West Loop Authentic Loft Sells for Under the 2002 Price : 417 S. Jefferson
We last chattered about this 2-bedroom loft in the Gotham Lofts at 417 S. Jefferson in August 2010 after it had been reduced $10,000.
See our August chatter and pictures here.
On the market not even 2 years after its last purchase, it sold in September 2010 for $38,500 under the 2008 purchase price.
The latest sale was also under the 2002 purchase price.
The loft had exposed brickwork and original beams. The kitchen had stainless steel appliances and granite counter tops.
The unit had a washer/dryer in the unit, central air, and deeded parking. There was also a view of the Willis Tower from the balcony.
The 1-bedrooms in this building used to sell for around this price. Did someone get a deal on this 2-bedroom?
Sheri Blakely at Sudler Sotheby’s had the listing.
Unit #205: 2 bedrooms, 2 baths, 1255 square feet
- Sold in July 2000 for $260,500
- Sold in April 2002 for $270,000
- Sold in July 2005 for $315,000
- Sold in December 2008 for $302,500
- Originally listed in June 2010 for $285,500 (included the parking)
- Listed in July 2010 for $255,000 (parking $30,000)
- Reduced
- Was listed in August 2010 for $245,000 (parking $30,000)
- Sold in September 2010 for $264,000 (parking included)
- Assessments of $457 a month
- Taxes of $4384
- Central Air
- In-unit washer/dryer
- Bedroom #1: 13×12
- Bedroom #2: 14×10
again,that ductwork in front of the windows looks terrible.
How to catch a falling knife.
It’s not a “falling knife” if you like the place, need a place to live and stay there for awhile. Do the math – this person is paying like 1800/month (assuming 20% down, 4% mortgage). Do you really think that you could even rent a place like this with parking for that much?!! Come on – don’t be ridiculous!!!
“Stay there for awhile”? Sounds good on paper, but this “home” has traded hands 5 times in 11 years.
$210/sq ft. I’d say is a good deal assuming the building is stable. Rental parity. How much more do you think it would drop?
using google maps, stand on Congress Parkway facing the building (north) to understand why this is not a good deal. Nice view of Willis tower. Absurd.
I used to park my motorcycle outside this place when I was taking my bar classes because it was the only street around this area that wasn’t metered. I don’t think the area is that bad. Decent amount of restaurants in Greektown or not too far away on Randolph or even River North. The assessments to seem high, but maybe they’re stockpiling health reserves because of the age of the building or some known future maintenance (as opposed to a large special assessment later on). I’d certainly want copies of the Association meeting minutes and go over them with a fine-tooth comb before committing. It is troubling that there has been such high turnover in this unit. Is that common for all the units in the building or are other units less transient?
“using google maps, stand on Congress Parkway facing the building (north) to understand why this is not a good deal. Nice view of Willis tower. Absurd.”
And unhealthy. Also 600 feet downwind of Ryan/Congress/Kennedy junction. May as well live in your garage with the car running and the door shut.
“And unhealthy. Also 600 feet downwind of Ryan/Congress/Kennedy junction. May as well live in your garage with the car running and the door shut.”
Exactly. Reminds me of the thread about the townhouses on the BNSF line and feet away from the Kennedy and downwind from (Fisk or Crawford, I forget) that Joe Zekas was vehemently defending as one of the best locations imaginable. You could not pay me to live there.
“that Joe Zekas was vehemently defending as one of the best locations imaginable”
he was paid by his client to do that, just like our politicians (rim shot)
“this person is paying like 1800/month (assuming 20% down, 4% mortgage). Do you really think that you could even rent a place like this with parking for that much?!!”
Looks like unit 508’s renting for $1900/mo. . .
“he was paid by his client to do that, just like our politicians (rim shot)”
Oh I know he was, I just think it’s hilarious. The things people will do for a paycheck.
