Tuesday, September 13, 2011

[the $30,000 loft]

as you know i am good at spotting a deal. a really good deal.

during the summer, i went to look at a loft that was very well priced. a few weeks later i got an update that another listing in the same building was for sale. so i went to look at it also.

the listed price for this loft was $40,000. ummm yea. i wanted it. i wanted it so badly that i was already conjuring up design schemes in my head. i was flipping through magazines getting inspiration. you know how it is when you meet that one person and you stay up all night wondering if they are staying up all night wondering about you too. no? me either. just thought i'd throw that out there in case someone had the feeling. lol
there is a great and perhaps sad story behind this loft. when the building was first converted in 2006, i believe, the units were bought up like...well, hot cakes. as the story goes a new yoker came down, bought a unit took an entire year to renovate it, new york style.
the specs on the unit read it as 3 bedroom 1 bath loft. however, this guy tore down walls and turned it into an open concept loft. u can imagine how i felt when i walked in. i was sold immediately.
there are 5 HUGE windows about this 1000 square foot plus or minus loft. it had a few issues tho. it wasnt in a great neighborhood, not a bad one either. it was in the cut, as many of us would say (meaning in a location no one would think to look).

i didnt exactly determine which way the loft was facing, but all these windows could be a good or a bad thing. good in that there were hardly no light fixtures in the unit, so the natural sunlight would be a major plus. the baad could be that if the sun is directly pounding my face on a saturday morning i would either have to get up or get some very expensive window treatments for thees 12 foot windows. 

i would be worth it.
the guy who previously bought the loft meant business. as you can see he made a few openings for a bar area. the new dining room is that room to the left of the picture. 

i know there are a few a lot holes that need to be patched. but this kind of blank canvas doesnt happen all the time. 
this area here is where the kitchen WAS. uh yea. the story continues in that after he renovated the unit he brought his wife down and she scrapped the whole deal. i dont know if he got married AFTER buying the loft or she just didnt like the area. 

so, when he left he took EVERYTHING with him. including the kitchen sink. as you can see this loft was down the the walls. BUT, that was selling point for me. i mean seriously i could quite possibly install my dream kitchen.

and then it was reduced to $35,000.
you see that window. i could most certainly whip up some scrambled eggs standing right there. 
i would have personally invested in removing these steps to the loft area. to me to take up some much inside real estate. maybe a pull down ladder or something. right there at the window would have been a pool table or dining table.

then it was reduced AGAIN to $32,000. i was ready to buy. just one tinsy winsy problem. i didnt have $30,000 lying around.
i called a realtor to find out how much it actually sold for. a whopping $29,500!

yes i still think about the day i first laid eyes on this place. i was smitten. again, i didnt buy this place. BUT at the right time, in the right place and at the right moment, i will get the perfect place. but ohhhh this one had me going..

am i the ONLY one who thinks this was just an awesome deal despite having no appliances, lighting fixtures and a few cosmetic issues?


if you are the lucky owner of this loft and need help designing the interior please contact me.

58 comments:

Mandi @ Vintage Revivals said...

Bummer! That is SOOOO you! And I could help you put some glitter in it!

Love your guts
mandi

Pam - diy Design Fanatic said...

A loft for less $29,500? Where was this at? It is pretty amazing and somebody got a good deal, even if they have to re-do the stairs and put in a kitchen. The windows are amazing!

maison21 said...

i live in los angeles. you can't buy anything for under a half a million dollars here, so i don't even comprehend how a loft could be priced at $30,000. a used car, yes, a loft, no.

it's like a parallel universe or something.

Kendra said...

I definitely thought you were going to end this by saying you bought it! Oh, well. It looks like a fantastic apartment!

Miss Kitty said...

Great bones! Is "in the cut" the same as a "iffy" neighborhood"?

OriginalYouth said...

It is ridiculously lovely. I agree, what a STEAL! Sorry you missed out due to poor timing.

Coletta said...

HOW is that price possible? Where is it? A ghetto in Detroit?
That is the price of a car!
I have 5 grand in the bank right now ( i live in southern california) and it will be YEARS before I can buy something.
I could get a loan for a $30,000 loft in a heartbeat!
I need to move to where ever this place is at!

Household6 said...

I say you keep your name on that list of other units that become available! TIMES TWO! How can you afford NOT to buy such! That would be what? . . . about $150 per MONTH (plus taxes and insurance)?! I'm guessing you'd have a bit of a hard time getting financing for a house that doesn't have a kitchen or light fixtures, but surely you could come up with a couple hundred dollars to slap some second-hand cabinets, stove, and fixtures in it for inspection?! Plus, surely there's some way to write it off your taxes as marketing???

Nicole said...

Wow that's really nice! Getting financed for $30,000 would be a breeze! I can only dream of that kind of mortgage for that type of property! I'd totally do a kitchen from Ikea. I could also see it as an office space too.

barbara@hodge:podge said...

