Has This 2-Bedroom Bucktown Loft Doubled in Price in the Last 10 Years? 1521 N. Milwaukee
This 2-bedroom loft at 1521 N. Milwaukee in Bucktown came on the market in July 2021.
Built in 1906, this building was converted to lofts during the housing bubble in 2006.
It has 3 lofts and an attached garage.
This is a top floor unit with a wall of windows overlooking the shops and restaurants of Milwaukee Avenue.
It has loft features including exposed brick, high ceilings and exposed ductwork along with a fireplace.
The listing describes the kitchen as a “chef’s kitchen” with an island that seats 5 and stainless steel appliances.
The loft has a wine fridge.
The primary bedroom might not have windows (?) but seems to have a skylight. It has an attached bath with a steam shower, soaking tub and double vanity along with a walk-in-closet.
It’s not clear if the second bedroom has windows or a skylight.
The listing says it has a rebuilt private rooftop deck with skyline views.
It has the features that buyers look for including central air, washer/dryer in the unit and garage parking is included.
It’s right in the heart of the Bucktown/Wicker Park entertainment corridor and is just a block from the Damen Blue Line stop and 2 blocks to the Wicker Park Farmers Market.
This loft was taken back by the bank in 2009 and sold in the housing bust in 2011 for $320,000.
It has come back on the market 10 years later at $650,000, or 103% more than its previous sale.
In this hot market, will they get the premium?
Ryan Lee and Kimberly Kappelman at Compass have the listing. See the pictures here (sorry, no floor plan).
Unit #3S: 2 bedrooms, 2 baths, 1600 square feet, loft
- Sold in June 2006 for $463,000
- Bank owned in September 2009
- Sold in January 2011 for $320,000
- Currently listed at $650,000 (includes garage parking)
- Assessments of $235 a month (includes heat, a/c, electricity, gas, security, exterior maintenance)
- Taxes of $10,570
- Central Air
- Washer/dryer in the unit
- Gas fireplace
- Skylights
- Bedroom #1: 15×13
- Bedroom #2: 15×12
- Living/Dining room: 24×18
- Kitchen: 13×9
3E closed at $690k – Bigger and much nicer.
So the $150 wine fridge comes with the place? Nice gourmet kitchen lol
Anyone putting $130k down and $3500/mo to live here is a moron and will do about as well at the 06 buyer.
Is the target market recent Iowa grads?
The answer is “No,” as this place isn’t even remotely near to Bucktown. It’s South of North Avenue fercrissakes, and East of Damen
“Is the target market recent Iowa grads?”
Do recent Iowa grads have a $130,000 down payment?
Every time I have cribbed on this building, which is several times now, the chatterati says no one will pay whatever price it is at that time. Yet they sell anyway.
I sometimes think the chatterati is about 3 to 5 years behind in where the market is in any given neighborhood.
A lot of people like being in the middle of the action, in terms of restaurants, shops etc. This is a great stretch of Milwaukee. Feels a lot like NYC in this location. It’s been 10 years since this unit was on the market so they don’t come on the market regularly.
Also, as I’ve been saying for months now, many, many Chicago homeowners are making money in this market. They are sitting on quite a bit of equity as long as they aren’t located downtown.
The “neighborhoods” are red hot and inventory is low.
It’s a myth that all Chicago homeowners are losing money even by being long-term owners (more than 5 years). The housing market is in a bull market again.
This is a good thing. Prices SHOULD be rising at least 2% to 3% a year. You should be able to sell 10 years later and see some profit, even after paying your realtor. The Chicago market needed this.
“I sometimes think the chatterati is about 3 to 5 years behind in where the market is in any given neighborhood.”
I feel this way every time I read old posts on buildings/units I like.
This neighborhood is my nightmare and I try to avoid it at all costs. Who wants to live near the “famed six corners” where traffic is an absolute mess, there are bikes everywhere, and it’s unsafe to cross the street on foot?
