Reduction on Secret Terrace Loft: 411 S. Sangamon in the West Loop
We chattered about this 2400-square foot authentic loft at 411 S. Sangamon in the West Loop in early August.
It is still on the market and has been reduced $69,000, although in the prior listing the parking was included and now it’s $20k extra. So the “true” reduction is only $49,000.
Here’s the listing again:
Architect-owned 2400sf urban retreat complete with professionally landscaped walled garden & large terrace with built-in cedar/stainless/granite kitchen, grill, sink, fridge, custom lighting & maple tree.
Bright elegant interior includes 60′ wall of windows, 675 sf great room, granite & stainless kitchen, dry bar. Incredible storage. Optional parking space $20k. Steps to el, UIC, 90/94/290, Greektown. Walk to work!
Alex Till at Baird and Warner has the listing. See more pictures here (if the B&W link doesn’t work properly.)
Unit #1D: 4 bedrooms, 2 baths, 2400 square feet
- Sold in April 1993 for $130,000
- Sold in July 2001 for $425,000
- Sold in May 2005 for $399,000
- Was listed in August 2008 for $619,000 (parking included)
- Reduced
- Currently listed for $550,000 (parking $20k extra.)
- Assessments of $450 a month
- Taxes are $6,200
- Central air
They got an awesome deal in 2005 on this for 400k. Still I doubt they will make a 43% return over three years. 500k with the parking is my guess.
According to “Alex” on the original thread linked above:
“The 2001 buyers moved from NY and overpaid. The $425k included a $25k parking spot which they then sold separately. One of the sellers got sick and they moved back to NY. The unit showed really badly when vacant. No-one was interested in a 4 bedroom loft with no parking. It was eventually sold in 2005 to the RELO firm who dumped it at a loss. The current owners rehabbed it very nicely and also bought a parking space.”
There was also this from “Alex”, who is more than likely the listing agent:
“… The numbers are not ‘improbable’… What do you want for $619k?
… You lot are never happy are you?”
I think Alex is trying to improve our mood. How nice of him. Keep those price reductions coming.
What do I want for 619k? LOL! Howabout a 5,400sq ft McMansion with a 3 car garage that can be had in the city in other non-hipster hoods.
But I really want it at the conforming loan limit..so maybe in 2012. Keep those reductions coming indeed Alex. Patience is the virtue that pays.
I too want conforming! We don’t need a floor on housing prices – we need a CEILING!
“One of the sellers got sick and they moved back to NY.”
Living next to an expressway will do that to you.