Looking For A Big 3-Bedroom Authentic Triplex Loft On The Cheap? 50 E. 26th in Bronzeville
This 3-bedroom triplex loft in the Bronzeville Lofts at 50 E. 26th in Bronzeville (is this location the Near South Side or Bronzeville or what?- I’m calling it Bronzeville) came on the market in June 2012.
It is a Fannie Mae Homepath property and can be purchased for just 3% down.
This building is a former factory that was converted into lofts in 2003.
This developer left many of the original features including exposed brick and twenty foot high ceilings.
This loft has a spiral staircase and a private rooftop deck.
There is a bedroom on each of the three levels as well as a den on the second level.
The main living space has hardwood floors and the bedrooms have carpet.
The kitchen is intact and has cherry cabinets, granite counter tops and stainless steel appliances (although the refrigerator appears to be missing.)
It appears that the bathrooms are also intact.
The loft has central air, washer/dryer in the unit and one deeded parking space is included.
It is listed 61% under the 2004 purchase price at just $174,900.
Is this a deal?
Jason Reiner at Solid Source Realty has the listing. See the pictures here.
Unit #403: 3 bedrooms, 2.5 baths, no square footage listed, triplex
- Sold in March 2004 for $445,000 (parking included)
- Lis pendens filed in March 2009
- Bank owned in February 2012
- Listed in June 2012 for $199,900
- Reduced
- Currently listed at $174,900 (parking included)
- Assessments of $728 a month
- Taxes of $5876
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×20 (second floor)
- Bedroom #2: 13×19 (main floor)
- Bedroom #3: 18×11 (third floor)
- Den: 16×11 (second floor)
Assessments hurt this property’s value, as this neighborhood probably attracts those under $100K in income, with little savings.. and at the margin…every dollar counts for them. Every dollar in assessments is a dollar out of the mortgage for this potential buyer, so it hurts the value directly, moreso than other units where the buyers have more fungible after-tax income.
Maybe the price reflects leaking underground storage tanks on the property?
http://webapps.sfm.illinois.gov/ustsearch/Facility.aspx?ID=2039327
Gail, the tanks were removed.
Need to know why assess is so high–is it to make up for other defaulters? Or is there a common elelment problem?
Also, over the entrance it sez “bronzeville lofts”, so prob safe to call it b’ville.
Hofer is right on the money with his comments this morning. I suspect that those assessments are a large part of the problem. They are just too high for this type of location. I think that the overall space looks good but for that seller those high assessments will clearly hurt the value of the condo.
Wonder if there is a special mixed into that total. On occasion the association will allow a 10K special to be paid in installments over a short period of time. They did this at my wires condo in the sloop. I’m sure that some units would look way out of the norm if you listed their current monthly assessment. In her case we wrote a check. Had we not I suspect that it would have made her normal $279 assessment look really large. If that is the case here then shame on that realtor for not making it clear.
This address in by Mercy Hospital, across from South Commons on the Near South side.
This building has been hit by lots of foreclosures and short sales. I have seen many similar “cheap” listings in the building.
While this building is named Bronzeville Lofts and the city recently put Bronzeville signs up on King Drive just south of the Stevenson, I would consider this neighborhood more of “The Gap” with “Bronzeville” starting at 35th. One thing the south side could really use is a clear definition of the neighborhoods!
Also, while I like the look of this building, I would not be a fan of living across the street from the Carriage Cab garage/lot/base.
Vlajos, they declared the tanks exempt, meaning they were removed, and any release would not be reported to IEPA. Did my original comment say anything about the tanks NOT being removed?
retorted cat? What does that mean? The reference brought me back to a good memory.
Back in the day I used to have a good friend that enjoyed a few drinks. He was a funny guy and often on the way home from the bars he liked a good breakfast at 4am. He would often get the group to go out for burritos before calling it a night.
As soon as we walked into a burrito shop he would yell out something like I want an “el Gatto Burrito” please. Let’s go “el gatto burritos for everyone. Chop chop endalea endela….. Then he would explain in an equally loud voice the he was just in the alley “taking care of business” and “saw the chef getting some fresh live meat.” It would stop the whole kitchen staff. They would come out to see the crazy drunk and point and laugh. In the end that stupid funny bit got him lots of laughs and often some free food. The enjoyed the “el loco” gringo.
“One thing the south side could really use is a clear definition of the neighborhoods!”
really benji? thats the ONE thing that comes to mind?
definition of hoods is really only a positive if your a realtor anyways.
I like this place a lot, especially the windows in the living area. While the square footage isn’t listed, the assessments don’t seem that high to me consider the space. I haven’t spent much time in this neighborhood. It seems like an ideal candidate for further gentrification. The taxes are a concern though. I wonder how long would take to get them reduced. If you’ve had your taxes reduced, how long did the appeal process take?
The listing says that each of the three bedrooms is on a different level. Seems like a place that would only be suitable for roommates. Do they buy condos together?
” I wonder how long would take to get them reduced. If you’ve had your taxes reduced, how long did the appeal process take?”
