We Love Authentic Lofts: Big Space and Timber Ceilings at 14 N. Peoria in the West Loop
There’s nothing like an updated authentic loft such as this spacious 2-bedroom at 14 N. Peoria, the Hale Lofts, in the West Loop.
At 1896 square feet, you won’t be wanting for space. The loft has timber ceilings and hardwood floors.
There’s no standard cherry cabinet kitchen here. The kitchen has unique laquered Kewaunee stainless steel cabinetry.
Randi Fine Katz at Koenig & Strey has the listing. See more pictures here.
Unit #6G: 2 bedrooms, 2 baths, 1896 square feet
- Sold in April 2001 for $381,000
- First listed for sale in June 2007
- Re-listed in July 2008 for $595,000
- Reduced several times
- Recently re-listed at $508,000 (one parking space included- second available for extra)
- Assessments of $382 a month
- Taxes of $4860
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 24×12
- Bedroom #2: 15×15
I like. Even has low assessments for a loft building. 1900sqft is plenty of space for me!
Only knock on the place is no immediate outdoor space like a balcony, but it has a rooftop deck for that I guess. And the 500k pricetag 🙂 I’ll trade you for a 2/2 in RN!!!
Very nicely done. I think this is a ground floor unit though. Notice there are no shots of the views. The roof deck looks shared.
A stainless steel kitchen? “interesting.”
love it!
Ground floor is really nice if you own a dog or two like me.
Cool place! Would make a great bachelor pad for a guy making 150k+
Now that’s a loft.
best deal I’ve seen in a while (barring any undisclosed encumbrances/capital needs)…where do i sign?
This is unit 6G, so it is on the 6th floor and has a east looking view of the Sears Tower, Merchandise Mart and Hancock. Also obviously skybridge. The unit sale also includes 1 secured indoor parking space with the price, with an additional secured indoor spot extra. Broker is really nice and knowledgable. Unit has new washer and dryer too. This condo association has done a really nice job, and many unit owners have pets. The common deck is huge and has cooking facilities for use by the building.
Sign me up! Now If I only had a 200k down payment… then I could afford this place!
This is unit 6G, so it is on the 6th floor and has a east looking view of the Sears Tower, Merchandise Mart and Hancock. Also obviously skybridge. The unit sale also includes 1 secured indoor parking space with the price, with an additional secured indoor spot extra. Broker is really nice and knowledgable. Unit has new washer and dryer too. This condo association has done a really nice job, and many unit owners have pets. The common deck is huge and has cooking facilities for use by the building.
—- Well I’m sold! Can you loan me 100k for the down payment?
What is this neighborhood like?
Hey Russ:
you think this place gets approved for a comforming mortgage, with whatever DP is necessary to complete the purchase price? B/c that would make a *huge* difference in it’s salability.
From what I can tell, a borrower with enough downpayment to get the loan at $417k or less shouldn’t have a problem. Basically, anyone that buys this is going to put 20% down one way or the other at this price point.
The out of left field issues that need to be addressed that could blow up the deal would be pending HOA litigation/mechanics liens, % of owner occupants, % of units for sale, HOA reserves, total number of units. There is a questionnaire that every lender gets completed to address these issues.
This again is one of those units in “no man’s land” right now which is probably why it didn’t sell at $585k. The people who it appeals to are generally not liquid under new lending guidelines to swing the down payments that are required.
“Basically, anyone that buys this is going to put 20% down one way or the other at this price point. ”
Okay, so (iyo) it’s in the world of the 20% required. So no chance of a $417k loan with a (say) $475k purchase price?
Ive seen this loft. Its nicely done but its really only a half million ONE bedroom in the west loop.
The second bedroom is through the glass doors and not really a bedroom imo. More like a study or something.
Its really hard to stomach the price tag when you consider larger units or corner units that are actual two bedrooms in the same building go for less.
You could do that but you will have PMI (private mortgage insurance). It would be doable, but the PMI companies add another level of complexity.
Fannie/Freddie have their guidelines, which the banks over ride. Then the PMI companies over ride the bank guidelines. PMI can be quite pricey these days.
On a $417k loan, PMI can be a couple hundred per month depending on how it is setup.
“What is this neighborhood like?”
