Why Isn’t This $99,900 1-Bedroom South Loop Loft Selling? 2000 S. Michigan
This 1-bedroom loft in the Locomobile Lofts at 2000 S. Michigan in the South Loop has been on the market since February 2012.
It is bank owned.
In that time it has been reduced $25,000 to just $99,900.
It has tall ceilings and big windows with a loft space above the bedroom which could be used as an office space.
The loft also has exposed brick.
The kitchen is intact and has stainless steel appliances, maple cabinets and granite counter tops.
The bathroom isn’t pictured.
The loft has central air and garage parking is included. It doesn’t list a w/d but the other units in the building have them in the unit so I’m assuming there are hook-ups.
Is this a deal?
If so, why isn’t it selling at $99,900?
Alexander Chaparro at @Properties has the listing. See the pictures here.
Unit #211: 1 bedroom, 1 bath, no square footage listed
- Sold in September 2004 for $211,000
- Bank owned in January 2012
- Originally listed in February 2012 for $124,900
- Reduced several times
- Currently listed at $99,900 (parking included)
- Assessments of $309 a month
- Taxes of $2971
- Central Air
- Doesn’t say w/d in the unit but other units have it so it probably has the hook-ups
- Bedroom: 12×9
- Livingroom: 21×11
With all the improvements in the South Loop and all the desirable amenities (central air, parking,) I’m going to say that unless there is something wrong with the unit that we are not seeing, this latest price reduction makes it a deal for someone seeking a 1 bedroom. Perhaps it’s rentable to a UIC, Columbia or even DePaul student?
I think some good staging gets it done.
Well, the price only recently dropped below $100K. Given that unit 205 closed last year at $94,900 without parking and went under contract in 4 days this should now sell quickly. This was overpriced for too long and going below a number like 100K makes all the difference in the world.
The photos do suck though and that doesn’t help. But 205’s photos were even worse – no interior shots at all. So what kind of shape was that in?
It’s not selling bc there is subsidized housing across the street. Thats some external obsolescence most can’t overlook, no matter what price.
Did somebody say projects???
http://www.youtube.com/watch?v=0XVGSJBNyZM&feature=related
This vid gets posted in every thread where they tried to sell RE at GZ prices to idiots thinking proximity to public housing shouldn’t have been a factor.
Walk up, I take it? The photos are pretty bleak. Add in a painting allowance and maybe you’ll get nibbles.
For me, the photo of the lofted office kills it. The railings are just generic home despot crap that are a stylistic mismatch for “loft”. Add another allowance to pull all that out and replace with something sleek and contemporary/modern.
Staging is desperately needed on this one.
and if the subsidized housing claim is true, oh well.
Why pay to live in the South Loop when the majority of its of its are homeless people who live there for free?
“It’s not selling bc there is subsidized housing across the street. Thats some external obsolescence most can’t overlook, no matter what price.”
What’s the subsidized housing? There’s plenty of lofts all up and down this street (yes- this far south.)
“Affordable housing”.
http://www.habitat.com/user-controls/PropertyOverview.aspx?id=3e1daf26-0b62-498c-86e5-abb07cb4d250&type=4d265fb3-8724-42f2-b8d4-1a3d3b9b5fbb
Dro City! NSFW
http://www.youtube.com/watch?v=dW7VIPtj79c
There were two rehabs of old car dealerships across the street from one another. One was done nicely and the other one had major issues with the developer. I’m not sure whether this building is the nice one or the shoddy one.
There’s also a church for poor people next door…. plus, south of this is no man’s land. Even a block or two north and this place would likely have sold for the original $124k price.
“There were two rehabs of old car dealerships across the street from one another”
dont know if there were only two old dealerships converted, but i remember on conversion i really liked. (it wasnt this building)
quick calc is telling me this is around $950 a month all in. shoot if i was single i would buy it and i am against buying 1br
OH NO NOT POOR PEOPLE!!!!
http://www.cnbc.com/id/47613955
Oh no! Pending home sales fall 5%! The rebound is fading fast
Churches bring surely teens into the neighborhood, who are being forced to go to church by their idiot parents who think going to church will turn their brats into angels.
“surly” that is….
“Churches bring surely teens into the neighborhood, who are being forced to go to church by their idiot parents who think going to church will turn their brats into angels”
f’ing gold, i couldnt even get close if spent nights trying to write this stuff.
I wouldnt mind living next to a church.
After my parents moved into their first home, a church was built across the street (this was before I was born). One of the biggest factors in their move was the church. Once it was built, cars started getting broken into, trash started piling up, and unruly teens starting throwing bricks through house windows.
“Churches bring surely teens into the neighborhood, who are being forced to go to church by their idiot parents who think going to church will turn their brats into angels.”
jenny is clueless, classless, tasteless, banal….
