The Old Loftminium World: A 2/2 Loft at 1020 S. Wabash in the South Loop
This 2-bedroom concrete loft in the Eleventh Street Lofts at 1020 S. Wabash in the South Loop came on the market in March 2015.
This building was one of 6 or 7 buildings that made up Invesco’s Loftminium World conversion of a bunch of factory loft buildings it bought from a prominent West Loop landlord who decided to cash in his buildings in the loft conversion craze of the late 1990s.
1020 S. Wabash was the only building in the group located in the South Loop. All of the other buildings were in the West Loop, scattered near Oprah’s old Harpo Studios.
The layouts were kept the same as they were when they were apartments.
Buyers could purchase the units “as-is” which had the standard white cabinet and white appliance kitchens and the baths were white with black and white tile. (You can still see these original bathrooms in many of the units actually.)
Or, they could purchase the standard upgrade package. But the kitchen and baths in the “upgrade” were the same in each unit. You didn’t get to choose finishes.
This 2-bedroom loft in 1020 S. Wabash has the upgraded kitchen which was stainless steel appliances, granite counter tops and maple cabinets. If you look at the pictures for the unit #4A that is available just above this unit, it also has the standard upgraded kitchen.
The bathrooms in this unit have also been upgraded from the “as-is” original bathrooms with the neutral tile.
It has 14 foot concrete ceilings and exposed brick. Both bedrooms appear to have windows.
The corner unit faces North and West.
Yes, that’s the El that is running directly next to the building.
This loft has the features buyers look for including central air, heated garage parking which is included and a rare side-by-side washer/dryer.
In 2012, it was in distress.
In 2015, it is listed for more than the 2007 peak bubble price.
Will it get the premium?
Scott Fey has the listing. See the pictures here.
Unit #3A: 2 bedrooms, 2 baths, 1400 square feet
- Sold in April 2002 for $240,500
- Sold in June 2007 for $318,000
- Lis pendens foreclosure filed in January 2012
- Sold in September 2012 for $175,000
- Originally listed in March 2015 for $339,000 (includes the parking)
- Reduced
- Currently listed at $327,500 (includes the parking)
- Assessments of $346 a month (includes water, snow removal)
- Taxes of $3086
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 17×10
- Bedroom #2: 13×11
I tried to find another Loftminium World example but none appear to be on the market. The West Loop just has NO inventory.
The other buildings were on Peoria and Morgan. I think there was one on Ada. And the Heartbreak Lofts on Loomis might have been a part of the collection as well.
Article about Loftominium:
http://buybeach.com/_new_construction_bak/carlisle/media_files/new_homes.htm
Mentions:
Acorn Lofts, 1017 W. Washington
Warehouse 312, 312 N. May
Hale Lofts, 14 N. Peoria
Heartbreak Lofts, 17 N. Loomis
Haberdasher Square Lofts
Can’t beat the location if you work downtown. Considering train noise, vintage, and lack of building amenities, I don’t see the purchase price breaking $300K. Also, I’m assuming this asking includes one deeded parking space. If it doesn’t, another $30k deduct.
Does anyone still think lofts are cool? To me it’s all one word 80’s as in charliesheenwallstreetdarylhannahlofts. Put a fork in these lofts they are done.
“Does anyone still think lofts are cool? To me it’s all one word 80’s as in charliesheenwallstreetdarylhannahlofts. Put a fork in these lofts they are done.”
In Chicago- it wasn’t really the 80s although that’s when the conversions began. They were “hot” here through about 2004-2005. And now they’re not.
It could be because most of the authentic buildings have now been converted so there’s simply no new product. Could also be that buyers have figured out the pros and cons of lofts and the cons outweigh the pros. Could also just be the changes in tastes. Kind of like how black refrigerators were in for 10 years and then they weren’t.
I’m pretty sure lofts are still “in” they sell pretty quickly for the most part. Now this one in the sloop directly on the el tracks might have a hard time, but even units in my generic loftominium building are selling in like 2 weeks or less sometimes.
