What’s Normal Appreciation? A 2-Bedroom South Loop Loft at 1530 S. State
This 2-bedroom duplex loft at 1530 S. State in the South Loop just came on the market.
It has a south exposure with a two story living room and exposed ductwork.
The kitchen has painted maple cabinets, stainless steel appliances and granite counter tops.
There is one bedroom on the main floor and the master suite is on the second level, open to the living room below.
The loft has all the features buyers look for including central air, washer/dryer in the unit and 1 car deeded parking with another space available for $30,000.
The South Loop has dramatically changed since this loft’s last sale in 2001, including prices.
This loft is listed 86.5% higher than the 2001 purchase price.
Is that normal appreciation for a property held for 14 years?
Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.
Unit #1021: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 2001 for $268,000 (included the parking)
- Lis pendens foreclosure filed in April 2012
- There was a deed transferred in March 2015 but I can’t tell if it’s bank owned
- Currently listed for $499,900 (includes a parking space but second space available for another $30k)
- Assessments of $718 a month (includes heat, a/c, water, parking, doorman, cable, exercise room, scavenger)
- Taxes of $4992
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×13 (second level)
- Bedroom #2: 9×13 (main level)
Positives:
This is a nice unit with good ceiling height.
Negatives:
Does the 2nd bedroom have windows? If not this is a 1BR and a walking closet in my view.
I am not a fan of exposed ducts in a soft loft.
Those dangling lights are just terrible looking (but of course easy to get rid of).
Despite me being fan of the neighborhood, I find this to be overpriced especially if the 2nd bedroom has indeed no windows.
I know the September data was out today. I’m too busy today to get to it so I’ll have a post on it tomorrow.
It doesn’t really matter what someone paid, especially 14 years ago when things were obviously different in the neighborhood… If you recall the south loop kind of sucked ass until just recently. A seriously shitty Project was just a few blocks south here on state St… not to mention 268k in todays dollars is 360k so your appreciation is a bit off.
And I am pretty sure this is an asking price not a selling price. I doubt a 2/2 duplex in the south loop on the metra tracks sells for 500k but what do I know?
And regardless this seems to be priced like 100k too high IMO
This is overpriced given the location. It will sell for around $465 with parking.
This place is nice, but the open master looks better than it is functional. The 2nd bedroom has no window. It would probably sell easily if it were on the north side of the building which probably has some of the best city views in the South Loop.