Get a 2/2 Authentic Loft in the Heart of the West Loop for Just $260K: 14 N. Sangamon
This 2-bedroom brick and timber loft in the Arthouse Lofts at 14 N. Sangamon in the West Loop has been on the market since September 2011.
The Arthouse Lofts were converted in 1999, making them among the original condo loft conversions in the neighborhood.
This top floor unit has 14 foot timber ceilings and exposed brick walls. The kitchen has maple cabinets, stainless steel appliances and granite counter tops. It also has a private balcony off what looks to be the front of the loft.
The loft has a washer/dryer in the unit and central air but it appears there is no deeded parking. Although, some of the other lofts for sale in the building appear to have a deeded space in a building across the street.
This loft has been reduced $30,000 in the last 3 months and is now just $13,000 above the very first sale – all the way back in 1999.
Is this a deal at the 1999 price or have prices fallen even lower?
Ryan D’Aprile at D’Aprile Properties has the listing. See the pictures here.
Unit #403: 2 bedrooms, 2 baths, no square footage listed
- Sold in December 1999 for $247,000
- Sold in February 2003 for $264,500
- Sold in April 2004 for $300,000
- Sold in September 2005 for $340,000
- Originally listed in September 2011 for $290,000
- Reduced
- Currently listed at $260,000
- Assessments of $346 a month (includes gas)
- Taxes of $4190
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 14×11
- Bedroom #2: 14×10
looks like rental parity
This seems like a nice place at a decent price to me. Is that a bike hung up 14′ in the second bedroom? I can’t imagine that is easy to get up and down to ride!
Those bike hangers usually have a lowering cable. It’s the pot rack you have to stand on the island to access that I find weird.
Second bedroom looks tiny. What is that 7-8 feet wide? Sub $200k within a year.
Ok, listing says 10×14, looks really narrow in the photo showing the bike and window though.
JJJ, you don’t enjoy doing a little bit of acrobatics every time you cook?
Definitely a deal. Can’t imagine this going much lower.
“Definitely a deal. Can’t imagine this going much lower.”
Hah. Are you the realtor?
Not even close to a deal.
“Can’t imagine this going much lower.”
What wonder the future will hold for you!
Good bones, but for this to be anywhere close to an authentic loft would require a solid week with a sledgehammer.
Unless there is something that we can not see in the photos other than the very small 2nd bedroom I think that it is in line with the rest of the hood for value. In time it will sell within 15% of asking price.
“Definitely a deal. Can’t imagine this going much lower.”
This is the thing I’m seeing all over the place. There are many properties that appear to be deals. Yet they sit there on the market day after day, month after month. No one is stepping in to buy these alleged “deals.”
The things I’m seeing selling- especially in the western part of the city- are the Portage Park and Irving Park homes for $80,000. Those are probably selling to rehabbers. Galewood and Schorsch Village area is also seeing sales- especially of distress properties listed around $100k.
There are some formerly $550k houses in Irving Park now selling for $425k. But those are newer construction.
Otherwise- it has to be a true “deal”- i.e. back to 1992 price or maybe even 1980s price- for it to move real quick.
“Otherwise- it has to be a true “deal”- i.e. back to 1992 price or maybe even 1980s price- for it to move real quick.”
Nonsense.
Chuk: 80,000 homes up through 100k to 150k are pretty common throughout the northwest side. Yeah they need some remodeling but 30 days later they’ve returned to the market as a flip. And they seem to do pretty well too. Hell old irving had a house in livable condition but small sell for 160k. That’s unheard of that’s like mid 90’s pricing. Portage park and albany park regularly have homes sell in the very low 100’s which is definitely 90’s pricing. My parents old home in suburban cook county is selling for early 90’s pricing. Its amazing the deals and yet no one is buying. Look for yourself before you deride something as nonsense because it only makes you look foolish.
I have been looking for a year. To say ” it has to be a true “deal”- i.e. back to 1992 price or maybe even 1980s price- for it to move real quick.” is complete and utter nonsense. There are plenty of places that move real quick and are not at late 80’s, early 90’s pricing. You have seen them yourself. Like I said, NONSENSE.
