We Love Terraces: 1250 S. Indiana in the South Loop
We’ve often chattered about condo units with private terraces and this 2-bedroom at 1250 S. Indiana in the South Loop has a large one.
It’s also a corner unit so both bedrooms have windows.
The unit was recently reduced by $14,000 and is listed below its 2005 sales price.
Is this a deal?
Alan Shultz at Coldwell Banker has the listing. See more pictures here.
Unit #714: 2 bedrooms, 2 baths, no square footage listed
- Sold in February 2005 for $361,000
- Sold in October 2006 for $365,000
- Was listed in December 2008 for $359,900
- Reduced
- Currently listed for $345,900 (parking included)
- Assessments of $378 a month
- Taxes of $2819
- Bedroom #1: 13×12
- Bedroom #2: 10×8
There was a place at I think 1143 S. Plymouth that had a patio bigger than this, which led to the pool area. I think the place on plymouth was bigger, and IMO its a better location than this, and it is contingent at 320k. I’d suspect that this place will sell for about the same price or less, by the photos it looks tiny!
“Bedroom #2: 10×8”
They’re joking, right?
I like the area south or Roosevelt and east of Michigan more than just about any area of the city. Hard to say whether its a deal without knowing the square footage, but my guess is that the prices is about right for 1450-1500 square feet, depending on layout and amenities. If smaller, than maybe worth less.
At first I thought this was at ground level and was going to voice my reservations. But on the 7th floor thats a beautiful, protected terrace. I think this will sell at or near ask.
And no the second bedroom really doesn’t need to be sizeable, IMO. Its either for visitors or the youngins. And neither of those groups help pay the mortgage.
10×8 bedroom, south loop way oversaturated, things falling in line with 2000 pricing, recession, bought in a bubble in the first place.
If 1 br’s are starting to list for 200k in river north, 2 br’s (of which this is a joke at 10×8) this should list for the same. Just not a desired area.
http://imgprd.nrtwebservices.com/Chicago1/Properties/JPG_Main/605/788605_500006.Jpg
You have to be fucking kidding me…the layout of the picture is an obvious attempt to conceal the tiny size of the bedroom. I couldnt even lay down outstretched in there. This should be listed as a 1br + den.
“And no the second bedroom really doesn’t need to be sizeable, IMO.”
It’s fine, IFF it has a big closet–you need the storage in a office/guest room/baby’s room. I’d be *shocked* if an 80 sqft “bedroom” had a large closet, tho.
Nonetheless, this is really a 1BR + Den, not a 2BR.
Ha–didn’t see a’s 12:17 post before posting.
Small, very small. I know space is a premium in a high rise but this is a tiny two 1br + den.
To make this livable, you would have to remove the wall to the den/bedroom and open it up to the main living space. Otherwise, the living room furniture is awkward and crammed. The kitchen eats up a good portion of the great room.. It is a one bedroom with 2 baths. Terrace is wonderful!
So where do you put the TV? that sliding glass door takes up much of the wall space. if you were to put it by the black picture the couch would be in front of the BR door and practically in the kitchen. if you were to put it on the side walls, the couch would be in front of the sliding door. I also wonder why people put the towel racks out of arms length of the shower/bath.
The seller could probably knock off another $15K if they weren’t trying to buy another Burberry scarf…
The deck is the most desirable aspect, imho. I guessing $300K for 2/2 in SL will be the new standard…
i’d be more concerned with the tight living space which is 10′ wide. A 2nd bedroom can be 10 x 8 if you’re just going throw a guest or two in there twice a year and use it as an office the rest of the time, which is a common scenario. i would consider this a very desirable location, not necessarily for the crowd who want bars and boutiques on their doorstep, but it’s close to everything else and clean & quiet.
art- good luck getting a desk AND a bed in there. i think it’s 1 or the other
I just got my offer for the 2×2 in river north accepted 🙂 YAAAAAAAAAY!
The living “nook” barely has room for a single couch and no place to put a TV. (Although I guess you could put it on top of the kitchen island since it’s only about five feet from the couch!) When are developers going to stop making these ridiculous kitchen/living/dining combos where you could reach into the fridge from the dining table or bump your dining table chair into the living room furniture as you get up. I would only buy this place if it was a bargain price compared to other one bedroom units because this place needs some major floorplan reworking/room merging.
