A Brick and Timber Triplex Loft in the Middle of Lakeview: 811 W. Aldine
This triplex authentic loft at 811 W. Aldine, otherwise known as the Mandel Bros. Lofts, in Lakeview has tons of loft character, including both exposed brick and timber ceilings.
The living room/kitchen and dining areas are on the main floor. The kitchen has granite counter tops and white appliances.
The two bedrooms are on the second floor.
The third level sports the den and a private terrace.
This loft also has a highly coveted Lakeview feature: not just 1 but 2 deeded parking spaces.
The property has been on and off the market since February 2009.
It’s now listed for $30,500 under the 2004 purchase price.
Is this a deal?
Mark Cahan at Mark Cahan Realty has the listing. See the pictures here.
Unit #1N: 2 bedrooms, 2 baths, den, triplex, 2 car parking, no square footage listed
- Sold in June 2000 for $479,000
- Sold in July 2004 for $528,000
- Originally listed in February 2009
- Withdrawn in June 2009
- Re-listed in May 2010 for $548,000
- Reduced
- Currently listed at $497,500 (includes 2 car parking)
- Assessments of $409 a month (includes cable)
- Taxes of $7250
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12 (second level)
- Bedroom #2: 14×11 (second level)
- Den: 10×10 (third level)
- Living room: 24×17 (main level)
- Kitchen: 21×8 (main level)
Nice place. I think one could definitely raise a kid in a loft, even though many here poopoo the idea. (full disclosure — I’ve never raised a kid)
Very interesting to see listings that are flirting with year 2000 prices. A lost decade indeed.
Nice place but still pretty pricey. Those assessments seem pretty high as well. Would be nice to see a floorplan.
“Would be nice to see a floorplan”
do you really need a floor plan for a loft?
“Those assessments seem pretty high as well.”
Are you kidding me? Where do you guys live?!!! Almost any “normal” building (w/appropriate maintenance/reserves) are going to charge 300-800/month (depending on amenities). If you are paying less, chances are that the building is not being kept in great shape and/or the reserves are severely lacking!!!!
There are $576,000 in recorded mortgages against the property $512 and $64 – although like anon likes to point out the second might just be a line of credit. Either way this seller is under water.
Would it surprise you that this buyer’s 2004 purchase was 100% financed? Yes, two loans totaling $528,000 in July 26.
This might be a pre-approved short sale yet its not listed as the same. They don’t want to scare off potential buyers.
Good bye green zone.
$399,000.
July 26 should be typed July 2004
I love timber lofts and yes Danny we may be raising our kid in one. And I would say that it is as good an option as any standard city condo. I call our one level 2200 sq. ft. loft “a ranch home” in the city. There is plenty of room to play around. Our daughter is just learning to walk and push her “stand behind thing” all over our pad. The problem is that she is worn out before she gets to the other end of the loft.
The main issue in a loft is that many have bedrooms without full walls. That means that the sound travels and it does cut down on privacy. This is not limited to lofts however as a friend of mine rented a 2 bedroom condo on Monroe with the same feature in the second bedroom.
There must be something about loft living because as Sabrina frequently shows the average amount of time a buyer lives in a loft is only a couple of years.
> There must be something about loft living because as Sabrina frequently shows the average amount of time a buyer lives in a loft is only a couple of years.
Yeah, hearing your neighbor fart would do it.
I’ve lived in a loft for 8 years now and can’t imagine living in a standard city condo. All those little rooms feel claustrophobic to me.
I love this place and if the seller is interested in a swap, let me know. I’ll trade my 3,000 sq ft, 2 bed, den, 2 bath for it.
Other than the facts that (i) these places are called “lofts” because of their commercial history and (ii) they have exposed brick and high ceilings, “loft” doesn’t seem like the proper description for these places. They’re more like townhouses with a common entrance, or at least very unique triplex condos.
In any event, does any one if this would be Nettlehorst (sp)?
Groove –
Just because it is a loft doesn’t meet you don’t need to see a floorplan. It would be nice to see the arrangement and know where everything is located.
Clio –
Over $400 seems high for a building with only 13 units. I lived in a building with 16 and our assessments were $176 and we had plenty in reserves. I live in a building with 24 now and we pay $260 and again reserves are ok. $400 seems like a reasonable starting point for a bigger high rise type of building.
Just as an example of where a floorplan would come in handy – where is the front door to this unit? Do you enter into the kitchen? Can’t tell but, nice to know.
i actually think this place is pretty decently priced. im thinking 475k gets it done.
i like it myself, would love to see a 3rd bed instead of a den if you’re talking about raising a kid/s in here.
also @onlooker, i agree with you on floorplan. yes it’s a loft, but it still has walls and i’d like to see the layout of the place. such as where the den is situated vs bedrooms etc. i dont think you’re crazy for asking that. (sorry, groove 🙂
oops. didnt read sabrinas post thoroughly enough. didnt realize the den was on the 3rd floor.
We are 5 years in at our loft and rarely hear our neighbors. It helps that we have commercial above and below our units but even when they are there it’s pretty quiet. Our unit is on the market and yes many of you commented on it when Sabrina graciously put it on CC. The only reason we are selling is that my mother is aging quickly and I would like to live closer for her remaining years.
I think that the right loft can easily be a long term play for many people. The myth that they cost a fortune to heat and cool is overblown. Our utility bills are higher than most 3 bedroom units but keep in mind we have 14 foot ceilings. That is 70% more cubic feet of space than a standard home with 8 foot ceilings!
The flexibility of the space is what we appreciate the most. How many 2200 sq. foot suburban homes can easily host a party (all inside) with 120 people? What about Christmas (sit down) dinner for 25 plus 8 to 10 kids? A well designed loft can easily tackle those demands.
