2-Bedroom Duplex Up Loft Returns to Try Again: 1137 N. Wood in the East Village

1137-n-wood-approved

This 2-bedroom duplex-up loft at 1137 N. Wood in the East Village recently came on the market.

But most of you will remember it from earlier this summer because we chattered about it as a microcosm of the hot Chicago housing market. See the chatter here.

Ironically, it didn’t sell in the first go-around and was withdrawn from the market but has now come back on at a lower price point.

If you recall it has 17 foot ceilings with exposed brick.

The main level has dark ebony floors and the kitchen has white cabinets, stainless steel appliances and black granite countertops.

One bedroom is located on the main floor, and has windows and full walls, while the second bedroom is duplex-up and has a 30×9 deck.

The upstairs bedroom has carpet.

The loft has the other features buyers look for including central air, washer/dryer in the unit and it includes garage parking.

This property is located near the hot restaurants/shops on Division and is within a short walking distance to the Blue Line el stop.

Originally listed for $500,000 in July, it has been reduced and is now listed at $480,000.

Will this reduction get the deal done?

Sophia Klopas at Berkshire Hathaway KoenigRubloff still has the listing. See the pictures here.

Unit #2B: 2 bedroom, 2 bath, duplex up, no square footage listed

  • Sold in May 2006 for $415,000
  • Originally listed in July 2015 for $500,000
  • Withdrawn in August 2015
  • Recently re-listed for $480,000
  • Assessments of $310 a month (includes water, snow removal, exterior maintenance)
  • The listing says there is $12,000 in building reserves. There are 16 units in the building. Is this enough for a building of this size? It also says no specials are planned.
  • Taxes of $5120
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included
  • Bedroom #1: 17×14 (second floor)
  • Bedroom #2: 14×10 (first floor)

8 Responses to “2-Bedroom Duplex Up Loft Returns to Try Again: 1137 N. Wood in the East Village”

  1. Could someone please explain to me why would a 20K cut in the price make a difference? Surely people who were willing to pay 480K for this would have still checked out the 500K place and made an offer. I don’t get 15-20K reductions at this price point.

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  2. The low reserves would scare me away unless they had just finished a major rehab and were in the process of rebuilding the reserves.

    The view is also horrible for this particular unit. I wish more buildings were forced to bury the power lines.

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  3. “I wish more buildings were forced to bury the power lines.”

    And if this building has (were to have) buried power lines, the poles and lines serving everyone else on teh block would still be there.

    Is the “pole in the middle of the kitchen” the hawt new design trend?? I think I want one, but only if I can have it hooked to a scupper so I can get the soothing sound of falling water during storms.

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  4. I’m going to assume that many people are turned away once they see that pole right in the middle of the kitchen.

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  5. The pole in the kitchen, the view of an alley littered the power line poles, the outdated sinks in the bathroom, the low building reserves, the barely green zone location… $480k for this place is ridiculous.

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  6. I live in this building and I will tell you that the reserves are a non-issue, and that another unit that was on the market at the same time just sold for a higher price than this is listed for. The location cannot be beat and I am sure that plenty of people will be willing to pay the money to do minor updates at this price. Also, the building is a converted factory which is why there’s a pole in the kitchen, not because someone thought it was “cool.” Stroll down the street, you are next to all the bars and restaurants with three community gardens on the block and the building is extremely quiet at night, with parking and an elevator in a 4 floor building. Hard to find something comparable.

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  7. “Also, the building is a converted factory which is why there’s a pole in the kitchen, not because someone thought it was “cool.”

    I think we understand that. It’s just poor design by the architect. Was there no absolute reason through a revised layout, that these poles couldn’t be buried behind walls, or better yet, removed for some other type of structural element. I guess that would have cost money and advanced creativity.

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  8. “Also, the building is a converted factory which is why there’s a pole in the kitchen, not because someone thought it was “cool.””

    So, that it is a converted factory would justify a single common bathroom, too, I suppose.

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