Entertaining Your Friends In This 3-Bedroom Loft Is Now $100K Cheaper: 1601 W. School in Lakeview
We last chattered about this 3-bedroom triplex loft at 1601 W. School in Lakeview in March 2011.
See our prior chatter here.
Back then, it was listed at $450,000 plus $25,000 for parking.
Still on the market, it has been reduced to $350,000 plus $25,000 for parking.
Back in March, some of you thought the low $400,000s would do it. But one of you guessed $350k to $375k.
If you recall, this building was a former Wieboldt’s department store so the loft has authentic features including exposed brick, big windows and tall ceilings.
The top floor unit has a spiral staircase leading to the second and third levels.
All 3 bedrooms are on separate floors.
The listing says the buyer can entertain his/her friends in this unit, as it has a private rooftop deck with downtown views and an outdoor grill.
There still aren’t any good pictures of the kitchen, but it looks like there are stainless steel appliances.
The loft also has a rare feature of TWO washer/dryers in the unit.
What will it take to finally sell this loft?
Laura Veeneman at Rerthoffer Realty still has the listing. See the pictures here.
Unit #701: 3 bedrooms, 3 baths, 1800 square feet
- Sold in January 1996 for $219,000
- Was listed in March 2011 for $450,000 plus $25,000 for parking
- Reduced
- Currently listed at $350,000 plus $25,000 for parking
- Assessments of $428 a month
- Taxes of $6799
- Central Air
- 2 washer/dryers in the unit
- Private 16×24 rooftop deck
- Bedroom #1: 12×15 (second floor)
- Bedroom #2: 12×15 (main floor)
- Bedroom #3: 17×12 (third floor)
Feels like dark attic…and triplexes are such a terrible layout.
Low ceilings when you walk in (and in the bedroom above), spiral staircase, open walls in bedrooms… all the standard stuff you find in a loft space. The listing makes it sound big and really cool, but its not.
Rooftop deck is pretty cool the rest of the space, eh not so much
Still like the area but the open bedrooms make it less practical for the rookie share thing that would be a likely use for this hood.
I had a painting loft in this building in the early 90s, a 10′ x 10′ raw space that I paid about $100 a month for as my apt on Wellington was too small to paint in. I and the other artists renting space here were booted to build these lofts.
It was sort of interesting to watch this nabe become “hot’. When I took the space, it was a very, very quiet and safe neighborhood with NOTHING happening at all, which is why I got that space so cheaply. The retail area around Lincoln & Ashland was still a complete desert, all empty storefronts with the Fannie Mae and the recently added Gap as the only tenants. Oh, yeah, and a junk Mexican restaurant where I could grab a fountain drink.
The Gap should have clued me in, but when the Whole Foods went in, I knew it wouldn’t be long before the building was claimed for “lofts”.
The building struck me as being very cheaply built compared to most apartment buildings of the same vintage- a cheap commercial structure built to last a depreciation schedule. The “loft” apartments were done up in the cheapest way possible.
It’s a roomy space in an great neighborhood, so it’s worth the money.
The area was definitely quieter than it is now (a lot), but the Gap was there in the early 80s, I remember getting clothes for high school there in 85.
And all empty storefronts? Nah – there were a lot of weird redundant ones (a strange abundance of discount shoe stores), but there was a Pepe’s, and the Mexican restaurant (which replaced a McDonald’s) was packed all the time. It was generally well known some of the staff were running coke into the alley, but the food was decent. Art of Pizza was already in around the corner, and On the Route was open, but on the east side of Lincoln.
“The retail area around Lincoln & Ashland was still a complete desert, all empty storefronts with the Fannie Mae and the recently added Gap as the only tenants.”
There was a Rose Records store on the corner of School and Ashland that I sometimes went to (although they also had one closer to me on Broadway just south of Belmont, near where Reckless Records is now).
The deck is awesome. At this price, obviously there is something holding it back and a site visit probably would explain why, as the pics don’t.
“The “loft” apartments were done up in the cheapest way possible.”
This fact plus committing suicide is enough to get a major Chicago RE award named after you!
