Will Boomers Buy 2500 Sq. Ft. Lofts When They Move To The City? 411 W. Ontario In River North
This 2-bedroom loft in the Ontario Street Lofts at 411 W. Ontario in River North recently came on the market.
This loft is in the concrete portion of the building so it has concrete ceilings, exposed brick and hardwood floors.
It is a duplex, with the two bedrooms on the second floor connected by a spiral staircase.
The main level has the main living area plus a den. There are two fireplaces.
The listing says the kitchen has been remodeled with white cabinets, stainless steel appliances and “gleaming” counter tops.
The listing also says it has north views.
The loft has all the features buyers look for including central air, washer/dryer in the unit and parking.
At 2500 square feet, is this the type of property boomers will be looking to buy when they move to the city from the suburbs?
Barbara Sapstein at Baird & Warner has the listing. See the pictures here.
Unit #328: 2 bedrooms, 3 baths, 2500 square feet, duplex
- Sold in April 1995 for $339,000
- Sold in September 1997 for $387,500
- Currently listed at $699,000 (parking included)
- Assessments of $926 a month (includes cable)
- Taxes of $10330
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 22×19 (second floor)
- Bedroom #2: 17×16 (second floor)
- Den: 13×11 (main floor)
Fat chance boomers will plow what little equity they have into $699,000 lofts. Quite a few boomers spent all their money, and more, and look foward to a retirement sharing a dinner of cat food with their cat. Crunchy, tasty, prevents hairballs … Yummy
I don’t know many baby boomers who are moving back to the city, but I would guess they aren’t really looking for a metal winding staircase or a murphy bed in the guest room to pull down when the kids come to visit.
Yeah, everyone heading into their senior years looks forward to spiral stairs. This is is for newly divorced banker/lawyer dad who is moving back to the city post-divorce but needs a weekend place large enough for kids. Dad buys something “cool” so the kids will want to visit.
“This is is for newly divorced banker/lawyer dad who is moving back to the city post-divorce ”
Dad better net *A LOT* of money to be afford the mortgage after the SDU takes their cut for child support payments and maintenance.
Spiral stairs are tough – families don’t like them because its difficult to take the kids up and down. Boomers don’t like them for obvious reasons. If the main BRs were on the 1st floor that would make things easier but having to go up and down the spiral to get to bed is going to be a tough sell.
The late 1990’s price seems more than appropriate for me.
I’m far too young to be a boomer, but for me, the answer is no. It’s just a matter of personal preference. A lot of people like lofts, and I’m just not one of them. I don’t like high ceilings and exposed ductwork. I don’t like interior brick walls. I tend to not like the locations of loft buildings either – they’re nearly all too far from the lake.
I agree, this isn’t something for one’s “golden years.” I could see well-off boomers moving to luxury high rises. Although, most boomers I know are staying put because they lost so much equity.
A few are thinking about buying a smaller, second house with prices being so low and renting it out until they retire and then moving in. I’m curious, Chatterers, what do you think about that idea?
Boomers with paid off homes will stay put, their homes will deteriorate with time, and they will sell for cheap as estate sales. Boomers with no money will be eating cat food in cheap rental apartments in the suburbs. Doubtful that suburban boomers who spent most of their lives in Chicago will suddenly pick up and move downtown.
Our suburban home is paid for, and we’re not going anywhere, even when the kids grow up. We may, however, rent places downtown someday, which wouldn’t lock us into anything long-term and would allow us to sample different neighborhoods we’ve always wanted to try out. It would be a pretty significant cost, of course, so not sure it’s a feasible plan. Just a pipedream, I suppose. But I don’t see a lot of sense moving out of a place that’s paid off, and besides that, our kids would miss their old house a lot, which isn’t the main criteria for deciding on a move, but plays a part.
“A few are thinking about buying a smaller, second house with prices being so low and renting it out until they retire and then moving in. I’m curious, Chatterers, what do you think about that idea?”
We have had several couples who are about 5-10 years from retirement buy in our River North building (a loft building actually, but not the one posted here) for their future retirement. A few couples have children at DePaul or Loyola so their kids are living in them now but parents will move in when they retire. They would not have bought but for low prices and interest rates and the fact that they have a plan for the unit in the interim (rent and/or child living in the unit) which costs them little.
If they are 5 – 10 years from retirement and have met the following I can understand buying something downtown.
1. Paid off main home.
2. Funded juniors college.
3. Are liquid or very close to their retirement goals.
4. Really really had this desire high on the bucket list.
If all those conditions are met then it makes sense. If not then it’s like buying a third large screen tv at Costco on impulse just because it was a really great deal. In the end that makes zero long term sense!
BTaw cool place and fun location but I agree that the spiral staircase is not a selling point. This will sell to a professional high earner couple that work downtown. It will be fine purchase and the baby’s room will eventually be in the office across from the kitchen area.
“I agree, this isn’t something for one’s “golden years.” I could see well-off boomers moving to luxury high rises.”
