We Love Authentic Lofts: Old Town Loft Reduced $25K at 1448 N. Orleans
We last chattered about this 2-bedroom triplex loft in the Carriage Park Lofts at 1448 N. Orleans in Old Town in August 2008.
It is still on the market and has been reduced by $25,000.
Back in August 2008, some of you thought it was overpriced.
See the pictures and our chatter here.
Here’s its history again:
Unit #2A: 2 bedrooms, 1 baths, den, no square footage given, triplex
- Sold in November 2000 for $248,000
- Sold in April 2006 for $381,500
- Was listed in August 2008 for $399,900 (plus $25k for parking)
- Reduced
- Was listed in October 2008 for $389,900
- Increased
- Was listed in December 2008 for $405,000 (I’m assuming that the parking was now included- hence the “increase”- when it was really a reduction)
- Reduced
- Currently listed for $399,900 (includes the parking)
- Assessments of $236 a month
- Taxes of $3,618
- Kathleen Smith at Prudential OneSource Realty has the listing. See the pictures and a virtual tour here.
Still way overpriced. $152K “appreciation” in 8 years? I don’t see any upgrades that justify anything over 3% annually.
I’m guessing this had multiple HELOCS and the homedebtors have no equity.
$300K max
Yea. I was just thinking that I’d pay 275-300K for it. Things are looking worse and worse on the economic front. I may forget about buying and rent another year to see if the market comes around to were I would feel better about buying. Most everything just feels overpriced to me.
The theme for today is party and overpay during the bubble and refuse to acknowledge the hangover during the bust.
“$152K “appreciation” in 8 years?”
Nah. It was $133,500 appreciation in 5.5 years, not enough appreciation to cover closing costs in the next three.
“anything over 3% annually”
That would get it to $314k. Which is more in the ballpark than $400k.
I think the people who are holding out for high prices are hoping for a government bailout that will allow some buyer to afford that price. The sooner the government makes it clear that won’t be happening, the sooner the market can start correcting and eventually bottom. Any program designed to prop up (unsustainably high) housing prices will end up having the opposite effect, and just delay the recovery.
The open layout on the bottom floor would make this a nice space for entertaining. I also think there is something very apealing about a duplex. They obviously don’t have enough equity go give it a real facelift but a mini HGTV like makeover can easily be done. The sellers should search for 2 BD/2 BA condos in the 350-400k price range in 60610 so they can have a better idea of what they are up against.
cute! wonder how hard it would be to put a second bath in?
no bathtub?!?!!!
Lauren the bottom floor is the bedrooms and washroom, kitchen and living is in the middle, loft up top
I’ve been in a 1/1 + den duplex unit in this building. The footprint is TINY and you really notice it on the kitchen living room level. I’m guessing the picture of the kitchen living room was taken with their back up against the door to the terrace.
What makes this an authentic loft? The outdoor space?
@anon(tfo): 399,900 (2008) – 248,000 (2000) = $151,900 in 8 years. i was commenting on the property, not on the current owners.
ChiGuy:
And I was making the point that the phantom “appreciation” almost all occured in 5.5 years, making it even more ridiculous.
Now listed at $375K, WITHOUT the parking. LOL