Get an Authentic 2-Bedroom Loft for Under $200K: 5235 N. Ravenswood in Andersonville
This 2-bedroom duplex down loft in the Map Factory Lofts at 5235 N. Ravenswood in Andersonville has been on the market since June 2011.
It’s a short sale and has been reduced from $229,000 to $199,000.
That is $94,000 under the 2008 price.
Built in 1887, the loft has all the features loft lovers look for including high timber ceilings, tons of exposed brick, huge industrial windows and a wood burning fireplace.
A spiral staircase leads down to the 2 bedrooms.
The unit has central air and parking but no in-unit washer/dryer.
The listing says the unit is rented until 2/29/2012 and that the tenant is paying $1400 a month.
Does it make sense to just rent this loft or to own it?
Sandra Kessler at Prudential Rubloff has the listing. See the pictures here.
Unit #20: 2 bedrooms, 1 bath, no square footage listed
- Sold in July 1995 for $121,000
- Sold in June 1997 for $132,000
- Sold in March 2008 for $293,000
- Originally listed as a “short sale” in June 2011 for $229,000
- Reduced several times
- Currently listed as a “short sale” for $199,000 (parking included)
- Assessments of $253 a month
- Taxes of $3988
- Currently rented for $1400 a month
- Central Air
- Bedroom #1: 16×12 (first floor)
- Bedroom #2: 10×10 (first floor)
Very cool. Seems reasonably priced. If only it was closer to transit.
This place seems pretty nice and the price is about right. I wonder how difficult it would be to kick out the renters. If I was going to be an owner/occupier, I would want to know I could kick out the tenants and move in after I closed.
A decent place, but who paid nearly 300k for this in 2008? Ack, not a smart purchase!
btw, awesome second picture Sabrina! The realtor should pay you to use it. 🙂
Since it is a short sale, I doubt anyone would be closing anytime soon – at least not in the normal 45 – 60 day time frame it takes to close a purchase transaction. The tenants would be out by the time this place closed.
It is a bit far from the Berwyn stop, but still within reasonable walking distance for most able bodied folks. Also close to Foster, so you can hop a bus to the train if you are too lazy to walk.
Duplex down is a bit of a disservice to this listing as the bedrooms aren’t really in the basement like most duplex downs. If I recall from seeing these units years ago, I believe the entrance is on the 2nd floor and bedrooms on 1st floor.
Russ,
I wonder why they configured it w the living spaces on the 2nd floor and the bedrooms on the first – I would think it would be preferable to do it the other way.
Interestingly enough the unit next door (I assume….#21) which is a 1/1+den but nicer is asking $249k. Do you pay more for the fixed up place, or take an actual second bedroom for less and fix up the place?
“It is a bit far from the Berwyn stop, but still within reasonable walking distance for most able bodied folks.”
It’s a bit closer to the Metra stop, so pretty decent, if you’re commuting downtown, or certain north shore destinations.
150-175 seems about right to me. Looks cramped.
“Do you pay more for the fixed up place, or take an actual second bedroom for less and fix up the place?”
Save $50K and take the actual second bedroom. you can always use it as a den, or rent it out if you need help with your mortgage. And you can use some of that $50k saved to spruce up the place.
I know it is a short sale and all, but the clutter does not do a service for the seller.
Sabrina, Something is broken with the “previous” links under the listings.
This here thread is p=12925, so the previous should be 12924, but when I click on “previous”, I get taken to 12757.
Web designer needs to be notified!
I’ve had several friends who have lived in this building over the years. To a person they all loved it when they moved in, but then gradually realized they needed more space as they got older and started accumulating more stuff. 5 – 7 years seems to be the usual stay.
Clio, I’ve noticed a lot of original loft conversions (pre-1999 lofts) had weird floor plans. In some ways it kind of adds to the appeal of them imho. I think the developers weren’t really thinking of functionality of space, but what just worked for converting the building at the time. However, as lofts became more commercialized/generic the floor plans all seem to follow the bowling alley layout and trying to make them appeal to the broadest set of buyers.
this place is so cheap because the entire unit is 16′ wide
thanks Russ!!
So does one go up the stairs and then down the stairs to get to the bedrooms?
“btw, awesome second picture Sabrina!”
Thanks benjamon9.
I usually don’t look at my pictures until some time later so when I went to see what my pics were of this building I thought- “wow- that’s nice. I have to use both of them in the post.”
“A decent place, but who paid nearly 300k for this in 2008? Ack, not a smart purchase!”
Only people who were reading this blog or a national blog like the Housing Bubble Blog really “got” what was going on out there. Even though prices peaked in 2006 by 2008 no one understood that prices would ultimately plunge over 30%. A 5% reduction from the peak was thought to be a “deal”. And most of the population still believed that “real estate is a great investment” and “real estate prices can never go down.” Heck, you can go and read the old posts on this blog from that time and see the what was the common psychology. I think that was around the time when Steve Heitman was on here going on and on about how Lincoln Park prices would never fall.
We are really seeing a sea change in attitudes now. There aren’t nearly the people buying condos as there were in 2008/2009. They have figured out from watching their friends lose money or their work colleagues get foreclosed on that maybe there’s nothing wrong with renting. So instead of buying one of these lofts- they’re simply going to rent it instead.
“…prices would ultimately plunge over 30%.”
Ultimately?
Clio, Russ, if the place is timber and not concrete, maybe bedrooms are below in order to keep them away from neighboring unit noise.
Kball, good point!
A two-story uint with only one bathroom – not even a powder room on the non-bath level?
LESS than $150K in my book…but that’s just me…
Gotta love the pic of Morticia from the Adams Family above the dining table.
Just a fun update- I saw this short sale on this blog back in 2011. I bought it for 172k. I’ve used it as a rental ever since…rents are $2200/month now. Prob sell for 280k or so. Turned out to be a great investment.
Fantastic! Good for you for buying during the dark times.
I’m glad the blog was helpful.