Trying To Sell a 2/2 Loft at 20% Off the 2006 Price: 70 E. 18th in the South Loop

This 2-bedroom loft in the Casablanca Lofts at 70 E. 18th in the South Loop came on the market in March 2012.

In that time it has been reduced $15,000.

This is a loft by name only as it doesn’t have the authentic features loft buyers look for which include timber or concrete ceilings, exposed beams and several walls of exposed brick.

It does, however, have a small strip of exposed brick across the living/dining areas, exposed ductwork and 12 foot ceilings.

It also has large windows.

There are cherry floors in the living/dining space.

The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.

The unit has a full-size washer/dryer and garage parking along with central air.

It doesn’t appear, from the listing pictures, that either bedroom has windows.

The unit is currently listed about 20% below the 2006 purchase price.

Given the price declines in the South Loop, how much lower will this have to go to find a buyer?

Judy Mannetter at Prudential Rubloff has the listing. See the pictures here.

Unit #2C: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in April 2006 for $457,000
  • Originally listed in March 2012 for $375,000
  • Reduced
  • Currently listed for $360,000
  • Assessments of $300 a month
  • Taxes of $6280
  • Central Air
  • Full size washer/dryer in the unit
  • Garage parking included
  • Bedroom #1: 16×14
  • Bedroom #2: 16×10

56 Responses to “Trying To Sell a 2/2 Loft at 20% Off the 2006 Price: 70 E. 18th in the South Loop”

  1. matthewlesko on May 7th, 2012 at 2:05 pm

    The South Loop (like Lakeshore East) is just a huge trap for people that just move to Chicago and don’t understand how bad the areas are around it. It’s basically a wasteland down there. You are much better off in the burbs for this kind of money.

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  2. The epitome of boring.

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  3. No windows in the bedrooms? South Loop location? $225k…

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  4. So both of the bedrooms get light through the living room? Or it is just one of them? Either way, I would not buy this place even for 200K.

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  5. “The South Loop (like Lakeshore East) is just a huge trap for people that just move to Chicago and don’t understand how bad the areas are around it. ”

    what area is bad around lakeshore east? navy pier is kind of tacky, but i wouldnt call it bad

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  6. This is just depressing. $200-250k seems right. That 2006 sale price is mind blowing.

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  7. Matthewlesko – Thank you for another great uninformed opinion about an area that you just do not understand! Tell us more about places like Cary, Woodstock, or Wonder Lake as I actually would respect your thoughts and opinions of that area.

    I do have to admit that you are correct on one point. There is better value for the dollar in MANY places in comparison to the ask on this unit.

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  8. wow, what a crap layout. the no-window bedrooms thing is aboslutely a deal breaker for me. I would never live anywhere that didn’t have windows in my bedroom.

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  9. Kroll’s is great and there’s a lot of activity in this area. I wouldn’t want to live in this building because there are too many smokers who stand near the entrance to Kroll’s, but I like their food.

    The lack of windows in the bedroom is too bad. The floors and kitchen cabinets are nice, but the rest of this place is “meh.” My guess is $240k if they are lucky.

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  10. matthewlesko on May 7th, 2012 at 3:07 pm

    What is good about Lakeshore East? It’s just a glut of condos with nothing interesting, no good restaurants, still no grocery store. Same could be said for South Loop. It’s the definition of poor RE development. Easy money permitted its continuity but for the prices there are much better places in the city of Chicago (and like I said, the burbs as well).

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  11. matthewlesko on May 7th, 2012 at 3:08 pm

    Also a big fan of Kroll’s!

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  12. Wow, awful. I feel bad for these people. I think they’ll be lucky to get 50% of the original purchase price. I always compare SLoop to West Loop properties — I think you could get something like this (with full windows, no less) for around $300 and given that I think W Loop commands about 50K+ more in price vs similar south loop properties, I’d say this one would be around 250 if it had windows, 215-225 without.

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  13. Lake shore east? What about Filini and Mariano’s? Matthew, where do you live?

