Still Trying to Sell in Studio Dwell’s Lofts at 154 W. Hubbard in River North
We’ve been following the re-sale of this 2-bedroom authentic loft at 154 W. Hubbard, the loft building renovated by Studio Dwell in 2007, since November 2008 when it first came on the market.
It has been off and on the market in the more than 2-years since.
See our June 2010 chatter here.
In that time, it has been reduced $54,100.
The loft has exposed brick and timber ceilings.
It also has some more luxurious finishes including wide plank hardwood floors, and the kitchen has Italian cabinetry by Copat, granite counter tops and Jenn-Aire stainless steel appliances.
What will it take to finally sell this property?
Terri McAuley at Koenig & Strey Real Living now has the listing. See the pictures here.
Unit #404: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 2007 for $577,000
- Was listed in November 2008 for $599,000 (plus $35k for parking)
- Was listed in February 2009 for $599,000 (plus $35k for parking)
- Withdrawn
- Was listed in June 2010 for $589,000 (parking now $30k extra)
- Reduced in August 2010 to $549,900 (plus $30k for parking)
- Currently still listed at $549,900 (plus $30k for parking)
- Assessments of $219 a month
- Taxes are $8006
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×15
- Bedroom #2: 11×10
- Living room: 16×24
- Dining room: 10×9
- Kitchen: 13×9
“What will it take to sell this property”
A realization by the owner that s/he is deeply underwater and that s/he will never get anywhere close to the 2007 price.
425-450k gets it done in this awful market. I like the place but there is way too much to choose from for a 580k 1400sqft 2/2
What a disaster. And no 450k is not going to get this done.
Agreed. At $450k (with parking), this is a pretty sweet pad for the right buyer. Otherwise, for nearly $600k, there certainly are vastly superior options.
Hard to feel sorry for someone that though that he/she could make out $57K ahead after living in a place for 13 months. He/she will be lucky to LOSE $57K on this investment.
the thing is that it would be so sweet for me as a single villager in my early 20s but that would be for about 5 years and no way was I affording that then… Seems like a limited audience for such a high price IMO
It is a nice loft, cool space. But waaaay overpriced. I would have to pass on close to $600K for a smallish 2 bedroom, 2 bath loft.
“no 450k is not going to get this done.”
I have to be the 3d contra Bob. $450k, parking included, gets it done. And is an anchor for everyone else in the building.
Its listed at its 2007 price cuz we know this owner likely didn’t use this as a “savings account” to “build equity” as so many used to claim on here. Instead they likely are overextended at the hilt and unable to bring any cash to the table. This flying high river norther is about to get F’d up by some truth, as Kenny Powers would put it.
Obviously this owner has also seen the billboard affixed to their building a few too many times.
Walk to boss bar
There are better ways to live for over $400K than this. Lofts are a late 20th-century fad that will pass when energy prices start to escalate dramatically and as people tire of exposed bricks and ductwork and start to want privacy, coziness, and fine finishes, in a place on a pretty, tree-lined residential street.
wonder if this was one of those fabulous 5-7 year I/O loans?
“Its listed at its 2007 price cuz we know this owner likely didn’t use this as a “savings account” to “build equity” as so many used to claim on here. Instead they likely are overextended at the hilt and unable to bring any cash to the table. This flying high river norther is about to get F’d up by some truth, as Kenny Powers would put it.”
No filed mortgage. Single person owner now lives in NYC. Tax bill reduced to $5,691. Based on internet info, doesn’t appear to have the job history to have paid for it out of income.
Not a small loft, good sized. Overpriced b/c this buyer purchased at the peak of the market. I disagree with Laura’s comments. My loft has very reasonable utility bills (less than the glass highrise I used to live in), great light, and has very high end cozy finishes (carerra marble baths, heated floors, italian kitchen, top of the line appliances, etc… Modern lofts (like those in NYC) are now very different than the late 20th century fads she speaks of. I have character and fine amenities, including a queit one way street. Though admittedly this loft is in a very busy section of RN.
Please stop wrapping your lofty beams in Christmas tree lights. Thank you.
