1-Bedroom West Loop Loft Listed 40% Under the 2004 Price: 843 W. Adams
This 1-bedroom loft at 843 W. Adams, the Olympia Lofts, in the West Loop has been on and off the market since October 2009.
Since that time it has been reduced $130,000.
It is now listed $104,500 under the 2004 purchase price.
The loft has 14 foot ceilings, exposed brick and concrete ceilings.
It has many attributes buyers look for including central air, in-unit washer/dryer and deeded parking.
The kitchen has 42 inch maple cabinets, granite counter tops and stainless steel appliances.
Is someone getting a good starter loft at this price?
Brent Rosenbower at Sudler Sotheby’s has the listing. See the pictures here.
Unit #202: 1 bedroom, 1 bath, 860 square feet
- Sold in March 1999 for $138,000
- Sold in June 2004 for $254,500
- Originally listed in October 2009 for $280,000
- Several reductions
- Was listed on Dec 8, 2010 for $179,000
- Reduced
- Listed on Dec 9, 2010 for $150,000
- Currently listed for $150,000 (includes parking)
- Assessments of $314 a month (includes cable)
- Taxes of $2980
- Central Air
- In-unit washer/dryer
- Bedroom: 14×11
99 prices, HD should put in an offer.
sure seems like a deal to me.
if this languishes at $150K, with parking, then we’re in much worse shape than i previously thought.
That is extremely cheap…unless I’ve missed something. Assessments and taxes are pretty good, too. I’m not digging the paint and finishes in the photos, but at this price I wouldn’t complain.
good deal IMO but I wouldn’t ever buy a 1br, that’s just me
This is definitely in the territory of a “deal” — if of course, you’re in the market for a small 1-bedroom. I’m guessing the market for 1-bedrooms isn’t necessarily the best over the west loop, which is dominated by young couples and families.
Also, how does it drop 29K the day after it’s listing? Am I missing something?
99 price for everyone!
Not my style but yeah its a deal alright. Refreshing to not see just another overpriced piece of garbage.
I think this will be a multiple offer situation and will sell for around 160-170k.
It would be a good deal, if the seller could actually sell at that price, but unfortunately the listing says: “Pursuant to short sale. Final price and commission subject to lender approval”
Wasn’t this listing posted a couple weeks ago?
Good deal. One bedrooms seem to be suffering more and need greater price cuts. 2 bedrooms and especially hard to find 3 bedrooms seem to hold price better. I think buyers no longer purchase with the thought that they can trade up in 2-3 years. Now people hold out for 2 and even 3 bedroom downtown condos b/c they know they need to plan to be there for 5-7 years minimum
I got 99 prices but a sale ain’t one. Hit me!
This blog is so depressing. A huge loss like this makes me want to jump out a window.
That’s just great, Joe. What you’ll leave on the sidewalk will be another mess for the non-bubble buying taxpayers to clean up.
Snark aside, it’s that ‘real estate is life or death’ attitude that the shills exploited to land marks during the obviously unsustainable bubble. RE and $s are not that important.
I know a couple that bought a 2/1 in a fringe area in 2005. Her reason for buying was that if she and her boyfriend didn’t buy soon, they would probably be priced out of the city forever. Im not joking, this is a true story.
“I know a couple that bought a 2/1 in a fringe area in 2005. Her reason for buying was that if she and her boyfriend didn’t buy soon, they would probably be priced out of the city forever. Im not joking, this is a true story.”
yeah back then the trend really looked like that. and to most people that reality was truly real.
remember the story i tell here when i was looking at bunganlow’s in portage in 2005. my worry is we wouldnt be able to move up as the prices were jumping higher and higher.
but as we looked a 3/1 bungalow in portage in need of updating condition were 500k, 500k for a dated place in portage i laughed and just stayed happy where we were at.
i didnt call it a bubble back then but it felt like something was up/fishy.
I am not that hard on 1 bdrm lofts as there are single men and women who have no plans on building a family…non breeders if you will and are seeking a clean and reasonably priced place for themselves.
How much lower do you all think this should go? $150k for a decent loft in a decent area?
Good deal to me….not FOR me, but there is a buyer..a few buyers out there looking for exactly this type of place.
“Snark aside, it’s that ‘real estate is life or death’ attitude that the shills exploited to land marks during the obviously unsustainable bubble. RE and $s are not that important.”
The leads are weak, G. But you drove a Hyundai to get here tonight, I drove an eighty thousand dollar BMW.
LOL, what a classic.
The z-deuce got one thing right once: some people want to, and do, believe the salesmen/shills.
I knew something was up when I had some coworkers who didn’t make more than like 25k a year, were buying condos… I even had a friend who didn’t make more than 60k, and he leveraged out to over a million bucks and had 4 homes (2 in florida), with ZERO down. And he wasn’t even collecting rent payments because he said “i’ll sell it in a year when it appreciates”
“The z-deuce got one thing right once: some people want to, and do, believe the salesmen/shills.”
And those that don’t are aiming only for the steak knives. ABC, man, A. B. mf’ing C.
put that coffee down!
already under contract…