Newly Renovated 2/2 with Parking in Printers Row for $450,000: 547 S. Clark
This 2-bedroom in the Harrison Street Lofts at 547 S. Clark in Printers Row originally came on the market in November 2023. It was removed in mid-December and then relisted on December 30.
Harrison Street Lofts is an industrial building which was converted into lofts in 1998. The top floors were added at that time. There are 60 units and attached garage parking.
The building does not have door staff but it does have an exercise room.
This unit is on the 11th floor, which is one of the floors added later. Is it even a loft?
It appears to have 9 foot ceilings and it has exposed duct work but none of the other features of authentic lofts such as timber ceilings, exposed brick or industrial windows.
The listing says it is “newly renovated.”
There’s a gas fireplace with built-ins.
It has maple hardwood floors in the main living area and berber carpet in both bedrooms.
The kitchen has white and gray cabinets and “all new” stainless steel appliances, white counter tops, a “new” white subway tile backsplash and a peninsula with a breakfast bar.
The primary bedroom has a walk-in-closet and an en suite bathroom with a whirlpool tub, walk-in-shower and double sink.
The second bedroom does not have windows.
This unit has features buyers look for including central air, washer/dryer in the unit, and garage parking is included.
It also has a balcony.
The building is located in the heart of Printers Row near shops and restaurants and near Grant Park. Transportation is easy as it is near numerous bus lines and the subway.
Listed at $450,000, that’s $5,000 below the 2007 sales price of $455,000.
Buyers love “new.”
Will the new kitchen make the sale in 2024?
Blake Smith at Epique Realty has the listing. See the pictures here (sorry, no floor plan).
Unit #1101: 2 bedrooms, 2 baths, 1407 square feet
- Sold in January 1999 for $251,000
- Sold in July 2007 for $455,000
- Sold in August 2010 for $394,500 (to a relocation service)
- Sold in June 2011 for $325,000
- Originally listed in November 2023 for $450,000
- Removed in December 2023
- Re-listed in December 2023 for $450,000
- Currently still listed at $450,000
- Assessments of $784 a month (includes cable, Internet, exercise room, exterior maintenance, scavenger)
- Taxes of $5266
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Gas fireplace
- Bedroom #1: 16×14
- Bedroom #2: 12×15
- Kitchen: 9×13
- Living/dining combo: 23×27
- Balcony: 6×9
I’ve been looking at the south loop for a while as my next place to move from the north side. I like this unit a lot but the math doesn’t math when there are tons of really nice 2br 2ba for rent in the same area for $2,400-$3,100 per month. You’d have to REALLY want to own to justify buying this unit at 90K down and $3,400 a month, especially when the appreciation is so inferior to throwing that difference in the stock market. Looks like I’ll continue to be renting for the forseeable future, I’m just not interested paying THAT MUCH more to be able to paint the walls whatever color I want.
I’m guessing the owner follows Sabrina’s advice that rEaL EstATe oNlY GoES uP
Seller is “losing” $2500 a month
not 1400 sf – closer to 1200
Comp and floor plan – https://www.zillow.com/homedetails/547-S-Clark-St-APT-701-Chicago-IL-60605/54539340_zpid/
Not a terrible unit, but needs a signifigant price cut
“Not a terrible unit, but needs a signifigant price cut”
What makes you say that? Just because you think EVERY single property needs one? Because you are living in another era and aren’t aware of current, 2024 pricing?
If you were to actually admit, JohnnyU, that you don’t know what the Chicago real estate market is doing on pricing (I live here, and often I’m surprised by pricing), then that would be one thing. But you keep saying that every property is overpriced. Yet, Chicago is one of the few markets where prices are on the rise and inventory is still declining (inventory is up 30% in some parts of SW Florida, by the way).
Every property, building and neighborhood has it’s own unique peculiars, however. This unit has a new, updated kitchen. What are the other 2/2s with w/d and parking (which is pretty rare for Printers Row, actually) go for? What are the comps?
The price isn’t determined by JohnnyU sitting in some other city thinking that it’s still 2005 and all downtown 2/2s go for $400k.
Yet, we also know that it came on the market in November with the same price and didn’t sell in the first two weeks it was listed. Just bad timing with the holidays or is the price incorrect?
We will soon see.
“I like this unit a lot but the math doesn’t math when there are tons of really nice 2br 2ba for rent in the same area for $2,400-$3,100 per month. You’d have to REALLY want to own to justify buying this unit at 90K down and $3,400 a month, especially when the appreciation is so inferior to throwing that difference in the stock market.”
I took a look at the nearby apartments for rent and stumbled across this Library Tower condo rental for $3100. Includes the parking and also has the w/d and a balcony.
https://www.apartments.com/520-s-state-st-chicago-il-unit-616/6wbb7mt/
It does stare directly into the loft building behind it though. No view and little privacy. I wonder how much light you get. Downside to renting, versus owning in some cases. Lol.
You are right about the prices on some of the 2/2s AJG. What a deal for this. But you have to weigh your quality of life in living in some of the rentals versus what you get as an owner. Will you live there 10 years or more? There are a lot of considerations you need to ask.
“Newly Renovated”
would have been nice if they did more to the bathrooms. Looks like they just swapped out the wall tile in the primary and kept everything else. the other bathroom looks to be original.
“What makes you say that? Just because you think EVERY single property needs one? Because you are living in another era and aren’t aware of current, 2024 pricing?”
Because it hasnt sold for 3+ months in an inventory constrained market. I would think that even you with a below average intellect could figure this out
Embarrassing
“would have been nice if they did more to the bathrooms. Looks like they just swapped out the wall tile in the primary and kept everything else. the other bathroom looks to be original.”
Horrifically, I don’t think they even swapped out the stone tile… they actually painted it!
Also, “new” fridge looks exactly like the fridge in the last listing…
Maybe an exciting view if you’re an HVAC technician
Looks like they pulled the listing