I’m sure someone will pick this up, perhaps one of the many men who think they are Lance Armstrong and are in a perpetual state of anger from taking steroids (just like Lance Armstrong).
“Every time I have cribbed on this building, which is several times now, the chatterati says no one will pay whatever price it is at that time. Yet they sell anyway.”
This is completely non-sensical, even for you.
The point is that $650k for this is a joke. I dont suppose you like to place a bet that this places sells for under the current ask?
3E – List at $699k – Sold at $690k (11% gain from the previous sale in 13
“I sometimes think the chatterati is about 3 to 5 years behind in where the market is in any given neighborhood.”
I sometimes think that the shills are functionally retarded and dont understand anything other than “Buy now or be priced out for ever” and “RE only goes up”
People don’t learn from history @JohnnyU. I have friends who are saying that they feel like they need to buy now or be priced out forever. They believe the shills. The shills are now saying that unless we quickly build more housing, everyone will be priced out forever. Maybe that’s true in some cities, but doesn’t seem that way in Chicago.
based on the floorplan for 3e, the size of the overall building, and the %age ownership from the condo dec, this place can’t be more than 1450 sf.
Of course it doesn’t work this way, *but*–if it sold for exact same $/%age ownership as E just did, it would be ~$560k.
That everything appears to be original to 2006 is very much not a good thing–that fridge will die any day, the HVAC and water heater need a close look, I’d look hard at the steam generator in the shower, too (not even “does it work”, but “is it going to leak”)–and that’s without even touching the datedness of the finishes.
Seems overpriced, though perhaps living above an Urban Outfitters in the middle hipsterville is a sign of prestige in that crowd.
Here is a way nicer place in the area for $615k.
https://www.redfin.com/IL/Chicago/1902-W-Armitage-Ave-60622/unit-3/home/113043753
Plus you don’t have to worry about living in the middle of the next looting spree.
“I have friends who are saying that they feel like they need to buy now or be priced out forever. They believe the shills. The shills are now saying that unless we quickly build more housing, everyone will be priced out forever. Maybe that’s true in some cities, but doesn’t seem that way in Chicago.”
Thats the danger in listening to shills as generally they are extremely dumb.
Hell putting 10% down puts the monthly nut at $4100. I find it difficult to believe that you couldnt rent a similar place for less, for example – https://www.zillow.com/homedetails/1505-N-Milwaukee-Ave-Chicago-IL-60622/158772453_zpid/ 3BR – $3300/mo. But a shill gonna shill and buy now or be priced out forever
“Here is a way nicer place in the area for $615k.
https://www.redfin.com/IL/Chicago/1902-W-Armitage-Ave-60622/unit-3/home/113043753
Plus you don’t have to worry about living in the middle of the next looting spree.”
Me thinks you underestimate the gravitas one is afforded living above an Urban Outfitters. Conservatively, I put the value at 2 Pergolas.
Yeah the next time a black guy gets shot by a cop I would worry about the Urban Outfitters below getting a few Molotov’s thrown through the window for “social justice” or whatever the Antifa terrorists are spouting these days
Great location and wonderful building, but space looks kind of crowded and not too distinctive for the price. Especially considering that at least one of the bedrooms appears to have no windows.
Parking and central AC are nice to have, however. I just expected more from this unit, somehow.
I can vouch for anything from 2006 being about to come to the end of its life. We re-did our kitchen in 2006 and just had to replace the counter and the oven. We’d already previously replaced the dishwasher and fridge. Our tile kitchen floor from 2006 has had it, too, but we’re too sick of home projects to replace it right now.
“Plus you don’t have to worry about living in the middle of the next looting spree.”
Again, some people LOVE the energy of the restaurant/shopping districts and like nothing better than living in the middle of it.
Chicago has different areas for different folks. Love high rises? Got you covered. Want vintage? Plenty of that. Lofts? Yes. New construction. Of course. Townhouses? Yep. Bungalows? Sure thing. Want quiet? No problem. Want to be in the heart of one of the popular neighborhoods? Indeed.
