The Emerald in the West Loop Slashes Prices: 123-125 S. Green
The Emerald, the two building mid-rise development at 123-125 S. Green in the West Loop has joined the developers’ price cutting bandwagon.
Actually, it cut prices a few weeks ago, but with everything going on, I missed it.
The Emerald has been a finished development for almost two years as I cribbed about the “first pictures” from inside the development in April 2008.
See that first post here.
Here are the price cuts being touted in the ads and on the website:
1 Bedroom:
- Was $344,000
- Now $224,700
- Parking included
1 Bedroom plus den:
- Was $408,300
- Now $266,700
- Parking included
2 Bedrooms:
- Was $471,400
- Now $352,000
- Parking included
The building is FHA approved so buyers only need 3.5% down.
Are these now a deal at these price points?
Check out more at the development’s website: Emerald Chicago.
They’re a bit late to the party, but these prices seem to be in line with other buildings. I wonder if they’ve had any buyers in the past year and a half. I remember going there about a year ago and being shocked by how high their asking prices were.
The location is nice. In my opinion, better than a lot of the other new buildings in the immediate area.
Still near $300/sq ft in West Loop — assessments are low, but taxes will likely be on the high side balancing that out. So prices are now not outrageous, but they’re no terrific deal either.
Thoughts as to West Loop generally these days…???
Are prices dropping slowly, quickly, leveling off? I see West Loop as a nice compromise spot — not as “happening” as River North, but not as pricey either. Not as cheap as South Loop, but not as desolate and desperate.
It’s very concrete with little to no neighborhood vibe. However, the restaurants are great.
i’m also interested in opinions about the neighborhood. i’m continually disappointed with the quality of 1 br rentals that are available in the ~1300/mo range in lakeview/lp, to the point that we’re starting to consider buying again. i kinda like this building but my fiancee thinks this area is borderline ghetto. i somewhat agree but my opinion is based on heresay and not experience. curious what others think
It’s right near greektown with a dominicks about a block away. The restaurants nearby are great, but I can’t say much more than that. The building looks great and I’ve always noticed it when passing by.
pluses:
close to loop (walk to work)
restaurants
depending on taste:
pretty quiet area
can be kind of “ghetto” at night, especially around jackson/halsted
minuses:
about 5-10 min walk to nearest el stops (buses make up for that though)
I agree this place is a good compromise between river north and south loop
DC – your fiancee is right. I went to Emerald last year after work and noticed a few “characters” roaming the area. The sales agent told us that there is a prison release shelter (or whatever you call it) 2 blocks away. The Emerald is awesome and now it’s alot more affordable. My only issue is that the printed floor plans are a bit…inflated. The 2 BD units are about 1000 sq ft, not 1300 like they say.
I was going to mention that this location is just over 500 ft to the Kennedy. Great for commuting, but terrible for your lungs and heart. But then I remembered that there are smokestacks all over the city.
The web-based materials are helpful. The overall aesthetic is OK — great in the lobby, but upgradable blah in the units. As much as I dislike the idea of Big Coffee, it would be pretty nice to have that in-house Starbucks. Sidenote: note the guy in the photo for the “hot” fitness center who is talking on his cell. That’s what I like: going to the gym and hearing cell yammer. Makes my heart pound harder.
But the price? Getting there. I’d want to have more confidence that I wouldn’t be left high and dry with a bunch of empty units. How should that sort of arrangement work with buildings of this size and newness?
DC
I’ve worked right across the street for several years now and can confidently say the neighborhood is far from ghetto. I’d wouldnt call it up and coming either, I’d go as far as calling it trendy.
I’d recommend spending some time there, I think you’ll enjoy it.
*FYI I’ve lived in Gold Coast, LP, RN, and Fulton River (which is part of the WL) so I have at least some frame of reference.
DC,
My wife and I have lived here almost 2 years. We walk our dog all thru the area, even as far west as United Center. Unless I’m missing something, there’s not ghetto anywhere that I’ve seen. The only people we see around are professional couples, professional singles, and students. For us this is a perfect area because of the access to the loop and the highway.
“DC – your fiancee is right. I went to Emerald last year after work and noticed a few “characters” roaming the area. The sales agent told us that there is a prison release shelter (or whatever you call it) 2 blocks away.”
I think you’d be pretty hard pressed to find any area of Chicago that’s more than a few blocks away from some “characters”. I used to live about a block away from the Lathrop homes and never once had any problem. I think Damen was essentially treated as the 38th parallel, with Clybourn Market as the DMZ.
