River North Gets Cheaper: Reduction in 333 W. Hubbard
When we last chattered about this 2-bedroom loft in 333 W. Hubbard in River North in December 2008, it was the cheapest 2/2 in the building.
See our prior chatter here.
It just got cheaper as it’s now been reduced by $15,000.
Barbara O’Connor at Koenig & Strey still has the listing. See more pictures here.
Unit #710: 2 bedrooms, 2 baths, 1197 square feet
- Sold in March 2005 for $317,000
- Was listed in December 2008 for $365,000 (included the parking)
- Reduced
- Currently listed for $350,000 (includes the parking)
- Assessments of $584 a month
- Taxes of $4450
Lower it another 20k and you’ll start to get offers… Being serious here.
“Lower it another 20k and you’ll start to get offers… Being serious here.”
Serious, too–lower it $20k to get offers 10% off the new price, or 5% off the new price (i.e., about 10% off the current price)? Does the lower-it-5%-and-get-offers gambit going to continue to work as buyers get comfortable offering 10-15% off?
Even if you listed it 20k lower at 330k, you’re still 12k above the BUBBLE price. Its also way too far west and doesnt even crack 1200 SQFT. I can get a 2br just as nice, if not nicer than this closer to the lake for the same or cheaper price. The owners are still dreaming.
Next they’ll list it at 330k + 30k for parking, with a big “PRICE REDUCED!!!” sign.
Well if you list it at 330k, someone will probably buy the place for 315ish. I dunno, I recently bought a similar place in the area for less than that which was slightly smaller with similar finishes (except my place has a good view).
“Well if you list it at 330k, someone will probably buy the place for 315ish.”
So, the feeling is that buyers still won’t make offers of 10% (or more) off. Why? Is everyone affriad that Sellers will laugh? If that’s the case, it still isn’t a buyers’ market.
funnily enough, two 2/2 units in the building went under contract this week: 5h @ $366k and 3a @ $390k. won’t know the selling prices until (and if) they close but 710 seems fairly comparable, if a touch smaller. Also, 2l closed 2 weeks ago for $360k.
If people aren’t offering 10% or more below the ask price as a starting point in negotiations, they should fire their realtor. Would you agree art?
you should definitely be aggressive but an opening offer should depend on how well the listing price compares with market value. i’ve seen virtually identical units priced as much as 30% apart in the past so it’s hard to generalize. you could get something 20% off list and still overpay. then again, you could buy something at 100% list and get a great deal. list price is not always a good guideline. plus, in this market, it’s very difficult to know where to price a unit. Some things continue to sell at 2007 and 2008 prices, while others go for 1999 prices. the discrepancies are amazing.
Would you say that there is a correlation between neighborhood quality and “year of pricing” or do these discrepancies exist in even the good neighborhoods and its just a matter of listing price?
generally prices have fallen faster and further in the fringe neighborhoods, but what’s more worrying there are the huge numbers of things that simply haven’t sold. at the same time, some sellers and agents are just so far off the mark with list prices it’s ridiculous. we see it on this site every day.
I agree with a. There are too many homeowners hurting “over east”. I wonder how low the sellers are willing to go on this unit and who’s to say they aren’t already barely breaking even from their orignal purchase price
Speaking of which, does anyone know which 312 area is currently suffering the most these days, in terms of distressed sales and units unsold?
If south loop is 312 I’d go with that.
Hey lauren if you’re still stuck in the phase of wanting a desirable area code the most cost effective way might be to get a cell phone downtown or if you want a landline with a nice code you can get a vonage phone for like $25/month. Theres probably a waiting list for 212 but hey you can be a hip k-street gal to your friends with a 202 one. Although I must say that NPAs as a status symbol is oh so 1988 but whatever floats your boat. Live in Englewood and get a vonage phone.
We are in the process of completing a purchase of a weekend place at the Grand Orleans (330 West Grand) in River North. Asking price was $403,000 (including parking, two flat screen TVs, and $3,000 towards closing expenses.) It has an absolutely spectacular urban view. The $403,000 was the price the seller paid in cash in 2006. We started at $350,000 and settled at $370,000, including the incentives and $5,800 for the entire contents of the unit minus personal items. The inspection yesterday turned up some minor problems so we’ll have to resolve them.
Could we have gotten a better price on a comparable unit if we had waited? Probably. But, as I have written here before, my wife and I are in our 60s, and waiting is not something we are interested in. The point is that each sale and purchase is unique to the seller (having paid cash, and a relocation company involved in the sale) and the buyer (age, wanting to have fun, and lucky enough to have some excess cash from having benefited from over 30 years of real estate inflation.)
