True Live/Work Loft Space Is Back On the Market in the East Village: 1124 N. Wood
We last chattered about this unique live/work loft building at 1124 N. Wood in the East Village neighborhood of West Town in January 2010.
See our prior chatter here.
Back then, most of you thought the price was too high ($500,000) even for that much raw space.
If you recall, at 4800 square feet, it has authentic brick and wide open spaces. It even has a pulley elevator.
The old listing said it was now zoned residential but the commercial element was grandfathered in. Back in 2010, it was being used for a T-shirt printing business but it has been a spring factory and an old distillery.
It has central air, but no deeded parking.
The lot is 20×120.
It appears the drywall that some of you complained about in 2010 has been replaced.
But it’s still pretty raw space.
Since 2010, the price has been reduced $41,000.
Is this unique property now priced more realistically?
Mary Ellen Considine at Coldwell Banker now has the listing. See the pictures here.
1124 N. Wood: 4800 square feet, 1 bath
- Sold in March 2006 for $415,000
- Was listed in January 2010 for $500,000
- Withdrawn
- Currently listed for $459,000
- Taxes now $11,718 (they were $3465 in January 2010)
- Central Air
- Basement
- Street parking only
What’s with the taxes?
What’s with the 10 inch and 12 inch ceilings?
The close proximity to goldstar is a bonus. Can’t deal with the one crapper though. Hope theres pipes for an addition
“What’s with the taxes?”
Assessor realized it’s commerical?
“Assessor realized it’s commerical?”
Seems to be correct. Is assessed as commercial. The $3465 tax was the 2008 tax year amount, before the last re-assessment.
Could throw some huge parties here.
This broker should be relegated to a new profession like taking calls for advertisements at one of the Patch newspapers – “celings’ in ‘wicker pake’? On a $459K listing you can’t be bothered to spell check? Really?
Maybe it’s obvious to all, but this is #1 of the building — just the 1st floor and basement.
I’d definitely have a bowling lane if I lived here, how cool would that be
Agree with Sonies – desperately needs another John. Hopefully the plumbing allows it.
Someone should buy this unit, and the unit above it and turn the building into a hipster nightclub for the Wicker Parkians traveling south. Call it “The Wüd”
Getting a liquor license is easy in Cook County..right?
Duplex down raw loft. Wut?
Perhaps I’d pay $450k for the whole mess of this building…but for just the poorly rehabbed store unit and basement I can not see the value.
No way taxes went u 400% on an existing unit. My guess is that they appealed to have a vacant space for a year that reduced the taxes to that level once. $11k seems high even for a commercial condo in this condition and location.
“My guess is that they appealed to have a vacant space for a year that reduced the taxes to that level once.”
’07 taxes consitent with ’08 taxes.
“$11k seems high even for a commercial condo in this condition and location.”
AV was ~$72k, and no o/o, so that’s about the right Tax:AV. Comm and Ind props are assessed at 25% of market value, so still implied markte value of sub-$300k. And the 2012 reasses looks to be done ~10%.
“Getting a liquor license is easy in Cook County..right?”
Sure, if you know the right people and grease the right palms.
“Getting a liquor license is easy in Cook County..right?”
Not in this neighborhood. There is a long standing liquor moratorium in place.