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  14. Mathewlesko-What are you talking about? Poor definition of RE development? Compare 10 years ago to now, amazing transition for such a short period of time. Everything is there just lacking the development of neighborhood feel and fill in unique retail. Area has the big box Trader Joes, Jewel, Whole Foods, Dominicks, Best Buy etc..Restaurant scene has improved over past 2 years and new places continue to open. This property is awful however, terrible design. I agree the 2006 price is mindblowing. I wouldnt buy it even for 225 but someone will overpay closing around 300

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  15. This is a studio with two large walk-in closets. If I were to sleep in the closets, how would I jump from the windows to escape the enveloping fire?

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  16. Serious question…how much would it cost to tear open the bedroom walls and install actual windows?

    This place doesn’t look like it can be a duplex down so I do not understand why they would have built bedrooms with itty-bitty windows like this.

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  17. I’m pretty sure mathewlesko is a troll or really sarcastic. He liked Angels and Mariachis (what had to be one of the worst places on Division). His favorite place to shop is Eddie Bauer, and his favorite restaurant is Grand Luxe Cafe (sister of Cheesecake factory). Now he complains that Lakeshore East has no grocery store. Not only does it have a grocery store, but one of the best grocery stores in the city.

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  18. “Not only does it have a grocery store, but one of the best grocery stores in the city.”

    i have been in it do have to say its sweet but clearly saying “best” is very subjective.

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  19. Actually, some “light sleepers” or night-workers might LIKE bedrooms with little or no natural light coming in! Saves money that otherwise would have to be spent on blackout shades, etc.

    BTW has anyone seen the common areas here? Are there posters on the wall with Bogie and Bergman, etc.? What a waste to name a building after a classic American movie and not capitalize on the decorative opportunities. Sort of like not naming a project on Shakespeare Ave. after the Bard or on Mozart Ave. after Wolfgang. (Oh, wait, the “Amadeus” condos did finally materialize a few years ago.)

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  20. “What is good about Lakeshore East? It’s just a glut of condos with nothing interesting, no good restaurants, still no grocery store.”

    been a while since you have see it? or google street view hasnt updated it yet either i guess?

    the steak place is darn solid (name is escaping me), it has groceries and from my last account about 5 restaurants without including “tavern” and mil park grill

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  21. “the steak place is darn solid ”

    III Forks.

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  22. What is good about Lakeshore East? It’s just a glut of condos with nothing interesting, no good restaurants, still no grocery store.

    Mariano’s opened a full size store in Lakeshore East 6 months ago… it’s now our primary grocery store, coming from Lincoln Park (hop on LSD at Fullerton, hop off at Wacker and there in less time than to Jewel on Ashland or Dominick’s on Clybourn). As for restaurants, there’s a steakhouse, a diner/brunch place, an Italian restaurant, never mind the dining options in Mariano’s cafe…

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  23. Matthewlesko is funny. He lives in Cary if i’m correct.

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  24. more o/t…

    cc’ers – what do u think about this as a no-brainer flip for quick profit?

    http://www.redfin.com/IL/Chicago/2534-N-Kedzie-Ave-60647/unit-202/home/39974297

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  25. matthewlesko on May 7th, 2012 at 6:47 pm

    Is the consensus on this board that people WANT to live in Lakeshore East? The only way I can understand someone saying Lakeshore East is good is if they already own there and now regret it but need to talk it up to prop up the value of their place or to try to convince themselves they didn’t make a bad decision. Living in the burbs means little walking. Walking is one of the benefits of living in the city. But Lakeshore East and the South Loop are areas that are miserable to walk around in.

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  26. Really? I walk around SL all the time. Come to SL on a weekend. They are ton of people walking around the park, on museum campus, along the lake. I walk my baby around all the time. If the weather is nice around the lake and museum campus, if it is cold and it might rain then I walk along Michigan Ave. so that I can hop on a bus if need be. Your statement makes me think you have not to the hood in a long long time.

    “South Loop are areas that are miserable to walk around in.”

