How Hot Are the West Loop Lofts? A 1300 Sq Ft 1-Bedroom at 110 N. Peoria
This large 1-bedroom authentic loft at 110 N. Peoria in the West Loop recently came on the market.
If it looks familiar that’s because it was on the market, and sold, just last year.
Before that, in 2007 and 2008, we chattered about it on this site.
You can see the 2007 chatter with interior pictures here. (That’s when I first began running this site. For fun, check out the “old” tvs in those interior pics.)
This loft has 10-foot concrete ceilings, exposed brick, and a unique, exposed old elevator shaft that was a game room space in the 2008 pictures but I’ve also seen used as a dining room.
Here, they apparently are using it as an office.
The listing says it has a “brand new” kitchen and bath.
The kitchen has white cabinets, quartz counter tops and stainless steel appliances. (The 2014 listing also had stainless appliances.)
There is no picture of the bathroom in the new listing.
It has the other features buyers look for including central air, heated garage parking and rare side-by-side washer/dryer.
The loft has come on the market for $20,000 more than the July 2014 purchase price.
It is also listed $43,500 more than the 2008 purchase price (which was before the Lehman collapse.)
With inventory non-existent in the West Loop, will it get the premium over both the 2014 and 2008 price?
Stefanie Lavelle at Coldwell Banker has the listing. See the pictures here.
Unit #206: 1 bedroom, 1 bath, 1300 square feet
- Sold in October 1993 for $157,000
- Sold in May 2000 for $252,500
- Sold in July 2008 for $321,500
- Sold in July 2014 for $345,000
- Currently listed for $365,000 (parking included)
- Assessments of $357 a month (includes cable)
- Taxes of $5097
- Central Air
- Washer/dryer in the unit
- Bedroom: 10×13
- Office: 7×12
In my opinion it’s quite pricy. But it will sell.
Awesome space. True loft. I personally like the interior design/modernist style mixed with the brick, but I’m sure many here wont. I used to work next door to this building a few years ago, back when these units were more affordable and Randolph/Restaurant Row had more transience. I’m amazed at how much the area has changed in 5-10 years. Right now I think buying slightly north in the Fulton Market area would be a better investment, as that neighborhood will blow up once there’s more residential inventory built. Those overpaid google bots have to live somewhere.
“Those overpaid google bots have to live somewhere.”
They’ll just be longterm transients at the SoHo House.
Why do people live in the West Loop? Walk to work convenience? I mean, it isn’t a neighborhood. It’s a collection of yuppie conversions mixed in with parking lots, warehouses and freeways. There’s no neighborhood feel. Even the South Loop has more character (and that’s not saying much).
To me, it defeats the purpose of living in a city center in the first place. I don’t see how someone can live in the West Loop unless they can’t afford better or it’s a just a temporary stop in your 20’s.
According to realtors, the west loop is hot! This should sell in no time then.
http://www.dnainfo.com/chicago/20150423/west-loop/looking-buy-west-loop-good-luck-realtors-say
Such a blast from the past. I feel I am back to 2001.
Too bunker-like. Nothing green over there except the world’s worst designed and unharmonious park.
maybe it’s just me but the vast majority of people I know or met who live in the west loop are recently divorced with good incomes looking to live it up with new found freedom. that’s just my anecdotal experience im sure it’s not reflective of most west loop buyers.
“Those overpaid google bots have to live somewhere.”
This is the biggest myth in Chicago real estate. Everyone knows this, right? Heck- people should be more concerned where the GrubHub employees or the Avant employees live.
Avant is the fastest growing company in Chicago since Groupon. They have 600 employees already and are located in the loop (although who knows- with their growth trajectory) where they will end up.
Google didn’t just move to Chicago. It’s been here nearly a decade. It had several offices all over the loop and River North and simply decided to consolidate into the one space in the West Loop. Most of those employees ALREADY LIVE HERE. They aren’t moving from somewhere else. So if they own a 2/2 condo in Lakeview, it’s highly unlikely they’re suddenly selling it to move to the west loop. Ditto for the woman who owns a bungalow in Oak Park and was commuting downtown already or the guy who decided to buy a family home in Edgebrook near the metra stop.
So I don’t understand why everyone thinks there are all these workers who suddenly want to move to the West Loop. These aren’t new jobs.
Google may be a bad example, but there are a lot of new tech jobs in the city, many in the West Loop.
Chicago is starting to have a problem with tech talent. There are new tech jobs being created every day, but every tech person worth a damn is already employed. Companies that want to double in size in the next year are going to be limited by the rate at which they can hire qualified people. These companies are going to be forced to either: Move out of Chicago to where there is local talent, open satellite office in places where there is talent, or find a way to import people with tech talent. The city has done an excellent job luring tech jobs to the urban core; now they need to concentrate on luring the tech talent to support it.
“maybe it’s just me but the vast majority of people I know or met who live in the west loop are recently divorced with good incomes looking to live it up with new found freedom. that’s just my anecdotal experience im sure it’s not reflective of most west loop buyers.”
The two families I know that live in the West Loop have two working parents, one in the loop and the other reverse commuting (via train) to the burbs.
“There’s no neighborhood feel. Even the South Loop has more character”
So much fail in that statement.
The Fulton market is very hot. The “Google factor” everyone references has more to do with the fact that someone finally got that long overdue project done. That giant building had been a virtual dam in he river that was limiting the growth for the entire area.
Once that was deal was done and before it was announced Sterling Bay put virtually everything else that had signs of redevelopment promise in the area under contract. The belief is that this will be the next Tribecca. And that prediction holds some promise.
Haile it’s called the Google effect it has little to do with one companies employees and gar more to do with two facts.
1. Google legitimizes the building and area. Other companies and residents will follow.
2. The dam is broken and that waterfall of development is flowing very fast. It’s always been a great undervalued hood but now it’s going to be a great edgy and exciting place to live.
Bucktown River North and Wrigley all had their moments of major change. This is the West Loops moment to transform and shine.
“Haile it’s called the Google effect it has little to do with one companies employees and gar more to do with two facts.”
Nice spell check….. Should read:
Sure it’s called the Google effect….and far more to do with two facts.
Sorry!
“The belief is that this will be the next Tribecca.”
Only if they kick out all the original vendors that are still there (just barely hanging on.) Then it will cease to be a “market”.
I know someone who lives near the googleplex and his rent went from around 2400 last year to 3200 this year!
Rents follow the “cool factor” curve. And although that curve had been rising over the last decade it literally took off over the last two years.
There are at least five celebs living within a pretty tight radius from my front door. Don’t get me wrong it’s not like Tribeca. Di Nero, JayZ, or Beyonce will not be bumping into you at Starbucks or be seen casually walking down our sidewalks but there are a few quasi semi famous actors, tv people, and athletes waking dogs if you know who to look for.
And even though Oprah has “Left the building” we had some highly trained and very talented actors and actresses from the real world Chicago living here last fall.
^bahahaha!