“Second Presbyterian Church is a landmark Gothic Revival church located on South Michigan Avenue in Chicago, Illinois, United States. In the late nineteenth and early twentieth centuries, some of Chicago’s most prominent families attended this church. It is renowned for its interior, completely redone in the Arts and Crafts style after a disastrous fire in 1900. The sanctuary is one of America’s best examples of an unaltered Arts and Crafts church interior, fully embodying that movement’s principles of simplicity, hand craftsmanship, and unity of design. It also boasts nine imposing Tiffany windows. The church was listed on the National Register of Historic Places in 1974 and later designated a Chicago Landmark on September 28, 1977.”
matthewlesko (May 30, 2012, 7:57 am)
Why pay to live in the South Loop when the majority of its of its are homeless people who live there for free?
This got 15 negative votes! It’s the most astute comment ever written about the South Loop. What a gross, terrible, soulless area (it doesn’t even deserve the title “neighborhood”). The only purpose of the neighborhood was to enrich some scumbag developers and provide housing to tasteless transplants.
@HD
another article on the same topic:
http://www.nytimes.com/2012/05/31/business/economy/pending-home-sales-slump-in-us.html
slight slant suggesting what Sabrina has said – maybe the mild weather pushed sales forward.
*sarcasm on* of course this US statistic does not apply to the Hinsdale nation *sarcasm off*
“Oh no! Pending home sales fall 5%! The rebound is fading fast”
No kidding. The UHS sure jumped on the opportunity to create that all important fear of loss with their expert analysis, though.
Gary L (April 24, 2012, 4:30 pm) “Regarding contract activity. I take a 24 month snapshot on the 7th of every month for my blog. I whack the most recent month by 20%, the previous month by 10% and the month before that by 5% to account for the failure rate of contracts. I’m showing January – March of this year 20 – 40% above last year. February was almost 40% higher than last year and I adjusted this February down to 28 days.”
As of yesterday, 90 days after 2/29, 15% more Feb contracts have closed than last year (not adjusting for leap year.) Where are all the rest? Should we chalk it up to more wild assed assumptions from experts that just happened to favor a market rebound prediction? Can anyone point me to one instance where a UHS erred on the side of caution?
Looks to me like a very good deal for the money. I’m now working in the South Loop and have to admit that the area is beginning to “grow” on me.
It’s just that the South Loop is so ridiculously overbuilt and has so much inventory, much of which is “shadow” inventory, either being kept off the market by banks sitting on hundreds of high rise cookie cutter units, or being “squatted” in by non-paying borrowers. There was just so much development down there during the Rampage.
If this building has issues, I haven’t heard of them,but then I never really checked. I think I will check now because this is an attractive price for an interesting unit. I like that little loft over the bedroom.
Sure. That church might be beautiful. I still don’t like the crowds a church inevitably draws. I am also fairly certain that it’s a church for poor people as the wealthier people go to Old St. Pat’s or Old St. Mary’s.
Someone should buy that church and turn it into condos.
” I am also fairly certain that it’s a church for poor people as the wealthier people go to Old St. Pat’s or Old St. Mary’s.”
The wealthier Presbyterians are Catholic?
” I am also fairly certain that it’s a church for poor people as the wealthier people go to Old St. Pat’s or Old St. Mary’s.”
OSP and St Mary’s are catholic churches. The one we’re talking about is Presbyterians. Same God, different frequency.
“The wealthier Presbyterians are Catholic?”
I would think the other way around
You guys are all giving Jenny a hard time for complaining about the poor people, when in reality it is something that goes thru everyone’s mind before moving in somewhere. Please speak out if you _want_ to live near some poor people! Poor people are a blight on society. The only good they do is make middle class people feel better about themselves!
“The only good they do is make middle class people feel better about themselves!”
Then you must make morons feel like rocket scientists!
I don’t claim to be a genius, but I am smart enough to pick my nickname based on a financial guru as opposed to someone whose ego got so big that it resulted in his own death.
Also, Icarus, I noticed that you’re a runner. Have you ever run the March Madness half marathon out in Cary? It’s a fun time! I don’t run though. I usually just show up for the hot dogs, and etc.
Does the deonomination matter more than sharing a similar socioeconomic background with your fellow church goers? Don’t most people go to church just for the social aspects?
I ask in all seriousness. I don’t understand why people are religious to begin with and it seems to me if I were religious, I would just go to the church where I felt most comfortable.
my nickname is based upon two keys on my keyboard that are adjacent to each other!
” I don’t understand why people are religious to begin with and it seems to me if I were religious, I would just go to the church where I felt most comfortable.”
