Further Reduction for this Motor Row Loft: 2000 S. Michigan
We’ve chattered about this pretty loft at 2000 S. Michigan in Motor Row in the South Loop several times over the last few months.
It has been reduced again.
Here’s the listing:
Locomobile Lofts! Converted car dealership dating to the earliest days of the automobile in Chicago. Truly unique. History lives in a one of a kind space. Over 2,100 square feet of true loft living. Granite and stainless, panorama windows and custom lighting.
Closest thing to a New York loft this side of SoHo with the modern amenities, plus a huge rooftop oasis. Prime parking available. Let’s make it happen.
Keller Williams Realty- West Loop has the listing. See more pictures here.
Unit #307: 2 bedroom, 3 bath, 2150 square feet, duplex, 1300 square foot private roof terrace
- Sold in November 2004 for $567,000
- Sold in December 2004 for $387,000
- Sold in October 2006 for $727,500
- Originally listed in December 2007 for $749,000 (two car parking available for $35k)
- Reduced
- Was listed in May 2008 for $675,000 (parking $50k for two spaces)
- Reduced
- Now listed for $619,000 (parking available)
- Assessments of $505 a month
- Taxes of $4780
Somebody took quite a bath on this place back in 2004, and you can believe that even the lower sales price, in December, was inflated. 2004 was a very crazy year for appreciation.
What did comparables sell for in 2001?
I would discount this place 30% from the December 2004 price of $387K
It’s a beautiful loft, but we live in a different world now.
“Somebody took quite a bath on this place back in 2004”
It’s a typo or fraud–probably twice over, if fraud. Don’t let your anger over AIG cloud your thinking, Laura, which is usually more critical than that.
Laura – I really wouldn’t argue that hard against a 30% drop off the 2006 sale price of $727,500, but i think there’s something odd going on with the 2004 sale price of $387,000, one month after a $567,000 sale (typo? transfer between relatives?) why would someone take a $200,000 bath in a one-month time period?
after taking the past three years off, i’ve started buying stocks again, as the sentiment has turned bearish enough that i think it makes sense.
i’m looking for signs of similar bearishness in the housing market, and this kind of thinking to me indicates that people are being irrationally negative.
Just because some bank was dumb enough to give a few eastern european fraudsters a boatload of cash and jetset back to Europe doesn’t mean that my hard-earned cash is going to support these ridiculous comps. 620k+parking for this location? LOL!
“620k+parking for this location? LOL!”
Too true. Maybe (maybe, maybe) $430k including the parking would be decent. But Laura’s $270.9k seems a bit too far. Wouldn’t this place rent for at least $2k/month?
“I would discount this place 30% from the December 2004 price of $387K”
Crazy talk. The location isn’t prime South Loop, but even at it’s Dec 04 price it would sell immediately. I know I would give it a look for sure at that price.
In terms of rent would probably fetch around 2500. You’ve got 1200sq feet places rent for up to 2000 in this area. This is much bigger and got a large private roof deck where most places here got tiny balconies…
This place would never rent for 2500. 2k tops, 2.2k with parking.
Wasn’t there some past issues with the Motor Row Lofts?
Unit 107 (2 floors down) is now a foreclosure. 1 Bedroom, 2 bath, no SF on MLS and its listed for 160k.
I think unit 107 is a bargain if it sells near ask and not much above.
Unit 307 can pray for 620k, but if #107 sells for 160k I don’t see it in the cards.