Still Distressed Properties Out There: A Loft at 550 N. Kingsbury in River North
This 1-bedroom loft at 550 N. Kingsbury in River North came on the market in early June 2015.
This brick and timber loft is one of the rare units that is actually “on” the river. It has a large private terrace that runs the length of the unit nearly at water level.
From the pictures, it looks like the kitchen is intact with maple cabinets, granite counter tops and stainless steel appliances.
It has an in-unit washer/dryer which is seen in one of the pictures.
The loft also has a double sided fireplace, central air, and 2-car tandem parking.
It last sold near the peak of the housing bubble in 2005 but two lis pendens were filed, in 2007 and 2008.
The bank finally took the unit back in February 2015.
These units with the big terraces were always considered more valuable than the other river side units during the boom years.
But it’s now listed $82,000 below the 2005 price at $429,300.
Has living directly on the river lost its prestige in the last 10 years?
Seng Phosaraj at Carrington Real Estate Services has the listing. See the pictures here.
Unit #R03: 1 bedroom, 2 baths, no square footage listed
- Sold in January 2003 for $465,000
- Sold in June 2005 for $512,000
- Lis pendens filed in June 2007
- Lis pendens filed in April 2008
- Bank owned in February 2015
- Currently listed for $429,300
- Assessments of $544 a month (includes doorman, cable)
- Taxes of $4787
- Central Air
- Washer/Dryer in the unit
- Tandem parking included
- Bedroom: 13×12
Is it just me, or are market times increasing again after a super hot spring?
It seems like properties priced over $400,000 and under $650,000 are sitting longer than a few months ago. But I await the data to confirm this.
It will take a few weeks for the higher mortgage rates to work their way into the system because people buying right now already locked in lower rates a few weeks ago.
I love the terrace! The pictures make it really difficult to get a sense of the size of this place though.
30 year Mortgage rates (fhlmc) are unchanged from last week @ 3.87%
This place has sooo much potential but is currently a disaster in need of a complete rehab, no way in hell they get that price, I’m thinking 370k tops just because it needs so much work.
This building has always been hip.
OT, but great quotes throughout: http://www.marketwatch.com/story/new-tech-money-is-destroying-the-streets-of-san-francisco-2015-06-08?dist=lcountdown
“by turning once-charming homes with detailed woodwork, built-ins and art glass, into clones of Apple’s minimalist retail stores.”
It’s really difficult to tell how much work this place would need. If I was a buyer in this price range though, I would definitely take a look. The bathrooms could use new tiles and counter tops and I would want to re-do the footprint of the bedroom. I can’t imagine it would cost that much to make those changes.
“Is it just me, or are market times increasing again after a super hot spring?”
I am seeing the same thing but in the higher price range. We are looking at places from $750k – $1.3MM. Market times seem to have definitely increased. A month ago, everything was going contingent quickly. Now properties seem to sit longer and price drops are the norm. From our vantage point. April/early May was a noticeable market top. Buyers seem to have disappeared.
only if I could put in a kayak lift.
looks like its now off-market.
I used to live in this building. Extremely well run. Lobby also acts as a rotating art gallery. My only issue was the sound transmission between floors, as is the case with all timber lofts, which is why we left. They had a larger special assessment a few years ago for tuck pointing and new roof. Sucked for us owners at the time put a positive for any new buyers.
“Is it just me, or are market times increasing again after a super hot spring?”
It seemed like from fall of 2014 to spring of 2015 everything was flying off the market. Then all of a sudden now the market has stalled.
Yes it seems like properties are staying longer and there are some price decreases. But we need hard data. Are there any realtors on this board who know the true answer?
Property off market; gotta love Urban Real Estate breaking the MLS rules by never removing the old listings, even years and years later…
https://www.urbanrealestate.com/property/550-N-Kingsbury-Unit-R03-CHICAGO-IL-60654-E4JXDS5Z4BQZU.html
Holy $hit that bathroom is “park ridge pink”. The unit actually isn’t that bad, a few G’s in cosmetic changes (paint, chandelier) and it’s not a bad one bed. But the price is stratospheric. the days of everyone wanting to buy a REO have come and gone; virtually every buyer I know now (and I know quite a few) wants new new new and will pay a premium. Yet the banks are 3 years behind the times and are pricing the properties as if they’ve already been renovated, assuming demand in 2015 is the same for foreclosures as it was in 2012…other than the stinky river (to which some disagree) it’s not that bad of a place. I’d love to rent it for $2,200 a month.
“A month ago, everything was going contingent quickly. Now properties seem to sit longer and price drops are the norm.”
Yeah- it seems to have slowed a bit but it was red hot for the last 3 months so that would be normal. It really couldn’t keep up that pace. I’m seeing some things sitting longer right now at certain price points too. But by “longer” I mean, instead of selling within 3 days it’s now taking 2 to 3 weeks to go under contract.
“Park Ridge Pink”- that’s great. That bath is so out of keeping with the rest of the place, which is pretty good-looking. But at least it’s just paint.
In regard to 550 N Kingsbury do you hear the traffic from lofts facing the city? From the roof deck?