That place is gorgeous! Crazy! Try here in Vancouver where an average house, I am saying average, sets you back $500,000!

Too bad you didn't buy it. It has such character and charm!

kay*(from india.with love) said...

i just don't understand these prices.....i see these fabulous homes that bloggers post that cost (at least) 1/10 of what a similar home in toronto would cost...i just don't understand.........

Iris said...

I don't know if you want comments here or on Facebook, but I'm with you on the kitchen. Where is it written that they have to have a stove and refrigerator, especially since most people don't cook anyway? Most young people, anyway. a $75 dorm fridge would have served its purpose with a $40 toaster oven and an $10 electric water pot, all of which you could probably have found for even less at the thrift stores. Having to climb a ladder to one's bed is exceedingly scary, though, so to each their own. And the neighborhood would definitely have been a deterrent for me as well. Having unsavory folk peeping through uncovered windows at me would have not made for restful sleeping. On the other hand, even that's nothing a few good well-placed room divider screens couldn't have fixed. Here in OKC $30K buys you a much smaller unit fully furnished, so where ever this was must have been a steal. Definitely a fixer upper and worth trading in a car or something to make a downpayment. Hope that doesn't end up being "the one that got away" for you!

legsnshoes said...

What city was this in! My mouth hung open while reading this whole post. That is an amazing space. Alot of work but it is phenomenal!!!!! I'm in awe of the price.

Marcus Design said...

WOW! 29,500!!! That is insane. I can't even believe you could by the windows alone for that price! Those are some lucky new owners.

Nancy xo

Toboggan said...

I would have been right there thinking the same things...Love the light, space, windows, design my own...Love the loft...It's mine in my dreams!

Shanika Pichey said...

GAH! I thought you were going to say you bought that space!! I mean, WOW! Look at it. You need to make it your mission in life to find out who bought it. They don't need to screw it up with half-ass bad designing!

Robyn said...

What am amazing place!! If you had posted this before it sold and was asking for our opinion, I would have SENT you the $30k myself!!

dgh said...

Now I'm bummed too!
I loved it.

dgh said...

Honestly I want the place

Eye See Pretty said...

Wow, what an amazing deal. You can barely buy a condo parking spot in Toronto for $30k. But, things happen for a reason so maybe you'll find an even better place!

Amy

basiccravings said...

Wow. I can't believe you can buy a gorgeous loft for less than many cars. You can't get that in Austin, that is for sure.

Mitchell said...

Rashon, this place is SOOOOOOOOO you. And what a steal! However, there are tons of real estate deals popping up. I'm sure you will stumble upon another when the timing is right...I'd move to SC in a heartbeat for a place like that.

Inez| Style Chic 360 said...

Wow, so sorry u missed out on that one! Definitely had some great bones!

Don't worry I'm sure you'll find something!

LOL at Coletta's comment...hey hey I'm from Detroit!

Michelle (4 Men 1 Lady) said...

Sounds like it was an AMAZING deal to me. $30,000.? Wowzers! You'll probably always refer to that loft as the "love that got away."

Rene said...

So funny that you mentioned really expensive window treatments b/c that was the first thing that came to mind when I saw those windows. Man are they amazing or what?!

Angelica said...

Great space! I was already imagining how to decorate while watching the photos. Don't worry Rashon you'll get the next one or a better one because you have a great future ahead of you. God Bless.

court. said...

can i tell you that i've been thinking about how you'd decorate this loft ever since you posted this? get your hands on it!

myblackfriendsays said...

Aw, man! I thought this story was going to end with you telling us you bought it! Oh, well...an even better place is out there in the universe right now with your name on it.

E said...

Holy-flipping-canola-oil. 30 grand? that is insane! This post gave me new found hope of being a home owner soon than I imagined. What an awesome starting point that would be!

Sing said...

This loft is so me. I think it's a great buy only if the neighborhood is good. The transitioning neighborhoods may or may not happen completely.

P.S. I love this... said...

That's inSANE!!! That loft is just, just, just everything.

You will find the perfect place for you in good time.

Samma said...

If you get another shot at something like this, there is a little-known mortgage option called a 203K loan, that allows you to build up to 35k remodeling dollars into your mortgage.

Brixton Nole said...

In the case of real estate purchases my rule of thumb has always been "follow your gut" !unfortunately the financing on this one would not have been a traditional mortgage given the holes in the walls and the lack of kitchen, but there are products out there like FHA 203k loans that gives the homeowners money to buy and renovate homes that need cosmetic updating. you'll know the right home for yourself when you see it!

Brandon @ Southgate said...

Ugh! I feel your pain on this one. Last year, I fell in love with a 700 square foot downtown condo that needed a lot of work (even more than this one). Deals like these end up requiring cash...you cant get a traditional mortgage because of the work needed, and even if you could, most banks wont bother with a mortgage so small. But can you imagine, a house payment that felt like a car payment and could be paid off just as fast? Sigh...

