabinets except on the island, where they appear to be gray. There’s stainless steel appliances and quartz counter tops.
There’s additional storage in the building.
The loft has central air conditioning and laundry but no deeded parking.
The Donohue is still live/work.
There have been some units that clearly were set up as offices.
With so many people able to work from home and/or wanting to start a business at home, does the live/work designation make these lofts more valuable?
Charles Gullett at Best Chicago Properties has the listing. See the pictures here.
Unit #404: 3 bedrooms, 2 baths, no square footage listed
- Sold in July 1988 for $205,000
- Sold in August 2005 for $353,500
- Sold in March 2011 for $385,000
- Currently listed at $550,000
- Assessments of $1062 a month (includes heat, gas, exercise room, exterior maintenance, scavenger)
- Taxes of $7214
- Central Air
- Washer/dryer in the unit
- Live/Work
The post is missing a link. I think it is this one? https://www.redfin.com/IL/Chicago/711-S-Dearborn-St-60605/unit-404/home/14092634
Anyway, you gotta admit it has lots of character. I adore it. But that 1000/mo HOA is the equivalent to adding almost 200K to the purchase price, right? And aren’t lofts LOUD? I’m not sure I could handle having someone walking on my ceiling, not to mention putting in a day’s work above me. And no parking–at least there’s no commute.
Still: for the right person (with $$ and decent headphones) this could be a sweet place.
“that 1000/mo HOA is the equivalent to adding almost 200K to the purchase price”
“includes heat, gas”
That has to be $200/month of the HOA, right?
Can you find a 3/2 condo that’s old enough that the Association is collecting “full” assessments (as opposed to developer suppressed amounts) with HOA under about $500? So we’re really talking abotu a delta of $250-300, right?
You have to expect a high HOA for a brick building built in 1886. The cost of brick maintenance and at some point, full tuckpointing, is ridiculously expensive.
Speaking from experience, some lofts are loud from the water pipes. Water usage from above would result in a loud rush of water coursing through the pipes. That was far more annoying than foot steps.
I suspect that gas is their biggest line item since it appears heat is included (and with exposed brick, you need steam/hot water to be comfortable in winter). Elevator maintenance is also a big item, any staff (i.e. engineer/janitorial), etc.
“Can you find a 3/2 condo that’s old enough that the Association is collecting “full” assessments (as opposed to developer suppressed amounts) with HOA under about $500? So we’re really talking abotu a delta of $250-300, right?”
Depends on the amenities of the building, right?
But I don’t see how any midsize building would have assessments of just $500 for a three bedroom- even without a doorman.
This 1500 square foot 2-bedroom loft in Roscoe Village is at $507. There’s no doorman in this building either (only one at night, I believe.) But not full-time.
Neither building includes cable/internet.
https://www.redfin.com/IL/Chicago/1800-W-Roscoe-St-60657/unit-204/home/13386325
It’s been my experience that some associations decide to strip out the cable costs in order to keep assessments cheaper (when all it does is add costs onto the homeowner.) You can get Internet/cable packages for FAR cheaper if you get a deal for the whole building versus getting it independently. A cable/Internet package that would be $250 a month is literally about $50 if you go in as a whole building.
So, buyers have to really compare what is included in the assessments between buildings. Does it include a doorman? A pool? Tennis courts? Daily pick-up of recycling on your floor? Cable/Internet? Heated parking garage? Fresh flowers in the lobby? Holiday decorations in December? None of the above?
Also, heat or a/c costs can be big. If it’s included that could be $100 to $500 a month (depending on size). If it’s included, maybe the assessments aren’t so “high” after all?
The Donohue doesn’t include cable/Internet. I wonder if that’s because some are live/work and they have their own special needs? (big networking packages etc.)
“And aren’t lofts LOUD?”
Depends on if those are timber ceilings encased in drywall or if this is in the part of the building with concrete ceiling. If they are concrete, you will hear absolutely nothing.
One part of the building has timber, however. It’s literally just the wood floors separating you and the neighbors above.
In later conversions, developers put soundproofing between the floors to help with this problem. But anything converted before the year 2000, probably doesn’t have it unless it was really high end.