One Year and a $155K Reduction Later for this Duplex Loft: 1530 S. State in the South Loop
We last chattered about this 2-bedroom duplex loft at Dearborn Tower at 1530 S. State in the South Loop in April 2011.
See our prior chatter here.
At that time it was listed for $734,000 but most of you thought it would sell for around $500,000 given what was going on in the South Loop with pricing.
The loft has now been reduced about $155,000 to $549,900.
If you recall the building first sold units in 2001 so most of the finishes are going on 10 years now.
But the listing for this unit says “second decade ready” as it has been “renovated” and “reconfigured” from a 3-bedroom into a 2 bedroom.
It also has a new kitchen and baths.
Surprise! There are no cherry cabinets or granite to be found in the kitchen.
Instead, you’ll get quartz and Carerra marble counter tops with a mix of contemporary white and maple cabinets alongside stainless steel appliances.
The living room has a wall of 2-story windows along with a 20×7 terrace.
There is central air, washer/dryer in the unit and parking available.
Both bedrooms, and a 9×9 laundry room, are on the second level.
Is this getting closer to a realistic price?
Andrea Geller at Coldwell Bankerstill has the listing. See the pictures here.
Or, given our fantastic “winter” weather, you can see it at the Open House on Sunday January 8 from 2:00 to 4:00 PM.
Unit #1025: 2 bedrooms, 2.5 baths, 2016 square feet
- Sold in July 2001 for $355,500
- Sold in May 2006 for $625,000
- Originally listed in January 2011 for $740,000
- Reduced
- Was listed in April 2011 for $699,000 (parking $35,000 extra)
- Reduced several times
- Currently listed for $549,900 (parking may now be included. The Coldwell listing says it’s included in the price but the Redfin listing still says it’s $35,000)
- Assessments of $644 a month (includes heat, a/c, gas, doorman, cable)
- Taxes of $5470
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 22×13 (second floor)
- Bedroom #2: 13×11 (second floor)
- Laundry room: 9×9 (second floor)
- Terrace: 20×7
Except now it’s 2012 and pricing has deteriorated further. With those assessments & taxes? 475k.
I agree.
Off topic, but did anyone see this? http://planning.org/greatplaces/neighborhoods/2011/
Pullman is a top 10 hood in the country???
The inclusion of Pullman must have been based on very old history. There are more whites shown in that pic than actually live there now.
Improving economy, beautiful weather….. just wait until you see contract activity for January (my office is buzzing with business – reminiscent of the mid 2000s)!! Is any other realtor/broker experiencing the same thing this week?
The Pullman pic was definitely snapped on historic home tour day.
I doubt pullman would make it in most top ten neighborhood lists in the Chicago area, let alone the country. Weird.
Nice unit, wrong side of building. If it had the north city views, this place would have sold long time ago. This building has some of the best city views of any in the South Loop on the northside of the building. The southside of the building… bleh.
Aaaah pullman,
a little slice of heaven adjacent to
Roseland
“Lake” Calumet
the old garbage dump now known as harborside golf course
metra rails
the bishop ford
oh and lots of abandoned industry
clio: I actually have noticed a lot of properties go under contract lately. Which is a bit crazy to me given the state of the economy and most reliable forecasts on it.
In any case, it has led to an interesting situation: what had been poor inventory is now unbelievably crappy inventory. We’ll see if more listings come on the market this year, but given the state of RE prices in the area, I won’t hold my breath. Who *wants* to sell at the low?
Oh, and this property is now contingent: http://cribchatter.com/?p=13099
Can’t wait to see the final price on that one…
“Nice unit, wrong side of building. If it had the north city views, this place would have sold long time ago. This building has some of the best city views of any in the South Loop on the northside of the building. The southside of the building… bleh.”
And you also have those heavy ass freight trains rumbling right outside your window on the south exposure. Deal killer right there for me.
“Pullman is a top 10 hood in the country???”
From an urban planning perspective? Sure, why not?
What’re you going to counter with? Anywhere in Illinois?
“Improving economy, beautiful weather….. just wait until you see contract activity for January (my office is buzzing with business.”
People are getting restless! This desire for activity should result in price cuts, not increases, as sellers will finally throw in the towel.
