Dreaming of a 2-Bedroom Triplex Brick and Timber Loft? 1727 S. Indiana in the South Loop
This 2-bedroom triplex loft in the Prairie District Lofts at 1727 S. Indiana in the South Loop just came on the market.
At 2000 square feet, it has the features loft lovers crave with 16 foot timber ceilings, several walls of exposed brick and industrial arched windows.
You don’t have to worry about noise from above because this is a top floor unit with skylights and a private 600 square foot roof deck.
It has a spiral staircase that leads to a lofted den.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
The bathrooms are slate and marble.
The loft has central air and washer/dryer in the unit. Parking is leased in the building for $130 a month.
It has come on the market $60,000 under the 2009 price.
Is this a deal?
Alex Till at Baird & Warner has the listing. See the pictures here.
Or you can see it in person at the Open House on Sunday, September 29 from 11- 2 PM.
Unit #401: 2 bedrooms, 3 baths, 2000 square feet, triplex
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- Sold in September 2007 for $360,000
- Sold in August 2009 for $535,000
- Currently listed for $475,000
- Assessments of $493 a month
- Taxes of $4028
- Central Air
- Washer/Dryer in the unit
- Parking is rental for $130 a month
- Roof deck = 600 square feet
- Bedroom #1: 21×13 (third floor)
- Bedroom #2: 15×12 (second floor)
- Den: 17×12 (second floor)
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I have been eyeing this building bc my pennies stretch much farther down there and the Metra goes from 16th St to Michigan and randolph in minutes. My main issue is that its a bit deserted compared to buildings near Roosevelt. I think the burst stopped the south south loop from turning into a real neighborhood.
Lauren,
I’ve lived in the townhouse complex (Kensington) directly across the street since 2005 and I can attest to the fact that this area has developed into a lovely and very friendly neighborhood. I’m surprised that you refer to it as deserted given that the streets are full of families (strollers & dogs) most evenings and on weekends. We have a very active organization, The Prairie District Neighborhod Alliance, that keeps the area hopping with numerous events for people of all ages and interests. One of the great aspects of the Indiana/Prairie area is that while we have great restaurants (Acadia, Firehouse, City Tavern, Nepal House…) and grocery (Mariano’s opening in 10 days) all within walking distance, the actual streets on which we live are very peaceful and not overrun with traffic. It wasn’t until I moved to the South Loop that I was actually able to sleep with my windows open. Call me a Sloop Homer but I really think we have the best city living in Chicago (and the two block proximity to the lake can’t be beat).
I like that this place but the 2009 buyer seems to have overpaid big time for a firesale time in the market and I think that they are overpricing by a good bit based on that. Assessments plus parking gets you to more than $600 a month and it would be better to own the parking. Taxes have it assessed around $300,000 so they are going up as well. Neighborhood may be too dynamic for a price very much above $400, but then I don’t really know the neighborhood.
I’ve lived in the building for 10+ years, beginning when it was a rental. We liked the area and loved the building, so we purchased when the conversion occurred. Here’s my two cents… It’s a solidly constructed brick and timber or brick and concrete (depending on which section you’re in. The management company provides good service and the on-site manager, has been here since the beginning and does an excellent job.
Like many newer associations in older building’s we are working on building reserves based on a very realistic and pragmatic reserve study done by the association at the time of the handover from the developer to the association. That being said, our assessments are reasonable and we have no expectations of any special assessments. The board has been and continues to be populated with smart folks who do a great “no surprises” job of managing our finances.
Parking will eventually be an issue for many in the building. Before the original developer of the rental building sold the building to the developer who did the condo conversion, he sold off the adjacent parking lot to another developer. Spaces in that lot are currently available for lease to residents. At some point, that lot will likely be developed, creating a parking problem. We are lucky enough to own one of the few units with private garages which makes our unit live more like a townhouse than an apartment. The building is a great place to live for us.
As for the hood, the south loop area is a delight.. I’d lived in the area in 1985 as well, at whch time I definitely felt like an “urban pioneer”. Now, it is a maturing, vibrant community filled with diverse inhabitants. Restaurants, shopping and nightlife have filled in and seem appropriate for the density now. Access to expressways and public transportation is excellent.
Great info Steve. I’m a resident in the building too and agree the parking situation isn’t ideal. However, there is an agreement in place with the owner of the parking lot that all PDL residents will be offered a deeded parking spot at the market rate in the event the land is developed. That in itself will likely prevent anything being built there in the near future.