This makes sense. I know of 4 boomer families that have moved downtown from suburbs. That’s just in my family.
“A few are thinking about buying a smaller, second house with prices being so low and renting it out until they retire and then moving in. I’m curious, Chatterers, what do you think about that idea?”
By the time we pay off Nightingale’s south loop condo enough to sell it at market value we will be 1 to 10 years away from paying it off (depending on which doomsayer’s take on the market improving you believe) so we will simply keep it as our in-town. Not a proactive intentional plan, rather a reactive by product of not having HD crystal ball to plan our future.
“Doubtful that suburban boomers who spent most of their lives in Chicago will suddenly pick up and move downtown.”
A number of my parents’ friends have done just this, and my dad would love to… but mom’s not sold on city living. So they bought a 1BR condo downtown which dad uses a night or two during the week when his retirement activities have him downtown, and they’re both down every other weekend or so.
As for a unit like this, though, it’d mean a boomer having to make a second move later on as they can no longer maneuver the spiral stairs. The benefits of no more lawn care, snow removal, exterior care, etc. that boomers would see as ways that condo living lightens the load are negated by future accessibility issues.
Icarus – we are in the same boat. Wife has a 1 bd condo in the sloop. It’s never been vacant. Not even for a month. It also now cash flows about even. We will likely continue to hold, rent, and then sell when junior heads to college. Not a great deal or logical investment however it does act as a forced savings plan. Somewhat similar to a life insurance policy. Costs money upfront but earns cash value over time.
Wish she had a crystal ball back then and stayed as a renter but I’d never trade her for a poor RE purchase. She is awesome!
“It also now cash flows about even”
Thanks JP3, you made my morning. With the new Mariano’s going up along with a few other places like The Scout, we were joking that it might be time to raise our rent.
“A number of my parents’ friends have done just this, and my dad would love to… but mom’s not sold on city living. So they bought a 1BR condo downtown which dad uses a night or two during the week when his retirement activities have him downtown, and they’re both down every other weekend or so.”
Exactly.
Hahaha yeah all those hip boomers wanting duplex concrete lofts with spiral staircases abutting the Feeder ramp and west river north club scene….
Sabrina put down your crack pipe!
Something wealthy boomers would want would be on state parkway or some quieter place near LSD or millenium park, hell even streeterville or the south loop before this place!
As a boomer, I like the idea of a loft, but share everyone’s concern about the stairs (though I’m in the younger boomer range & many of us don’t expect to move into a place in our 50’s and stay there until our 80’s, and many that are still triathletes/marathoners, etc., aren’t yet thinking too much about accessibility yet!
Sonies is the first to mention the feeder ramp. I like the vicinity of this building, but not wild about the views, noise, etc. & the pictures show very little of the views, so I was wondering!!!
Finally, not sure about the concrete . . .
“Sonies:
Hahaha yeah all those hip boomers wanting duplex concrete lofts with spiral staircases abutting the Feeder ramp and west river north club scene….”
I should mention that our loft building is better located within this neighborhood (not by the off ramp) and has a doorman, gym, luxuries and many units have been gutted and/or have real bedroom walls, laundry rooms, etc… things boomers would want that may not be in all lofts.
This place is significantly overpriced. Also, the design, finishes and style all burn my eyeballs. I love lofts but I am not a fan of this approach where they take an old factory and basically try to build a goofy single family home inside it with finishes like it’s a ranch in Naperville except for, whoa, exposed ductwork, concrete ceilings and brick columns. It makes my brain hurt. At $600k it is still 3% a year appreciation over 15 years which is better than most.
I’ve always wanted a unit in the Hancock, so maybe if we have the liquidity I’d buy a 1 BR there someday as a 2-night a week kind of place. Trouble is, most of the 1 BRs are on the low floors, and I want something up in the 80s or 90s.
Here’s a decent Hancock 2 BR of the type I’d consider as a retirement 2-night a week place, though it’s too expensive and not as high up as I’d like. It does have the north view, however, and seems to be in good shape.
http://www.trulia.com/homes/Illinois/Chicago/sold/20727517-175-E-Delaware-Pl-6704-Chicago-IL-60611
One man’s feeder ramp is another man’s unobstructed view and convenient location.
Judging by the pictures, this unit has to be on the alley on the east side of the building. The ramp noise isn’t too bad except when emergency vehicles enter the ramp, or in the summer when motorcycles and other loud exhausted vehicles blast off on to the ramp. I really wish the city would find some way to keep vehicles from launching full throttle from the light. Speed cameras for “safety” maybe?
“One man’s feeder ramp is another man’s unobstructed view and convenient location.”
