We Love Penthouse Lofts With Private Terraces: 720 S. Dearborn in Printers Row
This 2-bedroom triplex loft at 720 S. Dearborn in Printers Row is a true penthouse.
Located on the top floor of this old printing factory, it has the living space and one bedroom on the main floor, an office on the second and a second bedroom on the third floor.
There is also a private terrace that has Willis Tower views and west city views.
The kitchen has upgraded appliances such as a SubZero refrigerator and granite counter tops.
The unit has exposed brick and soaring ceilings.
There is central air, in-unit washer/dryer but there is no parking with the building (as is common with many of the Printers Row loft buildings.)
You can rent parking in the neighborhood or buy a spot at 801 S. Plymouth.
On the market since March 2011 at $20,000 under the 2007 purchase price, what will this loft ultimately sell for?
Margie Smigel at Prudential Rubloff has the listing. See the pictures here.
Unit PH2: 2 bedrooms, 2 baths, no square footage listed, triplex
- Sold in November 1990 for $275,000
- Sold in January 2000 for $385,000
- Sold in August 2007 for $570,000
- Originally listed in March 2011 for $550,000
- Currently still listed for $550,000
- Assessments of $1203 a month (includes heat, gas, cable)
- Taxes of $6955
- Central Air
- Washer/Dryer in the unit
- No parking
- Private terrace
- Bedroom #1: 16×12 (third floor)
- Bedroom #2: 12×10 (main floor)
- Office: 8×6 (second floor)
You know what really “grinds my gears”? When the photos of the unit aren’t of the rooms and living spaces, but instead of objects of the unit. Like the mirror with flowers. I want to see how I can live in this space. Not what furniture you have of the unit. The realtor that paid the photographer should never use them again.
Seems a bit choppy but still pretty cool. How many sq ft per floor?
These photos suck – the ones that are decently lighted are not really of the unit. Someone needs to go back to real estate photography school.
This is a nice enough unit, but, even without knowing the “near” South Loop/Printer’s Row that well, I think that an appropriate price is closer to the 2000 price than the 2007 price. Also, those assessments are seriously out of wack. And no parking. Hard to see it selling for above $450k.
I think this one goes for $460,000. Look at the price trends in the rest of the building, and you will see something similar, but probably not as much as some of the decreases in the lower floor units. Not sure if the sellers could take this large of a hit to sell it.
“You know what really “grinds my gears”? When the photos of the unit aren’t of the rooms and living spaces, but instead of objects of the unit.”
you know what grinds my gears, if you take a artistic photo of the roof top chair with the skyline in the background then photoshop it. BUT THEN DO NO TOUCH UPS TO THE REST OF THE DARK AZZ PHOTOS OF THE ACTUAL PLACE.
“Also, those assessments are seriously out of wack. And no parking.”
JJJ i want to say no printers row condos/lofts have parking, from what i remember.
Ass fee is about right as it takes $$$ to heat and cool that much square footage and high ceilings plus upkeep on the historic facade.
“first floor laundry”
Another issue is that for many buyers no parking + no in unit laundry = no deal.
I am not that picky about the laundry issue because prior to being married I wanted to knock out multiple loads in one session. For me I found that it was way more convienent doing it that way than having an in-unit single washer and dryer. I have promised my wife that in our future home I will set it up to have 2 washers and 2 dryers to speed up the process.
I am shocked at how many upscale homes feature two dishwashers or an expensive Sub Zero and a Wolf range but do not add a second washer/dryer at a minimal extra cost. Am I alone in this view?
I found it really hard to get a sense of the layout from these photos, but I have a suspicion that they didn’t want you to – it seems to be a lot of small rooms and corridors.
I think it will probably sell just under $500k (because the buyer will need to feel they got a deal), it will probably take a while with those assessments but I think it will sell in the end.
jp3chicago I’m guessing people who have two dishwashers don’t do much of their own laundry. As a kid my family had two washers and two dryers but they also had 6 kids!
“Am I alone in this view?”
JP3, I’m with you all the way. I’ve had a double full-size setup for a few years and can’t believe I didn’t do it earlier.
““Am I alone in this view?”
JP3, I’m with you all the way. I’ve had a double full-size setup for a few years and can’t believe I didn’t do it earlier.”
JP3 and G,
i dont do the laundry so i dont have an opinion but will ask wifey today if she will prefer that set up. Any excuse to take a trip over to ABT 🙂
idk but folding that much at one time might suck, but then again i have no frame of reference.
