Still Trying to Sell a 3-Bedroom Loft 10 Months and a $66K Reduction Later: 360 W. Illinois in River North
This 3-bedroom penthouse loft in The Sexton at 360 W. Illinois in River North has been on the market since May 2011.
It previously sold just 2 years before, in August 2009.
We chattered about this unit in September 2011 as the listing price was $225,000 higher than the 2009 purchase price with, apparently, no renovations done to the unit.
See our prior chatter here.
Back in September, all of you thought this was overpriced (even Clio).
Some of you were even surprised that Jennifer Ames had agreed to take the listing.
As predicted by all of you, the loft is still on the market (but has a new agent) and has now been reduced $66,000 (as the prior list price included one parking space and the current one doesn’t include any parking.)
If you recall, the loft is one of the bigger units in the building.
It has exposed brick and high timber ceilings with two outdoor spaces, including a 54 foot long deck.
All 3 bedrooms have windows and there is also a separate family room.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The loft has central air, washer/dryer in the unit and 2 parking spaces are available (for $35,000 each).
The loft is still priced $159,000 over the 2009 price.
What price will this loft eventually command?
Is the sale price being influenced by the new rental high rise that is being built across the street? (even if this unit doesn’t look directly on that building?)
Jennifer Mills at Koenig & Strey Real Living now has the listing. See the latest Youtube video here. (warning- music!)
You can also check out the Youtube video of the 2009 listing here if you want to compare. (also music)
Unit #601: 3 bedrooms, 3 baths, 2500 square feet
- Sold in December 1999 for $536,000
- Sold in October 2004 for $725,000
- Sold in August 2009 for $725,000
- Originally listed in May 2011 for $950,000
- Was still in September 2011 for $950,000
- 1 car parking included in the September 2011 listing plus second available for $35,000
- Reduced
- Currently listed for $849,000 (but now parking is extra for both spaces at $35,000 each) = $884,000 when compared to the prior listing
- Assessments now $1203 a month (they were $1097 a month in the prior listing) (includes doorman)
- Taxes of $12,804
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 19×18
- Bedroom #2: 13×13
- Bedroom #3: 10×15
- Family room: 16×13
Dude deserves to profit after buying in 2009
Cheap looking bathrooms, doors, kitchen, etc. Why is this worth more than 500K with parking? Really sadly dated and poor quality.
The only thing jaw-dropping about this place is the mispricing. How long do you think that the $4k or so a month in carrying costs for this place need to go on before this dude realizes he should have told Jennifer to subtract 20% from his purchase price instead of adding 20% to it? Might be that the new employer is picking up this as relocation, though.
“How long do you think that the $4k or so a month in carrying costs for this place need to go on before this dude realizes he should have told Jennifer to subtract 20% from his purchase price instead of adding 20% to it?”
Well, it wouldn’t be the first time that Jennifer was off by about $335,000…
http://cribchatter.com/?p=13044
http://2075noakley1.com/
the construction of the high rise across the street cannot be helping sales in this building.
“Might be that the new employer is picking up this as relocation, though.”
Doesn’t appear likely in this case.
“Currently listed for $849,000 (but now parking is extra for both spaces at $35,000 each) = $884,000 when compared to the prior listing”
I’m not sure this math checks out?
“I’m not sure this math checks out?”
Prior list was one spot include, 2d spot for $35k.
1 used to be included, now zero are included. Add $35k to current list price to get an rotten apples to rotten apples comparison. The math looks right to me.
The construction must be totally f-ing this building, but I still like it, just not as much anymore
This price drop is due to the new highrise going in across the street which will block what were previously fabulous views of the South Loop. The new units will look straight across from these lofts. Too bad for these owners and loft lovers in general since there will be fewer nice downtown lofts.
“How long do you think that the $4k or so a month in carrying costs for this place need to go on before this dude realizes he should have told Jennifer to subtract 20% from his purchase price instead of adding 20% to it?”
It only takes one buyer.
I’m going to be laughing at these Sexton loft owners when I move into the new rental tower across the street knowing I’m blocking there views and taking 20% off the value of their units.
Nice place – besides the video, you can also see the interactive PicturePlan here:
http://www.smartfloorplan.com/il/v320679
This would be a great unit for a live-work situation where the buyer has several employees for a creative business w/relatively little client or vendor traffic, but as a residential unit – well it looks like you’re living in a converted live-work loft. Lots of bland open space, bare brick wall, and exposed ductwork doesn’t make a great loft-space as living-quarters, very standard developer-choice finishes, no view, no deck, ok why would a buyer pay such a premium here? Reminds me of prior employers’ work-spaces. If seller wants to sell, he’ll need to price closer to $500,000, yes, and hope for a buyer seduced by square footage alone. At current pricing, owner will stay put for a long long time.
lot of space. i like it.
overpriced. but i like it.
$750K seems top end of possible imho. both spots included.
Just checked. Says $35k per spot. So no big deal as it does get confusing. But using unit and both spots as the target purchase price (which is most likely required for purchase), here’s the totals.
5/4/11 listing was $950k/ 1 spot included/1 @$35k = $985k total w/both spots
Did drop on 9/8/11 to $895k (same parking scenario) = $930k total w/both spots – Canceled 3/22/12
Relisted 3/25/12 @ $849,900 (now both spots are $35k each) = $919,900 total w/both spots
Again, no big deal and dissing anyone’s math. Just clearing it up for everyone. Thxs.
Was just in this building about three weeks ago — nice location and nice units, but the high rise will kill these units’ values — both in the resale and in having the terrible vista of the construction happening for the forseeable future. Insane price given what’s going in…
What were you all missing on this one?
1219112105 05/29/2012 07/09/2012 WARRANTY DEED $840,000.00