Short Sale Alert: 33% off Authentic Loft at 3201 N. Seminary in Lakeview
This 1 bedroom timber loft at 3201 N. Seminary in Lakeview just came on the market as a short sale.
It is listed at 33% off, or $100,000 below, its 2005 purchase price.
It has 800 square feet, 13 foot ceilings, central air, washer/dryer in the unit and an outdoor assigned parking space.
The unit is also just 3 blocks west of the Belmont El stop.
There’s no granite or stainless steel in the kitchen, however. And the listing says it’s leased until October 2009.
Is buying this loft at this price a better deal than renting?
Michael Sorenson at Re/Max City has the listing. See the pictures here.
Unit #208: 1 bedroom, 1 bath, 800 square feet
- Sold in September 2005 for $300,000
- Short Sale
- Currently listed for $200,000 (parking included)
- Assessments of $175 a month
- Taxes of $2978
- Central Air
- Washer/Dryer in the unit
So? I see short sales in river north with granite and SS for 200k. I dont think they come with parking though. PS the link is busted.
That place bloooooows
What do you think it would rent for, with the parking?
$200k is probably okay, but I doubt that price is the real price, approvable by the lender.
$1k a month would probably get this place rented.
I can’t see pics as the link is broken, but given the available listed amenities and incomes for the area 200k seems about right.
I’m a little confused.. it was bought in 2005 for 300K and first listed at 200K? Have they even tried to sell it for more?
This url works:
http://www.redfin.com/IL/Chicago/3201-N-Seminary-Ave-60657/unit-208/home/13380495
This last sold 9/05 for $299,900 with 100% financing from Long Beach Mtg Co (two notes, $239,920 + $59,980.)
It was listed for sale on 2/7/08 for $324,900 and reduced to $299,900 before the listing was cancelled 7/7/08.
They don’t deserve to get off with only a short sale. Heres to hoping this thing winds up in foreclosure and they’re precluded from home ownership for the next decade.
Given how finicky I’ve heard banks are with short sales and honoring the listed short sale prices, it just might.
I think I was considering renting this place back in October, but never managed to drag myself the four blocks over to look at it.
At the time they were asking $1500.
> They don’t deserve to get off with only a short sale.
Don’t forget to give them a firm spanking too!
$1500/mo is too high and the purchase price is suspiciously high.
I lived in this building, and I’m pretty sure this exact unit, exactly two summers ago. We got it as a 3-month summer sublease for $1600/mo and while the unit itself needed a rehab (kitchen, counters, cabs, appliances, bathroom, furniture, paint), it was a really phenomenal space and location with a lot of potential. The loft feels huge and I’m pretty sure the ceilings are 14 (not 13) feet. Great windows as well. I told my girlfriend at the time that we should consider buying something like this if the price were only $100k lower. (The owner was asking $325k at the time.)
The only real problem was that the neighbors were complete and total jerks, and the overall bustle on Belmont was a bit loud on weekend evenings.
Sorry about the link. It’s fixed.
1500/1600 in rent is a RIP OFF for this place. I live in the loop for that and have more than 800 square feet (like 900 something?) plus a balcony and am on the 2nd to top floor with the best views in the building. This place is worth MAYBE $1,000 a month or 1,200/month ish with covered secured parking.
If I were buying this place, I’d gut it and do it right. Those interior walls / separators are just awful.
I dont even know what is going on in picture 7. it makes my head hurt.
also, it seems like the pic of the outside/front is mostly of a different building, with a turret…odd. And if I’m not mistaken this is above a thrift store that doesn’t smell so great.
I used to live in this neighborhood , and it’s generally a great place to live. I paid $1000/month for about 1000 square feet, but it wasn’t nearly as nice as this looks from the pictures (I had no deck, crappy appliances, window ac units, radiator heat).
BTW, it’s about 1 block from the el, not three blocks. El stop is at Sheffield and Belmont.
No offense a, but you can’t compare living in the Loop to living in an actual neighborhood, unless all you care about is a short commute.
Er, actually it’s two blocks from the el. Still, how does a listing agent get that wrong?
The place is a mess.
If Seminary is 1100W then the el is just under 1.25 blocks away. There are 8 full blocks to a mile and each north/south street is 1/2 block. Sheffield to Lakewood is 3 blocks or 1/3 mile.
Going south from madison there are 12 block to the first mile. Madison to Roosevelt [12th st] is 1 mile.
“I see short sales in river north with granite and SS for 200k. I dont think they come with parking though.”
A, I’ve been looking in river north, and am just wondering where you’ve seen these listed.
“Going south from madison there are 12 block to the first mile. Madison to Roosevelt [12th st] is 1 mile.”
10 blocks to the second mile south (Cermak.)
9 blocks to the third mile south (31st St.)
8 blocks to a mile thereafter.
JP$, current 1BR listings under $200K in River North can be found at Ontario Place (10 total), Marina Towers (2) and Plaza 440 (5).
Include the Gold Coast and Streeterville and the Near North Side currently has a total of 69 available.
Some are likely convertibles given typical listing practices.
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JP$ on July 14th, 2009 at 9:09 am
“I see short sales in river north with granite and SS for 200k. I dont think they come with parking though.”
A, I’ve been looking in river north, and am just wondering where you’ve seen these listed.
Check craigslist, they pop up every now and again. It isnt a rare thing to see.
How much is the parking and assessments for those 200k River North 1 bedrooms though? $30-40k for parking and assessments of $400+ most likely.
This place at least includes a parking space and only has $175 assessments. I’d rather live here than one of those foreclosure/short sale hell buildings listed above.
I don’t see how anyone can compare living in a traditional high-rise condo to one of these lofts. They look and feel completely different from your traditional Ri No apartment. 800 sq ft in a walled off apartment with 9-foot ceilings feels nothing like an open loft with 14-foot ceilings. Plus, some people (like myself) don’t like living in mid- or high-rises. Three stories and a smaller building structure gives it a much more “neighborhood” feel.
They need to be gutted, painted, and cleaned up, yes, but with some cash and some elbow grease this would be a fantastic loft.
Then again, you definitely have to like the area. Boystown / Lakeview isn’t for everyone.