We Love Authentic Lofts: $250K Reduction on Duplex at 11 N. Green in the West Loop
We last chattered about this big brick and timber 3-bedroom duplex loft at 11 N. Green in the West Loop in July 2008.
It’s got 17-foot high ceilings, huge windows and the spiral staircase.
See our prior chatter and pictures here.
It is still on the market and has now been reduced by $250,000.
Why isn’t this selling?
Maria Sabatini at Rubloff still has the listing. See more pictures and a virtual tour here.
See the property website here.
See the floorplans here and here.
Unit #2B: 3 bedrooms, 3 baths, 2200 square feet, duplex
- Sold in May 1999 for $284,000
- Was listed in July 2008 for $749,000
- Reduced
- Currently listed for $499,000
- One car parking included (second is $25k)
- Assessments of $490 a month
- Taxes of $4,280
- Rooftop deck
This genius thought their place was worth 800k at the height of the boom (750k + 25k for each parking spot) and believe whatever their realtor told them. This may sell in July 2009 for 400k/430k with both parking spots.
Its really not a practical 3/3. “Artiste lofts” and 3/3 generally aren’t things that go hand in hand. Do you think Maude Lebowski needed three bedrooms? No she just needed a high enough ceiling for her trapeeze.
why it is not selling is likely because the way it is priced. To wit:
1. West facing exposure, also low, so no view to speak of.
2. Right next to Halsted and a very busy intersection
3. Great open space, but with the exception of countertops, home depot / American INVSCO finishes that won’t withstand the long haul.
4. Small brick building without a large number of units against which to amortize the common element upkeep….if the roof or some brick effloresence pops up, or if a building inspector doesn’t like the facade, you can bet that the special assessments on this building will be tough to digest.
When it comes down to it, what is the market value of a nice, airy space without high end finishes and views? Probably the original price was simply too high, and the recent reduction gets them closer.
Let’s also not forget the conforming loan limitation in the market. If someone needs more than a $417K mortgage, they are in a world of hurt to the tune of 200-300 basis points, not including the fannie 75 basis point penalty in April.
“Do you think Maude Lebowski needed three bedrooms? No she just needed a high enough ceiling for her trapeeze.”
That made me LOL thanks for the laugh bob!
And I’ve met this realtor before, she’s nice, and takes great pictures to make small spaces seem much larger than they really are in photos.
As for the price of this place… meh, maybe if its a legit 2200sqft (NOT including the deck) and maybe if you threw in two parking spaces (NOT extra like the listing) It could POSSIBLY sell… maybe.
Just saw this place this weekend and will be seeing another smaller unit in the building with a different client very soon. I would not be admitting to this if my client was interested but I will tell you I thought this unit was way cool. Loved the super high ceilings, the glass blocks, the spiral staircase, the kitchen, the bathrooms. I even loved the layout – which was a bit funky. This is the kind of place that when your friends come over they would be impressed – if you want to impress your friends. Admittedly this is not for everyone.
As for how long this has been on the market…the price just dropped in the last week or two and it’s now below the magic $500K. Let’s see.
As a side note, the decor was pretty cool also. The highlight was the Pez dispenser collection (barely visible in the photo on the left side of the window in the master).
By the price being above $417k, it rules out alot of potential buyers. That electric blue nonsense rules out even more buyers. Other than that it’s the perfect place to live and host parties.
lauren,
Assuming you’re bringing a sensible downpayment, you’ll find the limit is actually 417/.9 for 10% down or 417/.8 for 20% down. Which is 463k and 521k, respectively. So if you had 20% down on this place you would be able to get a conforming loan.
The hard cutoffs seem to be 463k and 521k these days.
If blue paint and barstools stop you from buying a place, you have zero imagination.
$450K is about right. I love this place (this is the place that led me to find Crib Basher).
It is a pretty cool place even if it is w/o a ‘real’ view. I had no idea this building contained such a groovy apt as I walk my dog by here daily. I will now stop and stare to figure out the floor plan.j
Now had it been facing East on a higher, unobstructed floor, they probably would have received some bids close to their asking price.
I have to agree about the blue borders…if a gallon of paint keeps you from buying a place that otherwise is acceptable, then some imagination is lacking. Personally, I would take the color of the ductwork and cover it up in an hour or two. And do some dif on that bathroom border. That is all I see ‘wrong’ with the place.
I just don’t get the extra parking space for $25k…do they actually own two spaces and are offering it seperately to make the $$99k price seem acceptable to potential buyers?
Now if I were in my 20’s, this would be the perfect ‘way too cool’ summer place for me. I had a very similar place in the ‘Village back then. Memories…
2A and 2C are also for sale in this building… what gives? Was someone murdered on the 2nd floor?
Tried getting into 2A tomorrow and was told that it is under contract. Hmmmm. The MLS doesn’t say so.
Yes, 2B has two parking spaces and I just remembered it has a storage space the size of my bedroom. Was told that people actually use their storage spaces as exercise rooms?!?!?!?!?
If i were the agent trying to sell this place, i would make my clients get rid of the blue stools and blue paint. bleech!!!
I am so turned off by the bathrooms. Those look like they belong in a cottage-style house located in Naperville, not a modern loft. What were these people thinking?
Hello!
I sold unit 2A, I’m not sure why the listing agent has failed to mark it CTG in the MLS, but rest assured it’s a done deal and is no longer avaialable. But if you’d like to see anything else give me a call! 847.385.8537
Unit 2A is under contract and it is still going through contingencies and is flagged as such in the MLS.
Have questions? Happy to answer any and all-
Is 2A still under contract? I’d like to see the unit and possibly make a backup offer. I’m at 312.925.1087
2A is still under contract.
does anyone know if the deck is a private deck or public? im guessing public because its not the top floor, but theres no direct reference to it on the mls and its a bit confusing.
btw, free parking for both now and another $50k reduction!
The deck is public, but is currently being renovated. Only the four units on the forth floor have private decks.
2A closed @332k
2B closed @467k
and the replica of 2A not looking at brick wall is PENDING