A 120% Gain in 3 Years in the Fulton Market? A 2-Bedroom Loft at 1101 W. Lake
This 2-bedroom loft at 1101 W. Lake in the Fulton Market just came on the market.
It is a 9-unit brick and timber loft building with heated garage parking.
Yes, the El is across the street from the building.
This is a southwest corner unit.
It has 14-foot timber ceilings and exposed ductwork with dark stained oak flooring.
The listing says it has a new and expanded kitchen with granite counter tops and stainless steel appliances.
The bedrooms appear to have 3/4th walls (i.e. they don’t go all the way to the ceiling.)
The listing says there are custom window treatments.
It has central air and a side-by-side washer/dryer in its own laundry room.
This loft was bank owned in 2013 and sold in 2014 for $295,000.
It has come back on the market for $649,000. That’s a 120% gain in just 3 years.
The Fulton Market is one of the hottest neighborhoods in the city and lofts for sale in its actual boundaries are rarely on the market.
Will this loft get the premium?
Sam Jenkins at Conlon has the listing. See the pictures here.
Unit #3A: 2 bedrooms, 2 baths, no square footage listed, loft
- Sold in July 2006 for $395,000
- Lis pendens filed in October 2008
- Bank owned in June 2013
- Sold in April 2014 for $295,000
- Currently listed for $649,000 (includes heated garage space)
- Assessments of $402 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $6910
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×14
- Bedroom #2: 14×13
- Laundry room: 5×8
I wonder what the square footage of the unit is. Back when it was listed as a foreclosure the listing said it was 1000 sq ft but that seems low and the agents that “market” foreclosures never give a shit. Unit 3C, which was supposedly 1560 sq ft closed in August for $539K.
Obligatory crib in pic 18. That’s why it’s called cribchatter.
Well it definitely has a lot more character than most new construction I’m seeing. There was another unit in this building (3B) that came on the market a few years ago that had a crazy 1920’s bar imported from Spain. I’d personally prefer that one than this one next door.
These sellers are incredibly lucky to have bought at the bottom and be able to just move on after having a kid and take with them what I’m sure will be a stellar profit. I’d be very surprised if anyone buying today sees that sort of 5 year rate of appreciation.
Correction* – 3 year rate of appreciation. Bought *close* to the bottom.
hah the dreaded crib..
but seriously spend like 2-3k and get rid of those wire shelves and have some custom closets installed and this place is pretty much move in ready
This unit isnt right on the EL tracks at least, its loud here if you are I’m sure you can still hear some noise though
Are there really only nine units in the building?
I agree with updating the rental-quality closets.
While I agree these folks will make a stellar profit, only an idiot buys a 2/2 with 3/4 walls for anything starting with a $6xx,xxx.
Two kitchen sinks is nice.
Knew a friend that worked in the building. It’s a unique property that has only two floors of residential. Overall it is mainly commercial. Think this unit faces south and has rooftop views. The space gets lots of light and Is sheltered from the el noise.
Tremendously improved neighborhood and unique place to live! This unit should sellclise to ask.
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