Steals and Deals: Buy in the Loop for only $200k
Yesterday, everyone was going ga-ga over the $209k foreclosure at 300 W. Grand.
But it’s still possible to find a one bedroom condo for around $200k in the Loop where you can walk to Millennium Park and the Lake.
20 N. State in the Loop was converted from an office building in 2002. The building is concrete lofts with exposed brick. It is also “live/work” so there can be businesses in the building.
There is no parking, but as City Agent has said in the past, why would you need a car if you live right in the middle of the loop within feet of several El lines and a gazillion buses?
Compared to prices at MoMo, the new high rise down the street, where a 825 square foot one bedroom lists for $325,000 and up, is 20 N. State a “deal”?
20 N. State: 1 bedroom, 1 bath, 650 square feet
- Sold in July 2003 for $115,900
- Currently listed for $200,000
- Assessments are $340 a month
- The bedroom is only 11 x 9
Charles Rutenberg Realty of IL has the listing.
This one (#802) was listed 12/12/07 and under contract 1/9/08. MLS currently shows it as contingent.
No, this isn’t a deal. Prices will fall further in this building.
Really can’t compare this building with the MoMo.
If it sold in 2003 for $115900, then it’s probably going to end up being worth $115900. You’d be crazy to pay $200000.
Condo Investor: Why don’t you think it’s somewhat comparable?
Granted- one is a highrise and the other a midrise but here are the similarities:
1. Both on State Street within a block of each other
2. Both don’t have parking (at least for the 1 bedrooms in Momo)
3. Neither building has a pool or a large lobby
Granted, Momo is being marketed as more “upscale”- but for the Average Joe looking to buy in the loop- 20 N. State seems like the much better “deal”.
But then, maybe MoMo is just overpriced as well.
Tipster,
Just because the buildings pointed out on “crib chatter” are doing poor right now doesn’t mean every single building in the City or Chicago is in the gutter or doomed. Some buildings run much better than others because of strong boards, right management company, location, views, diverse floor plans, % of owners as primary residence… Just like a stock market there are going to be winning stocks in a bear market. For every building that has 6-20 different listings I can find you a building that has absolutely no units for sale right now.
It’s like any other market there are always winners and losers…
City Agent: That is correct. I know of some downtown buildings where sales, at least in the past, have been brisk.
If anyone has a tip on a condo or SFH that has sold quickly or was flipped for a big gain etc. – please e-mail me the info!
lets look at the facts.
20 N State $200,000 for 650 sf equals $307.00 per square foot.
No Balcony, or amenities, small windows, no view, old rehabbed building with no work done on windows or exterior when it was converted. Will probably need extensive work to exterior in the next 10 years. (Probably around $20,000.00 in special assements)
MoMo $325,000.00 for +900 sf equals $360.00 per square foot, new construction. With 6’x11′ balcony, very nice unit layout, washer and dryer in unit, new kitchen, bath etc floor to ceiling glass across the entire unit. Has a party room , fitness center, and much better views. Parking structure right next to building.
You make the call?
Valasko, I don’t disagree with your comparison but do you have any “facts” regarding historical rent or income affordability levels?
They are both overpriced. But a MoMo buyer will be the bigger loser on their purchase.
There won’t be any ‘winners’ among those who buy in 2008. Especially those who close on longstanding contracts for new construction.
Just sit back and watch.
Valasko,
Where do you get your info? Some of the units do have inset terraces and the building was rehabbed when converted with new plumbing and in unit laundry installed. The 1 bedrooms are larger than 650 Sf. Your analysis is terribly flawed. Hopefully, no one will pay much attention to it.
SR,
Valasko seemed to be refering to the Millenium Lofts unit in the post. It says that it is 650 sf and I don’t believe there is an inset terrace in this unit (not north-facing?)
I think they all have laundry hook-ups, storage closets and new windows. No real amenities except for many college students and their transient tendencies.
haha you are right G, some units are nicer than others.
My analysis is based on the post information:
20 N. State: 1 bedroom, 1 bath, 650 square feet
Sold in July 2003 for $115,900
Currently listed for $200,000
Assessments are $340 a month
The bedroom is only 11 x 9
Charles Rutenberg Realty of IL has the listing.
Based on the photos there are no balconies.
G- My analysis is a condo unit to unit comparision. I wasn’t comparing renting vs owning. If market valuations fall then both units will fall value.
My analysis is based on the post information:
20 N. State: 1 bedroom, 1 bath, 650 square feet
Sold in July 2003 for $115,900
Currently listed for $200,000
Assessments are $340 a month
The bedroom is only 11 x 9
Charles Rutenberg Realty of IL has the listing.