Again, it doesn’t mean that ALL properties that are priced at late 90’s/early 2000 prices move quickly, but there certainly are ones that do. Which makes what Sabrina said complete nonsense.
“Unless there is something that we can not see in the photos other than the very small 2nd bedroom I think that it is in line with the rest of the hood for value. In time it will sell within 15% of asking price.”
Uhm…well how about the smallish 1st bedroom, which is a whole 12-inches bigger than the tiny 2nd bedroom.
I suggest bringing back the threading. It’s better, gmail and iPhone agree. And condensed view shouldn’t begin until the second or third page at the very soonest. Comments link should be after the ‘story’ but this is a minor thing. I like the new modern look, but the old look was nice too, had a Chicago feel to it.
“80,000 homes up through 100k to 150k are pretty common throughout the northwest side.’
Get out of the GZ people. Block after block after block of $100k houses. Most of them not selling. Some rehabbers are moving in if the price falls real low. And good for them. All the better for these neighborhoods. If you’re actually BEEN to these areas- you would know that houses selling for $300k to $400k are a complete joke (but that’s what was happening in 2005/2006.) These are middle class areas where people are driving 10 year old cars. The houses SHOULD be $100k to $150k. That’s the price point where these families can do okay for themselves.
I’m glad to see that the market is correcting enough where middle class families have a fighting chance. Despite all the pain right now, this is something to look forward to in the future. So that people don’t have to spend 50% of their income on housing. They can actually save, go on vacations, save for their kids college and whatever else. We are getting close to seeing this in ALL of the Chicago area- but given the number of distress properties outside the GZ parts of the city- it’s going to take several more years to work through the system.
Hey G- what percentage of October sales were distress sales in area like Portage Park? I’d be interested in knowing.
http://www.redfin.com/IL/Chicago/5447-W-Sunnyside-Ave-60630/home/13480777
15% below the 1998 price in Portage Park
http://www.redfin.com/IL/Chicago/3617-N-Luna-Ave-60641/home/13462591
1989 warranty deed: $112,000
2011 warranty deed: $150,000
It’s all early 90’s pricing; so many of the lower priced ones (i.e below $150,000) were sold by long time owners or estates and the ccrd info online only goes back as far as 1988, so it’s difficult to show that it’s selling for early 1990’s or even 1980’s pricing, but they are.
http://www.redfin.com/IL/Chicago/5021-W-Waveland-Ave-60641/home/13461542
1993 warranty deed: $104,500.00
2003 warranty deed: $277,000.00
2011 warranty deed: $72,500.00
Now granted the property is likely NOT turnkey, and will need some cosmetic updates, but it sold for the 1980’s price. These are ALL OVER the NW side. The NW side is not the southside, this is not englewood. Working class sure but definitely not unsafe or dangerous of full of violent crime.
Isn’t $150k 40% more than the late 80’s pricing? Again, no one is doubting that some properties are back to the 80’s or early 90’s pricing due to neglect, etc. That was never the issue. But to say that those are the ONLY ones that sell quickly is nonsense.
Chuk: there used to be this lawyer I worked for, and every argument he made in court was that opposing counsel was ‘nonsense!’ or “This is ridiculous and absurd!” and “that is crazy talk and nonsense and I will have none of this” or my personal favorite “that is the stupidest thing I’ve ever heard in my life!” He was not a very good lawyer, he made no money and none of his clients paid him. But, oh boy, could he find arguments to litigate for ever because everything was ‘nonsense!’ One case I second chaired with him at trial, I found out afterwards that there was a very generous offer to settle the day before trial, and his response, in writing was, “I am insulted by your ridiculous offer!” but had I known of that I would have taken the money and ran; but instead we had a jury trial in the law division and the verdict returned for $0. So instead of making great money from the generous offer, we lost a ton, because he arbitrarily declared the offer ridiculous, when it was not. so when Sabrina says:
“Otherwise- it has to be a true “deal”- i.e. back to 1992 price or maybe even 1980s price- for it to move real quick.”
and you reply ‘Nonsense!”
and I reply”
http://www.redfin.com/IL/Chicago/5021-W-Waveland-Ave-60641/home/13461542
1993 warranty deed: $104,500.00
2003 warranty deed: $277,000.00
2011 warranty deed: $72,500.00
Property History for 5021 W WAVELAND Ave
Date Event Price Appreciation Source
Sep 23, 2011 Sold (Public Records) $72,500 -23.4%/yr Public Records
Sep 09, 2011 Sold (MLS) (Closed Sale) $72,500 — Inactive MRED #07784731
Apr 30, 2011 Delisted — — Inactive MRED #07784731
Apr 19, 2011 Listed (New) $76,000 — Inactive MRED #07784731
Sold pretty quick at the 1980’s pricing. Lots of these, all you have to do is look.
