A 2-Bedroom Brick and Concrete Loft with Downtown Views: 1601 W. School in Lakeview
This 2-bedroom in the Tower Lofts at 1601 W. School in Lakeview came on the market in August 2022.
Built in 1910, Tower Lofts is a former Weiboldt’s department store. It has 80 lofts and attached garage parking but no doorman.
This is a corner loft which has 14 foot concrete ceilings, exposed brick and oversized industrial windows with west and south views.
There are hardwood floors throughout.
The living room has an electric fireplace with the original mantel.
The “recently renovated” modern kitchen has “sleek” gray cabinets, matching quartz countertops and backsplash, a large breakfast island, stainless steel appliances except for the custom paneled subzero refrigerator.
The guest bathroom has been “modernized” with heated floors and Hansgrohe shower fixtures.
Both bedrooms have full walls, and it looks like they both have windows as well, which is rare for a 2/2 loft.
It has features buyers look for including central air, washer/dryer in the unit and an extra wide garage parking space is included with room for 2 cars.
The loft also has extra storage on the same floor.
It has a south facing balcony that overlooks West Lakeview and has views of downtown.
This building is near Target, the big Lakeview Whole Foods, the shops and restaurants on Belmont and Lincoln and is near multiple bus lines and the Paulina Brown Line stop.
Listed at $539,900, is this a “view” building in Lakeview?
Koray Yesilli at Chase Real Estate has the listing. See the pictures here (sorry, no floor plan).
Unit #608: 2 bedrooms, 2 baths, loft, 1350 square feet
- Sold in April 1996 for $178,050
- Sold in March 1999 for $330,000
- Sold in January 2004 for $400,000
- Sold in October 2004 for $470,000
- Sold in September 2013 for $411,000
- Sold in August 2016 for $465,000
- Sold in February 2019 for $485,000
- Currently listed at $539,900
- Assessments of $560 a month (includes security, exterior maintenance, scavenger, snow removal)
- Taxes of $9413
- Central Air
- Washer/dryer in the unit
- Extra wide garage parking space with room for 2 cars is included
- Electric fireplace
- Bedroom #1: 15×11
- Bedroom #2: 13×11
- Living room: 25×20
- Dining room: 14×10
- Kitchen: 15×10
- Laundry room: 2×10
Floor plan is in the previous sale.
This one is going to be interesting, sellers are losing money with realator fees + renovation if it sells at ask.
New buyer will be paying $800/mo (assume was at 3.5%) more. This seems totally sustainable
Other than the ridiculous placement of the TV (I have no idea how people watch it at that angle, must get severe neck pain) a nice place with nice finishes.
I find it interesting how Chicago real estate is such a dog compared to other major cities. It is mind boggling to me. Chicago is such a wonderful city. I’d argue a more accessible city with better amenities than even NYC for those looking for an urban experience.
Is it that Chicago is just too large so the supply of condos are never constrained? All the potential equity gains eroded by increases in property taxes?
“March 1999 for $330,000″ + CPI = $592k.
+ C-S Index for Chicago, from Jan-00 = $554k.
What’s with the refrigerator sticking out by 2”? Looks ridiculous to me.
“What’s with the refrigerator sticking out by 2”? Looks ridiculous to me.”
looks to be a built-in refrigerator with panel vs an integrated refrigerator. there’s a difference between them.
also looks like they also used the original cabinet frames and replaced the doors with some minor modifications.
The buyer should beware of the promise of parking two cars. I can almost guarantee you that this Association’s Dec’s and Bylaws state that if you own one parking space and pay the corresponding assessment for one space, you are forbidden from parking two vehicles regardless of whether they fit.
“The buyer should beware of the promise of parking two cars. I can almost guarantee you that this Association’s Dec’s and Bylaws state that if you own one parking space and pay the corresponding assessment for one space, you are forbidden from parking two vehicles regardless of whether they fit.”
Wouldn’t this already be known? This isn’t a big building. Maybe there are 80 parking spots in there. If someone is violating the condo bylaws, in my experience, they don’t let you do it for years before they complain.
But it’s something the buyer’s lawyer should confirm.
“Is it that Chicago is just too large so the supply of condos are never constrained? All the potential equity gains eroded by increases in property taxes?”
