The Modern 3-Bedroom Loft Near the U of C in Woodlawn: 6300 S. Woodlawn
This 3-bedroom duplex up loft at 6300 S. Woodlawn in Woodlawn has been on the market since February 2011.
It is a short sale and in that time it has been reduced $70,100.
Converted into lofts in 2007/2008, the unit has 21 foot ceilings in the main living area with concrete ceilings and exposed brick.
One of the bedrooms is on the main level with 2 on the second floor.
The kitchen has granite counter tops, stainless steel appliances and a mosaic glass backsplash.
The loft has central air, in-unit washer/dryer and parking is included.
It is located just 2 blocks south of the University of Chicago Law School and the School of Public Policy.
Is this a deal?
Bob Satawake at Keller Williams Gold Coast has the listing. See more pictures here.
Unit #303: 3 bedrooms, 2.5 baths, no square footage listed
- Sold in August 2008 for $340,500
- Originally listed in February 2011 for $295,000
- Reduced
- Currently listed as a “short sale” for $224,900 (parking included)
- Assessments of $200 a month
- Taxes of $1319
- OR you can rent it for $1850 a month
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×16 (main level)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 11×11 (second floor)
Cool property, I love lofts like this. The bedrooms seem kind of small, but I bet that would be easy to change. I would bet that this is a bear to heat. 21 foot ceilings will really test your arm strength and coordination for changing those light bulbs with a light-bulb changer – you almost need to get a scissor lift at that point! Not sure if those taxes would stay like that, but they might. Seems like a good buy for someone affiliated with the U of C looking to save rent for a stay in grad/professional school or to rent to students.
Why not buy this as a student, rent to two friends, and have them pay your mortgage?
I don’t like how the duct work is run between the first floor and second floor windows. This looks wierd, is distracting and limits curtian options. A good developer would have run one set of ducts under the floor (air/heat through floor vents) and raised this duct to the ceiling height or 2nd floor.
This could be a nice place to buy as an investment property. Probably could rent it to b-school students. I am sure three people in there could easily cover the mortgage. You also have a steady flow of tenants. When I was in b-school there were a few single family homes that only rented to b-school students year after year.
Nice looking place, but how’s the neighborhood?
honus on August 5th, 2011 at 11:10 am
“but how’s the neighborhood?”
Two word review: Sh*t sandwich.
I lived in Hyde Park for 8 years and I would never live here. I know the University has done a lot to try to improve things past 61st, but in my opinion it is still pretty scary once you go past the midway. Cool place, though.
I love the space, but don’t care for the neighborhood.
Neighborhood gets rougher every block south of U of C.
See the crime report and decide for yourself:
http://chicago.everyblock.com/streets/woodlawn-ave/6300-6349s/?only=crime
“I know the University has done a lot to try to improve things past 61st, but in my opinion it is still pretty scary once you go past the midway. ”
Agreed. It never seems to turn the corner. I recall that UofC campus police were supposed to broaden their patrols past 61st to 63rd? Did this ever happen? It hasn’t made much of a difference. Why buy this….rent it.
I used to live 2 blocks north. Convenient to UC but absolutely nothing going on near here. Not really a bad area in immediate vicinity but is south, west & southeast. At least some good came from the bubble insofar as saving this building–it was abandoned & on its last legs.
“This could be a nice place to buy as an investment property. Probably could rent it to b-school students.”
Too rough of a location for fancy pants b schoolers. It really sucks down there. Urban pricing for a desolate area.
There are gated townhomes two blocks north listed for 150s & condos can be had for a song there as well for law students that must own. 61st is closer to the school & safer to walk around at night.
People in my class that I knew who lived south of midway: two. Me & someone else. Quite a bit of law students though.
“fancy pants b schoolers.”
The blue-alien-nude-crotch-pose art ups the sophistication of this place.
I’m trying to anticipate what my wife would say if I said, “Let’s move to Woodlawn. There were only 3 aggrevated batteries and two forced entries last month on the block we’ll be living on. Great area for us to raise the kids (and schools must be fabulous).”
Imagine having paid $340K for this in August 2008. Great timing!
I used to go to Johnny Coulon’s gym next door 40 years ago (as did Ali, Ernie Terrell & Keith Magnuson). This was as bad of a neighborhood as existed then (altho no locks in their locker room & no problems!). I remember U of C then turned this area into a vacant wasteland buffer – I can’t imagine it has improved much.
“but how’s the neighborhood?”
If you count urban prairie as “neighborhood”
The L tracks used to be above 63rd street at this location, I believe.
Dan, if you lived here you could save enough money to send your kids to the U of C Lab School where Rahm is sending his children and Obama did and probably will when he moves back to Chicago after the next election.
“Why not buy this as a student, rent to two friends, and have them pay your mortgage?”
Insane thinking. B-school is 2 years and law school is 3 years. What is the point?
Like everyone else, I love the unit–but you guys have scared me away from the neighborhood.
The El tracks used to go all the way to Jackson park. But they only went to university Ave as recent as 1997..so 300ft west.
FYi the closest bar was called inflation lounge & I only know that because some banger shot the place up a couple years ago. I think 7 shot not sure of kills.
hi all,
i actually was looking into some units here back in 2009. the nieghborhood is bad, there’s nothing going on, and you can get new condos here for much cheaper than this. while touring the place, i believe i also met the owners of this property, and they complained of water leaking from the ceiling during storms. also, back in 2009, they had a gravel parking lot, that was supposedly scheduled to be paved by the developers when they bought their place, yet more than a year later, it was still not paved (again, back in 2009). i haven’t been back to this property or neighborhood since, so i can’t comment on the parking lot today.
also, i was looking at another duplex loft in this building, and there was water damage to the hardwood floors, with the warping already visible.
i just wanted to give you guys my experience of the building, albeit being in 2009. thanks.