“I am shocked at how many upscale homes feature two dishwashers or an expensive Sub Zero and a Wolf range but do not add a second washer/dryer at a minimal extra cost. Am I alone in this view?”
I had a miele laundry machine. Took so long to do a load I think you would need 4 washers. wonderful job though, and we did our own laundry despite having 2 dishwashers.
JP3, I had never thought about that. Sure, a second fridge in the garage for beer and an extra freezer in the basement for meat of future home but that’s a good idea.
Tell me, is it difficult to set up a second line/feed?
Am I the only one thinking that if I spend 1/2 mil on a condo, parking better be in my building. Who really wants to walk to a garage down the block when it’s 0 out. With so many people desperate to sell, this place is going to take a huge haircut.
I love the idea of two dishwashers. I would never have to put dishes away. In fact, I would give up a stove/oven for a second dishwasher. I hate cooking and am as lazy as possible when it comes to cooking.
As for this unit, I like it a lot, but without a washer/dryer and parking, I wouldn’t even bother to look at it. I don’t need two washer/dryers, since it’s just me, but I can’t imagine having to use a communal laundry room.
@Jenny, if you don’t cook, where are two dishwasher full of dishes coming from? 😀
Mike HG – you are definitely not alone. I am there with you on the parking issue.
I think the design is confused. It has brick and concrete but then wooden traditional/country staircase. This place would look better if they would put in a modern, minimal staircase. Its such a focal point and totally ruining it for me.
The assessments are not that out of whack for and old historic loft building. This building has far more terracota and brick details to maintain then a lot of other old loft buildings. No parking would kill the deal for me, however.
Icarus, I heat things up in the microwave and still use forks, knives, and spoons to eat…not to mention plates and bowls. Plus, I have glasses and colanders (for rinsing fruit).
“Critics: Rules may make home buying only for the ‘white and wealthy'”
When I see headlines like this I can only think it was in a way deserved that losses got transferred to the public account.
Pre-crisis, everytime I said “unsound lending practices”, I heard the above.
It’s what the ‘mathematically challenged people’ want, so let them have the consequences.
What has happened to our society???? Now 2 washers, 2 dryers and 2 dishwashers are a requirement!!!! Yet we hardly cook and we have fewer children. No wonder our country is battling obesity…..
Disclaimer: I am including myself. I cant live without a dishwasher and in unit laundry..and we have 0 kids. But I do love to cook!
“I love the idea of two dishwashers”
Check out drawer dishwashers.
As for the place, that exposed concrete really doesnt go well with the cutesy low end traditional look.
“I had a miele laundry machine. Took so long to do a load I think you would need 4 washers. wonderful job though, and we did our own laundry despite having 2 dishwashers.”
My dream set-up is one of those washer/dryer combo on the same floor as the bedrooms and then a full-size washer/dryer in the basement.
I cant live without a dishwasher and in unit laundry..and we have 0 kids. But I do love to cook!
I never use dishwashers, find them to be a pain in the ass actually, just hand wash as soon as I finish using everything. So much easier.
“I am shocked at how many upscale homes feature two dishwashers or an expensive Sub Zero and a Wolf range but do not add a second washer/dryer at a minimal extra cost. Am I alone in this view?”
The cost in square footage is not quite “minimal”. Expensive fridge/range/whatever consumes essentially the same space. Not an issue if you have lots of SF.
Yeah, yeah, set up of two stacked pairs is the same sf as side by side. Not actually a fan of the stacked setup, having used it for a while. But, if you have the setup in a hall closet, and have somewhere else to hang your airdry stuff, it’s ok.
ze: From the article…
“Critics fear the new standards will create a two-tiered mortgage market in which a borrower with enough money to afford the higher down payment would pay less, compared with an equally creditworthy borrower with a smaller savings account.”
WTF? Shouldn’t riskier loans be more expensive? Doesn’t a smaller savings account (or net liquid assets or some other reasonable standard) mean your are less creditworthy?
I hate how folks try to disguise giveaways as an issue of fairness. Call it what it is.
egads! those pictures hurt my eyes!
i can’t quite get a grasp for how the unit is laid outso I can’t really comment on the price, although it does seem a bit high, a floorplan (and sqfootage) would surely help
“I cant live without a dishwasher and in unit laundry..and we have 0 kids. But I do love to cook!”
