Sizzle! 63% Possible Appreciation in this West Loop Loft in Just 2 Years: 11 N. Green
This 2-bedroom duplex up loft at 11 N. Green in the West Loop came on the market in mid-May 2018.
If it looks familiar, that’s because we chattered about it in March 2016.
Two years ago, we wondered if it would get multiple bids given the low inventory (and some of you also wondered why we weren’t chattering about more “interesting” properties. Lol.)
See our chatter here.
If you recall, it has 17 foot timber ceilings with exposed brick and a wall of glass block for extra light.
The kitchen looks the same as in 2016, with white cabinets, granite counter tops and stainless steel appliances.
The master bedroom is on the second floor with its own bathroom.
The second bedroom is directly under the master on the main level.
It has central air, washer/dryer in the unit and garage parking is now included.
If you need extra storage there is also a 200 square foot storage space in the basement of the building.
In 2016, it was listed at $435,000 including the parking and sold over list for $446,500.
I’m assuming that meant it got multiple bids.
This go around, it came back on the market at 71% higher than the 2016 sales price, at $599,000.
It has been reduced 8% to $549,999.
But that still means the seller is trying to get a 63% premium in two years.
The new McDonald’s headquarters has opened in the neighborhood and inventory is lower than ever.
Will this loft get the premium?
Weston Harding at X Plus Real Estate has the listing. See the pictures here.
Unit #2A: 2 bedrooms, 2 baths, 1400 square feet, duplex up
- Sold in October 1995 for $194,500
- Sold in September 2000 for $312,000
- Sold in June 2003 for $315,000
- Sold in June 2009 for $332,500
- Was listed in March 2016 for $410,000 (plus $25,000 for the parking)
- Sold in May 2016 for $446,500
- Originally listed in May 2018 for $599,000
- Reduced twice
- Currently listed at $549,999 (includes the parking)
- Assessments are now $407 a month (they were $368 a month in 2016 (includes exterior maintenance, scavenger, snow removal)
- Taxes are now $5289 (they were $4287 in 2016)
- Central Air
- Washer/Dryer in the unit
- Bedroom#1: 16×11 (second floor)
- Bedroom #2: 11×11 (first floor)
“71% higher than the 2016 sales”
Pretty sure that would be $763k.
Original list was 34% higher, current list is 23% higher.
Not much of a view. Appears to look at a brick wall.
There may as well not be windows at all in this place. I can’t imagine anyone living here. It could be a nice AirBnB if the building allows it.
It’s good to see these prices in the West Loop though. It’s pricing people out and the realtor in my neighborhood was saying that he’s seen more activity/better prices because people can’t afford the West Loop and are looking at my neighborhood (about 1.5 miles south).
LOL only 550k for a view of the back of a whole foods loading area and its accompanying cinder block wall
sleeping area only for midgets as well
Why’d they angle the island? Hate that.
That’s one of the worst views possible, damn. Very small BR ceiling as noted, but they do have one of my favorite old school Chicago pictures mounted!
That “view” and that bathroom tile? They are pricing this simply based on location alone.
I’m the former owner from 2016. 🙂
To address a few comments:
There was a bidding war when I sold it back in 2016.
The view does indeed suck. It’s actually the back of WCIU-TV, as the Whole Foods Market is on the other side of Halsted St.
The bedroom ceilings are actually normal height but look small because of the high ceiling in the rest of the living space.
The angled peninsula (you can’t walk around all four sides) was both a blessing and a curse. It depends on whether you want more space in the kitchen or the living room. The gas line for the stove is underneath near the back wall, so moving it back would be a major pain.
As for why it rates as an “interesting property”: I bought this place specifically because it didn’t look like the cookie-cutter 2+2 timber lofts that make up the bulk of the inventory in the West Loop. I had recently sold a place like that during the Great Recession, which as you can probably predict was a race to the bottom. I wasn’t going to put myself into that position again.