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  27. Yikes the tax is pretty high, but I guess that is supposed to reflects the sq footage. However we all know that if a listing says its 1500, its actually more like 1200.

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  28. If I had said this, I would have been called a snob. Who eats at Luxe Cafe. Talking about tourist trap. On the other hand G welcomed MLesko and declared he likes how he thinks so I guess that means he’s Da Man when it comes to RE…lol

    “I’m pretty sure mathewlesko is a troll or really sarcastic. He liked Angels and Mariachis (what had to be one of the worst places on Division). His favorite place to shop is Eddie Bauer, and his favorite restaurant is Grand Luxe Cafe (sister of Cheesecake factory). Now he complains that Lakeshore East has no grocery store. Not only does it have a grocery store, but one of the best grocery stores in the city.”

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  29. I looked at these units when they came on the market. The bigger issue with me is that they tweaked the % of ownership on the condos. Kroll’s space is part of the association,but only pays a small amount of assessments due to the way they set up the association.
    Way out of proportion in relation to the space they have.

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  30. “I’m pretty sure mathewlesko is a troll or really sarcastic.”

    I don’t care to discern the difference. Anyone whose claims Eddie Bauer is their favorite place to shop is free entertainment in my book.

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  31. “Eddie Bauer is their favorite place to shop”

    SWPL?

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  32. “SWPL?”

    Yes but any SWPL this is true of would at least be self-conscious enough about their preferences/habits so as not to admit this. The acceptable answer to the SWPL crowd in this case is Indy/Mom&Pop stores.

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  33. “Anyone whose claims Eddie Bauer is their favorite place to shop is free entertainment in my book.”

    Where does Bob buy his clothes?

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  34. Why are we ganging up on Lesko?
    Who cares where he lives.
    Lakeshore East is a terrible, manufactured “neighborhood.”
    Why would anyone want to live there?—Because it has a steak house?
    It’s like living in a Wal-Mart.
    South Loop is equally terrible. It would be my version of Hell if one day I work up there—not to mention waking up there and being underwater in my mortgage.

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  35. gringozecarioca on May 8th, 2012 at 6:40 am

    I am fairly certain Bob told us that already. Loro Piana.

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  36. matthewlesko on May 8th, 2012 at 8:39 am

    Eddie Bauer is the same thing as LL Bean but doesn’t cost as much, but if I told you guys I liked LL Bean you would think that that was cool because you have bought into the marketing.

    Also, as the saying goes “the market don’t lie” and the fact that values in the S Loop are depressed are because the market figured out it was a manufactured neighborhood with too much supply and nowhere near enough demand. My opinion on the matter doesn’t really hold weight, but when it is the opinion of the market at large it starts to be important. Next thing I know is that you guys are gonna tell me that the Taylor Street area is a great area to buy and live.

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  37. “What is good about Lakeshore East? It’s just a glut of condos with nothing interesting, no good restaurants, still no grocery store.”

    but you first claim was the areas around it were bad. how can you say that when one of those areas has your fave store and restaurant.. are you going after uiclio inanity crown?

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  38. matthewlesko on May 8th, 2012 at 12:28 pm

    “but you first claim was the areas around it were bad. how can you say that when one of those areas has your fave store and restaurant..”

    @CH: Lakeshore East is quite different than Streeterville or Mag Mile area. Do you not grasp that?

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  39. “Everything is there just lacking the development of neighborhood feel and fill in unique retail. Area has the big box Trader Joes, Jewel, Whole Foods, Dominicks, Best Buy etc..Restaurant scene has improved over past 2 years and new places continue to open.”

    You’ve just described the suburbs perfectly. How is this a defense of the South Loop?

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  40. Ha ha Matt L – I like the notion of relocating to live in the Taylor St area – either the neighborhood west of Morgan north of Taylor which has a nice mix of buildings and residents or University Village given the value available there. Very close to Loop, great restaurants and entertainment, shopping, rapid transit close by & all the benefits of living close to a world class university (Clio wouldn’t have attended if it wasn’t world class would he?).
    “Next thing I know is that you guys are gonna tell me that the Taylor Street area is a great area to buy and live.”

