New Record High Prices For 2/1 Lofts in the Sexton? 360 W. Illinois in River North
This 2-bedroom loft in The Sexton at 360 W. Illinois in River North only came on the market a few days ago.
If you needed confirmation about how hot this market is, this unit is already under contract in less than a week.
The loft is in the concrete portion of the building so it has concrete ceilings with exposed brick.
Only one of the bedrooms has windows.
The kitchen has white cabinets, stainless steel appliances, including a wine fridge, and a large island with a stone countertop.
The loft has the other features that buyers look for including central air, washer/dryer in the unit and garage parking is available for $35,000.
It came on the market for $415,000 plus the parking which is the most expensive price this unit has ever sold for since the building was converted into lofts in 2000.
Historically, the 2/1 lofts have sold for less than the 2/2 lofts in this building.
It is also listed $70,000 above the 2013 sales price.
How do these units that are selling for much higher multiples than prior sales prices even appraise out?
Are buyers waiving appraisals?
Tamara Kasey at Redfin has the listing. You can still see the pictures here.
Unit #4C: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 2000 for $212,500 (no parking listed)
- Sold in April 2002 for $332,000 (no parking listed)
- Sold in August 2013 for $345,000 (no parking listed)
- Currently listed for $415,000 (plus $35,000 for the parking)
- Under contract
- Assessments of $470 a month (includes doorman)
- Taxes of $4532
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×11
- Bedroom #2: 12×11
My guess is that the 2013 buyer updated the kitchen and bathroom which doesn’t look cheap. This place may have had a buyer before coming to market…why no listing description?
North facing units are going to be taking pretty steep price chops if that place @ 353 w. Grand gets built this guy is smart selling now
That building better get built. The city is broke and needs every penny of property tax it can get.
Who on earth buys a condo next to a parking lot and never expects something to get built there? Idiots!
yeah would be especially awesome as they are talking about a grocer as the retail tenant which the area desperately needs
A baby room with all around open walls. I guess their little one was a good sleeper.
We had état de siege going on at nap time.
I am shocked and amazed that the banks and the government have succeeded in re-inflating the real estate bubble. Uncle Sam and central banks love inflation and they have succeeded. I was stupid to think that we had a free market or at least some semblance of it. The banks and Uncle Sam would have none of it when real estate prices were declining and we were in a deflationary spiral.
Deflation is what we need and we need a bursting of the credit bubble. Yes it will be painful in the short term. But trees can’t keep growing to the sky forever. Our economy needs restructuring and fighting it via cronyism and obstructing the free market hurts everyone and benefits only a small fraction who already do have capital.
I was stupid and naive to believe that in the end the free market guided by the invisible hand would win out. I hate to say it but I will say it: crony capitalism is here to stay and it will only expand.
Thanks for sharing.
“North facing units are going to be taking pretty steep price chops if that place @ 353 w. Grand gets built this guy is smart selling now.”
I thought I was the only one who was looking at the Clark & Barlow building and thinking, “haven’t they announced they were building a high rise right there?”
Sure enough- they have.
http://www.chicagobusiness.com/realestate/20150617/CRED03/150619800/developer-to-unveil-plans-for-32-story-river-north-tower
The north side of this building will be like the north side of 300 W. Grand – which had The Silver built just behind it. It blocked nearly all natural light.
“This place may have had a buyer before coming to market…why no listing description?”
It had a listing description when it first came on the market and then was yanked when it went under contract.
I’ve never seen a 2/1 in this building sell for more than $400,000 before- but maybe one has and I’ve missed it. I’m not a realtor so I can’t search the MLS like they can. Even a fully renovated one.
First of all, this unit has NOT CLOSED, so $415,000 is the listing price only. We won’t know what it sold for until it actually closes.
Another 2BR/1BA sold 9/2014 for $473,500.
I am a realtor, so I know the market and especially this building. It is incorrect that this is the most expensive 2BR/1BA sold in the Sexton, especially given that 4C has not yet closed.
$473,500 is the most expensive 2BR/1BA SOLD at the Sexton, to date.