Trying to Sell for 3 Years: 1021 W. Rundell in the West Loop
This 3-bedroom unit at 1021 W. Rundell in the West Loop has been on and off the market for three years.
Built in 1999, the unit is in an elevator building in a complex that also has townhouses located not far from the restaurants on Randolph and Madison Streets.
The listing says the elevator opens into the unit.
It has stainless steel kitchen appliances and granite counter tops.
The unit also has 2 balconies.
Is this a deal for the square footage in this location?
Richard DiVito at Koenig & Strey has the listing. See the pictures here.
Unit #4: 3 bedrooms, 2 baths, 1600 square feet
- Sold in November 2000 for $340,000
- Originally listed in February 2007 for $415,000
- Withdrawn and relisted several times
- Lis pendens filed in January 2008
- Currently listed for $390,000 (parking included)
- Assessments of $350 a month
- Taxes of $4973
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×15
- Bedroom #2: 12×10
- Bedroom #3: 10×14
Anybody notice the copier in the living room/kitchen? Also, is that a shower in the bathroom or a time machine?
That mini fridge flatscreen TV stand + components lying on the floor + copier combo makes this the best staged primary residence ever
also the tv is purched on a mini-fridge. This place takes the prize for bachlor-pad decorating.
I was checking out the birds-eye view on bin com/maps: I’m shocked how mnay vacant lots/parking lot/ 1 story industrial building there still are there. I thought that they would have all been razed during the bubble.
Anyone know what happened to the plan (idea) of adding a Green Line stop for the West Loop, somewhere between Racine & Halsted
“I’m shocked how mnay vacant lots/parking lot/ 1 story industrial building there still are there. I thought that they would have all been razed during the bubble. ”
Yeah I’m always amazed by just how undeveloped as a whole the West Loop still is.
Take a look at the Google streetview of the ‘corner’ of Rundell and Morgan.. this place is literally down an alley, and blocked by that new building. I guess you can access the complex from Monroe as well?
and i like the time machine, e.
So what’s wrong with this place (besides the staging) that it has sat for three years? The current ask doesn’t seem totally absurd for this building given the 2000 sale price.
Too far west? Too far from the el? The generally undeveloped vibe of this neighborhood? All of the above?
i have the same question as JPS – why has it sat for 3 years? i don’t think it’s because of the location or underdevelopment (i live half a block away). townhomes across the street start at mid-600s (and do sell). is it the private elevator? special assessments? does anyone know?
I cannot find much wrong with this place. The elevator is a great amenity. The only thing I’d change are the white ceiling fans.
$312k plus $61.5k
That’s why it’s not selling. Who wants to bail these people out of their second mortgage? Not me.
I know someone who paid $650K for a 3 bd townhome at Fulton and Canal at the top the bubble. The subject property looks like a deal in comparison.
I showed this one a while back. We thought it was priced a bit high, given the level of finishes – e.g. overmount kitchen sink, even though the countertop was granite. When you see a place that has been on the market this long and the price hasn’t come down much and the seller has a large mortgage and it’s not a short sale you know the seller is not that flexible on price but needs to be.
As for the green line stop…realtors keep talking about it like it’s going to happen but with the CTA’s budget woes I wouldn’t hold my breath.
Mr Bob:
There is indeed a gate at around 1036 W Monroe:
http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=1036+w+monroe,+chicago,+il&sll=41.8804,-87.653094&sspn=0.007589,0.019205&gl=us&ie=UTF8&hq=&hnear=1036+W+Monroe+St,+Chicago,+Cook,+Illinois+60607&ll=41.885681,-87.65311&spn=0,359.980795&z=16&layer=c&cbll=41.8804,-87.653094&panoid=HNuEGqJ-dZ3XNeMoNwnq5g&cbp=12,13.31,,0,12.66
Deal are all relative. A sustainable and affordable mortgage payment for the demographic that might consider living in this unit is a different story all together. Its difficult enough for the current owners to make the payment as evidenced by a 2008 lis pendens, its not like a wealthier buyer is going to come along and pay their albotross.
And as several of you have pointed out it doesn’t show well either.
A friend’s office is nearby. Neighborhood is “transitional”, but redevelopment has stalled and the area is not particularly neighborly nor well-served by typical neighborhood amenities of grocery store, restaurants, retail, church, children’s park, etc. This development was designed as a gated community, both a plus (given neighborhood situation) and a minus (that claustrophobic deck view). This unit desparately needs staging; most buyers can’t overlook lack of furnishings to see how unit “lives”; here the overall sloppiness of present occupant only further hampers that vision.
