Sign of the Times: Theater District Lofts at 1107 W Lawrence
Uptown has always had such promise. Tucked between Lakeview and Edgewater with access to the Lake, it has just never really taken off. But during the boom, even Uptown saw price appreciation. It’s no longer unusual for someone to pay $300,000 for a two bedroom condo in Uptown.
But how long will that last in the bust?
Thanks to the Tipster who gave me information on these units at the Theater District Lofts at 1107 W. Lawrence near Broadway in Uptown.
The 1920s building was converted in 2004. The hallways are still the original marble. The lofts have 11.5 foot ceilings, french doors that lead to balconies and there is parking available.
Two units, with clearly different circumstances, are currently on the market.
Unit #207: 2 bedrooms, 1 bath, 960 square feet
- Sold in July 2004 for $232,000
- Currently listed for $253,000
- Assessments of $197 a month
- The Kuehl Group Inc. has the listing
Unit #203: 2 bedrooms, 1 bath, 1100 square feet
- Sold in September 2004 for $285,498
- Currently listed for $235,900
- Assessments of $225 a month
- There’s one car parking with this unit but it’s unclear if that’s included in the price
- Alana Golubic at Coldwell Banker has the listing
Uptown is ghetto. Too many gangbangers, drug dealers, and hypes. Don’t forget all the looney bins on Sheridan and up on kenmore. What is the price of your safety?
Uptown certinly has somm ghetto areas. It will stay that way until Schiller is gone.
Aren’t the only northside metahdone clinics in uptown?
It’s not exactly unsafe, in general, but development has been basically on hold for most of the past 20 years coutesy of the Alderman. Stops it from transforming into the really nice neighborhood it could be.
soooooo. supposedly there is a 20 story development moving forward in the parking lot. so the great unit 207 is going to be under construction alert and then is going to look into a garage. also for unit 203, the corner….there are some noise issues with the kinetic playground theater downstairs. i actually put in a bid for 207 and pulled it after a found out about the new backyard. too bad. the building is awesome. parking “comes” with the unit…meaning you can park in the lot. the developer has supposedly offered covered spaces to the current owners at 26K a pop. check out the theaterdistrictlofts.com seems shady…..
Just an update: My offer was rejected finally. The listing agent says they have offers above the asking price.
Well, if that’s the case, there is no law against being dumb.
Jason,
When you see this still on the market next month, make a lower offer. That will show them.
Yep- especially with the high rise supposedly going in right next to the building.
Why would you overbid on a foreclosure? There is way too much inventory to be overbidding or getting into any kind of bidding war.
BTW, for you following 1107 W. Lawrence, it is still on the market despite the listing agents representations that the bank had accepted an offer above asking price.
Jason, what offer did you make, and on which one?
205, Unit 203
And they rejected that out of hand? Unbelievable. I’m with G on this one. Offer $200.
That place has too many issues, I lost interest.
Unit #207 Under Contract at current listing price of 253k
I don’tr believe it is umder contract for listing price, I guess there is a sucker born every minute!
What about 203?
Jason, We can’t assume anything. If we had to assume anything the market rate predicted the price. The market price is what an able buyer is willing to give the seller…
I’m just showing that it was listed at 253k when it went under contract… #203 is still available according to the MLS…
Lying listing agent? The listing agent has repeated represented to me that this property was under contract. She rejected my offer saying that the place went above asking price. Why are they now increasing the price? It had a price increase today on the MLS. Any thoughts?
Jason,
Who knows? It was only increased slightly. Countrywide appears to be the processor for Deutsche Bank on this property. They are both swimming in REO’s that they have no idea what to do with. No big surprise that whoever would have put in an offer over asking price could not close the deal.
By the way, unit #207 is no longer under contract and the listing is shown as expired. There was no closing in the public records. It is interesting that city agent left out the fact that the contract he previously mentioned was from 8/10/07. It sure is tough to get all the pertinent facts from an agent, isn’t it?
