Average Time in a Loft? 2 Years: 3150 N. Sheffield in Lakeview
I don’t know where I saw the stat, but a few years ago in one of the local publications, it said that the average length of time a buyer lives in a loft condo is two years.
If you look around- you find that to be pretty much the case. (On average- of course.)
Take, for instance, these lofts at The Vic Lofts at 3150 N. Sheffield in Lakeview. This is a concrete conversion building that was marketed at the peak of the boom in 2005 and 2006 to first time homebuyers. Most of these sellers are listing after having bought about two years ago.
Is this building even sold out from the developer? There is still a sales banner on the side of the building (clearly visible when you ride by on the El.)
Unit #610: 1 bedroom, 1 bath
- Sold in November 2005 for $265,500
- Currently listed for $269,000
- Assessments of $282 a month
- Rental parking next door for $195 a month
- Coldwell Banker has the listing
Unit #411: 1 bedroom, 1 bath
- Sold in February 2006 for $213,000
- Currently listed for $219,900
- Assessments of $255 a month
- Rental parking next door
- Coldwell Banker has the listing
Unit #409: 2 bedroom, 2 bath, 720 square feet (yes that square footage is correct)
- Sold in February 2006 for $238,500
- Currently listed for $299,000
- Assessments of $281 a month
- Rental parking next door
- Bedroom #1: 13 x 8
- Bedroom #2: 10 x 8
- Urban Real Estate has the listing
Unit #301: 1 bedroom, 1.5 baths, duplex, 15 foot ceilings
- Sold in March 2006 for $265,000
- Currently listed for $274,900
- Assessments of $320 a month
- Rental parking next door
- Century 21 Sussex & Reilly has the listing
I live right near here and have always wondered about the pricing on these lofts. No they are not sold out by the developer. You can still get “junior” one bedrooms from the developer for 180k, you can probably get 1br units and others too. These units are also right next to the El and the building is caddy-corner to a 4am bar ..have fun with that noise.
These are some of the most overpriced units I’ve yet seen, and I don’t think a single unit will sell at Vic Lofts until we start seeing foreclosures or drastic price reductions. The owner of unit 409 seems to be especially disconnected with reality..
Unit 411 is TINY TINY TINY. I was in there. Felt like I would be lving on a boat.
after commission, all these units will be money losers if they get the asking price, except for the grossly overpriced unit 409.
wonder what kind of financing these people have?
Unit #610: 1 bedroom, 1 bath
—
is the refridge even capable of opening?
I have been coming to this website for the past 2 months on a daily basis. Having read everyones comments, I still feel torn about the market in Chicago. I am debating right now…buy or rent?
Reasons to buy
1. Prices are really low and maybe we bottomed out or near bottom
2. Interest rates are at historic lows and will only go up from here (I am also applying for a loan(STATED) and these program are going away or the rates are going to be really high)
3. We are at a point in real estate prices where sellers would rather rent then sell if the price drops any further.
Reasons to rent
1. Prices have a lot more to come down. These price are still bubble price and should come back
2. Lower monthly payments and freedom to relocate
Your comments will be greatly appreciated. Thanks
I live in the 3150 building. Bob is wrong. The developer sold off the last unit a while back. The majority of them sold very quickly. If you’d read the sales banners, you’d see they’re for the new building next door. Our building is charging the developer for the ad space to generate some extra revenue. I think the condos next door are a more difficult sell for the developer because they’re larger units (2-3 bedroom), which aren’t quite as in demand in Lakeview.
And of course there is noise, but it’s totally reasonable. I live facing the outside of the building (there’s an interior court), and the El noise is minimal, and the bar noise isn’t that bad — I’m used to it.
It’s silly to say people don’t stay in loft spaces long, and then use a newly-condo building as an example, just because a handful of owners are selling two years later. Nobody has lived in this building longer than about two years because its a rehab, so of course the “sellers are listing after having bought about two years ago.” And considering there are 54 units in the building, it doesn’t really seem like that many are on the market now. One of those units listed is on the market because the owner passed away. And of course many people buy directly from the developer more as an investment and sell quickly, because you get to lock in a better price a year or so before you close. I’d bet that on average owners who buy direct from the developer sell sooner than owners who buy second-hand. A couple people in my building flipped their units after just a couple months and made a decent profit considering.
I think the loft units were priced very reasonably by the developer. I watched the building sell out quickly. I wasn’t in a position to buy when I first found it, and I consider myself lucky to have ended up able to buy the last unit with the floor plan I wanted. I don’t plan on selling any time within the next few years, so I could really care less what it’s worth right now.
Confused — If you expect to make a profit on your home after two years living there, then you probably shouldn’t be buying. If you plan on using it for a home instead of a quick investment though, then I’d say start with what neighborhood you want to live in and exactly what you’re looking for, and if you find something that fits and is within your budget, why not go for it?
Unit #610 actually belonged to Alderman Tunney.
I was in one of the units facing the El track and I had to strain my ears to hear the train. The unit was surprisingly quiet considering the location. The assessments were higher than other buildings I looked at in that area. They didn’t include anything I felt was worth paying extra for (cleaning person to vacuum the hallway carpet 6 days a week), though the association was deciding between a rooftop deck or fitness room.