We Love Authentic Lofts: Big 1-Bedroom in 420 W. Grand in River North
This 1-bedroom brick and timber loft at 420 W. Grand in River North started life as a 2-bedroom and along the way the wall came down for the second bedroom.
The building was converted into lofts in 1994, making it among the oldest loft conversions in River North.
Though it is now a 1-bedroom, the unit still has the 2-baths. The listing says the wall for the second bedroom can be “replaced.”
Is it hard to sell what was a 2-bedroom as just a gigantic 1-bedroom?
Barbara Sapstein at Baird & Warner has the listing. See the pictures here.
Unit #4I: 1 bedroom, 2 baths, no square footage listed
- Sold in July 1999 for $244,000
- Sold in March 2003 for $297,000 (included the parking)
- Originally listed in June 2009 for $319,000
- Reduced
- Currently listed for $299,000 (parking is $25k extra)
- Assessments of $334 a month
- Taxes of $2972
- Central Air
- In-unit washer/dryer
- Bedroom: 11×13
- Living room: 27×23
- Kitchen: 12×9
I looked at buying this unit way back in 1998-99. As i recall, while the living space was definitely bigger than average for a 1 bedroom, it was not what I would call “gigantic.” I thought it would feel very cramped if you added another bedroom. In addition, the existing bedroom was not particularly large.
Ultimately the reason I passed on the unit was the noise issues associated with timber lofts.
I would suggest listing this as a 2 bedroom. Anyone searching MLS would miss this unit if their criteria was 2+ beds. Get some sort of ‘temporary’ wall put up to demonstrate the old layout, stage the ‘room’ as a bedroom/office, and include a credit for the cost of return the wall.
Better yet, get whoever removed the wall to put it back up, weekend project and then everything is done and new for the new owner.
Most 2/2’s at this price are cramped cookie-cutter units anyways. At least with the 2nd bedroom returned, you are on equal footing with your competition.
Also, love the taxes at only $3K
This will sell at or near ask!
“Get some sort of ‘temporary’ wall put up to demonstrate the old layout”
Looks like it would be wallS, as the space went into the living room. I think they are better off trying to sell a nicer, unique 1 BR than a average-ish 2 BR.
Lofts: Useful for the 2 or 3 years before you get married.
Lofts: useful for wasting money on energy and assessments and the occasional game of indoor basketball. Lofts are sooo 1990s..
I’m not an expert, but personally, having been in the unit, I think it works way better as a one bedroom rather than as a very cramped 2-bed.
I have 2 questions to pose to the group:
1. How can a bedroom listed as 11×13 possibly be the product of 2 bedrooms? Or better question, how can you suggest dividing that space into 2 bedrooms?
2. What do sellers do when they list the parking separately (here, $25,000) and the buyer makes an offer on the unit and not the parking spot? It seems like a general hoax to me to try to sell them separately (here probably to get under the $300K price point) and it annoys me.
Lofts: Much cooler than low ceilings.
What side of the buiding is this on? One entire side of this large building is right up against the expressway ramp.
“1. How can a bedroom listed as 11×13 possibly be the product of 2 bedrooms? Or better question, how can you suggest dividing that space into 2 bedrooms?”
As I suggested above, the 2d BR is now part of the living room.
“2. What do sellers do when they list the parking separately (here, $25,000) and the buyer makes an offer on the unit and not the parking spot? It seems like a general hoax to me to try to sell them separately (here probably to get under the $300K price point) and it annoys me.”
Discussed at length on many threads here. It is all about getting under search thresholds and is prevelant b/c it’s prevelant–that is, b/c so many do it, everybody feels they have to in order to not be overlooked.
Oops. Ignore my first question – probably the case that the 2nd bedroom became part of the living area – I can’t see how that was done or how it could be readily returned to that, but I do see now that it wasn’t 2 bedrooms becoming one (as is often the case). Duh on my part.
The 2nd bedroom was probably where the dining room is now. I think it is good use of space and it will probably sell at near asking price unless their is something seriously wrong with it that we can’t ascertain from the pictures.
Cool place for Dinks.
I’d love to rent this place for $1,400 a month. Think the owners will bite?
I saw this unit over 10 years ago and it was a one bedroom at the time. As I recall, there did not seem to be a good way to turn the unit into a 2 bedroom. I am also pretty sure it faces grand (South) and is on the floor just below the top floor.
I took a look at this unit a few weeks ago and I was very underwhelmed.
The 2nd bedroom would allegedly be where the kitchen table is now in the pictures. This would make the living room very cramped IMO.
This was listed as 1250 sf in the 2002 sale listing as a 2BR/2BA. The rooms were listed as:
Living Room 26X23
Dining Room COMBO
Master Bedroom 14X11
2nd Bedroom 14X11
Kitchen 13X08
lofts are so 1980’s. bleck….. it seems very “new york”, “oh look at how bohemian I am” until you move your stuff in and it looks ridiculous >>> see photos.
paulj sounds jealous and like he wishes he didnt feel cramped in his own home
“What side of the buiding is this on? One entire side of this large building is right up against the expressway ramp.”
This building is NOT up against the expressway ramp (that would be buildings on Ontario like 411 W. Ontario.)
the other side does not face the ohio ramp. that is a different building, eastbank storage. I had an office there when these were going condo in 94.
PaulJ.. You need oversized… Chicago definitely does not hurt for furniture options. Lofts kick ass! Million times better than living room center with bedroom on each side cookie cutter layout.
“lofts are so 1980’s. bleck….. it seems very “new york”, “oh look at how bohemian I am” until you move your stuff in and it looks ridiculous >>> see photos.”
Regarding the parking being separate… Yes, it’s done to get the price to seem lower. But also, in a building like this one, if someone wants to buy it without the parking, they probably can, even though that would be really dumb. In a large building, there’s almost always someone else who would be willing to purchase the parking spot by itself. There’s even a parking spot section in the MLS, and it’s mostly spots in highrises downtown. Catch is, usually you have to live in the building to own a spot there.
Whenever you see parking separate in a smaller building outside of downtown, chances are you HAVE to buy the parking. The MLS is even cracking down on agents who list it separately, but then say “parking MUST be purchased with unit”.
I like the idea of turning the 2nd bdrm into more living room space. If you are single, this is a great idea.
In the past, I went through a ‘sliding or disappearing wall’ phase in the true NYC lofts I rehabbed. I would take one huge room and through the use of these handy walls on wheels, I could break it up into several smaller rooms each with a different purpose. Again, this solution probably will not work if you have kids.
Regarding this parking sold seperately practice popular here in Chicago, it is getting out of hand now. Sellers are finally realizing they need to reduce their asking price IF they are desperate to sell. So, instead of including the space in with the asking price, they reduce the home price then tack on the parking space price which brings up the price to what it was before. What is the use? Do they think the buying public are fools and will not notice it? Crazy.
I also have noticed that since prices started to be lowered, that most places now state that the parking MUST be purchased at the same time the unit is.
275 including parking and it will sell.