20% Appreciation in 14 Months for this Loft in the Hot Clybourn Corridor: 1872 N. Clybourn
This 2-bedroom loft in the Clybourn Lofts at 1872 N. Clybourn in Lincoln Park came on the market in December 2015.
At 1800 square feet, it has authentic loft features including exposed brick, timber ceilings and large, industrial Northeast facing windows.
The master bedroom is enclosed but the second bedroom is lofted and open to the rest of the space.
The kitchen has white cabinets and the listing says a new Viking double oven and refrigerator.
The loft has central air, washer/dryer in the unit and 1 outdoor parking space was included.
This loft was sold by the original 1980s owner just 14 months ago, in October 2014, for $430,000.
It came back on the market on December 3 of this year and went under contract in just 11 days even though it was listed at 20% more than its 2014 sale.
If you want to see if anything was done to it, or if it was an apples to apples sale, you can see the 2014 interior pictures and listing here.
Normally, I don’t like to crib about properties that are already under contract but this loft will likely show incredible appreciation in just a short period of time.
The Clybourn Corridor is hot again with the New City development bringing a new supermarket, movie theater, shops, restaurants and an apartment rental tower.
Will we see a flood of new listings this spring as homeowners try and cash in on the incredible price increases happening in many neighborhoods?
Deborah Hess at Conlon has the listing. You can see the pictures of the current listing here.
Unit #306: 2 bedrooms, 1 bath, 1800 square feet
- Sold in 1987 but the ccrd doesn’t have a price
- Sold in October 2014 for $430,000 (outdoor parking included)
- Originally listed on Dec 3, 2015 for $519,000 (outdoor parking included)
- Under contract in just 11 days
- Assessments of $529 a month (includes cable, exterior maintenance, lawn care, scavenger, internet)
- Taxes of $6845
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×10
- Bedroom #2: 13×12 (second floor)
- Office: 11×10
- Loft: 8×7 (second floor)
Am I the only one who wonders how these units which have so much year over year appreciation are appraising out?
When I was young and stupid I wanted to live in this building more than anything in the world – that was when they were just being developed and Clybourn was a rather dodgy place to live. Fortunately I grew out of that phase without ever succumbing to the “loft” purchase. I look at the pictures of units like this and just think – oh, my aching knees.
One ill informed buyer does not make a market. This is not reflective of such drastic appreciation in the neighborhood. It is reflective of one particular buyer finding the place he/she wanted and willing to pay above market for it. I’ve had some posts deleted on here in the past, but I can provide examples of homes with crazy high (and counting) market times despite being priced at or below 2014 prices. The market right now is SLOW and could go either way once Winter begins to fade.
definitely ‘unique’ and definitely a ‘loft’
I wouldn’t live here but that doesn’t mean someone else wouldn’t want to
and uh yes, the change of the clybourn corridor is obviously a big factor here
they’re charging $3 a sqft/month rent in the new city tower, this is a steal by comparison… lol
Nice space but as far as I can tell, they changed a few appliances and painted some walls. I suppose when they changed appliances they may have had to replace the counter-top, can’t really tell, but the price appreciation is still a little nutso to me. I agree it just has to be a person who for whatever reason really wants to be exactly in this spot with this look to their space and thinks they are going to be there long enough to recoup their likely over-payment. As far as the appraisal, maybe they have so much cash they aren’t terribly worried? When I bought a condo in Albany Park in 2005, after selling a home in another city, there were extenuating circumstances. I had relocate to Chicago quickly and didn’t have a lot of time to negotiate. I had so many pets that renting wasn’t an option. I knew I was likely over-paying but figured I would be there long enough to at least break even. I sold that place 8 years later and still had to write a check at the closing table (lesson learned!) As long as the buyer isn’t overstretching here….This is obviously a better location for over-paying than Albany Park.
That said, I don’t know who this space works for other than a single person or a couple with no kids or just very very young kids. It looks to be inhabited by someone with kids – – possibly pre-teen or teenagers and that may be what is motivating the move so soon. Teenagers need their privacy. For a half a million bucks, you get one outdoor parking space and one bath and one private bedroom. Unless the kids are just visiting on the weekend, this is really a spacious 1-bed unit and doesn’t work for more than just occasional guests. I hope the buyer realizes that because there is still a ceiling when it comes to “hot” areas!
“It looks to be inhabited by someone with kids … Unless the kids are just visiting on the weekend, this is really a spacious 1-bed unit and doesn’t work for more than just occasional guests.”
That would not be an unusual situation.
This place isn’t very child or drunk person friendly. $500,000 and you’re only getting one bathroom? Insanity.
NO WAY! But, it’s so “unique” it will be snatched up by that 1 in 1000…
“When I was young and stupid I wanted to live in this building more than anything in the world – that was when they were just being developed and Clybourn was a rather dodgy place to live”
Jim – could not have agreed more. Those original ugly teal green steel balconies were the only thing I did not like at that time. A short walk to Pequods, Zella’s, Goose Island, and an amazing liquor store now Binny’s. What was not to like?
Ended up in a West Loop loft and that was even better choice. Lofts are indeed for the young but they transitioned to a young kid really well. Until the twins came and our one kid became three kids. That changed things.
This place has zero privacy. And I agree that it is not “good for drunks” at all!
“Lofts are indeed for the young but they transitioned to a young kid really well.”
Why?
Do you mean “young but without older kids”?
Because I was visiting a friend in a North Side loft building six months ago and a retired couple was looking at a loft for sale there for themselves. (I over heard them in the elevator talking about it.) Some of these loft buildings seem ideal for retirees. Most of them have elevators. Most lofts are on one level (and aren’t like this Clybourn loft) so there aren’t any stairs.
Many have parking (even garage parking.) You don’t have to shovel or do any outside maintenance. If you live in a concrete loft, you don’t hear any noise. Some have fully enclosed bedrooms. Many are right in the heart of shopping, movies etc. as this Clybourn building is and those in the West Loop or Printers Row are.
Why couldn’t you enjoy your retirement in a loft?
“The market right now is SLOW and could go either way once Winter begins to fade.”
No- it’s really NOT slow for the winter market. There is low inventory, but that doesn’t mean it’s slow.
This went under contract in 4 days at 20% appreciation from just 14 months ago. And, yes, I can write about these properties every day for the rest of this month (but won’t because I find that to be boring.)
Prices continue to skyrocket. You can choose to believe it or not.
The property market is super hot now. It is very feasible that this property can gain 25% to 40% in two years. For those who laugh, just think; Uber is worth 70 BILLION DOLLARS. We are living in a new economy where old school valuations no longer apply. Everyone wants to move to cities because that is where the real wealth is. Chicago has more to offer than just deep dish pizza.
“Uber is worth 70 BILLION DOLLARS”
1. It’s only “worth” 70 Billion if someone would pay that for the whole thing.
2. That’s only the number if/when they complete their next round.
3. C’mon. That’s all $$ chasing a homerun. It’s gambled money.
Closed for $480k.