Reduction on 3-Bedroom Soda Pop Factory Loft: 1001 W. Altgeld in Lincoln Park
We last chattered about this 3-bedroom brick and timber multi-level authentic loft in the Soda Pop Factory at 1001 W. Altgeld in March.
See our prior chatter and pictures here.
It has since been reduced $16,000.
Joseph Siciliano at @Properties still has the listing. See more pictures here.
Unit #1: 3 bedrooms, 2.5 baths, 1800 square feet, 1 car parking
- Sold in June 2005 for $500,000
- Sold in June 2006 for $535,000
- Was listed in March 2009 for $525,000 (parking included)
- Reduced
- Currently listed for $509,000 (parking included)
- Assessments of $359 a month
- Taxes of $6518
- Central Air
- Two decks
- Woodburning fireplace
A bit far west, and still a little high on the list price. But this is nonetheless one of the more interesting (i.e., worth buying) places about which CC has chattered in a while.
Now, if only the government would make the following change to the downpayment tax credit program (currently at $9k): Allow a credit of up to 5% of the purchase price, but no more than $25k, subject to reasonable credit and income criteria. While they’re at it, (i) force the lenders to make loans at no more than 5.25% interest to borrowers with 10% down payments, and (ii) make 100% of PMI tax deductible.
Anonny I think they should allow a credit of up to 100% of the purchase price, but not more than 525k. It would certainly induce me to purchase.
definitely looks nice, but assessments (which don’t include much) and taxes are $800/month…I like it, but can’t help but feel like it’s not worth it until 450k or under…maybe I’m just being greedy.
Isn’t the current credit 8k, not 9k?
A bit far west? I mean it’s not close to Clark and the Park, but it’s not like this is Clyborne and Fullerton…. 2 blocks away from the red/brown/purple line and Fullerton bus is a def. plus… Dominicks a few blocks away… not to mention all the hottie co-eds near this area.
Current credit is 8K
Seems like there has to be a catch, though. 500K for a 3/2.5 sounds like someone should catch the knife if the previous Chatter for a 3/2 went for $525K (Granted it was a SFH)
7, 8, 9, 10k…none of which will make or break a purchase on a place in this price range.
“(Granted it was a SFH)”
Yeah, with $300k of land and a $225k structure. This is a $500k structure, with basically no land.
Lower level is below grade….meh
Location is sublime. Huge park a block north, right by the L, DePaul, Lincoln Ave, a hop to the beach…
This was last the Lasser’s Soda factory, they used to have a good 25 different flavors, and gave free tastings to customers, and cagey kids who walked in right behind customers. : )
One word for this apartment…YUCK…
I love being right.
http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=31975&seenIt=1
Thanks for the link.
This is 2008 data- none of which is surprising. No one has said that LP or Lakeview saw huge drops last year.
It’s also only for single family homes.
The upper bracket is tough right now as this agent in Winnetka describes in the article:
“In wealthy areas like Lincoln Park, where single-family home prices dipped just 2.7% last year, Mr. Miller says demand will return once home shoppers believe prices have bottomed out.
Lincoln Park also fared better than less-affluent locales in the last severe recession, in the early ’80s, says David Hall, who has headed the Coldwell Banker branch in the North Side neighborhood since 1986. “Lincoln Park is blue chip real estate,” he says.
One broker who focuses on North Shore suburbs says she thinks Fiserv’s forecast of a 6.1% decline for 2009 is optimistic. Daverille Sher, an agent at Baird & Warner’s Winnetka office, says high-end homes haven’t outperformed the overall market; she is advising clients to hold off on listing their homes, if they can.
“People on the market right now really need to sell their homes,” Ms. Sher says. “There are beautiful homes that are well-priced that are just sitting on the market. That’s not a bottom to me.””
Steve Heitman on April 27th, 2009 at 7:19 am
http://cribchatter.com/?p=6671#comment-34345
“Pay a lot of attention to this article. It is exactly what I said last week and March numbers are nothing. May & June #’s will not only be higher month over month, they will also we higher than 2008 numbers. This is a big step forward.”
G on May 2nd, 2009 at 7:39 am
“Still at record low sales and contract numbers for April in LP.
The only thing “soft” is the gray matter of those who believe the price declines are complete.”
