We Love Authentic Lofts That Have Been in Design Magazines: 1737 N. Paulina in Bucktown
This 2-bedroom duplex loft at 1737 N. Paulina in Bucktown has a lot of the features loft lovers drool over.
Converted in 1992, that would put it among the earliest of the loft conversions in the city which meant that many of the authentic loft features were preserved.
In this case, the duplex loft has exposed brick and timber ceilings. The spiral staircase leads to a den and rooftop deck.
The listing says it was featured in several design magazines.
There is no cookie cutter cherry cabinets in this kitchen as the listing indicates they are custom handcrafted cabinets with carrera marble counter tops.
There is also a see-through wood burning fireplace in both the living room and, on the other side, the master bedroom.
The loft was just reduced another $10,000.
[Photographs by Robert Harshman.]
Jason Vondrachek at Quest Realty has the listing. See more pictures here. See the listing here.
Unit #306: 2 bedrooms, 2 baths, no square footage listed, duplex
- Sold in July 1992 for $212,500
- Sold in April 1998 for $260,000
- Originally listed in April 2010 for $499,900
- Reduced
- Currently listed for $469,900
- Assessments of $369 a month
- Taxes of $4543
- Central Air
- Washer/Dryer in the unit
- Parking included
- Rooftop deck
- Bedroom #1: 21×13
- Bedroom #2: 12×11
- Den: 12×11 (second floor)
That spiral staircase leading to a shower-tiled floor leads me to believe this might be an estate sale…
Always a crib, always a crib. From loft living to tract home living. Maybe the sellers can buy a tract home featured in a design magazine? With the profit they’re looking make they might even have a down payment for a Toll Bros. home.
Cool building nice place but………parking space! Damn I hate outdoor non-covered parking spots during the winter. Perhaps if we lived in LA or San Diego but not here in Chicago! Is this a deal killer for most prospective buyers?
I lived at North and Paulina for a few years and the parking on Paulina was not bad. I suspect is it because there are mostly SFH on the streets. I had a garage at the time but my guests rarely had issues parking on the street. Is it the “space” that is holding up the deal?
Couldn’t agree more on the parking space. I wouldnt even want a non-heated garage in this city. Maybe I’m just a car snob…or the fact that I dont want to get into my garaged car for it to be freezing in January.
I’ll tell you what’s holding up the deal:
PRICE.
Young couples these likes folks were, who want to have babies, and live in the city for a few years – few of these couples have down payments in the $100k range to buy a place like this. The price is still too high for FHA 3.5% financing.
I like the 1998 price. Sure the neighborhood has changed but too young people today have $hit jobs and make terrible money. This is too pricey. Real estate needs to be priced based upon what the demographics can afford – not what people think RE should cost. And apparently a 2/2 loft in Bucktown ain’t worth nearly double what it sold for 12 years ago. Regardless of how much the ‘hood has changed.
Am I missing a picture of the deck/view?
Love the walls and walls of shelves.
“Real estate needs to be priced based upon what the demographics can afford – not what people think RE should cost.”
Are you drinking your breakfast again HD?
So I should buy properties and reno them using the income of my target buyers as the basis of my budget?
This doesn’t make any sense at all. Sorry.
outside of River North, I don’t think the garage issue is a big deal, a secure dedicated spot outdoors would be OK with me.
“Sure the neighborhood has changed but too young people today have $hit jobs and make terrible money. This is too pricey. Real estate needs to be priced based upon what the demographics can afford – not what people think RE should cost. And apparently a 2/2 loft in Bucktown ain’t worth nearly double what it sold for 12 years ago. Regardless of how much the ‘hood has changed.”
SOoooo, you seriously think that this place looked the same on the interior in 1998? If so, I second WL’s first question.
“That spiral staircase leading to a shower-tiled floor leads me to believe this might be an estate sale”
OMG i just laughed so hard i let out a toot!!! awesome stuff jon awesome!
anyone else think that it’s a mistake to have an Obama picture (or any polarizing political figure for that matter) prominently in the listing pics?
I mean, I think I’d take down my Ron Paul statues before I listed my place….
I think.
Anon(tfo) and WL:
You can build a mcmansion in Humboldt (or Harlem for WL) and just because it cost a $1,000,000 to build doesn’t mean it’s a million dollar house. It’s worth whatever somebody in Harlem is going to pay for it. And if you have a mcmansion in a bad area – in today’s market – it’s no longer worth a million.
