We Love Secret Terraces: 411 S. Sangamon in the West Loop
We love cool lofts and what is better than one with a secret terrace?
That’s what you’ll find in this huge 4-bedroom loft at 411 S. Sangamon in the West Loop. The 600 square foot terrace has a built in grill/sink/refrigerator and custom lighting.
My question is: how do you protect the refrigerator etc. in the winter?
Here’s the listing:
ARCHITECT-OWNED 2400SF URBAN RETREAT COMPLETE WITH PROFESSIONALLY LANDSCAPED WALLED GARDEN & LARGE TERRACE. 600SF EXTERIOR OFFERS BUILT-IN CEDAR/STAINLESS/GRANITE KITCHEN, GRILL, SINK, FRIDGE & CUSTOM LIGHTING.
BRIGHT ELEGANT INTERIOR INCLUDES 60′ WALL OF WINDOWS, 10′ CEILINGS 500SF GREAT ROOM, GRANITE & STAINLESS KITCHEN, DRY BAR & LAUNDRY ROOM. INCREDIBLE STORAGE. ONE PARKING SPACE INC.
Alex Till at Baird and Warner has the listing. (There’s more pictures at B&W’s website.)
Unit #1D: 4 bedrooms, 2 baths, 2400 square feet
- Sold in April 1993 for $130,000
- Sold in July 2001 for $425,000
- Sold in May 2005 for $399,000
- Currently listed for $619,000 (parking included)
- Assessments of $450 a month
- Taxes are $6,200
“Sold in July 2001 for $425,000
Sold in May 2005 for $399,000 ”
Was there a fire? What kind of person managed to lose money on real estate from 2001 to 2005?
Am I the only one with a problem with 4 bedrooms and only 2 baths? I see this all the time. One bath is for the master. So guests and the other 3 bedrooms all use one bath?
Was there a fire? What kind of person managed to lose money on real estate from 2001 to 2005?
I also find those numbers interesting, and a bit improbable.
There’s obviously some unilluminated backstory in this unit’s past.
I saw this one. It was a developer unit that they kept and then sold to someone in the building but it wasn’t finished. So the new people took it as is and finished it. That terrace is nice but the bldg sits right on the 290 and there’s a door to the lower part from the highway easement. It seemed to me like you’d have a lot of homeless cooking out on your deck. The grill, sink, etc has a big winter cover and it’s winterized…
OT:
Hey Gary, you must be pretty pleased now with your shorts on Freddie from a couple of weeks ago! 🙂 All you had to do was wait for them to report earnings. Or should I say “earnings.”
I meant “shorts on Freddie and Fannie.”
I own in the building. There was no fire in the unit. The numbers are not ‘improbable’. There is no ‘unilluminated backstory’. It’s an amazing 2400 loft with outdoor space and you complain about the 4 bed/2 bath set up? What do you want for $619k?
Tricia’s right on most things but the door to the land adjacent to the property is welded shut so you won’t find any homeless on the deck unless they can scale a 15′ wall.
You lot are never happy are you?
“There is no ‘unilluminated backstory’.”
Okay, then help out a dense guy here–how did this unit sell for 6% less in 2005 than in 2001? Related party transaction or what?
I’m sure you’re not dense, just missing information!
The 2001 buyers moved from NY and overpaid. The $425k included a $25k parking spot which they then sold separately. One of the sellers got sick and they moved back to NY. The unit showed really badly when vacant. No-one was interested in a 4 bedroom loft with no parking. It was eventually sold in 2005 to the RELO firm who dumped it at a loss. The current owners rehabbed it very nicely and also bought a parking space. Phew!
“just missing information!”
That’s an unilluminated backstory to me. Unilluminated doesn’t equal nefarious. Now it’s been illuminated.
that’s not a secret terrace, that’s a gangway…
I think I was the Realtor on this unit
The story is The home did need some work and had been for sale by another realtor for a year. Their was a family issue and he wanted it sold. It needed $30,000 to make it kinda of livable. But really needed a complete gut, also there was no parking . Only rental parking outside. I think it was listed for $460ish But He wanted it gone now and we said ask $399,900 . After over a year we listed it and sold it for asking in 3 days, cash.
I no it sounds cheap but believe me No view , no parking , a small long patio backing up to an alley in the west loop 4 years ago was no easy sale at $500,000. It sold for maybe a little less than it could have sold for But The $399,000 made it go away with a clean contract
Ted: if it wasn’t an “easy sale” 4 years ago (when housing was still booming) what about the price now?
How are those rent vs buy calculators looking using a 4.5% interest rate? I am not a fan of the plan but it will clear the inventory.
Sabrina
First sorry about the typo’s , I just turned the lights on.
I have been in Jupiter Florida the last 3 years, smart move (right)
Anyways I think $399,900 was true market value, I would say that the area is not as scary to some people as it was back then and the empy nesters today want the bigger sq. ft., patio and the four bedroom is the real sales feature, The outdoor space is not the perfect set up but it looks like they did all the right stuff, inside and out. I watch the Chicago market but have not been active. I still think this unit is worth $499,900 . Did they ever get real parking for the building?
PS
The post on Nov 13 is correct the patio was a large walk way that they put a fence around, But they did have a letter if I remeber right from the HOA ok’ing it
Steve Heitman, along with the 4.5% interest rate, you better have a calculator that can calculate the drop in value when those rates return to historical norms. Unless Uncle Sugar is going to guarantee that rate for ever and ever amen, this doesn’t cure the housing problem–it just pushes it onto a new set of buyers.
Why would ever sell it if you could finance it at 4.5%? Hold on to it for life and rent it after you live in it. Find a noce cheap foreclosure, finance it at 4.5%, and enjoy your retirement when you sell it in 30 years. Beats a 401K!!!