Get a 3-Bedroom Triplex Loft in a Converted Church for $795,000: 1021 W. Barry in Lakeview
This 3-bedroom church loft at 1021 W. Barry in Lakeview came on the market in October 2022.
Built in 1890, it appears that this church may have been converted in the 1980s into 6 condo units and garage parking.
There are wood stairs in the pictures which I believe lead up to the units so there doesn’t appear to be an elevator.
This unit is a triplex loft with 25 foot cathedral ceilings, exposed beams everywhere and exposed brick along with one of the big round church windows (no stained glass however).
There are also skylights.
The loft has hardwood floors and carpet throughout.
The listing calls the kitchen “newer” and it has dark wood cabinets, a kitchen island and Subzero, Thermador and Bosch appliances. (In the 2013 listing, the kitchen was a “Tuscan” kitchen.)
There’s also a bar area with a wine refrigerator and a wood burning stove (not a fireplace) in the living room.
There’s an atrium and sitting room.
Two bedrooms are on the main floor with the primary suite is on the third floor with a new custom closet.
It has outdoor space with a “huge lpe wood deck with mega tempered walkable glass.”
The unit has new AC units, new furnaces and a 2-car tandem parking space in the garage.
There’s also washer/dryer in the unit.
This building is near the shops and restaurants of central Lakeview including the El stops at Wellington and Belmont. It is also an easy stroll to Wrigley Field, Southport and Roscoe Village.
Listed at $795,000 for 2200 square feet, is this a townhouse alternative?
David Mahoney at Jameson Sotheby’s has the listing. See the pictures here (sorry, no floor plan).
Unit #2W: 3 bedrooms, 2 baths, 2200 square feet, triplex loft
- Sold in February 1997 for $312,000
- Sold in December 2000 for $505,000
- Sold in September 2003 for $610,000
- Sold in March 2008 for $707,500
- Sold in April 2013 for $685,000
- Currently listed at $795,000 (includes 2-car tandem garage parking space)
- Assessments of $419 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $9905
- Central Air
- Washer/dryer in the unit
- Wood burning stove
- Skylights
- Bedroom #1: 16×13 (third floor)
- Bedroom #2: 14×13 (main floor)
- Bedroom #3: 19×10 (main floor)
- Living room: 26×18 (main floor)
- Dining room: 14×12 (main floor)
- Kitchen: 17×13 (main floor)
- Sitting room: 10×10 (second floor)
- Pantry: 8×9 (second floor)
- Atrium: 8×6 (main floor)
- Deck: 21×11 (third floor)
Good thing it’s MEGA tempered!
Shows a lot better empty Vs furnished as the limitations imposed by the trusses are less evident
Ask would be reasonable at 3% for someone, crack pipe pricing today
Feel like we looked at another unit at this property in 2010.
I like it. Would take that wood stove out for sure – wonder if that would mean having to put a rug where it sits now.
April 2013 for $685,000 + CPI = $875k
oof. and then:
March 2008 for $707,500 + CPI = $983k
September 2003 for $610,000 + CPI = $977k
December 2000 for $505,000 + CPI = $861k
Underperforming over a 22 year period. Or really overpriced in 2000.
“Ask would be reasonable at 3% for someone, crack pipe pricing today”
What were the mortgage rates in 2000, 2003 and 2008?
oh, and the ’97 price + CPI would be $580k.
Kitchen and one of the baths are “nicer” than what would have been in the unit in ’97, and the deck is a bit upgraded, too. The rest looks like replacement-level updating–nice enough but not meaningfully ‘better’.
Give them full cost benefit for those improvements over the ’97-era unit, and you could probably justify $100k.
This is a really good example of the stickiness of real estate prices on the way (in real terms) down, absent either an unmaintained unit or a distressed sale. Still recovering from the Great Bubble.
What were the mortgage rates in 2000, 2003 and 2008?
Its not 2000, 2003 or 2008
If its such a good deal, buck up an buy it.
I like the place. It is unique. Just needs a little minor rehabbing / paint around the edges.
I was in NYC recently and this place seems downright cheap to me now, lol.
If it had matched C-S Condo-SA changes:
April 2013 for $685,000 + C-S = $1,038k
double oof.
“April 2013 for $685,000 + C-S = $1,038k”
Sabrina would like to speak to C-S’s manager
@anon – I feel like Lakeview, especially west of the L was kinda dumpy back in the late 90s, but by 2000 was becoming very much becoming the hottt neighborhood.
“I feel like Lakeview, especially west of the L was kinda dumpy back in the late 90s”
Don’t disagree, at least as to any given location. There were lots of weird blocks that were dumpy for no apparent reason (most likely high %age long term owners and classic crappy Chicago rentals), mixed among some nicer blocks.
The ’97 price surely reflected that in part, making that ’00 price seem decent at the time–but now looking not so great. That’s–in part–because of the *relative* decline of the desirability of LV–there are so many more areas in the city today that a new-arrival professional would consider than there were 25 years ago.
Lived in that area from 94-2000. Tried to buy two flats in 99 and was getting outbid with full cash offers. It was crazy town. Long term owners were selling buidings they had owned for years for essentially land value. Developers were putting up three or four floor condos and selling them before construction was done. My developer buddy said Lakeview was appreciating 1.5% per MONTH in that zone.
And he was right. Those were some crazy times.