Selling One Year Later in River North: 154 W. Hubbard
We last chattered about this 18-unit new loft building at 154 W. Hubbard in River North in September 2007 when it was 50% sold.
It looks like the developer has sold all the remaining units. But one 2-bedroom has now come back on the market as a resale.
Will this seller see any appreciation after owning only a year?
Here’s the listing:
THIS IS A WOW! FIRST RESALE OF THE STUDIO DWELL ARCHITECTS PROJECT LOCATED JUST BLOCKS FROM MICHIGAN AVE. ONE OF A KIND CONDO W/ STUNNING FINISHES: OVERSIZED SOLID CORE DOORS W/ BRUSHED CHROME, CUSTOM ITALIAN CABINETRY BY COPAT, JENN-AIRE APPLIANCES DOUBLE OVEN, OVERSIZED SHOWER W/ BODY SPRAYS.
AN OPEN FLOOR PLAN W/ EXPOSED BRICK DETAIL, WIDE PLANK HARDWOOD FLOORS THROUGHOUT, A BALCONY & MORE, GAR PKG $35K. PETS OK
@Properties has the listing. See more pictures here.
Unit #404: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 2007 for $577,000
- Currently listed for $599,000 (plus $35k for parking)
- Assessments of $168 a month
- Taxes are “new”
“I overpaid last year (and got free parking) and now I want to sell it for a profit (and charge for the parking)”.
No.
Yeah, calling this seller optimistic is being charitable. Effectively asking for a 10% return (when you add in parking) on a property he is flipping in one of the worst market in decades. Ballsy!
I don’t think many people list expecting their offer. I would think he is hoping for a $577 bid and praying to get out as close to flat as possible. Cold is coming… this will get really interesting. One building I watch i saw quite a few listings come down from. I called the building management with whom I am friends with and said all rented.
I do like the double ovens though.
This is offensive. This is the kind of thing (against my better judgment) that makes me hope the housing market never recovers.
Yo, is that you, IB? Some sort of caricature of a mittel europan in Rio?
This place is absurd at anything over the conforming limit. $521,250, with 20% down. $463k, if they want it to move (conforming w/ 10% dp). $429,897 for an FHA 97% loan. Watch for those prices–that’s what stuff will close at if it’s even plausible based on the existing mortgages and initial asking prices.
Anon (tfo).. yes it is me. I hated using IB all along and was inspired by HDs’ Cheshire Cat as well as his fictional character reference. Actually Ze is a friend of Donald Duck who lives in Rio and is one of the Three Caballeros from Disney. I love animation, I LOVE RIO, and Ze reminds me to be happy when I post!!! I must admit I am Impressed you knew what a Carioca is.
http://www.youtube.com/watch?v=_mQHr8bAojU
Guaranteed to make you smile!!
The days of 600k lofts are indeed over. The few buyers smart and creditworthy enough to afford a 600k place I can assure you aren’t going to be the urban hipsters living the low/no down dream.
They’re going to be people a little older and likely looking for a nice SFH or flat at the least.
I don’t know who the owner is but I’m going to go out on a limb and say they’re under 35. I’m also going to speculate that their household income is less than 200k. Looks like their precious kids are going to the local public school with this financial picture.
Bob.. I myself have a serious preference for lofts, my wife even more so than me. I think Sabrina does also. Actually a cookie cutter 2 bedroom with one bedroom on each side of a living room and a 9-10 foot ceiling is death for me.
“I’m also going to speculate that their household income is less than 200k.”
That’s some expensive looking furniture (but minimal electronics) for a young, middle-income type.
Also, I agree with our Brazilian parrot–if I were interested in a 2 br apartment, I’d much rather have this than most others we see here. But not for $600k, b/c it ain’t worth that.
I would take this over the boring monotonous split 2 bedrooms as well. . .That floor plan needs to be retired.
And I doubt these people have kids seeing as how their second bedroom is arranged. Looks more like a guest room/study to me.
My guess is that no electronics might mean the home was staged.
“My guess is that no electronics might mean the home was staged.”
What I thought at first, too, but the bedroom (see link) has a little tv perched on the dresser.
Not sure where you all are looking but I see a flat screen mounted in the fam room and computer/tube tv in the bedroom.
Lets not forget the young’uns who have their empty nester parents more than happily offering to pay down payments. I am/was in this crowd and could bring 20% DP to the mortgage guy/gal. My salary, on the other hand, can’t afford 600K yet. glad I only made it through the pre-qual step and didn’t buy back in March…One stop at Parkside of Old Town made me realize prices were crazy. $275K for a 1br next door to Cabrini… HA (that and the fact that all the finishes were “standard” but they could only show me a $1M+ townhome with all the upgrades…)
“flat screen mounted in the fam room”
Missed it. Didn’t even look on that wall, as I can’t imagine why you’d mount it there with that floorplan.
It’s funny how sellers were so “offended” when buyers dared to question their asking price during the hot market. Still, they are surprised when buyers are offended at obscene asking prices such as these. As if offense in real estate is only supposed to go one way.
“Lets not forget the young’uns who have their empty nester parents more than happily offering to pay down payments. I am/was in this crowd and could bring 20% DP to the mortgage guy/gal. ”
You are a part of a small coveted market. Especially nowadays. You should consult Realtor Steven Heitman immediately about purchasing a home.
Too many sellers simply cannot get it through their heads that now that the housing bubble has burst, they can no longer get bubble prices for their condos, lofts, houses, etc.. The prices have to go back down to where they were, adjusted for inflation only, before the bubble started.
CaptainVideo,
Good point. However I would argue this: for entertainment value I enjoy this. These are people who base their net worth off of their zillow estimate or property tax assessment, however inaccurate it may be.
Did you know that I, myself am a millionaire (in Zimbabwe). I used to be one in Turkey too until they revalued their currency and destroyed 90% of my assets. 😀
I was VERY interested in this building over a year ago, but am thankful I did not purchase one of these units, and am currently a happy renter. I wanted to mention regarding the “view” , that at least a year ago, they did mention the possibility of the parking lot (that allows half the units to have a “view”) having a commerical/office structure going up that would block many units light and views. On the positive side, the kitchens and bathrooms were very well done, but I would not want to pay more than 425K.