The Coolest Crib Is Still On the Market and Has Never Been Reduced: 2250 W. Ohio
This 3-bedroom triplex loft at 2250 W. Ohio in West Town with its own private rooftop pool has a reputation as being among the coolest cribs in the city (a private rooftop pool with views tends to do that to a property.)
We last chattered about it in October 2008 when it came back on the market with a new kitchen. See our chatter here.
But after nearly two years (on and off the market) priced at $995,000 and a new kitchen and floors, it is still looking for a buyer.
It is now also available for rent.
The loft has 3 bedrooms all on one level as well as a spare lofted bedroom next to the penthouse family room. There is also three car parking (1 single space and a tandem spot) included.
And, of course, your own resistance pool.
Will this rent before it sells?
Jennifer Ames at Coldwell Banker still has the listing. See the pictures here.
See the property website here.
Unit #306: 3 bedrooms, 3.5 baths, 3300 square feet, 3 car parking, triplex
- Sold in April 2005 for $760,000
- Was listed in November 2007 for $995,000
- Withdrawn from the market
- Was re-listed in October 2008 for $995,000 (with a new kitchen)
- Currently still listed for $995,000 (parking included)
- OR you can rent it for $4300 a month
- Assessments of $493 a month
- Taxes of $7,612
- Central Air
- Outdoor resistance pool with downtown views
I toured this unit with one of my buyers earlier this year. It is pretty cool. The large spiral staircase ruled it out for my buyer. It’s tough to justify the price in this neighborhood. So many options for nice, new single family homes at or below this price point. It’s a way better value to rent at 3500.
Why the inflated price over 2005? The owner may have done some updates, but given that hood and the declining prices over the past two years, I would think the 2005 price would be more appropriate.
The rental price is clearly undervalued.
You can rent my place for $3500/mo, Matt. It’s bigger but a little farther West.
“Dan on September 9th, 2009 at 6:31 am
Why the inflated price over 2005? The owner may have done some updates”
He’s probably got at *least* $100K into the upgrades.
I think this place will sell in the high $8XXs once the market comes around. It’s a unique space and appears to be nicely done.
is that a pool or a hot tub?
Resistance pool. There’s propulsion at one end and suction at the other, so you can swim in place.
I have to say the agent jennifer Ames really does a lot for her listings.
I love that she does floor plans!
there are many pictures for her listings, well written brochures!!!
i would love to hire her for my agent, she probably doesnt go that far west to the hood and her commission will be like 25% 🙂
ah, my bad for skipping to the pics before reading the whole summary.
Just imagine 3 of your recent college grad friends and the fun you could have there…
I wish all agents would present properties the way the Ames team does with floorplan, lots of pictures and a brochure. I like the place except that Master Bathroom with a plasma screams bachelor pad. Does the Ames team not believe in cutting prices, even after 12 months of marinating on the market?
great place….i don’t love the exposed brick/ceilings but i’m sure many do. if i was to buy this type of place this seems about perfect. well…besides the location.
if this place was done in wicker park or bucktown i think it would be a different story (and obviously more expensive). where it stands, i’m just not sure who would want to buy this type of place in that loc.
i could see 4 younger dudes renting this place out, would be a hell of a year for the same price as many of the lincoln park/wrigleyville 4 br’s.
“tay on September 9th, 2009 at 8:22 am
i could see 4 younger dudes renting this place out, would be a hell of a year for the same price as many of the lincoln park/wrigleyville 4 br’s.”
I think I’d rather eat the mortgage payment than rent to “4 younger dudes.”
It makes me cringe to think of the damage this property will suffer as a rental.
maybe we should rent it out and use it as a place to throw parties for Stevo so he doesnt feel so bad about working at Baskin robbins these days
Would it surprise anyone if I told you the previous owner was named Guido?
Would it surprise anyone if I told you that the current owner financed this property with only 10% down near the height of the boom in 2005?
Do you really think this is worth even in the $700’s?
Unfortunately for these owners there are fewer and fewer greater fools and they only buy homes with conforming mortgages and first time home buyer tax credits.
Yes, good point. With the $8000 tax freebie it’s ONLY $987,000 dollars! But you have to hurry, time is running out. 😀
havent been in this area in a while, but it seems a little to close to “stolen car radio” hoods.
really nice place, owner should be proud to own a neato place like this. it seems like a hard sell in this market and that hood with the whole MTV crib vibe it has.
I wonder what type a person this would market too?
My guess is that it would be marketed towards a Bull’s player…given the location and appeal.
Well it looks like the last owner at least had money to spend on his office. Those are two Herman Miller Aeron chairs. $1200 a pop (new).
One subprime mortgage originator I know of had entire floors of Aeron chairs; everyone got an Aeron regardless of rank or position. Then they went bankrupt.
“a on September 9th, 2009 at 10:08 am
Well it looks like the last owner at least had money to spend on his office. Those are two Herman Miller Aeron chairs. $1200 a pop (new).”
We have been keeping a close eye on this place for some time. I cannot believe that they haven’t come down in price yet. Agree it is an amazing place (besides those horrible stairs) but for almost 1 million they are out of their minds. You can get a place in a better neighborhood with a roof deck and add that pool in for around 20k. So take the pool our of this place and it would be roughly 975,00. you really think its worth that still???
