River North 1-Bedroom Listed $14,100 Under the 2000 Price: 100 E. Huron
This 1-bedroom in Chicago Place at 100 E. Huron in River North came on the market in January 2019.
Built in 1991, it has 204 units on top of what used to be the Chicago Place shopping mall which is now occupied by offices.
It’s a full service building with doormen, an indoor swimming pool, sauna, party room, dry cleaner and an exercise room.
There’s leased parking in the attached garage.
This 1-bedroom has west views.
It has diagonal floors in the living and dining room.
The kitchen looks like the original kitchen with white cabinets, granite counter tops and white appliances. The finishes in this building were considered luxury and cutting edge in 1991.
The bedroom has custom built-ins and an en suite marble bath.
There’s also a half bath in the living area.
It has the features that buyers look for including central air and washer/dryer in the unit. Parking is leased in the building.
Originally listed in January at $425,000, it has been reduced to $345,900 which is $14,100 under the 2000 sales price of $360,000.
Is this a deal?
Or is the price deflation that is hitting the suburbs now hitting parts of the city?
Anita Lynn at ADL Realty has the listing. See the pictures here.
Unit #2607: 1 bedroom, 1.5 baths, 1025 square feet
- Sold in February 1992 for $205,000
- Sold in October 1997 for $241,000
- Sold in September 2000 for $360,000
- Originally listed in January 2019 for $425,000
- Reduced numerous times
- Currently listed at $345,900
- Assessments of $774 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger)
- Taxes of $6888
- Central Air
- Washer/dryer in the unit
- Bedroom: 16×12
- Kitchen: 12×10
- Living room: 24×13
Taxes were $4,425 in 2000 and $6,888 today. The ~50% increase would be very reasonable if the value of the unit went up along with it.
The photos aren’t doing this unit any favors.
The problem with using Condos as a barometer of the real estate market is that it doesn’t just strictly correlate with the market. One one hand you have appreciation that follows the market for new construction condos. But for older condos, that appreciation is counter-balanced by building depreciation manifested in higher monthly HOA assessments. In this case, an average 1 bedroom newer construction downtown condo would typically have $300-400/mo assessments. This 1 bedroom unit has nearly $400/mo HOA or double. I wonder if anyone has developed a tool or model that can balance these factors out to truly compare new build vs. older building values. I think you really need to look at single family homes to do a true comparison.
The problem with using Condos as a barometer of the real estate market is that it doesn’t just strictly correlate with the market. One one hand you have appreciation that follows the market for new construction condos. But for older condos, that appreciation is counter-balanced by building depreciation manifested in higher monthly HOA assessments. In this case, an average 1 bedroom newer construction downtown condo would typically have $300-400/mo assessments. This 1 bedroom unit has nearly $800/mo HOA or double. I wonder if anyone has developed a tool or model that can balance these factors out to truly compare new build vs. older building values. I think you really need to look at single family homes to do a true comparison.
not exactly new finishes… probably hasn’t been updated since 2000 so why the hell should someone pay more other than inflation… any amount of that is likely offset by increases in taxes and assessments and insurance
Are rentals allowed in this building? If so, they should hang on to this and rent it out until they pay off their mortgage and / or actively seek a deconversion so they can monetize the common amenities.
If they are stuck on the mortgage. They should refi and reamortize so that renting it out is cash flow positive after the taxes and assessments.
Ick.
It is mind boggling what was once considered “luxury” finishes.
I remember those delta faucet handles from the 1980s – – the ones that were shaped to look like a cut diamond or gem stone of some kind. When I visited friends’ homes who had that I thought they were really well off…I was so amazed when my dad installed one in our downstairs bath. LOL.
I also wonder how today’s wave of luxury finishes will age. I was talking to a friend about this – – we now have a level of luxury finishes going into condos and SFHs that is not replaceable / repairable by Lowes / Home Depot – – folks might not be able to keep the level of lux when they DIY a repair in a few years. I suspect today’s “timeless” finishes are not going to age well for that reason either.
WHY IS THERE A PICTURE OF A CLOSET SHELF??????
LOL. Ok, back to work. Thanks for the laughs Sabrina!
Cat, it isn’t mind boggling. Taste change. Go look at a comparable 2000 era Mercedes S class or any car for that matter and compare it to a 2019 model. Same with houses and condos.
20 years from now, the white box faux lux farm house decor will look just as pathetic as this place.
“The photos aren’t doing this unit any favors.” I wholeheartedly agree.
Is this Realtor even trying? Did they hire a 13 year old pothead to snap some photos? It looks like a phony AirBnB listing.
My question, as I don’t know the block just west of here. Is there a building going up? Is something blocking the West view? There’s no pics.
“My question, as I don’t know the block just west of here. Is there a building going up? Is something blocking the West view? There’s no pics.”
Nothing going in just west of this building (for now.) The Thai consulate is there. There is the Holy Name project which will block the views to the highway but it’s several blocks away. There’s also a possible high rise next to the Giordano’s but then they landmarked those vintage graystones so that’s unlikely now. Those are also a block away.
West views are nice.
“probably hasn’t been updated since 2000 so why the hell should someone pay more other than inflation”
Sonies, these were built in 1991. As far as I have seen, these are the original finishes (in the kitchen and the bath.) Although I thought the baths were done in limestone, and not marble.
But that kitchen is original. There’s a 2/2 on the market in the building which also has the original white kitchen (with white appliances.)
No one swapped that kitchen out! I wonder why? It’s just basic white (and white is now back in.) Was it too expensive to swipe out the kitchen so few did it?
“In this case, an average 1 bedroom newer construction downtown condo would typically have $300-400/mo assessments.”