Supply and demand dynamics. We have plenty of land. We aren’t on an island. We can keep building, and do.
“Supply and demand dynamics. We have plenty of land. We aren’t on an island. We can keep building, and do.”
So you’re now finally agreeing that buying a 2/2 is a horrible economic decision?
“buying a 2/2 is a horrible economic decision”
That’s why all the millennials are skipping past their condo phase and buying in the burbs.
Unlike those stupid Gen X’ers who were buying 2/2 condos well into their 30s.
Luxury rentals have really changed the condo landscape here. I don’t think I would bought a 2/2 condo back in the day (circa 2000) if I had the same rental options then as we do now. The lux rentals nowadays are nicer than most of the condos…. whereas back then it was the reverse.
“Luxury rentals have really changed the condo landscape here. I don’t think I would bought a 2/2 condo back in the day (circa 2000) if I had the same rental options then as we do now. The lux rentals nowadays are nicer than most of the condos…. whereas back then it was the reverse.”
And not only do younger folks today have more luxury apartment rental options in the city, when they move to the burbs, if they buy a SFH they tend to cut their monthly housing cost nearly in half!
“So you’re now finally agreeing that buying a 2/2 is a horrible economic decision?”
Plenty of Chicagoans have bought 2/2 condos and it’s been a fine economic decision. Again, I really wish more commenters on this blog actually live in the city of Chicago so that we can have a real conversation about what is going on with real estate.
“And not only do younger folks today have more luxury apartment rental options in the city, when they move to the burbs, if they buy a SFH they tend to cut their monthly housing cost nearly in half!”
Sub $300k and walk to downtown Elmhurst!
“That’s why all the millennials are skipping past their condo phase and buying in the burbs.”
Not 100% correct. But they ARE skipping the condo phase (which is why developers aren’t building any condos) because they are marrying so much later. They can’t afford to buy a condo on a singleton’s salary! Too expensive mostly. GenX bought when married. But they married younger. So they married at 24-25 and the housing boom was in full throttle. Apartments sucked so you bought so you could get something nicer.
But now, as Russ comments, the apartments ARE nicer than many condos. Why buy at age 30 or 32 when you are likely going to buy a single family home or townhouse at that age?
BUT- as rents continue to rise, I think the urge to buy condos may return among the GenZers. It’s cheaper and some may stick around 5+ years to make it worthwhile.
We’ll see what happens. Chicago has to get rid of the Silent Generation and Baby Boomer condo inventory somehow.
“Plenty of Chicagoans have bought 2/2 condos and it’s been a fine economic decision. Again, I really wish more commenters on this blog actually live in the city of Chicago so that we can have a real conversation about what is going on with real estate.”
Listen Drunky – You would always try and shit all over my posts when a crappy 2/2 would come up.
Again outide of the ultra Lux and not a shit box where they invested significant capital show me all these Chicagoans that have done well (Return greater than CPI less transaction costs)
“The lux rentals nowadays are nicer than most of the condos…. whereas back then it was the reverse.”
Yep. But everything goes in cycles. We’re about 10 years into this luxury apartment cycle with very few condos being built. I still think it will go the other way soon enough. However, prices have really risen and the only condo buildings they can build now are luxury too. When really they need more “affordable” condo buildings. They need to build the $400,000 2/2s again but it just can’t be done downtown.
Also, this is why anyone selling a condo really needs to update it to compete in this market.
“Again outide of the ultra Lux and not a shit box where they invested significant capital show me all these Chicagoans that have done well (Return greater than CPI less transaction costs)”
Um…the entire West Loop? Bucktown? Logan Square? Avondale? And on and on and on.
My god.
“And not only do younger folks today have more luxury apartment rental options in the city, when they move to the burbs, if they buy a SFH they tend to cut their monthly housing cost nearly in half!”
Yep. Rents at record highs downtown. So much cheaper to just move to the suburbs and buy something. That’s why so many did so during the pandemic. They were priced out of the north side of the city for single family homes. Heck, they’re priced out of Bronzeville and Woodlawn now too. Suburbs much more affordable for the starter homes.
Chicagoland is blessed with great real estate, and good schools, in many suburbs. Most of it affordable. Anyone who has lived in the hell that is LA or the Bay Area knows how wonderful we have it in terms of real estate.
