Why Aren’t More People Listing? A 2-Bedroom Loft at 1001 W. Altgeld in Lincoln Park
This 2-bedroom duplex loft in the Soda Pop Factory Loft at 1001 W. Altgeld in Lincoln Park came on the market in April 2013.
It has already been under contract once.
At 1700 square feet, it has a private entrance which makes it feel more like a townhouse than a condo.
It has 16 foot ceilings and a private rooftop deck along with exposed brick.
The kitchen has white cabinets and stainless steel appliances.
It has central air, washer/dryer in the unit and garage parking is included.
The loft is also just steps to the Fullerton El stop.
We’ve been chattering about how hot the market is and why there isn’t more inventory.
This loft, despite the “hot” market is still listed $60,500 under the 2007 price.
Are we going to be stuck with an inventory “problem” for years?
Mario Greco at Prudential Rubloff has the listing. See the pictures here.
Unit #5: 2 bedrooms, 2.5 baths, 1700 square feet, duplex
- Sold in August 1989 for $235,000
- Sold in April 1997 for $242,000
- Sold in July 2003 for $412,000
- Sold in March 2007 for $485,000
- Originally listed in April 2013 for $424,500
- Under contract
- Re-listed at $424,500
- Assessments of $369 a month (includes cable)
- Taxes of $5869
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Bedroom #1: 16×13 (second floor)
- Bedroom #2: 12×10 (second floor)
- Deck: 20×17
People are not listing because inventory is so low/bad that they have nothing better to move up to.
This building has terrible curb appeal. I assume the price is reflective of this poor curb appeal.
I’m not sure why more people aren’t listing. Maybe they think bubble prices are coming back and waiting for that to happen.
“I’m not sure why more people aren’t listing. Maybe they think bubble prices are coming back and waiting for that to happen.”
People who bought at bubble prices are hoping those prices come back so that they can sell without bringing money to the table, or giving what little equity they might have to a realtor via commision.
I don’t think most people who bought at bubble pricing thinks those prices will return, but yes, I do think people are waiting until they can get out without bringing money to the table. At some point, prices and mortgage balances will meet in the middle.
Cons: This building is an eyesore. 500 feet from hearing the red/brown/purple lines starting to brake coming into Fullerton. Fairly close to DePaul dorms & bookstore. Kitchen cabinets.
That being said, I love everything else about this place. The outdoor space is perfect. Not going on too much of a limb here since its already been under K, but it will sell close to or at list. If this was in my price range, I’d snag it up.
Does the 1,700 sq feet include the deck? From the floorplan, it doesn’t look like the interior space gets there.
“I don’t think most people who bought at bubble pricing thinks those prices will return, but yes, I do think people are waiting until they can get out without bringing money to the table. At some point, prices and mortgage balances will meet in the middle.”
Or it’s a better investment to rent then to extract the equity becuase rental rates are so high. Right now I’m making 8-9% after tax based on the equity I have in my property and that’s calculating off of a sale price from 2 weeks ago including the commission. It also doesn’t factor in the principal being paid down each month.
“Are we going to be stuck with an inventory “problem” for years?”
Yes.
Because after the bubble, you have a lot of houses where people no longer want to live and too few houses in very desirable neighborhoods.
“Because after the bubble, you have a lot of houses where people no longer want to live and too few houses in very desirable neighborhoods.”
Lake in the hills??
“Lake in the hills??”
I am sure Sabrina would call that an A+ community.
LOL!
“Or it’s a better investment to rent then to extract the equity becuase rental rates are so high. Right now I’m making 8-9% after tax based on the equity I have in my property and that’s calculating off of a sale price from 2 weeks ago including the commission. It also doesn’t factor in the principal being paid down each month.”
well said. that is the big thing people are doing. make money and build equity. most people didn’t put down a lot of money so don’t need the equity for new down payment…
“Does the 1,700 sq feet include the deck? From the floorplan, it doesn’t look like the interior space gets there.”
Why would you care? It’s just a number!
FP looks like 38×20 times 2 = ~1520, not deducting for stairs, nor couting the stairs to roof. I’d have to assume that the asking price (also ‘just a number’) is ~10% over reality, and a good offer is $380k.
That said, it’s obviously selling for v.v. close to list to someone who doesn’t care about the phantom square footage.
“FP looks like 38×20 times 2 = ~1520, not deducting for stairs, nor couting the stairs to roof. I’d have to assume that the asking price (also ‘just a number’) is ~10% over reality, and a good offer is $380k.”
Not sure how your getting to 38′ deep. My best guess is 32.5 to 33’……………………………… this place is only close to 1700 sf. if you include the roof deck and stair.
“Not sure how your getting to 38? deep.”
1. I like to be generous to avoid minor quibbles.
2. I’m an idiot and misread one of the measurements on the FP.
3. So, okay, more like 34 x 20 x 2 = ~1350, and it should be 20% off the ‘number’ or $337k.
4. Is anyone still surprised by the square footage exaggerations in these listings?
“Is anyone still surprised by the square footage exaggerations in these listings?”
no not really
“Mario Greco at Prudential Rubloff has the listing.”
