Has the Far South Loop Recovered from the Bust? The Opera Lofts at 2545 S. Dearborn
This 2-bedroom in the Opera Lofts at 2545 S. Dearborn in Chinatown/Far South Loop just came on the market.
The Opera Lofts were converted at the very end of the boom, in 2008.
The building has 95 units.
It was the old storage facility for the Chicago Opera (hence the name.) It is a brick building, with some ceilings up to 30 feet tall. The ceilings are concrete.
It sits south of the Stevenson Expressway. The north side of the building, with the largest units, is right on the Stevenson Expressway.
Is this the Chinatown neighborhood or the far South Loop? I’m not sure it has really been defined.
This loft has 19 foot exposed brick walls with concrete ceilings.
The kitchen has wood cabinets, granite counter tops and stainless steel appliances.
It has the standard features of central air, washer/dryer in the unit and garage parking is included.
This loft faces east and has a balcony.
It has come on the market for $47,499 more than the 2008 sale which closed before the housing and economic crash.
Have home prices fully recovered, and then some, in this Chinatown/far South Loop neighborhood?
Here’s the developer’s model of this building:
Pamika McWhorter at Coldwell Banker has the listing. See the pictures here.
Unit #505: 2 bedroom, 2 baths, 1140 square feet
- Sold in March 2008 for $302,500 (included the parking)
- Currently listed for $349,999 (includes the parking)
- Assessments of $301 a month (includes exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $4037
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×11
- Bedroom #2: 12×11
I have a very hard time thinking this will sell at the current ask, who the hell would pay that much for this poorly located place?
Looks like it is stuck in the middle of nowhere. Not quite the vibrancy of Chinatown nor the South Loop. Also this loft just looks too lofty.
I WILL WRITE A SAD SONG FOR THIS.
“Is this the Chinatown neighborhood or the far South Loop?”
The Tribune would call it the “Ickes Prairie Homes” neighborhood. In the farthest SW corner of the Near South Side community area.
But then, their map is f’ing nuts.
I’m also wondering how much the move of the South Loop school to a new building at Dearborn and 16th will impact SL sales. I’ve been noticing things lingering on the market for longer periods of time in Dearborn I and II (which are close to the current school)since the announcement. But perhaps it’s just the high asking prices.
Am I wrong to think that this is too close to the Dearborn Homes CHA project? Maybe my memory is outdated, but the reputation of that area is very poor.
I’ll be surprised if this place sells for ask. Condos in University Village are going for the upper mid-upper $200s right now and in my mind, the neighborhood is considerably nicer.
yikes guess i am not cool enough for loft living, but the mis match of brick and finishes makes my eyes hurt. i wouldn’t even venture to understand the neighborhood, but unless its super super cheap, why bother?
The South Loop is back and back with a vengeance. Today’s sophisticated buyers want to live in an urban oasis that has it all and the South Loop offers it all. If you go a mile or two north then you are in the middle of the most tasteful restaurant’s in the nation. Don’t feel like putting on a suit and tie? No problem, then from your new abode travel three to five miles south and enjoy one of Chicago’s hidden restaurant gems; Harold’s Chicken. Or visit one of the mom and pop steak and lemonade hole in the wall restaurants.
Isn’t this bronzeville?
Yes, this is Bronzeville. And there’s a Harold’s Chicken about 3 blocks north of here next at Cermak/Wabash.
One thing I noticed was that in the Chinatown, Bridgeport and Canaryville area, a lot of Chinese buyers parked their money into properties there. They intend to rent it out for big bucks and they are getting it.
On a separate note, I have a coworker and he has a three bedroom condo by Lawrence and Kimball. He rented his three bedroom, two bath condo for $3500 per month. The renters have to pay for utilities except water. The renters all are young college kids who attend North Park University which is at Foster and Kimball.
Interesting story here. The reason that there have been no sales in this building is that it has concentrated ownership so buyers couldn’t get financed. However, the investor that is responsible for that concentrated ownership has decided to liquidate and they found a lender who would lend – albeit with above market terms. So now there is an opportunity for owners to piggyback on the investor’s lender.
In just a few weeks the investor has put 5 units under contract so someone is buying.
“Yes, this is Bronzeville. And there’s a Harold’s Chicken about 3 blocks north of here next at Cermak/Wabash.”
I don’t understand the Harold’s reference. There are Harold’s all over the city- including one in the middle of Wicker Park/Bucktown on Milwaukee- just a few doors down from a Potbelly.
Is this one particularly good?
Nimesh noticed “that in the Chinatown, Bridgeport and Canaryville area, a lot of Chinese buyers parked their money into properties there. They intend to rent it out for big bucks and they are getting it…” I disagree – the mainly Chinese born renters who rent from Chinese apartment purchasers in Chinatown, Bridgeport & C’ville are paying very low rents in my experience. Look at small apartment buildings in those ‘hoods listed for sale on MLS & check out their stated rents.
Not to go all Helmethofer, but in my experience, the Chinese tend to… scratch each other’s backs.
Anecdote: I worked with a Chinese guy who bought a house in Chinatown using a Chinese bank with terms that the average person couldn’t get. He also somehow managed to score a tax-exempt letter from “a friend” who worked at the library or something so when he gut renovated it, he bought all the materials tax free from Menards. I don’t remember if he didn’t get permits or if the inspector was a “friend”.
Moral of the story – I’m guessing they can afford to charge such low rents because their costs are much lower than the rest of the general population due to having “friends” who take care of each other.
“he didn’t get permits”
Wait–someone in Chicago did a gut reno without permits??? I am shocked. SHOCKED!! to hear about someone doing construction in Chicago without a permit.
MUST be because he was one of those shifty Chinese.
A gut reno without permits is a stretch even in Chicago. The jokers around the corner from me tried it and next thing you know there’s a stop work order up for six weeks.