Our Favorite River North Terrace Is Back: 375 W. Erie
Only long-time readers will remember this top floor 2-bedroom loft unit at 375 W. Erie in River North as we last chattered about it in July of 2008.
See our prior chatter here.
It has one of our favorite huge downtown terraces of all time (okay- so I’m a sucker for some good landscaping and 1000 square feet.)
The unit itself has 11 foot ceilings, skylights and hardwood floors.
The kitchen still has the black appliances from the July 2008 listing, along with maple cabinets.
Back in July 2008, one of the commenters had this to say when it was listed for $585,000 plus $35,000 for the parking:
“And they’re still not caught up to the market. At this point, cut another 100K and throw in the parking, and I might bother to come and look. Seriously. Don’t these people read the news? Jumbos pushing 8%, 20% down required now…”
It sold one month later for $577,000 including the parking.
Just 19 months later, it is available again and listed for $7,500 over the 2008 purchase price.
James Faircloth at Prudential Rubloff has the listing. See the pictures here.
Unit #610: 2 bedrooms, 2 baths, 1800 square feet
- Sold in May 1998 for $328,500
- Sold in April 2003 for $560,000
- Listed in January 2008 for $680,000 (plus $35,000 for parking)
- Reduced
- Was listed in March 2008 for $655,000 (plus $35k for parking)
- Reduced
- Was listed in July 2008 for $585,000 (plus $35k for parking)
- Sold in August 2008 for $570,000 (included the parking)
- Currently listed for $549,500 (plus $35,000 for parking)
- Assessments of $521 a month
- Taxes of of $6446
- 11 foot high ceilings
- Skylights
- Central Air
- In-Unit Washer/Dryer
Well if they’re dumb enough to pay near ask in the middle of 2008 its not surprising they’re dumb enough to attempt to seek a profit from their idiotic purchase in 2010.
I hate this block, next to Rezas they have the dumpsters right on the sidewalk for some reason, its disgusting
“Well if they’re dumb enough to pay near ask in the middle of 2008 ”
It may have been “near ask”, but it was also only $10k over the Apr-03 purchase price, so that was non-absurd from that perspective.
Still objectively absurd, of course, but the ’08 seller lost money on the deal, just as the current owner will, even at full ask.
actually that is a block south of this property… nevermind
Is that terrace really private to that unit only?
They should start by staining the cabinets and adding nice handles, SS appliance package and get rid of the white/green tile in the bathroom. Other than that, the place isn’t that bad. Although I wonder if that terrace is really private, realtors stretch the truth at times.
When estimating the value you need to factor in that it’s next door to YoChicago’s offices at 363 W. Erie.
I *cannot* believe this is back.
And yes, I still like imagining my cat lolling on the terrace.
“When estimating the value you need to factor in that it’s next door to YoChicago’s offices at 363 W. Erie.”
so knock off 200k?
Oh, and I just realize that was me that Sabrina pwned in her post. 😀 Well, can’t win ’em all.
Did it sell with the furniture? Same furniture in the 2008 pics as now. It looks awful wtih the unit…………
“Well if they’re dumb enough to pay near ask in the middle of 2008 ”
The ask with parking in the middle of 2008 was $620k. It looks like the buyers got it for almost $50k less than that and over $130k less than the original $715k ask from a few months earlier. Asking $585 now seems like it’s priced to sell.
I never read back then, but apparently:
1. Joe lost even then!
2.
Sabrina said this: how true it was/is
”
Who knows what is going on at these institutions? Apparently NO ONE!”
who’s more right!
What are the comps to this thing? Are there any 2 bedroom in that area that come anywhere near this?
I live on the block so loved by sonies, so I am extra curious.
Yes- the terrace is “private” and it really is that big.
There are some other comps in River North in some of the other loft buildings (usually top floor units- also with large decks of some kind.) They come on and off the market pretty regularly. I haven’t checked lately though (some in the Sexton and some in 333 W. Hubbard, for instance.)
“I never read back then, but apparently:
1. Joe lost even then!
2.
Sabrina said this: how true it was/is
”
Who knows what is going on at these institutions? Apparently NO ONE!”
who’s more right!”
Thanks for the laugh Revassal because when I looked at this old thread I was thinking, “Joe was lurking around even back then.” ha!
But I wasn’t going to bring it up all these months later. Glad I wasn’t the only one who noticed. 🙂
Kenworthey- I remembered that this was one of your dream properties (if only they would lower the price some more)- so, yes, I couldn’t resist using your comment from 2008.
It’s interesting to see where the market has come since then, though, isn’t it?
Is it just me, or did they reuse the pictures from ’08?
The deck is 100% private for the use of the owners, there is no other access to the deck. The deck is 1200sf and has water and power. It is very hard to find a deck like that. Client has taken a promotion in his home state and is moving his family back home. The pictures are from when the unit was staged as the seller has already moved out most of his furniture – there was no need to take pictures of empty rooms. Call me if you’d like to see it, or I will post the next time I have an Open House. Stop by for Caribu Coffee and cookies.
Last buyer found this property HERE on Crib-Chatter! Thank you!
Listings like this still surprise me. I own a top floor corner loft in River North with ridiculous views (2br/2ba) with roof rights (no deck yet so I realize the value there), but seriously this much money? This place isn’t even a corner and it’s fairly unimpressive (in terms of the important stuff like kitchen and baths).
I guess it gives hope to those of us who didn’t think we could ever see prices anywhere near this. Proves there are still buyers out there – no matter how bland their tastes are.
can I trade you my 2/2 down the street? Summer is coming i’ll just live on that deck 🙂
I looked at this place earlier. Incredible roof deck. Needs work though inside and on the roof deck. For example, the outside grill and equipment is old and beat up.
Its so big there is a putting green.
http://www.redfin.com/IL/Chicago/215-W-Huron-St-60654/Ph/home/21963306
Yes, it’s funny that the price is still nowhere near where it would make me start looking! 🙂 But I do still really love the place. It has all that I want: WBFP, deck, walking distance to East Bank. However, my personal circumstances have changed such that I am not going to live in Chicago at least half of next year. So now matter how tempted I am by any property, I’m going to stick (for now) with the one I’ve got!
“Listings like this still surprise me. I own a top floor corner loft in River North with ridiculous views (2br/2ba) with roof rights (no deck yet so I realize the value there), but seriously this much money? This place isn’t even a corner and it’s fairly unimpressive (in terms of the important stuff like kitchen and baths).”
I’m curious — how much did you pay for it, and do both of your bedrooms have windows?
Can someone explain why stainless steel appliances are worth so much? Upgraded kitchens are no more useful but seem to add $30k to the purchase price. You can fill an old-but-working fridge with food for *several years* for what you would pay to have a shiny metal door. The SS appliance marketing team should win a Nobel prize in Economics.