A “10-Minute Walk to Comiskey” From This 2-Bedroom Loft: 3500 S. Sangamon in Bridgeport

3500-s-sangamon-approved

This 2-bedroom top floor loft in the Union Lofts at 3500 S. Sangamon in Bridgeport came on the market in December 2014.

We’ve chattered about this building before.

Converted into lofts in 2004, it was symbol that the neighborhood had “arrived” as lofts were hot in all the other hip neighborhoods so it was a sign that Bridgeport was hot too.

The lofts on the lower floors in this building have more authentic loft features, including exposed brick walls and timber beams.

This top floor unit doesn’t have that as it looks like it was added on to the top of the building during the conversion in order to add more units.

The building has 71 lofts and outdoor, gated parking.

There have been a rash of foreclosures and short sales in the building since the bust in 2008.

This 2-bedroom appears to be a short sale.

It has east exposure and skyline views.

There are hardwood floors in the living and kitchen areas.

The kitchen has maple cabinets, stainless steel appliances and granite counter tops.

It has the other features that buyers look for including central air and washer/dryer in the unit.

Now listed for just $199,000, including the parking spot, is this a deal for a neighborhood that’s on the upswing and for a location just a “10 minute walk from Comiskey Park”?

Steve Brashler at Re/Max 1st Service has the listing. See the pictures here.

Unit #506: 2 bedrooms, 2 baths, 1436 square feet

  • Sold in June 2004 for $375,000 (included 2 parking spaces)
  • Originally listed in December 2014 for $365,000 (included 1 parking space)
  • Reduced
  • Under contract once
  • Re-listed
  • Currently listed as a short sale for $199,900 (includes one parking space)
  • Assessments of $720 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $2913
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 16×16
  • Bedroom #2: 11×11

24 Responses to “A “10-Minute Walk to Comiskey” From This 2-Bedroom Loft: 3500 S. Sangamon in Bridgeport”

  1. “There have been a rash of foreclosures and short sales in the building since the bust in 2008.”

    That’s why this place is so cheap and the HOA is so high. A lot of foreclosures means thousands of dollars per foreclosed unit in delinquent HOA fees, which caused great financial damage to the association that it will take a decade or more to recover from. The damage was no doubt compounded by the length of time it took for many of these foreclosures to be completed- when I was looking to buy, I looked at the record of deed transfers and claims against units in buildings I was seriously considering, and found foreclosures that were still pending after 3 or 4 years, and most of them were also delinquent in paying HOA fees and taxes.

    Most of those past due HOA fees will never, ever be collected. The association is just plain out the money- funds needed for ongoing maintenance,and necessary major repairs, never mind desirable upgrades.

    I would be very cautious about stepping into a mess like this. The ordinary condo association with no apparent problems carries enough hidden risk without buying into an association that obviously has towering financial problems.

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  2. It’s a better deal than the condo I bought in 2003 (sold in 2014) but probably runs the same risk of not being able to sell quickly when needed.

    The buyer is somebody who grew up in Bridgeport and wants to live close to their family.

    That exposed duct is awful and no reason for it in a soft loft.

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  3. As the young whipper-snappers would say, EPIC FAIL.

    really for only $50k more you can gent yourself a true bonafide house. With two dedicated parking spaces in your own garage and ample street parking to. No dealing with IF you can get the short sale. no HOA ass fees, No need or a tiny balcony as you will have your own yard. or if your in the mood for tiny sit in the front yard. oh yes you get two yards!

    Condos are great ideas in densely populated desirable areas.

    https://www.redfin.com/IL/Chicago/3548-S-Winchester-Ave-60609/home/14076590

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  4. The assessments don’t seem that high to me given the square footage if the building has a doorman (unsure) and onsite management (unsure).

    I’m surprised this place ever sold for $375,000. $199,000 doesn’t seem like a fantastic deal to me, but rather a fair price.

    Thanks for featuring a non-green zone property, Sabrina!

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  5. thats a pretty good deal IMO a friend of mine lives in the morgan st lofts just a block away and I think he pays 1200 a month for his tiny 2/2

    not the best building though, the hallways are all janky and gross and its just kind of dirty, inside is cramped

    this unit looks waaaaay better than his does and the lobby does too

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  6. No doorman. Modern building built within last decade. The HOA should be nowhere near this high, and it likely wouldn’t be were it not for the wave of foreclosures.

    I accept high HOA fees for older buildings that have a lot of stone and terra cotta to be maintained, and where the HOA includes heat, and there is a high level of service and amenity (doormen, pools, big lobbies, etc.) However, a newer building with few amenities should have substantially lower HOA fees. If it’s THIS high at this age, what will it be like when the place starts to age and develops Older Building issues?

