North Beach Lofts resell at half of original price

Five years ago today we were reporting that the 43-unit North Beach Lofts, 1225 W Morse Ave, was nearing a sellout, with only four units still available.

A year later, in June of 2008, we were told that “only a couple of units were left.” Our reporter described the Rogers Park neighborhood as an exception to the housing sales slowdown, finding that it “still appears to be developing at a fierce pace…”

Last November I noted, based on a few listings, that prices had gone south at North Beach Lofts. After a random look at some resales, I think it’s fair to say that they’ve gone south at a fierce pace.

Unit 507 was purchased for $295,000 in February of 2006 for $295,000 and resold in March for $140,000. Unit 502 fared a little better, dropping from a $318,000 purchase price in December of 2005 to $200K in August of 2010 following a foreclosure. The purchase price of Unit 504 fell by more than 50%, from $359K in August of 2006 to $170K in April of last year, also following a foreclosure. Unit 511 dropped from $339K in March of 2006 to $160K in November of 2010.

The most recent resale, Unit 410, closed two weeks ago at $165,000, down from a purchase price of $332,000 in December of 2005.

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