2-Bedroom South Loop Authentic Duplex Loft Sells For $52,500 Under 2004 Price: 1322 S. Wabash
We chattered about this 2-bedroom duplex loft in the Filmworks Lofts at 1322 S. Wabash in the South Loop several times over the last 2 1/2 years including in May 2011 when it was re-listed at a much lower price.
See our May 2011 chatter here.
Many of you thought the unit itself was nice but it’s location nearly right next to the El was a deal killer.
The loft had authentic features including exposed brick and timber ceilings.
One out of the 2 bedrooms was on the second floor.
The kitchen had stainless steel appliances.
The loft also had an extensive private terrace, which the listing said was professionally landscaped by Sprout Home.
This loft ended up selling for $37,500 above the 2001 purchase price (but $52,500 under the 2004 price) at $330,000.
Perhaps the location next to the El really wasn’t that big of a deal?
Eve Kronen at Coldwell Banker had the listing. You can still see the interior pictures here.
Unit #C: 2 bedrooms, 1.5 baths, duplex, 1700 square feet
- Sold in August 1995 for $157,000
- Sold in October 1999 for $249,000
- Sold in April 2001 for $292,500
- Sold in September 2004 for $382,500
- Was listed in October 2008 for $429,000 (parking was $10k extra)
- Withdrawn
- Was re-listed in May 2011 at $349,900 (parking included)
- Sold in July 2011 for $330,000 (parking included)
- Assessments are now $460 a month (includes cable)
- Taxes of $4,849
- Central air
- Washer/Dryer in the unit
- Private walled terrace
- Bedroom #1: 15×15 (second floor)
- Bedroom #2: 13×11 (main floor)
- Living room: 27×27
- Kitchen: 16×9
GREAT DEAL!!! This unit will be absolutely worth at least 500k by 2020 (and probably sooner).
Just like June 2011 sales volune would exceed June 2010, you friggin’ idiot?
Can anyone help me out with some info? I am in the process of trying to buy a short sale. It has been 48 days since I requested the condo docs and I keep getting told “we don’t have them yet” from my agent (via the listing agent). Who is supposed to provide these to me? My agent? The sellers agent? Can I get them myself? Can my lawyer get them? Who pays for them?
Ah…I remember this listing with realtor featuring some nature photography…lol…but, seriously it is a cute place. congrats to the buyers!
“GREAT DEAL!!! This unit will be absolutely worth at least 500k by 2020”
Thanks for my morning laugh.
Somebody overpaid here. Nearly $200/sf for the SOUTH LOOP. Could have had patience and grabbed this for the 2001 price after the summer.
Chukdotcom,
It depends what you mean by “condo docs”. If you are talking about meeting minutes, budget, and the declarations and bylaws and rules and regulations those are usually pretty easy for even your agent to get their hands on. Sometimes they are even available through an online service. However, if you are looking for the 22.1 that is something the management company needs to prepare and usually you are at their mercy. However, even there your agent can at least confirm that it has been requested. A lot of times the sell side drops the ball.
Chukdotcom,
Regarding the cost. If there is a cost it is usually under $50 and the sell side should pay for it.
“Just like June 2011 sales volune would exceed June 2010, you friggin’ idiot?”
You know, it’s interesting that the IAR site says that the June numbers, originally scheduled for release 15 minutes ago, are “delayed”. I guess they want to make sure they get them right this time.
Anyway, should be down around 28.5% from last year.
Thanks Gary. Yes, I guess I am looking for the 22.1, but most of what you mention before that is in the 22.1 (bylaws, budget, etc). Basically, I want to know a few things. What is the current % rental? What is the rental cap (if any)? And I want to see the budget and reserves. I was told 48 days ago it would take “a few days” to get. I have asked them every week for them since then, and each time I am told “we don’t have them yet”.
When you say “those are usually pretty easy for even your agent to get their hands on.” How does she get them? Both my agent and the sellers agent seem completely incompetent, and may need to be told explicitly what to do. And yes, I realize this is not a good situation.
G (and the rest of you): I think I would rather be called a “friggin idiot” and have multiple properties than be a “smart renter” and always be looking in from the outside. Believe me, I am in a much better position than any renter. This site really should be renamed “rent chatter”.