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  41. “You’ve just described the suburbs perfectly. How is this a defense of the South Loop?”

    LOL thanks eric i got a spit chuckle out of that one.

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  42. yes but those are the areas around it, which you called bad

    “The South Loop (like Lakeshore East) is just a huge trap for people that just move to Chicago and don’t understand how bad the areas are around it.”

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  43. “On the other hand G welcomed MLesko and declared he likes how he thinks”

    For the very same reason that I like how you don’t think, moomoo: entertainment.

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  44. “For the very same reason that I like how you don’t think”

    You’re not following your own advice, G.

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  45. My hypothesis is: MathL is either a suburban agent like Clio or is an owner in one of the burbs and thinks his comments on the forum can actually make a difference. Honestly, someone who values Lake, aproximity to museums, theatres and other performing art venues, and feel of the city, won’t move to the suburbs unless they are doing it as a sacrifice for their kids.
    Now as far as SL goes, it has some positives and some negatives. It is a matter of taste which neighborhood in the city appeals to each us, but claiming you cannot walk there or there are no stores around is absurd.
    “but you first claim was the areas around it were bad. how can you say that when one of those areas has your fave store and restaurant.. are you going after uiclio inanity crown?”

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  46. “You’re not following your own advice, G.”

    Advice? Lol

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  47. “Advice?”

    Yeah, I’m shorthanding again. Even at that, perhaps admonition would have been better.

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  48. You obviously follow my comments closer than I do.

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  49. “Honestly, someone who values Lake, aproximity to museums, theatres and other performing art venues, and feel of the city, won’t move to the suburbs unless they are doing it as a sacrifice for their kids.”

    umm google map is your friend use it. MLesko has a Lake actually a chain of them, also musuems, theater actually two nice ones.

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  50. The only way I can understand someone saying Cary is good is if they already own there and now regret it but need to talk it up to prop up the value of their place or to try to convince themselves they didn’t make a bad decision

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  51. Among other things, I am a lake snob so “chain of lakes” makes me think it is not Lake Michigan we are talking about, so sorry won’t do it for me ; )
    BTW, when talking about theater, I hope you are not referring to Cinemas.

    ” MLesko has a Lake actually a chain of them, also musuems, theater actually two nice ones.”

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  52. “Among other things, I am a lake snob so “chain of lakes” makes me think it is not Lake Michigan we are talking about, so sorry won’t do it for me ; )”

    i dont think your circle would like the chain o lakes, given to us yokels its more fun and yokel family friendly

    “BTW, when talking about theater, I hope you are not referring to Cinemas.”

    If i was talking about the cinema how would you feel? what snarky anti-americanism things would you like to say?

    BTW i love people like your circle, your like a web female version of the TV frasier, all the snob about the “arts” and yet rarely go to anything but the trendy bee’s knee’s production. have no clue about the folk who put the monkey dance on for you only snob snob about the headliner.

    How about this, let match your ticket stubs pre-kid to my stubs for the same time period. Oh wait you didnt know groove was “wordly” and understood “the arts”. and of our ticket stub matching pic any one and i will take to a home of someone in the production as they were expecting me already.

    sorry no placido, and no headliners the real nutz and boltz dancers/actors/musicians.

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  53. how often do you have to go to plays (or cinemas) that being able to walk is important?

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  54. “how often do you have to go to plays (or cinemas) that being able to walk is important?”

    Its true but I’d imagine that aspect gets hugely over-valued by people buying in-towns. Along with the cost/benefit calculation generally.

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  55. matthewlesko on May 8th, 2012 at 11:15 pm

    My hypothesis is that miumiu can’t afford miumiu.

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  56. “how often do you have to go to plays (or cinemas) that being able to walk is important?”

    Parking is getting $$$$ and arent they talking about raising it or extending “peak” hours? even cabbies are going up too.

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