I’ve been in a corner 2BR in this building and I felt that unit was ridiculously cramped. It was a very poor layout and wasted a lot of space. The living space and the entry door were on opposite corners of the unit, requiring a hallway of sorts that ate 10% or more of the unit space. This building was clearly designed to maximize the number of units that could be squeezed onto a floor plate. Livability took a back seat.
This building was built for flipping, not for living. It will probably end up with a large portion of the units being rented out.
“When are developers going to stop making these ridiculous…”
Don’t worry, they’ve stopped already. The real question is how many decades until they start again?
sonies-
care to divulge some info on your acceptance?
ChiGuy – I was thinking more of a futon, but you’re right, the only thing that isn’t undersized appears to be the terrace. chicagocondosonline puts the square footage at 1081, which in developer speak is around 950. It’s quite incredible how many rooms they squeezed into that footprint. They should turn it into dorms.
Congrats Sonies!
2br 2ba, newly built in 2006 1150 sq ft., south skyline view, indoor heated parking, for 330, but they are paying all closing costs (about 10k) So basically 320. The home was on the market for a year and started at I think 339 + 35k for parking. Its 1.5 blocks from Chicago El stop, My home is 1 mile from my work, I can walk to work lol! dog park is a block away, awesome awesome awesome awesome location and a pimptacular pad. That’s all I can say 🙂
Sonies,
Congrats. But the real congrats will come when you secure financing. A lot of deals are falling through at that stage these days is my understanding.
Nah we won’t have any problems. I’m not worried one bit. We’ve got many pre-approval letters, we have good credit scores, have the down payment ready to go, lenders have been fighting over us.
And I’m not worried about the place appraising poorly either. It shouldn’t be a problem.
I hope it’s not 630 N Franklin #901. It’s just 1010 sf, according to the developer, which makes it around 900sf in real terms, well over 300 $psf whichever way you slice it. Smaller even than this Indiana unit, which everyone has spent the day ridiculing.
Well art as a frequent commenter/ridiculor here I can safely say that I won’t be letting the banter on here influence my desired unit nor decision to buy. Remember what they say about opinions as well as free advice. 😀
Sonies: was that the unit at 215 W. Illinois chattered about yesterday or unrelated?
TFT:
Scroll, then post. The only thing that matches b/t Sonies unit and the Anchor Loft unit is that both are 2/2.
Unrelated, although I do like that one on Illinois, its out of my price range by about 300k. And get a life Art, or are times slow these days?
Sonies,
Congrats! Is it the Hudson?
So it is 630 Franklin. Good luck!
Thanks art
anon:
Missed the one post that counted…but thanks for the snark!
Remember the statute of frauds: all contracts for the sale of real property must be in writing. Even though they accepted your offer orally it isn’t a contract until you sign the bottom line.
which means you can still back out! you’ll piss some people off for sure.
Lol, I don’t think so, thanks for the um thing I already know 🙂
We were in this unit on 12/27. It’s very odd. The master bathroom is much too big with a separate tub and shower. The terrace is nice, but it makes the apartment feel like a garden unit. If you go to the end of the public area terrace, which is slightly above your terrace, you can see a marvelous view of the parks and the city skyline.
There is a better, actually spectacular, view from 714. This unit is corporate owned. They took it back from one of their employees. The Realtor said that they are willing to deal. But, the rooms are small, smaller overall than 712. There is a MAJOR CAVEAT. According to the Realtor there will be a high rise built some day in the parking lot totally blocking the view. The immediate area is all residential with some very nice high rises across the street. No shopping or restaurants in the immediate area.
