Has Condo Demand Returned in Albany Park? A 2/2 Soft Loft at 3201 W. Leland
This 2-bedroom soft loft in Leland Crossing at 3201 W. Leland in Albany Park came on the market in May 2015.
The 45-unit building was built in 2010 and cut prices in 2012.
We chattered about the price cuts. You can see that chatter here.
This building is considered “soft-lofts” because it was new construction (and not an old factory or warehouse that was converted) but it has exposed concrete ceilings and exposed ductwork that makes it loft-like.
This unit has 10 foot ceilings with floor to ceiling windows.
The kitchen has granite counter tops and stainless steel appliances.
It has all the features buyers look for including central air, washer/dryer in the unit and attached heated garage parking.
The building is right next to the brown line stop at Kedzie.
In the listing, it says the “developer controls management” which likely means the developer is still majority unit owner.
In 2012, prices were cut from $289,000 to $249,000 but many of you thought even $249,000 was too high for this location.
This unit is currently listed for $289,900.
Will the seller get it?
Christopher Mandli at Jameson Sotheby’s has the listing. See the pictures here.
Or see it at the Open House on Sunday, July 19 from 12- 2 PM.
Unit #403: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 2011 for $287,000
- Originally listed in May 2015
- Currently listed for $289,900 (includes parking)
- Assessments of $232 a month
- Taxes aren’t listed
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×11
- Bedroom #2: 13×10
I guess if you have to have all the new construction amenities (minus the gym; as discussed in the last cribchatter post about these condos), and need to be a stone’s throw from the brown line, this would be a good option. But given the location I’d take a hard pass and opt for something near that area/pocket that looks & feels like Oak Park near the Francisco stop (Ravenswood Manor?).
Nevertheless, if I were an investor, this area seems to be the last one with any decent deals on multifamily-rehabs/SFHs. Hey if Avondale can get hot, so can Albany…right?
” Hey if Avondale can get hot, so can Albany…right?”
Yes, in the same way as Avondale–block to block w/o any clear indication of which is which until you spend some time there.
Speaking of Avondale–I wonder if skeptic’s new neighbors call the cops on him for hanging out [heh] in his robe.
Albany park sucks I thought?
some random thoughts:
#1) before the bust, Albany Park was poised to be one of the next hot neighborhoods, existing for those who were priced out of Lincoln Square
#2) this is about $25K more than my upstairs neighbor paid for their 2/1 condo with parking in 2005, though with an extra bathroom, new construction and closer to the El might mitigate that price
#2a) if this sells at anywhere close to that price, that would be a favorable comp for them to try the market (again)
3) that said, I’m really glad I sold my condo and am out of that neighborhood, especially when I read Everyblock
Albany Park is not as bad as some of these posters make it out to be. I have lived in Albany Park for almost 6 years now and yeah if you go west after kimball and Lawrence it is very sketchy but what areas aren’t. I love how people bash certain neighborhoods because of a stigma. What neighborhood is 100% safe? Deb Mell has really started the process of cleaning up the neighborhood. There’s always security patroling the area in addition to actual CPD cops. People interested in this would rather pay for new finishes and better construction opposed to old houses that needs fixing.
More exposed furnace ducts and concrete ceilings, argh!
20 years from now, people will be “rehabbing” these spaces with finished ceilings and enclosed ducts.