This 2-Bedroom South Loop Townhouse Is $71,000 Under the 2008 Price: 1502 S. Prairie
This 2-bedroom townhouse in Harbor Square at 1502 S. Prairie in the South Loop has been on the market for a year.
(This is a picture of the complex- and not the actual townhouse on the market- as this townhouse is, I believe, in the interior of this gated community.)
In that time, it has been reduced $70,000 and is now listed $71,000 under the 2008 purchase price.
It is even listed $9,000 under the 2004 purchase price.
Built in 1995, this townhouse had a new kitchen and bathrooms put in before the 2008 sale.
The kitchen has ebony wood and milk glass cabinetry along with granite counter tops, an undermount sink and stainless steel appliances.
There is a large private stone paved patio along with a 1-car garage plus a parking pad for a second car.
The two bedrooms are on the second floor with the living space on the first. These townhouses don’t have the lower level family room which you sometimes find in the townhouse layouts.
Is this a deal?
Eve Heffer at Coldwell Banker has the listing. See the pictures here.
Unit B: 2 bedrooms, 2.5 baths, 1500 square feet
- Sold in March 1995 for $207,000
- Sold in October 2004 for $367,000
- Sold in September 2008 for $430,000
- Originally listed in August 2010 for $429,000
- Reduced several times
- Currently listed at $359,000
- Assessments of $365 a month (includes cable)
- Taxes of $5341
- Central Air
- 1 car garage parking (and 1 car on parking pad)
- Bedroom #1: 14×12 (2nd floor)
- Bedroom #2: 11×10 (2nd floor)
I’m a fan of the area and would live there myself in a heartbeat if I could find the right floor plan. They finally have this place priced right and I’d rather live there than in a condo for the same price – and the assessments are lower.
At the higher end the townhome prices in this area have held up quite well.
Depends on how you define higher end Gary. There are some connected to a condo highrise which had initial asks of 600k+ but are now distressed as heck. the insane assessments don’t help those.
this looks like a nicely constructed complex and far smaller chance corners were cut as it was before the boom and its old enough for any to be uncovered. I say 348k moves it.
I’m not a huge fan of some of those finishes, but all in all it looks OK.
I rented around the corner and it’s a nice-ish area, a dog park close by. Unlikely to be any other condos/tall towers built in this area.
The same size condo in the building we rented in wanted (in 2010) 550K plus for 1500 sqf and it’s laughable. Yeah, there’s a view but not sure a view merits 200K extra.
I’d bet this has a little more room at the bottom – maybe 330-340K will sell it.
“Is this a deal?”
No.
It’s a great area, great neighborhood, a bit of a walk to the L, but good bus access w/ #4 one block away on Indiana then a bunch more two blocks away on Michigan. Lots of young families and retirees(?). However, a 2BDR Townhouse has in my opinion a very limited target demographic when it comes to resell. It may be a solid building, solid hood and solid price, it’d be a stretch to call this a deal.
This seems like a good deal to me. I love the patio.
I hate white kitchen cabinets underneath the wood cabinets, but that’s minor.