Professionally Remodeled 2/2 in the Heart of the Loop for $499,900 at 20 North State
This 2-bedroom loft in Millennium Park Lofts at 20 N. State in the Loop came on the market in June 2022.
Built in 1932, Millennium Park Lofts (is that it’s name? I found that name on a few websites but it’s unclear if the building has a formal name) was converted into loft condos in 2003 by Smithfield Properties.
It has 106 units and an exercise room. There’s no door staff.
This loft faces east with State Street views.
It has 12.8 foot concrete ceilings and is an actual live/work loft. The listing says there are “very few” rental restrictions, but no Airbnb.
The listing says it has been “professionally remodeled with the aid of an interior designer.”
It has “expensive” vinyl plank flooring throughout.
The kitchen has new modern white cabinets, open wood shelving, stainless steel appliances and “new” quartz countertops including a 9 foot island with waterfall edge and seating for four.
The listing says the loft has “high-end light fixtures from Restoration Hardware/CB2/Pottery Barn/West Elm.”
The primary bedroom has a window but the second bedroom does not appear to.
The loft has features that buyers look for including central air and a “new” washer/dryer in the unit. There’s no parking but it’s available in nearby buildings.
This building is in the heart of the Loop, near the Target and Macy’s, Millennium Park, Grant Park, numerous bus routes and the subway.
Listed in June 2022 for $550,000, it has been reduced to $499,900.
The listing also says it is currently leased for $3,000 a month.
What price gets this sold?
Darya Lisserman at Baird & Warner has the listing. See the pictures here.
Unit #411: 2 bedrooms, 2 baths, 1200 square feet, loft
- Sold in June 2003 for $265,000
- Sold in February 2006 for $230,000
- Sold in September 2015 for $310,000
- Originally listed in June 2022 for $550,000
- Reduced
- Currently listed at $499,900
- Listing says it is currently leased for $3,000 a month
- Assessments of $886 a month (includes heat, gas, security, cable, exercise room, exterior maintenance, scavenger, snow removal, Internet)
- Taxes of $8151
- Central Air
- Washer/dryer in the unit
- No parking
- Bedroom #1: 11×20
- Bedroom #2: 11×13
- Living/dining room: 24×13
- Kitchen: 14×10
I love it how Sabrina puts reduced in bold as if these are on some sort of sale. Sabrina it’s still 61% above it’s 2015 price. And mortgage rates are now finally reflecting the reality that no, this won’t be a very temporary spike in rates. Only an ADHD hominid would think it’s on some sort of sale. The sort of person with zero financial sense and who lives life moment to moment like an animal.
There is at long last a real carrying cost of capital around the world to separate out the poseurs with no financial sense living the debt dream from the investors with earnest funds who have been sidelined/crowded out from participating in so many endeavors due to central banks flooding the world with liquidity and keeping rates artificially low.
Now the debt hominids will get their financial backs and pelvis’ broken and so many of the home salespeople will have to go back to dog grooming to pay the bills.
Bob, what’s with all the hostility and judgement?
“Bob, what’s with all the hostility and judgement?”
You two haven’t met before, have you?
” “expensive” vinyl plank flooring ”
Terrible copywriting.
“currently leased for $3000/month”
You, too, can pay ~$1200 every month for the privilege of being a landlord (and tie up $100k, too), just buy now!!
Rent-based value = $325k.
This is a nice unit. It seems to be priced on the higher side. Bloomberg has an article indicating the Loop had a 10% population increase since 2020.
Bob, you are one sad and angry little man.
No thanks to living right on State Street in the Loop. Just doesn’t seem very homey.
“Bloomberg has an article indicating the Loop had a 10% population increase since 2020.”
What was the definition of the Loop?
That’s a lot. I thought more people fled down there than arrived. And it’s not like there was a nice big new apartment building that opened in that time in the loop like NEMA or OneChicago.
“You, too, can pay ~$1200 every month for the privilege of being a landlord (and tie up $100k, too), just buy now!!”
Yeah- I’m not sure why they are even mentioning the rental amount. It just indicates that:
1. The rent is WAY too low.
Or
2. The price is way too high and it needs to drop substantially.
I like the kitchen redo, though. The island is gorgeous.
Bob the Bear is back even though the Chicago housing market is holding up very well against the onslaught of higher mortgage rates.
