What Would You Pay For A Bank Owned 2/2 With Parking In Old Town? 1309 N. Wells

This 2-bedroom in 1309 N. Wells in Old Town has been on the market since October 2012.

It had previously been on and off the market since 2008 (!) but never sold.

It is now bank owned.

At 1100 square feet, it has oak hardwood floors and a fireplace.

The kitchen has white cabinets, counter tops and appliances. It is also still enclosed. I have seen renovated units bust out the wall with the living room to open it up more to the living space.

It also has the features buyers look for but normally can’t find in this price range in the heart of Old Town: central air, in-unit washer/dryer and garage parking.

It came on the market well above the 2006 purchase price but there were no takers.

It recently was reduced 10.8% to just $500 under the 2006 price at $329,500.

Is this even much of a deal at the 2006 price?

Adam Wavronek at Domain Realty has the listing. See the pictures here.

  • Sold in April 1997 for $145,000
  • Sold in December 2000 for $242,000
  • Sold in November 2004 for $292,000
  • Sold in June 2006 for $330,000
  • Lis pendens foreclosure filed in October 2009
  • Bank owned in July 2012
  • Fannie Mae Homepath property
  • Originally listed in October 2012 for $369,500
  • Reduced
  • Currently listed at $329,500
  • Assessments of $402 a month (includes doorman)
  • Taxes of $3697
  • Central Air
  • Washer/Dryer in the unit
  • Parking included
  • Bedroom #1: 15×10
  • Bedroom #2: 13×10

7 Responses to “What Would You Pay For A Bank Owned 2/2 With Parking In Old Town? 1309 N. Wells”

  1. “BALCONEY”

    are you f-in kidding me? PROOF READ YOU MORONS

    how unprofessional!

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    Rating: +7 (from 7 votes)
  2. ““BALCONEY”

    are you f-in kidding me?”

    I’m confused–what does BALONEY have to do with this unit?

    on the kitchen–some of the units had (at least) partially open kitchens in the original layout–was in a couple in the mid-90s when it was a rental building (pending resolution of various litigation).

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    Rating: +1 (from 1 vote)
  3. Honestly, it’s a pretty nice place for the money and the part of town you get to live in. First of all, it has a small kitchen. Some people complain about this, but those people have never cleaned a kitchen. Less space means less cleaning. Also, in a smaller kitchen, you are closer to each part of the kitchen which is helpful for when you’re cooking. In my mind, this is truly a “chef’s kitchen” since I think most chefs would want their kitchens laid out like this. Most chefs can’t afford a Wolf range and twin Sub Zeros unless we’re talking about Guy Fieri here. Second, I really like the vanity mirror in the bathroom. This is the best way to see clearly in the bathroom, that’s why all professionals that work in movies, modeling, theater, etc. use this kind of vanity mirror. Also, I have a vanity mirror with all the light bulbs around it in my current place in Cary and I think it’s pretty cool. Makes me feel like a celebrity every morning. Plus, you get 2 baths! And 2 bedrooms! And in unit washer/dryer! That’s really rare in that area for that kind of money. Plus the low assessments in the final kicker. Kiyosaki would be all over this thing. Not to mention walking distance to Zanies?! This is a no brainer!

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    Rating: -7 (from 19 votes)
  4. Wished the assessments included more, unit also looks much smaller than 1100 sq ft and room dimensions hint to that as well. Old Town is “hot hot hot” though. If I had the money I’d pick this up to live in and rent out the room to buddy for $900-$1000 (maybe more?) then rent out completely when I move on.

    A lot of good things going for this place despite the small space and kitchen that needs desperate remodeling. Location, in unit laundry, outdoor space, central air, gas (not electric) heat.

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    Rating: +3 (from 3 votes)
  5. Good comp; much better layout/finishes/views in this corner unit: http://www.redfin.com/IL/Chicago/1309-N-Wells-St-60610/unit-1201/home/12814752

    Maybe #805 goes for $290k-$310k?

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  6. Taking out the kitchen wall and flipping the fridge to the opposite side makes quite a difference…almost as much as competent photography.

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  7. No chance for over $300K. This was built in 1989. LOL, the only thing this place is good for is someone still living the life of trying to drag women home from the Lodge.

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    Rating: +1 (from 5 votes)

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