Brick and Concrete Duplex 1-Bedroom Loop Loft Sells: 20 N. State
We chattered about this cute starter 1-bedroom loft condo at 20 N. State in the Loop several times.
See our October 2009 chatter and pictures here.
The loft had authentic brick features and concrete ceilings. There was a lofted bedroom which freed up space for a dining room underneath.
The buyer would also have a short commute to any loop job and wouldn’t have to worry about the CTA or Metra.
The loft had all the amenities buyers look for except parking.
Linda Hoffman at Prudential Rubloff had the listing.
Unit #1002: 1 bedroom, 1 bath, 716 square feet
- Sold in May 2003 for $123,000
- Was listed in June 2009 for $198,000
- Reduced
- Was listed in October 2009 for $189,900
- Sold in December 2009 for $176,500
- Assessments of $361 a month (includes heat, AC and the internet)
- Taxes of $1866
- Central Air
- Washer/Dryer in unit
- No parking
- Living room: 21×11
- Dining room: 10×9
- Kitchen: 11×6
- Bedroom: 11×9
A classic example of how to artificially inflate housing prices:
WELLS FARGO BK 12/10/2009 MORTGAGE $173,302.00
Funny money, artificially low interest rate, $8,000 tax credit, dubious lending standards.
It’s working!
@homedelete – can you elaborate more? How do all the points you mentioned apply to this unit?
How did the buyer put so little down (~2% / ~$3,200)? FHA? It’s sad that money is still available to those with no intention of having skin in the game….
I calculate an after-tax payment right around $1,000.
PITI = $1,146
Mthly Tax Ded = $144
Start with 8 free months from the tax credit and this makes sense from the howmuchamonth perspective, which I normally shy away from. Aside from resale value (which no one actually knows), if you need a place to live and want to walk to work, I don’t see this being a horrible spot or payment
I calculate an after-tax payment right around $1,000.
PITI = $1,146
Mthly Tax Ded = $144
Start with 8 free months from the tax credit and this makes sense from the howmuchamonth perspective, which I normally shy away from. Aside from resale value (which no one actually knows), if you need a place to live and want to walk to work, I don’t see this being a horrible spot or payment.
FHA loan. $176,500 x 3.5% down payment = base loan amount of $170,332. Then you add back the Upfront Mortgage Insurance Premium of 1.75% (170,332 x 1.75% = 173,312.81 final mortgage amount).
Really good deal for someone who works in the loop. 1k a month is nothing and considering about 250 of that is going towards principal that isn’t bad at all.
I would have died to pay that much for a 1 bedroom rental in lakeview about 5 years ago, but at least I didn’t have to worry about tripping on some stairs and falling out my window in that place… lol
What the hell? That’s not me. I never use bleh. Just like the fake steve Heitman someone has misappropriated my name.
“homedeIete on January 6th, 2010 at 12:44 pm
i dont see the appeal of this place. its basically a studio with a lofted bedroom and 3 thin windows. look at the layout, the kitchen is right in the middle of the living area. bleh.”
the new HomedeIete uses a capital “i” instead of the “L”. pretty clever.
After the tax credit this was a zero down loan. Remenber loans like this when the FHA asks for their bailout (& they will)..
what’s this about $1K/month? Assessments and taxes bring it to $1400ish
“After the tax credit this was a zero down loan.”
You mean, after the tax credit, it was a 103% loan.
“what’s this about $1K/month? Assessments and taxes bring it to $1400ish”
Not if the loan rate is 1 and 7/8. Then P+I = $630 and T+A = $516, getting the $1146 total.
‘course, the tax dedcution amount is BS at these amounts–who’s the buyer who has enough other deductions to top the standard deduction? This place and the financing don’t scream “in-town high earner” to me.
bob:
The biggest problem with FHA isn’t so much the down payment, but that they are too lenient on the other credit factors, namely general credit history.
Fannie/Freddie and mortgage insurers have all but priced out anyone who has less than a 700 FICO score which i think is appropriate in most circumstances. I don’t think home buying should be for people with consistently bad credit, especially low down payment loans.
Death to homedelete, long live homedeIete!
I was surprised when I investigated the costs of obtaining a loan. Yikes, fess upon fees. I guess that is why there is the %8,000 credit.
“What the hell? That’s not me. I never use bleh. Just like the fake steve Heitman someone has misappropriated my name.”
Sorry real homedelete. I try and keep the pretenders off the site (those who try and post under the same name so they can assume someone’s identity). This one must have slipped through the cracks somehow. If you’d like to post under a new name (like homedelete1) or something- please do so and I’ll put it through (and make sure the other homedeletes are removed from the site.)
you should make it homedelete’99 -(orbust) etc.
More like REAL ANNOYING
A question for those who know the different buildings – do you know anything about 5 N Wabash? Some of the 2-beds seem pretty cheap for in the Loop…