Back to the 1999 Price For This 1-Bedroom Lakeview Loft: 3201 N. Seminary
This 1-bedroom authentic loft in the Lakeview Lofts at 3201 N. Seminary in Lakeview just came on the market.
A lis pendens foreclosure was filed in April 2010 so I’m not sure why it has only just come on the market.
At 920 square feet, it has exposed brick and tall timber ceilings.
The bedroom looks to be lofted slightly and has only partial walls.
The kitchen has white cabinets and appliances with a kitchen island.
The loft does have other features buyers look for such as central air, in-unit washer/dryer and parking.
It is also close to the Belmont El stop.
It is currently listed at the 1999 purchase price of $195,000.
Is this a deal?
Or should buyers just wait until it comes back on the market owned by the bank?
Cynthia Gaffrey at @Properties has the listing. See the pictures here.
Unit #202: 1 bedroom, 1 bath, 920 square feet
- Sold in February 1998 for $142,000
- Sold in October 1999 for $195,000
- Sold in December 2000 for $204,000
- Sold in May 2005 for $290,000
- Lis pendens foreclosure filed in April 2010
- Listed for $195,000 (includes the parking)
- Assessments of $190 a month
- Taxes of $3741
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×12
must have lost their job at crayola.
Somebody paid $290,000 for this dumpy little place??? Unreal.
The paint job is a sh!tshow, but it’s not even in the top 20 problems with this place.
its just like i imagined my green screen gameboy tetris game would look like in color 😉
I dont know but i really do like this place and the bedroom over the kitchen.
odd like bri bir states the 4/2010 filing and just hitting the market, wonder if current owner is trying to prolong the process by listing it?
W/D, HVAC, 900+ SqFt, parking, low assessments. Although it need to be redecorated/updated, it is unique. Good deal below $180k.
Why not the 1998 price? Why did it go up 50K in 1 year?
I don’t see anything wrong with this place, good location, just paint all that drywall a softer tone and it’s fine. As to the price psf? With interest rates as low as they are, it’s very reasonable.
Gross…
Har, how I know this building. These used to be rentals, and the person who rented the place with the corner bay had a huge, lurid plastic bust of Elvis in the bay.
This is a great neighborhood for someone young, but it’s noisy and the traffic never abates. As for the apt. offered, this is nobody’s idea of a really comfortable, permanent dwelling. It’s interesting and fun to live in a place like this if you are 27 years old and won’t faint when you get the gas bills for the winter months, but it’s not a real home.
$175K tops.
“This is a great neighborhood for someone young, but it’s noisy and the traffic never abates. As for the apt. offered, this is nobody’s idea of a really comfortable, permanent dwelling. It’s interesting and fun to live in a place like this if you are 27 years old and won’t faint when you get the gas bills for the winter months, but it’s not a real home.”
doesnt the HOA in most loft conversions cover heat?
and noise isnt a factor to a single 27 year old in a hip loft in a used to be hip hood.
” in a used to be hip hood.”
Trader Todd’s isn’t hip?
This place makes my head hurt…..and its not just the paint job! One bedroom condos are a hard sell at the moment, and this place doesn’t even have a real bedroom. I don’t see why this was EVER converted from rentals. I’ll agree, it is temporary housing as shown by the 3 sales in 3 years. Somehow the 2000 buyer survived 5 years, but the current owner probably only stayed 6 years because they NEVER could have resold this for what they paid.
Even in 2005 it was in need of an update, I can’t imagine why it would have sold for near $300k. Did the buyer really think they could make money on it?
Groove, the HOA in most new condos and new rehabs does not cover heat, for the most part.
Heat is usually included in large high rises and older buildings with central boilers and radiant heating systems, but your newer rehab usually has a forced-air gas furnace and hot water heater in the apt, as do most townhouses and newer condos in small and medium sized buildings. The HOA will usually be lower than if it included the heat.
Being in control of your furnace has certain advantages. You can more easily control your costs, and tailor your use to your situation. A person who keeps his thermostat at 67 degrees is understandably annoyed at having to subsidize his neighbor’s demands for really high heat. You can also spend the money on a really thorough winterization of your apartment without feeling like you’re throwing your money away.
“Even in 2005 it was in need of an update, I can’t imagine why it would have sold for near $300k. Did the buyer really think they could make money on it?”
How soon we forget! It’s so easy to say now “why did they pay that?” about the bubble years. But EVERYONE was paying that. If you wanted a 1-bedroom condo in Lakeview you paid around $300,000. That’s it. It’s what the market was.
Why did someone pay $500,000 for a 2/2? (which is now selling for $350,000.) Because they did.
The question to ask is why still pay 350,000 for a 2/2 condo in Lakeview?
Corner stores like this one was are a staple of working class urban neighborhoods. These yuppies moving to Lakeview probably never visited one of these neighborhoods.
It makes sense that the store went bust along with the wild dreams of idiots buying real estate during a gigantic asset bubble.
This thing sat vacant for two years while the bank did nothing–just imagine how many other thousands of units are out there in the shadow inventory.
“This thing sat vacant for two years while the bank did nothing–just imagine how many other thousands of units are out there in the shadow inventory.”
Who said it was vacant? I know plenty of people living in their condos/houses that haven’t paid for several years (including million dollar mansions.) In Cook County it takes as long as 18 months for the process to wind its way through the system. Why wouldn’t you just live there and pocket the money? Then the bank takes possession and they ask you to leave.
But I agree with you that the shadow inventory is much larger than everyone thinks- especially in the GreenZone.
“The question to ask is why still pay 350,000 for a 2/2 condo in Lakeview?”
There are plenty of buyers for the 2/2 in Lakeview at that price HD. That’s why. Until those buyers also disappear, forcing prices down, then that’s what the market will be.
Granted- it all depends on the size of the 2/2 and the amenities. Some are already going for much less if they don’t have parking/central air/washer/dryer etc.
How pays the HVAC-related bills here? Those bare brick walls and exposed roof framing suggests this place is the equivalent of living in someone’s uninsulated brick garage – I suspect the gas and electric bills are astronomical. New rate increases will compound the problem unless new owner installs insulation and drywall. The “exposed structure” era should finally end. As our son says, “epic fail!”
“Groove, the HOA in most new condos and new rehabs does not cover heat, for the most part.
Heat is usually included in large high rises and older buildings with central boilers and radiant heating systems, but your newer rehab usually has a forced-air gas furnace and hot water heater in the apt, as do most townhouses and newer condos in small and medium sized buildings”
thanks Laura, most lofts i have seen covered heat, but this is a smaller building and a newer loft conversion so i can see where the heat is not covered.
I always wanted a printers row loft and still do, wife coming from eastern europe hates them so sadly grooves dream will never come true.
To quote a fellow Cribchatter-er by the name of “Wicker”…
I got 99 prices but a sale ain’t one. Hit me!
unit 305 listed two days ago at 225k.