Three 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.
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