Trying to Sell a 2/2 Three Years Later in the South Loop: 1 E. 8th
This 2 bedroom in the One Place Condos at 1 E. 8th in the South Loop has been listed since May 2011.
In that time it has been reduced $9,000.
This 91-unit building was new construction in 2007/2008.
This unit has a balcony that overlooks State Street.
While the unit is a 2/2, it is just 850 square feet.
The kitchen has the finishes you would expect from the era including cherry cabinets, granite counter tops and stainless steel appliances.
The unit also has central air and washer/dryer in the unit. There isn’t parking with this unit, but it appears to be available for $35,000 in the building.
The listing touts it as being close to all the colleges and law schools nearby.
It’s now priced $45,000 under the 2008 price.
Is this a deal for a student at one of the nearby schools (with help from the parents)?
Or is the era of buying condos for your kid while they’re in school now over?
Therese Waldron at Coldwell Banker has the listing. See the pictures here.
Unti #807: 2 bedrooms, 2 baths, 850 square feet
- Sold in October 2008 for $295,000
- Originally listed in May 2011 for $259,000
- Reduced
- Currently listed for $250,000
- Assessments of $361 a month (includes heat and cable)
- Taxes of $4623
- Central Air
- Washer/Dryer in the unit
- No parking- but it appears to be available in the building for $35,000
- Bedroom #1: 12×10
- Bedroom #2: 12×10
- Living room: 15×13
- Kitchen: 9×7
wow makes my place seem downright spacious
Way overpriced considering it doesn’t include parking…. Even though it’s two bedrooms, it’s really tiny. I would say about $215,000.
” is the era of buying condos for your kid while they’re in school now over?”
yes. no guarantee you can sell it in a few years, and it’s still likely to loose value.
horrible pictures too BTW.
That is tiny! Does the kitchen double as bedroom #2? I’m surprised they were able to squeeze a washer/dryer in there too. I would only want a 2/2 like this if I was a student.
Overpriced generic 2/2 dump.
$150-180.
This is the comp, at 1,250sf for $182,000 no less. Might have even included parking!
http://www.redfin.com/homes-for-sale#!lat=41.87100915127587&long=-87.624789285546&market=chicago&max_price=225000&min_price=100000&num_beds=2®ion_id=26086®ion_type=2&sf=&sold_within_days=365&uipt=4,2&v=6&zoomLevel=16
oops, I meant this link.
http://www.redfin.com/IL/Chicago/1101-S-State-St-60605/unit-H904/home/26816147
Betcha the parents bought this, and now that the kid is graduating and has no job, they are giving up on that 2007-2008 idea that it would be a win-win.
That square footage would be a good size… for a one-bedroom condo.
Poor photos. They didn’t do a very good job presenting this place. I agree with those who say it’s overpriced.
Count me out as far as buying a place for my kids to live when they’re in grad school. Rent will have to do. They’ve cost me a lot already without plunking down $40,000 for a downpayment.
This was apparently bought by a college student and parents. It would be the first 2/2 resale here (I didn’t check others.) This floor plan is 64 of the 91 units. I’ve got 17 sales from the developer on the mls (could be more off mls):
sale date/unit/price/parking
11/4/2008 304 $296,500 p61
11/4/2008 402 $314,500 p54
11/13/2008 401 $301,500 p15
11/13/2008 504 $302,000 p7
11/25/2008 302 $287,000 ????
11/25/2008 403 $290,000 p29
11/25/2008 807 $295,000 no pkg
11/25/2008 903S $360,000 p41
1/30/2009 310 $293,000 p10
11/12/2009 404 $258,000 no pkg
11/30/2009 307 $259,000 p9
11/30/2009 605 $268,000 p8
5/6/2010 405 $245,000 no pkg
6/2/2010 710 $258,000 no pkg
6/22/2010 502 $253,500 no pkg
9/14/2010 501 $280,000 p17
6/8/2011 801 $250,000 no pkg
The “S” units are special in that there is an extra door from the kitchen to the 2nd bath. Otherwise, both baths are only accessed through bedrooms.
They admit in the ad that it’s cozy!! I loved the 3 kitchen pictures from basically the same spot: one showing it w/o a table; one showing it with a table crammed in; and one showing the same spot but with the lights dimmed?!
From the description: “Storage for all the extras” Does this mean it HAS storage, or that you’ll need to put all of your extras into storage?!
Seen units in this building. Very tight. 2 bedrooms, a small kitchen and just enough living area to put a TV. (not kitchen table)
OK for 2 roommates on their first job post college.
A few months back I shot video at a 2/2 at One Place that sold for $250K. It was one of the furnished models, Unit 801.
http://www.youtube.com/watch?v=pV4NxBluRqo
Sold details on Unit 801 here –
http://www.redfin.com/IL/Chicago/1-E-8th-St-60605/unit-801/home/39590637
Why do so many students/parents opt for an apartment/condo instead of dorm/frat or sorority house?
“Why do so many students/parents opt for an apartment/condo instead of dorm/frat or sorority house?”
Few chicago universities have frats houses. Some parents don’t want their children living in dorms because quite frankly 1) they are extremely expensive compared to the apartment and 2) dorm living sucks. (think back to dorm life and ask yourself if you would EVER do that again?) Hell no.
The Big Ten schools are huge on greek life especially at U of I. I noticed however in my time at chicago univeristies there were only a handful of greek organizations and they tended to be small and sucky.
“(think back to dorm life and ask yourself if you would EVER do that again?) Hell no.”
Yes. I like living like below a poor person because it was a motivator that I had to do well in school because I didn’t want to live like that forever.
“This was apparently bought by a college student and parents.”
What an awesome investment. At least with paying for a wedding for a marriage that doesn’t pan out involves people which are unpredictable. Buying this place in October 2008? LMAO.
Bob: What about buying a condo now? At these reduced prices?
The Tribune just had an article about parents still doing in it in August.
http://articles.chicagotribune.com/2011-08-23/classified/ct-mre-0821-student-condos-20110823_1_condo-unit-housing-boom-harney
Crazy.
For the downtown colleges, seems to me you might as well rent out in the ‘hoods and commute downtown to school–say Pilsen, Uptown, Logan. Maybe hard to realize that if you are from out of town, but I always figured most of those students were Chicagolanders.
My dorm living experience was just what I needed, as I was a virtual only-child. Learned how to live with other people not like me, how to get along, and how to make decisions while in a semi-sheltered environment. I moved into my own studio apartment for Junior & Senior year, but dorm living was a good transition to living on my own at 19.
And, I sure as hell didn’t come from a family who would have been able to buy me a condo. Kids need to experience a little deprivation, otherwise they grow up into entitled a**holes.
1101 S. State has two units that are much better, #604 (under contract) and #707 (for sale). They are listed at $199 and $202.5 respectively and each has TWO parking spaces.
Monthlies are about $400 more at 1101 S. State than at this main listing sot hat has to be factored in. 1101 has a pool.
I actually think the units at 1101 S. State are pretty well priced for the time being. You can get those units with 20% down for under $1,900 a month including 2 parking spaces.
http://www.redfin.com/IL/Chicago/1101-S-State-St-60605/unit-604/home/26815666
http://www.redfin.com/IL/Chicago/1101-S-State-St-60605/unit-707/home/26816151