Get A 2/2 Brick And Timber Loft in Bridgeport For Under $150,000: 3500 S. Sangamon

It’s been awhile since we chattered about the lofts in the Union Lofts at 3500 S. Sangamon in Bridgeport.

This 2-bedroom, Unit #316, with exposed brick and timber ceilings has been on and off the market since July 2012.

The listing says “bank approved price.”

It’s the cheapest of the 2/2s that are currently on the market.

It has maple cabinets and stainless steel appliances in the kitchen.

The loft has hardwood floors throughout the main living area.

There is central air, washer/dryer hook-ups in the unit and 1-car deeded parking is included.

There are 10 units out of the 71 units in the building currently on the market.

Several of the other units on the market are either short sales or already bank owned.

What price will it take to sell this loft?

Chris Yonke at Exit Realty has the listing. See the pictures here.

Unit #316: 2 bedrooms, 2 baths, no square footage listed

  • Sold in July 2004 for $265,000
  • Sold in July 2005 for $285,000
  • Originally listed in July 2012 for $149,900
  • Prices have been all over the place
  • Was re-listed in January 2013 for $174,900
  • Reduced
  • Currently listed at the “bank approved” price of $144,900
  • Assessments of $440 a month (includes heat and gas)
  • Taxes of $2898
  • Central Air
  • Washer/Dryer hook-ups in the unit
  • Parking included
  • Bedroom #1: 10×21
  • Bedroom #2: 17×12

 

21 Responses to “Get A 2/2 Brick And Timber Loft in Bridgeport For Under $150,000: 3500 S. Sangamon”

  1. E-LP Comps 'n Free Escrow on January 30th, 2013 at 8:14 am

    Classic realtor bait-n-switch, or uber meta commentary on how everyone is moving to Seattle? You be the judge.

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    Rating: +13 (from 13 votes)
  2. Over a 50% reduction from the 2005 sale price. I wonder if the building has issues with lots of short sales and if the association is having trouble.

    Any thoughts on the contraction in GDP in Q4 2012 and how it will affect the Chicago real estate market?

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  3. “Any thoughts on the contraction in GDP in Q4 2012 and how it will affect the Chicago real estate market?”

    Q4 GDP is irrelevant to the Chicago real estate market. It was all fiscal cliff related and that is over (for now.)

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    Rating: -1 (from 3 votes)
  4. As I haven’t any clue where Bridgeport, IL, is, I can’t offer an opinion as to the property. But I will say that CC is now functioning better than ever.

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  5. No, the contraction had a lot to do with reductions in military and other government spending. Overall demand wasn’t too bad in Q4 and didn’t cause the GDP contraction. It was pretty much a one-time event, and should bode ok for the medium term outlook. Fiscal cliff did slow hiring though overall, and this will impact Chicago RE market if local employment and wage growth don’t improve.

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  6. “Classic realtor bait-n-switch, or uber meta commentary on how everyone is moving to Seattle? You be the judge.”

    LOL!

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    Rating: +1 (from 3 votes)
  7. “uber meta commentary on how everyone is moving to Seattle?”

    you mean ‘Seattle’. Kinda like Palatine is ‘Chicago’.

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    Rating: +3 (from 3 votes)
  8. Sangamon? Sounds like Gangnam, right? Oppa Sangamon style! Have you guys seen that video? Hilarious! One of my kids just showed it to me the other day and I am obsessed with it. I even learned how to do the dance. I’ll post a link to it in case you guys haven’t seen it. http://www.youtube.com/watch?v=9bZkp7q19f0

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    Rating: -3 (from 23 votes)
  9. would anybody trust anything *built in bridgeport between 1997-2012?

    *built, remodeled, reno’d, etc.

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    Rating: +1 (from 3 votes)
  10. You’re just now learning about the hideous Gangnam Style video?

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    Rating: +1 (from 5 votes)
  11. “You’re just now learning about … Gangnam Style”

    Dude lives in Cary. Even with the internet, they’re about 4 memes behind.

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    Rating: +9 (from 9 votes)
  12. Same building, Unit 308: http://www.redfin.com/IL/Chicago/959-W-35th-Pl-60609/unit-308/home/12663053

    2/2 175 list. HOA of 300.

    Not seeing listing for #316 on redfin.

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  13. http://www.redfin.com/IL/Chicago/3500-S-Sangamon-St-60609/unit-316/home/39686482 found it

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  14. from the listing:

    “Near downtown Chicago (less than 10 minute drive), this 2 bedrm 2 bathrm loft is located in Bridgeport”

    Is this really being marketed to people who have never been to Chicago?

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    Rating: -1 (from 1 vote)
  15. “It’s the cheapest of the 2/2s that are currently on the market.”

    There *is* a cheaper 2/*3*:

    http://www.redfin.com/IL/Chicago/3500-S-Sangamon-St-60609/unit-114/home/17546034

    but it appears to be missing a kitchen.

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  16. outdoor parking spot comes free with touch up spray paints and occasional car removal.

    neighborhood great for evening strolls where one can chat on soon-to-be-stolen phone.

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    Rating: +1 (from 9 votes)
  17. These condos in off neighborhoods have been SLAMMED in price during the bust. I don’t know if they’ll ever recover. 2/2’s all over the city in off neighborhoods are cheap. Especially older units that need work or have outdated fixtures They often go for less than $100,000 on a regular basis. In the GZ stupid yuppies DINKS are still paying $300k or more for the functionally equivalent units. Location location location, or dumb dumb dumb. I don’t know.

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  18. “functionally equivalent units”

    Define ‘functional equivalence'; make sure it accounts for how real people with above average income actually live day to day; do not rely on some hypothetical reasonable hermit.

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    Rating: +4 (from 6 votes)
  19. “Define ‘functional equivalence’; make sure it accounts for how real people with above average income actually live day to day; do not rely on some hypothetical reasonable hermit.”

    Or give us an example pair of properties.

    To be fair though, I think all HD is saying is that when you set aside location and the condition/quality of different units, there are some puzzling pricing disparities.

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    Rating: +3 (from 3 votes)
  20. “I think all HD is saying is that when you set aside location and the condition/quality of different units, there are some puzzling pricing disparities”

    You know what might help? Can opener.

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    Rating: -1 (from 1 vote)
  21. “To be fair though, I think all HD is saying is that when you set aside location and the condition/quality of different units, there are some puzzling pricing disparities.”

    setting aside the clouds in the sky today i’m puzzled as to why i got wet on my way to work.

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    Rating: +7 (from 7 votes)

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