I am not sorry that you lost interest in being a knife-catcher, but I would have loved for you to go back with a lower offer.
I think I might. I orginally wanted to bid $170,000.00 I think that safely gets me out of the knife-catcher range. Do you? You would think the bank would just want to get rid of it.
Uptown? Building surrounded (or about to be) by brick walls, and about to lose its parking? If in a building full of foreclosures (or about to be!), if it’s worth $170K it’s only just barely.
Well put.
Right. This property might not be much of a “deal”. And by buying it- you’re going to be stuck there for a long, long time.
Who wants to live right next to a construction zone anyway when there are all of these other choices?
It’s interesting that the bank is trying to get more for it though. Don’t they know the #2 rule of real estate? (with “location” being #1)
The first offer is almost always the best offer (or, at least, 80% of the time, according to studies.)
jason
there is so much more out there. but i fell in love with the entire building, so i can see where you are coming from. if you do get the place you will have to sage it. not sure why the price went up, other than the fact most of the places in uptown i have been looking up raised their prices post super bowl. after seeing a ton of other props…i now want real windows in the bedrooms too. the only exposure in that place was where the parking garage is going to be.
the other unit is a corner unit right on the el for those that are curious. it was under a contingency i believe.
What do you mean by sage it?
Looks like the listing on this unit is finally inactive. That could mean anything, but maybe it sold. It will be interesting to find out. (Y’all have more access than me, so maybe one of you knows what happened.)
Jason,
Unit #203 has a new contingent contract dated 3/12/08.
Unit #207 is still showing up as pending under a contract dated 8/10/07.
We will have to wait to see if either of these close.
sage it… some sort of energy healing technique to get rid of the bad financial mojo there.
Well, I see that the listing for unit 203 is again listed as “active”. The listing says that the parking, may or may not be available for rent or….. but I can’t get access to the rest of what it says.
People must be realizing the problems with the building and backing out. What do you think?
Also, you should check out this building at 811 W. Eastwood. It seems like there is a new foreclosure in the building every day. 501 and 504 are now in foreclosure.
Interestin my realtor is checking this out.
Just thought I’d post another comment here to see if anyone had any further comments on this place.
Jason: Do you really want to be buying when there is going to possibly be a highrise that is built right next to the building that will block views/natural light?
I bet other people are finding out that this unit, even at the foreclosed price, is still not much of a “deal.”
I work with kids in Uptown after work so I have working knowledge of this place. Uptown is not really dangerous, it just appears to be because of freaks out on the streets at night. The biggest issue is that the city threw every unwanted social institutions into this part of town. It has homeless shelters for both adults and children, a psychiatric center et al. Until these places are moved to a new location, it really can’t take off. The city is busy revamping other parts of town so it might be a decade before it is “gentrified”. Remember how long it took the city to move the residents out of Cabrini Green? This will take way more time. However, there are amazing houses on the side streets that I am tempted to buy if I had the time and capital to throw away.
Hey all,
Can anyone find a sale price for this unit?
Never mind. The place is back on the market. Maybe I should go back and offer $150K again!
pleasepleaseplease go back back and offer $145!
Okay. I will.
The listing for #203 was “reactivated” at the prior price increase to $237.9K. I would have figured that Countrywide would know the trajectory of their “asset” values by now. Oh, that’s right, their business plan was completely dependent on the immutable rule that “real estate always goes up.” LMAO.
Jason, I stand by my comment from Feb 13th above: Lower your offer. It will serve the market well by conditioning agents and REO sellers to the current realities. Have no fear, capitulation is near. If not here, there are many, many more to come.
Unit #207 is still showing up as pending with the same contract from 8/10/07.
Unit #201 went on the market 4/27/08 for $310,000 ($244 assmt.) It is a 2Br/2Ba 1,285 sf. It last sold 5/6/04 for $298,000 with a mortgage for $238,320. They will be upside-down on their purchase, but it remains to be seen if they will be bringing cash to closing.