Also back of the napkin math for the previous owners of this one: $38500 lost principal, 22 months of assessments ($10k), 2 years of taxes ($8600), realtor fees, title insurance, transfer taxes, etc ($15k?) = $72k to live here for less than two years. Bummer!
oh crap,
DONT SAY HIS NAME A THIRD TIME!!!!!!!!! HE WILL APPEAR
Barry: but but but I thought renting is like flushing money down the toilet!
“DONT SAY HIS NAME A THIRD TIME!!!!!!!!! HE WILL APPEAR”
Who is Joe Zekas?
Yeah where is Joey these days I want to ask him how his former customers are doing. He had a particular knack for targeting a BtoB customer segment that basically imploded in this downturn (developers).
“And unhealthy. Also 600 feet downwind of Ryan/Congress/Kennedy junction. May as well live in your garage with the car running and the door shut.”
exaggerate much?
understandable if you choose to never live that close to the freeway, but come on.
with windows shut and good filters in the AC, i’m curious what you think the risk really is.
back out the parking and you’re under $200/ft. not to mention a balcony.
i swear, sometimes people act like certain areas of the city should have no inhabitants — near the freeway, the el, metra, etc., etc…just vast uninhabited tracks of land where all the people too good to live there can come and walk their dogs.
buyer got a good deal.
certain areas of the city shouldn’t have inhabitants, namely the immediate 1-3 block radius around transportation hubs. those are called industrial areas.
“i swear, sometimes people act like certain areas of the city should have no inhabitants — near the freeway, the el, metra, etc., etc…just vast uninhabited tracks of land where all the people too good to live there can come and walk their dogs.”
They really shouldn’t, regardless of the over-zealousness of our local RE developers.
okay, chimaki and Barry.
so if you were a city planner would you A) rip up LSD or would you B) have only industry along the lakefront? (unless of course, you somehow don’t count LSD as a transportation hub)
that’s a bit of a rhetorical question, but in attempting to defend your absurd positions i won’t be surprised if you try and answer it.
Hey, if people are dumb enough to live that close to LSD (or those townhouses by the Metra, or…) so be it. I sure wouldn’t want to. I certainly don’t have anything to back myself up, but A) LSD is largely kept at arm’s length from residential, besides the old co-ops by the bend and B) being by the lake probably helps with air circulation.
Also, you’re trying to put words in my mouth.
There is alot of evidence (California EPA studies) that shows the closer you live to an ezpressway or rail way the risk increases exponentially for cancer and, most recently studied, the risk of cardiovascular disease. And in the case of developments such as those between the Northwestern and Burlington tracks along Canal Street and the Union Row Townhouses, the risk is compounded by the proximity to the expressways and the Fisk generating station. The California EPA studies show the highest risk occurs when living within one-half mile of a rail yard. If you live in one of those Canal Street developments you may as well be living in the rail yard.
The downtown expressways have always been bad, but recent massive road reconstruction and expansion projects (80/94/294/394 junction in Lansing and Dan Ryan 95th to 67th Streets expansion to five lanes)have removed two major constriction point that held signigicant amounts of auto and truck exhaust pollution in areas far removed from the downtown area. Now the Ryan/Eisenhower/Kennedy junction is the major constriction point. The effects of all this additional pollution combined with Fisk station and rail traffic is probably not yet known. But acknowledging any risk is clearly not in best interest of the City and real estate industry.
The issue has been recently studied locally using data from residents around the CSX rail yard and Crawford Ave. generating station.
http://www.chicagoreporter.com/assets/issues/201001/extra/TCR_Brief_JanFeb10.pdf
have a friend who lives here. doesnt like the hood. nothing going on. since he doesnt work downtown anymore it’s kind of a bummer. plus the bedrooms have those stupid walls that dont go to the ceiling.
Not a fan of the walled bedrooms with no windows. That will always hold down the value of the home. It is the equivalent to purchasing the odd color of the new car. Most people will only buy the used car in one of three or four colors without attaching a significant discount.
The hood is good and the price is right. I think the buyer who purchased got a decent value for the money invested. Hope that they plan to stay for a while.