The Heartbreak is Over in the Heartbreak Lofts: 17 N. Loomis in the West Loop
This 2-bedroom in the Heartbreak Lofts at 17 N. Loomis in the West Loop just came on the market.
The last time we chattered about the Heartbreak Lofts was in 2007 and 2008 and it was causing heartbreak for sellers as many were in foreclosure or were selling for much less than they bought for. See our 2007 chatter here.
This building has 42-units and was part of the original Loftminium World loft sales in 2000-2001.
This loft is a northeast corner unit with 12 foot concrete ceiling and amazing industrial windows along both sides of the loft.
It has hardwood floors and some exposed brick.
The master bedroom is fully enclosed.
The kitchen has wood cabinets, stainless steel appliances and granite counter tops.
The loft has all the other features buyers look for including washer/dryer in the unit, central air and garage parking included.
Most interesting of all, this property is actually bank owned. The original lis pendens was filed in 2008.
The bank took it back in May of this year.
It took the bank SEVEN years to take it back. That is the longest time lapse for a foreclosure I have seen yet in Chicago. This is what is commonly referred to as “shadow inventory.”
The wait might have paid off for the bank because the loft has come on the market for $154,000 above the 2003 purchase price.
Have prices fully recovered from the bust in the West Loop loft buildings?
Kevin Maloney at Exclusive Real Estate Limited has the listing. See the pictures here.
Unit #1F: 2 bedrooms, 2 baths, no square footage listed
- Sold in May 2001 for $297,500
- Sold in September 2003 for $315,000
- Lis pendens filed in March 2008
- Lis pendens foreclosure filed in May 2010
- Bank owned in May 2015
- Currently listed for $469,000 (includes garage parking)
- Assessments of $388 a month (includes exterior maintenance and snow removal)
- Taxes of $4202
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 18×13
- Bedroom #2: 13×10
Should go at or above ask. Seems in pretty good shape for being bank owned for the last seven years. Wonder if there was some side deal with the tenant/owner that was occupying the space otherwise it might not have worn so well.
Good side street and the upside is that the new owners will become good friends with George and Kristina over at the Palace Grill. My favorite breakfast space in the city!
As a fellow West Looper that anticipates selling soon I hope they get full ask, but reality is telling me they will not. It’s $420k nice, but not $470k nice.
Shouldn’t the Heartbreak Lofts be at the end of Lonely Street?
(RIP Elvis)