Renovated 2-Bedroom Loft Reduces $200,000 to $649,900 in River North: 333 W. Hubbard
This 2-bedroom loft in the Union Square Lofts in River North was first listed in July 2022.
This building was built in 1962 but was converted to lofts in 1999-2000. Union Square Lofts has 217 units and attached heated garage parking.
It has door staff, a dog walk area, a bike room and a dry cleaners is on-site but no exercise room or pool. The listing says the East Bank Club is just a block away.
The listing says this loft was “renovated in 2021/22.”
It has floor-to-ceiling windows with “touches” of exposed brick and exposed ductwork.
There are what looks like wide plank hardwood floors throughout but the listing doesn’t say if its hardwood or luxury vinyl.
The kitchen has been “fully renovated” with tall custom white Omega cabinetry, quartz countertops, stainless steel appliances including Fisher-Paykel built-in coffeemaker, built-in refrigerator and dishwasher, Viking range with range hood, Sharp microwave, a Brizo Smart Touch faucet, EWS filtration and an island with seating for 4.
The loft has a wet bar with wine fridge.
The primary bedroom has a “luxurious, spa-like” 2021 remodeled primary bath with a frameless walk-in Mr. Steam shower, Graff faucet, Moen digital shower and Kohler showerheads along with a Toto Washlet and Toilet and heated floors.
The second bedroom doesn’t have any windows.
The listing says the second bathroom was “rebuilt” in 2022. It has a tub.
The loft has the features that buyers look for including central air, a brand new stacked LG washer/dryer in the unit and heated garage parking is available for $35,000.
It has a balcony.
This building is near the Merchandise Mart, the Chicago River and the Riverwalk and it lists the following as neighborhood favorites: “Lou Malnati’s, Bavette’s Bar & Boeuf, Gilt Bar, Chicago Cut Steakhouse, Kinzie Chophouse, Ciccio Mio, HighLine, The Hampton Social – River North, Wildfire, Xoco, Sunny Bowls, Marshall’s Landing, Beatrix, Girl & the Goat, The Doughnut Vault, Firecakes Donuts, Starbucks Reserve Roastery, & Cafe Umbria. Pet Friendly.”
Listed in July 2022 for $849,900, the unit has been reduced $200,000 including another $50,000 reduction just this week to $649,900.
Will this new price get the deal done?
Leigh Marcus at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #523: 2 bedrooms, 2 baths, 1500 square feet, loft
- Sold in September 2000 for $416,000
- Sold in October 2006 for $485,000
- Sold in April 2019 for $440,000
- Originally listed in July 2022 for $849,900
- Reduced several times
- Reduced $50,000 in March 2023
- Currently listed at $649,900
- Assessments of $1126 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9853
- Central Air
- Washer/dryer in the unit
- Heated garage parking space is $35,000 extra
- Bedroom #1: 16×10
- Bedroom #2: 12×10
- Living room: 19×19
- Kitchen: 14×10
- Walk-in-closet: 11×9
- Foyer: 7×6
- Laundry room: 3×3
- Balcony: 12×6
I wish I was there when they were smoking crack and came up with the initial ask.
Why do realators lie? Floor plan they attach shows 1372sf
Place is fine, no DR makes it look bigger. Really hate the W/D in the kitchen and where does it vent
$125k + $5600/mo Vs $3850/Mo – https://www.zillow.com/homedetails/333-W-Hubbard-St-APT-808-Chicago-IL-60654/58366746_zpid/?
I get that folks jUsT WanT tO lIVe, but that’s a big delta.
That’s LVT flooring. I’d bet my reputation as an internet comments poster on it.
The price is definitely more realistic but man this is still one very expensive 2 bedroom at the end of the month.
“Reduced several times”
$825 on 9/2
$750 on 9/15
Removed on 11/28
$724,9 on 2/7
$699,9 on 2/27
Have to think that this is the comp they anchored to:
https://www.redfin.com/IL/Chicago/333-W-Hubbard-St-60654/unit-707/home/12766702
“$125k + $5600/mo Vs $3850/Mo –”
That landlord probably has a 3% mortgage, and (assuming 80%) a P+I carry of $1,863, on a $552.5 pp. Plus about the same T+A as this place, should be right at breakeven cash on cash.
At the same $552.5 pp (which will NOT happen), and current rates, it’s $900/month more. Landlording makes sense right now!
“That landlord probably has a 3% mortgage, and (assuming 80%) a P+I carry of $1,863, on a $552.5 pp. Plus about the same T+A as this place, should be right at breakeven cash on cash.
At the same $552.5 pp (which will NOT happen), and current rates, it’s $900/month more. Landlording makes sense right now!”
Sacrilege and heresy!!!!
Very smart people have told me its more expensive to rent Vs buy in Chicago
aND pEOpLe JuSt wANT tO lIVe
If the current owners got the unit + parking for $440k, they’ve got room to come down more, assuming they dont feel entitled to a profit on the remodel
“Have to think that this is the comp they anchored to:
https://www.redfin.com/IL/Chicago/333-W-Hubbard-St-60654/unit-707/home/12766702”
One of these things is not like the other
JFC – Why not just use one of Kenny G’s properties as a comp.