Chukdotcom,
The 22.1 is a 1 – 2 page questionnaire. All the other stuff can be obtained separately. All your agent has to do is call the management company and ask for them as part of that discussion can ask if these items were requested. Many times your agent can simply ask for the % rentals and reserves over the phone but it’s not an “official” answer.
Interestingly, I just pulled up a couple of old 22.1s and found it interesting that some show the rental % and others don’t.
The curious thing about the %rentals is that many management companies don’t really have a way to know what it is. It’s not like owners always tell them when they rent a place out.
Thanks again Gary. I was referring to this:
http://chitownliving.com/2007/11/15/condo-buyers-meet-your-friend-the-221-disclosure/
Which is why I thought all of those things were “part” of the 22.1
And I always wondered how the management company could give numbers for % of renters. However, all mortgage companies will ask, and most won’t lend if there are more than 40% or so renters. So I assume the number has to come from SOMEWHERE, accurate or not.
Very nice place. I especially like the outdoor space.
My only issue is only having one full bathroom. I would have expected this place to have two full bathrooms.
Otherwise, I love it.
clio, you’re not just being called a friggin idiot, you have been proven to be one. By someone with multiple properties, to boot, you idiotic moron.
I was going to post the June data this morning- but it looks like they’re not going to put it out (at least not this morning.)
How hard is it?
They discovered the “error” over a week ago. How hard is it to get the June data and put it in a press release when they’ve had the data for weeks now? (even if they had to fix the median price info.)
It’s not like Gary or G or any other realtor can’t run the same numbers in the MLS and get the data.
I don’t understand IAR’s difficulties with this.
But when they put out the numbers- today, tomorrow or whenever- I’ll post on them.
Chukdotcom,
Yeah, section 22.1 of the Act requires all that information be provided. However, everything can be obtained separately except for the answers to the specific questions listed, which are usually provided in a questionnaire that most people call “the 22.1”.
How are July’s numbers looking? I know we’re only 3 weeks in, but it seems like the closings are really slowing. On some days there’s only 20 to 30.
It’s true Clio. The fact that you’re a moron is general consensus among renters and owners alike, not just one person’s opinion.
google street view this place if you would like to know the quality of upkeep on this place and where your monthly ass fees go
“All your agent has to do is call the management company and ask for them as part of that discussion can ask if these items were requested.”
I’ve had at least one management company flat out refuse to show anything saying only owners may have access (and they were too lazy to supply anything). So if you encounter bullshit like that you’re out of luck until you make an offer and your attorney collects everything. In terms of rental % every agent usually knows that, but it’s not an official answer and should be independently verified.
“and most won’t lend if there are more than 40% or so renters.”
Generally right now you’re good as long as it’s 51% owner occupied, but who knows how that’ll change in the future. Probably best to aim for a place with around 30% rentals.
The 22.1 is more of a formality, by the time you get that you probably already asked all those questions.
“So if you encounter bullshit like that you’re out of luck until you make an offer and your attorney collects everything.”
I made an offer 3 weeks ago. I have not received any response from the seller yet. They are waiting for the bank to do the BPO.
Bradford, I would rather be a multimillionaire “moron” than a poor schmuck renter who is at the mercy of owners. Please, go back to bed and let the adults discuss real estate.
“I made an offer 3 weeks ago.”
Sorry, what I meant is making an offer and having it accepted. If you’re still in the negotiation phase you can’t really force anything if the seller isn’t responsive.
If there’s not significant wage inflation in Chicago over the next 9 years, this place will not be valued at $500K in 2020. I think $400K is a more reasonable estimate. It’s not likely that there will be the same type of wage inflation in the 2010’s as in the 1980’s, due to competition in the world economy.
Clio’s glasses are so thick he could look at a map and see people waving at him
This place will be forever limited due to the L…even if you upgraded the place with better upgrades. The South Loop location is taking a hit now, but long term its a great location and a long-term value proposition, particularly if South Loop Elementary continues to improve. Unfortunately, however, this unit is not in a desirable SLOOP location given its proximity to the el.
Granted, I’ve never set foot in this place, but I still remain skeptical of the el noise, especially given that the el TURNS right outside this balcony.
That being said, this is a cute place.