That’s the difference between a good investment and a bad investment. RE isn’t some magical investment class where every upgrade, finish and loving touch adds significant value. This is a loft for a young professional in bucktown. that was the demo in 1998 and it hasn’t changed today. To double your asking price because there are some nice finishes was a mistake and they shouldn’t get too much of their money back. Hopefully the sellers think twice before putting a ton of dough into a 2/2 loft in bucktown. Who knows they’ll probably do the same with their Toll Bros McMansion in whatever suburb they move too…”but this place is nicer than all the others and should be worth more” boo hoo.
oh gosh,
really outdoor parking is an issue now? both my wife and i park in our driveway (tandem), the gargage is my workspace/storage, we invest in remote starters and start the car from the window. its never been a problem it should for you guys either.
“an Obama picture (or any polarizing political figure for that matter) prominently in the listing pics?”
1. If that’s prominent, I don’t know how you hide something.
2. I bet they don’t care. You should call the agent and offer full price if they let you burn the pic in their presence. Bet they’d turn you down.
HD:
So you now acknowledge that the price diff isn’t just b/c the ‘hood improved, which was your prior point (made twice). And, I bet they didn’t put the $100k (or whatever) into improving it until after teh ‘hood really turned–this location, in the past 7-10 years has been nothing close to marginal.
Sure, they may have over-improved, but #301 sold last month for $470k, w/o a new kitchen and appearing generally not as nice, but somewhat larger with a better location in the building.
Damn I love that Kitchen! Beautiful
lol on #2, anon. that would be a fun negotiation. =)
wonder if stuff like that ever happens.
“lol on #2, anon. that would be a fun negotiation. =) wonder if stuff like that ever happens.”
somebody got a link to the feed the squirrels contract thing?
“somebody got a link to the feed the squirrels contract thing?”
HD does, bc he wheels it out every once in a while.
This place is worth more than 260k on FP and Sq Ft alone – given that its not a cookie cutter, includes a parking spot (outdoor but still), low asses/taxes, decent loc…I’d say a good price would be 399k.
http://www.post-gazette.com/pg/05168/523385-30.stm
“Within a month of putting her two-bedroom house in San Francisco on the market recently, homeowner Linda Gao had five offers, each one above her asking price of $699,000. So before accepting the most-attractive bid, she threw in an extra condition: If you want to buy my house, you have to feed the squirrels.
Two weeks later, she and the buyer hammered out a contract that included feeding the backyard wildlife, which Ms. Gao has done three times a week for the past two years. “I don’t think it matters if it’s a buyer’s market or a seller’s market,” Ms. Gao says. “Anyone with a good heart would feed them.”
I’m not sure that Obama is such a polarizing figure for potential buyers of this, or any place, in Chicago’s most popular and/or desirable neighborhoods (see, e.g., 60614, which dontated more to Obama during his presidential campaign than any other zip code). My guess is that the “Obama-hates-America-and-is-a-socialist-and-terrorist-sympathizer!” type in LP, ELV, GC, RN, Sville or BT is a rarer sight than a floorplan in a Chicago real estate listing.
I don’t agree with HD’s extremism(isms) on pricing in this market, but I do agree you would have to take into account the demographic and their incomes for those buying this place.
In this case however, you don’t need $100K down, 10% would be fine and get a sub 5% interest rate and be affordable for couples making decent money. I have been told by a couple lenders I work with there are more defaults from people putting 10% down, rather than 5% when all other things are pretty much equal (including monthly payments). They put all their cash in the house and have little around when they need it.
There are other exceptions to this rule as well… sometimes we are totally WRONG on who ends up buying a place. I’ve had some great listings suitable for families in top public school districts where single couples have bought, easily 5 years plus out from having kids in school…who’ve expressed they would move to burbs by parents etc… when having kids.
This loft could nab a single, middle-aged person with plenty of dough and who has personal preferences for the home. Cool place, well done.
As for Obama;
We suggest clients take down as much personal photography, polarizing paintings, books etc… but in this case when the decor is this Scandinavian fantastic, the clientele will most likely appreciate what is being expressed here from a design stanpoint. We let Obama ride.
When I sell i’m going to have a giant Steven Colbert poster on the wall
I roughly estimate that I subscribe to/purchase at the very least 20 design / architecture magazines per month and I am having a very difficult time imagining what type of mag would feature this place? I see no cohesive design elements which would qualify it for publication…anywhere.
Usually when a person has their home featured in (the name of the periodical) and said featured home is then placed on the market, the agent/seller goes to great lengths to make sure this information is available for potential buyers to reference.
Like so many other agent-isms, does anyone else think this is BS?
agree with Eric, I see a middle age single person buying this place. Very cool space. I know a handful of single folks making good money who are just now starting to think about upgrading from their current places and I’ll be sending this listing to them. Would be a great deal at around 425,000.
