West Loop Newer Construction 3-Bedroom Condo for $879,000: 236 S. Racine
This 3-bedroom at 236 S. Racine in the West Loop came on the market in June 2022.
Built in 2017, this building has 20 units and attached garage parking. It’s an elevator building.
The listing says it was built solid with concrete between all units.
This is a Southeast corner unit with skyline views and a huge wraparound balcony that is 48×5 and 22×5.
It has the modern styling of open concept living/dining room and kitchen.
There are hardwoods throughout.
The kitchen has custom modern cabinets in white and wood, Viking stainless steel appliances, a wine fridge, and a 12 foot quartz island.
The primary suite has a walk-in-closet and a “spa-inspired” bath with rain shower, double sink quartz vanity and heated floors. It walks out to the wraparound balcony.
It has the features buyers look for including central air and washer/dryer in the unit and says that there is heated garage parking available for additional (but doesn’t say how much).
This building is near shops, such as the Target, and restaurants of the West Loop. It’s near United Center and UIC.
The listing says it’s in the Skinner School District.
Listed in June 2022 for $890,000, it has been reduced $11,000 to $879,000.
But that is still $159,000 above the 2019 sales price of $720,000.
Will they get the premium?
Vicki Vranas at Berkshire Hathaway HomeServices has the listing. See the pictures and floor plan here.
Unit #201: 3 bedrooms, 2.5 baths, 1774 square feet
- Sold in February 2019 for $720,000 (no parking listed)
- Originally listed in June 2022 for $890,000
- Reduced
- Currently listed at $879,000
- Assessments of $349 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $16,369
- Central Air
- Washer/dryer in the unit
- Heated garage parking is “additional”
- Bedroom #1: 12×16
- Bedroom #2: 12×11
- Bedroom #3: 12×11
- Living/dining combo: 37×17
- Kitchen: 12×9
- Deck: 5×48
- Deck: 5×22
Property is bland as wonder bread
This has been for sale/rent almost since purchase.
They were renting for $5300
In what world (Other than Sabrina’s EtOH soaked brain)does it make sense to spend $1k/Mo + $140k DP for the exact property?
Ask is either a make me move or they’re trying to artificially inflate the perceived value of the building
If they haven’t had renters since June, it’s killing their returns. If it was an all cash purchase and could have kept it rented, it would have been a good cap rate. if financed they’re getting murdered.
Unserious ask and no tenants- weird investment strategy
I thought picture #3 was a picture of the intersection, but it is a view from the balcony, How miserable.
“This building is near shops, such as the Target.”
This made me laugh.
from the listing “New construction boutique building”
but yet it was built a few years ago?
are people still using those speckled quartz counter tops?
#601 sold in May for $989k, and also has a private roofdeck, reasonably nicely built out:
https://www.redfin.com/IL/Chicago/236-S-Racine-Ave-60607/unit-601/home/104238034
Clearly, imo, well more than $100k better, between the roof deck and the higher floor, even before considering the difference in HMAM caused by rates.
“the difference in HMAM caused by rates”
btw, just looked at the mortgage on 601 from May–30-year fixed at 3.625% for a jumbo.
This place, to have the same HMAM as it would have at 3.625% at a now-realistic 5.5% would have to go for $755k.
The 2019 price was too high imo. Hard to enjoy that balcony with all the exhaust fumes and noise.
“This made me laugh.”
Many people want to be near a Target, Trader Joe’s or Whole Foods. It IS a selling point for many urban properties.
But I did chuckle when writing it Jon. Lol.
“The 2019 price was too high imo. Hard to enjoy that balcony with all the exhaust fumes and noise.”
You’ll be shocked to learn what the new building across the street is charging then Nyet.
Are we sure this is the second floor? The view looks like you’re in the middle of the street. I’ll take a pass on paying nearly $900,000 for all the pollution and noise.
“You’ll be shocked to learn what the new building across the street is charging”
For twice as much space.
The comment wasn’t about the location, it was about the unit and the building.
I’m not sure I agree about the original price, but the expectation of gain on a completely unchanged (other than unfixed wear and tear) unit is not supported by reality, IMO.
+CPI is about $840k, +C-S Condos (NSA) = $833k +C-S Condos (SA) = $809k
You lose the new condo smell once it has been lived in–and more so with a rental period–so I think that typically the first real re-sale (assuming no improvement) should be expected to *lag* average.
If they’d started at $849,900, I think they’d have had much better luck.