Looking for a 3800 Sq Ft Authentic South Loop Loft? 1421 S. Wabash
This 5-bedroom loft at 1421 S. Wabash in the South Loop came on the market in October 2019.
It’s just a 5-unit building but has an elevator and heated garage parking.
This is the top floor penthouse and has authentic loft features including 24 foot exposed brick walls and a timber ceiling.
The kitchen has white cabinets and stainless steel appliances.
It has a wet bar.
The listing says there’s a fully enclosed porch and skylights.
There’s surround sound, central air, and in-unit washer/dryer.
Being the penthouse, it has roof rights where the listing says a 2500 square foot deck can be added.
The listing also says it was featured by Oprah and designed by Nate Berkus. (Does this matter anymore? That would have been ages ago.)
The loft has central air and heated garage parking.
Originally listed at $1,025,000, it has been reduced $25,100 to $999,900.
It last sold less than 2-years ago for $950,000.
Will they get the premium in this market?
Emily Phair at Keller Williams Lincoln Park has the listing. See the pictures here.
Unit #3E: 5 bedrooms, 4 baths, 3800 square feet, duplex up
- Sold in December 1999 for $492,500
- Sold in June 2006 for $1,011,000
- Sold in March 2014 for $885,000
- Sold in January 2018 for $950,000
- Originally listed in October 2019 for $1,025,000
- Reduced
- Currently listed at $999,900 (includes 1-car heated garage parking)
- Assessments of $445 a month (includes exterior maintenance, scavenger)
- Taxes of $16,644
- Central Air
- Washer/dryer in the unit
- Roof rights
- Bedroom #1: 21×20
- Bedroom #2: 17×9
- Bedroom #3: 15×9
- Bedroom #4: 17×9
- Bedroom #5: 13×14
- Laundry room: 9×7
I wouldn’t call it getting a premium. The Sellers would be lucky to cover their broker commission plus closing costs if they get their ask. With that said, the HOA is low and monthly costs are low. But I personally wouldn’t pay $1M for a loft.
This is still a very boring and quiet block of the south loop (more boring and quiet than the rest of it that is ) –
That being said, seems like pockets of the south loop around this loft are starting to show some signs of life with new restaurants and businesses popping up.
I’m not a fan of the aesthetic at all and think if you’re willing to give up some square footage there are far nicer lofts in the 1 mil range in better parts of the city.
If you could do something to improve the aesthetic of the brick ( Maybe put up huge paintings, maybe paint some walls white? ) and opened up that big hanging ‘box’ bedroom with some windows or something It would look a bit better. In my opinion when lofts include the square footage of a overhead ‘hanging’ bedroom the place never feels quite as big as advertised.
Still. 1 mil for almost 4k square feet and 5 beds within walking distance to public transit, marianos, trader Joe’s, some decent restaurants and pubs, the lake, soldier field etc etc is probably not a terrible deal.
“Featured on the Oprah Show and designed by Nate Berkus”
they’re dating themselves here.
This doesn’t seem like a Nate berkus property….Not a fan of his stuff in general but this doesn’t even come close to his usual stuff. And Oprah? Wtf?
Anything around a million is down in price from 2 years ago. So unless they put some money into it then this should be down. Exception of course is west loop. If the purchase price was fair market when it was sold them this should be down about 7%. Probably gets done around 900k.
Not my style at all but a lot of space. Agree with Sean it won’t fetch $1 million.
“Not a fan of his stuff in general but this doesn’t even come close to his usual stuff. And Oprah? Wtf?”
Yeah, you have to wonder why they both with the Oprah reference at this stage. Her show hasn’t been on for many years now. Many Millennials buyers also probably have no idea who Nate Berkus is (sorry Nate) as that was a good decade ago as well.
I feel like the only time you can mention, by name, a designer if it’s the architect or a brand that has staying power like Poggenpohl or Waterworks etc.
“If you could do something to improve the aesthetic of the brick ( Maybe put up huge paintings, maybe paint some walls white? ) and opened up that big hanging ‘box’ bedroom with some windows or something It would look a bit better. In my opinion when lofts include the square footage of a overhead ‘hanging’ bedroom the place never feels quite as big as advertised.”
Agreed Riz.
There’s a layout like this with that hanging “box” bedroom, as you describe it, that has been redone in the West Loop. What they did is fantastic. I will see if it’s sold yet. If not, I’ll post on it tomorrow.
But the thing is, this unit isn’t priced for someone to buy it and do the renovations to make it a super cool luxury loft.
“I will see if it’s sold yet. If not, I’ll post on it tomorrow.”
I can’t find it now. Either it’s already under contract or they pulled the listing in this slow market and it will return in the spring.
What they did involved an architect and wasn’t cheap, either. But it can clearly be renovated to be less “box” as you described it.
Toured this. Awful space. It’s immediately adjacent to the new apartment building so no light to the north. To the south is a parking lot that will be developed one day. The entrance is also some weird shared storage space. If this place breaks $750k I’ll be floored.
https://www.compass.com/listing/1000-west-washington-boulevard-unit-515-chicago-il-60607/367989017145595377/?origin_type=Listing%20Photocard
Sabrina, is this the loft in the west loop you talked about? I was also a fan of how they handled the ‘box’.
Yes! That’s the one I was thinking of. I’ll post on it tomorrow.
That’s a big time renovation of one of those “box” type bedrooms.