Opera Lofts owners singin’ the blues

Opera Lofts Chicago

It’s been almost two years since Opera Realty started offering up the inventory at Opera Lofts, 2545 S Dearborn St, as rentals. In reality, that probably killed their sales campaign, but developer-owned units were still hanging around on the MLS as recently as fall 2009. These days, the only homes available in any form or fashion are a couple of lofts marketed as short sales.

Units #330 and #528 were the second and third homes to close at Opera Lofts, way back in December 2007. Unit #330, a one-bedroom / one-bath loft with 1,099 square feet of living space and a 63 square-foot balcony (floor plan), sold for $277,500; in September, its owner listed it for $295,000, then proceeded to slash its price five times during the fall and winter, to its current price of $165,000. It has 17-foot ceiling heights, exposed brick, granite countertops, and stainless steel appliances. 2008 taxes are $4,214, and monthly assessments are $208.

Unit #528, a two-bedroom / two-bath with 1,537 square feet of living space and a 63 square-foot balcony (floor plan), sold for $362,500. It was listed in August for $299,900, and dropped to $289,900 in December. It has 19-foot ceiling heights, a lofted master bedroom accessible by a spiral staircase, an island kitchen with granite countertops and full-height glass backsplash, hardwood floors on the main level, a fireplace, and marble slab flooring in the master bath. 2008 taxes are $4,874, and monthly assessments are $272.

The Opera Lofts website lists 36 of the building’s 93 units as sold, 33 as rented, and 24 as unoccupied.

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