Steve Heitman on May 2nd, 2009 at 4:53 pm
“Sales will be flat or slightly higher for May and June. You look in the rear view mirriw and I will look at what is coming.”
Sabrina on May 2nd, 2009 at 10:17 pm
“Steve: Compared to what? The months prior? Or year over year?”
Steve Heitman on May 3rd, 2009 at 6:45 am
“year over year Sabrina.”
The results are in for May condo/TH sales in Lincoln Park:
May 2008 = 115
May 2009 = 78
The YOY decline of 32.2% exceeded the April 2008 to 2009 decline of 21.6%.
So, SHill, is this a big step backward?
G: Thanks for the update (and the laughs by posting the whole chain from last month.)
I was wondering what had happened in LP in May. Wow. We’re still seeing sales falling like a rock.
What were sales at the peak years in LP during May (if you have such data?) 2005, 2006, 2007?
Just wondering for comparison purposes.
What about single family homes in LP? Also a similar sales decline?
Steve Heitman on June 2nd, 2009 at 8:03 am
“Hey…. Who said May’s numbers would be great? I did!! Looks like the bottom is in place folks. Deflation is no longer a risk and who does inflation help??? That’s right… the leveraged!!
Sept – March #’s should be ignored and May and June will show you the current status of the market.” http://cribchatter.com/?p=6865#comment-37779
I think the SHill missed my last post above.
Sabrina, Here are the historical sales volume numbers for LP attached and detached:
Year Att Det
1988 76 20
1989 97 16
1990 113 21
1991 121 27
1992 132 25
1993 124 17
1994 99 33
1995 99 25
1996 138 22
1997 126 23
1998 144 16
1999 126 16
2000 144 23
2001 99 17
2002 117 23
2003 138 22
2004 127 22
2005 175 16
2006 160 16
2007 176 15
2008 115 14
2009 79 6
The 6 detached sales in May 2009 were as follows:
(1) 2706 Wilton sold 5/1/09 for $515,000 rehabbed since prior sale on 6/18/98 for $282,000.
(2) 1952 Maud sold 5/8/09 for $900,000 prior sale on 3/14/03 for $1,025,000.
(3) 2525 Greenview sold 5/1/09 for $2,025,000 prior sale 3/15/07 for $2,235,000.
(4) 625 Schubert sold 5/13/09 for $2,200,000 new construction first listed 9/28/08 for $2.895M with reductions to $2.575M and $2.275M.
(5) 1827 Sedgwick sold 5/12/09 for $2,375,000 after gut rehab first listed 9/22/08 for $2.95M with reduction to $2.7M.
(6) 2212 Cleveland sold 5/16/09 for $2,475,000 new construction first listed 10/23/07 for $2.995M with reduction to $2.795M.
Wow, 6 homes. We must be at the bottom because it cannot possibly go any lower, right?
That could be a volume bottom for detached. The price reductions are underway and, as we know, that could lead to sales volume increases.
I predict a few more months of single digit detached sales. Sellers in LP can be pretty hard headed (especially if they’ve got Steve as their realtor) and it’s going to take a while for this new paradigm to sink into their rock hard skulls.
While not a huge number of sales, I was under the impression that the high end market was at a TOTAL stand still? Isn’t that what was told to me a few days ago? Interesting to see how NYC’s high end would compare to Chicago’s. But then, Chicago’s high end are usually entry level in NYC…
“But then, Chicago’s high end are usually entry level in NYC”
You mean Manhattan, man. Only about 20% of NYC’ers live in New York County–and 80% of them are renters. So you’re talking basically the top 5% of NYC housing–compare that to the top 5% of Chicago housing, and it’s closer, but Chicago is still clearly cheaper.
Much of Chicago is more like Queens. In Queens, over 40% own their homes–which is right in line with Chicago.
“Only about 20% of NYC’ers live in New York County–”
Lets not forget Manhattan is a long island. There are parts of Manhattan that are more reasonably priced than others. Coincidentally these parts typically aren’t on the tourist maps that end at 125th st. Think Inwood, Washington Heights, etc.
As recently as 2000 I remember seeing a 2/2 in Inwood for 200k. Its probably double that these days, but what does 400k get you in UES? A studio?