“Um…the entire West Loop? Bucktown? Logan Square? Avondale? And on and on and on.”
Like the place across from the Chicken distributor? LOL
Again, you saying it without any back up is the equivalent to saying to have a pee tape
Show me some links before you open the second box
“Yep. Rents at record highs downtown. So much cheaper to just move to the suburbs and buy something. That’s why so many did so during the pandemic. They were priced out of the north side of the city for single family homes. Heck, they’re priced out of Bronzeville and Woodlawn now too. Suburbs much more affordable for the starter homes.eal estate.”
EvERYbODy WAnTs tO LivE iN tHe CITy
“Show me some links before you open the second box”
There is nothing anyone can say to you JohnnyU. You don’t live in Chicago and have no idea what is going on with real estate here.
There is 15 years of posts on this blog. You can start to educate yourself right there. We literally just had a 2-year hot housing market with record low inventory. But no one is making any money.
Lol.
“Also, this is why anyone selling a condo really needs to update it to compete in this market.”
Sabrina Economics 101
Buy <$500k shitbox circa 2000 condo
Drop $100k in updates
Compete against $400k new Condo
“Compete against $400k new Condo”
There is no such thing as a $400k “new” condo. Again, I really wish people were commenting on this blog who actually LIVE in Chicago and have in the last few years. Things have changed pretty dramatically in Chicago, and the suburbs, even in just the last 2 years.
We just had the biggest migration, in the country, since WWII. Where, and how, we work is completely changing. Salaries, wages, mortgage rates have all seen dramatic changes. Mortgage rates just jumped the most, in the quickest amount of time, in the last 40 years.
We had a pandemic that changed how, and where, people want to live. Or maybe it hasn’t?
The largest generation in US history is now marrying and buying homes. The second largest is selling and moving for retirement.
All of these changes are impacting Chicago’s market in new ways we haven’t seen in the past.
It’s a real shame there is no one on this blog who actually wants to discuss what is going on out there because it’s so interesting. Much more interesting than the housing bust or even the boom we just had the last 2 years.
“EvERYbODy WAnTs tO LivE iN tHe CITy”
They can’t afford it. Single family homes are simply too expensive now. Without a commute, suburbs aren’t such a bad deal anymore. And people want bigger lots due to the pandemic.
Things change JohnnyU. Try and keep up.
“It’s a real shame there is no one on this blog who actually wants to discuss what is going on out there because it’s so interesting. Much more interesting than the housing bust or even the boom we just had the last 2 years.”
ie no one wants to parrot my pollyannaish thoughts
I did ask you for links to all those Chicagoan buys who mad bank on shit box 2/2’s. Is that not RE? Or just not parroting your thoughts?
“They can’t afford it. Single family homes are simply too expensive now. Without a commute, suburbs aren’t such a bad deal anymore. And people want bigger lots due to the pandemic.”
That didnt matter before – Hell go 5X on a loan, the City will always be hot
You really dont like it when your comments are brought back up
“Compete against $400k new Condo”
I’m interested in seeing these, too.
Here’s the cheapest 2/2 I find, built 2018 or later, at $410k:
https://www.redfin.com/IL/Chicago/2342-W-Adams-St-60612/unit-203/home/178773667
I would not buy at Western & Adams, next to a Wendys.
[not counting the accessible gf unit at 3109 S Giles, as it is “from” priced]
“Anyone who has lived in the hell that is LA or the Bay Area knows how wonderful we have it in terms of real estate”
Like, the real estate pricing is hellish for a buyer in LA or the Bay Area, or LA and the Bay Area are hell? If the former, there’s a very long list of areas around the country that are much less expensive than the Chicago area. If the latter, isn’t that the sort of mindless, and typically rightwight, anti-CA talk that is frowned upon around here?
“Like, the real estate pricing is hellish for a buyer in LA or the Bay Area, or LA and the Bay Area are hell?”
They are hell for anyone who wants to buy a house, have somewhere to live, and live a normal existence raising their families.
It’s sheer hell.
Has been for the last 5 years and now that mortgage rates are over 5%, it’s even worse. But perhaps a housing bust in both of those markets if rates continue to rise may bring some sense to that market. Otherwise, people should move.
