Short Sale River North “Investment Opportunity” Studio Closes: 330 W. Grand
We chattered about the investment potential of this 585-square foot studio at 330 W. Grand in River North in early April 2009.
See our prior chatter and pictures here.
It went under contract about 2 weeks after our chatter and closed in June for $2,000 over the list price.
Unit #1605 with the same square footage is currently on the market for $173,900 but it includes a parking space (whereast #1305, which just sold, did not.)
Unit #1305: studio, 585 square feet
- Sold in March 2006 for $194,500
- Was listed in “short sale” in April 2009 for $129,000
- Sold in June 2009 for $131,000
- Assessments of $283 a month
- Taxes of $2020
- Central Air
- In-unit W/D
- No parking
- Nicholas Katsafados at R.E.I.T. Homes had the listing.
Is it me or is this a good deal. With 20% down, your mortgage, assessment and taxes are under $1,000. Meanwhile, studies in nearby apartment buildings are leasing for over $1,500.
Please post more like this.
Um, I would say studios are ACTUALLY going for $1,000-$1,100. I’m in a 950 square foot 1 BR on one of the highest floors with the best view and pay $1,500. No way a studio would go for that.
“Meanwhile, studies in nearby apartment buildings are leasing for over $1,500. ”
I doubt this. Maybe a few super luxury apartment buildings, but certainly not all or even most.
Like others have said, equivalent studios have been renting for $900-$1100 in this area recently
You have to make sure to only compare other studios with In Unit Laundry and a balcony.
The laundry makes a big difference in terms of rental price.
My ex-gf lived in a studio, in River North (actually a better location than this building), with in unit laundry, a pool, gym, door guy, etc. (same type of “finishes” as this place) and was overpaying at $1100/month. Others in the building in the same unit were paying $950-$1000/month.
Does this place come with razor blades? Are you kidding? Sad, bad light, bad layout… Need I go on?
I really enjoy reading the posts from all the hyper cost-conscious with no regard whatsoever for the need for well designed space and good light, but rush to sign up as a long as their is “in unit W/D.”
It reflects the sad state of affairs of the consumer mindset this country.
You are the “Walmart Generation.” Maybe you even get a $50 Target giftcard if you buy this dump.
“You are the “Walmart Generation.” ”
‘Welcome to Costco, I love you.’
“I really enjoy reading the posts from all the hyper cost-conscious with no regard whatsoever for the need for well designed space and good light, but rush to sign up as a long as their is “in unit W/D.” ”
If you are someone who is genuinely never home except to sleep and bathe (and, w/ in-unit w/d, wash), it makes a certain amount of sense. I was that person for a while, a decade ago, so I understand it. It’s that principal that makes most Manhattan apartments tolerable.
Of course, *planning* to be that person for 5-7+ years to make buying a place like this “sensible” is something I don’t understand.
I live in a full amenity condo building in RN and studios are renting for $1250. Maybe overpriced, but the going rate.
This space might look less ‘sad’ if the realtor had taken the time to photograph it during the day.
“I live in a full amenity condo building in RN and studios are renting for $1250. Maybe overpriced, but the going rate.”
Still not papu’s “over $1500”.
Looks like a luxury dorm room.
This went for $11,000 less than my studio in the Vetro (611 S. Wells). The difference: I love my studio, and mine included a parking place.
I don’t like the refrigerator’s location in the pic. They could’ve used the space better elsewhere. Put the fridge against a perimeter wall, and open the place up.
As a realtor, I’ve never sold anything (or helped buyers buy) at 330 Grand, for two main reasons.
Firstly, the assessments are high and always have been. Before anyone jumps down my back – yes, I know that they include heat and air, doorman, workout room. But no internet or cable package. Keep in mind that a $300 assessment on a 4 year old building is a $500 assessment in 10 years. Makes it very unmarketable. The assessment is $441 for a 1 bed 1.5 bath in the building and $650 for a 2 bed/2 bath in the building. That probably doesn’t include the extra $50-70/mo for the parking assessment, if applicable.
Secondly, it’s a horrible location all around. It’s a weird pocket in River North where you aren’t in the heart of the action (e.g. Ohio/State) and you aren’t in the cool neighborhoody part (e.g. Erie/Kingsbury). You can easily walk downtown, but you could do that from 200 W Grand, 361 W Illinois or 333 W Hubbard. None of those locations would put you at the crossroads of two MAJOR thoroughfare streets. Lots of downtown commuters take Orleans to the expressway and Grand is the only street that moves in rush hour. I guess west facing light would be nice, except you are looking at the expressway and the lovely Office Max. Which will someday be a highrise.
This is obviously for the price-concious consumer but I ran the numbers. Assuming 6% interest, 20% down, $2020 taxes:
1. This place costs $1080/month.
2. If the same buyer found a studio with $200 assessments, s/he could buy $150,000 and the payment would be $1088.
I prepare a spreadsheet with monthly costs for each appointment with buyers. It’s easy to get caught up in the purchase price, but taxes and assessments change the whole picture and sometimes the high purchase price ends up being the lowest monthly cost.
I do not agree with Stephanie on the location issue or rather we have a different perspective than she does. We see the building as very well situated for our needs. There are a huge number of restaurants and clubs right nearby on Wells. On weekends there are lots of young people walking around. There are numerous stores in the immediate area including a drugstore; a pet store; two hardware stores; a Starbucks; a deli; an Office Depot across the street; as well high end habitat type stores. The dog park is a very sort walk on Orleans. The Merchandise Mart is a few blocks away with the Brown line. N. Michigan is 8 or 9 blocks on foot. Big box stores and supermarkets are a short drive away. There are plenty of taxis always coming by. For weekenders like us coming in on I90 the location is great, only two blocks or so off the highway. The view from the 18th floor tier 6 is spectacular. We can even see some of the fireworks over the lake.
On some weekends we can smell the chocolate from the nearby factory. That’s nice.
It works for us.
Unit 903 short sale 1-bedroom listed for 150k, 877 sqft.