See?
So easy.
Current owner has lived there for 10 years. Looting was a year ago, by the way.
“Maybe that’s true in some cities, but doesn’t seem that way in Chicago.”
Chicago is huge. Plenty of middle class housing but it may not be in the neighborhood you want it to be in.
The odds that you get a single family home in Lakeview for $500,000? Very low. Are you buying a house in Portage Park for $200,000? Probably not (or not livable.)
Chicago is a world class city. The suburbs are great and have top schools. Prices should be rising. More companies continue to move here. Talent is getting top dollar.
“I sometimes think that the shills are functionally retarded and dont understand anything other than “Buy now or be priced out for ever” and “RE only goes up””
JohnnyU, on nearly EVERY property on this site you say it’s overpriced. Go look at your comments. EVERY SINGLE ONE.
And yet they are going under contract in a week, in some cases. I guarantee you those properties are not selling for $100,000 under the asking price.
The Chatterati on this site have ALWAYS been wrong about where housing prices are going, and on the individual properties. ALWAYS.
During the housing bust, the prices were still too high. Go look at Homedelete’s comments from 2012 and 2013. He was still insisting that the price was too high, even if it was bank owned. Now, during this bull, the prices are also too high.
The bears will never be right. And most of the chatterati are bears.
This is a different market. There’s still not enough inventory.
Mortgage rates are going down again. Should light a fire under buyers who were still thinking about buying this summer.
“This neighborhood is my nightmare and I try to avoid it at all costs. Who wants to live near the “famed six corners” where traffic is an absolute mess, there are bikes everywhere, and it’s unsafe to cross the street on foot?”
I love this neighborhood. So much going on. Dozens of restaurants at your finger tips. Great architecture.
“Yeah the next time a black guy gets shot by a cop I would worry about the Urban Outfitters below getting a few Molotov’s thrown through the window for “social justice” or whatever the Antifa terrorists are spouting these days”
No one has brought up Antifa for a while on this blog. Wonder what triggered it?
Must be because on this day one of the insurrectionists, who carried a Trump flag into the Senate, was sentenced to 8 months in jail.
“ JohnnyU, on nearly EVERY property on this site you say it’s overpriced. Go look at your comments. EVERY SINGLE ONE.
And yet they are going under contract in a week, in some cases. I guarantee you those properties are not selling for $100,000 under the asking price.
The Chatterati on this site have ALWAYS been wrong about where housing prices are going, and on the individual properties. ALWAYS.
During the housing bust, the prices were still too high. Go look at Homedelete’s comments from 2012 and 2013. He was still insisting that the price was too high, even if it was bank owned. Now, during this bull, the prices are also too high.
The bears will never be right. And most of the chatterati are bears.
This is a different market. There’s still not enough inventory.”
Is it nearly Every one or EVERY SINGLE ONE?
Most have noted that this place seems significantly overpriced, with comps being provided, you on the other hand provide nothing of value in your comments.
Shills never think the prices are too high and think real estate prices can only go up.
As per usual, you’re too chicken shit to take my bet. A complete shill move. JoeZ trained you well
@JohnnyU, are you well?
Maybe you can start a blog about properties in Indiana, where you live. You can trash every one. Should be awesome.
Hi Gary
Other than coming back from a 2 week vacation, doing very well. Thanks for asking
Was thinking you were a smarter than falling for a typical Sabrina fabrication, but alas here we are…
As someone in the biz, where would you price this unit?
“Was thinking you were a smarter than falling for a typical Sabrina fabrication, but alas here we are…”
That’s not our Gary.
Doh!
Looks like Sabrina has another sock puppet
Hey Sabrina – you are required to run this free website that I read for free in a manner that is more appealing to me. You must allow me to spew as much vile racism / antisemitism as I’d like without deleting my comments.
