From Peak to Foreclosure to Peak Again: A 2/2 Loft at 120 E. Cullerton in the South Loop
This 2-bedroom loft in Bank Note Place at 120 E. Cullerton (also 1910 S. Indiana) in the South Loop just came on the market.
This building is known for its unique arched terra cotta ceilings.
This loft is a southwest facing corner unit with hardwood floors, exposed brick, a fireplace and the terra cotta ceilings.
The kitchen is described as “chef quality” with maple cabinets, what looks like stainless steel counter tops and stainless steel appliances.
It has the other features buyers look for including central air, garage parking and side-by-side washer/dryer.
This loft sold near the peak of the bubble market in 2007 for $375,000.
It then became bank owned and was sold at the bottom of the market crash in 2012 for $225,000.
But prices are at, or above, peak again in most parts of the GreenZone.
It just came on the market listed at $375,000 – looks like parking may be extra at $30,000 – so that would put it above peak.
Is past peak pricing in the once overdeveloped South Loop a sign that this housing market has fully healed?
Debra Dobbs at @Properties has the listing. See the pictures here.
Unit #405: 2 bedrooms, 2 baths, no square footage listed, corner unit
- Sold in December 1999 for $257,500 (included the parking)
- Sold in October 2001 for $290,000 (included the parking)
- Sold in January 2007 for $375,000 (included the parking)
- Bank owned
- Sold in July 2012 for $225,000 (included the parking)
- Currently listed for $375,000 (parking may be $30,000 extra– but I can’t tell for sure)
- Assessments of $429 a month (includes cable)
- Taxes of $4941
- Central Air
- Side-by-side washer/dryer
- Bedroom #1: 15×15
- Bedroom #2: 13×10
omg what did they do to the ceiling in this place? it looks hideous!
I was seriously considering one of these units when the development was first being marketed. The finishes were well ahead of their time. There are two wings to the building. This unit is in the original Banknote building with the cool brick vaulted ceilings on the southside of the development. The kitchens had professional grade stainless steel countertops and the baths had an stainless steel trough for the sink and a walk through shower/tub combo. These units though didn’t have much of a view.
The north side of the building was new construction soft-lofts but has great city views.
The south loop was a virtual desert then. This development is still a bit far south even with all the changes.
Sonies, the original building had brick ceilings that are barrel vaulted. Hard to tell in the pictures, but they have a pretty significant curvature. Looks cool in person if you like unique loft features.
I wonder what a chef quality kitchen entails, and more importantly how much it cost. The neighborhood seems promising with continued development around McCormick Place. I could see this being a good investment since its a neighborhood that is headed in the right direction.
This is one of my favorite buildings in the South Loop. I had an offer accepted on a unit here a few years back, but it was a short sale and the bank took so long to respond that I had to rescind my offer.
I remember the finishings were very nicely done compared to the vast majority of other buildings in the area. You could see that the developer put in effort/money into making the units look nice and unique. The one I placed on offer on was in the old Banknote portion of the development.
On a not unrelated to this particular property: I’ve noticed these past two weeks have seen a large uptick in the number of listings and price reductions. I realize that this is purely anecdotal and two weeks do not make a trend, but I’ve found the volume of both metrics to be rather notable (I’ve been following listings/price reductions/sales for a long time now). The number of new properties I am seeing listed day to day is much higher than even earlier this spring season when listing frequency is usually at it’s most rapid. I personally believe that we have hit an inflection point. Inventory is quickly rising and (IMO) the crazy price appreciation we’ve seen in the early part of this year is history. It might have something to do with the crazy bond market volatility we’ve seen these past 2 weeks. Yields are moving like a penny stock these days. It’ll get very interesting very quickly if the 10-year rises too quickly here and people realize the free-money train is coming to a stop. Should be an exciting next 4-6 months