Price Reduction on Printer’s Row Loft: 531 S. Plymouth
Five weeks ago I chattered about this authentic loft at 531 S. Plymouth in Printer’s Row.
It has since had a price reduction.
Unit #502: 1 bedroom, 1 bath, 1300 square feet, corner unit
- Sold in April 2003 for $279,000
- Was listed in February 2008 for $364,900 (parking included)
- Currently listed for $349,000 (parking included)
- Craigslist ad says “Incentives: $3,000 towards closing costs”
- Assessments of $498 a month
- Simona at Century 21 SGR has the listing
Nice. I wish I was rich! Love that place.
It’s an attractive loft, but if it was only worth $249K in 2003, then it surely isn’t worth any more than that now.
I hear the heat bills here are ungodly.
Do you all agree with Laura? Any ideas on a rock bottom offer? Kenworthey?
I’d love to redo that kitchen.
Was it worth $249K in 2003?
Thats a pretty steep assessment for a $280k or $360k condo. It is the best unit in the building though (those windows & corner unit). Perfect location.
But typically condos with higher assessments are lower in price than comps not higher, as the assessment factors into your loan eligibility.
$279K in 2003–sounds about right; maybe less given the state of the kitchen (and what do bathrooms look like?) But yes, assessments are really high. I would never offer on this building until I’d looked at the financials. I’d also ask the seller to show me a full year’s (preferably two) worth of electric and gas bills. Laura is right to be cautious–some of those places can cost many hundreds a month to heat. I’d also stand outside for a couple of hours and ask dog walkers in the building what the noise is like.
But, 1300 feet, walking distance to GP, lots and lots of public transport PLUS a parking space, and is that wood burning fireplace? I think Printer’s Row is underappreciated.
According to Urbanrealestate.com the assessments include heat which makes the $498 monthly fee not so bad. This is the information provided from the site (which also shows pictures of the bathroom):
Additional Information
Assessment Includes: Heat, Water, Parking, Common Insurance, Exterior Maintenance, Scavenger, Snow Removal
Appliances: Oven/Range, Microwave, Dishwasher, Refrigerator
Features: Elevator, Hardwood Floors
Pets Allowed: Cats OK
Sub/Complex: PRINTERS ROW
Parking: Assigned Spaces None
How do the assements cover parking and then there is no assigned space? No dogs. Darn.