Even if you do get your taxes reduced, you pay the previous year’s taxes so you won’t see an immediate reduction in your tax payments until at least a year later
Valjos:
Didn’t realize you were divorced.
We actually called our agent to look at this property. Until I heard that the assessments are $758 a month, in addition to a $300 a month special assesment AND $20k in past due assessments!!! The last I heard, this is 26th and Michigan, not Oak and Rush!!! I can buy a condo in the Gold Coast (obviously more more) and pay the same assessments, and not have to look at Mercy Works parking lot!
“really benji? thats the ONE thing that comes to mind?
definition of hoods is really only a positive if your a realtor anyways.”
I didn’t say that is THE one thing…I just said it is one thing that is needed.
The definition of a neighborhood is useful for more than just to realtors. Whenever I say I live in Bronzeville, I have to clarify because different people use that term to include any where from 26th-51st and the lakefront to the Dan Ryan.
Could you imagine one nieghborhood stretching from Wrightwood all the way up to Foster on the northside? One name shouldn’t be applied to such a huge area on the south side either, especially since 2600 to 5100 S is so different as it is so different by the lake and near the Dan Ryan.
I think Gail and Vlajos should get a room allready!
I think Gail and Vlajos should not be allowed to post on here.
My my….any chance this type of talk could be moderated? I thought this was a site for discussing real estate.
woo-hoo….i thought i was on fark or someplace else when i started reading this…is thursday smut day now? i almost fell off the chair.
Ok Gail and Vlajos, it’s time you two compared monthly expenses.
“My my….any chance this type of talk could be moderated?”
I’ve deleted the offending comments. If Gail and Vlajos want to call each other names, they can do it somewhere else.
darn,i should have done a screen grab,i never laughed so hard from cribchatter.it looked like *those two* got into the catnip.
I get what your saying Benji9.
this “defined” boundaries is a new thing brought on by the realtors in 1999 and the boom years.
I never said “North center” until i came on chatterer. Its has always been “ova dare by st bens”. mostly large churches or large parks were the name we called a hood. Same way my parents did.
very few area names were used, hyde park and kenwood were separated by name (dont know why). And yes the higher dense areas did get a defined name, i.e. boystown, bel and shefield, and LP.
its all a bunch of hooey. if you need an exact name and defined boundaries to explain where you live then that conversation is not going to be a good one anyways.
I have never said my “neighborhood name” I have always said “ova dare by riis park” and if i got a confused look I say “by the brickyard mall, ya know” usually most get it by then.
I get what your saying Benji9.
this “defined” boundaries is a new thing brought on by the realtors in 1999 and the boom years.
I never said “North center” until i came on chatterer. Its has always been “ova dare by st bens”. mostly large churches or large parks were the name we called a hood. Same way my parents did.
very few area names were used, hyde park and kenwood were separated by name (dont know why). And yes the higher dense areas did get a defined name, i.e. boystown, bel and shefield, and LP.
its all a bunch of hooey. if you need an exact name and defined boundaries to explain where you live then that conversation is not going to be a good one anyways.
I have never said my “neighborhood name” I have always said “ova dare by riis park” and if i got a confused look I say “by the brickyard mall, ya know” usually most get it by then.
“this “defined” boundaries is a new thing brought on by the realtors in 1999 and the boom years”
Don’t tell that to @fo and skeptic.
I’m not sure exactly what is being discussed regarding neighborhoods, but the City’s community areas have been well defined for a very long time.
http://en.wikipedia.org/wiki/Community_areas_in_Chicago
“I’m not sure exactly what is being discussed regarding neighborhoods, but the City’s community areas have been well defined for a very long time”
and tell me when anyone one that actually used them by name, until 1999?
Like a said a few were used like bridgeport, kenwood, but ask my uncles or grampa what north center is you will get a blank stare.
tell them over by “st bens” or “riverview” and they get it.
say university village and confuse the heck out of them. say maxwell st they get it.
so again lets recap, Its a bunch of hooey the marketers and realtors pushed to get a “branding”
Yes people used the terms Uptown, Rogers Park etc even in the 70s.
“Yes people used the terms Uptown, Rogers Park etc even in the 70s”
Like i said these were terms to describe a Park (rodgers park) or a landmark.
And seriously your going to state Uptown? there is a million “uptowns hoods” across the America. (and some stupid dutch cities too) Uptown got its name because of its entertainment district and whats would you call it north of downtown?
So again like a said these hood names a BS and yes a few have been around forever,
and if you say “yeah i live in SoPo” i will bytch slap you in front of your grandma and will kick your kid.
if you say “i live in East lincoln Park” i will punch you in your ballz and take your wallet then take a huge deuce on your driver licenses.
If you say i live in “west town” i will take your skinny jeans and zipper them up in your nose hairs then slowly pull them away all while giving your girlfriend an indian sunburn on her wrist.
One of my pet peeves is when someone refers to living anywhere within the city limits of Chicago as being “downtown”.
man the last two posts in this thread are awesome
love the spunk
Groove, I agree regarding many of the neighborhood names, but the community areas have been around and used for a long time.