Is the Housing Market Slowing? A 2-Bedroom Loft at 3201 N. Ravenswood in Lakeview
This 2-bedroom top floor loft at 3201 N. Ravenswood in Lakeview came on the market in July 2016.
It has the authentic features loft lovers look for including exposed brick walls and a timber ceiling.
The kitchen has cherry cabinets, quartz counter tops and stainless steel appliances.
The floors are stained a dark walnut.
It has a private roof deck that is accessible from inside the unit- through one of those bubble type hatches.
This loft has the other features buyers look for including central air, washer/dryer in the unit and outdoor parking is available for $15,000 extra.
Originally listed for $400,000 plus $15,000 for the parking in July, it recently was reduced $15,000 to $385,000.
The market was hot in the spring and early summer with multiple bids and properties flying off the shelf.
Inventory is still low for 2-bedroom lofts in Lakeview and Roscoe Village (as this is on the border of each.)
Has the market hit a rough patch this fall?
Or is this just the normal fall slowdown which feels worse because the spring was so hot?
Andre Nguyen at @Properties has the listing. See the pictures here.
Unit #302: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in November 1996 for $156,000
- Sold in March 2003 for $258,000
- Sold in May 2005 for $301,500
- Sold in November 2013 for $332,000 (included the parking)
- Originally listed in July 2016 for $400,000 (plus $15,000 for the parking)
- Reduced
- Currently listed for $385,000 (plus $15,000 for the parking)
- Assessments of $216 a month (includes exterior maintenance and snow removal)
- Taxes of $4923
- Central Air
- Washer/Dryer in the unit
- Private rooftop deck
- Bedroom #1: 13×11
- Bedroom #2: 11×11
The market is never hot for overpriced properties like this one. If they want to sell anytime soon they likely need to drop the price and include the parking.
“The market is never hot for overpriced properties like this one. If they want to sell anytime soon they likely need to drop the price and include the parking.”
I disagree. This would have sold in two days in April.
The inventory for lofts is basically nil.
At the $400k list, it was up 20% since 2013. That would be correct based on appreciation rates.
Loft in the far west part of lakeview?
Who cares what the inventory is… not much of a buyer pool for something like this its in an “interesting” location
yeah its burley school but you’re right on the metra tracks and Belmont, not exactly a quiet street to raise your special snowflake on
so is a frat boy cubs fan going to pay the burley premium to live here? doubtful
doubtful
The buyer pool of people willing to spend $400,000 to get only one full bathroom in this location is low.
If this place were a few blocks east and a few blocks south, I could see it going for $400,000.
Where is the access from inside the unit to the roofdeck?
The pic of the roofdeck with the table and two grills looks very much like that is the common roofdeck, not the private one.
I believe the 2nd pic of outdoor space is the ‘private deck’
“I believe the 2nd pic of outdoor space is the ‘private deck’”
i’m curious how do you access it. you can’t tell from any of the pictures.
You are free to be wrong Sabrina, it would not have sold in two days in April during your over-hyped hot market, people aren’t as dumb as you assume.