Authentic Timber Loft in Bucktown Closed: 1701 N. Damen
We chattered about this 1-bedroom brick and timber loft at 1701 N. Damen in Bucktown last January.
See our prior chatter and pictures here.
It had a spiral staircase to a private rooftop deck.
The kitchen and bathroom were not updated, however. But the unit had other amenities like central air, parking and an in-unit washer/dryer.
It sold in March 2009.
Unit #301: 1 bedroom, 1 bath, no square footage listed
- Sold in May 1993 for $134,500
- Sold in April 1997 for $177,000
- Sold in October 1999 for $210,000
- Originally listed in September 2008 for $325,000
- Reduced a few times
- Was listed in January 2009 for $299,000 (included the parking)
- Sold in March 2009 for $280,000 (included the parking)
- Assessments of $285 a month
- Taxes of $2862
- W/D in the unit
- Central Air
- Fireplace
- Private rooftop deck
- David Bailey at Baird and Warner had the listing.
looks like 06 pricing.
What terrible finishes and a terrible fireplace.
Wow I can’t believe they found a shill… good work buyers & sellers agent!
You know you would snap it up in a heartbeat if it were priced at $100k Bob. AND you’d love it.
After looking through postings, I think on the low-end it comes down to absolute pricing and ability to finance. While it may not be a deal, this unit is “affordable”.
It’s at the high-end where buyers are being much pickier and prices need to drop like a rock to move. [see discussion from this morning about the $1+ MM penthouse at 125 S Jefferson – shocked if that moves without at big price cut]
“Bob on July 10th, 2009 at 2:33 pm
What terrible finishes and a terrible fireplace.”
We’re all still waiting on those pics of your $700/month palace.
The cabinets in my rental and formica countertops are even better than the finishes in this place.
formicantastic!
The rooftop space is what sold this place imo
I looked at this place when it was priced at $300k in January. The unit needs extensive renovation, the counter top was actually broken in half, the screens were ripped out of the windows, etc. The rooftop is not directly above the unit, even though there is a staircase up to the roof. Oh, and its tiny. Could not fit a regular sized sofa in the living room. Great location though!
I think the rooftop was definitely the selling point. Given that the kitchen and bathroom need to be updated without question, I agree that they overpaid for this. But there are not too many options for a 1 bedroom right in the center of the Bucktown action, with a nice outdoors space and a parking spot. So, I am sure it is ideal for someone.
$70k down, $210k mortgage
$1,127 (@5% 30y fixed) + $285 assessments + $238 taxes
Total cost $1,650 per month for a tiny one bed in Wicker Park.
Expensive rent for a one bedroom in need of a good rehab. But hey, he’s an owner now and that’s *always* better than owning; renting is like flushing money down the toilet. Now that he owns he has the privilege of watching his home decrease in value year after year. At least my landlord is required to pay me interest on the security deposit as his down payment disappears into thin air. But he’s an owner now, so it’s OK.
It’s OK to lose money and be and owner because, you know, paying any price to own is better than renting. Would you be the only renter in your group of friends? Would you even invite them over for dinner if you were a renter? Do you keep it a secret that you rent? You too can avoid these shameful and embarrassing questions by owning. Call your Realtor(tm) today!
I am telling you guys the entry level segment in Chicago is completely wacked. It still consists of early-late 20-somethings with low down payments purchasing a ‘starter condo’, with the expectation that they will upgrade in five or so years time.
What they don’t understand is that you only have the flexibility and opportunity to be a first time homeowner once. Once you’re an owner, you need to be able to unload your unit before purchasing a new one (in most cases).
HD obviously the place sold where it did because the buyer doesn’t know the market or has the expectation of future appreciation or stable values (not likely in this environment). I am betting they couldn’t muster up the 20% downpayment and would be surprised if they even brought 10%.
Hd, a portion of that $1125 a month (around $250 /mo. in the first year) is towards the actual purchase of the home. Its forced savings from a liquid asset to an illiquid asset, still an asset however, because after 30 years (or less) you have a tangible asset that is worth $$$.
So anyhoo, really its more like $1400 a month to live in a tiny one bedroom in wicker park, but at least it has its own rooftop deck!
(and yes I think this person overpaid.)
that fireplace thing is unfortunate.