Who’s calling in the fatwa?
“What a gross, terrible, soulless area (it doesn’t even deserve the title “neighborhood”). The only purpose of the neighborhood was to enrich some scumbag developers and provide housing to tasteless transplants.”
Johnny, it was greedy developers who 100% F’d up the south loop. it could have been so so so much more. The location was perfect for so much. the city and developers got so dang greedy its a f’ing shame what it turned out to be.
“my nickname is based upon two keys on my keyboard that are adjacent to each other!”
My name spawns from my DJ name, i accidentally hit an extra 7 and it stuck here.
“My name spawns from my DJ name”
That’s a heckuva commute to play wedding sets:
http://www.groovy7.com/main.swf
“That’s a heckuva commute to play wedding sets:”
LOL, good stuff. your googlefu led you down the wrong path grasshopper. my DJ precedes internet’s popularity
i never did a wedding. but wish i started after suddenly realizing how much wedding entertainment cost
“I ask in all seriousness. I don’t understand why people are religious to begin with and it seems to me if I were religious, I would just go to the church where I felt most comfortable.”
Why limit yourself to churches, Jenny?
Why not attend synagogues or temples or, if you’re into string theory, research symposiums and conferences?
“i never did a wedding. but wish i started after suddenly realizing how much wedding entertainment cost”
Man having Groove Deejay at my wedding last year would have been excellent!
@matthewlesko, yep I’ve run the March Madness half marathon a few times. The race sells out too fast these days
“your googlefu led you down the wrong path grasshopper.”
If you think I’d post a real link, you’re misunderestimating me.
“If you think I’d post a real link”
just ribbing ya.
you have always been very very good at not outing people on CribChatter. we all thank you for that 😉
“Does the deonomination matter more than sharing a similar socioeconomic background with your fellow church goers? Don’t most people go to church just for the social aspects?”
I’ll bite. For true believers denomination is important. At least in the view of Catholics, all of the rest of you are probably going to hell (or at least are taking an unnecessary risk in not belonging to the One True Apostolic Church); so that outweighs the social aspects of the particular church. Protestants may view denominations amongst thenselves as less important.
It looks like the photographer climbed just enough steps to the loft to peek over the floor and snap a picture – the perspective is really off and makes the whole thing look insanely claustrophobic. It’s like a crawling infant’s view or something.
I totally agree with Groove about the South Loop – such a lost opportunity for the city.
There are rental restrictions in this building, which keeps investors out.
“As of yesterday, 90 days after 2/29, 15% more Feb contracts have closed than last year (not adjusting for leap year.) Where are all the rest? Should we chalk it up to more wild assed assumptions from experts that just happened to favor a market rebound prediction?”
As of right now I show 2029 contracts written this February that have either closed or are still pending vs. 1364 last year, almost all of which have closed. Every time I have looked into this I have determined that the number of pending contracts is ballooning. It must be the short sales that take 5 months to resolve.
You can chalk it up to whatever you’d like. The data is what the data is. And I don’t favor anything, nor do I believe that favoring anything will affect my reality.
If any people are going to Hell it’s Presbyterians.
I lived in that neighborhood for three years and I’m glad I moved away. There’s no neighborhood feel and I don’t know who were worse, the shuffling deadbeats or the dog walking transplants in their Ohio State getups.
This will be a $40,000 condo in 5 to 7 years.
At that point it will probably stop rapidly declining in value, and only slowly deteriorate further, like much of the boom era construction.
Jenny – I’m going to take your bait re: religion, although my better “angels” are advising me that the best approach is: “For those who understand, no explanation is necessary; for thise who don’t, no explanation is possible.”
There once was a Christian church official who often challenged his king on many issues; the king felt he had the upper hand because of his wealth and his armies.
“Show me YOUR riches,” he taunted the pastor.
The churchman complied; he brought to the king an assemblage of the poor, the sick, the orphaned children… The PEOPLE who looked to their “leaders” for help and, finding none, turned to the men of faith instead.
“The churchman complied; he brought to the king an assemblage of the poor, the sick, the orphaned children… The PEOPLE who looked to their “leaders” for help and, finding none, turned to the men of faith instead.”
And then the churchman handed them a plate and asked them for money… Built a giant monument to themselves and filled it with bilions in artwork and bathrooms with gold toilet flushers… Then he went back to the king and showed him his riches…
6 of 1, half dozen of the other… did you have a point?
“The churchman complied; he brought to the king an assemblage of the poor, the sick, the orphaned children… The PEOPLE who looked to their “leaders” for help and, finding none, turned to the men of faith instead.”
I thought god helped those who helped themselves?
God is dead!!!
“God is dead!!!”
And you’re bigger than Jesus, right?