The el is bad, but the parking gate and traffic is worse.
chuckdotcom writes, “And I want to see the budget and reserves. I was told 48 days ago it would take “a few days” to get. I have asked them every week for them since then, and each time I am told “we don’t have them yet”.
While you won’t get 100% of the stuff in the 22.1, if the seller can’t get someone in the building to pony up minutes, the budget, and a recent financial statement in the near future, that says something about what you might be buying into. The seller’s agent has to say “I’m working on it” or the like bc they can’t say that the client didn’t keep copies and now can’t get them from a neighbor or board member (assuming the building has everything they’re supposed to and it’s all in order, which could be other reasons for stonewalling). Other owners could also be upset about the short sale– you’d think they would realize that things can only get worse if it doesn’t work out, but people in that situation aren’t always rational. I’d ask for 2 years of minutes, too.
Where the fuck do you all live? So picky and catty!!! You will soon realize (esp once you are in your 40s) that your life is probably not what you expected it to be. You will realize that you will NEVER be able to afford a SFH or “nice condo” and only then will you begin to appreciate the good in each property. I see people on here who can barely afford a rental, bashing properties left and right – I KNOW this type of attitude – it comes from immaturity and the feeling that you are certainly going to be able to do better – but, in reality, most of you guys would be LUCKY to have a place like this!!
and groove- keep dreaming of kenilworth/winnetka – because that is all it will ever be. I’m not trying to be mean, but everyone here needs to take a good look in the mirror and realize what exactly they are and what financial situation they are in (and will likely always be in)(
@G @HD
I like the consistency. Even bizarro HD consistency.
@G regarding ” ”
IN 2010 http://cribchatter.com/?p=8960#comment-80456
My predicition is that it will be at least several years (over 5 -10 years) before ANY[emphasis mine] new construction begins.
@G continuing discussing ” ”
then almost exactly a year later in 2011
http://cribchatter.com/?p=11016#comment-171165
??? what gives right ???
no need to belabor the point.
” ” a fool? a clown? a jester?
“and groove- keep dreaming of kenilworth/winnetka – because that is all it will ever be.”
you got it all wrong i never said anything about Winnetka.
What’s wrong with KW?
I was wondering how hard it is to get going on a renovation project in Kenilworth. Assuming you are adding an additional bedroom and bathroom, and adding to the master and redoing the kitchen, would it be tough to get approval for this?
Clio, got news for you. I’m not 40 and do have a “nice” condo. It isn’t a 2/2, but 3/3 so I could raise a family in it or sell it to someone who is more likekly too. I did have to make some compromises though, and am fully aware that with every place you purchase there is going to be compromises. That does not preclude me from pointing out problems with properties though.
So, you can at least take me off your “baby” list and move onto more important things. 🙂
I think the heat is getting to us. Everyone is in such a crabby mood this morning!
Chichow, I think clio projected it repeatedly: MORON!!!! IDIOT!!!!z
Wow – I feel like such a celebrity. I have some friends in Hollywood and they tell me: any attention is good!!! So thanks for keeping me relevant!!!
“clio on July 20th, 2011 at 7:55 am
Bradford, I would rather be a multimillionaire “moron” than a poor schmuck renter who is at the mercy of owners. Please, go back to bed and let the adults discuss real estate.”
I am an owner, not a renter.
Your broad brush characterization of renters, however, is precisely why people are acutely aware of how simple you are.
As for you being a “multimillionaire” – Your unique blend of hubris and stupidity only leads the reader to conclude that you’re a trust fund b!tch. Congrats.
“What’s wrong with KW?”
i apparently cant afford it.
b9:
You’re giving him what he wants. There are a significant number here who are under 40 and have nice condos or have surrendered to their base Midwestern desires (because no one on either coast of any class would be so gauche as to have one, unless it included a media room, of course) and have a SFH. And more who are over 40 with the same. Nothing you say will change anything, so it’s better to just move on to something else.
anon, I don’t disagree that there are people on this site with condos/houses – but, to me, the most critical and pessimistic people on this site are the ones who are renters or are looking to “move up”. I don’t know what gives these losers the right or authority to negatively comment on other people’s finances or houses/condos. It is the same as ugly people commenting on models – it just infuriates me – these people NEED to look in the mirror, eat a piece of humble pie, realize who they are and behave accordingly.
Can you people just shut the fuck up instead of bitching at each other all the time? Some of us are here to talk about real estate, not read your petty bullshit.
