Walk To Work From Your Loft: 20 N. State in the Loop
We chattered about this brick and concrete duplex loft at 20 N. State in the Loop in June 2009.
See our prior chatter and pictures here.
The loft is still available 5 months later and has been reduced by $8,100. The seller is now “motivated.”
Back in June it was also the cheapest 1-bedroom available in the building and now it is only the second cheapest.
The loft has 18 foot ceilings and the bedroom has been lofted to make space for a separate dining room. It also has central air and washer/dryer in the unit.
There is no parking available with the building but in this neighborhood, who needs it?
Why isn’t this loft selling to a buyer using the first time home buyers tax credit? It seems geared towards first time buyers.
Linda Hoffman at Prudential Rubloff has the listing. See more pictures and a virtual tour here.
Unit #1002: 1 bedroom, 1 bath, 716 square feet
- Sold in May 2003 for $123,000
- Was listed in June 2009 for $198,000
- Reduced
- Currently listed for $189,900
- Assessments of $361 a month (includes heat, AC and the internet)
- Taxes of $1866
- Central Air
- Washer/Dryer in unit
- No parking
- Living room: 21×11
- Dining room: 10×9
- Kitchen: 11×6
- Bedroom: 11×9
i don’t think this building is FHA approved for the wishful first-time homebuyer using that loan.
I like this building and this unit. Good location and good prices
Something under $1400/month, I+T+A (excluding any DP) at the current ask (and obviously less, if you can get a low mtg rate). Asking rents on Craigs range from $1200 to $1390 for 1-brs.
So, about right, if there’s a buyer with a ~5 year horizon in this sort of place in this location.
its cause of the assessments makes the place seem like 230K, interesting their decreases matches the expiration of the credit.
Considering how shaky the job market is, I don’t think marketing this as a commuter place is a wise idea these days.
“marketing this as a commuter place”
?? Don’t see that implication in the linked listing, but maybe I’m missing a code word.
I went to take a look at this unit about 4 months ago. The second floor loft is not part of the original unit and it sort of reflects that. They blocked one of the windows off such that there is now a small gap by the floor for some light to reach the upstairs — but it’s not a lot. The top bedroom was very clausterphobic and dark — maybe no more than 6.5/7 feet from the floor to the rafters. The same goes for the “dining area”. The ceilings are kind of low there as well.
The stairs are the scariest part of this unit. Why someone would build it that way is beyond me. These are the kind of stairs you put into your unfinished basement (where you don’t have to worry about people looking at it). It has a basic urethane coating and the whole idea of it is REALLY unsafe. If you were to lose your footing and trip, you could fall right out the window on the left seven stories into an alley. I wonder why a spiral staircase wasn’t considered. Also, the way the stairs jut out into the living space really makes furniture configuration a bit of a challenge (note the picture where they had to but the sofa against the side of the stairs at a strange angle).
It’s a south facing unit and looks into the adjacent alley.
Ive seen some of the other units in the building. It’s mostly builder basic stuff — low grade finishes with odd use of space. It doesn’t surprise me that this unit has not sold.
well not commuter place but it says “walk to work”, which I don’t think is a smart way to market the place. The realtor should point out other things: walk to the theater district, restaurants, lakefront park, etc
Come on people, this unit it awesome just look at the price. I could tailor it any way i wanted to with a new stair case etc. I’m going to see this unit definite contender!
This building is basically a college dorm based on the typical renters.
I’m sick of all these cookie cutter units being manufactured by greedy developers. I like this unit because of its unique selling points, it looks totally new york hip. And yes I am single and in my 20s!
This is the fish that got away from me at $123K in 2003. I’d like it for that price now, because I’d want to do my own complete rehab of the place into a cozy apartment with high ceilings and good storage and appointments I like.
At $189K it’s powerfully tempting, but I wouldn’t have enough dough left to get rid of the raw-loft look that I’m sick to death of.
The location is great and the space is barely adequate for one person. Very good deal in a loop neighborhood in the middle of everything.
It will probably sell at this price.
I looked into this unit when I was in the market to buy about three months ago, and can say: definitely won’t qualify for FHA because more than 50% of the units are not owner occupied. Also, reserves for a building this size and age are not great, one catastrophic roof tragedy and special assessment here you come.
And I found the seller’s agent to be rude, when she learned that I was an independent buyer.
I looked at this place last month. I liked it, but wasn’t in love with the place. Regardless, I was ready to make an offer until a place on which I had previously made an offer came back on the market.
According to my realtor, the building has had FHA spot approvals done in the past. Regardless of whether that is accurate, it obviously does not mean that a spot approval would necessarily be successful today.
I had been a little worried about the quality of the second floor and stairs from the photos, but came away satisfied with their look and quality. I believe the seller does or has an interest in interior design, and the second floor addition and layout were done by her. Overall, it was the second best condo of my search, but I had a preference for a more separate bedroom and lower assessments.
This place looks horrid from the pics, like the attic space storage room of one of the retailers on State Street. There’s nothing chic or hip about it. I hate the brickwork here because there are so few windows and no view. This looks like a depressing place to live to me.
“This building is basically a college dorm based on the typical renters.”
College dorm building = college girls? Sounds like a first time bachelor’s dream to me.
I went to see the unit at the weekend and it is awesome. The high ceilings make it feel really spacious the kitchen doesnt require any work and the den is plenty big enough.
My only concern is the lack of view/balcony and the bathroom needs a complete overhaul, so I wont be going for it but i’m sure someone out there would love it.
I believe the reserves of the building are $245K which seems a bit low. The seller is very motivated and 3 offers have fallen through
The unit is now showing contingent. Anyone want to take a guess on how much this unit will actually sell for (assuming this buyer goes through)?