How Hot is Old Town? You Can Buy This 1-Bedroom for $399,000: 1414 N. Wells

This 1-bedroom at 1414 N. Wells in Old Town just came on the market.

It is listed for $369,000 plus $30,000 for the parking or $399,000.

At 1100 square feet, it has 10 foot ceilings.

The listing says the kitchen was “completely redone”. It now has maple cabinets, granite counter tops and stainless steel appliances.

The unit has a 25×8 deck which faces west (i.e. it doesn’t face the Wells Street action.)

The unit has central air and a 5×7 laundry room.

We’ve chattered recently about renting v. owning and that the equation is now in favor, for the most part, with those who want to own.

How does this unit stack up against rentals in the immediate area- including the new midrise building going up just a few blocks to the south of this location?

Does being on Wells Street give this unit a cache not found in other parts of Old Town which justifies the price per square foot?

Or is Wells Street just that hot?

Lisa Reznick at @Properties has the listing. See the pictures here.

Unit #212: 1 bedroom, 1 bath, 1100 square feet

  • Sold in August 1995 for $168,500 (with the parking spot)
  • Sold in May 2001 for $289,000 (with the parking spot)
  • Currently listed at $369,000 (parking is $30,000 extra)
  • Assessments of $375 a month (includes cable)
  • Taxes of $5442
  • Central Air
  • Washer/Dryer
  • Bedroom: 15×11

 

33 Responses to “How Hot is Old Town? You Can Buy This 1-Bedroom for $399,000: 1414 N. Wells”

  1. WAY overpriced!

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    Rating: +3 (from 5 votes)
  2. Not this hot.

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  3. “The unit has a 25×8 deck which faces west (i.e. it doesn’t face the Wells Street action.)”

    ie, it faces the townhomes, and being on the 2d floor, essentially has a view of an alley and Kamehachi’s roof.

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    Rating: +4 (from 4 votes)
  4. Very pricey. $250K is more like it, even for this premium apt.

    It’s STILL only a one bed apt that has a terrace, but with lousy view.

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  5. Realtors(R) should have their licenses taken away for listings like this. If the idiot owner thinks its worth this, let them FSBO.

    This sells for <$300k with parking.

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  6. Also, I really don’t like this building, but how do you not buy this place:

    http://www.redfin.com/IL/Chicago/1309-N-Wells-St-60610/unit-1201/home/12814752

    for less?

    Yeah, the building is ugly and the bathrooms are really ugly, but there are two of ‘em. And the parking is included in the price. And you get an actual view.

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    Rating: +7 (from 7 votes)
  7. Maybe this is an April Fools’ joke two months early, and it’s really only half that price?

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  8. I don’t understand what the developers were thinking putting just 1 bedroom in 1100 square feet. This place is infinitely less marketable with just one bathroom. Even with a second bathroom, the price is ridiculous.

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  9. Is this a joke? 200K per square foot max with parking at most for this “tired, viewless” unit.

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  10. This location is worth more than $200 psf.

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  11. This listing is going to provide plenty of laughs here on CC over the next 12-18 months.

    Sells for $189k including parking in the spring of 2013.

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  12. Anon,

    Good find. Anyone interested in this should print off that sale and show it to the agent when they offer $200k for this.

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  13. The unit at 1309 is certainly a better space for the money. Though I’d say being just a block farther north on Wells is worth $15-20k.

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  14. “The unit at 1309 is certainly a better space for the money. Though I’d say being just a block farther north on Wells is worth $15-20k.”

    When the new rental building is completed, the south end (I think of “Wells” as running from Division to Lincoln–that’s the only part that Wells-Street Willie used to work–yes, he was south of Goethe sometimes) will change meaningfully. And the redevelopment of Atrium Village (assuming it happens) will further the effect.

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  15. This buyer needs to wake up and realize that 2012 is not the new 2006. Change the first number from 3 to 2 and include the parking and maybe it will be worth considering.

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  16. “Change the first number from 3 to 2 and include the parking and maybe it will be worth considering.”

    That’s a little harsh.

    With the refresh that was done, they should easily be able to get what they paid for it. List for $299, sell for $289.

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  17. That asking would make this the second nicest (read most expensive) 1BR in 60610 in the last six months if not longer. The seller must be insane.

