Real Live/Work Brick and Timber Loft in the West Loop: 1101 W. Lake
This large 3-bedroom loft at 1101 W. Lake in the West Loop just came on the market.
The building houses both commerical and residential tenants making it a truly live/work environment.
The 2250 square foot loft has exposed brick walls and 14-foot timber ceilings.
The custom kitchen has Viking stainless steel appliances and a huge kitchen island with granite countertops.
The master bathroom has an oversized jacuzzi tub and a steam shower.
Parking is included.
Jason Beckstrom at Conlon: A Real Estate Company has the listing. See more pictures here.
Unit #5B: 3 bedrooms, 2 baths, 2250 square feet
- Sold in October 2005 for $322,000
- Currently listed for $629,000
- Assessments of $284 a month
- Taxes of $10456
- Central air
- Underground parking included
- Bedroom #1: 18×19
- Bedroom #2: 9×12
- Bedroom #3: 15×18
I wonder what kind of “work” goes on in there.
Let me be the first to say: this is going to linger until the rapture. Seriously? A 100% increase since 2005? Put down the crack.
Doesn’t that 2005 price seem a little low?
I think the whole first floor is for sale for $1.5 million.
http://www.rubloff.com/property/chicago/07323966.cfm?searchID=d80ec73a-1709-4d34-b6f4-83ff5a3b4a77&page=1&pageSize=30&sortType=1
The 2005 price doesn’t seem that low considering you are right above the El tracks.
I think it goes for around $350K. It’s really far west, and right near the EL.
“It’s really far west”
Aberdeen qualifies as “really far west”? Huh.
“Dave M on May 11th, 2010 at 10:28 am
It’s really far west…”
1000 is really far West?
“1000 is really far West?”
Not even 1100 is. It’s that extra 1.
i like it but $629k, what a joke. maybe $450k.
i’d rent it for $2400 while they try to sell.
$450K is more of a joke than $629K.
West Loop is improving, people…the gap between the West Loop and the top areas of the city closes every year…why is that so hard to grasp?
’05 price is all but irrelevant for this area of the city.
at $550K you’re talking ~$250/SF for a ton of space, 3 bedrooms, a high-end kitchen/bath with a parking spot, walking distance from the Loop…
if you think you can get that for $200/SF today, keep dreaming. it helps to live in reality.
I hate this part of town, nobody around at night except for a few awful night clubs and millions of illegal immigrant workers around during the day at all the meat packing places. Not to mention its on the friggin EL tracks for the pink and green line hell to the no!
What yuppie wants to ride the green line to work? or Lake St. bus… lolz
But Sonies, the CTA is going to start construction on a new station just a couple blocks away! Think of how quickly you can get downtown! Certainly that is worth downtown pricing!
“What yuppie wants to ride the green line to work?”
I used to get on at Ashland and never had a problem of any sort. Wouldn’t want to go much further West though.
The rooms listed only make up a little over 1000 square feet. Where is the rest?
“the CTA is going to start construction on a new station just a couple blocks away! Think of how quickly you can get downtown!”
I’m also thinking about how many loiterers and homeless would be hanging around this new station. Where are they proposing this, i hadn’t heard anything about it
@Sonies: lake and morgan
This price is seriously insane. What the hell?
I guess they had to raise the asking price so the taxes didn’t look so scary?? Didn’t work, cuz they are. I assume that’s due to the rehab, but, wow, $1k/mo in taxes for this is insane.
I really like the finishes, and kitchen and bath. . . but seriously who’s going to pay $4k/mo plus for this? (And then probably another $1k/mo to heat it).
I actually think the ’05 price was a little *high, if it needed a full gut including floors, as apparently it did. . .
“I’m also thinking about how many loiterers and homeless would be hanging around this new station.”
At least the elevators will be INSIDE the turnstiles, so the elevator-as-urinal crowd will have to pay some money before using the restroom.
“At least the elevators will be INSIDE the turnstiles, so the elevator-as-urinal crowd will have to pay some money before using the restroom.”
Brilliant planning! Finally someone with a brain! The elevator at the chicago ave. brown line stop is disgusting within a 5 foot radius of that thing… IDIOTS built that there, thats all Im going to say about that
We wonder why the housing market is so slow. Well, it’s listings at 630K for West Loop for 2200 sf. WHO can afford this? Even with 20% down you’d need to get a jumbo. And if you could afford it, wouldn’t you want something a little more special than a “live/work” environment in which you lived over businesses?
While I’ll agree this unit seems a little pricey, I like the neighborhood. I’ve been working in this neighborhood for almost 4 years and I’d consider living here except that I don’t want to be THAT closet to work. Living in Ukrainian Village is close enough. I ride my bike through here every day. It’s a different neighborhood than it was in 1996 – when I first moved to the city and worked at Randolph and Odgen(just down the street from this building).
Well, the deli meat smell that pervades this area hasn’t change since ’96.
After doing a little research I found that the $300K+ paid in 2005 was for raw commercial space.
