Previously Listed Units Come Back On to Test This Golden Market: 2408 W. Rice in West Town
We last chattered about this new(er) construction building at 2408 W. Rice in West Town last summer.
Built in 2008 with 12 units and an elevator on the corner of Rice and Western, it was originally marketed as condos but went rental in the bust.
Last summer, some units came on the market and finally sold.
- Unit #404: 3 bedrooms, 2 baths, 1500 square feet listed at $299,000 and sold for $321,000
- Unit #402: 2 bedrooms, 2 baths, 1200 square feet sold for $297,000
We chattered about #404 in June 2012 here.
Another 3-bedroom unit, #303, has now come on the market.
It has the same finishes as all the other units.
The listing says there is an “exotic Wenge kitchen” and “resort caliber baths” with quartz counter tops.
There are hardwood floors throughout.
The unit has central air, washer/dryer in the unit and garage parking is included.
Originally listed in November 2008 for $449,900, it is now priced at $339,000.
However, at 1295 square feet, it is smaller than #404 which sold for just $321,000 last year.
Will it get the premium over #404 because the market is much hotter?
Karen Biazar at North Clybourn Group has the listing. See the pictures here.
Unit #303: 3 bedrooms, 2 baths, 1295 square feet
- No previous sale
- Originally listed in November 2008 for $449,900
- Last listed in August 2011 for $319,000
- Withdrawn
- Currently listed for $339,000 (includes the parking)
- Assessments of $160 a month
- Taxes of $6013
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 13×10
- Bedroom #3: 11×11
I don’t care about the price or finishes….I wouldn’t want to live on Western with huge windows featuring it and the rest of what is on Western nearby.
Also, I am not a fan of that dark grained kitchen surrounded by all of that blonde wood. It seems to clash to me. I like the dark wood in the bath, but it fits much better there.
I could live on Western, but not on the Western side of Western Ave.
What picturesque views from the bedrooms!
How are assessments only $160 a month? Something is wrong.
I also don’t care for the exotic kitchen.
The assessments probably include nothing more than elevator and trash/snow removal
Maybe someone comes and cleans the small hallways once in a while, I don’t know… Insurance can’t be that much here either, but the real thing that gets me is how in the hell are the taxes on this place 6k?
“how in the hell are the taxes on this place 6k?”
(without looking it up) AV is ~$380k, and is based on sales of other units in the building, and no HO exemption. That’s just how much taxes are.
I am no tax expert. However, I have been looking in this price range and nothing has come close to 6k in taxes.
While I like the dark kitchen, the light color hardwood and doors do not go.
“I have been looking in this price range and nothing has come close to 6k in taxes.”
If you pay $400k, and the assessor determines that that is the correct assessed value, (and, counterfactually, that applied backward) your taxes for 2012 (pay 2013), *with* a HO, would have been about $6800. And they *will* be higher than that next year.
Now, likely that your $400k purchase price condo will not have an AV that matches that, but if it does, your 2013 (pay 2014) tax bill WILL be over $7000. And your 2014 (pay 2015) will likely be over $7500.
If someone tells you different (NB: I am emphatically NOT saying that your assessed value will be any certain amount; just that if it is $400k, that’s how much your taxes will be), they don’t know what they are talking about (or are lying to you).
Thanks Anon. I’ve been hovering around 300-325k range. Most listings I’ve seen show ’11 tax info. Havent really seen anything over 4k. Some even less than 3k. Does the 75k price difference really equate to that much of a difference in taxes or is there a huge bump from ’11 to ’12?
“Does the 75k price difference really equate to that much of a difference in taxes or is there a huge bump from ’11 to ’12?”
Neither. The listings you’ve seen must have 2011 AV’s of ~$250k or less–if they had exactly the same AV after the 2012 reassess, then the ’12 taxes would be ~10% higher than ’11 taxes.
Gotta look up the current assessed values on the assessor’s website. 2012 taxes (with HO) are around 1 and 2/3% of the assessor’s market value. A $75k bump in ’12 value, in the assessor’s eyes = about $1250 more property tax this year, and probably slightly more than that next year.
I wish I could get the assessor to set a realistic assessed value on my place. Oh how I have tried.
“The assessments probably include nothing more than elevator and trash/snow removal”
…and also periodic removal of tagging from the light colored exterior.