The “Old” Loft is Now “New”: A 2-Bedroom at 14 N. Sangamon in the West Loop
This 2-bedroom in the Arthouse Lofts at 14 N. Sangamon in the West Loop just came on the market.
But it had been listed in 2016 and sold in May of 2017.
It has been quickly put back on the market as “completely renovated.”
The loft has timber ceilings and exposed brick along with a balcony off the living room.
According to the listing there is a “new kitchen” with white shaker cabinets, stainless steel appliances and quartz counter tops (granite is so “out” now).
The bathrooms have been renovated and now have high end marble and modern vanities.
There’s also a stone framed fireplace and barn doors leading into the two bedrooms.
Only one bedroom appears to have windows, however.
The loft has central air, washer/dryer in the unit and garage parking is included.
The Arthouse Lofts have 26 units and was one of the original buildings converted in the neighborhood.
It’s been 18 years since the conversion.
If you want to sell a condo for top dollar in this market, do you have to do a full scale renovation like what was done in this unit?
Collin Walker at Chicagoland Property Group has the listing. See the pictures here.
Unit #207: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 1999 for $198,500 (with parking)
- Sold in December 2001 for $268,000 (with parking)
- Sold in May 2017 for $410,000 (with parking)
- Currently listed for $549,000 (parking included)
- Assessments of $396 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $5253
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 12×11
- Living room: 27×15
- Kitchen: 15×8
The fact that they flipped this place and didn’t address the glaring omission of a rangehood is cause for concern on what a other corners were cut. Also it looks like everywhere else now with the timid, sheep-like white and gray color scheme. I expect more for 140Kish in renos.
I came here to comment on the stove as well. If you’re not going to have a hood, then swap the dishwasher and stove. We see stoves under microwaves all the time. Anyway, I think this place will go quickly. $550K for an updated loft with parking in a hot neighborhood? I don’t have to like it, but realistically this could go for over ask. I tried to find the old photos but I couldn’t. Anyone?
This is the equivalent of a 2006 polish pick up truck rehab isn’t it…
sonies on July 20th, 2017 at 9:23 am
This is the equivalent of a 2006 polish pick up truck rehab isn’t it…
An Uncle Stan special!
“The fact that they flipped this place and didn’t address the glaring omission of a rangehood is cause for concern”
while i normally agree with this, adding a hood can be problematic during a renovation in a multi-unit building. finding ways to connect the vent to a centralized stack or to the outside can be near impossible or not allowed.
“swap the dishwasher and stove”
but then loading the dishwasher from the sink would be odd.
“finding ways to connect the vent”
It’s a loft; run an expose vent pipe across the unit. “Character”!!
“expect more for 140Kish in renos.”
I certainly expect that they’s spend the extra ~$500 for a refrigerator that’s the right size for the space.
“extra ~$500 for a refrigerator”
i think it’s the same one along with the rest of the appliances.
IS THERE A TACO BELL NEARBY??
JAN TERRI IS A SIMPLE GAL, NONE OF THAT FOODIE HIPSTER STUFF FOR HER.
THAT BEING SAID, PRETTY GOOD BAND PRACTICE SPACE.
WORK ON THE EXHAUST FAN > TACO BELL ISNT GOING TO GO WELL. LOLS!!!!
GO CUBBIES!!!!!!
I had a previous post which may be held up in editorial review. I see the error of my ways. This can in fact pencil out as a profitable flip if the flipper borrows at least 90% to buy the unit and puts all the cost of the flip on a credit card or other type of loan and then sells it fairly quickly. It is like an 45%+ IRR if they sell it this month. Drops to mid 30%IRR if they sell it next month, mid 20% the month after and so forth. Still seems moderately risky to take on that kind of debt but if they are only doing it in slam dunk locations, and have a reliable crew, it seems like a decent business model. I may have to start doing this.
Ugh – – math error. I forgot to pay off the rehab debt upon sale. My IRRs dropped to upper 20% if they sell this month, drop to upper teens the month after, low teens the month after that and so forth. Not necessarily a way to get rich quick, but could definitely afford one an independent lifestyle and decent take home pay. I still have a hard time believing that this is an intentional flip but I see how it could be. Crazy risky though.
“I still have a hard time believing that this is an intentional flip”
Someone who was going to live there would cheap out that hard on the refrigerator???
ps: the two guys who bought it are in the RE biz, and have a LLC that “owns and rents real estate in Chicago focusing primarily on the North and West side neighborhoods”.
“I still have a hard time believing that this is an intentional flip”
Someone who was going to live there would cheap out that hard on the refrigerator???
Sure – – the appliance package doesn’t look like a special order to me. It could be a “Wow I am never going to live here myself, best start scrimping a little in case this doesn’t sell right away.” Everything else in this reno seems like a longer lead – -although you may be right. I don’t know anyone who really closes on a place and has the gut reno completed two months later unless they are in the business or luck out with a home re-modeler who isn’t really busy (which in this market likely means they are inexperienced or not that good).
Meh. It’s the same boring color palette we are seeing everywhere, but with those low assessments and parking it will probably sell quickly.
ps: the two guys who bought it are in the RE biz, and have a LLC that “owns and rents real estate in Chicago focusing primarily on the North and West side neighborhoods”.
Wow – – well they like taking on undue risk. Could be a sign of a peak? The flipper pickings are so picked over they would take on this much risk?
Here’s the old listing:
https://www.redfin.com/IL/Chicago/14-N-Sangamon-St-60607/unit-207/home/12726450/mred-09570841
Wow. The flipper didn’t even change the appliances.
Why does everyone hate light wood floors these days? I like light wood floors.
Also, I didn’t notice it before, but it doesn’t look like there’s a bathtub in this place, so they are cutting out a decent segment of the market who enjoys taking a bath at times or parents who want a tub to use for their kids.
“I expect more for 140Kish in renos.”
Successful flippers make money on the buy, not the renovations or by “adding value” through great design.
Without seeing this property, I’m sure $410 was a great deal, whoever sold it prob could have held out for $470??
“Why does everyone hate light wood floors these days? I like light wood floors.”
They don’t. Honey or golden light floors are hated. White washed light floor are in. Same with the ho-hum white cabinets and grey walls some folks seem to loathe here.
LOL –
If this isn’t a sign of a peak, I don’t know what is.
Let me throw in some barn doors ( HGTV anyone? ) and a balcony with a parking lot view. for 600k .
are you f’ng kidding me?
” throw in some barn doors”
The sliding doors are a fine thing in the space, but WHY??? that style? Should have been a slab. Would have been better if it ‘matched’ the cabinets. The faux-rustic is a loser.
glad people are joining my hate wagon of those stupid barn doors, shipplank and other so called reclaimed garbage
I love reclaimed wood. I have a Russian Oak reclaimed wood dining room table. Hate all you want, but I am happy with it.
I dislike when wood is distressed by machinery. I have no way to validate that the wood from my dining room table is really reclaimed, so I will choose to believe that the claims from the manufacturer are real.
On the other hand, I loathe white washed wood. It always looks dirty to me.
“stupid barn doors, shipplank and other so called reclaimed garbage”
In the right design aesthetic, they have their place. They do not fit with a white shaker kitchen, with marble counters.
Note: the aesthetic they fit with ain’t my thing.
I don’t want to live in a damn farm to table hipster restaurant
“I don’t want to live in a damn farm to table hipster restaurant”
But then you could host pop-up dinners on random Tuesdays. Fun!
lol maybe if I was a housewife or something and had nothing else to do all day