Why the hell someone would trade in the modern look and amenities of a highrise for a loft is beyond me.
Just what exactly do people do in their wood beamed/floored, 14′ ceiling lofts all day? Put on plaid, grow a beard and walk around like a lumberjack and shoot hoops?
where are the wide planks? they look std to me
Dear Developers. Please do not manufacture a loft building from scratch. Loft buildings are best when the building was actually an old warehouse or storage facility conversion (never originally designed to be residential) with some history behind it. If you want to artificially replicate move to Vegas.
“Just what exactly do people do in their wood beamed/floored, 14? ceiling lofts all day?”
What do people do in their 600 sqft 8′ ceiling studios east lakeview?
“What do people do in their 600 sqft 8? ceiling studios east lakeview?”
Sonies, you don’t want to know……..
hey I just wanna rub it in,
i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?
i know i remote start my car in my driveway 5-10 minutes before i walk out my front door to my car 10 steps away and get in to a toasty and warm heated seat and car. drive over to my local grocery store (which is warm and toasty too).
and my commute is the same too, warm toasty car in the morning to company parking lot and a 20 steps to the door then to my warm toasty desk.
and tonight before i leave work i will remote start my car from the window and my commute home will be so roasty and i will be pondering this coveted “walkabilty” you speak of
🙂
“and tonight before i leave work i will remote start my car from the window and my commute home will be so roasty and i will be pondering this coveted “walkabilty” you speak of”
Dude, just move to Naperville.
“i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?”
No problem here groove, clio has nice enough to shuttle us urban dwellers around the city in his lambo….. grocery shopping is a tough but that why we have peapod….. HA!
“i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?”
Wife is still wrapping up little DZ and going for long walks on Logan. I think she’s planning to buy him a fur muff.
“Lofts are a late 20th-century fad that will pass when energy prices start to escalate dramatically and as people tire of exposed bricks and ductwork and start to want privacy, coziness, and fine finishes, in a place on a pretty, tree-lined residential street.”
You have to be kidding me. You understand that most lofts (maybe not this one) have better construction than any newer building? Additionally, to counter the privacy and energy points, floor to ceiling windows really insulate well and provide great insulation! Your arguments about the coziness and fine finishes should be tossed out because you can install fine finishes and always make a place cozy.
Sounds like you are just a loft hater.
Who is entitled to the revenue generated by the billboards on the side of the building?
“Just what exactly do people do in their wood beamed/floored, 14? ceiling lofts all day?”
You can jump.
““What do people do in their 600 sqft 8? ceiling studios east lakeview?”
You can’t jump.
“Dude, just move to Naperville”
that would be sweet its like heated attached garage mecca there
“nice enough to shuttle us urban dwellers around the city in his lambo….. grocery shopping is a tough but that why we have peapod….. HA!”
there has to be room in that car for a 12 pack of paper towels in there. we should write those italians (or germans now) and ask for more trunk space.
hey i just saying, yeah the NW side desnt have a walk score of 90. but when its 11 degrees out i dont care what my walk score is. do i really want to walk home from the gym in this weather at 10pm? hecky naw!
“i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?”
pretty sweet, thanks for askin!
“do i really want to walk home from the gym in this weather at 10pm? hecky naw!”
I was thinking the same thing on my 2.5 block walk to/from the bus stop today. I guess there’s a reason people pay extra to have it all included in the same building–times like these.
Then again I can’t be too jealous of them: they make me feel hearty. Even though I’m not and not even close to an outdoorsman, they do make me feel better as a benchmark.
Groove77:i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?
i
I worked from home today, so this morning, I walked from my bedroom to the spare bedroom where we keep the elliptical, did a 45-min workout, walked to the bathroom, took a shower, put on a comfy fleece hoodie and thick sweat pants and walked to my living room to begin work. At lunch, I walked to the kitchen to make a sandwich.
Why? Is it cold out today? 🙂
Wow. Lots of snarky narrow minded comments about lofts. I have lived in a high-rise, several sf homes, and a loft. All have pros and cons. Not a very open minded group.
“i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?”