I think unit needs to be priced at $325,000 to sell. Location is a “stalled gentrification”; development itself is only of moderate quality directed towards 1st-time buyers with a 3 to 5 year residency timeframe, and likely to be filled with renters rather than owner-occupants.
I agree with Architect’s comments on the immediate neighborhood.
It definitely needs some more furniture to make the potential buyer make the decision.
They should reduce to $350,000 and it will sell rather quickly.
I don’t think they are adding a green line stop for at least 5 years given the nature of the budget crises with the CTA.
A friend’s office is nearby. Neighborhood is “transitional”, but redevelopment has stalled and the area is not particularly neighborly nor well-served by typical neighborhood amenities of grocery store, restaurants, retail, church, children’s park, etc.
Architect: It is not LP or LV but you are totally off on your comments. The West Loop is a work in progress but it is not the amenity lacking neighborhood that uninformed people like you describe. Come on down and I’ll give you a tour. There are streets that are bordered by commercial properties that make it still feel more urban but it is a great place to live. Here are some examples that prove your statement is flawed.
Grocery store = Dominick’s 2 block walk. A brand New Jewel is less than a 5 minute drive. It has great free parking.
Restaurants = Have you ever been to Avec, Blackbird, Red Light, Sushi Wabi, Veeresway, Market, Carmichels, or West End? Don’t forget “Oppppa” no not Oprah she does not have a restaurant in the West Loop I meant Greektown. People drive in from all over the city to eat at some of these fine places.
Retail = Hmmm… you got me there. There is no Bannana Republic, Bed Bath and Beyond, or Pottery Barn in sight. Damn what a letdown! There are some clothing boutiques, art galleries, Walgreens, Dunkin Doughnuts, and for the moment a Blockbuster Video all within waking distance.
Churches = I’m Catholic and therefore the only one I attend I is Old St. Pat’s but I know there are other Churches in the area.
Childrens Park = You have a choice here. Skinner Park and the new Skinner School are three blocks away. There is also a brand new park on South Sangamon being built right now. It will actually open this summer. That is two blocks away.
The El stop is scheduled to open at Morgan St. Construction did start late last year. There was a flurry of activity that has seemed to stop. It is being financed out of the capital budgets and not the daily operating budgets. The West Loop association still believes that it will be built. There is also a bus on Madison or Washington that goes right into the loop.
I live right in the area and know the property but had never heard of Rundell Street. Perhaps some agents never find the place. I’d suggest that they flex their price, paint the walls a more masculine color, stage it slightly and it should sell.
It looks like a solid deal. It’s a good part of the West Loop and I don’t know why you guys are saying the neighberhood is underdeveloped. There is a Dominicks, plenty of restaurants, Starbucks, and whatever else you need two minutes away. A park is also being built a couple blocks down.
West Loop Green line stop…
http://chicagoist.com/2009/09/30/new_cta_stop_coming_to_west_loop.php
Agree with Architect’s comments about target crowd, but not on the ‘hood. A grocery store, tons of restaurants, parks, and schools are all a short walk away, as are bars, bakeries, and boutiques. And the Madison and Jackson buses will get you downtown quickly. The only listed amenity that is hard to find are churches. There is also the fact that the West Loop also has a different feel to it compared to most neighborhoods, which doesn’t suit all tastes.
This description encompasses 20-somethings with jobs making $50-100k a year; they have student loans and credit card debts; possibly married, probably single. Probably know it’s a good idea to buy with a spouse rather than a girlfriend or boyfriend. Little money for a down payment, which now is especially difficult because mommy & daddy’s 401(k) portfolios have taken a hit and the equity in their parent’s suburban home has been significantly reduced. $390k is most definitely on the outer edges of what this demo with it’s stagnant wages and reduced ability for job advancement. baby boomers will continue to work instead of retiring.
“1st-time buyers with a 3 to 5 year residency timeframe, and likely to be filled with renters rather than owner-occupants.”
OK, if someone wants to “Stage” a home for sale, how do they do about it? Thanks.
Dan:
Watch HGTV
@Tom
Anyone know what happened to the plan (idea) of adding a Green Line stop for the West Loop, somewhere between Racine & Halsted
http://www.westloop.org/news/contentview.asp?c=217786
EL stop at Lake and Morgan scheduled to be completed in January of 2012. If you drive by Lake and Morgan, you’ll see fenced of areas around the area which I presume is aquired properties for this EL stop.
Currently the property is not staged. It’s hard to tell what the living space would look like when it’s “lived in.” The price also has to be reduced at least $15,000 to get some additional interest. Currently it’s priced too high.
