Is There a Bubble in the West Loop? A 1-Bedroom Loft at 110 N. Peoria

This 1-bedroom loft at 110 N. Peoria in the West Loop came on the market in March 2018.

This is an industrial loft building with 25 units and a heated parking garage which was converted into lofts in the 1990s.

This loft has 15 foot concrete ceilings and exposed brick walls.

It has a unique old, original elevator shaft in the middle of the unit which has a grated steel staircase which leads to a small office space and a private rooftop 20×21 deck.

There’s a skylight in the elevator shaft for natural light, otherwise the only other windows are in the living room.

The bedroom doesn’t have a window.

The kitchen has wood cabinets, granite counter tops and stainless steel appliances.

It has the other features buyers look for including central air, washer/dryer in the unit and heated garage parking is included.

Recently, this loft sold in March 2017 and then was relisted for 42% more just 12 months later.

It doesn’t appear any significant renovations (kitchen or bathrooms) were made.

Since March, it has been reduced twice but it’s still listed for $134,999 more than just a year ago.

According to Investopedia:

A bubble is an economic cycle characterized by the rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. When no more investors are willing to buy at the elevated price, a massive sell-off occurs, causing the bubble to deflate.

Is the West Loop showing signs of bubble-like behavior?

Maria Boncza at Baird & Warner has the listing. See the pictures here.

Unit #407: 1 bedroom, 1.5 baths, 1500 square feet

  • Sold in March 1996 for $195,000
  • Sold in September 2001 for $327,000
  • Sold in March 2006 for $386,000
  • Sold in June 2013 for $401,500
  • Sold in March 2017 for $515,000
  • Originally listed in March 2018 for $725,000
  • Reduced twice
  • Currently listed for $649,999 (includes the parking)
  • Assessments of $383 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $6,000
  • Central Air
  • Washer/dryer in the unit
  • Bedroom: 17×11
  • Den: 9×8 (second floor)
  • Deck: 21×20 (second floor)

 

13 Responses to “Is There a Bubble in the West Loop? A 1-Bedroom Loft at 110 N. Peoria”

  1. When it actually closes at a significant premium we can talk about a bubble.

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  2. If there is a recession this cave could be back in the 400s in no time. Buyer beware.

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  3. I hate almost everything about this place except for the roof deck. With 1500 square feet the developer couldn’t even fit in 2 full bathrooms? I wonder where else they skimped on the conversion.

    The West Loop has lost all appeal to me due to the construction. If you can stand to live in a construction zone for many years to come, the West Loop might be a good place for you.

    I’m not necessarily sure it’s a bubble because so many companies are moving here and people want to live near where they work.

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  4. Noting ventured nothing gained, maybe they aren’t in a hurry to move and are trying to sucker someone into it.

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  5. Cave? But there’s a skylight haha…. This place is unique and nice, but not $650k nice.

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  6. This one is also asking 63% above last sale, right?

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  7. the west loop has changed a lot since march 2017!!!

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  8. Just wait until 2017 taxes are in…

    $550 tops with parking that some dumb ass out of school lawyer who was able to get a $120k job will pay.

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  9. Can’t say whether there’s a bubble, but I’ve got a perch overlooking the WL for a few days, and I’ve never noticed the twin rows of trees that runs through the middle of Randolph. It’s nice.

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  10. “the twin rows of trees that runs through the middle of Randolph”

    There is talk about getting rid of the outside driving lanes, which would, imo, be a great thing.

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  11. “With 1500 square feet the developer couldn’t even fit in 2 full bathrooms? I wonder where else they skimped on the conversion.”

    Many of the 1990s conversions were done first to apartments and then to condos. I don’t know if this particular one was, however.

    But it was converted in 1995-96 into condos. 22 years ago.

    If the developer had cheaped out, the condo association would already know about it.

    Also, given the neighborhood at the time, I don’t think the developer much cared if it was 1.5 or 2 baths, especially with the 1 bedroom. Remember, nothing great about the West Loop in the 1990s. Pretty abandoned, actually.

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  12. A/I

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  13. Hello All,

    We have officially closed at $625,000.

    Yours Truly,
    Listing Broker,
    Maria Boncza

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