Not All Bank Owned Units Sell Fast: A 1-Bedroom Loft at 375 W. Erie in River North
This authentic 1-bedroom loft at 375 W. Erie in River North has been on the market since September 21, 2011.
It is bank owned.
From the pictures it appears that its kitchen is intact with white appliances and maple cabinets.
It has exposed brick walls, timber ceilings and, at 1000 square feet, it has the large authentic loft feel buyers look for.
The loft also has central air and washer/dryer in the unit.
However, there doesn’t appear to be parking included.
The loft is listed just $100 under the 2005 purchase price.
On the market for over 40 days, is it simply not a good enough deal to sell quickly?
How low will this go?
Coya Smith at Smith Partners & Associates has the listing. See the pictures here.
Unit #417: 1 bedroom, 1 bath, 1000 square feet
- Sold in January 1998 for $138,500
- Sold in May 2000 for $173,000
- Sold in March 2003 for $215,000
- Sold in May 2005 for $240,000
- Lis pendens foreclosure filed in January 2010
- Bank owned in April 2011
- Originally listed in September 2011 for $239,900
- Currently still listed at $239,900
- Assessments of $250 a month (includes the doorman)
- Taxes of $2844
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom: 13×11
1. It’s not 1,000 sq ft. Any appraiser or agent who calls this 1,000 sq ft. is being dishonest. – Just measure up the rooms.
2. Get a view. Really.
3. I don’t see how this is a deal.
175-199k
175 w/parking maybe even down to 150. I like lofts but this just looks like crap.
Is there a picture of the bedroom? Others are right about the dimensions. I’m not sure where the additional 400+ square feet is coming from.
not a chance at these prices.
the bad views/horrible balcony go well with the out of place skinny cabinet sandwiched above the dishwasher.
$250/SF without parking?
LOL!
If the view was less claustrophobic and depressing and this place was actually close to 1,000 square feet, the price would be right. This one is going to be a very tough sell at any price. Maybe an investor can buy it for cheap and rent it to a college student. I can’t imagine an owner/occupier actually buying this place.
$165k my final offer. Gotta love that balcony view. Maybe it’s just the photos but the ceilings look really short, like 8-10ft.
Maybe a good starter condo for the recent big-10 graduate who just got his first job in finance who wants to frat out with his bros at the River North bars and brag about how he “just bought a sick condo for a great deal!” – In 2 years when he realizes how much equity he has lost, he’ll be vomiting off the side of that depressing balcony.
In 5 years, if unemployment is still stagnant and demand for housing continues to plummet along with the prices of 1bdr condos, streets and sans will be cleaning up something much worse in that alley, only this time they’ll be surrounded by yellow police tape.
I thought it was pretty well established that pricing has reverted to 2000 or 2001 levels. Quick, someone let the banker know. Without parking and more likely 850sf, $190-200K is my guess.
I have friends in this building, like the location, and get the impression it is well run. This unit, though, has issues.
What happened to the drywall in the ceiling?? And why doesn’t doesnt the bedroom wall go to the ceiling? What’s with that gap?
Ha
I don’t know which is worse–the ComEd condo on the alley, or this fire-escape “balcony” view. The bedroom “short” wall is common in lofts, but I hate ’em. And the kitchen laminate counter looks like it is delaminating. You couldn’t pay me $239,900 to live here, much less pay $239,900.
Just dropped to $224,900. The cribchatter effect?
Sabrina and cc is making a difference! Immediate price drops just from a cc posting!
This is not a deal the bank is a moron.
depressing view
“Just dropped to $224,900. The cribchatter effect?”
It did? Wow.
I’d like to think we had some influence on that- but who knows. Just lucky that the bank decided to finally drop the price TODAY- the day I posted on it.
where the hell do all of you guys live? Buckingham palace? Good grief!!! The “bad view” and smallish size is reflected in the cheap price. Again, it isn’t just about the unit – it is about location, location, location. This location is better than most places in chicago. seriously, idiots – if this place was on ELSD, it would be 600k, in the palmolive, 700k, in ELP 450k, in Lakeview, 250-300k, in BT/WP 200k, in all the areas you guys live: 100-150k
Interesting that unit 424 which was listed at $250k just went under contract. I am surprised this hasn’t sold really, but I’m seeing that more and more with bank owned properties, people have caught on to the fact that they do drop the prices once they are listed, and fast.
“if this place was on ELSD, it would be 600k, in the palmolive, 700k, in ELP 450k, in Lakeview, 250-300k, in BT/WP 200k, in all the areas you guys live: 100-150k’
If you’re going to make comparisons- at least get it right. No 1-bedroom loft in East Lincoln Park is selling for $450k. Nor are they selling for $250k to $300k in Lakeview.
“Interesting that unit 424 which was listed at $250k just went under contract. ”
It has a “den” and parking available. The kitchen also has the black appliances and granite counter tops. The unit in the post has white appliances and what looks like corian counter tops.
“No 1-bedroom loft in East Lincoln Park is selling for $450k”
UHHHH REALLY?!!!
http://www.redfin.com/IL/Chicago/2520-N-Lakeview-Ave-60614/unit-A3-9/home/39915004
Oh, I guess you are right sabrina – they are selling for 750k!! Thanks for correcting me~!!!!
“Nor are they selling for $250k to $300k in Lakeview.”
oh – and you were so right about this also!!!
http://www.redfin.com/IL/Chicago/3314-N-Lake-Shore-Dr-60657/unit-DR7B/home/13374051
Neither one of those “examples” is a loft or a loft building. And neither one has sold.
The one in ELP is the new Lucien Lagrange luxury high rise that has not yet started closings. Who CARES? That is comparing apples to oranges. We’re chattering about a 1000 square foot loft that was converted over 10 years ago.
The other unit is in a vintage high rise in East Lakeview. Again- not the same thing as the unit we’re discussing.
Why don’t you throw in some townhouses and single family homes while you’re at it?
I’ll say it AGAIN. There are NO 1-bedroom loft units in ELP selling for $450,000. You can, however, get a 2/2 loft in central or western Lincoln Park for under $400k now.
In Lakeview- there is probably some 1-bedroom loft selling for like $260k that someone could find and use as an example. But I’ve seen them selling for $230k or $235k (with the parking.)
uhhh – sabrina, there are very few lofts in elp and lakeview. my point is that the price is commiserate with the location. the people on cribchatter must live in very poor areas because they are using their own neighborhoods to judge prices. Hell, my condo at the Palmolive wouldn’t get more than 200k in lakeview – probably 150 in uptown – see what I mean?!!!
Also- as a reminder- just because it’s LISTED at a certain price- doesn’t mean it will SELL anywhere near that price.
In fact, I’m seeing quite a few properties being pulled off the market now (in anticipation of the holidays, most likely.) So they’re not selling at all. It will be interesting to see if they try again at a similar price
“my point is that the price is commiserate with the location.”
You’re wrong. I can show you dozens of examples all over the “best” neighborhoods where a 2/2 in a 1960s building is selling for $250k and right next door in a more modern building a 2/2 of similar square footage is selling for $350k or $450k. Identical locations.
Why are the 3-bedrooms in the building across the street from the Palmolive selling for 50% less? Same location.
Your argument is stupid. Sure- if we’re comparing a loft in River North to a loft in the South Shore neighborhood- then sure they’re going to be priced differently based on location. But that’s not what we’re doing.
Every building is different even on the same block.
Also- there’s quite a few loft buildings in Lakeview.
Well, Miss know-it-all, with all of your knowledge of real estate, how come you haven’t been able to make a killing in the market? Also, why are you still renting?