Way to make your point by bitching, nonya. Anything about RE from you?
“Can you people just shut the fuck up instead of bitching at each other all the time? Some of us are here to talk about real estate, not read your petty bullshit.”
i still feel the city mini is all the stoller you will need.
“i still feel the city mini is all the stoller you will need”
Get your fries at redhot ranch–parking lot, no lines, picnic bench overlooking western.
Groove, I have to disagree. My sister bought the Bugaboo Donkey stoller and absolutely loves it.
“It is the same as ugly people commenting on models – it just infuriates me – these people NEED to look in the mirror, eat a piece of humble pie, realize who they are and behave accordingly.”
Why doesn’t this apply to your verifed lack of real estate proficiency?
“what gives these losers the right … to negatively comment on other people’s finances … these people NEED to look in the mirror”
Seriously dude, take your own advice once in a while. Do you have the *right* to comment on the finances of renters? If you do (and you certainly act as if you do), then they have a similar *right*.
Tho I don’t doubt that you actually look in a mirror sufficiently often.
Thanks to everyone for the morning gossip/bs slinging breakdown! I don’t have to watch the view now….
“Get your fries at redhot ranch–parking lot, no lines, picnic bench overlooking western.”
Are you *seriously* suggesting that Groove go to a “fast food” place in B’town?
“Are you *seriously* suggesting that Groove go to a “fast food” place in B’town?”
Are you *seriously* suggesting it’s in btown? (Also, I’m not getting the “fast food” emphasis/distinction.)
“Are you *seriously* suggesting that Groove go to a “fast food” place in B’town?”
the world would implode in to dark matter if that would happen.
“Groove, I have to disagree. My sister bought the Bugaboo Donkey stoller and absolutely loves it.”
just wait till the newness wears off and the pain of the in and out of the trunk gets to her.
she will soon be swearing the trendy beast she bought.
“Are you *seriously* suggesting it’s in btown?”
Okay, “west” Bucktown, because it’s across the street. “Within view” of Bucktown.
“(Also, I’m not getting the “fast food” emphasis/distinction.)”
You’ve forgotten the BK incident? Groove didn’t repeat it enough times for you?
“in reality, most of you guys would be LUCKY to have a place like this!!”
Having lived in a rental right near the el(and much farther away than these tracks), and having been awakened at 5am every morning during the morning rush hour, and having to turn up the TV volume EVERY SINGLE TIME the el passed by, and having had to refrain from ever sitting on the balcony, b/c the el noise frightened my toddler, I count myself lucky for NOT having a place like this!
YMMV
“You’ve forgotten the BK incident? Groove didn’t repeat it enough times for you?”
I just looked it up, but think that must have been featured more during the groove-jon btown wars, which I’ve seen allusions to more than actually read. I’m sure it’s been mentioned since but didn’t stick with me. Had I understood that, I would have taken less issue with your btown characterization, even though it’s *clearly* inaccurate.
“You’ve forgotten the BK incident? Groove didn’t repeat it enough times for you?”
i got a few minutes before lunch i can rehash the horror for you again?
i miss jon and MG arguing
“i got a few minutes before lunch i can rehash the horror for you again?”
Go ahead if you want, and I know you do. I got most of the picture from an old thread though. Also, reading between lines from that thread and recent comment, seems most of your animus toward btown is from your wife’s propensity for shopping there (not sure if it’s her spending money, I think less likely, or your having to wait around).
“How are July’s numbers looking? I know we’re only 3 weeks in, but it seems like the closings are really slowing. On some days there’s only 20 to 30.”
It’s hard to do a partial month because of delays in posting the closings and the way closings tend to be bunched at the end of the week or the end of the month. Also, I wouldn’t compare to 2010 because it was all lopsided. My guess is that July closings will come in under 2009 levels and 2009 was pretty bad.
“Tho I don’t doubt that you actually look in a mirror sufficiently often.”
Actually, I am ALWAYS looking in the mirror. Most call me vain for doing so, but thanks for the encouragement/reinforcement.
Chicago attached & detached sfh closed for 7/1 – 7/15 (with # of short sales/foreclosures):
2007 1061
2008 869 (51)
2009 801 (222)
2010 626 (235)
2011 727 (247)
2011 appears to be back on trend after the d4d post-expiration drought of July 2010.