The assessment makes it hard to afford East Bank Club and where is the grocery store? I think that is a lot to pay for the doorman and then still have to pay your own heat. Also, whenever a listing description features things like ‘undermount’ sink I think gee there must not be much to offer.
Bob-please read SteveAs response. That’s more the response I was looking for. How low are sellers willing to go in different areas.
(If I was really that image concerned, I would be underwater in a condo, eating Ramen like the rest of the under 30 yr olds that bought too much, too soon. I have lived on the gold coast since I first moved here. Unless someone plans on paying my mortgage, I don’t think anyone has the right to tell me where to live.)
“The assessment makes it hard to afford East Bank Club and where is the grocery store? I think that is a lot to pay for the doorman and then still have to pay your own heat. Also, whenever a listing description features things like ‘undermount’ sink I think gee there must not be much to offer.”
There’s a bunch of grocery stores 3 blocks away on state st. And that is a high assessment if it doesn’t include any utilities. The place i’m moving to the assessments are $280 a month and includes gas, heat, water, & parking. No doorman, but I’d rather NOT have a doorman and pay $300 less a month since those guys are pretty worthless anyways.
And wtf is an undermount sink? Sounds cheesy like “granite countertops” and “stainless steel appliances” which every place gut-rehabbed or built in the last 10 years has.
“Sounds cheesy like “granite countertops” and “stainless steel appliances””
So, you’re one of those who prefer goldenrod appliances and laminate countertops?
An undermount sink it one that’s glued (for lack of a better word) onto the bottom of the countertop, rather than having a lip that sits on top of the countertop. It’s cleaner looking, if it’s installed well (many aren’t). It is a weird item in a short listing; wouldn’t be odd to be one of a laundry list of features (used loosely) in a multi-page description.
sonies:
the grocery store (singular) is further away than just 3 blocks. I live at grand/wells and going to Jewel on state/grand is still a biotch (especially w/ 10 below weather). from orleans/hubbard it’s 6 blocks east, 2 blocks north. Trader Joes is about 10 blocks away and the whole foods is about 12 blocks away. hardly convenient w/ a cab or car.
edit: *w/out* a cab/car
Hey ChiGuy – check out your neighborhood. There’s a fabulous new Jewel at Kinzie and Desplaines. Takes couple minutes to get there from Grand and Wells.
good thing the place includes a parking spot. if walking that .6 miles to grand/state is really going to kill you, take the bus. also recently opened the jewel near kinzie and milwaukee (.5 miles away).
“also recently opened the jewel near kinzie and milwaukee (.5 miles away)”
[sarcasm]Yeah, that’s a pleasant walk–beautiful bridge, railroad tracks, parking lots.[/sarcasm]
You’re getting groceries, not going on a scenic walking tour of the East Village. And walking half a mile is nothing, that will take you 10 minutes… and there’s been what two days of below zero temps here this horrible winter?
“[sarcasm]Yeah, that’s a pleasant walk–beautiful bridge, railroad tracks, parking lots.[/sarcasm]”
[sarcasm]Yeah, I know. I refuse to get groceries if my walk to the grocery store isn’t pleasant. That bridge by the EBC is horrendous (aka Dave Matthews bridge) and the train tracks that in no way hinder my pedestrian walk are just upsetting and destroy my upbeat grocery shopping mood. I choose to live in the city as it has so much more green space than the burbs.[/sarcasm]
If (when I was single) I only ever bought groceries I could conveniently carry for a 15 minute walk, I’d be going 2-3 times a week. I guess one could use a cart of some sort. 1/2 mile is not “close” for a gorcery store if (a) you actually cook and (b) it’s not (almost) b/t work and home.
“I guess one could use a cart of some sort.”
Yes, they are less than $30 at target or any store. And very useful for not having to go to the grocery store every 2 days like you say…
“1/2 mile is not “close” for a gorcery store if (a) you actually cook and (b) it’s not (almost) b/t work and home.”
Like I said before, 1/2 mile is a 10 minute walk, tops. Maybe you should skip a meal once in a while if walking half a mile is too tedious for you.
Can anyone tell me why this building has such high assessments? The larger 2/2 units have assessments of almost $1200 and there’s no exercise facility, pool or large maintenance staff. Is there something seriously wrong with this building?
i live right across the street from that jewel and i can honestly say that besides the train tracks, it is a pleasant walk. hell you even get to walk by the chocolate factory and a park (dog park, but nonetheless).