“My guess is that it would be marketed towards a Bull’s player…given the location and appeal.”
Almost all the pro athletes (Bulls & Bears)live in Northbrook due to the proximity to practice facilities.
Very very nice place, but again it ain’t moving because of the financing availability in all likelihood. A buyer would need probably 30-40% down on this place realistically since it is a Jumbo AND a small condominium development. Not only that, I am sure it won’t appraise out to lender standards these days further complicating matters since it is somewhat of a unique place and comps are probably hard to come by. There can’t be too many 3,000 sqft lofts with a lap pool.
I could see a Bruce Wayne wannabe buying this place or a older DINK couple who decided there will definitely be no kids – ever. I also think people are probably being very critical of the neighborhood as well.
I think it might find a buyer around $750k-$800k.
Sonies,
“Almost all the pro athletes (Bulls & Bears)live in Northbrook due to the proximity to practice facilities”
true in a sense, many are in RN by you too, they like living near the restaurants and clubs more the the berto center.
Jalen Rose lived in River North/Streeter cause he said he would rather be “late to practice than late to the game”. what he really was thinking, i would rather party all night and be close to home!
location sucks, caters to small demographic, sunk 100k into renovated the kitchen……. poor bastard.
I love the consistent remarks about “the hood” – it’s not West Englewood or Austin. How’s LP been treating folks lately? You pay the city “tax” no matter where you live – if you don’t like it go back to Lombard.
“Jalen Rose lived in River North/Streeter cause he said he would rather be “late to practice than late to the game”. what he really was thinking, i would rather party all night and be close to home!”
God I hated Jalen Rose on the Bulls… what a piece of trash he was!
“Those are two Herman Miller Aeron chairs. $1200 a pop (new).”
Look again–the chair in the foreground is certainly *not* an aeron chair. Also, if you know anyone that would pay $1200 for an aeron chair just like the one in the pic (but brand new), I’ll sell them as many as they want. And take out ~$400 a piece for my trouble.
The chair on the left is a black task chair, the chair on the right looks like an Aeron, I can see where he’s coming from but I think it’s an older Ergohuman.
“Does the Ames team not believe in cutting prices, even after 12 months of marinating on the market?”
People probably hire these super star agents with the expectation that they don’t need to cut the price as they can sell freezers to Eskimos. Unfortunately being a super star agent doesn’t bestow magical superhero like powers and they are laid bare for the mere mortals they are when the market tanks.
They would not only need someone like the Ames team but also to spike potential buyers drinks with a hallucinogenic drug to get them to pay a cool million for this place.
Overpriced real estate listings are not like a fine wine. They do not get better with age.
heehheehehehehee Pete made a funny!
bob, does have a point about superstar agents selling water to a drowning horse.
but at what point does the seller ask the agent “do you think we may have priced to high”?
Agents don’t sell houses. Houses sell themselves imho. There are certainly some agents who do a good job prepping a listing whether it is brochures, staging, etc, but it isn’t like an agent is going to hard sell/close someone on a house. 99% of people either like the place or they don’t and the agent has nothing to do with it. The house is in the MLS and it either meets the buyers needs or it doesn’t and 75% of the battle is price.
Many agents will say whatever to get the listing even if they know it is over priced. One thing I have learned is the consumer want to be sold and to hear that they are different. Being upfront often times does not get you the business, people simply aren’t that mature. I guarantee the agent that goes to a listing presentation and tells an owner thier house is worth $600k when the owner thinks it is worth $800k is not going to get that listing no matter how good that agent may make their argument.
Most owners think that over pricing the home is better than under pricing because they can always lower the price. The problem though is that over priced homes get stale and once a home sits for too long it becomes damaged goods, not too mention the carrying costs of not selling. In a hot sellers market you can play those games, but not with buyers’ market.
From the agents perspective though, I would think it is better to get the listing and then work on getting the owner to lower the price versus not getting a shot at it at all which is what happens if you are too upfront with the sellers.
my wife and i (young-ish dink) wanted to rent this place as the look is our dream loft but the location, uh it blows.
location is fine. As long as it’s east of western, it’s fine. True lofts like this are not found in GC or LP, and if they were, they’d split in 4.
No one has mentioned how far you have to walk to get to the unit from any entrance of the building or garage. The kitchen is nice, but the bathrooms are approaching outdated and the brickwork is crumbling onto the unit floor. Location isn’t too scary, but it’s not worth any more than 800,000 balls out.
I lived in this builing. The biggest downfall of the building is the lack of an elevator. During the gut of the warehouse the builders got greedy and took up the space of the intended elevator. You have to schlep items up and down stairs. It’s a huge pain as the ceiling height are so grand your basically walking up 1.5 flight for each story. It addition, the roof was a mess (re-done a couple of times), the walls are crumbling despite the continuous tuckpointing and the windows were leaking as a result of the metal bending under the pressure of the bricks weight. Can we say special assessments?
#205 is back on the market, too (has been on and off for a year and a half itself). Now listed at $375. Good luck.