Pushing For New Record High Prices in River North: A 2/2 at 630 N. Franklin
This 2-bedroom at 630 N. Franklin in River North just came on the market.
The unit has concrete walls and ceilings, which was common construction throughout the building. The exposed concrete was a “thing” in 2005.
The ceilings are 10 foot and faces east. The listing says there are custom blinds.
The listing also says there was $40,000 in developer upgrades.
The kitchen has maple cabinets, stainless steel appliances and what looks like black granite counter tops.
It has the other features that buyers usually look for, including central air, washer/dryer in the unit and garage parking is $30,000 extra.
Including the parking, the unit is listed $68,000 above the 2006 peak bubble price, at $570,000.
How high will prices go during this latest housing boom?
Jon Dimetros at Main Street Real Estate Group has the listing. See the pictures here.
Unit #910: 2 bedrooms, 2 baths, 1500 square feet
- Sold in May 2006 for $502,000 (included the parking)
- Sold in July 2008 for $519,000 (included the parking)
- Currently listed for $540,000 plus $30,000 for parking
- Assessments of $560 a month (includes water)
- Taxes of $5750
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×11
- Bedroom #2: 13×10
- Den: 12×10
This could sell, the super crazy priced one is 1110… 685k or 427 a sqft ain’t happening I can tell you that much
sorry 1108 not 10 https://www.redfin.com/IL/Chicago/630-N-Franklin-St-60654/unit-1108/home/12601998
$360 per sf isn’t that crazy excessive.
Personally, I would never live in a place with exposed concrete surfaces. Just knowing how much the developer saved, by selling *nothing* as cool, would drive me crazy. Don’t architects design the supermaxes with concrete finishes?
Saw a couple units in this building back in the 2005 hey day. Was disappointed in the finish quality and hated the exposed concrete. 1BR units had no bedroom window since the bedroom was on the inside. This unit looks a lot nicer, but facing east means you have the L right below you. There’s also TONS of traffic on Ontario street to contend with. Good luck selling at that price, in that location.
WOW, the $540 monthly assessment for this ugly concrete box includes WATER!!!! What a deal!!!
I sure hope it includes the sewer bill and common area maintenance. That is a fairly elevated HOA for a newer building that does not include heat, and it will only go higher as the building ages and needs a lot of repair and replacement.
Somebody will pay $540K, I’m sure. After all, it’s downtown in River North and it has all the trendy fittings, that is to say, so barren it makes the average office space seem cozy and luxurious.
Balcony overhang already showing cracks. And what appears to be a patch. That’s not a good sign. And I’d bet it leads to additional significant repairs in the years ahead.
Cool space but many will hate the “open” second bedroom. We lived with that for years with kids and it was fine but many others in similar situations hated that about their units.
Like the other unit posted by Sonies better as both of the bedrooms appear to be private. That adds some value although not $100k.
“WOW, the $540 monthly assessment for this ugly concrete box includes WATER!!!! What a deal!!!”
it also includes, gas, cable, internet, security guard and all the other stuff in elevator buildings
as for the balcony overhang showing cracks, there was a special assessment last year to fix all that and I think this side of the building is the last side to get fixed.
Always hatred exposed concrete on haterchatter. Geez not every home is going to be your flavor. And hating on a “concrete box” is stupid. Would you rather have a timber or double drywall box or something with less sound insulation? So confused. There are plenty of solutions to hide the concrete look if you don’t like it, but given the whining about home price unaffordability on this site, you cheapos probably don’t want to shell out for it just like the developer.
Any time you are looking at a unit near the train you need to spend some time in the unit to make sure the agent isn’t trying to pull a quick one on you. Trains can run at different speeds and some are louder than others. It’s always that mega loud old train that will drive you nuts. It’s sad because the city could just swap over to more expensive wheels that have a shorter lifespan and the whole city would be much quieter – too bad the city is broke. It looks like this building has insulated slab edges along with the concrete balcony to diffuse sound so might not be much of an issue regardless.
It’s not haterchatter, the “2 huge walk in closets” are indeed very nice.
I like the concrete…
Aren’t all blinds custom? It’s not really something to brag about or a selling point.
If you’re going to go CMK, this was their best effort. I actually like this place – you don’t have to put your couch in the kitchen. The brown line is LOUD right here.
“If you’re going to go CMK, this was their best effort.”
I always thought Contemporaine, at 201 w Grand, was their best effort.
Speaking of record high prices (sorry, I don’t know where else to post this) once again I’ve done a deep dive on a green zone building and don’t see any evidence of prices past peak. I looked at The Heritage: http://www.chicagonow.com/getting-real/2015/07/chicago-loop-home-prices-the-heritage-130-n-garland/
“Speaking of record high prices (sorry, I don’t know where else to post this) once again I’ve done a deep dive on a green zone building and don’t see any evidence of prices past peak.”
Once again, for every building you find that isn’t past peak, I can find a building right down the street that is. I’ve said, not every building is past peak. I’m surprised you didn’t look at 222 N. Columbus as your “example”. Lol.
The Heritage is HUGE. It’s had its issues. They were closing on units right when the bust hit. Lots of investors bought in there. Great pool.
But what about 340 E Randolph? That’s been past peak for YEARS now.
See- there. I did it. I found a building nearby that IS past peak.
I’ll check them out someday but even if you are correct you can’t go around saying “Prices are past peak in the Green Zone” because that implies a broad impact. I’m not looking for counter examples but they find me.
http://www.zillow.com/homes/for_sale/Chicago-IL/89891372_zpid/17426_rid/days_sort/41.886639,-87.61593,41.883392,-87.621332_rect/17_zm/1_rs/1_fr/?view=map
Shockingly, to me at least, ‘contingent’ after a 15k price chop
Oops, that is for the other unit I thought was crazy overpriced, #1108
This one had a 5k price chop
sold for 520k… 1k over the 2008 price, seller is not an idiot!