Bearish prospects for original buyers at Bucktown’s Baer Lofts

Five years ago today one-bedrooms at Bucktown‘s Baer Lofts, 1927 N Milwaukee Ave, were being offered for sale from the $270s and two-bedrooms from the $370s.

In February of 2009, a sales agent for the 16-unit development told YoChicago’s Joe Askins that only 4 units remained unsold. Three were being offered for rent, and one for sale: Unit 304, priced in the $390s plus $30K for parking.

The Cook County Recorder database reflects sales of 8 units by the developer in 2008. Unit 201 sold for $280K, Unit 202 for $367K, Unit 203 for $271K, Unit 303 for $315K, Unit 404 for $392.5K, Unit 501 for $339K, Unit 502 for $478K and Unit 503 for $315K.

In April of 2010, according to public records, the lender filed foreclosure proceedings against 8 unsold residential units and a ground-level commercial unit. A court-appointed receiver has subsequently overseen the sale of 6 of those units. Unit 204 sold for $240K, Unit 301 for $172.5K, Unit 302 for $245K, Unit 304 for $260K, Unit 401 for $172.5K and Unit 402 for $255K.

Unit 403, a 1-bedroom, 1-bath, is currently listed for sale at $224K.

The original buyers have, apparently, seen the resale value of their units fall by about a third or more based on the recent sales.

Joe Askins shot the above video at Baer Lofts in May of 2008.

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