Lofty letdowns in McKinley Park

McKinley Park Lofts, Chicago

Times are tough at McKinley Park Lofts. Two of the three units that closed there last year sold for 77% and 46% below their 2007 sale prices. (The third, interestingly enough, sold for $199,000 in July 2010, after being purchased in January 2009 for $133,500.)

Six of the seven lofts currently listed for sale in the building are priced almost $80,500 below their 2006 sale prices, on average. The units range in size from a 650 square-foot one-bedroom / one-bath to a 1,320 square-foot three-bedroom / two-bath, and are priced from $79,900 to $200,000. They’ve been on the market anywhere from 17 to 338 days, and 139 on average.

The seventh home, a 1,360 square-foot two-bedroom, is listed for $219,900, $62,400 more than its May 2009 sale price. It returned to the market 165 days ago at a price of $229,500.

Two one-bedroom lofts are available to rent for $1,100 and $1,200 a month; a two-bedroom is listed at $1,300.

The Habitat Company adapted the old industrial building at 2323 W Pershing Rd into 163 units back in the mid-2000s. Yo posts from 2006 mention prices ranging from the the $180s to the $360s, home features like exposed ductwork, maple cabinets, and stainless steel appliances, and amenities like a fitness center and a courtyard. In 2008 Rick Levin & Associates auctioned 34 lofts at suggested opening bids as low as $85,000.

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