A 3-Bedroom Loft Listed Under the 2003 Sales Price in Lincoln Park: 2107 N. Magnolia
This 3-bedroom triplex loft in the Headley School Lofts came on the market in February 2018.
The Headley School Lofts is a conversion of an old public school. It has 12 lofts and attached heated garage.
The building has an elevator and a common roof deck.
The building was converted early in the loft craze, in 1987.
This triplex loft has southwest exposures and 13 foot ceilings with massive windows. It doesn’t appear to have other usual loft features that are found in old factories or industrial spaces like exposed brick.
The kitchen has white cabinets, stainless steel appliances and a breakfast bar.
The master bedroom is on the main floor and doesn’t appear to have full walls to the living room. It does have an attached bathroom with an oversized shower.
The second bedroom is lofted above the main living area and also has interior windows open to the space below.
The third bedroom is in the lower level but it also doesn’t have full walls/doors to the family room which is also in the lower level.
There’s a walk-out terrace from the third lower level bedroom.
The loft has the features buyers look for including central air, side-by-side washer/dryer and heated garage parking is $25,000 extra.
Originally listed at $849,500 in February 2018 it has been reduced numerous times to $649,500 plus $25,000 for the parking.
It sold all the way back in 2003 for $715,000.
The current list price, with the parking, is now $40,500 under the 2003 price.
Is this a deal?
Mario Greco at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.
Unit #1B: 3 bedrooms, 2.5 baths, 2600 square feet, triplex
- Sold in February 1987 (no price listed)
- Sold in August 1991 for $324,000
- Sold in February 1998 for $350,000
- Sold in December 2003 for $715,000
- Sold in September 2007 for $760,000
- Originally listed in February 2018 for $849,500
- Reduced numerous times
- Currently listed at $649,500 (garage parking is $25,000 extra)
- Assessments of $742 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $16,217
- Central Air
- Side-by-side washer/dryer
- Bedroom #1: 17×15 (main floor)
- Bedroom #2: 19×13 (second floor)
- Bedroom #3: 18×12 (lower level)
- Terrace: 13×8 (lower level)
- Family room: 27×18 (lower level)
Link is bad
Who’s looking to chose LP (and the old Green Zone) over the new construction o/s of LP?
Realtor.com says it’s off market. Odd layout.
https://www.realtor.com/realestateandhomes-detail/2107-N-Magnolia-Ave-Apt-1B_Chicago_IL_60614_M70820-56186
If the seller gets his ask price, that’d be roughly equal to the inflation-adjusted 1991 price.
wait whats wrong with this unit? seems like a pretty good price, don’t most 3bd places that can in any way resemble “more than just an apartment living” sell for $1mm in the high value perceived Lincoln park?
I don’t know. There are a bunch of properties in the GreenZone that simply aren’t selling.
The market has really slowed. There’s really no longer any talk of lack of inventory. New construction is really lagging. And that’s what used to be snapped up right away.
Is it prices that are simply too high? Even with low mortgage rates?
When listed in ’07, taxes + assessments were ~$1300/mo.
Now they are ~$2100/mo.
That difference is about ~$200k in value.
Can find the listing at MG’s website [won’t post with link or anything close, apparently].
And it is apparently currently asking $595k, including the parking. Ouch!
Here’s the listing from Mario’s website.
http://mggroupchicago.com/homes-for-sale-details/2107-NORTH-MAGNOLIA-AVENUE-1B-CHICAGO-IL-60614/10504389/34/
“When listed in ’07, taxes + assessments were ~$1300/mo.
Now they are ~$2100/mo.
That difference is about ~$200k in value.”
Sure. But what mortgage rate were you getting in 2007? That should be countering some of the tax increase. It’s much lower now.
A quick google search found that 30-year fixed mortgage rates were at 6.5% in June of 2007.
https://money.cnn.com/2007/06/07/real_estate/mortgage_rates/index.htm