Chuk: who said ‘only’?
Not sabrina. Search the entire page for the word ‘only’.
time for brunch, ciao!
You seem to have a reading comprehension problem. She said that for a property to move quickly, it has to be back to late 80’s or early 90’s pricing. That is NONSENSE. There are plenty of properties that move quickly that are NOT back to late 80’s or 90’s pricing. That does not mean that there aren’t properties that ARE back to late 80’s or 90’s pricing.
“Chuk: who said ‘only’?”
If I said “You have to be a 4th grader to go on this field trip”. Doesn’t that mean that only 4th graders can go on the field trip? And I didn’t even have to use the word “only”.
Hi,
I think it is a great place if there is parking. Does anyone know if it is included? It is rare to find a 2/2 loft with windows in both bedrooms (even small bedrooms like this 2nd one). The top floor is nice as well so you won’t hear people clomping around in their shoes.
“But to say that those are the ONLY ones that sell quickly is nonsense.”
I guess this whole discussion goes to what “quickly” means. For one person (clio) it might mean a day. For another person, it might mean 30 days. If the average market time in your neighborhood is a year and you sell in 6 months, then that would probably be “quickly.”
Someone sent me a Lincoln Park rowhome the other day that went under contract within 30 days of the original list. It ISN’T priced at 1990s pricing. I would call that “quickly” for this market. So clearly there ARE some properties moving “quickly” that aren’t priced at 1980s/1990s prices. But, for the most part, that is rare. As HD has pointed out again and again- just look at Old Irving Park. The houses are sitting and sitting and sitting- unless they’re priced much lower (the short sales are moving.) It’s just pretty brutal out there right now. If you want to sell “fast”- you’d better be listing your house at decade ago prices in most neighborhoods and even lower in many locations.
Again- I’d like to know what percentage of October sales in, say, Portage Park or Galewood or Belmont Cragin were short sale/distress sales. I’m assuming the percentage is pretty high- maybe over 50%.
As I’ve said before- entire neighborhoods are going under. This will take years to completely finish- given that it’s taking nearly 2 years for properties to go back to the bank. And sometimes longer. I know someone living in a GZ loft whose landlord hasn’t paid the mortgage in 3 years. The bank only started foreclosures procedures against them 6 months ago. It could take the bank 5 years to finally take that property.
Interesting times we live in.
And, I’d like to confirm what HD said. I’m not talking about the South Side or Humboldt Park. These are stable middle class neighborhoods on the west and Northwest sides of the city that are being completely engulfed in short sales/foreclosures now.
By the way- I’ve really noticed a large number of short sales on the market in Lakeview lately. It could be that everyone with a “normal” sale is going to wait until spring. But if you’re short selling it’s because you HAVE to so those are staying on the market for the winter selling season.
“It could be that everyone with a “normal” sale is going to wait until spring”
I would think most people with a “normal” sale aren’t selling now unless they are forced to for some reason (job move, etc) due to what they likely view as “temporary low pricing”. Whether it’s really temporary or not doesn’t matter. Most perceive it that way.
The bulk of the people selling now are doing so because they have to, not because they want to. Quite frankly I’m surprised the % of distress sales isn’t much higher.
Parking is not included nor available separately. Its a nice space and its on the top floor which is the new construction portion that was built on top of original building. Over all, the unit makes good use of space. Bedrooms were average in size. Living room was nice but not much room for a dining room table. The bathrooms were on the larger side and master bath has a small skylight.
“David (November 13, 2011, 11:53 am)
Hi,
I think it is a great place if there is parking. Does anyone know if it is included? It is rare to find a 2/2 loft with windows in both bedrooms (even small bedrooms like this 2nd one). The top floor is nice as well so you won’t hear people clomping around in their shoes.”
