Just How Hot Is The “Real” Old Town? A 2-Bedroom At 1719 N. North Park

This 2-bedroom vintage unit at 1719 N. North Park in Old Town just came on the market.

But we previously chattered about it just 2 years ago (yes- during the winter).

See our prior chatter in December 2010 here.

If you recall, this unit is located in a 1886 vintage walk-up and has a large 18×8 New Orleans style porch off the back.

It has three exposures and a wood burning fireplace with a marble mantel.

The kitchen is the same as the last sale with white cabinets and white appliances. There are still no granite counter tops.

The unit has modern amenities, such as central air and in-unit washer/dryer. But as is typical in Old Town, there is no deeded parking.

The last time we chattered about it, it was listed at $389,000. Those of you who commented were bullish and thought it would sell in the $200,000s.

But Old Town was, and is, popular.  It finally sold in July 2011 for $357,000.

The unit has come back on the market listed for $379,000.

Will it get a premium to the 2011 price?

James Gramata at @Properties has the listing. See the pictures here.

You can see the pictures of the old unit here.

Unit #2: 2 bedrooms, 1 bath, 1200 square feet

  • Sold in October 1992 for $185,500
  • Sold in March 1995 for $168,000
  • Sold in May 1997 for $202,500
  • Sold in August 2002 for $336,000
  • Originally listed in October 2010 for $389,000
  • Was listed in December 2010 for $389,000
  • Sold in July 2011 for $357,000
  • Currently listed at $379,900
  • Assessments are $386 a month (they were $381 a month in December 2010) (includes heat)
  • Taxes now $5067 (they were $3748)
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 13×10
  • Bedroom #2: 12×10

 

21 Responses to “Just How Hot Is The “Real” Old Town? A 2-Bedroom At 1719 N. North Park”

  1. i better go brush my car off.

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  2. This unit five resales in 19 years? Amazing! My house had been lived in by the original owner for decades. It always makes me wonder when I see turnover like this: Wouldn’t it be better as a rental? but then think of all the commissions paid to the realtors over the years!

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  3. “This unit five resales in 19 years?”

    How long do most people stay in 2/1 condos? It’s really just a few years. (especially one without parking.) That’s why I don’t get who is buying all of these. Do they really think they’ll be different and stay there 10 years? They never are. And in this kind of market, you really can’t afford to sell after just 2 or 3 years.

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    Rating: +4 (from 4 votes)
  4. Yeah street parking, looks like fun….

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  5. Awesome location and they have that nice European style garden / private street behind the apartment. I wouldn’t buy a place without parking but it is common in OTT to have no parking space – most of the off street parking is for the single family homes in this area. The wisdom of buying a 2/1 is questionable but if that is what one wants then this is a nice place.

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  6. I don’t think it’s worth the asking price, but I wouldn’t be surprised if it goes for close to the asking place since people seem to LOVE this area and will pay a lot of money to live there.

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  7. The 1995 buyer sold for $34k more than they paid; they only made payments for two years, but I imagine that was long enough to nearly cover the commission paid on the resale. The 1997 buyer sold for $134k more than they paid, after paying on it for five years. Then the 2002 buyer lived there for eight years before attempting to sell, and did so, in their ninth year, for $21k more than they paid.

    That’s pretty rough, having to live in the OTT for two, five, and nine years. Especially once you factor in the interest deductions they took and the money with which they likely all left their respective closings. What a bunch of suckers! They definetely should have rented a 2/1 up in Lakeview, OIP, etc. before moving onward and upward.

    The current seller is the only one (out of the history presented above) to have lived there for as little as a year, and thus stands to break even, at best, but will likely fork over a bit for transaction costs. Unless it’s a distress situation, I imagine they’ll be fine.

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  8. Buying in 1997, selling in 2002. We did that and it worked great. Buying in 2002 and trying to sell now – not so good.

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  9. “Buying in 2002 and trying to sell now – not so good.”

    The 2002 buyers, after making principal reduction payments for 9 years, sold in 2011 for $21k more than they paid. That’s by no means as great an outcome as buying pre bubble and selling at the peak, but I imagine those 2002 buyers were o.k. with how things turned out. If we live in our place for 4 years, and we sell for $21k more than we paid, we’ll be elated.

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  10. Lots of zoned parking

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  11. I’m not sure why someone would buy a place like this. It would make a fine rental, however, as long as you can live with street parking. I love the neighborhood.

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  12. “Those of you who commented were bullish [sic] and thought it would sell in the $200,000s.”

    At the time, I wrote:

    “Like it a lot more at ~10% list.”

    And it closes at 8.2% off list. Yet HD’s “I like it more at the 1997 price” standard-BS gets mentioned.

    W. T. F.???

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  13. I would LOVE this apartment if it weren’t for the ruined bathroom. And the kitchen is lovely, all except for the horrible floor. I like the kitchen in the back very much because I cook. Open kitchens leave all your furniture and clothing stinking like a kitchen workers checkered pants.

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  14. I’d like to know what the midget door is for in the entry/living room. At first I thought it was just an illusion from the wierd camera angle in the current listing, but in the old listing you can clearly tell the door is only a few feet tall.

    I certainly hope that is not the front door!

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  15. “I’d like to know what the midget door is for in the entry/living room. ”

    Harry Potter’s bedroom.

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  16. That little door has to be a closet. Maybe it used to be a kid’s small bedroom back in the day.

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  17. “That little door has to be a closet.”

    Yeah. It’s the closet under the stairs (going up to the 3d floor).

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  18. I’m assuming originally there was no bathroom and there was an outhouse for this place out back. Or am I off on the timing of running water in 1886. I thought it was in the early 1890’s that this occurred. Imagine what this street looked like in 1886.

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  19. “Or am I off on the timing of running water in 1886.”

    I think you are:

    “By 1885, Chicago residents spent $2,500,000 on indoor plumbing in their new houses, connected to growing water and sewer networks. At the time of the Civil War, only the wealthiest Chicagoans could afford the luxury of indoor plumbing. But with each passing year, plumbers became more adept and efficient at their work and manufacturers mass-produced more and more of the pipe, fittings, and fixtures.”

    http://www.encyclopedia.chicagohistory.org/pages/300020.html

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  20. That back porch is just like New Orleans. Would love to hang out there and drink some yard long margaritas and throw beads at my neighbors and eat some crawdad gumbo.

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  21. I’ve always admired this neighborhood – nothing quite like it in Chicago. I bet it goes above ask with the market the way it is now. Put 5-10k in to make it shine and this will go for 425k+ in another year.

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