I am not complaining 8) my view is spectacular! The noise though is not for senior citizens it can get a bit rowdy… fucking asshole harley drivers… get a life losers nobody wants to hear your noise or see your fat gut and receding hairline! Just fade into oblivion like all the other pussies that have broke down after their mid life crisises
” I really wish the city would find some way to keep vehicles from launching full throttle from the light”
i agree. want to throw a rock concert you need a permit. construction can’t start until the morning gets going.
anything that makes tons of noise generally needs a permit in a city like Chicago.
yet any asshole with a motorcycle license can full throttle their look-at-me mobile at 2am without consequence. (beyond a speeding ticket) and whole gangs of them routinely scream around town at all hours of the night.
noise should be factored into the annual permits at the very least.
how about instead of the useless pollution emissions testing, have a noise emissions test too for these motorbikes… its become ridiculous
Welcome to America where we have freedom of expression…..until it wakes someone up at night.
Two more population sub-sets that are not crazy about spiral staircases:
(a) Firefighters, unless the upper level has a “regular” doorway to a hall, so that if someone needs rescuing from the upper level, one of Chicago’s Bravest doesn’t have to risk his/her life hauling all that equipment up those tiny stairs, and a possibly-unconscious body downwards.
(b) Women of high-heel-wearing age. Why? Because designers love to have grate-style stairs on spiral staircases, which are murder on a lady’s shoe heel if she catches it in there!
it’s about individual responsibility. and respect for others.
you have a valid license, pay gas tax, vehicle tax, and pass an emissions test i’d say you have every right to use the road just like anyone else.
but when your vehicle makes more noise, on its own, then 1,000 cars at rush hour i’d say that perhaps you just pay a bit more for your outsized contribution to noise pollution.
and, when you and your tiny-dicked friends decide to head out and drive insane speeds (with corresponding insane decibel levels) in the middle of the night, through the middle of a major city, then i say you should lose your right to operate a vehicle for a while.
otherwise, build your own race track and do it on your own property. when you’re on common ground you don’t get to do whatever you damn well please.
Outlawing outrageously loud exhausts in the middle of the night isn’t any more “expression suppressing” than outlawing me playing death metal on my home stereo at volumes that make my ears bleed at 4am or even banning loud construction work at that hour. There is certainly precedent for noise ordinances of all sorts.
I’m pretty sure there are already laws on the books outlawing these exhausts, the problem is enforcement. IIRC, it is illegal to sell a motorcycle from a factory dealer with an exhaust that loud, which means these are added aftermarket. Short of regular noise pollution testing, which would have to be often enough that it wasn’t worth the hassle of switching back to the stock exhaust before and after each test (aka Romney’s self-deportation method), I don’t see any way of actually stopping them.
To me the better method is to target specific problem areas, such as this ramp, and find a way to stop the launches. Road diet principles or lowering the speed limit on the ramp to 25mph (with strict enforcement!) until its time to actually merge would be far easier.
^bingo!
I think i’m going to have a conversation with alderman Reilly about this…. sees as though a lot of people are pissed about it
“To me the better method is to target specific problem areas, such as this ramp, and find a way to stop the launches. Road diet principles or lowering the speed limit on the ramp to 25mph (with strict enforcement!) until its time to actually merge would be far easier.”
The speed limit will do nothing. These clowns will rev their motors at any speed in the hopes of getting the attention they missed out on when they were 3. Rahm needs to set a strict sound limit on car and motorcycle exhausts and start fining these idiots several thousand bucks. When the city is broke, you gotta gouge the hell out of a group with no political power that is uniformly hated by 95% of the voting populace. Welcome to Chicago, a-holes.
Here’s a solution
Sound activated speed bumps! Any vehicle that goes over 100db and a row of speed bumps pop up outta nowhere! This would sure send a message to these dickless heroes and even make that clown with his 83 civic with no muffler get a new frickin car!
The ONLY solution is enforcement. I guarantee if you parked a cop car at the bottom of the ramp every night, the problem would stop. (For the record, I’m not advocating dedicating an officer to this issue. The city has far more important things a cop could be doing.) I know a few a nights per summer there is a crackdown on the ramp that catches a fairly significant number of people, but periodic crackdowns are not going to solve the problem.
This is why I would like to see speed cameras put up here. Enforcement would be universal and automatic. You want to take that ramp at 70? Go ahead and pay the $150 fee to do so. The only problem is the only way the city has successfully justified putting up money generating speed cameras is in the name of pedestrian safety. This is a pedestrian-free zone so it would never fly.
The only solution is to move to a 1 acre property on barrington with me.
So everyone here hates the Hancock? I’m referring to the -3 I got with my posting. Should I target the Trump instead?
Hd, they have motorcycles in barrington, sugar grove, niles, park ridge and wherever else you live!
Some boomers may like the idea of a loft because their large rooms provide space that can accommodate the larger furniture popular in suburban homes. But the two floors and spiral staircase of this particular unit would be a turn-off. The location of 411 W Ontario has less noise than further east with its traffic and sirens, so perhaps it would have appeal to someone used to a little quiet.. But for the main stream boomer…..closer to Michigan Ave is where its at.
“Dad buys something “cool” so the kids will want to visit.” – I know several families in this building, including many cool moms.