Revisiting Motor Row Lofts, nine months after the auction

Motor Row Lofts, 2303 S Michigan Ave, ChicagoThree quarters have passed since the developers at two South Loop projects, Motor Row Lofts and Michigan Avenue Tower II, sold more than 60 new condos at auction in a single afternoon. Today I looked up the former to see what’s still available, and for how much.

First, here’s a refresher on Motor Row Lofts:

  • Motor Row Development created 52 one- to three-bedroom timber / brick lofts with 36 different floor plans inside three Holabird & Roche-designed automobile showrooms at 2303 S Michigan Ave. Many of the details of the Motor Row Lofts’ design, including the exterior’s ornamental terra cotta, the lobby’s tile floor, and the 10- to 15-foot-high windows overlooking Michigan Avenue, were elements preserved from the original showrooms.
  • On November 15, bidders claimed 19 of the 20 one- to three-bedroom lofts selected for auction, at prices ranging from $187,000 to $316,000.
  • The average list price of those homes was near $446,000, or $318 a square foot. By comparison, the average sale price at auction was just over $247,000, or $178 a square foot.
  • In the weeks following the auction, five unsold two- and three-bedroom lofts with 1,198 to 2,049 square feet were repriced from an original range of the $390s to $650s to a new range of the $280s to $480s.

Here’s what I see today:

  • Since the auction date, Cook County has recorded 14 sales at Motor Row Lofts, at prices ranging from the $210s to $350s. Presumably some of these sales were units purchased at auction.
  • Today, Jameson is marketing three two-bedroom / two-bath homes — two with 1,198 square feet, each priced in the $260s, and one with 1,661 square feet, priced in the $400s.
  • The two-bedroom units, #310 and #314, have 15-foot ceiling heights, stainless-steel appliances, granite countertops, gas fireplaces, washer / dryer hookups, and rooftop decks with storage spaces. Monthly assessments are $263, and cover water, common insurance, and exterior maintenance. Taxes are $672 for each, due to the building’s participation in the eight-year Illinois Tax Assessment Freeze Program.
  • The three-bedroom unit, #505, has many of the same finishes as the two-bedrooms, but also features a duplex floor plan with 20-foot ceiling heights. Monthly assessments are $365, and taxes are $924 per year.
  • Garage parking still comes separately, for $20,000 per space.
  • No units are listed to rent on the MLS or Craigslist.
  • Motor Row Lofts’ address currently earns an 85/100 on WalkScore.com, meaning it is a “very walkable” location. Its Transit Score is an “excellent” 73/100, due to its proximity to the Red Line and nine bus routes.

Next week I’ll take a look at what’s still for sale one mile north at Michigan Avenue Tower II.

COMMENTS

WORDPRESS: 3
  • Worth noting that resale buyers will not benefit from the tax freeze.

  • Brian Benson 7 years

    What ever happen to the Motor Row Condos that were across the street or nearby I believe? Was this property auctioned off in unfinished state (by Fed as Indy bank failed)? Was it ever finished? Apartments perhaps?

  • Solo 7 years

    Bank owns it but there are major talks right now for the purchasing of the building by a very-well known developer. If things go through, it will be a very positive venture for the neighborhood.