Remember University Commons? A 2/2 at 1111 W. 15th in University Village
This 2-bedroom top floor unit in University Commons at 1111 W. 15th Street in University Village came on the market in March 2015.
University Commons is a 6 building mega-development with about 824 units that was originally sold at the peak of the market in 2007-2008.
Most of the units have loft features including exposed brick and exposed concrete ceilings and pillars.
This unit, however, appears to have traditional condo features. Were these built on top of the building at the time of the conversion?
The south facing unit’s kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
It has all the features that buyers look for including central air, washer/dryer in unit and garage parking.
Originally listed for above the 2007 purchase price, it has since been reduced under that price.
But others in this complex have sold for near peak prices in the last 6 months.
Is it another sign of how hot the Chicago housing market is?
Monique Washington at Coldwell Banker has the listing. See the pictures here.
Unit #409: 2 bedrooms, 2 baths, 1217 square feet
- Sold in March 2007 for $348,500
- Originally listed in March 2015 for $355,000
- Reduced
- Currently listed at $324,900 (includes the parking)
- Assessments of $402 a month (includes cable, pool, clubhouse, exercise room)
- Taxes of $4064
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 11×11
- Den: 9×10
Ahhh… My neighborhood. I like this development and looked at several units here when I was buying. I liked the units on the ground floor because they have huge patios and some of mini back yards.
I think the price is a tad high. $299,000 would get it sold probably.
Although, this one just sold for about the same price as the one here: http://www.realtor.com/realestateandhomes-detail/1110-W-15th-St-Unit-319_Chicago_IL_60608_M71795-02712?row=48
I’m actually going back and forth about moving. There was a gang shooting a block north in the subsidized housing complex and a stabbing at a neighborhood bar. I’m starting to worry that the neighborhood is taking a nose dive. I still like the area because it has lots of green space for the dogs… The same type of green space is almost unheard of in the west or south loop.
So, this is not GZ?
I would say it’s not green zone because of the subsidized housing. If they would ever get rid of it, the neighborhood would become a green zone area instantly.
I remember when these building were produce markets, and they were FILTHY. I couldn’t believe someone was going to convert them to residential, but they did and they did a fine job. I actually drove by these buildings recently and they look great. The landscaping is maturing too.
But what else can you really say about it? It’s just a 2bd. condo on 15th Street. It is what it is. Someone who likes the price and if the location works for their situation, that’s it.
“The same type of green space is almost unheard of in the west or south loop.”
for the south loop there’s a big ole green park just to the east (a few feet west of Lake Michigan). Also if you are on the west end of the Sloop, there is D’Angelo Dog Park which looks rather decent sized to me and of course Ping Tom Memorial Park at 18th street.
cannot speak to the West Loop but I suspect it has some pockets of green space as well.
Icarus, I’m talking about being able to walk out of my door and have lawns for me dogs. I found the south and west loop lacked lawns except for Dearborn Park.
Jenny. I don’t think the stabbing on 18th St. says anything about the neighborhood taking a nosedive. That was more of a personal issue with the assailant. Don’t worry.
Helmut, I too remember when this was a produce market and when the Abla Homes were on Blue Island Ave. and Roosevelt ,while I was a student at St. Ignatius in the early 90s. They did a nice job redeveloping these buildings.
“Icarus, I’m talking about being able to walk out of my door and have lawns for me dogs. I found the south and west loop lacked lawns except for Dearborn Park.”
There is a dog lawn on 13th street between Indiana and Prairie. It is right out of door for many Museum park buildings and condos.
Ah yes, I an indeed an Aging Baby Boomer. I can remember when “a lawn/park for the dogs” was an ALLEY for the dogs…ifyouknowwhatImeanandIthinkyoudo…but then again, these young whippersnappers don’t even take their digs to the alleys in the neighborhoods that HAVE alleys nowadays! We’re all doomed, I tell ya!
P.S. I like these condos a lot.
“Icarus, I’m talking about being able to walk out of my door and have lawns for me dogs. I found the south and west loop lacked lawns except for Dearborn Park.”
in other words you want a place for your dog to pee without it being blatantly obvious.
Yes. Although, my older dog prefers to urinate on the sidewalk much to my embarrassment.
Yes, the 4th floor of these buildings is new construction.
I lived in University Village both before, during, and after this complex was redeveloped. It was the most amazing transformation I’ve ever seen. I would never have even imagined they could do what they did.
We’ve done many transactions there and I actually like the development because the amenities are fairly nice for that type of development. Each building has it’s own gym and a party room. The garages are heated and they have a dog run and an outdoor pool. They also have a theater you can rent for your own events.
However, no one there likes the management company – unless they’ve changed it in the last year or so. Don’t know why they don’t switch.
I will have to update my analysis but I find it hard to believe these units are anywhere near peak pricing. The development received one of those 8 year property tax reductions that don’t transfer (in theory) to the second owner. The developer pretty much totally capitalized the value of the tax breaks so the initial buyers paid a hefty premium for the units that could not be recovered. Everyone was underwater and distressed sales were rampant.
The crime in the area pretty much occurs north of 14th pl and also west of Racine. You frequently hear of people being shot in “University Village” but in my mind where those people are being shot is really not University Village.
I cover a lot of this here: http://lucidrealty.com/university_commons.php along with a few other nuggets of information and some sample floor plans.
They’ve had a lot of renters in there because of the reluctant landlord thing. I believe some of the buildings have put in or are considering rental caps.
Just did a quick check and slightly more than 1/3 of the units sold in this development over the last 12 months were distressed sales. Doesn’t sound like peak pricing to me. Prices are up in the last 2 years but not back to break even for people who bought at the peak – on average.
“Just did a quick check and slightly more than 1/3 of the units sold in this development over the last 12 months were distressed sales.”
Well- there ARE nearly 900 units in this whole complex.
Think about that for a minute.
Nine hundred units.
Lol.
The agent for this 2/2 loft in University Commons sent me the link when it came on the market last week.
It’s already under contract at $285,000.
The housing market is heating up. If you have a new listing and you price it correctly, and it’s updated, it will sell almost immediately. The demand is still there for quality properties that are staged and move-in-ready.
https://www.redfin.com/IL/Chicago/1070-W-15th-St-60608/unit-250/home/12588533
“It’s already under contract at $285,000.”
Original sale, Jul-05 = $292k + CPI = $443k
Last sale, Jun-15 = $265k + CPI = $329k + reno costs.
Yes, an updated unit, for 35% below real dollars 2005 price should sell.
“Original sale, Jul-05 = $292k + CPI = $443k
Last sale, Jun-15 = $265k + CPI = $329k + reno costs.
Yes, an updated unit, for 35% below real dollars 2005 price should sell.”
Buy property, update, lose money
Thats HAWT ™
“Yes, an updated unit, for 35% below real dollars 2005 price should sell.”
It’s cheaper than renting, so yes. But no one cares about the bubble 2005 prices unless you were unfortunate enough to buy that year and never let it go into foreclosure/short sale.
“no one cares about the bubble 2005 prices”
It’s also ~20% off the ’15 price + reno costs.
The ’05 and ’15 sales are close to the C-S condos numbers for the months–’15 sale was about 3% above average–and anchoring off that ’15 sale, C-S would say it would be $337k now–without the reno.
So, lagging inflation, lagging market average by more.