Like I said, crack pipe pricing
“Why not just use one of Kenny G’s properties as a comp.”
Well, the comp isn’t 1900 sf–look at the floorplan, it’s almost bang on 40×40, or 1600 interior sf. $562 psf.
There’s no doubt I’m figuring out the 9 for 707 over anything over 750 for 523, but different strokes. So, yeah, should’ve lead at $749,900.
Why does it feel we talk about a unit in this building at least once a month?
Yikes, $1126 HOA with basically zero amenities. $35K for parking too in a meh spot of RN with a shit view. That’ll be a no from me dawg. $525K is what I’d call.
This place reminds me a lot of my old condo. The floorplan is nearly identical. I can’t imagine paying this much and not having windows in the second bedroom though. I ended up using my second bedroom in the condo for storage and kept my office stuff in the main living area. I could have used the second bedroom as a separate office if it had windows. I moved for several reasons and having windows in the second bedroom may not have kept me there, but it would have helped. I got a great deal on my condo when I bought, so I was OK with it. I feel like the lack of windows was a huge detriment and this unit should be discounted over the corner unit mentioned. That unit also appears much larger.
“Yikes, $1126 HOA with basically zero amenities.”
Once again, Chatterati has no idea what assessments are like in a doorman building with a big courtyard, landscaping, maintenance of a brick building with balconies. Do the hallways get recarpted for free? The elevators get replaced for no cost? The flowers get planted on the cheap?
This assessments covers heat, a/c, gas, and cable. My god, maybe you didn’t get a heating bill this winter Rob?
“Why does it feel we talk about a unit in this building at least once a month?”
Don’t know Dan #2. Because we don’t.
This is only the third unit in this building that I’ve cribbed on since 2020.
“The price is definitely more realistic but man this is still one very expensive 2 bedroom at the end of the month.”
Maybe you haven’t seen the rental prices for 2/2s in One Chicago, and other River North buildings, that aren’t anywhere near this square footage and don’t have balconies.
“Maybe you haven’t seen the rental prices for 2/2s in One Chicago, and other River North buildings, that aren’t anywhere near this square footage and don’t have balconies”
The answer is $3850
“2/2s in One Chicago, and other River North buildings”
Is the most appealing amenity in those buildings a package room?
Do they require $100,000+ security deposits?
“Is the most appealing amenity in those buildings a package room?”
I said outside of the down payment, on a monthly basis, which is what you all are talking about over and over and over again, because, after all, your down payment is the same on a $650k place no matter if your mortgage rate is 3% or 7%, there are plenty of 2/2 rentals that are ALL higher than this is. Yet all you do is whine about how no one can afford $5500 a month for a 2/2 in River North. When just down the street, hundreds of people are literally paying $5k to $9k a month for even SMALLER square footage.
Ba ha ha.
Also a reason why condos will eventually find a lot of buyers again downtown. It’s SO much cheaper to buy, even with 6% or 7% rates, than to rent the same property. Eventually people with a longer term horizon will say, hey, this is dumb.
Rents are rising at the rate of 5%+ a year. Downtown condos, however, have gone the other way. They are at 20 year lows. Disinflation. They are true deals right now as long as you’re going to live there 10+ years.
“Yet all you do is whine about how no one can afford $5500 a month for a 2/2 in River North. When just down the street, hundreds of people are literally paying $5k to $9k a month for even SMALLER square footage.”
Why are you comping OneChicago with this place? Theres a legit comp in the same building for $3850/mo. You could make a case that the subject properties monthly nut should be higher based on some additional SF. However thats not going to get you anywhere near $5600/mo
“Also a reason why condos will eventually find a lot of buyers again downtown. It’s SO much cheaper to buy, even with 6% or 7% rates, than to rent the same property. Eventually people with a longer term horizon will say, hey, this is dumb.”
Except its not
“Why are you comping OneChicago with this place?”
Because rental prices are supposed to be in line with buying and OneChicago is one of the few newer rental buildings in River North where the finishes are comparable to the finishes in this unit.
Got Subzero and the like? A luxury renter is going to rent luxury.
“Except its not”
You can’t be this dumb, can you JohnnyU? It’s basic market dynamics.
Things stay the same, until they don’t. This is why the Chatterati didn’t buy during the bust and kept saying on all the posts on this blog that whatever property it was was still “overpriced” even in 2012. Turns out it really WAS a deal though. ha ha.
Also, you just get SO much more for your money in buying. The new rentals are barely 1100 square feet for a 2/2. Why not buy a 1400 to 1600 square foot 2/2 for less? And yes, you have to have a down payment. But the buyers DO have it. They are making $150k to $200k a year already. Can save that $150k pretty easily if they want to.
“Is the most appealing amenity in those buildings a package room?”
So…One Chicago’s best amenity *is* a package room?
Or does a renter there get something else for their money?
“Can save that $150k pretty easily if they want to.”
Are you trying to get an ok.boomer with that?
Yes, quick and easy to save 1x your gross income, while paying rent, etc.
“Or does a renter there get something else for their money?”
