We Love Authentic Lofts: Get a Big 1-Bedroom at 1335 W. Altgeld in Lincoln Park
It’s not often we chatter about an authentic loft like this one in the Piano Factory Lofts at 1335 W. Altgeld in Lincoln Park because Lincoln Park just wasn’t as industrialized as other city neighborhoods.
Converted into condos in the early 1990s, these lofts don’t skimp on space.
With 10-foot high ceilings, this 1000-square foot 1-bedroom has authentic loft features including timber ceilings and exposed brick.
The kitchen has white appliances.
The listing says the master bedroom has a new private bath with granite counter tops.
The loft has central air, in-unit washer/dryer and deeded parking.
It is also listed for $8,000 under the 2002 purchase price.
Is this a steal?
Mary Ann Genellie at Prudential Rubloff has the listing. See more pictures here.
Unit #1A: 1 bedroom, 1.5 baths, 1000 square feet
- Sold in October 1992 for $180,000
- Sold in May 1999 for $232,000
- Sold in March 2002 for $280,000
- Originally listed in August 2009 for $315,000
- Reduced several times
- Currently listed for $272,000
- Assessments of $255 a month
- Taxes of $3816
- Central Air
- In-Unit Washer/Dryer
- Deeded parking included
- Bedroom: 19×14
It might not appear to be a bad deal and likely isn’t. But the conundrum facing this sector of the market as noted in the other thread is that 2/2s are quite close in price to these 1BRs.
Take a look at MLS 07554881. 55% more sqft, same amenities and a genuine 2/2 listed for 309k. Why take a risk on this place when there’s much less of a chance of outgrowing the 2/2 in say, 5 or 10 years time when it comes to resale/resale risk.
I’d check the noise transfer from above and below but if that is acceptable then this is a good value. The biggest knock is that there is not a garage space. I think that decreases the value of the unit to $250K.
Agreed that this still needs to come down a bit — $250K is probably close. In addition to not having a garage spot, this unit looks like it’s on the street level / first floor. Also it doesn’t look like there’s an outdoor space (for a grill).
agreed, go get a 2 bed for this price, plenty of opps.
2.3%/yr, if it sells at current ask, from the (original?) sale price in 1992. CPI has been just under 2.5%/yr for the same period.
Was 4.5% at the ’02 sale ($397k now, had it continued), 3.7% at the ’99 sale ($346k, had it continued).
I always wondered what was in this building.
This street/hood is fantastic. It’s really quiet. Wayne St- the North/South street here- doesn’t go all the way through so it’s really calm. Lots of huge SFH. Tons of street parking.
The lack of a garage is a bummer, but it’s pretty large and seems in good shape. Assuming it goes for $260k, I’m not sure there are many comp 2 beds in the vicinity that one could get for that price.
I see that a couple of 2 beds recently closed in ELP (on Cleavland in the mid-500’s and on Webster in the mid 400’s), after what seems like a short time on the market. A result of accurate list pricing, or a sign of an improving market?
I don’t know why people are pointing to a lack of a garage spot as a huge knock. This unit has deeded parking in a secure & covered lot. That is very hard to find in LP.
Is this Sville and River North week? No more thoughts, whether good or bad, as to LP?
“A result of accurate list pricing, or a sign of an improving market?”
“Is this Sville and River North week? No more thoughts, whether good or bad, as to LP?”
Not a sign of an improving market. Unless, perhaps, you define your market so narrowly as to be absurd.
“Unless, perhaps, you define your market so narrowly as to be absurd.”
That’s anonny. And their market is a stable suitable only for a unicorn.
Bob that is actually a good line and I’ll likely appropriate it for my own future usage.
This is in the hot dog school district, right? Is that a good thing?
I knew someone who’s kid went there and this was three years back. Their input about the school wasn’t too complimentary, nor did her kid have a good experience with his classmates.
“This is in the hot dog school district, right? Is that a good thing?”
As someone who almost always thinks schools are important, I’d have to say that for a 1BR loft, school district is pretty irrelevant.
“As someone who almost always thinks schools are important, I’d have to say that for a 1BR loft, school district is pretty irrelevant.”
Agreed.
Anonemoose – Interesing; I thought Oscar Mayer was one of the first schools in the Lincoln Park/DePaul area to get on the magnet/upgrade bandwagon when school reform started some two decades ago.
“I thought Oscar Mayer was one of the first schools in the Lincoln Park/DePaul area to get on the magnet/upgrade bandwagon when school reform started some two decades ago.”
That may be true, but I think they have a hard time filling up and becoming a real neighborhood school and even if there is still more subsidized housing over there than you think/realize. Because I, too, have been hearing the “Mayer’s getting better” thing for 15 years.