South Loop Loft Sells for $15,100 Over List Price in 4 Days: 1439 S. Michigan
This 2-bedroom penthouse loft in Trevi Square at 1439 S. Michigan in the South Loop came on the market on March 3, 2016.
It was a duplex corner unit with 17 foot ceilings and walls of exposed brick and concrete ceilings.
The kitchen had white cabinets, granite counter tops and stainless steel appliances.
The master bedroom was on the second floor while the second bedroom was on the main level.
It had the features buyers look for including central air, washer/dryer in the unit and heated garage parking which was $30,000 extra but had to sell with the unit (most likely because it’s not deeded separately in the public records.)
Listed at $349,900 plus $30,000 for the parking, this loft was under contract in just 4 days.
It just closed, including the parking, for $15,100 over the list price at $395,000.
Are you ready to bid over the asking price to get the property you want this spring?
Jacqueline Colando at Redfin had the listing. You can still see the pictures of the loft here.
Unit #612: 2 bedrooms, 2 baths, 1300 square feet, duplex up
- Sold in February 1998 for $188,000
- Sold in May 2007 for $375,500
- Originally listed on March 3, 2016 for $349,900 plus $30,000 for the parking = $379,900
- Under contract on March 7, 2016
- Sold on April 20, 2016 for $395,000 (included the parking)
- Assessments of $464 a month (includes cable, internet, exterior maintenance, scavenger, and snow removal)
- Taxes of $4292
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×12 (second floor)
- Bedroom #2: 11×9 (main floor)
I can see why it sold over the ask price. It’s a really attractive, interesting loft; it’s huge, and it has a higher level of creature comforts than many lofts- note that nice, comfortable, safe staircase.
The development of the South Loop has been interesting to watch over the past few decades- when I came to this city 30 years ago, this area was the Badlands. Actually, redevelopment plans were in place even then, but most people weren’t aware of them. I find that this area is beginning to “grow” on me as I hang out there more.
If I recall correctly, neither bedroom had a window and the kitchen was tiny. Looking at purely metrics, this appeared to be underpriced at list. I appreciated the overall space and 2 floors. Bedrooms and small kitchen worked for someone apparently.
“Looking at purely metrics, this appeared to be underpriced at list.”
Those were my thoughts looking through the listing. However I didn’t have the benefit of seeing the property in person, which can obviously make a big difference. Either way, even if the property has some flaws this seems like a decent buy in today’s market.
I’m glad I’m not in the market to buy – it would be a huge mental hurdle for me to pay above asking price for a home.
I love that the kitchen is tucked out of the way in this place. It could use some updating, but since it’s tucked away, I wouldn’t be in a rush to remodel it.
Looking at purely metrics, this appeared to be underpriced at list.”
The 2007 price is “underlist” now?
So you agree with me that the bubble prices of 2007 are a thing of the past. We have WELL surpassed those in the GreenZone now- even in the South Loop which was one of the most speculative neighborhoods during Bubble 1.0.
I like this loft. Fireplace has an attractive prominence in the space. Granted, kitchen could use some updating, but not a deal breaker at this price.
Does saying bubble 1.0 imply there is an impending bubble 2.0? I’m not seeing it. I’m not seeing teaser rate loans being shoved down low credit tier buyers throats.
What I am seeing is healthy job growth in the Loop.
https://www.bisnow.com/chicago/news/commercial-real-estate/the-loop-is-one-of-americas-fastest-growing-markets-58883#ath
Any surprise South Loop and West loop are heating up after reading that? Contrary to popular opinion I believe this new glut of apartment buildings will be additional fuel. At some point all these renters lured in by the new construction will realize they are insane for paying 5k/mo for a 1200 sq ft luxury rental and better off tossing in a little down payment to reap some tax benefits.
The ceiling is so filthy with lint. That would be so hard to clean because it is so high. Gross.
“Does saying bubble 1.0 imply there is an impending bubble 2.0? I’m not seeing it. I’m not seeing teaser rate loans being shoved down low credit tier buyers throats.”
You mean allowing a group of people who all live in one house to “qualify” for the mortgage together – by pulling their income – isn’t a loan being shoved down a low credit buyers throat?
Lol!
Wake up.
We are already IN Bubble 2.0. It’s just going to take a while to expand and then explode.
We’re already seeing it covered similarly to the last time. This time, instead of US investors taking bus trips to buy condos and houses in states they have never been to, it is Chinese, Brazilian and Venezuelan investors. Who do you think is buying in the Vista? It’s not locals, that’s for darn sure.
It’s all just speculation. It doesn’t represent a normal housing market at all. And that’s the first sign that a bubble is building.
And they’re already overbuilding in apartments. That’s going to blow up spectacularly too- but at least it will mean lower rents for a lot of people eventually.
Here’s what’s going on in Dallas. I thought they were getting hit by the oil collapse? Oh- I guess not. Buy now or be priced out forever. There might not be any more land in Plano to build on. Lol.
http://www.wsj.com/articles/home-price-surge-stymies-first-time-buyers-1461317401