Short Sales Setting New Prices at 1255 S. State in the South Loop
When the Vetro had its auction in February 2009, we chattered about possible better deals in 1255 S. State, or Vision on State, a new construction building that started closings in 2007.
Now we’ve had the auction in 1400 S. Michigan. But the short sales also continue in 1255 S. State.
It appears that the 1-bedrooms priced under $200,000 in short sale, with parking included, are selling. Several recently went under contract.
But there are also some two bedroom units, with the parking included, that appear to be available for the price of a 1-bedroom at 1400 S. Michigan.
According to the listing, this 2-bedroom has an upgraded kitchen with stainless steel appliances and granite counter tops. It also has central air and a washer/dryer in the unit.
Is 1255 S. State the best deal in the south loop?
Mark Ahmad at Coldwell Banker Leader Realty has the listing. See the pictures here.
Unit #1117: 2 bedrooms, 1 bath, 945 square feet, west facing
- Sold in April 2008 for $438,000
- Short Sale
- Originally listed in January 2009 for $279,000 (parking included)
- Reduced
- Currently listed for $239,000 (parking included)
- Assessments of $519 a month (includes water, doorman) – listing says it will pay assessments until April 2010
- Taxes are “new”
- Bedroom #1: 13×11
- Bedroom #2: 11×11
- Living room: 15×10
- Kitchen: 10×7
This place seriously sold for $440K??? Man, I guess hindsight is 20-20.
went to an open house in summer of 08 and 1255 s state was just awfully generic.
you didn’t need 20-20 vision to know to avoid that building.
Link already dead.
re: $440k–maybe–maybe–if there were a 2d bath, but a 2/1 in a so-so building for over $450psf? Makes the place in S’ville seem like deal at $750k.
I wonder how much has the apparent mortgage fraud uncovered in prior chatters about the Prison on State has decimated comps, HOA finances and morale. That said, if the 4/08 purchase was legit, the sellers have no one to blame but themselves. The problems with this development, at that price, at that stage of the real estate debacle, should have been clear for anyone to see.
I’m not sure if this has been discussed before, but what was the rationale behind building this in the first place? The South Loop had plenty of options at the lower end of the market well before this building was built. The location is unfortunate — the El and the supermarket in the backyard, that desolate stretch of 13th street, the low density housing across the street guaranteeing some uncomfortable moments at night — and the building and its tiny windows look awful from afar (I’ve never been inside). I’m just not sure what they were thinking, unless the cash out on first-time buyers was really that great.
I disagree with most of the above comments. I see many pluses to this property:
Location!
1.Proximity to three L trains is great – above the 6th floor it’s not particularly loud. Don’t forget the decent bus routes on Michigan and State.
2. Walking distance to the Target and new Roosevelt Collection retail. A short bus ride to Whole Foods, Best Buy and Dominicks (if the Jewel DOWNSTAIRS isn’t easy enough).
3. A quick walk to the lake and Museum Campus.
4. A reasonable trek to the loop compared to the southern South Loop buildings.
5. Currently unobstructed views are unlikely to get any worse.
6. Its close to the lake, but far enough way to not pay lakefront prices.
While the building may be generic – when was that such a bad thing? I feel more comfortable getting value than glamor – especially when its not lacking anything. My only concern with this building is the number of short sales may lead to messy condo association fees and decreased property value. This makes it risky for investors, but for people planning to use it for many years it could work very nicely. Am I naive?
Andy, have you lived around here?
1. You say the noise isn’t that bad but even if it were merely noticeable, you’re going to get a ton of traffic from the Orange and Green lines.
2. The Target better be walkable, because there’s no way to get a cab home at (upper) Clark and Roosevelt when you’re done shopping and laden with goods. Also, the sidewalks on Roosevelt are low priority when it snows so it can be quite a trek.
3. Lived in the South Loop for four years. Can’t say the proximity to Museum Campus did much for me, above and beyond the proximity to the lake that came with it. Might be nice if you were a Bears fan though.
4. … The consensus on Cribchatter is that south of Roosevelt is too far for a walking Loop commute. I did it year round from 2-3 blocks southeast, passing this building on the way, but I seem to be the minority.
5. Views of train tracks to the west, nicer condos to the east, older condos to the north, and another cheaply built (but sensibly operated as a rental) highrise to the south?
6. The problem with trying to set some kind of level of value in this building is that there’s tremendous uncertainty around the short sales and HOA finances. I don’t think your average first-time homebuyer has the experience and resources to wrap their head around what’s really going on and I think your average Chicago trade-up buyer has their sights set on something a little nicer than this one.
I have a buddy who has a place on the 8th floor facing north that I’ve been to many times. The city view is great (probably one of the best in the city for the money) and the EL isn’t much of a problem. The balcony is on the smallish side although still manageable. The finishes are certainly decent– SS and granite. This building is a long way from Trump or 600 N. Fairbanks in terms of quality but then again so is the pricing. I don’t know what there is to complain about???
I remember soon to be owners protesting outside the sales office of this building. I think it had something to do with poor contruction, but I am not sure. I think there is plenty of reason to stay hell away.
@Chris
Yes, I have lived in the area for three years now, and ended up buying in Printer’s Row – which I do find to be infinitely superior for mostly reasons you listed. In response to your comments, here are mine:
1. I’ve looked at numerous units in this building and the sound proofing is a lot better than some I’ve been in. If you’re below the 10th floor, yeah it may be a concern – but the units on the 14, 15, 17th and 18th floor I looked at, I noticed very little. Also keep in mind the green and orange lines do not run all night – and always a lot less frequently than the brown, red or blue lines.
2. I rarely take taxis so I’m not especially in-tune with how challenging they are. Personally I’d just call one if I was concerned. Nonetheless I have noticed pretty frequently people getting in taxis at that Target, so it can’t be too bad. Of course, this is all under the premise the Target is far away, and its only a block away.
3. I agree that I really wouldn’t visit the Museums too often. For families with little children this might be a different story. Despite this however, I do love to go running or walking in this area.
4. I agree about south of Roosevelt – but this is really at that cusp since it is basically on Roosevelt. It’s true though that the walk will be at least a mile – which for me is not unreasonable in decent weather and at the very least a quick public transit ride.
5. Aside from the train tracks, I don’t find any of these things to be too odd or even negative for city living.
6. Yes, value for this building is complicated and a gamble.