Price reductions spur interest at 3133 Lofts

3133 N Lakewood Ave, Chicago

Will new prices and a shift to a new brokerage get units moving again at a Lake View loft development?

Denise Wilbur, who has worked with the conversion of the two buildings at 3133 N Lakewood Ave as an agent for both Sudler Sotheby’s International Realty and The Macon Group, has taken the 11 unsold homes in the 25-unit development to Jameson Real Estate and is listing several of them for slightly lower price points than we’ve seen before.

In November, three-bedrooms at the development started in the $490s, four-bedrooms started in the $670s, and a 1,700 square-foot three-bedroom “penthouse” was priced in the $690s. Among the six units Wilbur has relisted through Jameson last month are a three-bedroom priced in the $460s and a four-bedroom priced in the $620s. The penthouse — one of the few new-construction elements in the development — is now listed in the $640s.

Three types of two-bedroom / two-bath units are listed in the $370s and $380s as well. Monthly assessments for the homes run from $182 to $238, and deeded parking is available for $25,000 a space. Wilbur’s listings mention rent-to-own options for all the remaining lofts; while two residents are taking advantage of that program, the offer is no longer in place for new buyers, she says.

The reductions appear to have sparked some new interest in the units, based on the traffic Wilbur sees at her open houses and the two contracts buyers have signed in recent weeks. Cook County records list nine sales at the building since June, at prices ranging from the $340s to the $600s.

According to Jameson’s Web site, the lofts have “100% New Construction Interiors” featuring 4-inch Brazilian hardwood flooring; 42-inch kitchen cabinetry; granite countertops; GE, Viking and Bosch appliances; stone and tile bath finishes; Kohler bath fixtures; full-size washers and dryers; and private balconies.

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