Is This the Hottest Building in Lincoln Park? A 2-Bedroom at 1335 W. Altgeld
This 2-bedroom loft in the Piano Factory Lofts at 1335 W. Altgeld in Lincoln Park just came on the market.
I couldn’t find information as to when the 15-unit building was converted into lofts.
This corner unit has north and west exposures with 10 foot timber ceilings, exposed brick and antique doors.
Both bedrooms appear to have windows which is rare for lofts.
The kitchen has white cabinets and stainless steel appliances.
The listing says there are 2 “brand new” baths.
The loft has the features that buyers look for including central air, washer/dryer in the unit and covered parking.
This is the 4th unit that has come on the market in this building in the past 2 months.
1 of those has already closed and 2 others went under contract almost immediately.
- #2F: 1/1 listed in March 2015 for $335,000. Just sold for $297,500
- #1C: 2/2 listed in April 2015 for $450,o00. Under contract within days.
- #2A: 2/1.5 listed in April 2015 for $450,000. Under contract within days.
- #1B: 2/2 that just came on the market for $459,000
26% of the building has been listed in just the past 2 months.
Is this the hottest building in Lincoln Park?
I guess lofts aren’t dead after all.
Kathleen Knorr at Coldwell Banker has the listing. See the pictures here.
Unit #1B: 2 bedrooms, 2 baths, no square footage listed
- Sold in May 2005 for $400,000 (per Redfin as the CCRD was “down” this weekend)
- Sold in August 2008 for $360,000 (per Redfin)
- Currently listed for $459,000
- Assessments of $364 a month
- Taxes of $5604
- Central Air
- Washer/Dryer in the unit
- Covered parking included
- Bedroom #1: 20×16
- Bedroom #2: 12×11
What’s also interesting right now is that long time owners are FINALLY listing and moving. You can see this in this building. 3 out of the 4 that were listed last sold somewhere in the 2005-2008 time period.
10 years in a loft condo is a LONG time. Far longer than average.
If you look at the condo listings coming on in a lot of buildings, the owners are realizing that they can finally sell and get out of their properties.
This is great news for the Chicago housing market. It means more inventory will be coming on.
What is it about the current condo listings that indicates owners are realizing that they can finally sell? How are these different than condo listings in the past?
Hopefully you are right, since more inventory would be beneficial to this potential buyer.
“Nothing to do but move in [and pay this huge special assessment that we’re all trying to avoid]”
There are fifteen units in the building and four went up for sale at once. Would you all consider this a red flag?
“There are fifteen units in the building and four went up for sale at once. Would you all consider this a red flag?”
After what we’ve been through over the last 8 years? Hell no.
Look at when they all bought. All within the last 8 to 10 years (except the 1-bedroom unit.)
This is a GOOD sign. It means that one owner saw that the 2/2 that went on the market in early March went under contract almost immediately (maybe even multiple bids- who knows) and word got back to everyone else in the building (trust me- they all probably knew the day after it went under contract.)
And now they say to themselves, “damn, Tom and Megan in XYZ unit sold within 3 days for full list. We should sell too.”
And so two more 2/2s decided to list. And yes, they all (so far) are going under contract quickly.
Don’t underestimate how many people have been trapped in their condos. It’s a HUGE percentage. Everyone selling in the same buildings is a GREAT sign for this housing market.
“What is it about the current condo listings that indicates owners are realizing that they can finally sell? How are these different than condo listings in the past?”
They’re going under contract within days for more than the 2005-2007 peak bubble prices- that’s what’s telling them they can finally sell.
This is the first time in 8 years we’ve seen these market conditions- and with rates still relatively low. As soon as mortgage rates rise again, the market will cool off (as a combination of record high prices AND rising mortgage rates with no income increases will NOT be very pleasant.)
So, many people are thinking its best to sell and make a move while they can.
Thanks, Sabrina. You make a good point. If several were sitting there not selling, then that more likely would be a sign of a problem.