Re-Selling the New 1-Bedroom Loft Just 2 Years Later: 1800 W. Grace in North Center
We’ve been chattering recently about whether buying a 1-bedroom unit makes any financial sense.
This 1-bedroom loft in The Lofts at 1800 at 1800 W. Grace in North Center just came on the market.
With 91 units, the building was a conversion of the brick and timber E.R. Moore building, which was a manufacturer of caps and gowns.
The building was originally marketed at the height of the financial crisis in 2008 and 2009.
From what I can tell, it has not yet sold out all of the units.
This 1-bedroom sold just over 2 years ago in February 2010.
It is a top floor loft with 12 foot timber ceilings and exposed brick.
The kitchen has espresso cabinets, silestone counter tops and Bosch stainless steel appliances.
It has the other new construction amenities including central air, washer/dryer in the unit and parking is available for $27,500 extra.
From the listing pictures, it appears the unit faces either the Metra tracks (east) or the El tracks (west). I can’t tell which one.
It’s located within just a few blocks from the Brown line stop and is practically across the street from the Trader Joes.
Before you start complaining that a 1-bedroom can’t sell for this asking price two 1-bedrooms have recently sold in the building:
- Unit #418 a 1/1 at 1118 square feet sold in February 2012 for $357,000
- Unit #511 a 1/1 at 831 square feet sold in February 2012 for $334,073
What price will this loft command just two years later (and no longer “new”)?
John Ketner at @Properties has the listing. See the pictures here.
Unit #305: 1 bedroom, 1 bath, no square footage listed
- Sold in February 2010 for $281,500 (I can’t tell if this included the parking or not)
- Currently listed for $295,000 (plus $27,500 for the parking)
- Assessments of $259 a month (includes doorman and cable)
- Taxes of $4199
- Central Air
- Washer/Dryer in the unit
- Bedroom: 13×11
This is a nice building. Some of the units are kind of cool. However, I still think unless you are planning to be perpetually single or a cat lady, a one bedroom isn’t a good move for the typical buyer. I know some lemmings can’t imagine a world outside of Lakeview, but I think there are better alternatives at this price point.
Those definitely look like the Metra tracks (east view) to me. They appear to be on an earthen ridge, not the steel supports the Brown Line rides on.
This is on the metra side, so that’s slightly better. Agree with Russ, it is a nice building, but I am unsure how these 1 beds ever sold in the first place at those prices.
Please take the crap off your fridge before shooting pictures!
I second trudi re: the fridge. If I were this seller I’d be calling a new broker. I wouldn’t *rent* a place that has such a poorly presented listing.
“This 1-bedroom sold just over 2 years ago in February 2010”
Damaged goods, couldn’t buy it… the toilets have already been used.
Next.
^…are you kidding? I’ve seen a million things wrong with listings. This doesn’t even raise an eyebrow for me. Some of you might be a little over the top.
I totally agree about the fridge magnets! This is my biggest pet peeve. I’m a broker myself and this is the first thing I ask people to do before taking photos. I’ve also been known to photoshop out other clutter.
Oh please get over the fridge magnets and try to have more vision than Ray Charles in a snowstorm.
All a bunch of fools. Is it right on the Train tracks? Why didn’t they de-clutter the fridge before taking the photos? Henious!
how about changing the deal light bulb in the light hanging over the kitchen island as well.
I’m floored at what these units are selling for. The $334 and $357 sales look to be from the developer and they aren’t even the most expensive 1 bedroom sales I could find. I assume those prices include parking and upgrades as they all were over list price, but even this place at $322,500 with parking seems like a deal over the developer units. I still wouldn’t buy from either the developer or this seller for over $300k for a one-bedroom directly looking onto the Metra tracks. Maybe I am wierd.
Am I just stupid or is this kind of pricing totally insane? Who in the world buys a 1/1 for over 300k in a building that hasn’t sold out in 3 years and is crammed between 2 rail tracks?
Haven’t checked the inside photos, but I dislike the outside. It looks too much like an office building. When I come home, I want it to seem homey.
Yeah, this is basically nuts. The building is full of unsold units indicating a lack of demand at these prices.
Then again people seem to be buying a few of them so who knows. Seems silly but Trader Joe’s does have some good stuff so why not move to one.
Dude, buy now, or be priced out foreva.
We’ve written extensively about the developer of this project in the context of a development in Rogers Park – Renaissance Lofts. We also provided a blog forum (no longer available) for one of the buyers in that project to communicate his negative experiences with the developer and to help organize other buyers in the building.
You can see my video interview with one of those buyers, who filed suit against the developer:
http://yochicago.com/renaissance-lofts-slapped-with-foreclosure-suit/20854/
the entire building is west of the metra tracks which are west of the el tracks
Thanks for sharing that video Joe. Kopley group sounds like other developers I’ve encountered. Wouldn’t trust them as far as I could throw them. Seems like lawsuits are just a cost of doing business for these types of guys.
@ patience, Looks to me like the Metra tracks are East, not West, of the Brown line El tracks, and the building in question is sandwiched right between them.
What the hell?? Two recent 2012 sales of 1-bedroom units in non-prime locations for $330-$355k??
Those prices would be too high even if in an absolute prime location, which this is certainly not. What the heck is going on?
Oh well… let the suckers over-pay here and keep them out of the market for better buys elsewhere…