Dubin Residential’s Web page for Shoemaker Lofts prominently displays a Starbucks logo, despite the fact that the nearest Venti is more than 2 miles away from Shoemaker’s Avondale location at 3963 W Belmont Ave.
The Shoemaker Lofts main page bills it as “the Last Great Loft Building in Chicago,” an unintentionally ironic take on Dubin’s long-running non-development, the Lofts at Bridgeport Place. Nothing in the text reflects the level of literacy that would support reading “Last” as a reference to a tool of the shoemaker’s trade.
The market has run roughshod over Shoemaker buyers.
Unit 503, which sold for $378,000 in May of 2007, resold last month for $155,000. Unit 205 went for $252,000 in August of 2007, and closed at $130,000 last month. Unit 129 sold for $253,500 in September 2007, and is now listed at $99,900. Unit 202 has an asking price of $124,900, less than half the $279,500 it sold for in April 2007 Unit 243 sold for $281,500 in August of 2007 and is currently listed at $180,000. Unit 333, asking $124,900, closed at $298,500 in October 2007. Unit 409, asking $109,900, sold for $230,500 in 2007.
There is, of course, an outlier. Unit 410, which sold for $228,500 in October, 2007, is currently listed at $249,900.
Horrible resale numbers. How many years will it take for the market to rebound? 10, 15 or 20?
At this rate it will take 10 years. A major plus to value would be if the association board would allow the building to be financed through FHA funding. How many people do you know that would put down 20% on a $200,000 condo? Not too many. They are lowering their own property values. When ever they get “smart” the values will instantly go up!
I am in the same boat as I am a unit owner in Shoemaker Lofts. I purchased my unit for $230K in 2007, and the last 1 bedroom listing I recently found just down the hall is for $90K! I am seriously thinking about walking away as its totally unworth it. There’s too much vandalism in the area, no parking unless you own a spot, and even though I own a spot, somebody scratched my car an broke my gas gasket. Tough luck, I would loose my 20% downpayment, but at this rate, why wait 20 years and pay assessment fees to ignorant neighbors and not the greatest association!
Anonymous 101,
I see two units priced at $79,900 – a 1-bedroom and a 2-bedroom.
Can you rent a comparable unit for less than your current payments?
@ Joe,
My total debt is $180 grand, for something that is now selling $79,900, picture is getting worse and worse! Sad, but true….
Anonymous 101
I waited months and months trying to close on a short sale here. At the end of the day, nobody can get financing on this building because they have no reserves. Nobody pays the HOA and half the building is getting foreclosed on… of course the prices are low. But if you can ride it out for a while, $80k for those units is a great price for a new condo. The unit I was looking to buy was bought for about $400k, and it’s listed in the mid 100’s now.