To quote Mario, “its just a number”
On the topic of phantom square footage, what do you do when you buy a place marketed at one square footage, but you move in and measure and can’t come up with that number and someone asks you how big your place is? For instance, my 1/1 was marketed as 920sqft, but measuring exterior wall to exterior wall including the balcony, I get barely 800sqft. So when someone asks me how big my place is, what do I tell them? Also, when selling, what number do I list? The place has sold 3 times while listed at the BS number, so when it is time for me to sell do I plead ignorance and continue the lie, or do I list at the real square footage?
“I get barely 800sqft. So when someone asks me how big my place is, what do I tell them? Also, when selling, what number do I list? The place has sold 3 times while listed at the BS number, so when it is time for me to sell do I plead ignorance and continue the lie, or do I list at the real square footage?”
Did you buy in a high-rise, from the developer?, Typically their area take-offs are fairly accurate. Play dumb and let the realtor to come up with the number.
So when someone asks me how big my place is, what do I tell them? 8-900sqft
Also, when selling, what number do I list? 920
And as everyone else mentioned, it doesn’t really matter.
I would think it’s the buyer’s responsibility to measure during the inspection if it’s a concern. It takes getting into a place to see if there is enough space. A poor floor plan can make a larger condo feel smaller. Maybe you shouldn’t even list the square footage. When I bought my place, the square footage wasn’t even listed.
They are rebuilding Roy’s furniture near that corner so be ready for construction noise if bought now.
I don’t like that this is over 400K without a separate area for eating.
I agree the kitchen cabinets and other white cabinets in the bathrooms needs to go as it shows its age.
Maybe the square footage is shrinking. Did you ever read that book “House of Leaves” by Mark Danielewski?
When I bought my condo, the price was not listed in the ad. I agree with Jenny in that the buyer should make sure that the space is enough.
The price of $ 424.5 K seems extremely high for a 2 bedroom… I do like the pictures at the Rubloff website though… very nicely staged…
New MRED listing rules require square footage as well as identify the source, although ESTIMATED is a source option. Doesn’t mean they will be accurate but it’s better than 0. As Jenny said the layout and how the space is used makes a difference when it comes to the feel of a place but if you want 1000+ then 700 isn’t going to work no matter what the layout is.
Definitely more listings coming online this week than the last 4 to 6 weeks.
Not necessarily a flood of places, but we have made appts to view 9 properties over the next 2 days. It’s been months since we’ve had this many properties that look interesting enough to get out and see.
Square footage may be the most highly over-rated feature of housing…because there’s no agreed-upon way to measure the total! Do you include closets, utility spaces, balconies, etc? I always tell my buyer clients to IGNORE square footage (unless they’re buying “raw” commercial space) and instead check to see if the INDIVIDUAL ROOM measurements match the MLS. Who cares if you have 800 square feet, if it turns out that the master bedroom space was over-estimated and the furniture won’t fit?
And speaking of individual room measurements…WHEN IS THE MLS GOING TO START REQUIRING BATHROOM MEASUREMENTS in the room descriptions? Many “upscale” buyers want master baths that are almost as big as the bedrooms, and if they discover a 9 x 10 master and a 9 x 9 hallway bath, they consider it a “deal killer.”
“Square footage may be the most highly over-rated feature of housing”
I generally agree, but in my experience the square footage was helpful for reference. While looking for a 1 bed places, I found that places listed below 750 sqft generally did not have room for a dining table or desk area while those listed above that square footage did. While my place is not as big as listed, i’d bet that the 750sqft places aren’t either and my place feels much bigger and more usable than the places I looked at listed at 750. The number itself is less relevant than the number in comparison to other places.
“The number itself is less relevant than the number in comparison to other places.”
Right, so those who don’t li … exaggerate are penalized. So, there’s an incentive to not tell the truth, which sux.
From my perspective there is NO POINT in exaggerating or pretending a place is something it isn’t. The only benefit I can imagine for luring a potential buyer in under false pretenses is to brag to the seller about how many showings you’re getting. The best photos that most accurately represent the space, a floor plan (interactive is best), and accurate and honest information about the property is going to bring in the buyer that wants to buy what you’re selling. Exaggerate all you want – it’s not going to sell the property.
This apartment feels awkward.. I can’t believe it’s listed at that price. feng shui nightmare and those kitchen cabinets (especially up against the nice stainless steel appliances) literally made me shudder in horror. One take on why there isn’t more inventory.. people are much more cautious with their money, investments and chances these days. They are thinking twice before moving up and out. The world just isn’t what it used to be. Safer for peoples finances.. not so great for real estate market/new home buyers.
This property in the Soda Pop Lofts just came back on the market but went under contract in just 5 days so I couldn’t re-crib it.
It sold in 2016 for $500,000
Under contract this go around at $550,000
https://www.redfin.com/IL/Chicago/1001-W-Altgeld-St-60614/unit-5/home/13360043
” Unit has roof rights to re- build 20×16 roof deck which was removed for roof replacement. ”
So the place is worse now? Crazy!