“People are getting restless! This desire for activity should result in price cuts, not increases, as sellers will finally throw in the towel”
However, you forget that the BUYER is usually the one who is more “impatient” in real estate (their needs are more urgent). This is because they usually have a greater need/desire to move. Sellers (even those underwater or struggling) still have LESS of an incentive to sell than buyers have to buy (sellers are already comfortable in their living space, they can rent out their unit, they can stop payments and wait 3 years for foreclosure, they can negotiate with banks – many stall tactics). Buyers don’t have the same luxury of time.
Over the next few days I’ll be posting some updates on sales, contract activity, and inventory levels. Here is a preview of what I expect it to show based upon preliminary data.
December sales were not very good – flat to last year
December contract activity was very good but we are still seeing lots of contracts falling through
Distressed sales around 45%
Inventory levels at record lows in months of supply
“However, you forget that the BUYER is usually the one who is more “impatient” in real estate (their needs are more urgent). This is because they usually have a greater need/desire to move. Sellers (even those underwater or struggling) still have LESS of an incentive to sell than buyers have to buy (sellers are already comfortable in their living space, they can rent out their unit, they can stop payments and wait 3 years for foreclosure, they can negotiate with banks – many stall tactics). Buyers don’t have the same luxury of time.”
Yeah, I agree that may be the case at negotiation time, but Sellers will drop all pretenses and start throwing in the towel (i.e. list properties at start at lower levels). We’ll see more restless people, and that will result in more properties priced to move.
“sellers are already comfortable in their living space, they can rent out their unit, they can stop payments and wait 3 years for foreclosure, they can negotiate with banks – many stall tactics”
Clio never gets anything right. How about some facts: It was the second half of 2008 when foreclosure filings in CC areas began their ascent. The first wave of accidental landlords are starting to get a taste of what turnover entails. Contracts are rising (as are those falling out) and the median price is plummeting.
As for impatient buyers? It looks like more rain in their forecast, once again with a well honed metallic edge. Go long on hand surgeons.
when prices are going up – buyers are more impatient
when prices are going down – sellers are more impatient.
That is why prices move.
…now back to the Kush and a damn fine version of Sugar Magnolia… “Sunshine, daydream, …”
Maybe clio was listening to the same:
Sun coming daydream, Come on over daydream,
Come on over, Come on over daydream,
Sweet coming daydream, Hey, never fade away dream,
Yea, Hey hey, Sweet coming daydream, Never fade away dream
“Maybe clio was listening to the same:”
Nope, Clio is an angry elf..
an angry sh(r)ill elf with job restrictions no less…
“If I didn’t have job restrictions, I would have a field day picking from homes in areas very different than Oak Brook/Hinsdale.”
chichow: “an angry sh(r)ill elf with job restrictions no less…”
Clio is a respected surgeon and his offices and hospitals are obviously in that area. Don’t you *dare* question his back story or credibility, you plebe. The lower classes should never speak to the upper classes in such a manner.
.
.
.
Ahem: “just wait until you see contract activity for January (my office is buzzing with business – reminiscent of the mid 2000s)!! Is any other realtor/broker experiencing the same thing this week?”
“Clio is a respected surgeon and his offices and hospitals are obviously in that area. Don’t you *dare* question his back story or credibility, you plebe. The lower classes should never speak to the upper classes in such a manner.”
Your tone is all wrong. You need to have it peppered with idiot and moron and make reference to his educational credentials.
anon: I prefer to mimic the idealized version of clio, the version of him that is more assured of his pedigree and social status and resorts to far fewer crass words. It makes the acting experience more enjoyable, if less authentic.
Nice looking unit with interesting finishes. Not my kind of place, really, and it faces the wrong direction, unfortunately. And there’s the freight trains, and the assessments…
If there’s a terrace, why no photo?
Went to the open house this past Sunday just to see what is and what a disaster. I wish them luck with this place but my guess is <300K and only if they find the right buyer. To be kind there is nothing more to say.
“Went to the open house this past Sunday just to see what is and what a disaster.”
What was so bad about it? Looks OK from the pics.
I’ve been in there too, I think whoever put all the time and money into this place probably didn’t plan on moving, and did the place exactly how they wanted it, without regard for resale. High end finishes are great, but these ultra modern looking places can can be a tough sell, they’re not for everyone. I think it would have a much better chance if was a bit more…Normal looking (still high end) When you do this to a vehicle it’s called “over-customization”, not everyone wants the one the car that’s lowered, with custom paint and wheels. The market might be a bit small for this unit, but the right buyer will love it. And whoever said 300K, you might have hated the place, but that’s not even close to a realistic number with that sq footage, in that building.