…by the time you got in your car and drove to your gym (which I doubt that you are they type to work-out) I was already 1/2 hour into my workout…and I dropped my dry cleaning off..
“i would like to ask all you “walkability” snobs here on crib chatter, HOW IS THAT WORKING OUT FOR YOU THIS WEEK?”
Saturday was a bit iffy, because the snow seemed too deep for the stroller. Instead, two miles on foot with the baby backpack to her class. Debated wisdom of a Peapod order (last was in September), but decided that local sales were still adequate.
Sunday had trips to CVS and Walgreens, but otherwise stayed close to home.
Monday I walked the stroller to daycare and work (1.5 miles, walking because we needed to restock), and later took care of the quarterly Target run while my wife went Chicago Children’s Museum and Trader Joe’s (with the stroller).
Tuesday I was running late, so took the baby backpack on the L. I didn’t even bring a jacket, since I needed to walk only a block outside. Wife walked to work (1.5 miles), since her bike is being fiesty (brakes seem frozen — maybe water in a joint). Quick trip to Jewel in the evening (with the cart, since I was stocking up on soda and milk).
In short, indistinguishable from a summer week, with one exception: I’m going to need to check out the lakefront path at Oak, to see whether that is still passable for when I resume running “to” work with the stroller (5-10 miles most days, depending on load and time). If not, inner LSD works well enough.
Kevin
What do i do in my 14 foot loft? Well for starters I get to have the biggest F-you Christmas tree in our 14 foot loft! It looks frickin amazing.
Ho Ho Ho….
Back to topic – I saw this place two years ago. From what I remember it has a nice kitchen and good sized master…….the view isn’t all that great when you look immediately below – parking lot, etc. Kinda forgettable, esp. at the price they are asking.
What gets me is that they are doing that good ol’ parking additional trick which is about as infuriating as not listing square footage.
I would love to rent a place like this, a lot of people would.
wow some people go to great lengths to defend their “walkability”.
hey its cold out and cold hurts, and know everyone is diiferent with different needs and wants. but dang if i had a choice between a warm car to my destination or walking to a bus stop or train stop getting then waiting for said public transport only to get off and walk more. i will choose my Whip (as the young-ins call it) 99% of the time.
and yes Kc08 i do need to go to the gym 4-5 days a week (6th day is bball league) because i dont walk anywhere, its a trade off i am happy to partake to not hang out with old man winter and his gang.
Groove — I can relate. After five years of living in the city and working in the ‘burbs, my company relocated to the Loop. While I’m thrilled to be able to take public trans to the office, the past few days have made me REALLY miss sitting in a warm car on the Ike. Still happy to be downtown — I got very tired of seeing only the 500 or so people in my office building day after day — but yes, the cold sucks.
I looked at these units in 2007. I ended up buying in another building in the same price range (580k w/parking). I just sold my place for 470k w/parking. That should give you an idea that this place is way overpriced.
“There are better ways to live for over $400K than this. Lofts are a late 20th-century fad that will pass when energy prices start to escalate dramatically and as people tire of exposed bricks and ductwork and start to want privacy, coziness, and fine finishes, in a place on a pretty, tree-lined residential street.”
Hey, Norman Rockwell…er, Laura. I think the simple fact that your beloved Rogers Park does not have any lofts (nice lofts anyway) seriously turns you off to them. Perhaps if your area was a past home to the original warehouses (similar to the W Loop), you would be a fan of them just as much as we are?
For a city the size of Chicago which has SO many of these units, I doubt it is merely a ‘passing fad’. For every person who moves out of one, there are two who are more than willing to make them their home. Sure, energy prices may continue be on the rise, but it is of little to no concern to those of us who live in true loft units (warehouse conversions) with 12″+ thick brick walls and ceilings/floors that are of equal density.
Most of my friends who live in a variety of housing styles here in NY…high rises with fl to ceiling glass, townhouses, etc… pay more for their utilities than I do for less than half (or more) of the space I enjoy, which is over 3200 sq ft with 14-24′ ceilings.
That said, this is a great example of a true loft and it shows very well. You would think with all the upgrades, the general condition and location of this beauty it would not be sitting on the MLS for as long as it has been.
