Steals and Deals: Is this short sale a “deal” in West Bucktown?
The listing on this short sale at 1934 N. Washtenaw at the Metropolis Lofts in West Bucktown says the bank will consider “all offers.”
Is this loft cheap enough to be considered a deal?
Unit #207: 2 bedrooms, 2 baths, 1200 square feet
- Sold in December 2001 for $216,900
- Sold in July 2004 for $266,750
- Sold in February 2007 for $283,000
- Currently listed in pre-foreclosure for $269,900 (1 indoor parking space included)
- Assessments of $290 a month
- ReMax Professionals Select has the listing
The unit is already “back” to 2004 pricing at the current asking price.
It is the only unit currently on the market in the building.
A 1 bedroom sold in the building in May 2007 for $250,000.
A 2 bedroom, 1.5 bath unit sold in the building in September 2007 for $335,000.
That giant concrete column through what would be a kichen island is really strange. A good “what not to do” picture for architecture students.
The other problem with this unit is the management company left town with the buildings reserves. See this link: http://chicagorealestatedaily.com/cgi-bin/news.pl?id=27939
No one should be surprised by prices returning to 2001 levels. 1998 levels are a definite possibility. July 2004 price is definitely not a “deal” anywhere.
Add to the “what not to do” list, putting your kitchen next to the windows and leaving the living room in the dimness.
That column was a killer–I can’t believe that it wouldn’t have been better to divide the unit b/t the two neighbors so the column could be in a wall. With that basic area for the kitchen/dining/living, there isn’t a good alterantive layout b/c of the column.
I was in that unit last night. I rent in the complex (on the timber-ceiling Fairfield side, if you know the lofts) and am interested in buying in the building, but this unit was horrible. The realtor listing mentioned “striking east views” or something like that. I walk my dog by that building every day and could NOT figure out which unit it was based on the window layout in the listing photos. As I suspected, the unit actually faced west onto the alley. On the second floor, that’s not a particularly “striking” view.
And the concrete column through the island was just as bad as it appears. I don’t see who is going to buy that unit until it’s down to 210K or so. Even then, I’d worry about resale. There are some great units in the complex, but this isn’t one of them.
The Regent Realty situation is also concerning, to say the least. Anyone know an update? As a renter, I’m not privy to the latest in the police investigation, but I’d expect a “special” at any moment.
By “West Bucktown” do you mean HUMBOLDT PARK? What is going on w/ the new names for neighborhoods?
This complex is definitely not in Humboldt park, K. West Bucktown is an apt description, considering it is located smack dab in between Bucktown, Wicker Park, Humboldt Park, & Logan Square. It’s closest to Bucktown… I might call it Logan Square (although that seems like a stretch b/c I think of logan square as California & Logan ish.
As far as the unit in question, I’ve seen it and you all are crazy. The light in the living room is perfect, the deck view is average, and the kitchen has plenty of counter area, even with the columnar island.
This unit is much, much nicer than similar condos in the area which have sold for over $300K in the past 6 months.