We are SO lucky in Chicagoland. You can get great quality homes in wonderful neighborhoods with top schools (some of the best in the country.) You can live near nature or the lake. You can be near public transport. And you can do it with spending just 25% of your income or less.
It’s really a gift.
“That didnt matter before – Hell go 5X on a loan, the City will always be hot”
Prices have been rising the last 5 years. In fact, many neighborhoods at record highs during the pandemic and up 10% to 30%. Single family home inventory at less than 2 months city wide resulted in bidding wars.
Most are priced out of the north side, sadly. Not much middle class housing there. Even south side is getting expensive. Many will go to the suburbs to get more space too.
Upper middle class still buying in the GreenZone. Many can’t afford the SFH there either now. Will have to downsize to the 3/2 condo or townhouse.
Inventory in the city remains low even with sales slowing. City remains a hot place to live. There are still properties selling even with 6% rates.
“I did ask you for links to all those Chicagoan buys who mad bank on shit box 2/2’s. Is that not RE?”
You’re the one who is retired and sitting your basement on blogs JohnnyU. I am too busy to go and list out hundreds/thousands of properties where people are making money.
Just look in the West Loop. It’s been one of the hottest neighborhoods for about 10 years now. Although, I feel like it’s topping out, even though they are building $8 million penthouses there now. Lol.
“Prices have been rising the last 5 years. In fact, many neighborhoods at record highs during the pandemic and up 10% to 30%. Single family home inventory at less than 2 months city wide resulted in bidding wars.”
WOW 10-30% in 5 years? Might as well call Chicago Nashville on the Great Lakes
What did those bidding wars accomplish. sub CPI returns? Maybe get out of your South Side garden apartment and travel a bit. Hit up Austin, Nashville, ATL, etc and see what a real bidding war looks like. Heck gary lines out what buying in the Triad is like – Find me a comp in Chicago
“Maybe get out of your South Side garden apartment and travel a bit. Hit up Austin, Nashville, ATL, etc and see what a real bidding war looks like.”
Looks like it has to be explained to JohnnyU AGAIN, that all real estate is local. Down to the street and even the building.
No one cares what is happening in Nashville. This is a blog about Chicago. The only market that matters is the Chicago market.
“Maybe get out of your South Side garden apartment and travel a bit. Hit up Austin, Nashville, ATL, etc and see what a real bidding war looks like.”
Also, this comment really shows your ignorance JohnnyU.
Is it supposed to be insulting to live on the “south side”?
Wow.
Interesting chatter here…
Ya there’s definitely not any $400K new condos haha, especially in any area remotely close to where you’d want to live. A decent 2/2 goes for $400K-600K in the nicer areas (and ya it will be a 2000s building), while a 1/1 would be $275K-$375K.
Some of my friends went the $325K RN condo route and stay for 5+ years. It’s not really an ‘investment’, but just nice to know you own and can update things / sense of community, etc.
Others bounced around luxury rentals for a bit, but now they’re older and want to settle down a bit with more space for a family, but are priced out of the north side. Of course they look to the suburbs…
Only a few (power couples making $500K, etc.) could afford single family homes in fairly decent areas (at $1.1-$1.3M). The bigger issue they’re facing is schooling, as their options are very rough for elementary, etc.
If I was raising a family I would 100% move to like Naperville, DG, etc. The schools are so much better (unless you get into one of the like 4 decent magnets in Chicago). You also have much, much more space and it’s 100x safer.
My friends that don’t want kids though, plan to move to townhomes on the northside–a compromise as single family homes are not needed spacewise and too expensive pricewise.
“Looks like it has to be explained to JohnnyU AGAIN, that all real estate is local. Down to the street and even the building.
No one cares what is happening in Nashville. This is a blog about Chicago. The only market that matters is the Chicago market.”
You have no frame of reference to what a “Bidding War” really is
Making it up as you go isnt a viable strategy
“Also, this comment really shows your ignorance JohnnyU.
Is it supposed to be insulting to live on the “south side”?”
I was born on the southside and still have family there, so no not a shot in the way you think it is
You’re just an old crone that cant afford the Northside and are extremely bitter over it
“I was born on the southside and still have family there, so no not a shot in the way you think it is”
Huh?