Perhaps the biggest hassle with this location is that traffic on Madison Street gets heavy if there’s an event going on at the United Center. The biggest problem for a seller with a 2/2 soft loft is that half the West Loop is configured this way- you need something to stand out from the crowd or you’re in trouble. The square footage is nice but I’m not sure it’s enough. I don’t have access to MLS and I’m not interested enough to run comps with “civilian tools” but, as someone who lives a block away from here, I have a hard time believing they are in line with this. I’d pay $480k with the parking, not a penny more.
“I’d pay $480k with the parking”
With *both* spots, or just the one that is apparently currently included in the price? b/c 5% off ask seems like a number likely to get it done and ~10% (w/ the 2d spot) seems like a serious offer, too.
Hi, I am the broker for unit 6g. It is amazing with GREAT views. The parking space is included in the price. Please change the WEB. Thank you .Randi
I mis-typed earlier; the included parking is the secured outdoor; indoor is extra. This is a conversion dating back a while, about 50 units, majority owner occupied. No liens on file. I understand that assessments have been steady eddy for the last 5 years. By the looks of the hallways and deck and new roof, this condo association is doing a nice job keeping the property up.
I like this ‘hood a lot, especially where this particular unit is situated in the WL; lots of nice bars, restaurants, coffee shops, a gym, some retail nearby. As for the traffic, yes, it could back up on Madison due to events at the UC, but you can easily avoid that traffic & hoof it from the loop (in nicer weather), or take the 20 bus and not worry about the minor delay. The traffic issues overall aren’t too bad compared to some other areas of the city, e.g., the north/clybourn corridor.
I still think there is quite of bit of real estate inventory in this area, however, which might not bode well for a 2/2 at $500k+. Obviously, this isn’t your typical 2/2 though, so who really knows what the market will provide. I’d take a guess that it sells near $465K with parking included.
“As for the traffic, yes, it could back up on Madison due to events at the UC”
Does. Quite spectacularly. Don’t try to drive on Madison west of the freeway on a game/concert night b/t 5 and after the event starts unless you enjoy especially frustrating traffic.
“however, which might not bode well for a 2/2 at $500k+”
Bwhahaha! Uhh sorry MrsB but the 500k+ 2/2 will soon be relegated to the history books (ie: the brontosaurus). Also your valuation guesses I place well below people not caught into the home ownership trap. At this pricepoint this property is still an epic fail.
Sorry over-leveraged urbanites. You’re going to have to save up a genuine downpayment before you brag to your friends back in Arlington Heights or Iowa that you’ve hit the “big time” in the “citaayyyy”. These urbanite lofty type places are going to get decimated like a Japanese skyscraper right before the lizard hit. Or maybe a simpler analogy would be Tiger Woods head before his MrsW discovered his “transgressions”.
Russ is exactly right, this is no-mans land valuationwise. But its my guess the warline gets moved closer to buyers and further from sellers the more this drags on. And no anon.
“Okay, so (iyo) it’s in the world of the 20% required. So no chance of a $417k loan with a (say) $475k purchase price?”
No, no absolutely not. What part of 20% down do you not understand? People from Iowa or Arlington Heights/(insert other stupid suburb or MW state here) can’t actually afford these places even with a DINK. They never really could but just got into the action with an insanely low entry fee. Banks are now reluctant to give loans to these places that formerly were reserved for the truly well off but sometime around 2003 became the domain of F-tards with little equity behind their credit score.
Also wanted to let you CCers know that DINKs are actually quite uncommon–at least in the real world and this economy. Or even if DINK one spouse typically significantly outearns the other (not a 100k/100k split but maybe 100k/40k, and 140k is less than 200k).
How is even a 140k couple going to afford this?
Also, look around at your circle of friends. You probably have some guess of what they earn. Are any of them 200k power couples?
Bwhahaha thought so.
Bob….lots of DINKS are 200K power couples and they don’t want the 2bd/2ba standard developer units around the corner…or even Lincoln Park. This is a nice reno…not everyone’s taste perhaps but definitely well above the cookie cutter crap that is out there. True its a little west for my taste but the design appeals to people who don’t necessarily want traditional stuff and a traditional neighborhood. I don’t think its out of place….a big traditional townhouse yes…but an urban loft in a very urban neighborhood no. My concern would be the potential for the view to get blocked. Its happened a lot in the West Loop.
vs remember the loft with the owner on a motorcycle? 🙂
Nice finising choices overall but unusual cabinets. I aggree that the 2nd bedroom’s wall of glass has some limitations but it is still an interesting way to deliniate the space.
