Crib Chatter

I’ve often wondered during this housing boom: why would someone pay $500,000 for a two bedroom two bath condo in the far out west loop when they can pay the same thing and get the same square footage in a more “premier” location- such as River North?

To me, the boom was personified in the similarities in prices in just about every north side neighborhood.  It was no longer “cheaper” to buy in further out neighborhoods. 

The flippers are finding out the top of the price points for the far West Loop now.  And it’s not pretty.

The Paramount Lofts at 1645 W. Odgen at Ashland in the West Loop was an authentic loft conversion building of an old Weiboldt’s department store.  They started selling these units during the boom time- in 2004.  The building won awards as “best new loft building” from housing publications.

But Ashland is pretty far “west” in the West Loop (as you can see from this picture from inside 1645 W. Ogden.)

Closings started in 2006.  Currently, the building has the following units available out of 207 units:

• 20 for sale
• 13 for rent

Right now, the most expensive unit in the building for sale is this 2 bedroom unit (which actually doesn’t appear to be a flip- but they owner is asking a “flipper-like” price).

Unit #802: 2 bedroom, 2 bath, 1233 square feet

• Sold in September 2006 for $362,800
• Currently listed for $529,900 (includes the parking)
• Assessments are $479 a month
• Listing says it has all of the upgrades including “custom paint” and “custom tile”
• Also available for rent for $2000 a month
• Realty World All Pro has the listing

Unit #417: 2 bedroom, 2 bath, 1100 square feet

• Sold in April  2006 for $270,800
• Currently listed for $419,900 (parking included)
• Coldwell Banker has the listing

Several 2/2 are struggling just to get the 2006 price:

Unit #604: 2 bedrooms, 2 baths, 1200 square feet

• Sold in June 2006 for $355,175
• Currently listed for $369,900 (plus parking for $20,000)

Unit #520: 2 bedroom, 2 bath, 1200 square feet

• Sold in August 2006 for $338,900
• Currently listed for $349,900

Several one bedrooms are available to purchase or to rent.

Unit #340: 1 bedroom plus den, 962 square feet

• Sold in June 2006 for $233,800
• Currently listed for $215,000 (parking included)
• Assessments of $256 a month
• Unit looks out onto the interior “courtyard”
• Listing calls it a “great investment property”
• Also available to rent for $1550 a month
• Midwest Preferred Properties has the listing

Unit #521: 1 bedroom, 1 bath

• Sold in August 2006 for $205,900
• Currently listed for $219,900
• Prudential Preferred has the listing