We Love Authentic Lofts: 124 W. Polk
124 W. Polk is on the fringe of Printer’s Row but is one of the original loft buildings in the area. It was built in 1910 and has 63 units. Eight years ago, it was surrounded by parking lots and now there is development all around it (for good and bad.)
The building has authentic New York style concrete lofts with some exposed brick features.
This loft is the most expensive currently for sale in the building. The listing says it was “designed by one of Nate Berkus’ lead designers.”
Unit #1004: 2 bedrooms, 2 baths, 2500 square feet
- Sold in May 2006 for $527,500
- Currently listed for $635,000
- Assessments of $943 a month
- American Invsco Realty has the listing
- Washer/dryer in the unit
The listing says there are two parking spots but the building has no parking garage. I don’t know if that is rental parking or if there are deeded spots in another building/location.
These are beautiful lofts. I love the huge bath, but most of all, I like the sense of space the place has, and the finishes.
I wonder what it will really sell for. I can’t really make a guess about this place.
Unit 1004 has a price change to $610,000 as of today. The listing also says the parking is off-site and leased.
The current #1004 appears to be a combined unit with the former #1006. Here’s the history:
#1004 sold 10/19/94 for $137,000
#1006 purchased by #1004 owner on 3/30/00 for $175,000.
Sold both units to current owner 5/12/06 for $527,500.
My guess would be that the renovation was completed by the prior owner. The current price appears to be fantasy.
I almost missed this: #1004 was listed for rent today for $3,000/month.
That should confirm the fantasy pricing.
G: Thanks for the info.
Don’t you hate it when the rental price gives away the “real” price?
Me too. ha!
I don’t understand why people continue to pay twice as much to buy a place that they can rent (especially when they’re likely to move in two years anyway.)
I don’t believe people will be allowed to continue paying twice as much to buy as to rent, especially on non-conforming loans.
Are we seeing a return to fundamental values, based on rents and incomes? The rent the place actually fetches would seem to be the best indicator of what it is really worth, and after the bloodbath we’re witnessing now, you have to believe that lenders will be more cautious going forward. They will have to be.
So using a rent X 150 multiplier, this place is worth about $450,000? (Assuming they can get the $3K rent?)
Oh, and I’m not sure I agree that these finishes ARE all that nice. They’re certainly… quirky. Suburban pale-oak cabinets, and the… I don’t even know how to describe it, tile in the bathroom with the tub. And what is the story with the kitchen island? Seems designed to look like an HVAC unit. I really love the location and like Sabrina I love love love authentic lofts… but I’m not sure I’d even pay $450K for this one, esp. given the assessments.
The worst thing about the kitchen cabinets is that there just aren’t enough of them. I have more cabinet space than that in my 900 sq ft one bed rental.
The kitchen really is botched. There should have been way more to it, given the size of this place. There also isn’t much work space.
Laura: I’m not sure the lenders are actually being all that cautious (yet.) Some of the foreclosures I’m seeing are actually from purchases last summer and early fall- so about 8 months ago. This was AFTER the subprime crisis apparently “started” in August.
I’m also hearing stories of people still getting no-doc loans and negative am loans (where you end up owning more on the loan, instead of paying it down.) This was just weeks ago.
I don’t think lenders care what you can rent a unit for. As long as the appraisal comes in at the right number, they’ll give out the loan. (that has been my experience recently.)
Anyone else have observations from the front lines?
Must be a gem unit or a great Realtor! Went under contract in less then 30 days. WOW!
This condo viewed in person is awesome; the pictures don’t do it justice! The owner is relocating due to a job, hence the listing.
The assessments include everything but electric and the association does a fantastic job of budgeting their financials, including saving for new elevators vs a special assessment. It’s actually a great building.
The building also has a gym and a rooftop deck that is really cool!
Unit 601 just came on the market on 3/10/11. It is listed as a 2 bedroom 1.5 bath unit with 1,290 square feet. It’s listed for $249,900.
Unit 701 is also for sale but listed for $299,000. It’s a 2 bedroom 1 bath unit with 1,350 square feet.
Unit 103 is also for sale having come onto the market three months ago. It is a 3 bedroom, 2 bath, 2,200 square foot unit listed for $450,000.