“Clybourn Market as the DMZ”
And the gas station/currency exchange (now a clark/wireless store).
Look at the entryway in the 2BR floorplan. In a small 2BR unit, you just cannot have that much wasted space. It is unacceptable.
Tipster,
We live in a 2br unit, where is the wasted space? Is it because the front door of unit does not open up immediately into the living space? Personally, I kinda like a little separation between the front door and the living space. FYI-it’s only 5 steps from the entry to the living area.
This building was one of the biggest rip offs in the city. Not surprising it hasn’t sold.
Carpet and Wire closet shelving? Really?
A TV in the bathroom?
And come on, this location is fantastic as far as west loop is concerned. Should it be priced like River North or GC? Probably not, but the location is not ghetto or terrible.
A Block from the Kennedy, not really a big deal and if you’re concerned about pollution I’d stay out of the entire City… As for the noise big whoop I have a friend who lives right on the kennedy and with the windows closed you’d never know even know it.
I think the place Lauren is talking about is Safer possibly? http://www.saferfoundation.org/viewpage.asp?id=4
I’ve walked by it many times on the way to work and there would be people hanging out front most of the time. They have never been a problem and seem to just be enjoying the outdoors or on a break from what I can tell.
I think prices are more in line but still too high, as long as there aren’t significant problems with units – construction defect issues. As a potential buyer, go in and offer $200,000 or so for the 1 bedrooms and $290,000 for the 2 bedrooms. I wonder what floor and side of the building the remaining units are on.
I saw this building last spring and laughed at the prices. I also looked at some 2 bedrooms condos that were about a block west with 4 or 5 units per building that were listed at around $600-650K.
Safer is 1/2 block from the 565 Quincy building. It’s an agency that finds work for ex-cons. I think it’s great that they provide that service, but not an appealing neighbor.
The halfway house for prisoners was demoed as part of the emerald constructoon. greek town always has “characters” especially since it is right next to Walgreens. The developments a block or two west of Halsted / greektown are always more “calm” That being said, no one complains at Skybridge. I agree with Sonies
I don’t think that safety is that much of an issue in that neighborhood these days compared to what it was in 1998.
This area is much safer than lincoln park, lakeview, bucktown, edgewater actually, the only area that is safer is the goldcoast/mag mile area (of course we are excluding chicago suburbia areas). The northside is getting hit hard with more and more crime. It sucks.
The west loop is far from ghetto. I’d agree that trendy is probably a better description. The number of MB, and BMW’s parked on the street and the number of people walking dogs and pushing strollers is amazing. A new dog park will be completed this fall right across the street from this building. Then of course there’s the restaurants, the Randolph restaurants and the greek town restaurants. And of course, you can walk to any loop job in 20-25 minutes. Plus, street parking is easy at just about any time of the day or night.
Wasn’t broker/minority partner in this development Bill Senne quoted recently indignantly stating that dramatic price cuts don’t always mean a bargain? IIRC Senne said Emerald wouldn’t stoop to lowering its prices like its inferior competitors had.
I don’t think anyone in this thread insinuated the West Loop is ghetto. You would need to be pretty far detached from reality to believe so.
This is a great location.
One thing people should realize is that not so good realtors and desparate developers will lie and say no price cuts are coming. Straight up desparation at this point for this place – imagine the carrying costs. By not pricing to market last year, they lost a ton more money sitting on all the unsold units.
It’s just like companies who lie when asked about potential layoffs or downsizing. They lie.
“I don’t think anyone in this thread insinuated the West Loop is ghetto.”
Well, the person expressing the opinion isn’t actually in this thread, but:
“i kinda like this building but my fiancee thinks this area is borderline ghetto.”
Is in this thread and goes beyond insinuation. Thus the responses (correct, of course) that the location is not get-toe.
“…has “characters” especially since it is right next to Walgreens.”
I didn’t realize Walgreens was a mecca for strange people — I should start shopping at CVS or else I could get a bad reputation 🙂
“Straight up desparation at this point for this place – imagine the carrying costs.”
I think a lot of developers probably realize that their bankers are in as bad as shape as them and the bankers are intentionally not pursuing foreclosure on the construction loans as the bankers don’t know what to do with the unsold units anymore than the developers.