    Much nicer places go for between 220k (including parking) http://www.redfin.com/IL/Chicago/1212-N-Wells-St-60610/unit-1102/home/12726006 and 294k http://www.redfin.com/IL/Chicago/1216-N-Astor-St-60610/unit-2A/home/14123554. This place is worth not more than 200k. Such a silly asking.

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  18. I’ll be in the minority. I think this brings $350K minimum. Wells is that hot; and this is a prime location on Wells. Perfect pied-a-terre for a suburban couple for example.

    For those who scoff – consider that’s $300/ft at $350K (give the parking at least $20k in value). You buy in Streeterville you can pay much more; and this is a better location. On top of that consider the price of Chicago’s real estate is WAY cheaper than any other major city in the USA – this apartment in a similarly hot neighborhood in Manhattan would bring $800/ft EASY. I think there are buyers, people from NYC, and other places, who for one will be interested here because of the primo location.

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  19. “On top of that consider the price of Chicago’s real estate is WAY cheaper than any other major city in the USA – this apartment in a similarly hot neighborhood in Manhattan would bring $800/ft EASY.”

    uhhh – but this ISN’T manhattan – that is the whole point.

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  20. Some unfortunate buyer will lose a couple of fingers buying at this price.

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  21. I think $300K would be an appropriate list for this, with a sale at around $285K (parking included).

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  22. “With the refresh that was done, they should easily be able to get what they paid for it. List for $299, sell for $289.”

    They paid $289 with parking….so you are saying exactly what I did. Is that harsh?

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  23. I’m with Joe. This prime Old Town location is worth $300 psf.

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  24. “They paid $289 with parking….so you are saying exactly what I did. Is that harsh?”

    1. Change the 3 to a 2 and include the parking seemed to say $269, with pkg to me.

    2. It was a joke.

    3. If this pulls over $300 psf, with pkg at $25k, this *might* support XXX’s shilling from this morning.

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  25. “I’ll be in the minority. I think this brings $350K minimum. Wells is that hot; and this is a prime location on Wells. Perfect pied-a-terre for a suburban couple for example.”

    This is what I was wondering because just one street west you can get a 2/2 in Royalton Tower for about $60k less than this 1/1. So someone is willing to pay that much more simply to be ON Wells?

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  26. “This listing is going to provide plenty of laughs here on CC over the next 12-18 months.”

    Have you seen the 2/2s in the building though? There is a 1400 square foot trying to get $599,000.

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  27. This building was ridiculous when it went up–how do you take up that much frontage on Wells with a dry cleaner as the only retail space? It’s not like it was the late 70s or anything. One of the worst blank walls on the northside, given combination of the timing, location, and value/use of the building.

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  28. anon: “Wells-Street Willie used to work…”
    No, no – he’s still working it. Just inside for the winter for a bit.

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  29. “No, no – he’s still working it. Just inside for the winter for a bit.”

    Excellent. Good guy. Havent been on Wells during his regular hours for a few years.

    (knowing this sounds bad) is the … unpleasant … dude in the wheelchair still around, too? Have been fortunate enough to not cross his path in a looong time.

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  30. He’s better than the large African American bag lady. She’s got these big big eyes that just stare through you. I don’t know how to interact with her. I don’t know if I should get her a McD coffee or a Starbucks coffee or an Einsteins coffee – ok ok ok you know what I do now early in the morning.

    At least with the wandering “spare some change” Caucasian lady, I know how to react.

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  31. I am actually grateful Willy is my neighbor. He is one of the friendliest people I know.
    No, haven’t seen anyone in a wheelchair. Wells Street has become pretty friendly. There are some good people selling Street News outside of Starbucks and Treasure Island. But, I haven’t seen her in awhile and she has a wide range, I could do without the “gas can lady.” She carries a gas can and she’s always just run out of gas. Props for the props, but puhlease…

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  32. Update: Looks like Joe had this one pinned – this one went under contract in 28 days and from what I understand it’s not far off from asking.

    Maybe Wells is that hot? Compared to the 700-850 sf 1BD/1BA that are renting at the new 1225 development for $2000-2400+, with parking additional – an 1100 sf condo recently updated unit w/ huge private terrace up the street, low assessments, and closer to the heart of Wells, OTT, and the Park doesn’t seem too bad at 350 K, all things considered – if you plan to stay put for a bit.

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  33. “Looks like Joe had this one pinned – this one went under contract in 28 days and from what I understand it’s not far off from asking.”

    Someone’s paying close to $400k for a 1-bedroom in Old Town?

    Bless their heart. More power to them.

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