No square footage listed for a place asking almost half a mil?
“No square footage listed for a place asking almost half a mil?”
You’re still surprised by this?
This building is great. My husband and I looked for two years around this area, hoping to find something like this, with a slightly smaller price tag…but unfortunatly we just couldn’t afford what we were looking for. We bought a three bedroom in Wicker Park for less than a two bed in this building. That said, I still love this building, location, and finishes.
Jon,
I have come back to this about every 30 minutes for a good chuckle, thank you 🙂
“That spiral staircase leading to a shower-tiled floor leads me to believe this might be an estate sale…”
“You’re still surprised by this?”
LOL I know I shouldn’t be but when I go from NYC to Miami to Chicago listings, the obvious MLS shortcomings of each city (Chicago’s in particular) becomes glaringly apparent.
Not saying anything bad about Chicago in general, just the inability of the area’a RE agencies to do their jobs.
You’d think making one’s living on sales commissions would light a fire under their collective butts…GET WITH IT RE AGENTS!!!!
News Flash to seller / sellers agent
The crib is not a sell factor.
“The crib is not a sell factor”
No, but it is a breeder’s…fact…of life.
the place is nice enough but nothing about it screams “impossibly dramatic” decent enough, but i’m not a huge fan of being that close to ashland over in WP/BT.
it’s crazy to me how going just a few blocks in one direction can feel like such a huge difference in chicago. for example, being on or near ashland just sucks in most of the nice hoods in chicago, whereas being a few blocks east or west depending on where you are can be quite nice. from my experiences in other cities (mostly NYC and Las Vegas) this just doesn’t seem to happen as often.
“Jon,
I have come back to this about every 30 minutes for a good chuckle, thank you”
with pleasure 🙂
If you look at the ceiling there also appears to be a second taircase opening missing the all-important staircase… This too, could have led to the demise of the seller and toddler.
I still laugh out loud when I think about the comment from here about some 1br duplex in the gold coast, someone commented that you could trip down the stairs and fall out the window 5 stories down
Sonies – just made my day with that comment, missed the eariler poster….absolutely hilarious. The funny thing is that even if you tripped, fell down the 4 stairs justifying a duplex, flew out the window and died, you wouldnt make the paper but the listing for a 1bd duplex in gc would!
“think about the comment from here about some 1br duplex in the gold coast, someone commented that you could trip down the stairs and fall out the window 5 stories down”
That was me. It wasn’t the gold coast it was the loop and it wasn’t a spiral staircase it was a regular one but the landing was at a 7ft window
+2 Groove!
@westloopelo
“LOL I know I shouldn’t be but when I go from NYC to Miami to Chicago listings, the obvious MLS shortcomings of each city (Chicago’s in particular) becomes glaringly apparent.
Not saying anything bad about Chicago in general, just the inability of the area’a RE agencies to do their jobs.
You’d think making one’s living on sales commissions would light a fire under their collective butts…GET WITH IT RE AGENTS!!!!”
The Chicago Association of Realtors does not have a uniform standard of measurement for square footage; and as such, any risk averse agent will decline when to offer an approximate square footage of a property. From a risk management perspective, I prefer not speculate in writing the square footage of any of my listings.
Additionally, square footage is not that important to a buyer who actually sees the space, and feels it is right for them, as I feel the layout is more important than square footage when actually buying a home.
“Additionally, square footage is not that important to a buyer who actually sees the space, and feels it is right for them, as I feel the layout is more important than square footage when actually buying a home”
but in that sense couldnt a Realatard do a floor plan with out dimensions to give a “Feel” for the place? this would limit unwanted foot traffic or is it in the RE biz “any foot traffic is good foot traffic”? is it good just to get someone in there and if they dont like the layout you can “reffer” them and buyers agent to one or two of your other listings?
“The Chicago Association of Realtors does not have a uniform standard of measurement for square footage;”
I’d say to add that to next meetings minutes, but it probably isn’t in the shady realtors best interests to be honest with square footage
“The Chicago Association of Realtors does not have a uniform standard of measurement for square footage;”
“I’d say to add that to next meetings minutes, but it probably isn’t in the shady realtors best interests to be honest with square footage”
This for a group that (apparently) can’t agree than 10’x10′ = 100 SF? And that balcony space does/doesn’t count?
And no “uniform” standard? So, there are standards, but they aren’t the same for different types of properties?
The Chicago Building Code has a *uniform* standard for determining the SF for FAR purposes. I suggest that be the one used.
Sorry I’m just a little salty about the whole square footage thing when developers floorplans say one thing, the realtor selling the property says another thing, and then you get back your appraisal square footage… screw all you liars
“Sorry I’m just a little salty about the whole square footage thing”
Nothing to apologize for.