Oh, Bob’s dream of prices plunging 50% like they did in the housing bust just isn’t going to come true this time. Just like how he was wrong about the foreclosures during the pandemic (no, there wasn’t a flood of them. Not even a trickle), he is now again trying to argue the doom is coming to Chicago’s housing market.
I think that’s what you’re trying to argue, right Bob? Or just “doom” in general- to the entire US economy (global economy???).
Chicago home prices won’t be dropping until:
1. there’s more inventory
2. there’s more job losses
We have too many properties that are still affordable. This isn’t LA where all of the single family homes are priced over $1 million. Nowhere to trade down. In Chicago, you can definitely trade down to make the price work even with the higher rates.
It’s really slowed sales though. Not a surprise.
Interestingly, few are listing so far this spring. Very, very tight. It’s hard for me to find properties to crib about. This is why when a decent 2/2 at a decent price comes on the market in Lakeview or LP, it sells almost immediately. Price still matters though. But no one is cutting in big ways in Chicago yet.
By the way, I have ALWAYS put “reduced” in bold. For 15 years. I don’t know why Bob is suddenly reading into it in a twisted way.
He does seem angry, though. Maybe because prices aren’t dropping like he predicted. Or because people are buying cars with $700 a month payments and he can’t understand why.
I’ll tell you why Bob: they have jobs. Good paying ones.
” “expensive” vinyl plank flooring ”
We’re seeing more vinyl plank flooring being used in rehabs now. Many agents are mentioning it. How DO you describe it? For older people, anything with “vinyl” was a real no-no but vinyl has come a long way. There are some great vinyl floors now and several brands which are used on HGTV for home renovations. The consumer has gotten used to seeing it used now. And you can save a lot of money versus hardwood.
But unless someone knows the brands, do you just leave that off? Do you just say “vinyl plank flooring” and leave it at that? Do you say “top of the line” or “luxury” instead of “expensive” which is what they used? Some ARE expensive.
I’m only on here occasionally but congratulate Bob on being consistent! Consistently angry, consistently depressed, consistently arguing, and consistently wrong.
Vinyl plank flooring is going to become a more common option. Especially in high rise units. Often times they have sound decibel levels or IIC regulations. Old days it was a sheet of plywood and or cork layer before the strip hardwood. Now they have foam that can be rolled out and VPT with a softer or sound deadening bottom can be installed. They work. Neighbors below you will be appreciative.
Narrow unit. Great kitchen and bath. Seems like an in-town for a dentist doctor lawyer or business manager key employee that spends several days/weeks each month working in Chicago. Likely a bit cheaper option than a hotel depending on number of days per month. Very functional space that would make that constant travel more enjoyable.
Sabrina is once again living in an alternate economic reality. Chicago has had near the worst recovery from the pandemic when it comes to jobs and economic recovery. Its housing market is near last in price gains since 2007 and since the boom in spring of 2020. Chicago area homeowners are missing HUNDREDS of thousands of dollars in home appreciate since 2007 compared to the Carolinas, Denver, Nashville, Seattle, Texas, and Florida. All the while property and income taxes have soared while other states, Including blue states are cutting their cost of living. CPS schools are still trash unless you can test into a magnet. Shame on you for the misinformation equal to fox news levels of incompetence.
“Chicago has had near the worst recovery from the pandemic when it comes to jobs and economic recovery.”
Wrong Mike HG. We just didn’t have a housing bubble like a lot of places. Our economy is doing well and we continue to attract college graduates and great talent. And now that we are one of the few cities with affordable housing, we’ll attract even more people.
And CPS isn’t trash. Sorry. I know you went to school at some far flung Chicago suburb which actually has worst test scores than most of the Chicago Public Schools, but CPS has made huge strides over the last 20 years.
It is the third largest school district in the country. It’s amazing how far it has come but that’s what happens when you have parents commit to the city.
And, just so everyone is clear, Mike HG moved to Florida several years ago. So like JohnnyU and some others who post on this blog, he has NO clue what is going on in Chicago.
Thank god we didn’t have another housing bubble in Chicago. Some cities are truly hell right now in terms of housing. It’s not going to end well.
“Do you say “top of the line” or “luxury” instead of “expensive” which is what they used?”
It’s marketed as “luxury vinyl”–so that’s what I’d call it–which differentiates from the peel and stick stuff from 20 years ago (which is still available).
I get that basically no one knows the brands, so it’s not like you can say [BRAND}, like you can with appliances or tile or lighting, but with any of those, you also wouldn’t add “expensive” instead of “luxury”.