“The bulk of the people selling now are doing so because they have to, not because they want to.”
It all depends on what that means. If you are in a 2/2 with a baby do you HAVE to move to a house in the suburbs? No. But many are trying to sell to do exactly that (whether it is for childcare reasons, space reasons etc. ) But they don’t “have” to sell.
The distress sales, don’t forget, don’t take into account those people who bought 10 years ago, put money down, didn’t HELO the crap out of it and now are selling for a loss but it’s not a distress because they have equity where they don’t have to bring a check to the closing. It’s not pleasant for them- but they CAN get out of the property.
“The distress sales, don’t forget, don’t take into account those people who bought 10 years ago, put money down, didn’t HELO the crap out of it and now are selling for a loss but it’s not a distress because they have equity where they don’t have to bring a check to the closing. It’s not pleasant for them- but they CAN get out of the property.”
I believe those people are the ones that not trying to sell now.
That’s not what I’m seeing. Plenty of those people are trying to sell right now (due to job transfers, too many kids and they’ve outgrown the house etc.) It’s more the SFH sellers and not the condos as they don’t live 10 years in the condos (for the most part.)
“Hey G- what percentage of October sales were distress sales in area like Portage Park? I’d be interested in knowing.”
October sfh/condo/TH sales for Northwest Side Community Areas
Area / 2011 sales / 2011 distressed% / 2010 sales / 2010 distressed% / 2009 sales / 2009 distressed%
Edison Park 4 50% 9 22% 12 8%
Norwood Park 22 41% 18 22% 34 18%
Jefferson Park 9 56% 14 29% 14 29%
Forest Glen 17 18% 11 0% 16 25%
North Park 6 17% 10 70% 10 40%
Albany Park 21 62% 22 50% 28 29%
Portage Park 31 48% 19 58% 41 49%
Irving Park 23 52% 23 57% 33 33%
Dunning 33 55% 31 32% 38 29%
Montclare 8 50% 6 83% 11 45%
Belmont Cragin 22 55% 22 64% 25 72%
Hermosa 6 50% 7 57% 9 44%
Avondale 12 42% 8 75% 15 27%
Logan Square 37 38% 23 26% 51 12%
Everywhere but forest glen and north park is getting slammed with foreclosures and short sales. Never worry, these neighborhoods will soon have their day of reckoning. Forest Glen (edgebrook, wildwood) has so many high priced homes and so few that sell; prices have dropped significantly but at $200+ psf it’s ridiculously overpriced.
“Hey G- what percentage of October sales were distress sales in area like Portage Park? I’d be interested in knowing.”
October sfh/condo/TH sales for Northwest Side Community Areas
Area / 2011 sales / 2011 distressed% / 2010 sales / 2010 distressed% / 2009 sales / 2009 distressed%
Edison Park 4 50% 9 22% 12 8%
Norwood Park 22 41% 18 22% 34 18%
Jefferson Park 9 56% 14 29% 14 29%
Forest Glen 17 18% 11 0% 16 25%
North Park 6 17% 10 70% 10 40%
Albany Park 21 62% 22 50% 28 29%
Portage Park 31 48% 19 58% 41 49%
Irving Park 23 52% 23 57% 33 33%
Dunning 33 55% 31 32% 38 29%
Montclare 8 50% 6 83% 11 45%
Belmont Cragin 22 55% 22 64% 25 72%
Thanks G! This is VERY interesting data. I thought a lot of these neighborhoods had to be over 50% distress sales last month- given what’s on the market out there. Itneresting that some have actually improved compared to 2009 but the trendier neighborhoods like Avondale and Logan Square have seen a big spike in distress sales.
This confirms some people’s theory (like Bob) that the bust started in the outer neighborhoods and is working its way towards the GZ. So in some of those outer neighborhoods the worst may even be over (which is a relative term.) But in the GZ neighborhoods, the worst is yet to come.
“Forest Glen (edgebrook, wildwood) has so many high priced homes and so few that sell; prices have dropped significantly but at $200+ psf it’s ridiculously overpriced.’
Wasn’t it just Forest Glen that was in the Tribune for having the largest year over year price drop in the city? (like 30% or something?)