Zoning Code FAR-related floor area calculation:
For the purpose of calculating floor area ratios, the “floor area” of a building is the sum of the gross horizontal area of all floors in the building measured from the exterior faces of the exterior walls or from the center line of walls separating two buildings. The “floor area” of a building expressly includes all of the following:
1. floor area of any floor located below grade or partially below grade when more than one-half the floor-to-ceiling height of the below-grade (or partially-below-grade) floor is above grade level, provided that below-grade or partially below-grade floors with a clear height of less than 6 feet 9 inches are not counted as floor area;
2. elevator shafts and stairwells on each floor;
3. floor area used for mechanical equipment, except equipment located on the roof and mechanical equipment within the building that occupies a commonly owned contiguous area of 5,000 square feet or more;
4. those portions of an attic having clear height (head-room) of 6 feet 9 inches or more;
5. mezzanines;
6. enclosed porches;
7. floor area devoted to non-accessory parking;
8. parking provided in excess of the maximum accessory parking limits established in Sec. 17-10-0208, provided that each such parking space will be counted as 350 square feet of floor area; and
9. floor area within a principal building that is occupied by accessory uses.
“The Chicago Association of Realtors does not have a uniform standard of measurement for square footage; and as such, any risk averse agent will decline when to offer an approximate square footage of a property. From a risk management perspective, I prefer not speculate in writing the square footage of any of my listings.”
I am actually getting a ton of entertainment seeing each of these underperforming agents post of their own personal reasons for not going 100% in performing their commission based jobs! Excuse after excuse and not a one of them are holding water!
Screw the fact that the retarded CAR does not have ‘a uniform standard of measurement’…these numbers ARE important!
As a renovator, it is a requirement for me to have a correct to within inches set of floorplans in order for me to be able to determine which projects will or will not be profitable for us to enter…And the same should hold true for buyers who will be purchasing a unit for their own use who are not planning on doing any sort of improvements for which they need to have these numbers to form a budget.
While I won’t dispute the importance of a unit’s layout and how it factors into whether or not a sale will be made, for the sole sake of being 100% honest with your clients this is (should be) a requirement.
I cannot begin to tell you how many poorly performing agents lost out on sizable commissions because their only answer to this question was a blank stare. If I am very interested in a unit and see potential (and profit) I instruct a crew member to walk through the unit with his laser device and calculate the correct area.
By the time the agent finishes his sales pitch this man will have already drawn up a floor plan which includes correct to within an inch square footage measurements. If this member of my crew (who I will repeat, is a grade school drop out) can perform this duty without breaking a sweat, there is no excuse under the sun that will pass by an experienced buyer.
I have to agree 100% with Grooves opinion on this matter…once you get them in the door, that is all that matters as you think you have them on the hook and if not this unit, they will go on to purchase one of your other listings.
All we are asking for is for each individual agency to come up with a uniform standard that they can utilize to provide these numbers. It should be common sense that this is a big part of your duties. I mean other than unlocking the door for them and acting as a conduit with other agents, exactly what do you types do for your clients?
Seriously, screw the CAR and discuss this with all members of your agency and come up with a system that makes sense to you and use it. If your clients ask what the numbers are you can confidently tell them “here at xyz agency, we measure the areas that are of use to you as an occupant” and that number is ________ sq ft”. If pressed further, you can confidently tell them exactly how you came up with the number.
I guarantee if every member of your agency does this, in a city that does not do it with the tired excuse that there is no set standard industry, you will see more referrals from your satisfied customers.
It is not rocket science and it has to be viewed as a very important set of numbers that needs to be available to a client if they so desire it.
I just cannot fathom how developers are required to utilize an understandable and easy to use standard of measurement when constructing a building. In order to calculate their material/labor expense (per sq ft) and the profit they stand to make (per sq ft) they require accurate measurements. This information is then passed along to the initial buyers along with correct floorplans. Yet when it comes time for these units to be resold that uniform standard is thrown out the window.
What is the answer for that question?
I know all….WL’s posts are unbearably long, but for this subject I could write a book it is that important!!
Sorry all.
righteous rant westloopelo!
It’s really not that hard. There are laser rulers that will store the dimensions and do the calculations itself. You don’t even have to memorize numbers or do the multiplication in your head. The ruler does it all for you. You can get a nice fancy one for less than $35 at Home Depot.
Sold for $412,500
Anyone care to explain this $1,189,000 loft next door??? Typo???
http://www.redfin.com/IL/Chicago/Undisclosed-address-60622/home/39563130