Last Motor Row Lofts cut by 27 percent

Sheldon Good & Company has reduced the remaining units at Motor Row Lofts, 2303 S Michigan Ave, by 27 percent off their original list prices and hopes to reach sellout by year’s end, according to an e-blast I received on Friday afternoon.

The five two- and three-bedroom lofts have an average price per square foot of $243, which is right around the midpoint of Motor Row Lofts’ original average of $318 and the average sale price of $178 at last month’s auction.

The units include:

Two bedroom / two-baths:

  • Unit #310: originally priced in the $390s, now priced in the $280s. According to Sheldon Good’s pre-auction unit descriptions, this 1,198 square-foot duplex has a spiral staircase leading to its second-level master bedroom and rooftop deck.
  • Unit #402: originally priced in the $420s, now priced in the $310s. This 1,389 square foot loft has a den off the foyer and features oversized windows in the living room and master bedroom.
  • Unit #502: originally priced in the $580s, now priced in the $420s. This 1,679 square-foot duplex has 21-foot ceiling heights, a second-floor den and office overlooking the living / dining area, and a rooftop deck.

Three-bedroom / two baths:

  • Unit #501: originally priced in the $650s, now priced in the $480s. This 2,049 square-foot corner duplex has 21-foot ceiling heights, a second-floor den, a skybridge bedroom and office, a balcony, and a rooftop deck.
  • Unit #505: originally priced in the $590s, now priced in the $430s. This 1,661 square-foot corner unit, shown in the video above, has 21-foot ceiling heights, oversized windows, a den, and a rooftop deck.

Motor Row Lofts qualifies for the Illinois Tax Assessment Freeze Program, meaning owners will pay between $56 and $95 a month in monthly property taxes, according to Sheldon Good’s auction materials. Monthly assessments for the five units range from $263 to $451.

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