We Love Authentic Lofts: Converted Bank Loft at 3940 W. 63rd

This 3-bedroom multi-level loft at 3940 W. 63rd is in a converted bank building that was constructed in 1909.

Located near Midway Airport, it is a true authentic loft with 3,000 square feet, spiral staircases, exposed brick and beamed ceilings.

It’s also a short sale.

Are you an artist looking for a lot of open space? This loft could be for you.

Santiago Valdez at Re/Max Signature North has the listing. See the pictures here.

Unit #6: 3 bedrooms, 2 baths, 3000 square feet, 1 car parking

  • Sold in July 1990 for $87,000
  • Sold in June 1993 for $75,500
  • Sold in April 1998 for $100,000
  • Sold in September 2001 for $141,500
  • Sold in September 2003 for $202,500
  • Sold in January 2006 for $250,000
  • Was listed in early May 2009 in a “short sale” for $205,000
  • Reduced several times
  • Currently listed for $170,000 (includes the parking)
  • Assessments of $215 a month
  • Taxes of $2248
  • Central Air
  • Washer/Dryer in the unit

25 Responses to “We Love Authentic Lofts: Converted Bank Loft at 3940 W. 63rd”

  1. That green room feels like a handball court.

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  2. I don’t really know the area at all but, I suspect there are a lot of SFH’s around that I would be more interested in if I’m living this far out.

    Loft’s are more desirable nearer the city center IMHO.

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  3. CK,

    I grew up just west of here; definitely not your typical loft area. Mostly SFH, 2-flats, and smaller apartment buildings. There are condo but they are typically smaller walk-ups. This unit definitely does not fit which is no surprise that its in a short sale.

    I could see someone in the 20’s who grew-up in the area buying this to ‘move back to the neighborhood’.

    Anyone else notice all the TVs. Maybe thats why he can’t swing the mortgage.

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  4. Maybe a deaf 20 year old… seriously have you been around there, I’ve had to putz around there quite a bit for one of my previous sucky jobs and you have planes flying less than 200 feet right over your house! Its REALLY LOUD!

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  5. Well I take it back, I was thinking this was S. Central and 63rd (which is the crazy noisiest intersection ever!)… this is still very close to the airport and you would have some pretty bad noise from the planes taking off. Bad enough to shake your house!

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  6. This intersection isn’t so bad in terms of airplane noise. The flight paths are roughly 2 miles south and 2 miles north. I should know since I’m currently living directly underneath one of the flight paths. Dealing with airplanes on the southside is like dealing with the el on the northside. Eventually you get used to it.
    On the plus side this property is a half block away from the famed Indian from Wayne’s World I. That might be the highlight of the neighborhood.

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  7. Growing up near 47th and Pulaski I can tell you that given the angles of the runways, you would not get plane noise like you do at 55/cicero and central, and 63rd/cicero and central. The runways are diagonal to the city grid. It 63rd and Pulaski is just a loud intersection but the planes won’t be shaking the house.

    I never knew this place was a residence. It could be a cool place but needs some redecorating. That neighborhood has gotten quite crowded in the past 5-10 years, and you’re at least 15 minutes from I-55 and 1.5 miles south of the Orange Line Station at Pulaski.

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  8. interesting place. not the hood I would want to be personally. I need to be closer into the city center.

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  9. Not for just any buyer but with 3000 sqft at $50 per a sqft this is definitely a nice value play for someone who is willing to sacrifice location for size. The airport noise may not be as bad because of the solid masonry construction. Finally while others are right that the majority of the homes in this neighborhood are sfh if u look at the sfh at the same price point it becomes apparent that none offer the size or charm of this unit.

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  10. Why the difference in price from the listing ($154,000) to CC pricing ($170,000)? Garage space extra?
    That aside, this is a pretty ‘groovy’ space in a groovy old building. Too bad it is in the hood and not in LP.
    I viewed a similar place in NYC not long ago that had a wine cellar and tasting room in the vault…very unique.

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  11. The “difference” is that in the last 24 hours they just lowered the price (again.)

    WL- you clearly don’t know Chicago neighborhoods. This neighborhood is NOT “the hood.”

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  12. It’s not the hood but it’s pretty much south side. Not ‘hood south side but working class south side. It’s not an area that Big 10 grads gravitate to but there are probably secretary and staff in your office who grew up in the area and continue to live there. This unit is out of place, really out of place, and unless you have ties to the community I can’t think of any reason to live here and the price reflects that.

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  13. While only being in Chicago for a year now, I know this is more of a ‘hood’ than I care to be in and that is far more than enough for me. Whether for my own residence or to invest in for others to enjoy as their own home, I could not or would not even entertain the possibility of purchasing it.
    When I first moved here and started my search for property to purchase for renovation and for my own long term Chicago residence, agent after agent, broker after broker strongly advised me…even refused to show me… any properties in this area. They repeatedly stating that any $$$ spent buying anything in this immediate area would only be like flushing it down the toilet. I have posted these conversations in many prior threads. Perhaps you can question whether or not they themselves, as professional RE individuals, really know Chicago neighborhoods themselves?
    I won’t apologize if your sensibilities are not the same as mine, but I have to stick to my thoughts about this area…I did give it snaps for being a groovy place, just not in an area that I and most posters on CC would even consider at ANY price.
    Perhaps if I had worded it as the other poster above did that “personally” it was not for me, you might not have commented?
    Just a question, if it is not the hood and is a good neighborhood, why such a ridiculously low price and why is the price dropping even over a 48 hour period?