Based on the photos there are no balconies.
G- My analysis is a condo unit to unit comparision. I wasn’t comparing renting vs owning. If market valuations fall then both units will fall value.
G, “there won’t be any “winners” among those who buy in 2008…” DO YOU HAVE ANY “FACTS” REGARDING PRICES FOR ALL OF 2008 for every single building in the city of Chicago and where prices will be for these buildings in lets say 5-10-15-20 years.
Well you don’t have “THESE FACTS” or can’t even share them with me so I Highly disagree… In fact I don’t plan on answering anymore of your posts. It’s a waste of time because your an expert on ALL facades of life such as stocks, bonds, real estate markets, sports, coin collections, the 2008 Election, etc… I bet your going to make a “COOL” $million$ betting on the Patriots this weekend.
Interest rates are at an all time low and will not stay this low into 2009. Prices have dropped considerably and “motivated” sellers are being competitive when pricing there homes. I have noticed increased traffic for the past 2 weekends and its going to pick up after the Super Bowl…
“all facades of life”–I enjoy that.
“Interest rates are at an all time low”–NOT for jumbos. They aren’t even at lows for the past year.
I’m sure G has at least as many “FACTS” as you do CA. I’m sure you’re stressed about ’08, but that doesn’t make it okay to rant and rave about your disagreement. You don’t present any facts (or “FACTS”) either, so you haven’t done much to establish your position as more credible.
G probably has never owned anything or can’t afford luxury thus the reason all he does is try to spout off about it all the time….all talk and he is probably short to boot. You are wise CA to not listen to his stupid comments.
sally, seriously, what gives with the ridiculous (“he’s probably short to boot”) and nasty comments? Your credibility sinks further with every one you make. If this site upsets you so much–with people daring to voice opinions that every mainstream economist shares right now anyway–why do you stay on it?
Thank you, kenworthey. My stubborn notions are now mainstream? Well then, the fear and anger we see here should turn to panic very soon.
Sally,
Have you taken ever take an economics class? If demand for a product is reduced and supply is increased, what happens to the price of said product? If you can’t understand this simple concept, then you probably shouldn’t be posting theories/opinions publicly. If you need me to expand on the intricacies of condo demand and supply, I can.
G: Your IDEAS are mainstream; your personality is still lovably cantankerous. Whether you are impoverished and short, I cannot tell.
As a former owner at 20N (2003-2007) I can tell you that almost half the units have an inset balcony, the windows are new, as is all the plumbing, electrical, and so on. The assessments are a bit high, but they include your heat, air conditioning, hot water and cooking gas. About a third of the units do face the alley, the remaining units look out over State Street or toward the north with plenty of light. All units came with granite counters, and laundry hookups. The ceilings are 12′, the windows are actually quite large with the top of them being 10′ above the floor. Many units have hardwood floors, others have carpet.
I sold my unit for 50% more than I paid only four years earlier. The building is unique in that it provides truly affordable housing in the epicenter of the city. I have since relocated to a tiny studio in NYC, but have pics of my place at 20N on my flickr.
http://www.flickr.com/photos/iconeon/sets/72157601985523346/show/
Read the cover article from BusinessWeek lately? Not saying I agree 100%, but there are MANY arguments that justify the writer’s prediction of housing prices falling another 25% from here.
I’m not sure if Sabrina censors links, but if not here is the article:
http://tinyurl.com/3cuhsh
Housing Meltdown
Why home prices could drop 25% more on average before the market finally hits bottom
Sorry to limit that to “writer’s prediction” – it is in fact the prediction of many economists cited in the article. I think G will truly enjoy the read.
Devyn, you had a nice pad. I like to see lofts that are left as lofts and not turned into suburban living rooms. I cannot tell you how many resale lofts have “turned me off” because of the country kitchen lights, wallpapers and other nonsense. I sometimes wonder why some buy loft style units at all? You did a great job with your space and still left it a bit raw which I like myself. Hope you like NYC, I have lived there myself, as well as San Francisco, and since I do not make $600,000 a year, I have to choose Chicago as my best urban living experience so far.
Devyn: Interesting that you decided to paint the brick. I haven’t seen other units that have painted it. It definitely gives it a different “look” than the hodge podge of color.
The windows in that building can be quite nice (depending on the unit.) They’re larger than you’d think.
Update: 300 Grand Unit #504 is under contract…
A/I 300 W Grand 504 Chicago 8008 $209,900