I never use dishwashers, find them to be a pain in the ass actually, just hand wash as soon as I finish using everything. So much easier. I would think having kids would change my opinion though.
Tft.. “WTF? Shouldn’t riskier loans be more expensive?”
Yes, and there is no room for argument on this one!
I just mentioned it several times before how the collective guilt is never accepted for what happened. Oh sure the bankers are laughing with the rose filled gun pointed at their head forcing them to write this crap, but did people used to give me heaps of shit for saying it should never have been written in the first place.
Why do I remember growing up with every sit-com and cartoon showing people getting turned down for bank loans. Now it’s apparently a constitutional right of some sort?
I’m with gringo… I prefer to wash dishes by hand. I have never found a dishwasher that can get dishes and silverware quite as clean.
And unless you’re the Duggars, there is no need for double/redundant appliances. It’s just a waste of energy.
“unless you’re the Duggars, there is no need for double/redundant appliances.”
How do you manage to keep both your perishable food AND your beer cold, danny?
“An analysis by the National Community Reinvestment Coalition found little correlation between size of down payment and default rates. Based on a review of 1 million loans written for ***the most creditworthy borrowers**** in 2006 and 2007,the default rate ranged from 0.14 percent for those with a 20 percent down payment to 0.26 percent for those who put just 3 percent down….”It’s still a very acceptable level of default,” said John Taylor, president of the NCRC, which advocates for access to banking services. “The industry would be very happy with it.”
The default rate for all mortgages outstanding was 8.32 percent at the end of the first quarter of 2011″
I love the argument that down payment size shouldn’t matter and using the most creditworthy borrowers performance to make it. Which just supports the other sides exact argument.
Although the scariest sentence is about the gov’t continuing to write 100% of the contracts that no one sane and required to actually hold the risk would write.
““Critics: Rules may make home buying only for the ‘white and wealthy’””
Yeah, that’s completely absurd AND extremely racist. I dunno why anyone thinks that’s the right approach–alienate over half the people you need to right off the bat.
They’re either saying that the rules would exclude (for example) Russ or that Russ isn’t actually notwhite. Ridiculously insulting.
And I’m one who thinks that blaming the CRA for everything is BS. But if that’s the best argument the anti-rule-change folks have, change the rules *today*.
There should be a risk premium for low down payment mortgages and as far as I know, borrowers with lower down payments typically do pay more whether through higher PMI premiums or interest rates. The question is what that risk premium should be and if there are other factors that are more relevant than just the down payment.
Low down payment loans definitely should not be made to already very marginal borrowers which is part of what got us into the mess we are in now.
For example, is a borrower with 20% down but a 45% DTI a higher risk than a borrower with zero down and a 10% DTI? Is a borrower with 20% down but self employed with a 640 FICO score a higher credit risk than a borrower with 5% down and a 750 score and is a medical doctor?
Mortgage underwriting these days attempts to fit all borrowers into a box with very little ability to look at nuance and the overall context of a file. U/w has become so efficient, that it actually is inefficient because no one can make a common sense decision and the process has nothing to do with credit risk per se, but risk management in terms of CYA.
Mortgage underwriting needs to get back to looking at individual files in their full context versus being glorified processing clerks checking boxes required by Fannie/Freddie. Mortgage underwriting is essentially coloring by numbers.
‘Why do I remember growing up with every sit-com and cartoon showing people getting turned down for bank loans. Now it’s apparently a constitutional right of some sort?’
You are SO right on that one! When I got my mortage in ’88 I wore and suit and tie to every bank meeting in order to make a good impression (I was in my 20’s and needed to look as grown up as possible, and yes you needed to make an impression). The process was actually like being hazed, and believe it or not they required 3 letters of recommendation on offical staionary, Dun & Bradstreet, on and on… all for the honor of paying 11.5% interest after 20% cash down. One thing is for sure: everyone else (other than maybe the super rich) went thru the same process, so the real estate playing field was *much* more level then, and there was NO way in hell I was going to walk away from my place and kiss a 20% down payment good bye.
The highest risk for default regarding of credit score, down payment or whatever else is:
20% or more underwater combined with any one of the following life events:
Job loss/reduced pay
Medical issue
Unexpected major household expense
Divorce
and there are a couple of other.
The cost in square footage is not quite “minimal”.
True in my mind one would never do this in a “city condo” I’m talking about a medium sized SFH in the city or burbs.