Disclamer that is a well designed loft that comes with my awesome entertaining gifted wife!
$475k is merely another small step towards $325k.
This was a 100% financed unit in 2004 and it was heloc’s on top of that.
What will this unit cost when a buyer actually has to have a sizable down payment?
“whitecity on July 23rd, 2010 at 12:39 pm
i actually think this place is pretty decently priced. im thinking 475k gets it done.”
This is a place I would be interested in if it wasn’t on that really, really busy and loud corner.
@HD yeah, i dont think your comment has posted yet when i wrote mine. i didn’t realize that – i was purely saying that on a gut reaction, based on the place’s location, pics, and what it included.
I see 2 issues with this place:
1. Someone may feel a bit claustrophobic as there are not many “eye-level” windows. I would feel like a trapped rat!!!
2. The neighborhood (although populated by an enormous number of young couples with kids) is NOT a very kid-oriented family neighborhood. I have a condo in the building next door (3232 Halsted) and used to live there. On weekends, the streets are PACKED with scary bar hopping wild partiers (and thugs). Although I am very happy that home prices are high in this area, I am so surprised that the people willing to pay this much tolerate the ridiculous behavior that occurs EVERY weekend!!!!!
Those windows do suck. Did not get a good look at first glance. I prefer to sleep with my windows open as often as possible. That would be tough in this place!
Lots of space, 2 car parking, good location… and fairly decent assessments. I think it’ll sell in the $450 – $470K range.
geebus people, those assessments are on the low to average side… nowhere near high especially since it includes cable TV
“Just because it is a loft doesn’t meet you don’t need to see a floorplan. It would be nice to see the arrangement and know where everything is located.”
i see you point and it would be nice to see. but one great thing about lofts is the walls do come down 🙂
the exception of a kitchen an baths (no fun re-plumbing and not cheap). rerunning electrical is cheap (considering that your running it from its existing location not moving it). Making a wall in a loft is simple and cheap also. a basic drywall taper can build a frame and wall it.
so really its easy and cheap to insert a den or a library in a loft. or third bedroom (borrowed light thing). you will just be trading space elsewhere for those things.
and if your ghetto you dont even need to do a separate breaker for the “addition/rearrangement”
oops my bad didnt really look at the listing until now and realized its a loft on 3 LEVELS.
i am a tool sorry this place does need a floor plan!!!!!
*previous suggestions are for one floor lofts.
Re the reserves: What “seems like” a good reserve in one building is completely inadequate in another. The fact that you have a lot of units or a few doesn’t necessarily sway the issue except that a small building usually means nothing is included except scavenger/common insurance/water. Does the building have an elevator, is it vintage, does it have a doorman, does it have a rooftop deck or grounds and common area or other amenities or what does it include? You can’t compare the assessments in two buildings without taking these things into account and looking at how far the “high” assessments have driven down the sale price (which is almost always driven down by high assessments).
Groove – You made me laugh =)
ALT – You made your point. Although no elevator mentioned in building info. Either way… personally would rather spend $400 towards mortgage vs. expense or used to maintain my own land where it isn’t being used to clean up after people who don’t treat their common spaces nicely.
I hear you, Onlooker, and I keep debating the point with myself. In a falling market, though, is it better to have your money actually doing something for you on a day to day basis with great amenities (even if it is just a running elevator, a doorman, and people who pick up your trash)? The idea of a lower mortgage is not unappealing to me right now, but I’d probably feel differently in a stronger market.
I looked at assessments when I was buying my place four years ago. Buildings with elevators always had high assessments, but those with party rooms, pools, door staff, etc. were by far the highest. It’s not possible to determine how the reserves are funded without seeing the financial statements, so I could only evaluate the assessments based on the amenities that were listed for the property.
I had to decide where to spend my money – I saw little value in assessments over and above the basics. Door staff, pools and party rooms were not appealing to me, and I didn’t want to purchase a home that included paying for them. Since I wanted vintage, most of the buildings I was interested in did not have an elevator, but in some buildings the elevator was older, and I could easily foresee a special assessment to repair or replace the elevator.
By concentrating on walkups without a ton of common space, I learned that assessments ranged from $200 – $450. Elevator buildings typically started in the $400 – $500 range, and high-amenity assessments were rarely less than $700.
My assessments are about $300 and each month we put 10% of the assessments for the building into the reserve. We had a reserve study done about 3 years ago and our funding is a little bit in excess of the recommended pace. My building is >100 years old with no elevator but an on-site maintenance person (not a doorman – someone who actually takes care of the place).
I suppose I should buy it, but only because I am a Mandel and a direct descendant of the family who started the company. Mandel Brothers was a State Street department store founded in the 1850s and it lasted about 100 years, until it was purchased by Weiboldt’s, another name from Chicago history. This building was some kind of storage facility. There was another warehouse located off Michigan Avenue, near the Tribune, where the U of C graduate school of business is now. The main store was at State and Madison. My real problem with this condo is the location. I think there’s some pretty bad stuff going on along that stretch of Halsted until the wee hours. Would not feel safe or be able to sleep.
This has just been reduced to $469,000 (includes the parking spots.)
That is under the 2000 purchase price.
It is now a short sale.
Even Lakeview is now in the midst of a lost decade.
I have always loved the exterior of this building but never knew what was inside. I live in a loft currently and am considering buying soon — don’t know if I would go for a loft, though. I love the look/charm of a loft, but in terms of practicality lofts can be rough. Really difficult to have guests stay overnight and it can even be annoying with just a couple if you operate on different schedules (have woken my boyfriend up so many times in the morning just by doing normal start-of-the-day type things. No room ceilings will do that…). But I would maybe really considering this one given the mulitple floors if it was farther east, south or west of that section of halsted. Little too hectic for me. Cool space though.