The train noise that someone mentioned earlier is overrated. I live right up the street and it took me about a week, if that, to get over the train noise. It simply because white noise if you even notice the train at all.
“conversion of a bunch of factory loft buildings it bought from a prominent West Loop landlord who decided to cash in his buildings in the loft conversion craze of the late 1990s.”
Sabrina: Not that it makes a big diff but I question your characterization of the former landlord as “his”. Weren’t these developed by Annie Properties? Wasn’t the owner/developer Ann Neri (along w/ husband Lew Kostiner)?
I agree with Sonies, lofts are still in, and the more unique & larger spaces sell very quickly for the most part; they mostly appeal to singles – bachelors in particular. There are some exceptions however. I’ve seen some amazing unique lofts in Printer’s Row that tend to sit on the market, but I believe that is due to the high HOA fees in some of those buildings – yeah I know heat is included but still $800+/mo for 1500 sq ft is crazy.
To me, a loft must have decent sq footage (800 sq foot hardly qualifies), high ceilings and be in a converted/re-purposed – preferably vintage – industrial building. A majority of the newer conversions are small; I’ve seen some of the loftminium units and they have good square footage which is why they are popular.
Speaking of the loft on Wabash, my realtor took me there when I believe it was a short-sale at $175k. The unit is right on the L tracks. You could almost touch the train’s roof, so no soundproofing would be able to help there.
“Sabrina: Not that it makes a big diff but I question your characterization of the former landlord as “his”. Weren’t these developed by Annie Properties?”
I said it was Annie’s Properties in my comments.
“To me, a loft must have decent sq footage (800 sq foot hardly qualifies), high ceilings and be in a converted/re-purposed”
So all those Printers Row lofts that are “only” 800 square feet in former printing plants aren’t “real” lofts?
Huh.
Imagine that?
“I said it was Annie’s Properties in my comments.”
No, not that it makes a big diff Sabrina, I’ve re-read your comments and while you may have thought it, you didn’t mention “Annie’s” in the comments I read. My point fwiw is Ann Neri (who I’ve never met & don’t know) is & was a forward thinking, sharp developer who I believe also co-developed Johnny’s Ice House. Imo she didn’t deserve to be dismissed with designation as “..a prominent West Loop landlord who decided to cash in HIS buildings…”
“So all those Printers Row lofts that are “only” 800 square feet in former printing plants aren’t “real” lofts?
Huh.
Imagine that?”
Just my opinion; technically yeah its a loft. When someone says they live in a loft I immediately think of the large wide open space first and foremost with soaring ceilings and large windows – the epitome of what defines a loft. I want to be wowed by the raw space when i walk in. The smaller spaces don’t do that for me.
“My point fwiw is Ann Neri (who I’ve never met & don’t know) is & was a forward thinking, sharp developer who I believe also co-developed Johnny’s Ice House. Imo she didn’t deserve to be dismissed with designation as “..a prominent West Loop landlord who decided to cash in HIS buildings…””
Just stop now. Please. Before you embarrass yourself.
Because I called a “she” a “he” I am now “dismissing” her?
We’ve chattered about Annie’s Properties many times on this site. The fact that I even KNOW about Annie’s Properties tells you I’ve been around a long time (ha!) because no one knows who or what that even is anymore. She (he?- if you include her husband) were buying in the West Loop well before many people on this blog were even born. And then they sold 15 years ago. That is forever ago and not really relevant.
And, if they are still active in the real estate scene in Chicago, that is news to me. But you seem to know more about it than I do.
But I bring up Annie’s Properties because Invesco bought them and didn’t touch them when they were converted into condos so they still have the authentic loft layouts of the 1980s and early 1990s. So if you’re looking for an “authentic” loft in the west loop- try and find one of the loftminium lofts.
“(he?- if you include her husband) ”
I’m pretty sure that that would then be “they”. But I no speak da englush so goods.