Did anyone mention this last week?
“the Chicago area now has the nation’s largest inventory of foreclosed homes”
http://www.chicagonewscoop.org/biggest-stock-of-foreclosed-homes-right-here/
“Did anyone mention this last week?
“the Chicago area now has the nation’s largest inventory of foreclosed homes””
Depends on what your definition of “foreclosed homes” is.
That count includes every lis pendens filed, regardless of the stage of the foreclosure action. So, of course, if many of them are filed, but not yet prosecuted, the sale of them as REO is going to be slow.
“Depends on what your definition of “foreclosed homes” is.”
I’m all ears to hear how we rank by whatever definition you choose.
The point isn’t why they are slow, it’s how they will impact the market when they just keep coming.
“I’m all ears to hear how we rank by whatever definition you choose.
The point isn’t why they are slow, it’s how they will impact the market when they just keep coming.”
Sure, sure.
But I object to facile comparisons that aren’t really apples to apples and that will be re-reported by “reporters” who have no clue that there is a difference. Your linked article clearly disclosed it and went into reasonable detail about some of the differences, but the articles citing to that one most likely will not.
Also, as a percentage of “market” (determined however one likes), we’re *obviously* way worse than NY or LA, and right there with Phoenix and Miami (and prolly Las Vegas, which can’t compete on raw numbers, giving how much smaller the metro is) as the worst of the worst, if not necessary the clear “worst” market.
“the Chicago area now has the nation’s largest inventory of foreclosed homes”
You have to look at it on a months of supply basis. S&P does that here: http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245305462154 Although, it doesn’t show Chicago the worst in the nation it does show it higher than last year.
On the other hand, keep in mind that foreclosures in Chicago are disproportionately at the lower end and in the fringe areas. And the bank owned homes I’m looking at are not bargains.
“The point isn’t why they are slow, it’s how they will impact the market when they just keep coming.”
The VAST majority of foreclosures are in areas that virtually everyone here would never move to. The few foreclosures that are in good areas are places that you would never want to move into. Sorry folks, but you aren’t going to see great price declines on lakefront houses in winnetka or nice condos in the city.
“The VAST majority of foreclosures are in areas that virtually everyone here would never move to. The few foreclosures that are in good areas are places that you would never want to move into. Sorry folks, but you aren’t going to see great price declines on lakefront houses in winnetka or nice condos in the city.”
burrrrr its getting kind of shilly in here isnt it?
“aren’t going to see great price declines on lakefront houses in winnetka”
Really?:
http://www.redfin.com/IL/Winnetka/321-Willow-Rd-60093/home/13785592
27% off isn’t a “great price decline”?
“27% off isn’t a “great price decline”?”
I can’t speak to this particular home but my sense is that people on this blog pay too much attention to the previous purchase price, which could have been outrageously high or a real bargain at the time. I see homes all the time that are at great discounts to the previous purchase price but I wouldn’t touch and others at very little discount that I think are priced right. A great example of this are the penthouses in the Burnham Park Plaza. At 75% off they were still overpriced.
“my sense is that people on this blog pay too much attention to the previous purchase price, which could have been outrageously high or a real bargain at the time.”
But you and I both know that’s what he was talking about.
Why the hate for renters? What’s wrong with waiting out this market? I could be a property owner, I have a down payment and great credit, but I don’t feel like it’s worth paying the current prices. I don’t want to get stuck in an 800 sq. ft. 1 bedroom for the next 10 years.
There is unprecedented uncertainty in the economy. Nobody really knows what this place or really anything is worth in the grand scheme of things because we don’t know how bad things are going to get when the federal government has to stop kicking the can. If Bernanke continues to crap on the dollar, real estate could turn out to be a great buy at these levels. Or the increasing local tax burden coupled with a recession and higher borrowing standards could further depress the markets. My gut feeling is that prices still need to fall–and that falling prices will help the economy by giving people more money to spend on consumption–but really who the hell knows. Even George Soros doesn’t have a clue at this point. We could be days away from hyperinflation, or days away from a deflationary collapse. It’s scary.
Executed Recorded Document Type Amount
07/15/2011 08/05/2011 MORTGAGE $325,000.00
FREE MONEY ANYONE?