The neighborhood has more of a different feel, almost like it’s not in Chicago. I’m having a hard time naming a good comparable. I do know there’s still a decent amount of late 20’s people living here and it’s a little disconnected from the north side. I’ve had several friends live very close to this unit and it can be difficult getting a cab after midnight unless you call one.
The bus is the way to go from this location to get downtown.
Architect and Dave M you should really get in your car and drive to the area before you judge it with your comments.
Grocery stores Dominicks 2 blocks Brand new Jewel 8 blocks
Several great restaurants are within blocks of this address. I’d invite you to look up Blackbird, Avec, anything in Greek Town, Sushi Wabi, Carmichels,REd Light, Market, and West End. Retail Sorry that there is not a Pottery Barn, Gap, and BBAnd Beyond in the immediate area but I’d bet you can get to the North Ave strip driving up Halsted from the WL almost as quick as from West Bucktown.
Churches Old St.Pat’s 4 blocks. Others in area. Retail Walgreens, Dunkin D, and blockbuster within three blocks.
Brand new school Skinner with park 3 blocks west. New park on Sangamon 2 blocks south.
Don’t form opinions without checking your facts. It makes you look silly. Now I aggree that the WEst Loop is not Old TOwn LP LV or River North but it is a viable area and great place to live. I like the more urban edge. Ever hear of Tribecca? That worked out well!
FYI The Morgan Street El stop is still under construciton. Apparently it is being funded with a capital budget and not from the general CTA budget. If that were the case it might be dead forever!
Steve A: re — Staging
No, I was wondering if there are some web links, to some firms in Chicago that do this? I presume the furniture and furnishings are rented? etc. How much does it cost per month to “stage” a 2/3 bd. condo?
Anyone have any specifics?
Thanks.
Dan, see this link
http://tinyurl.com/yc82wnb
Dan, your agent should have some recommendations. Otherwise, here you go:
paint neutral colors
get rid of personal stuff like family pictures and holiday bric-a-brac
de-clutter
clean
fix anything obviously broken
Professional staging can be expensive. Yeah, furniture is rented and the monthly costs can be as high as $2000 for 2000 sq ft of stuff. That’s for high end stuff. Unless you are trying to sell a $1MM place my advice is to do it on the cheap by borrowing furniture and decorative items from family and friends. You’d be surprised what you can do – e.g. boxes, newspapers, and a $79 bed in a bag from Target.
West Loop – it actually may remind me of what Hell’s Kitchen used to be like about 8 or 9 years ago.
I definitely prefer West Loop to South Loop.
You could probably do it by borrowing furniture and buying a couple of things that wouldn’t cost too much. Maybe bake cookies or something right before showings to make it smell like someone has been cooking and living there…
When did the new park on Sangamon open? I thought it was just an empty lot.
I think if it’s staged, and priced at $375,000 it will move.
Sorry for the dupe post. MY first post did not show up unitl after the second post was submitted.
Sangamon Park is under construction right now. Should be open in late spring early summer. Looks pretty nice!
Did a developer have to give that parcel to the city to get another deal done or get specific zoning?
Unrelated, but I heard yesterday that Wrigley Field’s land has a 99 year lease that was entered into in December 1913, meaning it would expire in December 2012. Is this lease still going? Original owners of the land that were on the lease were Mike and Joe Cantillion, and Edmund Archambault. Who owns the land today? I couldn’t find it online.
RE the parcels for Sangamon Park, I believe the southern half was owned by UIC and the Northern half by the State of Illinois. The southern half was some sort of physical plant building with a smokestack, and the northern half was a state building, some kind of benefits administration office.
E is correct. The south part was what looked like an old schoolhouse with a smokestack. Watched them knock it down and it was really cool. Although I do not know who owned the northern half it recently looked more like a warehouse and the back of the building had a long truck loading dock.
My office was right across the street from that park until last April. There was a development that went up around that time and I think sold quite succesfully. It was located on the 100 block of south Sangamon. They seemed like slightly higher than average chicago condos but they now will enjoy a great view of the city that will be uninterrupted forever or as long as the city can afford the park!
I recently saw this place and there is no possible way they can ask such a high selling price. $390,000 for a two bedroom w/den not upgraded is ridiculous. I think this place will sell somewhere around $350,000 if they are lucky.
Both bathrooms needs some serious work and the place is just dirty. There is stuff caked on the kitchen cabinets and it looks like the place isnt even being used.
Good luck.
On market again for $375,000, last sold for $392,000. Should sell fast.