You CLEARLY meant it as an insult or you wouldn’t have mentioned either “north” or “south” side. You would have just said “garden apartment.”
So you were born there and still have family there – so they apparently suck too?
Gosh, holiday gatherings must be a real joy in your family.
“You have no frame of reference to what a “Bidding War” really is”
My “frame of reference” is what is going on in Chicago. It’s completely irrelevant what is happening anywhere else. Again, it is even irrelevant what is happening in Fulton Market or Bronzeville if I am looking to buy in Edgebrook.
“Others bounced around luxury rentals for a bit, but now they’re older and want to settle down a bit with more space for a family, but are priced out of the north side. Of course they look to the suburbs…”
Agreed Rob. You have to have some real firepower to afford a single family house on the north side now. Even doctors and lawyers are priced out of some neighborhoods.
“Agreed Rob. You have to have some real firepower to afford a single family house on the north side now. Even doctors and lawyers are priced out of some neighborhoods.”
Yup I literally only know a handful of friends that had enough capital to drop $1M+ on a northside SFH. Some have help from parents / grandparents (e.g covering their deposit and/or initial maintenance), others are a power couple (two law partners, doctors, etc. as noted), while in some instances it’s just one mega earner (ibanker or something)
My core friends are about $150K, that’s not gonna cut it. But if you couple up with someone that makes $100K, a combined $250K income can lock in a solid townhouse in a decent neighborhood. That’s my plan after I get tired of the frat life in RN. In the meantime, rallying for another aggressive day at ARC.
“Yup I literally only know a handful of friends that had enough capital to drop $1M+ on a northside SFH. ”
there are homes available in nice neighborhoods that are under $1M. Take this Bucktown house that just went under contract. 900k. Sure, it’s not 4000 sf and doesn’t have the latest and greatest finishes but it’s 1 block to a great park with pool and a decent neighborhood school. House shows well. If people are willing to make a sacrifice here and there, they’ll be able to find a place.
https://www.redfin.com/IL/Chicago/2064-N-Oakley-Ave-60647/home/13357489
What’s wrong with buying a 2/2 condo? We bought one in LP for $205,000 in 1997. Sold it for $320,000 in 2002. Worked well for us!
Sorry for whoever bought it from us. It’s probably only up 10% since then.
“If people are willing to make a sacrifice here and there, they’ll be able to find a place.”
Lol.
$900k is now a “sacrifice” price?
That’s when people would rather just move to the burbs.
“But if you couple up with someone that makes $100K, a combined $250K income can lock in a solid townhouse in a decent neighborhood.”
Yep. Townhouses are the single family alternative in many neighborhoods now. $500k to $800k.
“What’s wrong with buying a 2/2 condo?”
??
“Sorry for whoever bought it from us.”
???
“Lol.
$900k is now a “sacrifice” price?
That’s when people would rather just move to the burbs.”
Not what I meant at all. I was directing my comment to Rob as he said his friends are stretched thin buying a 1-1.5M home. My point was, why not look for something less expensive in the city instead of having to move to the burbs if it’s not something you really want to do. 900k is still less than 1-1.5M. And by sacrifices, I was referring to home size, finishes, etc.
“And by sacrifices, I was referring to home size, finishes, etc.”
I think that Sab took it that way…
but when in the past 15+ years has that not been true, for a SFH on the GZ-ish? Like maybe 09, 10, but that’s about it. Otherwise, the dirt price for a standard lot has usually been $600k+, so you’re looking at a small or dated or both house for $300k.
This unit sold in Oct 2022 for $525,000.
New, or at least “new”, 2/2 condo for $400k north of Roosevelt:
https://www.redfin.com/IL/Chicago/3538-N-Lowell-Ave-60641/unit-2N/home/183876734
“New, or at least “new”, 2/2 condo for $400k north of Roosevelt:”
You can still get 2/2s north of Roosevelt for under $300k in neighborhoods outside of the GreenZone. $400k in Irving Park is pretty bullish. Used to be able to get a house for that price there.
“You can still get 2/2s north of Roosevelt for under $300k ”
Show us a new (or “new”–built in the last 5 years) one.
Not reno date, construction date.