Not Everything Is Selling Within a Day: A 2/2 Bank Owned Loft at 1645 W. School in Lakeview
This 2-bedroom (or is it really a 1-bedroom with den?) loft at the 60657 Lofts at 1645 W. School in West Lakeview has been on and off the market for over a year.
Last year, it was being sold as a short sale but the bank ultimately took it back in December 2012.
The bank re-listed it in February of this year but it still isn’t selling.
At around 1000 square feet, it doesn’t have any of the authentic loft features you would expect to find (no brick or timber) but it does have tall ceilings and exposed duct work.
It is a south facing corner unit with a massive private terrace. However, one of the Redfin agent comments from last year said that it needs to be completely replaced.
The kitchen is intact and has an island with granite counter tops and white appliances.
This loft comes with washer/dryer in the unit, central air and a heated parking space.
It’s in a popular location, across from the Whole Foods and down the street from the Paulina El stop.
It came back on the market from the bank at $282,900 and was recently reduced to $275,000.
It is a Fannie Mae Homepath property which means you can buy it for just 3% down.
How low will this go before a buyer determines this is way cheaper than renting?
John Federici at Krain has the listing. See the pictures here.
Unit #221: 2 bedrooms, 2 baths, (a prior listing called it a 1-bedroom plus den however), 1000 square feet
- Sold in September 1999 for $240,000
- Sold in August 2007 for $348,000
- Lis pendens foreclosure filed in March 2012
- Bank owned in December 2012
- Re-listed in February 2013 for $282,900
- Reduced
- Currently listed at $275,000
- Assessments of $449 a month (includes cable)- interestingly they were just $257 a month in last year’s listing
- Taxes of $4498
- Central Air
- Washer/Dryer in the unit
- Heated garage parking included
- Bedroom #1: 17×11
- Bedroom (or den?) #2: 11×9
The original buyer (99 to 07) made a killing. Couldnt have timed it better after the fact.
By the photos it sure seems like the rooms are small and that there are several oddly placed or shaped windows. Those factors appear to be holding this one back from sale. Not striking enough in the photos to get a strong supply of individuals to put this on their short list to see!
Why no photo of the huge terrace? Epic mistake not to feature the heck out of that space especially at this time of the year!
The association in this building replaced all the private roof decks (and 2 public roof decks) last summer at no cost to owners and they are a major improvement over the former wood decks (like the one this unit has). I believe the 2nd floor units are in line for replacements as well, but no idea on when that will happen.
I’m wondering if the assessment increase in the listing is mistake. Other (larger/nicer) units for sale recently in this building have had far lower assessments and there were no assessment increases passed by the association this year.
I would definitely agree that this place could use some better photos. I don’t think it would be too difficult to stage this place given that it’s not all that big. My wife and I were just recently doing some redecorating and we put some more stuff on the walls which definitely made the space feel more “lived in.” We got a bunch of really, really great pieces of art from this art show at the Holiday Inn Rosemont. Dunno if you guys have ever been but I would recommend it. Some of the paintings have a Thomas Kinkade sort of vibe to them, if that makes sense. I could see a couch, a table, and some Kinkade paintings really livening this place up. Plus, as someone mentioned the outdoor space! They should highlight that. Focus on all the light that you can get at this sunny time of year. Plus Kinkade is the painter of light, so I think that would probably lightening things up as well.
Lesko is right. Hanging a Thomas Kinkade painting in a condo is the same a burying a St Joseph statue upside down facing the house in a yard. Guaranteed sale!
This seems like a good deal, with the basics covered–heated garage, in-unit washer/dryer, central air. Just a few caveats. What would the redecking cost? Why the sharp rise in homeowner’s fees? What about the kitchen updating costs? Any other major issues from the inspection?
My husband and I looked at a unit in this building about 10 years ago. The living room feels incredibly small. I remember saying “where we would fit all of our furniture?” and the realtor saying, “well, you can get rid of some of your furniture.” Idiot.
“Some of the paintings have a Thomas Kinkade sort of vibe to them”
You say that like it’s a good thing. Given how much you wrote, I think you’re serious.
I’ve always liked this building’s exterior, but damn, that unit sucks.
From the date on the photos, we can clearly see this unit is past its expiration date…
oh yeah? lakeview SFH just went under contract for 10% over ask.
in 3 days. hint, its purple …this market is crazy. peeps are paying it.
Two former co-workers lived in this building. When the Blockbuster left, they were trying to find a new tenant. Panera wanted to come in, but the people in the building wanted free coffee and a discount and it id not work out. They also didn’t want the building to smell like bread and rats. I’ve heard that it is hard to get your car out of the garage in the winter because it is through the alley which is not plowed.
This unit looks very ugly and boring. I think it is too busy in the area, but with the Target coming in a block away it will only get crazier in this area. It is right next to the gym and Whole Foods though.
very weird, I checked this place out very recently. I was in and out in 3 minutes…. Because thats all I needed to see it all.
its gotta be 850 sqft, 900 maybe tops.
The living room is so tiny, the kitchen is actually larger. Thats not hyperbole.
They aren’t showing pictures of the deck on purpose. Its maybe 5 by 12 feet. Doesnt look like you can build it out any farther onto the roof area, as none of the other units have.
Definitely not for me. Maybe a college kid whose parents have enough to buy this place instead of student housing for 4 years?
After looking at those pictures all I have to say is thank God I’m not young and poor.
I call BS on the square footage and calling it a 2 BD. An old classmate lived there during grad school and I specifically remember her being happy about finding a jumbo 1.5 bedroom apt. And the layout was exactly the same. I don’t understand why realtors still feel the need to stretch the truth. Why not be transparent?!