You are somehow beholden to me because I read your blog. You owe me a platform to say whatever I want whenever I want.
Also, any positive comments you make about any property, neighborhood, or city is just a sign that you are a mindless shill, whilst my endless negativity just means I am a fearless straight shooter who is being oppressed by the heel of (?) something or other that I have to rebel against. STOP TRYING TO SILENCE ME!
I did fail to include a compliment to the developer (owners who put in the roof decks): the roof decks do appear to have been built with composite decking, that was properly spaced, which was a rarity in 2006 (if done by the developer). Know people with similar looking composite put in by their builder who left zero space between the boards, which is notgood. so kudos there.
that said, I’d also take a hard look at the substructure of the roof deck to ensure that’s not on a short fuse, too.
Also odd they the small deck shared by N & E wasn’t also done with composite–which is why I wonder if the roofdecks were done, or upgraded, later by the owners.
Anyone know Chicago law on decks? Do new decks need to built with composite? If taking down a deck for the condo assoc to redo the roof, are there now stricter rules than 10 years ago?
talking about roof decks above.
Anyone notice the size of those shoes by the closet? Holy cow, no wonder this person needs 12-foot ceilings.
“Anyone notice the size of those shoes by the closet? Holy cow, no wonder this person needs 12-foot ceilings.”
Probably the effect of realtor photo shenanigans. They love to stretch the hell out of a photo to make the room appear much bigger than it actually is. Totally deceptive but typical for a used house sales person, aka realtor.
FYI:
“Gary” is not “Gary Lucido.” Two different people.
Gary Lucido, who just got back from Nashville, and who posts his monthly sales updates from his blog, always posts under his full name.
We have multiple Dans, Davids and Garys. Not sure how many others are doubles or triples. I try to distinguish them by putting in a number or something. In this case, since Gary Lucido posts under his full name, I left the other “Gary” alone.
“FYI:
“Gary” is not “Gary Lucido.” Two different people.
Gary Lucido, who just got back from Nashville, and who posts his monthly sales updates from his blog, always posts under his full name.”
The other is your sock puppet
Madeline,
If I could upvote your great response to the endless and unpleasant negativity of Johnny U 100 times I would.
Nice job.
Signed, another shill.
Sabrina,
Back in 2009 or so when I joined I remember you telling me to make sure to be Dan #2 because apparently the first Dan wasn’t a very pleasant person to have on the site.
“Back in 2009 or so when I joined I remember you telling me to make sure to be Dan #2 because apparently the first Dan wasn’t a very pleasant person to have on the site.”
The original “Dan” was Helmethofer, Dan #2.
Lol.
He was banned using that name.
“If I could upvote your great response to the endless and unpleasant negativity of Johnny U 100 times I would.”
I think Madeline was responding to Helmethofer’s posts. I deleted what HH said (where he simply complained about me) so she was mocking him.
“The other is your sock puppet”
I run the site JohnnyU. I can just use my own name to say you’re clueless. As I’ve done before. Don’t need a sock puppet for that.
“I run the site JohnnyU. I can just use my own name to say you’re clueless. As I’ve done before. Don’t need a sock puppet for that.”
https://www.youtube.com/watch?v=7f1B5oWIRJI&t=4s
“No one has brought up Antifa for a while on this blog. Wonder what triggered it? ”
I saw urban outfitters and thought of edgy teenagers
nothing to do with orange man or any of the morons who went to the capital on 1/6 who I could give two shits about lol
good theory though *golf clap*
“If taking down a deck for the condo assoc to redo the roof, are there now stricter rules than 10 years ago?”
Dunno if 10 years is the right timeframe for the change in law, but you might need to have 2 access points. If there are not 2 access points, would want to be sure you’d be grandfathered to rebuild.
“ The Chatterati on this site have ALWAYS been wrong about where housing prices are going, and on the individual properties. ALWAYS.”
