Another Sign That The Market Has Bottomed? 1-Bedroom Lincoln Park Lofts Selling Fast: 2525 N. Sheffield
We last chattered about this 1-bedroom duplex loft at the Tru-Lofts at 2525 N. Sheffield in September 2012.
See our prior chatter here.
At that time, the loft was listed just $3900 above the 2007 purchase price at $274,900.
No one guessed a possible sales price but many wondered what the market for this type of unit would be in this changed market. Some of you thought you should only rent it, not buy it.
It didn’t take long to find out, however, because less than 2-months later this sold for just $6,000 under 2007 price at $265,000.
You’ll recall the listing said it had been “gut rehabbed” and that the kitchen had new cabinets, a tile backsplash, granite counter tops and stainless steel appliances. (upgrade package?)
The loft had exposed brick and a steel/metal ceiling.
The master bedroom was being used as a nursery and the second level loft was being used as the master bedroom- which was open to the room below.
It had central air, washer/dryer in the unit and one car parking was included.
Does this sale (along with the 1-bedroom coach house on Kenmore we recently chattered about) indicate that the Lincoln Park market is heating up- even for 1-bedrooms?
Jenna Cody at @Properties had the listing. You can still see the interior pictures here.
Unit #3F: 1 bedroom, 1 bath, no square footage listed
- Sold in May 2007 for $271,000
- Originally listed in September 2012 for $289,000
- Reduced
- Was listed in September 2012 at $274,900 (parking included)
- Sold in November 2012 for $265,000 (parking included)
- Assessments of $151 a month
- Taxes of $4185
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×12
- Loft: 18×15
I really don’t understand the attraction in this place. That lofted space is a joke, you can’t even stand up straight in there.
now is a great time to buy. i think people with 10% down are jumping in. how much lower can prices go? interest rates? with rentals becoming more expensive by the day, it makes sense to buy.
It makes sense to buy but not a place like this. Exposed brick and a steel ceiling are just so not livable.
Crib Chatter: Selling real estate to perverts since 2007.
c – 10% down? Unless you’re going FHA most lenders really want 20%. Prices for condos can go lower, especially for the glut of overbuilt, uninspired condos built in the last 8 years which primarily gain the interest of investors to pick up cheap and rent out. Unique places in great locations usually sell faster and at a premium, but It really only makes sense to buy if you’re ready to settle down, not pack your bags and move somewhere in the next 5-10 years, maybe longer, or if your financial strength softens your concern about the potential losing some of your investment.
If the buyer of this loft is a bachelor, he’ll either encounter great skepticism or great enthusiasm when he brings the ladies upstairs.
This place stinks. Seriously they missed a few marks here. That short lofted space can’t be a legal bedroom. Why did they not do something better to cover the new CINDER BLOCK installed under the smaller or resized window. That is really lame. Cinder block reminds me of those prison shows. I think that this buyer must have got caught up in the cool factor and overlooked the not so cool option of bumping your head every day.
“That short lofted space can’t be a legal bedroom.”
That is why it is listed as a one bedroom and not a 2 bedroom. If you read the listing and look at the pictures, the one real bedroom is being used as a nursery.
The ceiling in the nursery is snug with the top of the door so it likely 6’6” or so….while the ‘master’ lofted space looks possibly lower. Basically it looks like they had a 14-16 foot ceiling and split into two really crappy living spaces.
I believe this is DIRECTLY on the train… right? Don’t know why anyone would want to live there.