Not in a full amenity building with 24/7 doormen and a pool.
Minimum would be $450 “new” and it would go up from there. And the only reason the assessments appear “lower” in a new construction building is because the developer can put them lower until he sells out the building and turns it over to the new board, which then “resets” the HOAs, almost always much higher.
And condos in the same building can definitely tell you what is going on in a real estate market.
“Is this Realtor even trying? Did they hire a 13 year old pothead to snap some photos? It looks like a phony AirBnB listing.
My question, as I don’t know the block just west of here. Is there a building going up? Is something blocking the West view? There’s no pics.”
My thought as well. 26th floor and not a single shot out the window?
“My thought as well. 26th floor and not a single shot out the window?”
It’s bizarre but some agents don’t think that “views” matter, maybe?
Lol.
Isn’t that the big selling point of the downtown high rises?
Put $75k into it, and it will be nice. Original ask was as if it had been updated, both as to cost and headaches.
Since no one else noted:
1. Not even a microhood over the stove??
2. WTF is with the TWO microwaves??
3. Crappy ass electric range.
4. Breakfast bar area was hella stupid, even before it was ridiculously dated. That should be an island.
Not sure where they are hiding the 1000 sf (pix are, as noted, terrible, so it’s hard to discern), but if that’s legit, it’s a healthy size for a 1br, something that is harder to find in a new building.
“2. WTF is with the TWO microwaves??”
my guess is that the built-in one is broken (it’s probably 20+ years old) and they didn’t want to go through the hassle of finding a new one to fit the space.
I’m sure you are right, marco, but that’s not how you do it, if you are trying to sell.
“Put $75k into it, and it will be nice. Original ask was as if it had been updated, both as to cost and headaches.”
Have any of these 1-bedrooms ever sold for $425,000?
I don’t know the answer so I’m honestly asking. And that doesn’t cover the selling costs. So you’d have to list and sell for around $450,000 in order to recoup your money.
Unlikely.
So makes more sense to sell it as is.
Does this 26th floor unit have a view? You’d never know from the photos. Big fail!
“Have any of these 1-bedrooms ever sold for $425,000?”
3002 sold for $450k in 2005
1107 (with a terrace) sold for $530k in ’18: https://www.redfin.com/IL/Chicago/100-E-Huron-St-60611/unit-1107/home/14100276
Nothing else appears to have gone for over $395k.
1107, while just a 1-bed, is not in the same league. Compared to that unit, the Subject is a dump!! That terrace and the views from it are amazing….however it should be noted that according to Redfin, the buyer of 1107 overpaid by approximately $60K.
2005 was just the era of crack pipe pricing.
There is something about the perfectly preserved original finishes and not fixing the microwave situation that make me think this might be an estate situation – – either trying to come up with money to pay for assisted living or to settle an estate with little bickering. If they didn’t over ask and then chop the price, someone would accuse them of mis-handling the estate.
“Nothing else appears to have gone for over $395k.”
Thanks anon(tfo). I didn’t think I’d ever seen one sell for over $400,000 but very few of them are actually renovated.
We chattered about the one with the terrace, which is a rare feature in the building AND the kitchen and baths were updated. But the terrace puts it in a different category.
“My question, as I don’t know the block just west of here. Is there a building going up? Is something blocking the West view? There’s no pics.”
The 30 E Huron building is right across the street just to the west of this building. It is, I believe, over 40 floors. Any west-facing unit of 100 E Huron other than the highest floors would have views smack into the windows of the east-facing units of 30 E Huron.
“Any west-facing unit of 100 E Huron other than the highest floors would have views smack into the windows of the east-facing units of 30 E Huron.”
This in incorrect. I’ve been in the west facing units in this building. They aren’t blocked. North and south are blocked with buildings directly across the street. 100 E Huron is not. The west views are quite nice city views and if you’re up higher you can see all the way to the expressway (at least until the Holy Name monstrosities go up.)
Look at Pic #11 here:
https://www.redfin.com/IL/Chicago/100-E-Huron-St-60611/unit-3305/home/14099600
You get the south (to the left) and west (thru the LR) views from 33–West view includes a big slab of 30 E Huron.
Pix 9 & 17 also show 30 E, but also that you can see basically unlimited westerly on either side of it.
This is typical CC “what does ‘blocked’ mean w/r/t views”.
“This is typical CC “what does ‘blocked’ mean w/r/t views”.”
“Blocked” is 300 W Grand’s north facing units which look directly across an alley into the parking garage of The Silver.
Here’s what it looks like: https://www.trulia.com/p/il/chicago/300-w-grand-ave-411-chicago-il-60654–2104622507
Everything else is regular city living (across a street.) No one says a condo on Diversey is “blocked” because there are condos on the other side of the street.
#3305 has fantastic views. Wow.
But if you just have west, it’s really great too. 30 Huron is over a block away (if not more). You aren’t “blocked.” Those are city views. You can see all the way to the Kennedy from the higher west floors. It’s quite lovely.
As I said, the Holy Name project will take some of those expressway views away but it’s far enough way to not be a big deal.
The western views from this building also give you good weather views (of storms coming in.)
This unit closed for 260K yest.
HAWT!!!
Will Sabrina blame the WuhanCorona for the low price or that the Owner taking a $100k haircut is in actuality an indicator of a HAWT market?
Feb 92 price + cpi = $382k
Oct 97 price + cpi = $385k
I’d guess this place gets reno’d and re-listed for $399, sells for $380k.
“This unit closed for 260K yest.”
Yikes!
It doesn’t need THAT much work. Could it be a typo and it was really $360k? Lol.
If it was really $260,000 then someone got a bargain.