Are the Paramount Lofts the Best Deal in the West Loop? 1645 W. Ogden
This 2-bedroom loft in the Paramount Lofts at 1645 W. Ogden in the West Loop came on the market in June 2011.
Like many of the units on the market in the building, it is currently a short sale.
The Paramount Lofts were converted in 2006.
It is a doorman building with 207 units.
East facing units that are on Ashland have nice downtown views.
This 2-bedroom has concrete ceilings and it looks like one of the bedrooms has enclosed walls.
It has hardwood floors in the main living areas.
The kitchen has maple cabinets, black appliances and granite counter tops.
The unit has central air, in-unit washer dryer and it comes with coveted 2-car parking.
From the pictures, it looks like it faces west.
There have been a lot of distress sales in this building (both foreclosures and short sales.)
Nearly every listing right now is a distress sale. Many are under contract.
At 40% off the 2006 price, is this a deal for the square footage and the amenities?
John Oertel at Dream Town has the listing. See the pictures here.
Unit #517: 2 bedrooms, 2 baths, 1100 square feet
- Sold in April 2006 for $288,000
- Originally listed in June 2011 as a “short sale” for $169,900
- Currently still listed as a “short sale” for $169,900 (that includes 2 car parking)
- Assessments of $449 a month (includes doorman)
- Taxes of $3216
- Central Air
- In-unit washer/dryer
- Bedroom #1: 15×11
- Bedroom #2: 14×12
Not such a good deal. There’s been many 2/2s that are Bank Owned for 130’s-150’s.
This place is awfully far west. I took a stroll on Sunday through the west loop. I would have a tough time living west of Racine (1200 west). Then again I’m a suburban boy, and I don’t have street cred like some of you city rats. I wouldn’t know what to do with elevated levels of riff raff.
If you want space, this seems like a pretty good deal. As Mike said, it’s pretty far west…right on the western edge of the West Loop. However, a 2/2 with 2-car parking included for $170k is a great price.
is it still the west loop across ashland?
I agree with David – this is a great place. Remember, even if you only live in it for five years, you are likely to be ok because:
1. you are buying at (or near) the bottom and prices are likely to go up
2. IF prices do not go up and housing is still in the dumps (unlikely), you will be able to rent this place for more than the monthly cost.
Everyone keeps forgetting that housing is not a luxury – it is a necessity. The lack of sales volumes is creating a HUGE HUGE inventory of renters. So either way, you will be ok
This shouldn’t be considered west loop
I would consider it to be “near west side”. The west loop seems to be an odd combination of empty lots, parking lots, industrial, lofts, and high rises. It’s tough to get a feel for the neighborhood.
1100 SQF is pretty snug
The blue paint in most every room was getting me down….until I saw the red bathroom. Decent price, but sure needs some new paint!
For this far west, I would hold out for an east view. It seems that prices are low, though to me “distressed sales” doesn’t really mean as much as foreclosure and short sale. Distressed sales simply mean that the unit is being sold for less than paid…that’s basically true of most units purchased between 2005-07. It speaks more of the time that the building came to market than it does the quality of the building. More importantly, t a “distressed” sale is not necessarily that good of a deal. Most would agree that except for a handful of buildings/SFHs or something that was gutted and remodeled, no one is getting 2005-07 prices.
you’re very close to Union Park. Once a year you could host a kick-ass PitchFork party
“Distressed sales simply mean that the unit is being sold for less than paid”
That’s the first time I’ve heard anyone define the term that way.
“2. IF prices do not go up and housing is still in the dumps (unlikely), you will be able to rent this place for more than the monthly cost.”
Not a whole lot more though, a friend just signed a lease here for a 1bdrm with parking for $1000/month.
“Not a whole lot more though, a friend just signed a lease here for a 1bdrm with parking for $1000/month.”
then 2 BRs + 2 parking spots should be $2000, right?!
But it was New Homes Magazines’s Best New Loft Development in 2004!!! This price must be a mistake.
http://wibiti.com/HomePageView.aspx?v=v&c=0&HpID=%c2%b2%5c%5e%c6%92
We just bought a unit here, and we are thoroughly happy with it. Mostly a young crowd in the building, a phenomenal value, expected to go up in value (already started), superb size compared to anything in the ‘true West loop’ or the ‘near West side’, parking is cheap in this building, and rents are phenomenal.
Best for someone with a 5 year view to make it a home, and not an investment. If you have to make it an investment, then make sure you get a 1BR unit and not a 2BR unit, since the prices for those are low, and it rents MUCH faster. Most of the 2BRs are being snatched by couples who want to make the 2nd BR a work area.
Kenny
Thanks for the update Kenny. What about 1500 W. Monroe just down the street? The lofts are equally as big in that building. Many of those are REO/short sale as well. It seems there are a lot to choose from in this neighborhood.
But eventually 1645 W. Ogden will see every single unit go into foreclosure/short sale (unfortunately) and then once all of them make their way through the system and re-sell, then, eventually, the building can heal itself.
How is the association doing though? Aren’t there a lot of assessments not being paid etc?