Trying To Sell a Loft 19 Years Later in Lincoln Park: 1445 W. Belden
This Thomas School 2-bedroom loft at 1445 W. Belden in Clybourn Corridor neighborhood of Lincoln Park has been on the market since September 2010.
In that time it has been reduced $51,500.
The loft has 14 foot ceilings and both bedrooms appear to have windows.
It doesn’t have authentic loft features of exposed brick or timber ceilings.
The kitchen has been updated and has 42 inch cabinets, stainless steel appliances and granite counter tops.
The unit also has a large deck with downtown views.
There is central air, washer/dryer in the unit and a private garage.
The loft last sold in 1992.
What kind of appreciation will this seller ultimately see?
Leigh Marcus at @Properties has the listing. See the pictures here.
Unit #4M: 2 bedrooms, 2 baths, no square footage listed
- Sold in November 1992 for $215,000
- Originally listed in September 2010 for $449,000
- Reduced several times
- Currently listed at $397,500
- Assessments of $324 a month (includes cable)
- Taxes of $4922
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×14
- Bedroom #2: 11×10
Do we assume that the total lack of reference to the bathroom fixtures mean they are original to ’92?
The unit should be about paid for. I hope so because the unit probably has not appreciated as much as it should have.
“The unit should be about paid for.”
Do you really think they paid for the kitchen reno with cash? Color me dubious.
I’m sure someone will provide the stats soon on the loans for this place. I’m sure they still owe a ton. I was being optimistic because it is sad that after 20 years in a place they will gain little appreciation. I doubt this will sell over 300K.
i like this place assuming the bathrooms aren’t in need of a gut. nice outdoor space, seems like it has good light & decent space.
i say it goes for somewhere between $350-375k.
i like this place assuming the bathrooms aren’t in need of a gut. nice outdoor space, seems like it has good light & decent space.
i say it goes for somewhere between $350-375k.
No double-checking, but looks like about $300k of relatively recent vintage mortgages.
If there are 300K in mortgages still owed, then the sellers will barely break even after closing costs.
Nice unit though. Its just 2/2 are a dime a dozen. I don’t care where they are.
Closing costs wouldnt amount to 97k.. lets be realistic. Also from what i see on CCRD their mortgage is at 234, plus a a second at 75, they might have a little of it paid off, but its true they arent going to being walking away with a windfall of cash.
I agree they will not have 100K in closing costs. My point is I doubt this place will sell for much over 300K. 2/2 are plentiful.
Why do people feel the need to have a fireplace? It really doesn’t work here as in many places like this. Waste of space.
Otherwise, nice place. A little far from public trans, but with garage it isn’t too bad.
“on CCRD their mortgage is at 234, plus a a second at 75, they might have a little of it paid off”
It’s entirely realistic that the 2d, being older, with no subordination, was actually paid off, but not released, or is a heloc paid down with the 234. But the 234 is probably still 225+, as it’s less than 12 months old.
“Its just 2/2 are a dime a dozen. I don’t care where they are.”
Well, that’s good that you don’t care where a property is located, because decent 2/2’s are hardly a dime a dozen in certain locations.
I would by no means call this a dime a dozen 2/2 its a pretty unique loft space… albeit perhaps a bit overpriced in this market
Its a stretch to call this place a loft.
this is a condo
I think $350K will sell this place for sure.
Love the area! Close to the expressway and el. Win win! I say it sells for 379,000.
This place is stuck in the 90’s…. I like big butts and I cannot lie – baby got back.
The buyer of this place will be a female around 29 yrs. old with downpayment money from dad.
OK…time will tell. I am sure this site will update us when it closes. I still say barely 300K.
Wheres HD on this??? Clio??
“Its a stretch to call this place a loft.
this is a condo”
This building was converted from an old school, I believe… so it’s at least it’s a little interesting and not so cookie cutter.
HD would say that absent the gifting of money from a parent, someone in this price range would have to have $75K for a downpayment, and this unit is skewed towards a younger demographic, and that demographic doesn’t have that kind of savings for a $75K downpayment….
If one were to assume that the buyer was a 29 yr. old female, let’s imagaine what kind of downpayment money is realistic. I’d say about $40K and if that’s 20% of the purchase price then this place is worth $200K…..ah, just round it up to cominghome’s $300K.
James only likes the “edgy” kinds of lofts that have chipped lead paint walls and used condoms and needles in the alley.
Sadly it’s true. This whole loft and loft culture for owning real estate only made sense when the target demographic was provided a pathway to ownership that didn’t require a substantial down payment.
Dailynews- I would never buy a place without a fireplace.
“The kitchen has been updated and has 42 inch cabinets, stainless steel appliances and granite counter tops.”
Ugh, I’m so sick of this being a so-called selling point. It should legit be “it has exposed, tacky ductwork that is far more expensive and annoying to remove and deal with than a tasteful central air/heating conversion.”
Putting in a countertop or a cabinet is not the same as putting in all new HVAC. Busted and timely and will depreciate over time, let me guarantee.
“it has exposed, tacky ductwork that is far more expensive and annoying to remove and deal with than a tasteful central air/heating conversion.”
there’s no way to change the hvac other than dropping the ceiling. With this kind of loft, the hvac is exposed. I’m not sure putting in a ceiling to cover up the duct work is worth it.
I dont think the demographic for the buyer of this place is “a 29 year old female”. Most 29 year old chicks I know fall into one or more of the following categories:
1. dont want to buy a place as they are waiting for prince charming to pull out a ring and ask them to shack up with them in their bachelor pad
2. Have around $10-$15K in credit card debt and $0 savings
3. Have no interest in living west of Sheffield
I’d say this place is more suited to a male around 30, and there are plenty of 30 year old dudes in Chicago with $80K ready to dump into real estate.
This building has more space than 1750 W Surf and it has a much better location, but its advantages are offset by its extreme ugliness.