We Love 2-Bedroom Duplex Lofts With Private Rooftop Terraces: 520 W. Huron In River North
This 2-bedroom loft in 520 W. Huron in River North recently came on the market.
It is a duplex up loft with two outdoor spaces, including a regular balcony and a private rooftop terrace with city views on the second floor.
The loft has exposed brick and timber ceilings.
For those of you who hate spiral staircases in these loft units, you’re in luck, because this loft has a “normal” staircase.
The master bedroom and the family room are on the second level with the other bedroom on the main level.
The listing says there is a custom kitchen with a large kitchen island, granite counter tops and Viking stainless steel appliances.
There’s also a wet bar in the loft with a SubZero wine center.
It has central air, washer/dryer in the unit and parking is $30,000 extra.
Can a 2-bedroom with a family room command over $700,000 in this location?
Bessie Alvarez at @Properties has the listing. See the pictures here.
Unit #606: 2 bedrooms, 2 baths, duplex up, 2200 square feet
- Sold in April 2000 for $365,500
- Sold in March 2007 for $680,000 (parking included)
- Currently listed for $699,900 (plus $30,000 for parking)= $729,900
- Assessments of $863 a month (includes doorman, cable)
- Taxes of $9939
- Central Air
- Washer/Dryer in the unit
- Private rooftop terrace
- Bedroom #1: 14×18 (second floor)
- Bedroom #2: 13×13 (main level)
- Family room: 10×14 (second floor)
I mean, this place is nice – but is it $730k and $863/mo assessment nice?
No, no it is not.
I don’t know why everyone complains about the assessments on these bigger units. That is the going rate!
In fact, an assessment for UNDER $1000 for a unit with 2200 square feet is actually CHEAP. In a high rise with more amenities it would be higher (probably closer to $1200 or $1300 a month.) You have to pay for maintenance of buildings. Heat, doormen, carpeting and painting hallways, tuckpointing etc. etc.
It seems like many sellers assume that just because the real estate market is making small improvements, that we’re back to bubble pricing and then some.
yeah seriously you should look around town at the assesments in buildings… these are very affordable compared to most. Not everyone is a cheap ass and can easily afford a piddily 900 a month for insurance, cable, doorman, gym, and elevators and whatever other crap it includes…
But still I think 700k is a bit steep, while some of the finishes are nice, the unit itself seems sort of narrow and underwhelming. The soft lofted bedroom is also a fail at this price point. We’re not talking about a 300k 2/2, this one is 700k and should be well laid out. I was also expecting the terrace to be larger than it is at this price point, but its still pretty cool and has an ok view (I prefer the south view but whatever)
I agree w/ Sonies about 1/2 wall BR and the less desirable northern view. I can’t see this going over $300 / sft including parking = $660k. That assumes the square footage is accurate also. I think there are much better deals out there for 3BR lofts in the $600-700k range.
This would have sold for 950K in the boom. 700K is reasonable because the assessments are cheap, and the space is really well laid out. Think of all the 2/2’s we have seen with tiny kitchens and poor layouts. This is a real kitchen meant to cook in, not reheat takeout. Its more expensive to put in a large kitchen, which is why new developments barely have cabinets. Also, the terrace is nice, unusual and has a great view. This is a quite nice corner of the neighborhood. The only negatives are that the stair rail and bath finishes are dated and the second bedroom needs a wall to the ceiling (perhaps with glass so it can continue to get light). I’m not seeing any better 3 bedroom lofts with terraces and as good as layout in RN for 600-700K. Yoss and Sonies…show us some….
Well since this place is 730k with parking, here’s something “comparible in price” no, it isn’t a timber loft, but its a townhouse, with similar assessments in a way better location with slightly less sqft but an extra bath and 3 car parking, the inventory does indeed suck out there, not a lot to choose from!
http://www.redfin.com/IL/Chicago/416-E-North-Water-St-60611/home/14096403
“This would have sold for 950K in the boom”
It *did* sell for $680k in the boom. What’s new since that sale?
” a way better location with slightly less sqft ”
dunno about “way better”–definitely subject to preference–and under 1965 split over 4 levels kinds sux. It’s basically 14′ wide!
Still, if those were my *only* two options…
“Well since this place is 730k with parking, here’s something “comparible in price” no, it isn’t a timber loft, but its a townhouse, with similar assessments in a way better location with slightly less sqft but an extra bath and 3 car parking, the inventory does indeed suck out there, not a lot to choose from!”
No not quite the same…….. you don’t own the land but lease it (99 year lease) so you are paying both HOA fee and landlease fee…..
“dunno about “way better”–definitely subject to preference–and under 1965 split over 4 levels kinds sux. It’s basically 14? wide!”
I’ve been in one (maybe two) of those units. Yeah, except for maybe one of the layouts, is crazy narrow. And everyone is jammed in on top of each other (look at your neighbor out the window, from your roofdeck). Also, fox and obel kinda sucks these days.
So, I rest my case. Sonies townhouse comp is a joke…not necessarily better neighborhood (same school), and 14 foot wide which is severely limiting especially with kids…….
“So, I rest my case.”
Based in part on your assertion that it “would have” sold for 40% more than it actually sold for had it in fact sold at about the same time that it did last sell?
you gotta get up to the 800k listing price level to see an improvement over this, still doesn’t mean this will sell for 730k
I would pick the townhouse too. Although, it has a Land Lease fee, which seems like more money grabbing on the part of the city.
“it has a Land Lease fee, which seems like more money grabbing on the part of the city”
The city doesn’t own the land that TH sits on. Private owners.
What’s with all these River North posts? Boring
I too prefer the townhouse. I could be mistaken, but I thought there was an option to buy out the land lease on them. That is why you see vastly varying prices on these on similar layouts. The ones with the land included, IIRC, sell for about a half-mil more.
“So, I rest my case. Sonies townhouse comp is a joke…not necessarily better neighborhood (same school), and 14 foot wide which is severely limiting especially with kids…….”
I wasn’t really commenting on the relative merits of the two places. I just expected to like the townhouse a lot more than when I saw in person. I’m not sure kids are a great idea in either place.
I prefer the River North posting to the Lincoln Park postings. Everyone gushes over the LP properties. I prefer discussing imperfect properties, like this one.
River north > anywhere else.
I think lofts with “traditional” style kitchens / finishes are jarring. Why do people buy these spaces that are intended to look raw and unfinished and decorate them like suburban SFHs? Obviously furniture is no big deal, but the kitchen and bathrooms (while nice enough) look like they have been relocated from new construction in Naperville.
Here is a comp of similiar style. Its 300 square foot larger which explains why list is 849K.
http://www.redfin.com/IL/Chicago/1101-W-Armitage-Ave-60614/unit-209/home/13351595
http://www.redfin.com/IL/Chicago/411-W-Ontario-St-60654/unit-617/home/14102083
No outdoor space but 1 BR larger. $40k cheaper when adjusting for parking.
http://www.redfin.com/IL/Chicago/411-W-Ontario-St-60654/unit-710/home/14103057
A real 3BR w/ roof deck. $100k cheaper.
I’ve been in this unit. The photos are making it look much smaller/narrower than it is. This is one of the wider units in this building. Please note the better than average appliance package. Cabinet refacing could remake the look to one’s own taste. They also have a drive through parking space with this unit as I remember.
Also, this unit is a penthouse, though the agent didn’t mention it.