Don’t know. I don’t live there. They get designer kitchen and bath, just like in this building. I’m sure they have to pay for a utilities package in addition to rent, which is probably $500+ a month extra. Would have to pay $300 to $500 for parking, most likely. They DO get the Life Time fitness, but that is probably in the utilities payment.
This buyer gets heat, a/c, cable all included in the assessment.
Every big building has a package room. And it’s a big deal. Someone who says it’s not in a building with over 100+ units is telling me they have never lived in a big building and have no idea how one operates. It’s actually a big expense for most buildings. We don’t know if Union Street Lofts does package delivery to your unit or not. I bet OneChicago does though. I think you can get Whole Foods delivered right to your apartment (or maybe that’s just the condos.)
Remember, Wolf Point West said several years ago that they can get as many as 1,000 packages a day during the holiday season. Lol. Many buildings now adding Amazon lockers where you can access it yourself because they are such a big part of deliveries.
“Are you trying to get an ok.boomer with that?”
Plenty of people at tech companies and startups in Chicago making $150k to $200k just a few years out of college. Yes, this is what happened in the job market the last 3 years. Some of them won’t keep their jobs, though. ha ha. But you think a couple each earning this pay can’t save $150k easily? Yes, yes, they can. This is why the housing markets in the big cities got so hot. That’s where the high paying jobs are.
My kids, however, aren’t at tech firms. But even they’ve gotten pay raises the last few years. No longer making $50k out of college. Now making $65k or $70k. They’re still living with roommates. But have no desire to buy. They’re too young. Too many things to do at that age.
“But you think a couple each earning this pay”
You moved the goalposts there.
“a utilities package in addition to rent, which is probably $500+ a month extra”
WHAAAAATTT????
It’s not that much on average in a drafty old SFH, with waaaay too much electric usage.
JDL is fucking their tenants.
To answer my own question, at One Chciago, apartment tenants get these things that are not Union Square Lofts:
All residents receive a complimentary membership to Life Time Athletic (SUre, maybe you’d prefer EBC, but that’s $400/month)
a 3,000 sf dog run, dog wash, and in-building daycare
Whole Foods in building (fine, maybe a negative to *you*)
Resident loungs, demo kitchen, golf simulator, rooftop lounge, guest suite, kid’s playroom.
Concierge.
All that stuff costs money, so of course the rent is high. Won’t use any of that? Well, sure, then rent for less in a low amenity building, or buy a condo in a low amenity building.
But comparing a bare bones condo assocation to an apartment building with “resort level” amenities is disingenous.
“Things stay the same, until they don’t. This is why the Chatterati didn’t buy during the bust and kept saying on all the posts on this blog that whatever property it was was still “overpriced” even in 2012. Turns out it really WAS a deal though. ha ha.
Also, you just get SO much more for your money in buying. The new rentals are barely 1100 square feet for a 2/2. Why not buy a 1400 to 1600 square foot 2/2 for less? And yes, you have to have a down payment. But the buyers DO have it. They are making $150k to $200k a year already. Can save that $150k pretty easily if they want to.”
Liquid lunch today?
You can rent an updated unit in this building for $3850/Mo, So not sure how renting is less except in your own mind
You’re completely off your rocker wrt saving $150k (Unless there’s a bank of mom and dad)
Comparing One chicago to this is a joke
Do better
“But comparing a bare bones condo assocation to an apartment building with “resort level” amenities is disingenous.”
Ft Wayne is the same as Chicago
“Don’t know. I don’t live there. They get designer kitchen and bath, just like in this building. I’m sure they have to pay for a utilities package in addition to rent, which is probably $500+ a month extra. Would have to pay $300 to $500 for parking, most likely. They DO get the Life Time fitness, but that is probably in the utilities payment.”
i DoNt LIVe tHErE BUt lEt Me SpECuLAtE…
“Ft Wayne is the same as Chicago”
You’re selling Big Wayne short–it’s *clearly* better that Chicago, because you get the same thing, but with more square footage, for “less” money.
“i DoNt LIVe tHErE BUt lEt Me SpECuLAtE…”
Too hard to go look at the website.
“You’re selling Big Wayne short–it’s *clearly* better that Chicago, because you get the same thing, but with more square footage, for “less” money.”
Hush thats a secret
“Too hard to go look at the website.”
Whine, whine, whine.
anon(tfo), I’m assuming it confirms what I said or else you would CERTAINLY be telling me otherwise. Am I right?
Apparently, no one on this site has ever looked at luxury apartments OR condos, for that matter. A pity.
“It’s not that much on average in a drafty old SFH, with waaaay too much electric usage.”
Utilities package: includes water, scavenger, gas/electric, Internet. The big high rises charge extra for all of those things. Usually $300 to $500 a month, depending on the building. The listed rent price is just the beginning. Parking usually $300 to $400 in River North/Streeterville.
“I’m assuming it confirms what I said or else you would CERTAINLY be telling me otherwise. Am I right?”
No, you’re wrong.
Contingent with a last list of…
wait for it…
No, lower than that! (unless you are Rob…)
$525k.
Over 38% off the original ask.