The developers likely know the end is coming but the optimal solution for them is to remain in business as long as possible and realize they’re going to negotiate a debt settlement either in BK or prepack court at some point in the future.
Banks aren’t calling their construction loans because they don’t want their regulator to see what their Texas Ratio really is and how dire their financial situation really is.
The banking system is not nearly as healthy as the mainstream press seems to be presenting:
http://finance.yahoo.com/tech-ticker/why-banks-can%27t-lend-u.s.-financial-system-%22not-as-good-as-wall-street-says%22-437941.html?tickers=^DJI,^GSPC,xlf,uup,tbt,FAZ,FAS&sec=topStories&pos=8&asset=&ccode=
“I didn’t realize Walgreens was a mecca for strange people — I should start shopping at CVS or else I could get a bad reputation ”
It really is… I don’t know why but wierdos don’t seem to loiter outside (or inside) the CVS’s in the area but Walgreens always has a few bums outside asking for $$$
oh Bob never fear, King Obama will help out the banks!
http://finance.yahoo.com/real-estate/article/109009/program-will-pay-homeowners-to-sell-at-a-loss?mod=realestate-sell&sec=topStories&pos=3&asset=&ccode=
“If you owe the bank thousands, you have a problem. If you owe the bank millions, your bank bank has a problem.”-Donald Trump
“If you owe your bank thousands, you have a problem. If you owe your bank millions, your bank has a problem.”-Donald Trump
“oh Bob never fear, King Obama will help out the banks!”
Exactly. More misguided policies from the King.
I love this tidbit:
“The problem is highlighted by a routine case in Phoenix. Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150,000. Mr. Paul has an offer for $48,000, but the bank holding the mortgage says it wants at least $90,000. The frustrated owner is now contemplating foreclosure.
To bring the various parties to the table — the homeowner, the lender that services the loan, the investor that owns the loan, the bank that owns the second mortgage on the property — the government intends to spread its cash around.”
Uhh no if the market is saying 48k and the bank is demanding 90k, best to let the bank suffer the market forces. Why is it the bankers always come out ahead via this administration?
“Why is it the bankers always come out ahead via this administration?”
When, exactly, do the bankers not come out ahead? In reality, not Bob’s laissez-faire, liberta-topia.
“When, exactly, do the bankers not come out ahead?”
The 1930s & the late 1980s/early 1990s. Unlike those times these days the government kowtows to whatever the bankers want.
As one datapoint: most would agree that the financial crisis of 2008 was far in excess of the S&L crisis of the 1990s, yet we aren’t seeing nearly the number of bank seizures.
“The 1930s ”
Yeah, *that* worked out well for everyone.
“Yeah, *that* worked out well for everyone.”
Sorry but I’m not buying the whole “we have to save the bankers and give them whatever they want or else we’re going to have a repeat of the GD” claims. So many other variables are different and you should know the real reason the banksters are getting whatever they want: lobbying power.
Sorry anon(tfo) you may be knowledgeable on here but I’m going to trust Elizabeth Warren, the chairperson of the Congressional Oversight Panel for TARP, over you:
http://www.huffingtonpost.com/2010/02/20/elizabeth-warren-its-bank_n_469939.html
Also Matt Taibbi seems to see the sham for what it is as well:
http://www.huffingtonpost.com/2010/02/18/matt-taibbis-blasts-wall_n_467290.html
“Elizabeth Warren, the chairperson of the Congressional Oversight Panel for TARP, over you”
Dude, I could give you an extensive discussion of Liz (whose knowledge and intelligence I cannot impugn); she disagrees with many, many of your views expressed here–she thinks that the government does not do enough to protect the stupid from themselves, financially. Her complaint is that the govt has to protect consumers from the big bad banks–so she’s hardly your heroine.
“Matt Taibbi”
His hobbyhorse is the giveaway to Goldman via AIG. Which was a Bush-admin thing. So Taibbi’s point is mostly NOT about “this administration”–which was mostly my point in “when do they not come out ahead”.
Two of the seven measures the government has taken to support the banks that Taibbi refers to as “cons” in his article were instituted after 1/20/2009. Of the remaining five the Obama administration has done nothing to change their course, curtail their growth or otherwise alter in any way.
“Of the remaining five the Obama administration has done nothing to change their course, curtail their growth or otherwise alter in any way.”
