“Stunning Renovation” of a 2/2 Loft in Roscoe Village for $475,000: 1800 W. Roscoe
This 2-bedroom loft in the Pencil Factory Lofts at 1800 W. Roscoe came on the market in August 2022.
The Pencil Factory Lofts were built in 1916. It was converted into 140 loft homes plus attached indoor, and outdoor, parking.
The elevator building has a dog wash and car wash station, fitness room, laundry room, roof deck, and park like BBQ area. It used to have a part-time doorstaff, but the listing doesn’t say anything about that so maybe they got rid of it.
This loft is a concrete loft with high ceilings, exposed ductwork, and some exposed brick. It has a split floorplan with the coveted southern exposure with 2 walls of industrial windows.
The listing says there is “luxury vinyl flooring” throughout.
The kitchen has had a complete gut, with new kitchen plumbing and updated electrical, and has white cabinets, new stainless steel appliances, quartz counter tops, under cabinet lighting, soft close hardware, and exterior ventilation.
It appears that only one of the bedrooms has windows. And I can’t tell if the bedrooms are enclosed or not.
The unit has the finishes buyers look for including central air, indoor parking is available for $25,000 and a laundry room with a LG ThinQ stackable washer/dryer, which is plumbed for a utility sink.
It doesn’t have private outdoor space.
This building is located near the shops and restaurants of Roscoe Village and West Lakeview, as well as being just a few blocks from the Paulina brown line stop.
Originally listed in August 2022 for $499,000, it has been reduced to $475,000.
Does this need to be staged to get the sale?
Paul Waitz at Berkshire Hathaway HomeServices has the listing. See the pictures here.
- Sold in April 1993 for $153,500
- Originally listed in August 2022 for $499,000
- Reduced
- Currently listed at $475,000
- Assessments of $557 a month (includes exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $7343
- Central Air
- Washer/dryer in the unit
- Indoor parking is available for $25,000 extra
- Bedroom #1: 14×11
- Bedroom #2: 12×12
- Living room/dining room combo: 20×24
- Kitchen: 12×10
- Laundry: 3×4
“ Does this need to be staged to get the sale?”
No, needs at least 3 more months of cuts
Stunning is not the first adjective that comes to mind
Considering that there’s no photo of the W/D, guessing this was a freshen up Vs remodel.
The HD brackets on the island look like crap
Back in the day the pencil factory lofts were a fun energetic place to live. I lived really close by but had a friend who owned a loft there and visited several times. They hosted great parties and her many neighbors (in their 30s) got along well. Let’s just say the washer dryers were not the only in-unit hookups in that building.
Got to see several units and while they were all unique I recall the finishes were good for that moment in time. My standards were likely lower in those days. Not sure how the units (and her former neighbors) have aged but I’d bet that this is still a great place to live in your youth. Street parking was not terrible, walkabikity was decent, and those light bright spacious lofts were fun. Plus they have a dog washing station. Love that feature!
I get that agents have to do their best to market a unit but calling this a “Stunning renovation” is beyond absurd.
“calling this a “Stunning renovation” is beyond absurd”
I dunno, I’m relatively stunned. Not in a positive way, but still.
I like how they have a car wash station. HOA probably has some thoughtful owners on the board.
“No, needs at least 3 more months of cuts”
Recent comps for the larger 1400 square foot 2/2s don’t support “months” of price cuts.
This looks like an original owner. Good for them for doing the renovation to put it on the next level. The thing I like about this building is that because of it’s “m” shape, there are a LOT of corner units with really good light. That’s rare in a loft, although this floor plan still has one bedroom that doesn’t have windows.
There’s no cable or Internet included in those assessments so anon(tfo) would be clear to go cableless and just pay for his own Internet.
Nice looking starter condo… great light. Bathrooms could use some new tile, but otherwise a decent looking place.