Good Luck to the sellers!
If you guys think its cold just wait. We’re in for a subzero dip come Sunday/Monday. If I wasn’t so greedy I might call in.
Westloopelo – Well said and more importantly welcome back! Where have you been hiding? Perhaps I have missed some other recent posts of yours as I have been too busy for my normal cc time commitment but it seemed like you have been on hiatus for some time. Good to see you again.
Good question, when you have billboards on the side of the building who gets the revenue? the HOA?
“I got very tired of seeing only the 500 or so people in my office building day after day”
Michael,
doode that is one thing i would like, seeing more faces than whats just in our building.
but i guess the trade off for me is a warm car and a short NON expressway commute.
I am with Gescob, who gets that money? and maybe thats why ass fees are only $219?
I can say from my work, if in the right location Billboards are total cash cows. I wonder if alot of buildings that could potentially have billobards don’t because instead of having a single owner your have 50+ owners with competing interests.
I looked at the thermometer and broke out my down parka for my .75 mile walk to work. Arrived a bit too toasty for my preferences.
Perhaps tomorrow I will just go with the wool coat and a scarf.
“If not, inner LSD works well enough.”
Do LSD, I biked the path the other day and it was ridiculously challenging, switched to LSD myself. It’s all rutted ice and was only possible to do because I run studded tires… Other than that concrete stretch the path is mostly clear though.
“Perhaps tomorrow I will just go with the wool coat and a scarf.”
Supposed to be ~15 degrees warmer, so perhaps just a shell is in order.
$450,000 would be tops for this. More likely $380-420k (including parking). I live in the area. Area is nice, unit is nice, but you really can’t expect to get more than $275-300/sq.ft. unless there’s something hugely unique about the place.
It amazes me how many sellers are living in a dream world. I really wonder about people who list at 30% above market and let a place sit for 2+ years without an offer. Either you need to sell and have to suck it up, or you don’t need to sell and take it off the market and wait it out.
Everyone complaining about the cold, you live in the midwest, stop being such a wuss a man-up. It’s December, what do you expect.
Put on some thermals, a hat, and some gloves and you are good to go. I walked home every day this week, and looking at the crowds on Michigan Ave, not many people let the cold get to them.
“It amazes me how many sellers are living in a dream world”
It amazes me how many BUYERS are living in a dream world too.
“It amazes me how many BUYERS are living in a dream world too.”
I’d have to say the trend tends to be their friend.
I am a Realtor and while I have not toured this exact unit, I have been in other units in this building and they are exceptional. I would not hesitate to show these units (even at the current listing price which I do agree is on the high end) to a buyer who wants to be in a boutique loft building in a bustling River North location.
Jp3chicago,
Thanks for the sincere welcome back…it is much appreciated! And TY also for agreeing with me about ‘true loft’ living. Those who have never lived in one…a warehouse conversion type…make so many false statements simply because they do not like the look or design. While I loathe many styles of architecture myself, I do not make ill informed statements about them like many on this site.
Anyway…as far as my schedule over the past few months, we are in full swing rebuild mode with the Craftsman bungalow I purchased in Denver. It is great to see how the dedication made to the ‘art’ of home design and construction in these fantastic old homes makes such a huge difference. The workmanship on this one home is unlike anything I have come across in some time. We just do not see it in present day construction…although the price being charged for a new unit would indicate otherwise.
In searching through a large file box discovered in the attic, I found a very detailed journal of the home since it was built that included every receipt for repairs/improvements made over the years. There was even a copy of the original bill of sale. How times (and prices) hace changed over the years!
Reading through this very detailed journal, it is evident how the home buying/owning population, over the course of the past few decades, turned home ownership from shelter into a money making ‘business’. With this mindset, the quality of materials and level of craftsmanship took a drastic turn for the worse and true pride of ownership has disappeared from society. I don’t think this will ever come back to what is once was.
Perhaps, instead of thinking of the financial aspect of the housing market, we should all return to building a home that we could plan on inhabiting over a lifetime instead of the current buy cheap, invest little and attempt to turnover for an obscene profit.
In a perfect world…..