Prices go south at North Beach Lofts in Rogers Park

North Beach Lofts, the conversion of an old Duxler Tire warehouse at 1225 W Morse, was one of the more successful projects completed in Rogers Park. The 43-unit project, which included three stories of new construction, sold fairly rapidly in the boom years of 2006-07. At the time, most of the 2-bedroom, 2-bath units were priced in the low to mid-$300s.

The initial success hasn’t translated into resale success for the original buyers, as evidenced by two units currently on the market.

Unit 306 has been on the market for over 300 days and is currently listed as a short sale at $139,900 – 50% below its January 2006 purchase price. The 2-bedroom, 2-bath is listed as 1,200 square feet. All of the room dimensions stated in the listing are larger than those in the developer’s original floor plan.

Unit 507, also a 2-bedroom, 2-bath short sale, is under contract. The most recent list price was $135,000 against a 2006 purchase price of $295,000. Room dimensions stated in the listing match those in the original floor plan.

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