Just cut the price by $25k
At least you were smart enough not to take my bet
Wait a minute, JohnnyU, you pick one property to prove you are “right”?
Lol.
Everyone has always been wrong on this site. For 14 years.
“ Wait a minute, JohnnyU, you pick one property to prove you are “right”?”
No just showing another example of you not knowing WTF you’re talking about
“ I’ve always been wrong on this site. For 14 years.”
FIFY and I agree
“ Every time I have cribbed on this building, which is several times now, the chatterati says no one will pay whatever price it is at that time. Yet they sell anyway.”
45+ days and no buyers?
Is this part of the city not HAWT(tm) or is it overpriced?
Forgot to note that they dropped the price by $25,100, too.
Another cut?
Unpossible!
Don’t bury the lede:
Now @ $599,900. Which is shouting distance from the same $/%age as unit E sold for:
“if it sold for exact same $/%age ownership as E just did, it would be ~$560k.”
$574k
HAWT ™
Another price cut?
HAWT ™!
“Another price cut?”
They tested the upper level of the market. They got it wrong. When you overprice out of the gate, it’s hard to come back. They should remove the listing and wait for the spring market and re-list as a “fresh” property.
Also, I’ve been hearing from agents and sellers that the market slowed in August and September (maybe due to the uncertainties over the delta variant?) and that in October, for whatever reason, there has been a surge in activity again. The multiple offers have suddenly started appearing again.
“HAWT ™!”
Every home has a different story no matter how hot or cold the market is. Selling on Milwaukee Ave has to be difficult at this time. Plus there was just a shooting there a few days ago.
On the other hand, this place a few blocks away sold for $55k over list in a matter of days.
https://www.redfin.com/IL/Chicago/2052-W-Pierce-Ave-60622/home/14109365
Wow- the price of that row home on Pierce doubled in 6 years.
“Wow- the price of that row home on Pierce doubled in 6 years”
It doubled with a significant remodel that wasnt free, except in “Sabrina Math”
[Pierce]
Pix from 2015 are here: https://www.redfin.com/IL/Chicago/2052-W-Pierce-Ave-60622/unit-2052/home/144933367
Woof!!
[Featured]
“Selling on Milwaukee Ave has to be difficult at this time.”
Yes, but the other unit sold in June, and at a price that (as I noted) makes the *current* ask seem pretty realistic.
I still think it’s too high, given that nothing has been updated in this place, but if they’d started in the summer at $575k (or, if they really wanted to sell, $549), it likely would have sold.
“It doubled with a significant remodel that wasnt free, except in “Sabrina Math””
I never said it didn’t have a remodel. And I never said it was “free.”
Let’s ask how much they spent on that, shall we?
Even being generous- and saying they spent $200k. That’s still a tremendous return. These people did really well. It’s a reflection of the hot market.
Hooray!
Why are you rooting against them? And the city? Oh wait- that’s right. You’re a bear. You can’t STAND it that, yes, some people in Chicago are real estate WINNERS.
It’s not all gloom and doom folks. The bears have been wrong about the real estate market for 17 months and will continue to be for the next several YEARS. They have been wrong for 14 years on this blog and they will continue to be wrong forever more. Inventory remains low. The economic recovery is on and GDP is above 3% and will be for the next few quarters. All of that will be good for Chicago and real estate.
Higher mortgage rates will cool it some, as it did in 2017-2018. But until then, it remains a hot market.
We need inventory so a little cooling would be good for the health of the market.
Wow, that place on Pierce! We put in an offer on the one next door back in ’13, but we were outbid.
It needed a lot of work, but…
https://www.redfin.com/IL/Chicago/2054-W-Pierce-Ave-60622/home/14108681
Sold $563k
“Of course it doesn’t work this way, *but*–if it sold for exact same $/%age ownership as E just did, it would be ~$560k.”
“I guarantee you those properties are not selling for $100,000 under the asking price [here, $650k].”
“Sold $563k”
Who is “always wrong”??