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  14. Thanks HD for your comments as they pretty much back up why I (and a ton of RE people) feel the way I do about this area of Chicago. South Chicago is not an area for sellers & buyers unless they were actually born or grew up there.
    I am not a racist or bigot at all, but it just would not fit into the targeted demographic I am attempting to reach.
    Sorry.

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  15. “I am not a racist or bigot at all, but it just would not fit into the targeted demographic I am attempting to reach.”

    The neighborhood is white ethnics and hispanics. The neighborhood–Westlawn–is 43% white and 52% hispanic. I think you aren’t realizing quite how far west this is.

    That said, I wouldn’t live there, but I’m (1) a non-native and (2) neighborhood picky. Which I think is your “target demo” and so why it would make no sense for your biz.

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  16. Westloophelo,

    Referring to this area as South Chicago (probably not intentional) is an error. South Chicago is an actual neighborhood in Chicago.
    http://en.wikipedia.org/wiki/South_Chicago,_Chicago

    This loft is in a neighborhood called Chicago Lawn or West Lawn (but that might be west of Pulaski) The area east closer to Kedzie has gotten a little rough. But I agree with posters on here that it is most likely going to sell to someone who is familiar with and and has ties to the southwest side. Anyone who moves to Chicago from another state would most likely not move to this area.

    Prices on the southwest side have always been lower than those of the north and northwest sides. Gangs seem to have become a worse problem in the neighborhoods along Pulaski going south and north from here, where it used to be a quiet place to live. 8-(

    2 1/2 blocks west and 1 block south is the home Speaker of the IL House, Mike Madigan. 6400 S. Keeler. Google Map it and look on Street View. It’s in the nicer part of the neighborhood.

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  17. “This loft is in a neighborhood called Chicago Lawn or West Lawn (but that might be west of Pulaski)”

    Officially, West Lawn is from Central Park on the East to the train tracks north of Marquette and the city limits (Cicero) south of Marquette (W) and from 59th (N) to 73d/Railtracks e of Pulaski & Ford City (ie abt 77th) w of Pulaski(S). I express no opinion on whether these edges fairly represent present reality.

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  18. Bluestreak
    Thanks for your explanation of what the neighborhood is (and could become thnx to the expanding gang activity) and the reasons for buying/not buying. Doing so without insults/negative meaning is much appreciated!

    anon,
    While most of my renovations are of a regentrification of blighted area type, the general concensus of the RE pros I first spoke to here strongly advised doing my thing in these south/west areas if I was intending to sell. Which was my def intention when I first moved here. Now with the economy as it is, I am leaning more towards rehabs with the intention of it becoming a long term rental investment.
    I don’t know how other rehabbers calculate their reasoning for the areas they invest in, but this is the main consideration for me. To go in and renovate with the focus being on helping a neighborhood regain it’s status and as a place for young professional families who are planning a family looking to buy is one thing, to renovate solely seeking $$$ from rental property is quite another.
    As massive an area as South/West Chicago is and the pretty dim prospect of total regentrification (as per the RE pros I consulted) to expect a decent profit on a sale while contributing to the rebirth of an area is just not what I am looking to get involved with.
    Hope that all makes sense anon(tfo)!

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  19. Its going to be some time before the south rises again. Every amatuer RE specuvestor was flipping on the south side during the boom.

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  20. Isn’t that one of the reasons many Chicago RE people are hoping the Olympics do end up here? To allow the south to rise again?

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  21. “Hope that all makes sense anon(tfo)!”

    Yeah, you’ve been pretty clear (imo), and I shorthanded it a bit much in para.2 at 8:54, I know. I was agreeing that your “target demo” isn’t likely to rent or buy in this location.

    Notwithstanding that agreement, I thought you misapprehended the demographics of the area (based on the “not racit or a bigot” qualifier), so pointed that out, too. Could be 108% white or hispanic or black or asian or martian and it wouldn’t change the fact that it ain’t going to be on your target demo’s list of places to live unless something else changes *besides* the racial/ethnic makeup.

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  22. “To allow the south to rise again?”

    When I get drunk and talk of this, for some reason it isn’t the south side of Chicago I have in mind.

    Its too bad its so expensive or impossible to move buildings. It is a nice building, thats for sure. Its just unfortunate its so far from downtown that few want to live there.

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  23. Bob actually lots of people would live there it’s just that no one wants to pay that price for it. It’s a highly populated dense area. Very popular. Not everyone who lives in Chicago works downtown. People often forget that.

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  24. No anon, I just prefaced that racist/bigot comment to avoid my being called just that for talking of ‘the hood’ and my not being at all interested in it.
    In your way of describing it, yes there are a lot of reasons the people I intend to inhabit my renos in any way would not be interested in S Chicago. ‘nuf said on this topic.

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  25. In case any one is interested in a closer look at the property, here’s an interactive floorplan we’ve created of it:
    http://www.smartfloorplan.com/il/v282014/

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