Shoemaker Lofts buyers losing their shirts

Shoemaker Lofts, 3963 W Belmont Ave

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.

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