Living South of the Stevenson: Lofts at 50 E. 26th Street
The boundaries of the “South Loop” keep expanding as construction and conversions continue.
It used to be that Cermak Road was the cut-off. And then it the Stevenson Expressway.
But now- new developments are going up even south of the expressway.
50 E. 26th actually isn’t new. It was an old warehouse converted into duplex lofts in 2003.
Back in the day, the developer sold the “downtown views” of the Sears Tower because what else was there to sell? The warehouse wasn’t near anything- at 26th and Wabash.
This two bedroom is currently on the market.
Unit #208: 2 bedrooms, 2 baths, 1350 square feet
- Sold in December 2003 for $182,000
- Sold in May 2006 for $172,000
- Currently listed for $299,000 with parking extra
- Assessments of $287 a month
- 20 foot high ceilings
- North and East views
- Sound Realty LLC has the listing
Pullman is technically south loop too!
That’s an insane asking price. I don’t care how much the area has improved, it hasn’t doubled in 18 months. $250k, maybe, would be a reasonable ask.
That price is insane.
$250 is insane, too. I’m going with $200. And that means WITH the parking.
I was giving a little credit for the neighborhood being nicer than it was 4 years ago (which it is) and was including the parking in the $250k ask–anticipating offers at 10-15% below ask. But I was mis-imagining the exact location.
Realizing the exact, true location, I think the declining value from ’03 to ’06 might be a fair approximation of the ’06 to ’08 trend–$175k (including the parking) might be too much.
The exposed bricks and tall ceilings are impressive, but at what cost to heat?
Doesn’t this building sit right next to the expressway? I would be concerned about the health problems possibly caused by living in a shroud of auto and truck exhaust. Anyone know if the expressway has affected sales at the new townhomes being built at 26th and King Drive?
This property has been on the market for 491 days. Do you think $175K wincluding parking is a good offer? The owner must be high, or dead.
This is the best website ever, by the way.
The deed on the 5/06 sale of #208 is recorded at $172,000. However, this was not in the MLS and the mortgage was for $200,000 so this may not have been reported accurately.
Here are the only 2007 sales of 2BR/2BA units:
Sale Date Unit # Sale Price Size $/SF
9/14/2007 214 $298,000 1,625 $183.38
8/29/2007 401 $297,500 1,341 $221.85
6/29/2007 215 $275,000 1,625 $169.23
2/1/2007 402 $311,000 1,658 $187.58
This has to go under $200/sf with parking. And dropping by the day.
That should say “only 2007 sales…in the MLS.”
So, what are you saying? 401 got suckered?
Anyone who bought in 2007 got suckered. Same goes for 2002-2006 if they haven’t already sold to a greater fool.
The term will apply to the knife-catchers of 2008 as well.
I am lucky I got out of the condo flipping business when I did. I decided to buy a little project out in the burbs, and rehabbbed it myself-sold it three years later for $1000.00 more. After closing costs….ouch!! I fell alot better after seeing whats going on, technically it looks like I beat the market!
Back to that issue about the buyer having to pay to get out of a property. Look at this place. the old owner probably had to pay to get out, unless it was some kind of a scam. No buyer should have the attitude that you may “insult” someone with your offer. Its not our fault they overpaid. You make money when you buy real estate not when you sell it.
I drove by this place today. It is not right on the Stevenson, but there is NOTHING around there. I also think that Motor Row could be a really cool area, but I think those days of development are over for now.
$180,000.00 might be a good starting point. WHat do you think?
Jason: The Opera Lofts down the street are right on the expressway. You’re right that this building itself is not on the expressway.
Motor Row will be nice years from now when they add in the historical landscaping and there is more retail. It will take time to develop (as Printers Row took time.)
Offer whatever you want. If someone really wants to sell, then anything is negotiable.
Um, this unit, according to the MLS, went under contract on February 24th, asking price still at $299,000, parking $20,000 extra.
I can only be described as having been bearish about real estate for the past few years, but stuff is still selling out there, and if it’s a nice product (which is NOT how i would describe this unit – but to each his own) there is demand for it.
There aren’t any other units listed on the MLS for sale in this building. I think it’s newer projects that haven’t sold out, or where flippers are getting crunched, that are going to see the steepest declines. I think it’s unrealistic to expect sale prices in this building to fall 33% from current levels. But, if you are patient and you watch the building like a hawk for a year or two, you might be able to pick up a foreclosure (purchased from the REO department at the lending institution) for something close to that type of discount.
Patience is the name of the game.
There are a couple excursions of development south of the Stevenson but not many. Aside from Opera Lofts, Motor Row and this one I can’t think of any, and those three have price/square foot numbers quite a bit higher than existing real estate in the area.
The one unique feature of this loft is it truly is a loft. I’ve never seen 21ft ceilings before and from looking at that picture it really gives the impression of a much bigger living space per square foot (even if you can’t use it and have to pay to heat it).
Compared to other real estate in the area though I’m amazed this sold for what it did.
Hum. well, maybe the market isn’t as bad as I thought.
Jason: The market isn’t that bad under $300,000. The real problem comes in over $400k where there are hundreds of units and not enough buyers because now 20-somethings have to really qualify for the mortgage (in other words, make enough money AND have a downpayment.)
But buyers are still buying for under $300k because they can get the loans and many are under the thinking that they’ll actually make money if they own a one bedroom condo for two or three years.
Not enough of their friends have been burned by real estate (yet) for them to keep renting.
The average length of time to own a downtown loft is 2 years. Anyone who buys and holds now for two years is going to lose a lot of money- but they keep buying anyway.
I wonder what happened with this place?
Unbelievable…
Unit 208 sold for 295k on April Fools Day. I guess the developer got the last laugh.
Unit 206 is now listed offered at 289k (parking extra). That listing says it is quite a bit bigger than the one featured in this post at 1,757 square feet.
This owner who bought 206 in 2008 and purchased unit 206 for $219/sqft. The listing today has an ask at $165/sf.
Looks like for unit 208, the April Fools day closing, the joke is on them. Lots of people apparently got their scuba certifications in 2008.
err
“This owner bought unit 208 in 2008 for $219/sqft. The listing today has an ask at $165/sf.”
400 extra square feet of space for waiting a year..