    Anyone contemplating this place needs to research the association to see how much repair reserve it has (if any), what major work needs to be done, how many owner occupied units there are, how much HOA arrears are on the books, how many units are delinquent. If there are STILL many units with foreclosures pending, you might want to pass on this “bargain”.

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  7. Thank you Sabrina for the sub-200k feature!

    Laura nails it on the head. HOA is too bloated and doesn’t include much. I’d rather tack on an extra 50k-75k to the mortgage on a place with an HOA fee that’s half that; same monthly nut without the opportunity cost of lost equity and mortgage interest tax deduction.

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  8. @Groove77 – nice comparison with the single family home, but you failed to mention that its a 40+ minute walk to Comiskey Park. That should be worth about $10K in the condo’s favor, no?

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  9. Anybody remember what street in that they had to restructure the houses together because of crooked builders? Or was that in Bridgeport?

    Sonies, why is your buddy renting over there he can buy a true SFH that isnt cramped for that price in that area, and not deal with poorly maintained hallways?

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  10. “That should be worth about $10K in the condo’s favor, no?”

    but the short sale hassle is about $10K in the SFH favor, its a wash.

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  11. I vote for Bridgeport as having some of the ugliest single family homes in the city. How does stuff like this even get built? http://www.estately.com/listings/info/3226-south-stewart-avenue

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  12. “street in that they had to restructure the houses together because of crooked builders”

    Right by Buubly Creek, no? Like 32d & Throop??

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  13. “Sonies, why is your buddy renting over there he can buy a true SFH that isnt cramped for that price in that area, and not deal with poorly maintained hallways?”

    no he can’t he’s a bloody dimwit with his money and doesn’t make much anyway

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  14. “Right by Buubly Creek, no? Like 32d & Throop??”

    So that would be bridgeport then. I will have to google up some stories on that, i found it sadly hillarious when it was report back then. I will google up some updates on it too should be a good read.

    “no he can’t he’s a bloody dimwit with his money and doesn’t make much anyway”

    i just check what rent would be in my hood, you can get a 3/1 for $1200 in my hood. or get a 3/2 for $1200 in Jeff park two blocks from all the transit options you would ever need (blue line, metra, 90, 94, bus depot with 15 routes stopping there)

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  15. Here you go a move in read alternative. You just need about $200 for a few cans of paint;

    https://www.redfin.com/IL/Chicago/3423-S-Marshfield-Ave-60608/home/14077588

    Or you want new construction (but will have to pay for it;

    https://www.redfin.com/IL/Chicago/3837-S-Hermitage-Ave-60609/home/102231102

    Man inventory sucks everywhere

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  16. if you want Here you go a move in read alternative. You just need about $200 for a few cans of paint;

    https://www.redfin.com/IL/Chicago/3423-S-Marshfield-Ave-60608/home/14077588

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  17. If you want to pay here is new construction;

    https://www.redfin.com/IL/Chicago/3837-S-Hermitage-Ave-60609/home/102231102

    Man inventory sucks everywhere

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  18. Personally i dont get why one would move to Pilsen when Bridgeport and McKinley park are options. Makes no sense.

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  19. ” i dont get why one would move to Pilsen”

    Vertiport proximity!

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  20. Is there Efflorescence on the new construction house?

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  21. “I vote for Bridgeport as having some of the ugliest single family homes in the city. How does stuff like this even get built?”

    Thank you Jenny. I didn’t want to be the one who said this.

    I looked at ALL the inventory on the market in Bridgeport thinking, “maybe I should cover more of the properties” and there wasn’t a single one that I should cover.

    You’d think there would be SOMETHING of interest. It actually is the oldest neighborhood in the entire city (older than Old Town.) But many of the bungalows have been ruined over the years and the other “new” construction has been awful.

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  22. I would move to east Pilsen before Bridgeport or mck.

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  23. “You’d think there would be SOMETHING of interest. It actually is the oldest neighborhood in the entire city (older than Old Town.) But many of the bungalows have been ruined over the years and the other “new” construction has been awful.”

    crooked zoning changes and sketchy building practices ran rampant in Bridgeport. They actually had to go back and tie a block of new built houses together as to help with the structure as all of them started to lean/sink badly. I am not kidding a block of new detached SFH had to be retrofitted to become attached because they couldn’t stand on their own.

    We are not talking ONE house built bad, a WHOLE BLOCK of houses!

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  24. Ah yes, “Comiskey Park.” Spoken like a true blue Chicago Sout’ Sider. Just like UIC is “Circle,” the Juvenile Detention Center is the “Audy Home,” that skyscraper on South Wacker is “Sears Tower,” and the big department store on State & Washington is “Marshall Field’s.”

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