I’ll add my voice to the chorus of those saying that the unit itself is nice, but the neighborhood is … not so much. I guess at some price it would make sense to buy this place, but given the area it’s hard to know when. Presumably it likely will always have some value as rental for grad students, which will set a floor on the price.
“Imagine having paid $340K for this in August 2008. Great timing!”
funny! I think your enthusiasm is what made me lol
48th and woodlawn is fine, this… yeah no thanks
It is a nice loft though. I wish Hyde Park and immediate area will improve more. I really love this part of Chicago and U of C is a fantastic school with a gorgeous campus.
If I bought this I would build another floor in the open area to significantly increase my SF.
Can’t rent it to b-school students because they are warned not to go south of the Midway. Most of them would prefer living in River North or Lincoln Park anyway and driving down for classes.
“If I bought this I would build another floor in the open area to significantly increase my SF.”
Matt – interesting idea however those windows do not open and therefore could not become bedrooms. I think that the whole loft idea is missed on you. Those high ceilings and open spaces are what drive the value of this property. Without that the place loses interest for most buyers.
I really love this loft but don’t know much about this area. By the looks of Google Maps street view, it looks a bit scary. Its unfortunate because of it’s great proximity to the L, Metra, UC and the lakefront. Sigh; if only this neighborhood was safe…
I’d be curious to know what purpose this building served back in the day. To think at one time the streets were full of buildings, and now its just urban prairie. I love urban history.
Check out the building before it was renovated:
http://www.bing.com/maps/default.aspx?cp=41.780369~-87.596375&style=b&dir=0&sp=Point.41.780369_-87.596375_6300%20S%20Woodlawn%20Ave%20%23303%2C%20Chicago%2C%20IL%2060637_%24224%2C900%203%20beds%2C%202.5%20baths
I lived in Hyde Park for 7 years and attended U of C, I would never live here.
Beyond safety issues, it is not in walking distance to any decent grocery store as far as I know. As to being close to the green line, I nor any one else I ever knew in Hyde Park ever took it (always went further out to the red line) out of safety concerns again.
Condo itself is quite nice.
I think this is an awesome unit, but I agree location is rough. The price is still way to high as well. I am in a better location north of here, have an extra half bath and probably more space and doubt I could get this price. Nothing is selling in the neighborhood unless it is a foreclosure for around $50-80k. Good luck to the seller, but I have a feeling it will be REO shortly.
“Nothing is selling in the neighborhood unless it is a foreclosure for around $50-80k”
Recently saw a 2/1 at 61st & Woodlawn go for around that price. I know that building has ask rents of $850 too and its a lot of grad students. A rare instance of a Chicago property being cash flow positive. Not sure how much it would cost to bring it up to livable condition, though.
Jake, that building looks like it should have been torn down. With the comment posted re: water damage, this building probably has real structural issues. It might sell for half of list if this is the case, and the bank decides to eat the loss rather than keep it on the books at a higher price.
“Nothing is selling in the neighborhood unless it is a foreclosure for around $50-80k”
Similar case to condos on MLK near 59th overlooking Washington Park.
Marcus, the building on MLK near 59th is a disaster. We looked at the building and found much better places elsewhere!
These aren’t as close to U of C, but I think a nicer neighborhood than south of the midway and sold for far less than this place. I think it’ll be hard to get $225k for this one.
4122 S. Vincennes–2 sales $45,500 and $85,000
527 E. Bowen–$90,000
Generally speaking, Chris Rock summed up MLK succinctly:
‘If a friend calls you on the telephone and says they’re lost on Martin Luther King Boulevard and they want to know what they should do, the best response is ‘Run!’
CribChatter contest!
What’s the name of the prize that an agent wins for including Redd Foxx in the listing pics?
http://www.redfin.com/IL/Chicago/3417-S-Prairie-Ave-60616/home/14071652
Be creative, people…
U of C is slowly spreading southward. This building may be in a much better location in a few decades, but the price seems too high for current conditions.
LOL, roma!
Plenty of local flavor in that shot including the pimp hat on top of the TV and the wet towel.
the Aunt Ester Medal
B school students at U of C do not live in Hyde Park. Not sure about other grad students.
I do not think that this unit is a good rental investment. There are plenty of well priced condo’s in Hyde Park that can be rented at a good rate. My client bought a one bedroom REO condo in Hyde Park for $76k in 2008 and is renting it for $1125 per month. Now that’s return on investment.
Unit #306 is a 2 bedroom, 2.5 bath that had it’s ask price cut to 125k a week ago. Parking included & does not appear to be a foreclosure or short sale.
So no, I don’t think unit 303 with an extra bedroom for 100k more was a good investment at all even if the short sale could be completed.
“B school students at U of C do not live in Hyde Park. ”
Yes first year I’d say at least 40% of them do, overwhelming majority at Regents Park. Second year 0% as by then they realize Hyde Park sucks. Woodlawn sucks even more.
Interestingly, the new owner of Regents Park is raising rents way up on students. While the university continues to push the message to newbies that Regents Park is the only place in Hyde Park where one can avoid certain murder, the new prices should push many students either into other units in the neighborhood or into the South Loop, downtown, etc.
I do think that the university’s recent interest in developing the neighborhood (Whole Foods, Clark’s, movie theater) will help property values in the area eventually. But that’s not going to affect this 6300 S. Woodlawn location. No one should buy this for over $100k.