The West Loop 1-Bedroom: 1155 W. Madison
This 1-bedroom plus den at 1155 W. Madison was built just as the building boom was taking hold in the West Loop neighborhood- in 2002.
It does not come with the now standard granite counter tops and stainless steel appliances in the kitchen but instead has white appliances and greenish counter tops.
It does have a marble bath, however, with side-by-side sinks.
The unit has the other bells and whistles including in-unit washer/dryer, central air and garage parking.
It also has a south facing balcony (the unit doesn’t overlook Madison Street.)
The unit is now listed $21,000 under the 2006 purchase price.
Matthew Shrake at Coldwell Banker has the listing. See the pictures here.
Unit #510: 1 bedroom, den, 1.5 baths, no square footage listed
- Sold in March 2002 for $234,500 (included the parking)
- Sold in July 2004 for $261,000 (included the parking)
- Sold in June 2006 for $286,500 (included the parking)
- Originally listed in March 2010
- Listed in July 2010 for $243,500
- Reduced
- Currently listed for $235,500 (parking $30,000 extra)
- Assessments of $197 a month
- Taxes of $2916
- Central Air
- Washer/Dryer in the unit
- Bedroom: 16×12
- Den: 9×8
- Living room: 16×16
- Kitchen: 13×11
$265K with parking for a 1 bedroom + den seems like it will be difficult sale. I hope that they are able to get this price as I live in the hood. Unfortunately I think that the “teal” color theme might not be helping maximize the price of this unit.
As an agent do any of you ever suggest that the sellers should at minimum paint that wall a more neutral color and get a cheap Home Depot formica countertop installed in a tan or similar color? Total cost might be $500-$750 but the effect on this place could close a buyer that was not appreciative of the “teal” look.
The only thing keeping this ask price from being laughable is that it has 1.5 baths. This is a nice feature.
Not sure if its 270k nice, but for the area quite possibly.
I’d value that second bath over a second bedroom anyday: the PC can be put in the living room and guests can always crash on pull out couches. But you still can’t go if someone is using the shower with only one bath.
Oh wait nevermind never saw the den. Yeah 270k isn’t a bad price for this location. Too bad its target demographic (young professionals in pre-family formation mode) have been taking a disproportionate share of lumps in the labor market.
These days seems to be: no experience = no job, no matter how edumakated.
Looks like Unit 308 sold earlier this summer for the same price, although the pics & description indicate a MUCH nicer non-teal kitchen, and upgraded baths:
http://www.redfin.com/IL/Chicago/1155-W-Madison-St-60607/unit-308/home/12725900
Plus the parking was listed as $5K cheaper
I know its just paint and a countertop – but that teal is killing me! I would think their agent would have at least had them paint it a neutral color to tone it down.
Screams “bachelor pad.”
If that den is 8′ wide I’ll eat my hat.
new construction shlt box
complete with cardboard for walls
I love lofts as much as anyone, but I’ll never understand why the exposed ductwork (and exposed ductwork only) was chosen to get imported into new construction to make it “loft-like”. It looks terrible.
I had a friend who lived in a unit in this exact building. The units are nice but very small, I would never ever buy here, especially 1br
And I agree with Barry the ductwork in there looks like shit, and maybe spending $150 on some non-hollywood lighting in the bathroom would really make the master bath look nicer.
Teal countertops? bleh and that pointless & enormous fireplace is doing nothing but taking up useful space.
“I love lofts as much as anyone, but I’ll never understand why the exposed ductwork (and exposed ductwork only) was chosen to get imported into new construction to make it “loft-like”. It looks terrible.”
I agree. I’m guessing you’d have to drop the ceilings 18″ or more if you wanted to hide the ductwork. Much cheaper the way they did it.
great place, great price – this place is going to make someone very happy!! think about it, a single person could buy it @ 250w/parking. Mortgage 200k @ 4%, their monthly costs will be about 1400/month. Once they get married, they could rent this place for 1500/month, forget about for 10-20 years, and sell for a profit (also, the rent will pay down their mortgage so that in 20 years, they will owe less than 95k). Even if property values don’t go up more than the rate of inflation and they sell in 2030 for an inflation adjusted 250k, this is a 200% return – (10% yearly return realized at year 20). This is better than any other investment out there now!!!
That is not a loft. It is a new construction shortcut that looks like crap.
That is $1400 plus asses and taxes. That price would not cover the costs for 20 years if you were starting out at $1500.
“Once they get married, they could rent this place for 1500/month, forget about for 10-20 years, and sell for a profit (also, the rent will pay down their mortgage so that in 20 years, they will owe less than 95k).”
__________________________________________________________________
Have you reviewed the relevant documents to make sure a buyer can actually rent it out or are you just parroting some line out of the REALTOR (TM) pitch book?
“That is $1400 plus asses and taxes”
No, it’s not. A 200k mortgage at 4% = 955/month. The 1400 was WITH taxes and assessments.
Fair catch! I did not take out my mortgage calc. I’d suggest that they amp up and take out a 15 year loan. If they can live there for 5 before moving and then loose as little money as possible for 10 years they will have 100% equity in the unit. Then the next 15 is a nice gravy train of decent profit!
Good price. I’d imagine this would sell pretty quickly and for more in GC, SV, RN, LP, etc…
Yeah, right, “they could rent this place for 1500/month, forget about for 10-20 years”. FORGET ABOUT IT????
I have no idea what experience you have as a landlord, but I can speak from my own experience on the matter. Tenants will only RARELY take care of your place like you might. EVERY time a tenant moves out, there are costs incurred, and generally one month of lost income, for the time needed to re-paint, repair, upgrade, maybe the floors need refinishing, time for a some new windows, etc. I keep laughing and laughing when the phrase “just rent it out!” is presented as a solution. We work very hard to keep our puny two-flat well maintained, we screen our tenants very well, and are able to keep them for a long time. Eventually, though, they decide to couple up and move on, and we then have a month of work on our hands. If we don’t do it ourselves, we have to pay someone else. It’s a break-even or very modest proposition at best when it’s a single rental unit.
logansquarean- my experience is the same. And to Permabear- exactly. you need to make sure you CAN rent it out. A lot of buildings allow only a certain percentage of rentals so while technical you can rent you always face the dreaded “waiting list” for a lease. You could be stuck being on a waiting list for years…
If you cannot rent it out, can you get a rooommate and just not live there yourself?
“If you cannot rent it out, can you get a rooommate and just not live there yourself?”
Absolutely – I like the way you think!!!!
and thats why we all know clio is a poser
even poser’s may become wealthy Sonies…look at The Scenario or The Situation or w/e his name is….
the good news is that he (that situation person) won’t be wealthy for long…
maybe if he invests in enough gold chains…
I think that Mike “the Situation” will be filthy rich. I foresee him dripping with women on his Cigarette style boat named “no fat chicks”. His incredible Gym Tan Laundry chain will be an awesome hit in suburbs all across the country. That man is going to hit it big time!
Maybe he can buy that pad on Addison and Lincoln with the rooftop pool and bb court. He better get on the deal soon. Maybe MTV can start a new series called Livin big in Lake View.
I have read most of clio’s posts within a short interval (catching up on things after a vacation) and it is my conclusion that he should be banned.
“it is my conclusion that he should be banned”
How did you reach this conclusion? On what basis? Seriously, I really would like to know.
Those open ducts would kill the deal for me. Does anyone really think they look gorgeous?