Priced Out of Fulton Market? A Starter Loft at 1727 S. Indiana in the South Loop
This 1-bedroom loft in the Prairie District Lofts at 1727 S. Indiana in the South Loop came on the market in March 2018.
This building was converted into condos in 2008.
It has authentic loft features like exposed brick and concrete ceilings along with large industrial windows.
Due to the tall ceilings, this unit has a second level master bedroom and a den.
The kitchen has white cabinets, stainless steel appliances but it doesn’t have granite counter tops.
The loft has other features buyers look for including central air and washer/dryer in the unit.
There’s parking available in a gated, secured lot next to the building for $150 a month.
Many first time loft buyers would probably love to buy in the Fulton Market area, which is also known for its loft buildings.
But prices have soared in that neighborhood.
This loft, however, is listed at just $218,900.
Is this a good starter loft?
Kevin Kelly at Jameson Sotheby’s has the listing. See the pictures here.
Unit #111: 1 bedroom, 1.5 baths, 1031 square feet
- Sold in March 2010 for $205,000
- Originally listed in March 2018 for $234,900
- Reduced
- Currently listed at $218,900
- Assessments of $462 a month (includes exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $4044
- Central Air
- Listing says there’s a washer/dryer hook-up in the unit
- Bedoom: 11×13 (second floor)
- Den: 8×8 (second floor)
“This building was converted into condos in 2008.”
Convert it back!
Unit is definitely priced as a starter loft, but it looks very cramped. I don’t know much about this area (outside of exploring nearby Chinatown a year ago) but I’ve heard on this blog that 18th street is the border that you want to stay north of in the South Loop and this is practically on that border. Maybe it’s gotten better though in the last few years of this bull market economy? Even so, I think it would be worlds apart from living in/around Fulton Market, not making it a feasible alternative no matter how much one loves lofts.
The living space is small, and I would concuss/bruise myself every time I got out of bed, so some would have to factor in CTE treatment costs into the price. I can’t imagine many people wanting to stay here long term, but if the homeowner exemption accurately reflects owner-occupancy status, then I have to give this owner credit for staying there 8 years. It’s too bad that after that time that she’ll realize very little (if any) price appreciation after closing costs & realtor fees. Prime example of how local and fickle real estate can be.
Assessments seem high for what you get (essentially an exercise room on top of the basics. Why not show the exercise room in the listing photos?). There don’t seem to be a lot of starter condo/loft options for those wanting to live downtown so maybe someone will jump on this.
Toilet paper roll’s on backwards in the powder room pic; used/dirty bath towel is touching the toilet in the full bathroom pic. And this is listed with a Sotheby’s office!
Sold in 2010 for 205K. Now, 8 years later it’s hoping for 219K. 8 years of carrying costs, assessments, property taxes, transfer taxes, oh my. Kids, save your money, invest, and rent. That is unless we’re expecting some sort of price boom on S. Indiana in the next few years?
I wonder if it is annoying being this close to the convention center and Wintrust arena when events are happening. Otherwise awesome proximity to lake. Where is the nearest grocery?
A very sad dark unit though, taxes and assessments seem a touch high for what you get but not too terrible.
“Where is the nearest grocery?”
Mariano’s at 17th & Clark. About 1/2 mile on foot.
Liz, the closest grocery store is probably Jewel on Wabash just south of Roosevelt and Trader Joe’s also on Wabash and Roosevelt.
Not all streets are through streets in this area so it’s probably not too bad being close to Wintrust and the convention center, but I can’t speak from experience.
If this loft was lived in for 8 years, it was a single guy for a couple, gf moved in, gf got preg, they married, and now they realize that babies need things. Cue heading to Naperville. I don’t think the assessments are bad. Insuring, heating and cooling these places are a fortune. (Heating/cooling the public areas).
No picture of the gym room.
This one is contingent with a current list of $200k, which is below the *2010* sale price. Like for like.