I have several friends who are considered power couples that are making $250+ In most cases at least one of the partners is working in the loop. It is a perfect location for that type of couple. FYI -this may come as a shock to some but kids are actually allowed in the West Loop. The brand new Skinner School is in walking distance from this pad.
As far as complaining about the traffic on Madison heading to the UC get serious. I live off Randolph. If you compare that to the traffic in Lincoln Park on Halsted, Fullerton, North Ave, Southport, or Diversey every day and night it is no match. Does anyone want to compare it to living around the Wrigley area? If that is your issue you need to move to Decatur.
Pretty cool place. It is hard to predict the final selling range but I’ll be positive and predict that it ends up pretty close to list price with the additional indoor spot thrown in for free.
Uh oh! After further review it appears that bedroom 2 might not be a legal bedroom. It looks like they added a partition wall of drywall and some large glass panels and doors. With this design it apears that the LR is no longer getting any natural light and vent. Im not a code expert but I don’t think that it would have passed inspecition or permits to call that a bedroom. It is not clear from the photo but another tell sign is that the space does not apppear to have a closet. Rannie and Freddie will take a pass, as it will not conform. That makes the financing even harder.
I’d bet that calling this extra space a second bedroom was not on the original plans approved by the city. Perhaps it was called den, multi use space or listed as the dining room. That changes my value of the space signifigantly.
Jp3 called it! This place is purfect for 250k plus power couples!
The problem isn’t income, its that there are not enough power units forf high income power couples to buy!
from someone who lives in the hood and seen the place….this building is on peoria which is 1 block west of halsted, 1.5 blocks west of the expressway. Traffic or not, you are home quickly without having to spend much time in the 1.5 miles between expressway and UC. That goes for all the lofts on Green street too. For people who want seclusion, you never quite get it anyway with Greek Town a couple 5 blocks away.
Seen the place two 2nd bedroom has tastefully done closet that blends in with the wall and its own ventilation. There are only a few other units in the building that would qualify as non-cookie cutter like this one.
anon,
Good news about the closet as that did not show up in the photo. As for ventilation it is clearly in the “bedroom area” with that wall of windows. My concern is that if you removed the wall of glass that appears to seperate the “bedroom” from the living/kitchen/dining room apparently the unit would have no other natural light or vent. That may be the reason they chose to install the unique wall of glass panels and glass doors on the bedroom.
Not counting those few hours/days you may have spent in prison has anyone ever seen or lived in a home that had no windows in their living/kitchen/dining room? My guess is no! That is the part that would not pass code.
If there is anyone with better understnding (than me) on this subject please comment.
I think many of you under estimate the number of power couples in this city. There are a lot of them. However, the biggest issue is that the majority of them do not have the $100-$150k plus laying around in cash to dump into a house. For most that wipes out their entire liquid savings.
In this economy, only a fool would give up liquidity to buy a house.
Most are either deciding to rent or looking at cheaper places where financing is readily available and they don’t need to liquidate all of their cash to get decent financing.
The same couples who two or three years ago would have thought nothing of buying a $600k place with 10% down are now looking in the mid $400k range from what I am seeing.
No man’s land to me are the cookie cutter places that are priced $525k – $700k – most notably the large duplex downs that sprung up all over the city. They are nice, but aren’t really nice enough for the truly established professionals who could actually float the down payments needed these days, but too pricey for the middle management DINKS that they actually appeal to.
The condos in this price bracket or going to continue to feel some pain in the near future. Much of this pain could have been avoided if Chicago proper (not the metro area) was granted high cost status and our conforming limit increased like most other comparable major cities. Conforming in CA, NY, parts of WA, MA, VA, can range up to $729k and you just need 10% down.
Russ, is your answer really “give buyers higher borrowing limits and smaller down payments”? We know how well that worked last time….
HD:
It isn’t that black and white. What didn’t work last time was lending money to mediocre borrowers which was driven primarily by Wall Streets greed for mortgage originations. Wall Street would buy the loan, so the banks would make it.
It is one thing to offer 90% financing to a power couple with excellent credit, great reserves, low DTI and stable employment.