“there is no need for double/redundant appliances. It’s just a waste of energy”
Bob2 While I can see part of your argument. Perhaps you would suggest that it adds and additional plugged in appliance that burns some energy waiting on stand-by mode.
However I do have to take issue with you here. As for the usage of a double dishwasher, washer, or dryer it would not actually waste more energy on a weekly basis to use the second devices. One can assume that you are not using two devices to do 1/2 loads but rather using two devices to do full loads and finishing the cleaning in half the time. That means that the heat buildup and light usage in the laundry room/kitchen would be a much shorter time. That might actually save some small but measurable amount of energy.
Russ, pricing the risk premium is pretty simple, not sure people would like the true value on that though, expensive!
The riskier borrower seems like a simple weighted scoring system.
I will tell you this, if private concerns have no interest in transacting in something leaving the gov’t as the only supplier. It’s mispriced!
“I will tell you this, if private concerns have no interest in transacting in something leaving the gov’t as the only supplier. It’s mispriced!”
They have an interest in transacting, but their risk-adjusted profits are higher if they sell the asset immediately (to the government, yes).
anon… Agreed, but if the gov’t was pricing it correctly that option to transfer would not be available or so significantly diminish the return as to not make it worthwhile to do so.
honestly it’s not the simplest calc but my cuff of 5percent vs 20. For low credit should be a few hundred bips. This starts moving me back to the not paying down principal argument. Or the actuarials can be dangerous too, argument.
“if the gov’t was pricing it correctly that option to transfer would not be available or so significantly diminish the return as to not make it worthwhile to do so.”
Yeah, I know, just busting on you for overstating (misstating?) your point.
BUT, the point, right now, of the excessive guv involvement is to a backdoor attempt to get some housing market stability without resorting to some sort of lien stripping. Which results in another guv transfer to UMC mortgage borrowers.
maybe my argument is that the government shouldnt be doing anything, particularly writing derivative risk.
“maybe my argument is that the government shouldnt be doing anything, particularly writing derivative risk.”
So they should get out of currency, too?
lol.. They get run over every time they try, so yes, with exception of coining it. – my real answer btw is it’s not the same thing- And i didn’t overstate earlier. A product like this, you are the only one with interest at that price, you are doing something wrong. They are underpricing it. Basically an immediate subsidy to that loan.
“And i didn’t overstate earlier.”
We actually can’t prove that there is no one interested in transacting at these (interest rate) prices, because the gub’mint is sitting there with a permanent bid of 1.00 for assets with a value of not more than (say) .95. Why wouldn’t the banks just sell everything to that bidder?
Sure, cut out the non-profit (ie sure loser) bidder, and there’s no one willing to pay even .90 (and more likely, something like .80) for the assets in bulk, but there probably are some of the assets that are worth the .95, and then the re-pricing to market can start.
Okay, nevermind, I just proved that you didn’t overstate, at least in any meaningful way, given the paucity of assets that are worth .95.
hell.. And all i was talkin about was a loan with 5 percent down vs 20.
heh. Got typing then realized I agreed with what I thought your point (on that issue) was.
But, still, we can’t *know* that no one will transact at a price X until the whale stops paying X + 530 bps for everything.
Awesome unit. I love levels and the terrace is really amazing. But this could end up sitting for a long time, it looks to me like the terrace is adding like a $100 grand to the price, plus another $100 for the multi-level layout. It’s going to take the right person to buy this.
And I agree with the earlier posters re: the photos–they throw off my equilibrium and make me want to barf. Plus, you can’t tell how big the terrace is. If its huge then that could sell the place a lot quicker, you don’t get much private outdoor space in the south loop.
Whenever it was suggested to my mom that she get a dishwasher, she’d answer that she already had three – with a nod to bro, sis and me.
Alternatively, she had a washer, dryer and put-away-er.
I think sis didn’t bother with a dishwasher until she had a baby and came to recognize its indispensability as a cleaner/sterilizer for bottles, sippy cups, dishes, etc.
I am the listing agent on this glorious penthouse unit, so I’d like to clarify what seems to be a confusion. There is one SubZero refrigerator, one gas cooktop range, two wall ovens, one dishwasher and one washer and dryer…all on the main floor. You can see over 30 photos of this listing on Trulia or 25 of them on Realtor.com if you’d like a total view of all of the spaces. This is a three level unit so it has a lot of volume, soaring ceilings and a remarkable amount of storage. Let me know if you’d like to see it yourself.