2-Bedroom Soft Loft with a 200 Sq Ft Private Terrace in North Center: 1800 W. Grace
This 2-bedroom duplex up soft loft in 1800 W. Grace in North Center came on the market in September 2022.
Converted into 91 lofts in 2013, this building has 91 units and attached heated garage parking.
There is no door staff but the building has a roof deck with commercial grill/kitchenette with skyline views and a fitness center.
This loft has unique features including exposed metal ceiling beams on the first floor and a custom white staircase.
The first level has floor-to-ceiling windows which look out on the courtyard and the 200 square foot private patio.
The first level also has the living room and kitchen along with a full bathroom.
The “chef’s kitchen” has dark contemporary cabinets, stainless steel appliances and an eat-in island.
Both bedrooms, which are fully enclosed, are on the second floor and have floor-to-ceiling windows overlooking the courtyard.
The primary suite has a walk-in-closet and a “spa-like” bathroom. There’s also a full-size laundry closet on the second floor.
The loft has central air and a heated garage parking space is $25,000 extra. The listing says that the space is literally outside the door of the loft.
This building is nearly right across the street from Trader Joe’s, near the Metra and the shops and restaurants of North Center and West Lakeview.
The listing says the building is investor and pet friendly.
Listed in September 2022 for $525,000, it has been reduced to $445,000 plus $25,000 for parking.
That price is just $10,000 over the 2013 sales price of $460,000.
Is this a deal?
Richard Kasper and Rachel Monticel at Compass have the listing. See the pictures, floor plan and video tour here.
Unit #108T: 2 bedrooms, 2 baths, 1368 square feet, duplex up, soft loft
- Sold in October 2013 for $460,000
- Sold in June 2016 for $437,500
- Originally listed in September 2022 at $525,000
- Reduced
- Under contract in December 2022 at $445,000
- Re-listed
- Currently listed at $445,000
- Assessments of $706 a month (includes cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal and Internet)
- Taxes of $8800
- Central Air
- Washer/dryer in the unit
- Heated garage parking available for $25,000
- Bedroom #1: 13×12 (second floor)
- Bedroom #2: 12×12 (second floor)
- Living room: 15×13 (main floor)
- Kitchen: 11×10 (main floor)
- Utility room: 6×4 (second floor)
- Walk-in-closet: 6×6 (second floor)
- Terrace: 18×17 (main floor)
Not sure that i approve of painting the windows in the bedrooms that they couldn’t figure out how to cover with blinds but considering the lack of view and the proximity of the neighbors, I suppose I should be happy they just didn’t go ahead and paint all the windows black…
Keeping the $105k dp that would have come with a $525k price, to have roughly the same HMAM from 3.25% to 6.25% gives a price of ~$435k.
I don’t necessarily mind the bare steel post in teh living area, but the one in the kitchen really bugs me for some reason.
Video tour shows it furnished–did they really only have 2 recliners in the LR? Is that bc that’s what they like, or bc no reasonable sofa would fit?
LOL – No where near 1300+ sf
Seems like a fairly reasonable price, HOA seems high for what you get
Space is fine for empty nesters, really wouldnt want a kid wandering downstairs every time they had to use the bathroom
$700 HOA, woof
I’d get depressed with the view after a few weeks.
Its a fairly nice space for the price and location.
“Keeping the $105k dp that would have come with a $525k price, to have roughly the same HMAM from 3.25% to 6.25% gives a price of ~$435k.”
No one cares about this dumb “analysis.” Seriously. Wages and rents have both gone up dramatically in the last 2 years. It’s all part of the calculation, right?
“LOL – No where near 1300+ sf”
Staircases take up a lot of square footage. So it probably IS over 1300 square feet but you can’t use a bunch of it.
“No one cares about this dumb “analysis.” Seriously. Wages and rents have both gone up dramatically in the last 2 years. It’s all part of the calculation, right?”
I care
You’re right, inflation doesnt matter. Food, energy, etc rally arent important because PeoPlE jUSt wANt tO LivE!
Besides, its only a number
“Staircases take up a lot of square footage. So it probably IS over 1300 square feet but you can’t use a bunch of it.”
I didn’t discount for the stair shaft. This would only further reduce the sf.
Unless they f’d up the dimensions on the floor plan, you are wrong
“No where near 1300+ sf”
I dunno–1240 (31×20 times 2) is “near” 1300.
Of course, the stair opening is ~70 sf, leaving 1170, but–remarkably–the patio is basically 200 and 1170 + 200 is almost exactly the claimed 1368.
Bet a dollar that’s how the developer calculated it, but with less rough numbers.
“gone up dramatically in the last 2 years”
Fair!
“June 2016 for $437,500” + CPI = $543k.
This place is down 18% in real dollars at the ask. OOF!
Case Shiller you say? Jun-16 to Dec-22 = up 18.8816%; applied to PP = $520k. Not a lot better.
If incomes are so rosy, and rent comps so spendy, why is this place lagging inflation and other Chicago condos so badly?
architects and developers always count square footage based upon the area to the OUTSIDE of the exterior walls, and the middle of demising walls and everything in between, i.e. the area of all interior walls, mechanical risers, etc.
granted, stair openings, in this case on the upper floor, should count as 1/2…
so, it is not accurate to add up just the interior dimensions of the rooms… the area of the exterior walls, and all of the interior walls and mechanical risers can add up to a significant number…
Not getting into BOMA calcs.
I got 1150 not being conservative. Unless the walls are 2’ thick, it’s not going to move the needle
Architects have liability wrt BOMA calcs, Realators aren’t constrained by legal constraints
“1150 not being conservative”
??
FP shows a ~31×20 footprint (assume the 2d floor has less accuracy, not fewer SF), and a stair hole of ~7×10…what did you see to cut 20 sf more?
Can’t see past that horrible exterior. Maybe it’s the photo.
I remember really loving these when they were brand new and for some reason I recall they either sold out super fast or were just out of reach for me at the time. Now I look at them and realize I dodged a bullet. I am not sure if they painted the weirdly shaped piece of glass or not but I guess it is cheaper than replacing with a frosted glass and now you will never know when the window eventually fills with moisture and needs replacing…so two problems solved I guess? The video tour is not doing this place favors – – very cramped with owners stuff in it. Also whenever someone’s personal effects do not complement the design of the space I have trouble seeing past that.