Under the 2001 Purchase Price in Union Square Lofts: 333 W. Hubbard in River North
We’ve chattered about the distress sales in 333 W. Hubbard, the Union Square Lofts, in River North before.
This 2-bedroom was purchased just 2 1/2 years ago and is now in short sale.
It is listed for $150,000 below the 2008 purchase price.
The loft has concrete ceilings and hardwood floors but the listing says the unit has “not been given TLC.”
There is currently a tenant in the unit, so there is 24-hours notice to tour the loft.
The kitchen has granite counter tops and black appliances.
The listing says the bathrooms need to be updated.
How low will this one go?
Martina Krstic at Prudential Rubloff has the listing. See the pictures here.
Unit #417: 2 bedrooms, 2 baths, 1184 square feet
- Sold in March 1998 for $148,000
- Sold in September 2001 for $375,000
- Sold in February 2006 for $359,500
- Sold in January 2008 for $475,000
- On and off the market since June 2008
- Lis pendens in August 2009
- Currently listed as a “short sale” at $325,000 (parking included)
- Assessments of $495 a month (includes heat, A/C, doorman, cable)
- Taxes of $3630
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 13×12
amazing view of the merchandise mart….
pass
Agent needs to learn directions… “Balcony facing north.” The balcony picture shows it facing south, my dear. Over Kinzie, which is much busier than Hubbard with the Merch Mart traffic.
If the price drops under $300k it might be decent?
Purchase price at $475K… I’m guessing the owner owes a lot more than $325K… so whats the liklihood the bank would even accept full price offers? Other than that its not a horrible price. I think $300K would sell it.
Taxes are super low.
Assessment seems in line with the area.
Priced at below $300 / sq. ft.
I don’t see how this can sell for much under the asking price. I’m not saying it’s a good deal, as I don’t know the 300 block of West Hubbard all that well – but if it does get sold, it won’t go for anything less than the ask.
$475,000 in 2008 with dated finishes, no view, and no significant amenities in the building. Smart.
Not a bad deal around the current price since it also includes parking.
“amazing view of the merchandise mart….”
The listing sez “Balcony facing North” but the pic is clearly south facing, with the apparel mart in the background.
the bank won’t likely approve the 325k price, I’d imagine this sells around 350k-375k even with its not so great finishes and no view, like seriously you won’t get any sun in this place except for a few weeks during the summer solstice, I wouldn’t pay that much for that
I was in this building many times years ago..this unit faces SW in the older part of the building, which is nicer in my opinion…
Usually filled with 20ish-30sih couples without children who think they are going to live in the city until the first child turns four…
The units are dated but you have EBC and can walk to Loop, River North, Randolph Street and Mich Ave very easily….
Low floor but not a heavily trafficked street.
If you think that 325k is a good deal then you just wait – there will be even better deals to come.
I think it is kind of an ugly unit.
While this is a nice building, check recent sales. I believe conventional sales of similar units are going in the $330-340k range (even though they start out listing in the $375-400k range). From $340k, subtract $30k for updating and another $15k for the pain of dealing with a short sale = $295,000.
Ihis unit is ugly, I was in over the winter. rental quality, dated, dirty. View of nothing. Agreed, better deals out there. I also got a peek at a few memos that the association had circulated and it looks like they are in a big law suit with the developer that mandated a special assessment.
Another consideration on this building, from what I’ve heard from residents, is that Peter Francis Geraci lives in the building and has been litigious against the association to the point of harrassment.
Hard for me to believe the developer would still be on the hook considering its been over 20 years since the conversion.
“I also got a peek at a few memos that the association had circulated and it looks like they are in a big law suit with the developer that mandated a special assessment.”
maybe it was a lawsuit against a vendor…I really don’t remember but it seemed like a lot of trouble for the association.
“Peter Francis Geraci lives in the building”
That, alone, is enough to stay away from the building. Remember when he was arrested for a fistfight with neighbors in the building’s lobby? 4-5 years ago, iirc. Don’t recall if he was charged or not. Noxious little man.
this was developed 12-14 yrs ago. i remember watching them build it from the el. I also recall rumors that the original purchasers maid a mint on units and the 98-01 price run confirms that. wow.
there is a good bar on kinzie, shamrock club.
Unit looks a bit choppy. With 50K this place could be much cooler. P.F.C. was also harassing some appliance repair guys and threatning to sue them. I had them at my unit in 2008 to fix an issue with our Viking range. They complained for half an hour about how rude the guy had been to them earlier that morning. All they said was that he lived in a loft downtown and was frequently having them out for repairs to things that worked perfectly.
Didn’t know who PFG was so I googled him….wow even his ads seem like he’s a real peterhead. Now I’ll probably be sued for saying that. If you added a ‘Father’ to his name, he sounds sort of… interesting.
Back to the unit…looks real dumpy and dingy. Why would pictures of such low quality be allowed on a listing? Very poor agent if she is resposible for the pics and if she doesn’t even know which direction this faces. Sad. We toured a couple of units here and were severely underimpressed. According to my notes, we didn’t even make it past the LR in the second place.
Looks like a CPH project.
Pricing history has too many ups and downs for it to be taken seriously.
Info on that Geraci arrest: http://www.chicagoreader.com/chicago/the-rest-of-the-story/Content?oid=912169
Hard to say who looks like the bad guy, given that report…
“Hard to say who looks like the bad guy, given that report”
This …
“I got a two-thousand-dollar silk suit on, thousand-dollar pair of shoes”
makes it pretty easy for me. But then I have additional background I’m not really free to share here (unrelated to this incident), given Mr. Geraci’s litigious nature.