“The loft also has a rare feature of TWO washer/dryers in the unit.”
Seems more like a nuisance than a feature. Unless perhaps you hate your roommates or spouse and you each want to do your laundry separately and never see each other
“The loft also has a rare feature of TWO washer/dryers in the unit.”
Seems more like a nuisance than a feature.”
DC you are nuts. I never understood why so many of my friends in the burbs would put in wine coolers, Viking ranges, and Sub Zero fridges in the high profile kitchens but then buy a cheap single washer and dryer in the basement. One of my best friends had 4 kids at the time and worked in sewer construction.
They needed that second washer and dryer. His wife was constantly battling a huge pile of clothes in the basement. That second set would have been a great investment!
The worst thing about this loft are the tight little spiral staircases. For one thing, I can’t see how you can get large furniture up them, and secondly, they are only for the young and nimble, wearing suitable athletic shoes. Tread VERY carefully wearing high heels.
The low ceilings in the hallways don’t help, either.
Lofts have incredible potential and allow for more imaginative configurations than any other type of dwelling, but the way most of them are done is just sad. My dream is to be able to score a 20′ high loft cheaply enough to justify a complete gut so I can build out my loft-fantasy in it. Also, I’d like it to be a true industrial loft, for they are built much stronger than this, being built to contain large, heavy machinery. This was built for very light commercial use and it is not the same and you can’t do some things with it, I don’t think.
Not too beat a dead horse here…I fear I’m going to develop a reputation as “the cornice guy” but it really sucks how the cornice stops halfway around this building. It’s always bothered me when I’ve gone past it. At first I thought maybe part of it was being repaired…I wish.
I can’t tell if it was just bad design originally or if part of it was removed.
This fact plus committing suicide is enough to get a major Chicago RE award named after you!”
what does this mean?
I go by this building all the time, and it seems like every six months or so, there’s some obvious sign of recent or ongoing repairs (ie scaffolding up; unmatched brick on the facade, etc.)
Bruce Abrahms’ project?
Isn’t that sidewalk construction canopy suggestive of a bigger exterior wall problem?
Unit seems depressingly dark; listing agents should be more savvy about their listing photo presentations.
thanks architect
Agree with most all comments above. Fact is (that for the right price) this could be a great space. But the very first thing in needs is good marketing. Right now it’s being thrown out there with those horrible pics and description. This thing needs a creative buyer or couple with money and a need/want to live in Lakeview. So take some good pics and talk about what could be done. Because selling it’s current state and design won’t work in this market. Sell what’s possible… sell that it could be the coolest loft in Lakeview where lofts are scarce. Sell that it’s close to Roscoe Vil, Whole Foods, elbo room, Delilah’s etc. Not knowing anything about seller or if it’s short already, I’d guess sale price will be $315 w/parking.
I thought there were some major tuck pointing problems with this building. I could be wrong, though.
Moonhammy – I remember Bruce Abrams (who I knew briefly) as a really great guy. Iirc he committed suicide when he was depressed at least partly because for the first time one of his deals (his mortgage company) wasn’t paying off for his investors. By contrast many local developers repeatedly scam and defraud buyers,”friends”, investors, and lenders without conscience. Imo his family & friends & Chicago real estate are much worse off with him gone. Finally I don’t know about this project but every Abrams project I can think of was done really well – Playboy Mansion conversion, finishing failed Bayless townhomes at Armitage & Racine, Mayfair Regent Hotel & Park Hyatt condos. I hope you are remembered for how you impacted this world & how you treated others – Abrams was tops in my eyes
southbound,
you obviously form judgements based on perception rather than reality. You don’t know what was really going on w/ Abrams – you aren’t privy to the deals that were made, you don’t know anything about his personal life, yet you say he was “tops in (your) eyes”. What an idiot!!!
Ignore my postings you tooooooooool. My perceptions of others have served me well to date. You have zero knowledge re what I knew about Bruce Abrams, his dealings & his personal life.
I will say you too will be remembered for how you impacted this world & how you treated others. It is my likely accurate perception that no awards will memorialize Dr Clio after you depart.