You *could* walk to the loop from here, but it’s 16 blocks just to the Merc. Way too far to even think about walking in the winter or on humid summer days. Ever try to catch a cab in the west loop? It’s one of the more frustrating Chicago experiences.
West Loop. All the price and none of the amenities of the rest of the green zone.
The prices in this “neighborhood” have to be the most out-of-wack in the entire city.
The noise of the Green Line in this area makes me believe that CTA trains actually do have a top speed of 55mph.
I like the place. Seems to be finished well and its in the green zone.
I work in the Wloop, frequent restaurant row, and think the neighborhood is great.
It probably is overpriced, but think the earning power of Chicago workers is generally under appreciated, especially on this blog.
Regards.
“The noise of the Green Line in this area makes me believe that CTA trains actually do have a top speed of 55mph.”
Couldn’t tell you of the actual speed, but they FLY between Ashland and Clinton.
i catch cabs in the West Loop all the time. And i rarely wait more than 5 minutes for one. but i must be the only one…I’ll be sure and tell the cabbies I see next that they should learn about these new streets in town called Jackson, Madison and Randolph.
and your comment on all the price and none of the amenities is pretty solid exaggeration.
$550K+ is my guess. and i think it’s a good value in the city.
I don’t underestimate the earning power of Chicago workers quite as much as you underestimate the willingness of Chicago workers to borrow to get into the homes of their dreams.
What side of the building is it on? Might make the El livable.
I don’t understand the hate for this neighborhood on this board. I really like this area and would highly consider it if I were to move within the city. There are tons of amenities, including lots of great restaurants and plenty of nightlife as well. Greek Town is a short walk and there are grocery stores not too far on Halsted and the new Jewell on Desplaines. Along Randolph and Fulton there are butcher shops, fish mongers, and other small food stores as well that have great products and are cheap.
On a nice day you can easily walk to the Loop and otherwise there are busses that will take you there. The CTA is a bit behind since there is no green line stop between Ashland and Clinton, but if the Morgan Street station ever gets built that will fix that. I think it’s also in the Skinner School district, which would make it attractive for people with young kids.
This unit in particular is right on the El tracks though, which definitely sucks because the green line is loud here since it actually does fly between Ashland and Clinton.
I have paced CTA Trains going 55-63mph on the blue line;
““The noise of the Green Line in this area makes me believe that CTA trains actually do have a top speed of 55mph.”
Couldn’t tell you of the actual speed, but they FLY between Ashland and Clinton.”
Old Hick,
If you think catching a cab in the WL is easy then I don’t believe you’ve actually tried it many times. Either that or you’re not even talking about the “West Loop”. Most people think that the actual Loop is the West Loop.
Then, after you just got done talking the WL up, in the same breath you say you would expect this place to sell for $550k. That’s 12.5% off its current price. Not exactly a ringing endorsement.
Earlier you said the gap from the west loop to RN and LP is closing? That doesn’t even make sense. What does the WL have going for it besides a few niche shopping and dinning options? Especially *this* part of the west loop.
RN: Convenient to everything in the core, great looking neighborhood, several Chicago institutions are at your doorstep.
LP: Quite possibly the single most beautiful urban neighborhood on the continent, great schools, the lake, the park.
What does the west loop offer to compare to those? I guess if you aren’t an active person and want to feel like you’re living in the poor man’s NYC concrete jungle without any of the culture than this would be the spot for you. I don’t get why anyone would want to live here. It’s easy enough to visit. (Hard to leave though thanks to the lack of cabs.) Everyone I know that lives here came from Kansas, Iowa, or Nebraska and I suspect they only moved here so they could prove to their friends back home how “URBAN!” they are.
Personally, I think the sun started to set on the dub-loop about 4 years ago. At least it was easier to catch a cab then.
what does the west loop offer compared to the single most beautiful urban neighborhood in North America?
i don’t know, man. you got me there. the West Loop certainly can’t compare to the most beautiful urban neighborhood in North America. I’ll start scouring Asia for a suitable comparison. or maybe I’ll train to become an astronaut so I can go scout Mars in a decade or so.
no one should want to live in the West Loop. you can’t ever find a cab (god knows no one ever walked blocks in LP looking for a cab…no, never) and man you’re a whole 10 minute jog (whoops, I meant 45 minute slow, laboring walk for the non-active country folks who live there) from the lake, Grant Park and a 20-30 minute walk, or 10 minute bus ride from your job in the Loop. I hate the restaurants in Greektown and off Randolph, and the short walk to Dominick’s or the quick cab ride to Whole Foods and all that shopping on Roosevelt really chaps my ass.
and the worst part of all — if you want boutique baby clothes or designer jeans, you’ve got to take a 15 minute cab ride all the way to the center of the universe…Lincoln Park, of course.
Detroit-area prices should come to near downtown Chicago and even that would be an insult to a prospective buyer.
i’m just glad you were here to set me straight. when I walk home this evening and notice another new business that’s just opened up in the West Loop, I’ll be sure to direct them to your post.
