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Steal and Deals: Get a South Loop Townhouse on the Cheap

Townhouses have become quite pricey in the South Loop.  I’ve chattered about million dollar luxury townhouses and cheaper townhouses near Printers Row.

But as more sellers get into trouble, prices are coming down on some properties. 

Thanks to the tipster who sent me the listing info on this townhouse at 1529 S. State.  This building was completed in 2001. The development consists of a 22 story highrise and some townhouse units adjacent to the highrise.  There are 143 total units.

1529-s-state.jpg

Sorry, I don’t have pictures of the interior of the townhouse.  But you can see the townhouse portion better here:

1529-s-state-_2.jpg

TH #5: 3 bedrooms, 2.5 baths, square footage unknown

  • Sold in June 2002 for $400,000
  • Was originally listed in September 2007 for $535,000
  • The price has been aggressively reduced
  • Currently listed at $414,000
  • Assessments of $767 a month

The listing tells the story:

SELLER IN DISTRESS! ZERO DOWN AVAILABLE, MAY HELP WITH CLOSING COST! LUXURIOUS, 3-STORY TOWNHOME IN THE HEART OF THE SOUTH LOOP. ENTERTAIN IN THE OPEN LR/DR/KIT, WARM YOUR SELF BY THE FIREPLACE, OR LOUNGE ON THE DECK.

SPACIOUS MBR FEATURES CAVERNOUS CLOSET & MBB WITH SOOTHING WHIRLPOOL TUB 3RD FLOOR LOFT WORKS WELL AS A BR/DEN/OFC & ALSO FEATURES A DECK. ALL APPLIANCES & AMENITIES ARE HIGH-END.

A 3 bedroom townhouse under $400,000 in the South Loop? Seems likely.

Realty Executives Residential has the listing.

This entry was posted on Friday, January 25th, 2008 at 2:30 pm and is filed under Steals and Deals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

10 Responses to “Steal and Deals: Get a South Loop Townhouse on the Cheap”

  1. I don’t want to sound lazy, but do you have a link to this listing?

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  2. re. post above….

    type in “1529 S State TH5” into a search engine.

    and as a potential home buyer, I’d say that I’m awfully skeptical of the sales strategies and competency of the many agents based on a lot of the MLS listings I’ve reviewed.

    Digital video/pictures/360 panoramas/website design are practically free, yet why skimp on pictures on MLS and realtor websites?

    Why doesn’t every semi-expensive home (say $400k+) have its own website with virtual tours, especially those homes that have been on the market for months?

    Are some real estate agents still acting as if this is 2005?

    Are many real estate agents technology luddites? How expensive is it to add pictures to an MLS listing? It can’t be prohibitively expensive.

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  3. Yes, still acting as if it were 2005. See the Charlie Chaplin’s penthouse post for big laffs.

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  4. I had found the condo on a “general listing” site, but because there was ONLY an exterior picture, I had THOUGHT that MAYBE the realtor would have done what “me” mentions, which is to create a site for this listing with pictures and plans. As was mentioned in the “Does Staging Matter” thread, why can’t floorplans and pictures be in most listings? I agree that it is not 2005 any more, and I find this type of lazy listing information insulting.

    Realtors sure like to show you their picture, but it would be nice if every now and then instead of showing themselves, they would show pictures of the listing.

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  5. At least we won’t have to deal much longer with THE most insulting thing brought to us by used home salespeople: high prices.

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  6. Why doesn’t every semi-expensive home (say $400k+) have its own website with virtual tours, especially those homes that have been on the market for months?
    —–

    Bec it’s not semi-expensive, it’s “normal”. It’s just what you have to pay. If you don’t get one now, you might NEVER get one! They aren’t making anymore Chicago, ya know!

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  7. Sorry- but there are NO interior pictures in the listing. Very annoying. How expensive is it to do that as you all said?

    What’d they do, trash the place? And even if they did- just be truthful in the pictures. Then it’s not a waste of time to go and look at it.

    Frankly- given how fast the listing price is being reduced, it seems likely that it might end up in the foreclosure category soon enough.

    If anyone actually goes to look at it- please report in on the interiors.

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  8. I bet if you look at your bollinger bands on housing prices in Chicago this is a nice example of mean reversion. 😉

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  9. hey there–what is the status of this building — 1529 s. state? What is the special assessment for? How long will it keep the assessments high? What do you think of this building?

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  10. How about a 3 bed/2.5 bath under $300,000 on a higher floor?

    REO

    http://www.falconliving.com/search/Condo/CHICAGO-60605/MLS_07168462.html

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