We just bought a unit in 1400 Museum park (1347 S. Michigan). We like this area as we live out of town (it will be a weekend place) and taking 57 north we get to south loop faster than other areas. It was listed for 305K + 35K parking. We got it for 280K parking included. It is 839 SF and is facing west (not such a great view). But we loved the layout and the amenities. Let me know what you all think. We are getting very good mortgage deal as well. I am happy we got the place, but my instinct tells me both the prices and the rates will go down further
I showed this condo. Terrible layout. No family room. Second bedroom is terrible. The unit next door is way better. Agree with Steve A on all points
Not a good deal. I’ve been in those units and it’s a 1 BR+office, not a 2BR. Plus museum park has become a concrete jungle and the finishes the developer used are cheap. They look like the same things I would buy at Home Depot to furnish a frat house. Considering, that there is a fully renovated 1550 sq ft 2 BR+den in the same building for just 20k more, I think these sellers need to stop listening to their greedy agent and look at what comparables are on the market. 910 S michigan has a 1750 sq ft 2 BR, right across from the park in the same price range.
How come no one is telling Sonies he caught a falling knife?
Sonies gets a free pass because, for a few months, he has trash talked all the other buyers/sellers on this site.
Just kidding. I really hope you like your new place.
What many here fail to realize is that buying a home is not like timing the stock market. A home is a place to live. Waiting for the best possible deal (which might never come) is not always the best course of action. For some, buying might be the best choice even though, in general, buying is not the best option.
I already did a couple of times on other threads. So did the SHill.
If the two of us agreeing didn’t alarm Sonies, I can only assume he is willing to accept the continued decline.
Everyone here realizes your point, RunnerRunner. If you like and can afford it, then buy it and enjoy. Just don’t fool yourself into believing it is a good deal and be ready for it to fall further. In many cases, much further.
so any comments on my place?
Steele
Can’t say as to the quality of your deal, but that’s one nice building.
I don’t think anyone can say right now who is getting a good deal in a high rise just based on the price per square foot. The big questions should be how much are the assessments and what is the financial health of the building and its current owners.
very good points you guys. It is one of the things we were considering too. It seems the place is 90% sold and our assessment will be lower than 300 including internet (no cable though, which is ok for us). Of course the assessments can always rise : )
I was also very interested in the library tower but apparently it is only 50% under contract and about 25% sold which was a bit scary to us. But the units are beautiful: hard wood, granite tops, walk in closets. We could have bought a 2BR/2BA with parking for 340K if not less. But I chickened out. I was worried it will go rental.
I agree with Danny, it is getting harder to figure out what is a good deal. But I am almost certain that many units in 1250 S Indiana are a rip off. When that building first went on the market, the entire east facing side of the building had unobstructed museum/lake views and were obviously charged a premium for those views. Now those people have paid a premium price for nothing. Doesn’t something like that hurt their property values? The buyers of east facing units paid more for their condos but now they have the same blah views as the buyers who didn’t buy a condo with a view of the lake
yeah, I’m probably catching a falling knife, but I think I got a pretty good deal (20% off 06 prices) in a nice new healthy association building in a fantastic location. And with rates so low, we can afford it. I’m a stock broker and trying to time the bottom of any market will always get you nowhere but poor. As long as there is good VALUE in what you buy, in the long run it will usually work out.
I patiently waited over the last 4 years watching housing prices go crazy and didn’t participate, like when the nasdaq was approaching 5000 I stayed on the sidelines, and am far better off for it. here’s some financial advice; do the complete opposite of whatever the majority of people you know are doing. Buy when they sell and sell when they are buying. You’ll be a lot better off for it.
Miumiu:
Why did you buy now then if your instincts tell you prices will go down further?
There’s been a lot of discussion here about the South Loop. There are thousands of units coming on-line there in the next year which will push prices down further.
Miumiu,
I hope you considered 1235 S. Prairie. This is an extremely healthy building already established. There are several one bedrooms for sale starting at $286,900 and I am sure you could negotiate a good price. The finishes are similar and the assessments are established as the association is in place and reserves are good. I do like 1347 S. Michigan but with so many unsold units (at least 25%)and a newly formed association the building still has some bumps to ride.
I am just a little hesitant about new construction in the South Loop. As Sabrina pointed out there are more new buildings delivering in 09. The established and well managed buildings have more of a chance to do better than the new construction. When a new association forms the egos have to fight it out and the first few years can determine the long term financial stability. I have watched several buildings be ruined by inexperienced egotistic owners who never resided in a high rise before.