Dear old hickory: Wow. I didn’t realize that having expectations of more than a 2-br OK-looking condo in the WL for 629K meant that I was urging “Detroit-area prices.” I am sure that 2-br condos in Detroit sell for JUST UNDER 629K all the time. I’ve been so blind. Thanks for setting ME straight.
Oh, excuse me. Three-bedroom.
“After doing a little research I found that the $300K+ paid in 2005 was for raw commercial space.”
Dan: 2005 was the height of the market, so the “raw space” did not appreciate. This place is not rocking anywhere 300K in improvements.
The sarcasm here is reeking like a hobo on a hot summer day.
A ten minute jog to the Lake from this place? BWHAHAHAHAH!!!!!!
Now I’ve heard it all.
Enjoy the WL, guy.
Is there anything for the non-bachelorette party crowd in River North? I went condo shopping there when I first moved here & was discouraged by the freeway-like feel of the car traffic and complete lack of foot traffic.
I remember trying to get a cup of coffee between open houses and having no luck at all – everything was closed on Saturday mornings. And I’m a little too old to queue for Hubbard St. bars.
“A ten minute jog to the Lake from this place? BWHAHAHAHAH!!!!!!”
I was going to nitpick this one as well. It’s about 2 miles to the lake from here.
“It’s about 2 miles to the lake from here.”
So, you’re not quite as slow as Groove, but still slow. Doesn’t everyone else run sub-5 miles?
Lol at the thought of Old Hickory blowing through foot traffic and stop lights as he powers his way to 4 minute miles through the heart of the Loop.
lol, too
I run so fast by pretending I’m being chased by a mugger in LP.
LMFAO at this ask price.
But then again this place is SUUUUPER convenient to the Loop. Its only a 3 minute helicopter ride to the heart of the Loop.
The fly-by-night description of RN by condoshopper, having lived there in 2009, is right on IMO. Very funny.
RN is a very fine neighborhood and there’s a lot to like, but what part of it is “great looking”? Having lived in GC, LP, RN, FRD, and currently working in Wloop I can certainly say RN has the most concrete jungle feel hands down.
Wloop is such a large area. The parts I frequent are probably just the best parts, which may explain some of the disagreement.
HD,
In general and given the chance, peoples, municipalities, and governments appetite to borrow now pay later is really, really, really hard for anyone to over-estimate being it seems to be infinite. So I’ll consider myself with the majority.
Regards.
kinghippo: homedelete said you UNDERestimated people’s willingness to borrow, as you attributed their ability to buy this type of property not to borrowing but to the under-appreciated “earning power” of the Chicago worker.
LP: Quite possibly the single most beautiful urban neighborhood on the continent, great schools, the lake, the park.
LOL.
I was with you on the West Loop, but the sycophantic bluster about Lincoln Park is over the top.
Crap, my ital tags didn’t go through …
LOL old hickory please come back and post more often, you are a stitch (no homo)
The unit is off the market for the winter – there no offers but three individuals came back for multiple looks. The odd thing is that none of the three bought anything this summer. Apparently there are many scared buyers out there!
“Apparently there are many scared buyers out there!”
Are you being sarcastic? If not, then I “2nd your opinion” – and is the reason I always point out that when these “scared buyers” get some sign that the market is turning, they are going to buy and we WILL get a real estate rebound. It is inevitable – more importantly, I see it happening everywhere around me: people are getting restless, short sales are getting more troublesome to deal with and clients who are looking for personal residences and cannot afford to wait are being steered away from them, foreclosures usually need work and many are being kept off of the market – these are all signs that a rebound is on the way.
No I’m serious! One couple that looked at our place were really serious. At least she was and I think that he was afraid to pull the trigger. The world is aggressively trying to scare people out of buying property. Rates are low, prices are reasonable, and the economy is not perfect but also not gridlocked. The vibe out there is just anti buy especially for 2nd homes or luxury units!
I agree, JP3 – but just remember that all it takes is one buyer. Like I said earlier, people are beginning to realize that short sales/foreclosures aren’t all that they were hyped up to be. More importantly people DON’T want to compromise on their living space and, with short sales/foreclosures, what you see is what you get. If your place is in a good location/good building, it WILL sell. Maybe not today or tomorrow, but I really do see a rebound by this spring. The anti-buy vibe that you described was definitely out there and scared people – but now they are beginning to question everything and are beginning to think independently (thank you Obama for challenging the lemmings)
Prices are definitely up in the West Loop since 2013, 2200 sqft is selling quickly at 650-680, though its new construction, Carpenter just sold top floor 3 bed model unit at 1900 sqft for 800k. Large lofts selling at 500K typically, Renters now at 1800 for one beds and 2500-2800 for 2 beds! But this area is now for the Elite — all others must leave, lol. They don’t want you living here anyway…. rather they just like you to stop by and visit the venues, restaurants and sports bars, then go back to your hoods 🙂