Sellers Hang on to Prices: Lofts at 333 W Hubbard
Why haven’t prices come down much in Chicago?
Sellers are holding onto the old mania prices and hoping someone will bite.
And holding. And holding. And holding.
Thanks to the tipster who sent me the information about the group of one bedroom units at the Union Square Lofts at 333 W. Hubbard in River North.
The building was converted in 1998. There are actually two buildings. A newer shorter section in the front and a taller older concrete loft conversion on the Kedzie street side (overlooking the Merchandise Mart.) The taller building has the more authentic loft features, with exposed brick. The shorter building is more the “soft loft” type of loft.
Three of the four one bedrooms on the market have been on the market a LONG time.
Unit #612 doesn’t have pictures on-line.
Unit #612: 1 bedroom, 1 bath, 790 square feet
- Sold in June 1998 for $165,494
- Sold in April 2000 for $240,000
- Sold in September 2003 for $250,000
- Sold in February 2005 for $265,000
- Currently listed for $289,000 plus $35,000 for parking
- Assessments of $389 a month
- Prudential Preferred has the listing
- Market time: 240 days
OR:
You can rent it for $1250 a month plus extra for the parking.
Unit #512: 1 bedroom, 1 bath, 790 square feet
- Sold in October 1998 for $180,000
- Sold in May 2002 for $247,000
- Sold in February 2005 for $260,000
- First listed for $349,000 plus $39,000 for parking- recently reduced $50,000
- Currently listed for $299,900 plus $39,000 for parking
- Listing states it had a complete renovation- including a stainless wolf range and subzero refrigerator
- Assessments of $375 a month
- Koenig & Strey has the listing
- Market time: 279 days
Unit #204: 1 bedroom, 1 bath, 1010 square feet
- Sold in June 1998 for $145,224
- Sold in September 2003 for $242,500
- Currently asking $279,000
- No parking with the unit- but rental is available for $250 a month
- Assessments of $376 a month
- Koenig & Strey has the listing
- Market Time: 333 days
Nearly a year on the market and still not sold.
Stay tuned.
Wow! That is a long time for a 1 bedroom, so almost 1 year for most. Well, prices need to come down. I wonder if any of these unit owners got low offers that they turned down?
It’s pretty much irrelevant if there were unaccepted offers. With the bid-ask spread this wide, once people see comparable homes being sold this spring (presumably much lower than where a lot of people currently think the market is), there will be a stampede to sell as people finally come to the realization that losing money/no profit is better than short sale/foreclosure.
But then again, with some of these prices so stubbornly set a lot of homeowners may indeed be thinking “sell high or bust.”
see http://www.youwalkaway.com/
I think you meant “Kinzie St” and not “Kedzie St.”
Yikes! It looks like from the pictures that unit#204 has some water problems under the living room window by the looks of the staining on the bricks in the picture. That could turn into a very expensive project. No thank you! I would not even RENT that unit until reapairs were made.
SS: Yes- I meant Kinzie, not Kedzie. That would put you a bit more west if it were Kedzie. ha!
Thanks for catching the mistake.
How do you know that is water damage in 204? Good catch if it is – home inspection needed.
Diane
Update: 1 Under Contract 2 Closed in last 90 days… 10 Listings currently on MLS…
PEND 333 W Hubbard St #801 Chicago 8008 $655,000
CLSD 333 W Hubbard #306 Chicago 8008 $292,000
CLSD 333 W Hubbard St #417 Chicago 8008 $480,000
There is a great 1 bedroom on market right now (12/2/10). It is very large for a 1 bedroom – 1050 sq ft. Price was $272,000 and is now $257,000 (same as purchase price in 2001). Check it out – listed by Coldwell Banker – MLS 07621703. Seller is paying rental parking across street – $175 – a bargain for area. It is in pristine condition and beautiful. Very realistic seller – willing to even negotiate on that price.