5th floor comp from May:
https://www.redfin.com/IL/Chicago/1800-W-Roscoe-St-60657/unit-505/home/13386955
3/2 duplex from June, which prob has a little bit of ‘nicest on the block’ going on:
https://www.redfin.com/IL/Chicago/1800-W-Roscoe-St-60657/unit-529/home/13386371
This is a neat building. I’ve always liked the rough industrial feel this building has. The price seems reasonable and having electrical and plumbing upgraded is a plus. But the interior of the unit seems chaotic with cookie cutter upgrades. Smooth white kitchen cabinets don’t seem to enhance the character of the unit. The biggest reason I would not buy in this building is the noisy location next to a CTA curve and the mass of cell phone transmitters on the water tank.
“5th floor comp from May:
https://www.redfin.com/IL/Chicago/1800-W-Roscoe-St-60657/unit-505/home/13386955”
So $510k + Parking @ 5% = $470 + Parking @ 6%
So yeah, there’s a few more cuts coming
But hey its only a number, right?
“Nice looking starter condo”
$475k is a starter condo in San Diego, not Chicago.
$475k is a starter condo in Chicago for a typical professional in this area. Nothing fancy. Yes, there are some cheaper but $475k in Chicago is hardly considered high end these days in the Greenzone.
“$475k is a starter condo in Chicago for a typical professional in this area.”
So $95k down + closing costs then $3700/mo is what you consider a starter condo? Maybe for two young professionals but rarely one. Unless the bank of Mom and Dad are helping out, heh.
20% down? More like 3% down for a FTHB with conventional financing. Typical buyer at this price point probably puts 5 or 10% down at most. And yes, the bank of Mom & Dad are financing down payments all the time…
Most likely buyer is a single person making probably $100k or a sub 30 yr old DINK couple.
For reference, the ’23 loan limits for Fannie / Freddie in Chicago now is $726,200.
Even if somebody is making $100k/yr before taxes, $3700+/mo is aggressive. Throw in PMI and forget it. At current interest rates, a “starter condo” is $300k-$350k with a low HOA. Just my opinion.
“Even if somebody is making $100k/yr before taxes, $3700+/mo is aggressive.”
44% back end is aggressive. And that assumes (very rarely true) zero other debt. 44% front end is basically nuts. And that was assuming 20% down.
at 3%, with PMI, it’s more like $4400/mo, or 53% of gross.
“Most likely buyer is a single person making probably $100k or a sub 30 yr old DINK couple.”
Agree with the assessment that a single person making $100k is NOT buying this. No way. Not even with 20% down. And it would have been too tight even with the low interest rates earlier this year. And it’s impossible with the higher ones now.
Let’s hope the banks wouldn’t agree to lend to this person. And why would that person want to DO that to themselves? A $500,000 2/2 is a DINK with two incomes or someone making $150k+.
“So $95k down + closing costs then $3700/mo is what you consider a starter condo? Maybe for two young professionals but rarely one. Unless the bank of Mom and Dad are helping out, heh.”
I wouldn’t call this a starter condo for a singleton either Nyet. Singletons are buying $275k to $350k. That usually gets them a 1-bedroom, not a 2/2.
“So $510k + Parking @ 5% = $470 + Parking @ 6%
So yeah, there’s a few more cuts coming”
Huh? The comp sold at $510k. This is a bigger unit with a different layout but it supports their current price pretty well. Renovated 1400 square foot 2/2s on the south side of the building with the big industrial windows (not the north side of the building which has different windows/layouts and overlooks the El) are selling, renovated, for around $500,000.
“I would not buy in this building is the noisy location next to a CTA curve and the mass of cell phone transmitters on the water tank.”
The building stretches for a whole block. I’ve been in the building and it depends where you are located. The further away from the subway/metra, the better. It’s been my experience that you don’t hear anything from either if you are south facing and at the other end of the building. Have just heard the birds chirping.
My Maths was bad
RF listed the TFO property as multiple PINS, So pretty safe assumption that it included the parking
So $510k(Inc’l parking) @ 5% = $445 + Parking ($25k) @ 6%
I hate the industrial feel, so for me, this isn’t a place I’d consider. I also don’t like rooms where the walls stop halfway to the ceiling. Especially bathrooms.