“school at some far flung Chicago suburb which actually has worst test scores than most of the Chicago Public Schools”
Most of the schools as bad as the bottom ~1/3 of CPS are downstate, not in even the fringe suburbs/exurbs.
CPS is pretty much like the crime story in the city–half the city has real issues, 1/3 is pretty much as good as anywhere, and there’s some that’s in the middle.
“the third largest school district in the country”
322,106 on 20th day this year in CPS.
Miami-Dade is over 333,000
Clark County (Vegas) is at 304,000
So, 4th, maybe heading to 5th.
“CPS is pretty much like the crime story in the city–half the city has real issues, 1/3 is pretty much as good as anywhere, and there’s some that’s in the middle.”
This is true of EVERY school district, no? There are good schools and bad schools and lots of just okay. But this idea that CPS is basically ALL bad is just antiquated and dumb. It hasn’t been true for 20 years. Time to move on with that talking point.
I have said it before and I’ll say it again, 8 years ago the quality of the schools was NOT an issue in the mayoral election. 4 years ago it also was not an issue. In 2023, once again, it is not a top issue. Many of us who are older remember when it was one of the only issues in the 1980s and 90s. No one is talking about it. Top issues this year: crime and CTA.
Time to move on.
“This is true of EVERY school district, no? There are good schools and bad schools and lots of just okay. But this idea that CPS is basically ALL bad is just antiquated and dumb. It hasn’t been true for 20 years. Time to move on with that talking point.”
It seems like there’s a complete bifurcation based on results. Not going to dig into this too deep but the results are likely completely horrible if you exclude the top 5 or so performers
https://wirepoints.org/how-can-84-of-chicago-public-schools-students-graduate-when-only-26-of-11th-graders-are-proficient-in-reading-math-wirepoints-quickpoint/#:~:text=Only%2026%20percent%20of%20Chicago%2011th-graders%20are%20proficient,Hispanic%2C%20and%2C%20unfortunately%2C%20they%20have%20the%20lowest%20scores.
“This is true of EVERY school district, no?”
Do you mean “every” over a certain size? Because it’s obviously not true for (say) Elementary District 38 or HS District 203. Is it even true of CUSD 203 or 204?
“this idea that CPS is basically ALL bad”
Did I say that at all? No.
But it’s also not at all true that the bottom ~half of schools in CPS are anything other than subpar. And taking a postion that the bottom half are good is Newspeak level nonsense. If you want to argue half v 1/3 or 2/3–that’s open to discussion and what the standard is.
“the results are likely completely horrible if you exclude the top 5 or so performers”
aaaaannnndddd, this is too far the other way.
Plus its from the flipside equivalent of the CPS press office.
Plus its based on “proficiency” numbers from an “aptitude” test.
Plus, for 2022, CPS is at 20.1%, and the state as a whole is at 29.8% for “reading” and 19.5% and 28.7% for math.
So, basically, the whole state’s education sucks other than a handful of schools. Or maybe it’s somewhere in the middle.
“Plus its based on “proficiency” numbers from an “aptitude” test.”
Is there a better metric? (Serious)
I think its bifurcated and not just in Chicago and not just due to the schools.
“Is there a better metric? (Serious)”
ATM, there aren’t very many Illinois required tests at the HS level to use instead. So there isn’t one with (recent) data available in Illinois.
“ATM, there aren’t very many Illinois required tests at the HS level to use instead. So there isn’t one with (recent) data available in Illinois.”
Thanks – was guessing this was the case.
“But it’s also not at all true that the bottom ~half of schools in CPS are anything other than subpar.”
But this is true of EVERY school district- like I said. Take the suburbs of Chicago and put 300,000 kids into it and see what schools come out, right?
However, I concede it’s hard to compare district to district and state to state because Illinois uses property taxes to fund their schools but others, like California, do not. Every district there gets the same money. And we know that rich towns spend more money on their schools, and money matters.
But in a huge school district like Chicago, LA, NY, Miami etc. there are always going to be some schools that aren’t great, many that are just average and some stand outs.
But Mike HG needs to move on. The schools are NOT the issue in Chicago. He really needs to check in on how those Tampa, Jacksonville, Orlando and Miami schools are before espousing on the situation of Chicago’s schools. It’s so tiring to keep hearing old people moan on and on about things that aren’t relevant.