It is entirely different to offer 90% financing to someone with stated income, mid 600 FICOs, and one month reserves.
What is happening now is that there is no secondary market for loans so banks do not want to take any risk. As a result, even perfect borrowers can’t get decent financing that is non-conforming to Fannie/Freddie. As a result, we are going to continue to see price declines at this price point since as you know – prices are a function of the ability to get financing.
bob: “Also, look around at your circle of friends. You probably have some guess of what they earn. Are any of them 200k power couples?”
Um, more than half of them? And most of the rest of them are $150k+. But I’m totally aware that I don’t hang out with many “average” people.
Isn’t 9pm on Tuesday prime drinkin’ time Bob? Weather keep you home?
Oh anon(tfo) you’re just a snooty tooty now aren’t you. You need to take a step into the real world where 100% of people who bought a place that costs more than the conforming limit can’t actually pay their mortgage, and everyone has 50k of heloc or credit card debt that they are struggling to pay every month. Well that or refuses to pay their taxes or city leins against them because… oh forget it.
Nice rip on bob though. He deserves back some of what he dishes out.
question about the bathroom that has a photo…
I’m thinking of remodeling one of my bathrooms to something similar; rectangular sink (half as big, though) and a “floating” countertop. How long before that’s going to go out of fashion, and folks will say, “Yup, last remodeled in the late 2000’s”??
“How long before that’s going to go out of fashion, and folks will say, “Yup, last remodeled in the late 2000’s”??”
Not before you say, “where in the hell can I put anything in this bathroom without it being on display?” And the floating shelves on the other wall are already out. Please – no more floating shelves.
“How long before that’s going to go out of fashion, and folks will say, “Yup, last remodeled in the late 2000’s”??”
2012. 2014, tops. The fact that cheap (sub-$100 in a quick search) porcelain rectangular lavs are available does not bode well.
“Not before you say, “where in the hell can I put anything in this bathroom without it being on display?””
There’s no (practical) reason to not have cabinets beneath the countertop. It may not make “design sense” and it may require semi-custom cabinets, becasue of the undercounter height, but as it is, it looks like a restaurant bathroom to me.
i have sinks like that, they blow. wouldnt be so bad if a milk crate fit underneath on the shelf, but it doesnt, close but no cigar. so instead i have a shoebox down there with a rubber band around it to keep the 2 yr old out. that should work for about a month.
“Bob on December 8th, 2009 at 9:21 pm
Bwhahaha! Uhh sorry MrsB but the 500k+ 2/2 will soon be relegated to the history books (ie: the brontosaurus). Also your valuation guesses I place well below people not caught into the home ownership trap. At this pricepoint this property is still an epic fail.”
Didn’t you just repeat what I already said? A 2/2 @ $500K+ = probably not going to happen; my way was just a bit kinder. I’m not quite sure I follow you, however, re: my valuation guesses. You don’t appreciate my valuation guesses b/c you *think* that I’m caught in the home ownership trap? Ehhh, okay…I’m unaware of any “trap” that I’m currently in… FWIW, I don’t have ANY real estate background and clearly just look at this blog for fun, so my guesses should be taken at that – random, anonymous, internet speculation.
Also, as I live in this area, work in this area, as well as complete daycare drop-offs in this area, I’m more than familiar with the traffic around here. Eh, personally, I don’t think it’s *that* bad (for Chicago) – even for events at the UC (concerts are worse than games, esp. Bulls game b/c let’s face it, 9/10 losses in a row? Who’s paying to watch that?).
“Bulls game b/c let’s face it, 9/10 losses in a row? Who’s paying to watch that?”
its not the losses its losing the the Nets, seriously how do you loose to the nets?
poor vinnie, he should be scared come Dec 24th (think scott skiles)
I know, right? Ouch.
(My bad, I just meant 9/10 losses period – not “in a row.”)
“he should be scared come Dec 24th (think scott skiles)”
and Tim floyd.
This sucks. Stupid Bears and Bulls are going to turn me into a die hard hockey fan 🙁
Hawks…top of their division! Plus my buddy John Madden got picked up in the off season – that makes games fun to watch.
I saw this place. If you actually use the 2nd bedroom as a bedroom than you have ZERO natural light in the family/dining room. Such a bummer.