Get an Old Town 1-Bedroom for $74,000 Under the 2001 Price: 1212 N. Wells
This 1000 square foot 1-bedroom plus den in the Neapolitan at 1212 N. Wells in Old Town came on the market in May 2011 as a short sale.
It is currently listed at $74,100 under the 2001 purchase price.
The unit has an east facing balcony and other features buyers look for today including central air, washer/dryer in the unit and deeded parking.
The kitchen has maple cabinets, black appliances and granite counter tops.
There is a marble bath.
This building is located across the street from one of the many new rental apartment buildings that are currently being built.
At this price, is this a much better deal than renting in the neighborhood?
Peter Breitlander at Krain has the listing. See the pictures here.
Unit #1102: 1 bedroom, 1 bath, 1000 square feet
- Sold in July 2001 for $299,000
- Sold in August 2003 for $328,000
- Originally listed in May 2011 for $254,900
- Reduced
- Currently listed as a “short sale” at $224,900 (includes the parking)
- Assessments of $442 a month (includes doorman)
- Taxes of $4304
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×11
- Den: 9×9
This “south Old Town” area is sure to get better when Hines completes the high rise rental building which is virtually across Wells from this place. Those units will probably rent for $2 a foot. Given that this is not a “professionally managed” apartment property, and I am guessing the amenities at Hines deal will be better, I think this will fetch $1900 per month with parking included. This makes a good rental property at current price.
“sure to get better”
Hope so…it’s pretty “gritty” right now…
man you guys have pretty similar names, I was thinking why is he talking to himself : 0
Meh…..
I still wouldn’t spend over $200,000 for a one bedroom/one bathroom unless the building is really special and this one is not.
Not sure about this area. I know someone who got mugged at Clark and Division last week at 11 pm.
I cross Division on Clark (typically in a cab) pretty much 5 days a week, usually between 6 and 7:30 p.m. It’s easily the least pleasant 30 – 90 seconds of the trip.
I know someone who was mugged right off Clark and Wrightwood. We should probably avoid that neighborhood too.
Yeah, yeah. And a couple was mugged in broad daylight on Astor last summer. The point isn’t that Division (GG through OT) is particularly dangerous (though it may well be). It’s that it appears to be, and certainly feels like, a particularly seedy stretch through what is otherwise some of the most expensive property this side of NYC or SF.
If you consider this neighborhood to be unsafe, then you need to move to Iowa…
mm.. Agree! What the hell is up with all the JPs?
“I know someone who was mugged right off Clark and Wrightwood. We should probably avoid that neighborhood too.”
according to a quick data mine of the police blotter DB, no one has been mugged at Warwick and Parkside for almost 30 years — let’s all move there!
I say that clark & division is the most diverse intersection in the whole city its like the whole world is colliding there… pretty wild stuff and for a few good laughs go check it out on a sunny saturday afternoon sometime
Taxes seem awfully high for a ho-hum 1 bed in an “ok” neighborhood at best.
I think this is a great deal for the neighborhood. And if this neighborhood scares you, stay in Barrington.
I find amusing all of the people who are freaked out by Clark and Division. There’s an SRO nearby, which is the source of the “grime.”
Now, that’s nothing compared to the GC in the 80’s and early 90’s when Cabrini Green used to be in full swing. I was once told by an ex-condo owner that his renter was raped in the unit in ’96. On Astor.
Heck, I can remember coming down Schiller near Wells one summer night in ’94 and listening to gun shots off in the distance.
It’s all relative, folks.
I know someone in the building renting their one bed plus den for $1,580. No way will you get $1900 this one unless there’s something real special about it.
General question: With all the developers scrambling to build rentals – does this scare renters into buying now? or does it scare sellers into thinking that the developers obviously think the condo market is going to be so bad for several years and are thinking rentals are the way to go? You really could look at it in both ways…….. I have to say, I think I am beginning to believe that these developers (who are in “the know”) obviously have some information/educated analyses that tells them that by the time these buildings are completed, rentals STILL will be at high demand (meaning that the condo market still is going to be awful).
http://www.suntimes.com/business/6759169-420/apartment-buildings-of-42-and-11-stories-proposed-in-streeterville.html
“does this scare renters into buying now?”
For me: “no.”
Jewel is proposing a rental high rise for its store on Division in the Gold Coast (that really old store)- which would have a Jewel on the ground floor. This is just in the talking stage (has to be approved by the alderman etc.) But that’s a big lot there- so they might as well develop it.
Related is finishing Waterview Tower on Wacker- and instead of condos and a hotel is going to put up a 65 story luxury rental tower. That is huge. Will that be the tallest rental building in the city? I’m assuming so.
These are all luxury rental units and have little impact on people who are thinking about buying a 2/2 or a townhouse in Lakeview. Two different animals.
“…I have to say, I think I am beginning to believe that these developers (who are in “the know”) obviously have some information/educated analyses…”
Really? I thought you were done with G and all of his educated information. Now you are starting to believe in the real numbers? Like HD changing his stance can we expect you to do the same?
No matter what the numbers/stories going around, there will always be two groups..renters and owners. Nothing new.
“Buy now or be priced out forever” has been around forever.
so will MP West finally become a rental? It is so empty. Just a few lights here and there. I don’t get how they can even afford running that building.
I know someone who got mugged on Ontario and Fairbanks so you guys better stay out of Streeterville, too. I can’t believe anything in 600 N. Fairbanks would sell for over $50k after hearing about that mugging.
Dave M,
Did it occur to you that your friend is getting a deal on their rent? I could find a renter for this place at $1900 (parking included) in 2 weeks.