We Love Authentic 2-Bedroom Brick and Timber Lofts: 1601 S. Indiana in the South Loop
This 2-bedroom loft at 1601 S. Indiana in the South Loop has been on the market for 13 months.
In that time, it has been reduced $39,900.
This loft has features loft lovers cheer over including multiple brick walls and timber ceilings.
It also has a split floor plan with the second bedroom on the lower level.
The kitchen has granite counter tops and stainless steel appliances.
It has central air, washer/dryer in the unit and parking is available for $15,000.
Now listed $44,000 under the 2007 purchase price, is this a steal for the square footage?
Nadine Ferrata at Coldwell Banker has the listing. See the pictures here.
Unit #101: 2 bedrooms, 1.5 baths, 1200 square feet
- Sold in April 1996 for $107,000
- Lis pendens filed in November 2001
- Bank owned in August 2002
- Sold in April 2003 for $208,000
- Sold in August 2007 for $309,000
- Originally listed in August 2010 for $289,900
- Reduced
- Currently listed at $250,000 (with parking for $15,000)
- Assessments of $257 a month (includes cable)
- Taxes of $2786
- Bedroom #1: 14×13 (main level)
- Bedroom #2: 13×12 (lower level)
Quarter million dollars for a 1200sf condo in the South Loop that doesn’t even have 2 baths or parking. No thanks.
$150 seems about right.
185k with parking
“the second bedroom on the lower level”
Does that room get any light? Looking at the pix, it looks like it is in a windowless basement area.
Is that a mini-fridge next to the bed, brau?
That’s some shit planning if you can’t fit 1200 sqft on one level.
I believe its a wine cooler
“is that a mini-fridge next to the bed, brau?”
“I believe its a wine cooler”
That’s a big box of wine cooler, and how are they keeping it cold enough to drink?
I think it is a de-humidifier. I like this place!
How difficult would it have been for the developer to have put in a shower in the half bath? I think the lack of 2 full baths will hurt the price.
150K-185k is what it is really worth in this market!
it is not bad looking, I think it will sell near ask.
My impression of the current market in the West Loop or the better parts of the South Loop is that you can find a unit like this for less than what this one is asking with no trouble, and I think that hurts this unit.
The property does not have 1 window because of a recently built building blocking all sunlight to the east.
Did Sabrina fail to mention this in her cherry picked property highlights? This property will never sell for anything other than a dark storage space.
“Did Sabrina fail to mention this in her cherry picked property highlights?”
I never mentioned anything about the windows. That was the other commenters.
Glad to have you back Steve. How are those Lincoln Park prices treating you these days? Still holding up?
I thought so.
By the way- of course I “cherry pick” the properties. There are a LOT of not very interesting properties out there. But if someone really wants to see a property on the site- all they have to do is send me an e-mail and request it (although if it’s under contract- I’m usually not interested.) I try to accomodate most requests.
However, there are some properties that simply sell too fast (and I can’t get to them on the site.) This is especially true of some really juicy foreclosures and a few other properties that are in high demand (SFH’s under $500k in some GreenZone neighborhoods for instance.)
Thanks Sabrina. Prices are down in Lincoln Park on 2,2 and 1,1 properties but utility plays are doing quite well. Check for location location location as I have always said.
Here is the question… was Homelete correct to think he would be able to purchase a Sf home in Lincoln Park for $400k? Prices are off the highs but eveything sells because there is demand and there is market.
Enough said…
“Glad to have you back Steve. How are those Lincoln Park prices treating you these days? Still holding up?
I thought so.”
Sabrina, like Steve said, “location, location, location.” There’s one LP, and then there’s another LP. One is generally on the western side of DePaul/along the ClyCor/up along Diversey. The other is not. From which one do you tend to post the most reduced price/distressed properties?
Have there been some deals and even “steals” in prime LP over the last couple of years? Of course; historic real estate and economic downturns are hard to escape (and note that I know folks in both SF and NYC who say prices on great properties are down at least 10% from peak – they just still can’t afford them). But those are rare, rare finds.
Oh god, he’s back, and, he’s again making stuff up. I don’t ever remember saying a sfh in lp would be 400k. This is like a nightmare that never ends with this guy.
“However, there are some properties that simply sell too fast (and I can’t get to them on the site.) This is especially true of some really juicy foreclosures and a few other properties that are in high demand (SFH’s under $500k in some GreenZone neighborhoods for instance.)”
uhhh, apparently, also 2/2 in lakeview:
http://www.redfin.com/IL/Chicago/3232-N-Halsted-St-60657/unit-H301/home/12742612
sabrina, I thought NOBODY wants 2/2s? This one sold before hitting the market.
The small s large H version was always the dumbest and most dishonest.
LOL at annony. ELP is comparable to NYC and SF, but not to the rest of LP? hahahahahaha
Repeat after me: There will be knife-catchers all the way to the bottom. Kind of like those teddy bears, crosses and candles you see on the side of the road…
G- you continue to fail to understand that real estate is not just about investment and getting the best deal, but it is a way of life and a way to enjoy your life. Take this hypothitical example….. let’s say a couple has two kids (aged 10 and 12) and they want/need to buy in a better school district. It does NOT help them at all to wait 5 years just to save money. To them, the bottom doesn’t matter……
Also, think about it – where else are you going to park your money, a savings account? Good grief people, why not invest in something that not only brings you enjoyment but will also definitely increase in value in the long term. It really is a no-brainer in today’s economy.