I got compliments from just about everyone that ever stepped foot inside. That huge ceiling made for great entertaining space: every year for New Years Eve I’d do a balloon drop. Can’t do that in a normal condo!
I’m not sure I see the appeal of 17-foot ceilings. I stayed in a hotel room a few years ago with very high ceilings and it was a strange feeling, like being in too big of a space. Not cozy or homey, in my opinion. But maybe it’s just me.
I’ll grant you, this place isn’t cookie cutter. I like the timber ceilings.
The view kills this place. I think it would be great as an AirBnB though if the building allows it.
It’s great to see the prices in the west loop sky rocket. I live about 1.5 miles south of here and as people get priced out of the west loop, they are increasingly looking at University Village (according a neighborhood realtor).
” But maybe it’s just me.”
Dan #2 – When we left our high ceiling lofts to a standard ceiling house I recall feeling really closed in that first night. The ceilings were “so low” that I had trouble settling down. Got over that irrational fear fairly quickly but it was an odd moment in time.
That angled peninsula definitely looks weird, but I can see the benefit if you were using the kitchen with someone else. My last kitchen had that same structure (peninsula, only one way in or out, kind of small because it was open to the living/dining room), and by the end it felt tiny and was driving me crazy whenever anyone else was cooking with me. The angle makes the kitchen look (and probably feel) way bigger and means someone could be using the peninsula without being in the way.
Anyway, it’s not my style, but I think it’s cool looking for sure, and not cookie cutter. Shame that the view is not better.
From the old chatter, and for what it’s worth, I’m definitely interested in looking at properties from all over the city; I think it’s fascinating to see all that is available and the different prices.
another day, another kitchen range without a hood vent. No thanks!
When I gutted a bath in my old places and rehabbed it for use as a rental, I used the same tile from Home Depot as is in this place’s master bath. Just not a $600K place to me. Mainly due to finishes and views. Current owners haven’t put anything in to this place so they are just trying to see how much they can get. Even though they got into a bidding war and won when they bought it (which should be their clue they paid market or better), they must be under the impression they got a deal on top of subsequent price appreciation.
I did some minor updates to the bathrooms prior to selling. But overall they are original, dating back some 20 years at this point. They, along with the kitchen cabinets, need updating.
Yes, the lack of decent exhaust ventilation while cooking was a problem. There is an exhaust fan in the ceiling, but the aromas have a long way to travel to get up there. Supposedly a few companies make down-draft ranges but such a design is inherently flawed when cooking with gas.
To those who think the seller’s price is inflated because of location: you are absolutely right, but can you blame him? The location is darn near perfect: downtown is a quick walk away, easy access to highways in all directions, trains and buses are all easily available, and that block of Green Street is pretty quiet despite being in the middle of it all. There’s no shortage of celebrities frequenting the area. You can walk to the United Center, and in fact Ed Belfour had a place in this building back in the late ’90s. (He drove the neighbors nuts, from what I’ve been told.) You can literally crawl home from the restaurants on Randolph Street if you wanted to. My GF (now wife, which is why I moved) and I would take our dog to Little Goat to eat dinner outside so often I actually found myself saying “jeez, do we have to eat at a Stephanie Izard restaurant yet again?” Yep- lots of First World Problems in that area. 😀
“The bedroom ceilings are actually normal height but look small because of the high ceiling in the rest of the living space.”
I don’t think you appreciate how tall ponies is.
yeah I am not of normal height
I think the tallest person I ever had in there was 6’5″. They fit without a problem, though anyone above 6′ needs to be mindful of the ceiling fan near the top of the steps leading to the master bedroom.
Speaking of that staircase, in case anyone is wondering: it’s not as hard to climb while drunk as you might fear!
> Airbnb
Well that would be a terrible investment.
Jonny_O – you sure made out well on this one.
Someone will pay for the unique space. Sure, it needs updates at this point, and the loft studio is always a little weird, but if you are a single person or young couple making bank and working in the west loop/loop, why not have a unique space for 3-5 years?