Recently Renovated 2-Bedroom in River North Reduces $16,000 to $479,000: 600 N. Dearborn
This 2-bedroom in the Farallon at 600 N. Dearborn in River North came on the market in April 2025.
The Farallon was built in 2001 and kick-started the condo boom in River North. It has 161 units and an attached garage.
It’s a full-amenity building with 24/7 door staff, fitness center, sundeck, party room, hospitality suite and on-site management.
The listing says this unit has been “recently renovated.”
It’s a northwest corner unit with a split floor plan.
If you look at the pictures from the 2022 sale, you can see some finishes have been updated.
The listing says the hardwood floors are newly refinished. In 2022, they were dark stained and now they are light.
It has a private balcony.
The living room is open to the dining room space.
It has a modern kitchen with newer green and white cabinets, quartz countertops with a waterfall edge, white subway tile backsplash, and new high-end stainless steel appliances.
The primary suite has a pass-through closet and a “spa-like” en suite with dual sinks, walk-in-shower and a separate soaking tub.
It has features that buyers look for including central air, “newer” in-unit washer/dryer and one deeded garage parking space is available for $20,000.
This building is next to the post office and is “steps” away from top rated restaurants and public transit.
Listed in April 2025 for $495,000, it has been reduced $16,000 to $479,000.
Buyers love “new.”
Why isn’t this selling?
Emily Sachs Wong and Heather Ruwe at @properties Christies has the listing. See the pictures here. To see the floor plan look at the 2022 listing.
Unit #701: 2 bedrooms, 2 baths, 1200 square feet
- Sold in September 2001 for $311,500
- Sold in December 2001 for $328,000
- Sold in July 2008 for $415,000
- Sold in June 2022 for $437,000
- Originally listed in April 2025 for $495,000
- Reduced
- Currently listed at $479,000
- Assessments of $971 a month (includes heat, gas, doorman, cable, exercise room, scavenger, snow removal)
- Taxes of $8205
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 14×11
- Living/dining combo: 13×23 (these were split in the 2022 sale with the living room at 13×13)
- Kitchen: 10×8
- Walk-in-closet: 7×5
- Foyer: 10×4
- Balcony: 11×5
$437 in ’22 did include the parking space.
September 2001 for $311,500 + CPI = $561k.
2008 $415000 is $621000 today….
but maybe the answer is a shift in demographics?
Who is the buyer for this type of property?
young couple starting out wo kids (problem is that they are smart now and know that they should save money for a house in the burbs – so they continue to rent. also they are more mobile and may not want to put down roots just yet…..also, they are lazy and don’t want to deal with the issues of home ownership)
bachelor without kids (problem is that they are getting lazier and lazier and would rather rent for a higher monthly cost than deal with all of the problems with home ownership)
gen x empty nest couple (problem is that they probably realize that owning a 2nd home is getting more expensive and probably won’t be used as much as they think. for the same price they can rent a nice hotel room and not worry about doing dishes, cleaning, laundry special assessments, repairs etc.)
rich guy with spoiled kids who want to live downtown but can’t afford it…. ……actually no problem there…I think THAT is the person who is going to buy this type of place
Millennials and GenZ are the market for this just like GenX was the market in 2008.
The downtown condo bubble was real and it hasn’t recovered. But inventory is now low so prices will rise again.
I wonder how much the closing of the Hard Rock is playing into the lack of a sale?
Rainforest Cafe closed 4 years ago. They had a deal to put a dispensary in there but it fell through. Early this year, they said they are not looking to put a bigger building there but to keep it a low rise retail or design company. But with Hard Rock now shut, and boarded up too, this is now a big double parcel where something big could be built. If a high rise is proposed, these nice western views will be gone.
Live very close, the market is rough now.
There’s sadly so many vacancies around.
The scene has moved much more to West Loop.
“There’s sadly so many vacancies around.”
There aren’t many condos available. Are you saying there are a lot of apartments available Rob?
“Millennials and GenZ are the market for this just like GenX was the market in 2008.”
Hard disagree
On whole these 2 cohorts are much more risk adverse than GenX, especially OlderZ/Younger Millennials.