And this is always the point at which I drop out of the convo, b/c its no longer interesting to me–I’ve had people blame Obama–personally–for the “weakness” of the dollar. I don’t believe that any first term president would have done anything meaningfully different (hell, Bush had nothing to lose and started the ball rolling) b/c of the example of Hoover. That might be an interesting discussion, but no one wants to have it as it’s either “obama is a socialist, bank loving america hater who can do no right” or “everyone who hates obama is a racist, right wing loon”.
The biggest source of shady characters in the area is the New Jackson Hotel at 768 W Jackson.
Anyone else buy Goldman Sachs after Taibbi’s article? I wonder if they’ve thought about putting his article in their prospectus?
How is emrald comparing to Library tower? Library tower seems to have lower $/sqft, but I am not sure about other aspects.
I went to go see the units shortly after they lowered their pricing. There were only a 1-2 units priced at the advertised starting price. In my opinion, this is just to spark interest in the building, and get people in the front door. Most of the 1 bed units were priced at 250K+, and the 1+Den at 320K+. Does anyone know if they are willing to negotiate?
Borderline ghetto? You mean black people? Sure there are some around, but nothing like it was back in the early 90’s. I love that only certain ligts work in sign for the New Jackson Hotel so that it reads “New Jack Ho”. Haymarket is right aound there too. Emerald was built on the site of the Christian Industrial League. The area used to be skid row.
“The area used to be skid row.”
Heh. Where I live (heavily gentrified yuppyville with a broad mix of fratboys, stoners and older drunks) used to be skid row as well (Belmont Ave) twenty years ago.
Since I moved here over five years ago it has never resembled anything near skid row. Things change yet the old timers still talk about the old days.
Yea I think a lot of Chicago neighborhoods are at risk of de-gentrification as well over the next decade or two but this part of the near west side I doubt it. Too many corp jobs right nearby.
Also far less construction than the south loop, which was overbuilt to the extent that some of those nice glass covered highrises could house section 8 folks one day.
I’m not a fan of the neighborhood personally, but it at least doesn’t have disaster written all over it like most of the South Loop does.
“Anyone else buy Goldman Sachs after Taibbi’s article? I wonder if they’ve thought about putting his article in their prospectus?”
After the financial crisis it appears GS and MS shareholders, and debtholders from any other large investment or commercial bank, are more safer than NORAD staff indeed.
Its amazing how our government is able to prioritize in times of need to the upper echelons when called for.
I am a Realtor, and an appraiser. I was in the building 2 years ago, and felt the prices were extremely inflated, but people were gobbling up “green” condominiums. Now that this fad is fading, and people are more concerned with actual finances, and loosing money, the developer has had to adjust prices in order to capture those buyers out there. At these prices I believe they are more than fair, but for an even better deal check out the remaining units at 565 Quincy. (Sidenote, I am not selling units at either project, so no self promotion here).
TK,
YES, they will negotiate. We were able to even before the price cuts (unfortunately). The developer wants to unload units.
I walk by this building very often. They are not many units left just judging by the windows that have no shades yet.
Does anyone have an idea (5%-?) of how much they are willing to negotiate? I felt there would be little to no negotiation allowed on the “discounted” pricing. My agent also felt that this was the case – though sometimes I feel Agents are full of crap.
West Madison 60 plus years ago
http://www.time.com/time/magazine/article/0,9171,888214,00.html
just saw this apartment – all the low price 2 bedrooms are gone. They seem willing to negotiate slightly on the other units however, although they are nice, the bedrooms themselves are very small and closet space is non-existent. Two people could not fit in a one bedroom and the one bedroom plus den is useless.
The 1 BD units were very narrow (12′), and the 1+Den was basically the same floor plan, but with an extra room to the site. The living space isn’t that great.
The building and location is very nice, but I do not think it is high end enough for what they are asking for the remaining units. They just did a very good job at marketing “green” materials as high end – when it is really less expensive. It is obvious that there were a few low priced units to get people in the door. I suspect they will lower the rest of the units when they do not sell. Just becuase they lowed the pricing from extremely high to just high on most of the units doesn’t mean it is a deal.
These new, “slashed” prices were never reflected in Emerald Chicago’s pricelist:
http://www.emeraldchicago.com/contactsales/pricelist.pdf
Where the lowest priced unit its a 1BR for $276,800.
Anyone living in the building knows how thick the walls are? I tend to play loud base music at odd hours (I am a DJ/electronic music producer). Not planning to have a studio there but being able to blast music is a must. Would it help to have corner unit?