23.5% Appreciation in Just 14 Months for a Loop Loft: A 2/2 at 728 W. Jackson

728 w jackson #2 approved

This 2-bedroom loft in the Haberdasher Lofts at 728 W. Jackson just came on the market.

Haberdasher is a full service building with 220 units and a parking garage. Half the building has timber lofts and half is concrete.

This loft is on the timber side of the building and has exposed brick and the large industrial windows that loft lovers dream about.

The kitchen was redone a couple of years ago and has dark cabinets, granite counter tops and stainless steel appliances.

The bedrooms have been enclosed and now have barn doors as their doors. Only one bedroom has windows.

It has wide plank hardwood floors in the living/dining room and carpet in the bedrooms.

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

This loft sold just 14 months ago, with the same kitchen and bathrooms, for $428,500.  It looks like the only upgrades/rehab is the enclosed bedrooms.

If you want to see what the 2015 listing pictures looked like- you can see those here.

It has come back on the market listed for $100,500 more at $529,000.

That’s appreciation of 23.5% in just over a year.

Will it get the premium?

John Oertel at Dream Town has the listing. See the pictures here.

Unit #222: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in August 1997 for $199,500
  • Sold in July 2000 for $257,000
  • Sold in September 2002 for $284,000
  • Sold in May 2005 for $338,500
  • Sold in June 2011 for $263,000
  • Sold in February 2015 for $428,500
  • Currently listed for $529,000 (includes parking)
  • Assessments of $670 a month (includes gas, cable, exercise room, lawn care, scavenger)
  • Taxes of $4419
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 17×13
  • Bedroom #2: 12×9

 

20 Responses to “23.5% Appreciation in Just 14 Months for a Loop Loft: A 2/2 at 728 W. Jackson”

  1. Not unless they find a math-challenged sucker.

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    Rating: +2 (from 4 votes)
  2. Perfect for a young or expecting family. Parents can hear the child crying from any room; and with the open floor plan, there’s plenty of space for junior to run around.

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    Rating: +1 (from 11 votes)
  3. I love the ceiling. I don’t like the floor plan though especially the kitchen that seems 90 degrees out of phase and what’s up with the door in it?
    Also is the second BR again windowless?

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    Rating: -1 (from 5 votes)
  4. I like this place, but would never live in a timber loft due to noise issues.

    I like that the kitchen in this place is tiny and out of the way.

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    Rating: -4 (from 6 votes)
  5. It’s not appreciation until the greater fool buys it at that price, minus 5-6% for commission. Unit is nice and the assessments are reasonable given what they include. For someone who likes Greek food, works in the loop, and likes to make weekend trips to Michigan in the summer, this is a good place.

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    Rating: -2 (from 6 votes)
  6. This building has concrete and timber units and I don’t get how the timber side holds more value. I didn’t check comps because I don’t really care but if the timber units are more valuable then perhaps it’s worth installing a timber drop. We have seen it done at 20 N State street with that guy flipping units for 150k+ appreciation. Those were great flips if you don’t mind living across the street from the homeless lady with no lower jaw, the praise jesus guy on the microphone and the drummers.

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    Rating: +1 (from 9 votes)
  7. “I don’t like the floor plan though especially the kitchen that seems 90 degrees out of phase and what’s up with the door in it?”

    Most likely utility closet (furnace, water heater) or possible laundry.

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    Rating: 0 (from 2 votes)
  8. did you know that they sell those ‘barn doors’ at home depot now? I was in there the other day and saw them and just laughed

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    Rating: +6 (from 8 votes)
  9. Surprised that no one has yet said:

    “how can they call that a bedroom? A bedroom must have natural light! THis is a 1 bed plus den”

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    Rating: -4 (from 10 votes)
  10. They clearly moved out but forgot to take their geese…or was that a staging decision?

    I love it when sellers don’t even care enough to touch up scuffed / chipped paint. Makes me wonder what else hasn’t been maintained (looking at you furnace filter).

    Again, no hood vent. What is up with that?

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    Rating: +1 (from 7 votes)
  11. Those barn doors are terribly cheap-looking….

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    Rating: +5 (from 9 votes)
  12. Anyone know what is in the wooden box hanging from the ceiling (to the left of the fan in one picture). My mind immediately thought of some medieval booby trap but I’m sure I am wrong.

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    Rating: +2 (from 6 votes)
  13. Liz, pretty sure that’s where you keep the gimp.

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    Rating: +6 (from 6 votes)
  14. @Liz – Maybe a TV projector?

    @Elliot – I don’t know about you, but my gimp is MUCH bigger than that!

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    Rating: +1 (from 3 votes)
  15. Everything in Chicago looks super nice to me compared to what’s on offer in NY. Buyers are much more demanding and detail-oriented in Chicago.

    For example, this 2-Family house for $1,149,000 close to LaGuardia Airport just popped into my Inbox:

    https://www.redfin.com/NY/Unknown/3214-79th-St-11370/home/105431659?utm_medium=email&utm_campaign=instant_listings_update&utm_source=myredfin

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    Rating: +2 (from 6 votes)
  16. @ Milkster, this is one of the great things about Chicago. It is still a city affordable to middle class. NYC is either for the very rich or for their servants.

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    Rating: +4 (from 6 votes)
  17. That’s 1,149,000 reasons not to live in new york. I’d move to California before NY.

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    Rating: +4 (from 6 votes)
  18. ” this 2-Family house for $1,149,000 close to LaGuardia Airport”

    “Steps to LGA!!”

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  19. “how can they call that a bedroom? A bedroom must have natural light! THis is a 1 bed plus den”

    It has to have natural light AND a closet.

    It has both. Can’t you see the panes of glass they put up at the top of the wall? It’s still “enclosed” but that allows in some natural light which means it’s still a bedroom.

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  20. “Can’t you see the panes of glass they put up at the top of the wall? ”

    totally missed them.

    I was just surprised because that gets whined about here *all the time*. I think that it’s a relatively minor complaint as realtor misrepresentation goes, as it’s *really* easy to see.

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    Rating: -2 (from 2 votes)

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