What Would You Pay for a 1-Bedroom? 60 W. Erie in River North
1-bedroom units are popular starter condos, especially in River North and Streeterville. This 1-bedroom with den at 60 W. Erie in River North is larger than most. It’s also quite a bit pricier.
What would you pay for that 1-bedroom condo?
Here’s the listing:
Lucien Lagrange, exclusive 24 unit building at the cross roads of the Gold Coast and River North. Most floors are full floor residences. This home is one of only 2 homes on the floor.
Large 15X5 tiled balcony, eat in kitchen with subzero, Bosch and Thermador SS apps & In suite whirlpool W/D. Gleaming Hardwood throughout common space, sizable master suite and den. 2 parking spots in the attached garage included.
Crown Heights Realty has the listing. See more pictures here.
Unit #1401: 1 bedroom, den, 1.5 baths, 1420 square feet
- Sold in December 2003 for $556,500
- Currently listed at $699,770 (includes 2 parking spaces)
- Assessments of $863 a month (the building is small and has a doorman)
- Taxes of $6,313
In all fairness 1420 sq ft is larger than most 2 bedrooms.
Well, 1 bedrooms in 270 E Pearson, 340 Randolph, 159 Walton, 900 N Michigan, are all selling for in the 700’s, so I guess it is just personal preference.
I would buy a 2/2 for that price but that’s just me.
A unique property for sure but how long will it sit on the market? Prices are returning to 2003 not moving away from it.
Yeah I agree. Given all the perks this can’t be compared fairly to typical 700 or 900sf 1/1’s.
SR.. In all fairness this is a great physical location but iffy spot and certainly not equal in location to what you mentioned.
this place screams mediocrity. watch out for falling knives
Only 2 units on the floor? That in and of itself is appealing. The views from the balcony are impressive (except for the Golden Arches). 1,400 sq feet is nice and big too for a 1 br without the problems of a loft. I actually like this unit, which is saying alot given my attitude towards real estate on this site, but $700,000 is just ridiculous. The 2003 price of $556k is also pretty goofy IMO.
pretty much 500/sq-ft. what’s with the booster step around the bed?
makes you wonder if the seller might have better luck at that price by throwing up another wall and making it into a 2/1.5
It’s a nice building, but it ain’t that nice. I’m with Streeterville Realtor on this one. Nicer buildings, and locations, available for the same $$. Nevertheless, I’d be inclined to buy a 2/2 for that type of cash.
Talk about catching a falling knife. Who’s going to buy places like this with all the layoffs in legal and financial firms?
“Who’s going to buy places like this with all the layoffs in legal and financial firms?”
No one at this price. ha!
“throwing up another wall”
They don’t need to–based on the floorplan in the listing, the den has a wall and a door. However, the full bath is a master and thus the den (possible 2d) really only has a commode and sink available to its occupant. So it’s a 1br + den.
“So it’s a 1br + den.”
That’s how the advertisement on craigslist describes it.
“That’s how the advertisement on craigslist describes it.”
I know; just emphasis of why it can’t be a 2br combined with pixel diarrhea.
There have been 11 sales of 1BRs over $700K in 2008, or roughly 1 per month, according to the MLS for the Loop and Near North markets. There are currently 70 for sale, which indicates an inventory over 5 years.
At first it appears that the inventory figure is distorted by Trump (5 sold, 33 for sale) but that isn’t the case. However, Waterview has 15 listed for sale. Excluding these from current listings knocks a year off the inventory.
Our local condo expert (no sarcasm), Streeterville Realtor, noted 270 E Pearson (1 sale, 1 listing), 340 E Randolph (1,1), 159 E Walton (1,1) & 950 N Michigan (0,2). These bldgs appear to have the most salable $700K+ 1BR units with a total of 3 sales in 2008 and 5 current listings for an inventory of about 18 months.
The maintenance and taxes alone add up to $1,389 per month. From a financial perspective, the unit makes no sense, but most people buy on emotion. Visitors to CribChatter.com are more thorough in their property analysis than most home buyers. Someone with means will justify a purchase because of the boutique nature of the building.
I bet the buyer will be a recently divorced person in law, banking or medicine.
But this is just under 700K, G. Does the analysis change if you consider, say, units asking $600 and above? (Also, there might be some units that asked for over $700, but sold for under.)
It sounds like Ben Bernake is all for another stimulus package. Instead of $300 or $600 this time he should give every American $1,000,000. That way it would restore affordability and help out the self-esteem of every American.
If Ben Bernake gives every American a large enough stimulus bribe, then even joe six pack will be able to afford this. Write your representatives today and make clear your specific request for a $1,000,000 stimulus payout.
Yes, it does change.
There have been 17 sales of 1BRs over $600K in 2008, or roughly 1.7 per month, according to the MLS for the Loop and Near North markets. There are currently 94 for sale, which indicates an inventory over 4.5 years.
At first it appears that the inventory figure is distorted by Trump (5 sold, 36 for sale) but that isn’t the case. However, Waterview has 15 listed for sale. Excluding these from current listings knocks just under a year off the inventory.
Hi IB,
I totally agree with you. First, if I had that kind of money, I wouldn’t buy a one bedroom. If for some odd reason I wanted a one bedroom, I would pick from the buildings that I previously listed. There are some really nice coops out there but I excluded them.
huh–so it changes it, but not by much. Thanks, G.
Interestingly, your analysis also implies that there are more 1BRs, listings and sales, over $700 than there are between $600-$700. This actually makes some sense to me: there are sensibly-priced (relatively speaking) 1BRs: those will be below $600K. And then there are the super-premium units, which tend to be priced $700K and over.
Sorry, I wrote that last one hastily. Trump and Waterview are distorting the $600K+ 1BR inventory figure. Without them, there were 12 sales of 1BRs over $600K in 2008, or roughly 1.2 per month, according to the MLS for the Loop and Near North markets. There are currently 43 for sale, which indicates an inventory of about 3 years.
Kenworthey, the inventory of under $600K is a different story entirely.
There have been 1,081 sales of 1BRs under $600K in 2008, or roughly 108 per month, according to the MLS for the Loop and Near North markets. There are currently 896 for sale, which indicates an inventory of about 8 months. However, the last 60 days have had only 165 closings, which indicates an inventory of almost 11 months.
What is the average price for a 1br in the Loop and Near North over the last 60 days?
Or median, whichever you have access to. Thanks
G – thanks for including actual data!
It makes sense to me that the market for $600k+ one bedrooms would be REALLY slim. most people need more rooms to make their lives work.
there’s just two of us and we use all 4 bedrooms in our house (master, guest, and two home offices). We wouldn’t be able to function in a one bedroom without killing each other.
Funny, I am in the middle of turning a 4 bedroom into a 1 bedroom.
Just takes finding the right person. I could handle a 1200 sq ft 1 bedroom much easier than I could handle a larger 1400sq ft 2 bedroom.
Still think you need to do comps on this at sq ft since putting up drywall is absurdly easy.
You can get a brand new 2/2 construction unit in the same neighborhood for the same price have have much nicer finishes. (for example Superior 110).
they will be lucky to get anything above 2003 prices. putting a ridiculous price like 700K does not help.
So would a one bedroom on a high floor with great views be worth 500k? or what would it be worth? as far as downtown, not gold coast or lincoln park.
Bob wrote: “If Ben Bernake gives every American a large enough stimulus bribe, then even joe six pack will be able to afford this. Write your representatives today and make clear your specific request for a $1,000,000 stimulus payout.”
LOL, like Ron Paul says if printing money really worked, none of us would ever have to work ever, the Treasury could just print money for all of us!
500 k max and only because there are two parking spaces with it