Re-Selling 2 Months Later in the South Loop: A 1-Bedroom Loft at 1727 S. Indiana
This 1-bedroom loft in the Prairie District Lofts at 1727 S. Indiana in the South Loop came on the market in August 2015.
This is a brick and timber loft with other authentic features including a large metal door along one wall.
The bedroom, however, has no windows or a door but is separated by a wall from the rest of the unit.
The kitchen has granite counter tops and stainless steel appliances.
The loft has a balcony and a fireplace.
It has the other features buyers look for, including central air, washer/dryer in the unit and parking is available to rent in the building’s lot for what looks like $150 a month (according to other listings currently on the market in the building.)
But if it looks familiar, that’s because it had previously already been on the market in 2015 and sold in June.
You can see that listing here.
Originally listed for $39,000 more than the sales price just 2 months ago, it has been reduced once.
As rents continue to soar in the South Loop, and with buying now cheaper than renting, and with inventories remaining low, will this loft get the premium over its prior sale?
Edouard Pierre at Century 21 has the listing. See the pictures here.
Unit #324: 1 bedroom, 1 bath, 821 square feet
- Sold in March 2008 for $215,000
- Sold in June 2015 for $200,000
- Originally listed in August 2015 for $239,000
- Reduced
- Currently listed at $237,900
- Assessments of $352 a month
- Taxes of $2243
- Central Air
- Washer/Dryer in the unit
- Parking is available for rent for around $150 a month
- Bedroom: 9×10
The only thing they improved is the quality of the pics.
How could anyone expect to sell for more than they paid only 2 months prior? And prices drop this time of the year. What could this seller possibly be thinking? If they were forced to sell due to some external factors, they would have priced this much more reasonably.
Prior seller was an idiot.
Obviously the seller is listing a bit higher to account for negotiations + broker fees. Probably just wants to break even and get out of the property for whatever reasons
Yup I live in this building, great location. Hope it sells 🙂
An astute investor would be foolish to pass off this once in a lifetime investment opportunity. Look, the proof is in the pudding. The owner of this fabulous estate saw a price appreciation of $37,000 in two months. Just think how much you can make in two years!
“Hope it sells :)”
Is that the one true Bobbo?
I figured bobbo moved out of debt-saddled Chicago to a booming sunbelt city, like Houston recently described as “the city Detroit once was and Chicago still thinks it is”.