Toyin O. said...

Wow, what a great space.

for the love of a house said...

I think it is a fabulous space and a even better price!! That said though, I believe "your" home is waiting for you and there is a reason why you didn't buy this one now.

happy hunting!
joan

Karen@StrictlySimpleStyle said...

It was pretty fabulous, sans kitchen or not. I am a believer in fate though, the perfect place is out there waiting and not getting this one is going to be a blessing. You'll get your space for scrambling those eggs!

Stacy Curran said...

Ooooooh, such a bummer. I thought you were going to say you bought it, and I thought we were going to get to see you decorate it! Oh well...you'll find the right place for you
Stacy

Jen of MadeByGirl said...

It looks amazing and the windows make it even more SPECIAL...however im so hung up on neighborhoods that I wouldnt overlook it in buying real estate these days. But that's just me... it's hard to tell from your photos where the windows are actually looking out to...
but if you could deal with the neighborhood, then i think it was a great deal.

www.madebygirl.com
madebygirl.blogspot.com

Lisa - A Room with A View said...

That space had so much potential. A blank canvas does not come around that often, like you said. Your dream home will show up when you are ready to purchase it.

joyce said...

It's a buyer's market right now. There are some good deals out there, for sure. Someday you will have the home of your dreams, whether it's a neat loft like this one or something more traditional.

Pat Hatt said...

Wow that is a great price, can't even get that here.

Mimi said...

What an amazing space. Kitchen or no kitchen! It has so many unique details. I agree those big white stairs would have to go. But I know there is an even more beautiful apartment in the future when you are ready.

Hana said...

I want it!! Where is it? Would make a fabulous photography studio!! Swoon!

Leah said...

Are you sure you're not leaving out a zero? As a Los Angeleno my brain is just not understanding this. If that loft were out here - even without the appliances - it would still be minimum $300,000... I would keep my eye on that building and swoop the next one up. Seriously! Love the bowties btw..

xoxo,
Leah
www.couturearabesque.com

Pixie said...

OMG! What a beautiful space! As a New Yorker I can't believe how cheap! Maybe I could buy down there and commute LONG distance to work every day? Yeah, wouldn't work.

Teri said...

I am so feeling your sense of loss and disappointment. I also recently found the place of my dreams and alas, financially just could not swing it. I'm convinced that there is another wonderful place waiting me and that one will be where I am "meant to be". My wish for you is the same. Hang in there and keep the faith.

Iris said...

You know, I just had a thought - you could RENT this space from the guy or gal who bought it, because I'll bet you a dime to a dollar they were looking for income property. Maybe you could negotiate a reduced rent for helping them fix it up!

Playing Sublimely said...

Ummmmm.....excuse me sir, where have you been all my life?!?! First time here, nice to meet you!
Amy

Sweetlady said...

Wow!! I dream of owning a loft some day as well.

Kelley said...

WOW. That's fabulous. Indeed a deal!

Emily said...

There must be a zero missing from that price.....

Mrs. Chic said...

WOW - I can't even wrap my head around that amount, in Cali you can't even began to buy a home for that amount unless its on skid row in the hood, but I'm sure its still more than that!! lol

Hoping you come across another gem where your area :)

My Notting Hill said...

Sorry this one didn't work out. I have a feeling there will be another great bargain residence in your future.

casey at loft and cottage said...

Wow, this space is jaw-droppingly amazing! And less than 30K? A total steal. I can see why you were smitten.

The Nester said...

OH My word, you could have had investors or something, a STEAL and totally MGH material.

but I applaud you for waiting till you had the funds instead of conjuring up some crazy way to make it happen. Way to wait for the perfect place!

B2 said...

You made me weep when I read that you didn't purchase it =(

Sharon said...

I'M SORRY MR. GOODWILL.I HAVE TO PUT CAPS ON THIS RESPONSE!!!!! YOU ARE THE KING OF ALL THRIFTY AND YOU PAST THIS UP??? I DON'T CARE IF YOU DIDN'T HAVE $30K LYING AROUND, THAT PLACE WAS YOURS BY DEVINE DESIGN AND INTENTIONS! YOU COULD HAVE BORROWED IT FROM NATE, DID MORE INTERIOR DESIGN WORK, GOT AN ADVACNE FROM HGTV, SOLD YOUR BOWT TIES ON EBAY...DUDE YOU ARE TO PUSH THE ENVELOP TO CLAIM THAT PLACE!!! I DIED SEEING THAT LOFT BECAUSE THAT'S WHAT I WANT..BUT IN NYC/CHICAGO. HOPEFULLY WHOEVER BOUGHT IT WILL ALLOW YOU TO DESIGN THE INTERIOR DECOR AND MAYBE THEY WILL SELL IT TO YOU AFTER THEY LEAVE IT. NOTHING IS IMPOSSIBLE IF YOU CLAIM IT!