We Love Authentic Duplex Lofts With Skylights: 2300 W. Wabansia in Bucktown
This duplex-up 2-bedroom loft in the Clock Tower Lofts at 2300 W. Wabansia in Bucktown has been on the market since March 2011.
In that time, it has been reduced about $50,000.
It is now listed $53,500 under the 2005 purchase price.
The loft has exposed brick and timber ceilings along with a 30-foot wall of windows.
The master bedroom is on the second floor and has skylights.
The kitchen has granite counter tops and stainless steel appliances.
The loft has central air, washer/dryer in the unit and parking is $20,000 extra.
Is this a deal for a Bucktown 2/2 loft?
Greg Vollan at @Properties has the listing. See the pictures here.
Unit #302: 2 bedrooms, 2 baths, duplex-up, no square footage listed
- Sold in September 1996 for $159,500
- Sold in June 1998 for $203,000
- Sold in April 2003 for $375,000
- Sold in September 2005 for $362,500
- Originally listed in March 2011 for $339,900
- Reduced several times
- Currently listed at $289,000 (plus $20,000 for parking)
- Assess ments of $286 a month (includes cable)
- Taxes of $3563
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13 (second floor)
- Bedroom #2: 10×10 (first floor)
These entitled homeowners still try to tack on parking as extra, a practice that started during the bubble to make prices look lower, as if they are still in a position of leverage.
“These entitled homeowners still try to tack on parking as extra, a practice that started during the bubble to make prices look lower, as if they are still in a position of leverage.”
I guess I don’t find it that offensive in a building with 113 units because unlike the 3 unit condo building, you have a chance of finding a dumb buyer that doesn’t want parking and another unit owner that needs/wants another parking spot. Before you go off calling them entitled, make an offer that you think is reasonable and tell them to throw in the parking. That’s how you will know their attitude. I’ve seen 2/2s in this building for far more (I’m recalling an architect-owned one for over $375…)
I think this is really boring and ugly. Go rent something nicer.
Funny how the price for this bucktown condo peaked in 2003….
I still am unsure if sfh in the area peaked bc its still so damn expensive.
Having the parking as “extra” in the listing is usually just a way to make the property appear to be cheaper than it is. You are getting a $20k to $60k “reduction” if you pull the parking out of the listing and list it as “extra.” (I’m not saying that is what this seller/agent has done.)
But a $329k property could suddenly become $299k (with the parking at $30k “extra”). The $299k price point is inherantly more attractive to buyers than $329k – even though it is the same price with the parking included. When a property is on the market for awhile, I have often seen listings where the parking was formerly “included” now “extra” simply because they can strip it out and then re-list as a “price change” and the property looks a lot cheaper.
It always strikes me as vaguely dishonest when they charge separately for the parking. It makes me feel like the seller is going to be unreasonable, so there is no point even looking or making an offer on such a place. I could be wrong, but it’s my gut reaction to this type of pricing strategy.
odd the 05 price was lower than 03
cool optical illusion in picture #6, I was like why is the bed and picture crooked, but its the sloped wall hah
I don’t know if the parking is deeded separately, I find nothing wrong with listing it separately too. Also there are buildings that parking is a hot commodity and the seller can always sell that to someone else if the buyer chooses to forgo buying the parking.
I think this seems like a nice enough place. Probably the non-updated bathroom is hurting it as people won’t want to pay $309 to redo a bathroom.
I find taking out parking to be annoying. I get why they do it, as Sabrina said, but lets be real..the place isn’t any cheaper..
The only problem I see with the separate parking is that the mls does not have fields to make it very clear if it is included, what price, deeded, etc. It’s as if they don’t want to clear up the confusion.
On the plus side, nice brick and window walls, decent space.
On the minus, no overhang on the kitchen island to allow eating there, the vents in the MB are right by your ears, and the one bathroom shown is dated. And oh, yeah: “extra” for parking.
I have a SFO for sale and think I’ll take $50G out for the 2-car all brick, hip-roof garage. It’s not attached to the house, so maybe that can be deeded separately. Now my house can compete with the damn bank-owned properties.
I’m not a loft fan generally, but I like this one. Even with extra for parking, the price seems OK.
Parking – if deeded- is a required and specified field in the MLS
I love this building, and here’s an important reason why this, and nice condos in other good building, might not be selling.
The condo assn. DOES NOT ALLOW OPEN HOUSES HERE!
This is one of the most important “tools” in a Realtor’s briefcase. In tough times, to be deprived of this because of an uptight condo board is obscene.
@ChiTownGirl — if it were me, I’d tell my condo assoc that they can either allow open houses, or I walk away and they can deal with the foreclosure and lost assessments.
I think condo owners in these buildings should take you and me up on this!
Imo this conversion reflects on its developers, particularly faults in rehab construction quality (see litigation in Circuit Court for specific allegations by angry purchasers). One item may hurt this unit – iirc large hvac units on roof apparently were not properly dampened with vibration absorbing material so inhabitants of impacted top floor units learn viscerally when heat or air conditioning is getting delivered.
Southbound….do you know who the developer was that rehabbed that building? Do you have a link to an circuit court docs?
Thanks!
The developer was Cal Boender, an old friend and client of mine who is now a guest of the federal government.
http://articles.chicagotribune.com/2010-03-18/news/ct-met-developer-corruption-carothers-19-20100318_1_alderman-bribing-guilty
Thanks Joe. I’m curious if the absence of proper vibration dampening is common with hvac units in loft conversions. Seems to be a problem of heard of popping up here and there. I’m curious if the big industrial hvac units can be lifted to add vibration dampening, or if that’s cost prohibitive.