I will also note, that they were willing to sell it for $225,000.00
Well, they dropped the price on this place. $150? 😉
Unit 203 is now listed at $230.9k at the Coldwell Banker site, its 237.9k elsewhere. Given the price discrepancies depending on source, if I was the owner I definitely wouldn’t be getting a warm fuzzy feeling of competence from Coldwell Banker.
Maybe the more we google it the lower price we’ll find!
City agent from searching the Tribune website, 207 never sold this year or last. Last time it sold was on 8/30/04 for 232k. As you can now see going under contract does not in fact result in a sale. No 253k was ever spent for unit 207.
Jason if you really want to live there if it lists again give a lower offer than your original and ask the agent what happened to their Feb contract. Telling fibs city agent or did Mr. Big never show at closing?
That place 207 was under contract. Not sure what happened. 203 was also once under contract. I offered $170K before, and the listing agent was a real BI$&%. Truely though she was hot shit. Not that interested in that place unless I get it dirt cheap. But I am curious to see what happens. It is still a cool urban building.
City Agent has always been helpful (for a realtor) hahahahaa. Kidding.
I went and saw this unit again. Still like it. I realized that I originally bid $205K on the place, and the lisitng agent rejected the offer and stated that she had an offer at asking price. I also went and talked to some people who lived in the building and they really didn’t have that many complaints.
I am now offering $185K. (Thought some of you might find that amusing, going back with a lower offer.)
Correction: I offered $180 to the bank.
Bank came back and offered something like $230,400. ($500 off asking price.)
LOL!
Thanks for the update Jason.
You just have to give up on this property and move on. There are dozens of other foreclosures coming on the market every week. That property is just not worth it (and not worth $230,400.) Good luck to that bank.
Do you have a good place where I can view them with out endless searching?
Listing agent claims that the other offer was $241,000.00 We suspect that they could get a loan.
Thinking $205 is a good price after looking at the comps. You just have to assume that there is no parking. I wonder if people buying these days understand (“the Bubble”) And how to value a property.
UNREAL!! Just for kicks, I offered $205K. The bank’s response was that they do not even want to talk to/deal with me unless I make an offer at full price!! The bank is Countrywide.
I’ve heard several news reports of Countrywide still offering aggressive subprime loans and encouraging people to inflate their income – they don’t appear to have caught up with the times.
I am not surprised. They are now getting sued over it.
Price dropped! they are now @ $210K. On May 15th the listing agent told my agent that they wouldn’t even talk to me unless I offered full price.
Lower your offer by 5k. It is apparent who has the leverage here.
i keep watching this unit too. it is a great space and the building is cool. did you see the corner unit that was up for sale as well. not sure if it is still on the market. 2 and 2 i think. 312,000ish. i hope you get it jason. i think the development behind the building is years away now. btw, the agent is a tool.
coops: Jason has moved on. He bought a different property on Magnolia instead.
Well, this listing is inactive now. That agent really thinks she is the something. So much for getting ‘over asking price.’
As far as Magnolia, I’ll keep you posted. Things are going fine.
I checked out that website uptownupdate.com. They really make that place seem like a war zone. I lived there for 5 years and never had a problem.
However, it does have bad elements and Schiller has to go. Its time for “change” in Uptown.
Jason,
Let her think she is something in her new career. There is going to be a huge shakeout in all sectors of real estate. Especially hard hit will be those who depend on hourly work or commissions.
Of the real estate agents that will be out the door will be those aren’t as good/friendly as others. With her attitude I doubt she will survive the RE slump and remain a realtor.
For those of you who followed this string, this unit sold.
$210,000.00
1107 W LAWRENCE AVE 203, CHICAGO, 60640-7046
DANIEL QUIROS sold to EVALYNN BARNETT
Right now there are 7 units empty in this brand new rehabbed building.They where all full not even a year and a half ago. I myself lived there for 5 years(scary and not cause of the gangbangers). People with children have moved out because of the creepy feelings and noises. I never believed in anything haunted,but try this one out and give me YOUR opinion!!!!!!
Glad to be out!!