“G- you continue to fail to understand that real estate is not just about investment and getting the best deal.”
When have I ever claimed it was, moron?
“The property does not have 1 window because of a recently built building blocking all sunlight to the east.”
This is a deal breaker for sure. I guess I need to update my assessment of this place to hard to impossible to sell.
““G- you continue to fail to understand that real estate is not just about investment and getting the best deal.”
When have I ever claimed it was, moron?”
It’s implicit in your posts, idiot.
With interest rates under 3% (10/1 ARM), your housing expense in many cases is half what you would pay in rent.
Remember that $1 million property I purchased in 2007? I could sell it today for more than I paid. My housing expense is also close to half of what I would pay if renting.
How is this a bad thing again?
Rent in the South and West Loop is still high. I am paying less in tax, assessments, and mortgage than I would if I rented.
“LOL at annony. ELP is comparable to NYC and SF, but not to the rest of LP? hahahahahaha”
G, did I say that? Honestly, I don’t even know what you’re trying to say there. Perhaps you should stick to numbers.
“G, did I say that?”
That’s what you communicated, bc that’s how I read it, too.
“With interest rates under 3% (10/1 ARM), your housing expense in many cases is half what you would pay in rent. ”
Thanks for bringing this to my attention. At first I was going to rip you a new one and point out that you will absolutely be killed by the new interest rate in 10 years. But on the other hand, at such a low interest rate you should be able to kill a huge amount of the principal and either be free and clear or have such a miniscule principal left that refinancing is not a big deal even at 8-10% rates.
Ugh, not you too anon.
“Have there been some deals and even “steals” in prime LP over the last couple of years? Of course; historic real estate and economic downturns are hard to escape (and note that I know folks in both SF and NYC who say prices on great properties are down at least 10% from peak – they just still can’t afford them).”
Do you not see that the above parenthetical speaks to the sentence in which it appears and, specifically, to the immediately preceding clause? It is supporting the proposition that, even in the most expensive and downturn-resistant markets, there have been reductions – because it has been an extraordinary real estate and economic downturn.
Now, even if the purpose of that parenthetical somehow eluded the reader, I still fail to see where it is that I am saying that ELP is comparable to NYC or SF. What I was saying – i.e., WHAT THE WORDS ACTUALLY MEAN – is that, yes, there have been reductions, even in some of the most desirable and expensive communities in the Chicago area, just as there have been reductions in the most desirable and expensive communities nationwide. Having spent a decent bit of my life in both of those far more expensive places, I am aware of the differences. Indeed, my almost comically myopic opinions as to where to live in the Chicago area were formed in large part by my time in those areas. Living in NYC and spending significant time in CA is precisely why I’m incapable of residing wherever it is that, for instance, G lives.
Tipster, while I don’t agree with you that rates will be high in 5 – 10 years, I do agree that it does not make a difference. I, as everyone should, take advantage of the low interst rates by paying down my principal each month. After my 10/1 adjusts in 2020, my loan balance will be close to $0.
So after 12 years of ownership, I will own my home outright while only paying a comparable rental rate on a monthly basis. What do renters get after 12 years of renting? I get a house!
Now all I need is something worth buying.
Tipster, here is a tip.
Find a property with utility, in a neighborhood with high demand.
It’s comic gold from the past!
Steve Heitman on August 28th, 2008 at 8:46 am
“Looks like the economy is in better shape than all have suggested. Growing economy in the face of a financial crisis? Looks like your prediction for a crash in pricing has little merit.
I think this will end with 2006-2009 being remembered as a soft overall Chicago market with lessons to be learned about over paying for new contruction.”
Steve Heitman on August 28th, 2008 at 11:55 am
“Talk to me when prices are down. You are just speculating right now.”
Steve Heitman on May 3rd, 2009 at 8:19 am
“G, the typical 2 bed condo in Lincoln Park is off less than 5% in the past 2 years. I love your continued speculation that the “big one is coming” when the rest of the country is already recovering.”
“Ugh, not you too anon. ”
Uh, yeah, and *you* too, anonny.
viz.: “It is supporting the proposition that, even in the most expensive and downturn-resistant markets, there have been reductions – because it has been an extraordinary real estate and economic downturn.”
If that ain’t positing that LP-OZ is comparable to EsEff and NYC, how is it lending any support?
“I’m incapable of residing wherever it is that, for instance, G lives”
I suspect you’d be more than happy being G’s next door neighbor at either of his houses, except *maybe* wrt the commute from his second house. Just a guess, tho.
“Just a guess, tho.”
I’d welcome annony. He’d have to be across a buffer lot from the 1st and many lots from the 2nd, anyway. But neither place is NYC or CA, where I have also lived yet somehow resisted that leading me to a myopic opinion of Chicago.
Sleeping under a sewage pipe – no thanks.
I’ve walked this unit. Not a fan. They layout just didn’t feel right. Parking is across the street, not in the building. It’s got further to fall.