The building at 1503 S. State, the former warehouse for State Street’s Boston Store in 1890, was rechristened The 15th Street Lofts in 2006 when the building was converted into 78 condo units.
Two-thirds of the South Loop building is timber, and a third is concrete pier units with 11 to 12 foot ceilings.
The building originally started closings in March 2006.
The developer is still trying to sell original units. I found six units on the MLS still owned by the developer under the “developer close-out.” Some say “recently reduced” in the listing.
And now, two years later, we are also starting to see some owners under stress, as there are two units in the building that are on the market as short sales.
Unit #708: 2 bedrooms, 2 baths, 1146 square feet, corner unit
- Sold in August 2006 for $375,000
- Currently listed for $349,500 (includes the parking)
- Assessment of $331 a month
- Corner unit
- Dylan Hood & Associates Realty Group has the listing
Unit #601: 2 bedrooms, 2 baths, 1101 square feet
- Sold in March 2007 for $405,000
- Currently listed at $305,000 plus $25k for parking
- Listing says “subject to bank approval”
- Assessments of $371 a month
- New Home Experts has the listing
There is also a one bedroom for sale which is NOT a short-sale.
Unit #402: 1 bedrooom, 2 bath
- Sold for $255,000 in July 2006
- Currently listed for $267,900 plus parking for $30k
- Assessments of $281 a month
- American Invsco Realty has the listing