But whatever you decide works best for you, I hope you enjoy your new Chicago home and all Chicago offers. None of us have a crystal ball but I do believe our instincts always lead us to the correct path if we listen.
And Sabrina, Why such a hater on buyers?
“None of us have a crystal ball”
We don’t have unicorns or pixie dust, either. Some of us do have a basic understanding of supply and demand, though.
$300 psf in the SL is nowhere near the bottom. There are so many more units coming, stuck flippers and weak hands that the decline will go on for years.
Keep in mind that the success of the SL boom was based upon the continuation of cheap and easy credit. Heck, the entire economy was based on this premise. Oops.
“And Sabrina, Why such a hater on buyers?”
I don’t “hate on buyers”- but she herself said that she believes prices will fall further and then she wants confirmation that she paid a decent price etc. etc.
Like anything- it’s supply and demand (especially in the south loop.) There is too much supply and not enough demand so prices will continue to fall.
Thanks for the comments. To be honest my husband and I were so tired of our small town that we really felt like we needed a small place in Chicago to get away. I am sure it is not the best investment but I wanted to see how bad it is 🙂
As for Prairie, I love that building and we even gave an offer which was rejected and I thought it was a good offer (later the seller changed his mind but we had emotionally moved on). We dealt with one seller and he seemed somewhat irrational. His unit has been more than 400 days on market which says something. I even like style of the Prairie building better as it is not ultra modern. The current unit we bought IMHO has a nicer layout and less wasted space. I like the kitchen better too, but the Prairie unit we saw had way better views so I think in a while when our place becomes outdated (in terms of its kitchen design and so on), the Prairie one might hold better value. But one never knows.
As for lots of new units coming up in SL, I am not sure it will reduce too much the value of units in good buildings. People will be wary of buying into highly unsold building exactly as we passed on the library tower even though I loved it.
oops all my comments were about 1322 S. Prairie. We looked at 1235 S. Prairie (museum park) and I liked it very much but the units in our price range had no parking which is a most for me.
Miumiu:
Whoa!! Nice views.
Is 1322 also going to be blocked by the proposed building that will block 1250? The views sort of look the same.
I liked 1322’s views on the west. It was town homes and some other buildings. We ended up buying a pretty much no view on 1347 S. Michigan so I cannot make fun of any one elses views 🙂
Miumiu,
1235 S. Prairie is a much stronger building than 1322. At 1235 S. Prairie, the one bedrooms listed for sale have parking as optional and are over 100 s.f. larger than 1347 and some have lake/park views. Only you know what is the best fit for your family but make sure you explore all the options. I also like 1335 S Prairie and 233 E. 13th St.
thanks VB. Our offer has been accepted and we have made the commitment. For some reason we failed to notice 1BR in 1235 with deeded parking. We looked at two very nice units there but non had deeded parking.
Anyone who buys today should be throwing out lowballs, hoping someone might actually agree.
1235 is a nice building but on the low end (1/1) the flippers are really trying to hold out for some outsized appreciation. Units that sold in the low 200s in 2006 the flippers are listing for 300k+. One unit is listed at 287k. Don’t give an outsized offer to some flipper. Its a nice building but I don’t think any unit is worth more than someone paid in 2006 for it. And I’m guessing a lot of these flippers that bought in 2006 couldn’t even get loans today.
I don’t know much about 1322 though.
1720 IS DOOMED – 75%rentals – condos look like apts. Just visited with a realtor (to buy) she said to steer clear. No style very drab very cheap. The units are so very small what the brochure says for sq feet and what we really measured off is about 120 sq ft difference. The new CMK bld on VanBuren will be all rentals too. No one buys these type of cheap looking units to live in. ALL CMK blds are cold – no style – no upgrades- just cheap. The realtor said the developer has a bad rep (?) also that the South loop offers nothing and probably never will.
I’m interested in the 1250 S Indiana Bldg. but am getting mixed views on whether or not it is a stable and well built building. Ccan anyone help clear up the issues of the “bad develope” thing?
Thanks!
MAB