When a Condo Doesn’t Sell…Try, Try, Try Again
Why is it that the same properties keep coming on the market at the same inflated prices?
If the condo didn’t sell during the “peak” selling period in the spring and summer, it’s certainly not going to sell now at the same price.
As they say in real estate, price (and location) are everything.
Take this unique loft built into an elevator shaft at the Hale Lofts at 14 N. Peoria in the West Loop. Originally part of the Loftminium conversion about 8 years ago, the building has only 47 units.
This unit on the top floor in the elevator shaft has been appearing on Craigslist off and on for the past 8 months.
Unit #8A: 1 bedroom, 1 bath, three story duplex
- Originally sold during Loftminium in November 2000 for $179,000
- Sold in September 2003 for $275,000
- Sold in June 2006 for $276,500
- Currently listed for $359,000
- Parking is extra
- You have to go outside of the building to enter your unit (somehow you have to walk on the rooftop to get to it.)
It has a very tiny layout (due to it being the elevator shaft.) The living room is only 12 x 11. The bedroom is 12 x 10. And the kitchen is 7 x 7. The square footage is never listed. Perhaps it’s about 650 to 700 square feet.
For $359,000????
Maybe I’m missing something. Maybe it’s just too cool for words. Maybe real estate in the west loop is still shooting up as it did from 2000 to 2003 to justify the nearly $100,000 price increase in only a year.
And the funny thing is, this unit has been listed at the same crazy price of $359,000 for forever. It’s not like they’re lowering the price to try and sell it.
And yet, it sits. Unsold. Still priced at the crazy price.
Tracy Gola at New West Realty has the listing.