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.

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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!

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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

6 Responses to “Reduction on Secret Terrace Loft: 411 S. Sangamon in the West Loop”

  1. 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.

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  2. 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.

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  3. 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.

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  4. I too want conforming! We don’t need a floor on housing prices – we need a CEILING!

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  5. “One of the sellers got sick and they moved back to NY.”

    Living next to an expressway will do that to you.

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