You Can Have A 5-Bedroom Penthouse In Old Town For $1.995 Million: 1515 N. Wells

If you thought most properties on Wells Street in Old Town were smaller 1 and 2-bedroom units, think again.

This 5-bedroom south facing penthouse at 1515 N. Wells came on the market in November 2012.

At 3600 square feet, it has hardwood floors throughout along with an unusual “staff quarters” with a full bathroom and a separate entrance.

The kitchen has stainless steel appliances, with two ovens, and granite counter tops.

It also has custom finishes such as Tre Piu doors, Bisazza & Sicis tile, Marvin triple pane windows and custom drapery rods.

Parking won’t be a problem as the unit has 3 heated parking spaces.

Stairs won’t be a problem either as it’s all on one level.

What’s the market for a large unit in the middle of the Old Town restaurant and social scene?

Charles Heaver at Prudential Rubloff has the listing. See the pictures here.

Unit #6E: 5 bedrooms, 3.5 baths, 3600 square feet, 3 car parking

  • I couldn’t find a prior sales price. The building was built in 2001.
  • Originally listed in November 2012 for $1.995 million
  • Currently still listed at $1.995 million
  • Assessments of $1151 a month
  • Taxes of $17,714
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×18
  • Bedroom #2: 10×14
  • Bedroom #3: 10×14
  • Bedroom #4: 11×14
  • Bedroom #5: 15×10

 

36 Responses to “You Can Have A 5-Bedroom Penthouse In Old Town For $1.995 Million: 1515 N. Wells”

  1. Interesting. For that much space, and three parking spaces, the assessments seem rather low (even if there’s no doorman, etc.), so an extra carefull review of the association’s finances is in order (not necessarily anything wrong, but I’d want to know that it’s maintaining proper reserves, and whether the first major exterior maint project has happened yet).

    VA:F [1.9.22_1171]
    Rating: +2 (from 2 votes)
  2. E-LP Comps 'n Free Escrow on January 17th, 2013 at 7:36 am

    lol “staff quarters” in a unit in that building or in Old Town

    VA:F [1.9.22_1171]
    Rating: +10 (from 16 votes)
  3. This is the McCondo version of a McMansion. No. Just no.

    VA:F [1.9.22_1171]
    Rating: +13 (from 19 votes)
  4. I know window treatments are expensive, but if you’re selling a $2M property and “custom drapery rods” makes it into the main description, either you suck or the unit does. Or a combination of the two.

    VA:F [1.9.22_1171]
    Rating: +10 (from 14 votes)
  5. I love how the “staff quarters” suite is where the washer/dryer is located.

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  6. They obviously spent money on the bathrooms but the kitchen looks a little too mid-range to be a lux 1.95 million unit.

    VA:F [1.9.22_1171]
    Rating: +3 (from 7 votes)
  7. Lol about staff quarters/separate entrance in a building with no doorman/staff. Assessments seem reasonable.

    VA:F [1.9.22_1171]
    Rating: +4 (from 4 votes)
  8. Odd layout . .. 1) it appears that guests need to walk through the kitchen to get to the LR/DR; 2) the 4 family bedrooms all share one bathroom? (and the staff quarters has an en suite, but no windows). I was thinking that the staff quarters might work well for an au pair/nanny, but not sure you’d want them right off the family room, and the rest of this place doesn’t seem that conducive to family living.

    VA:F [1.9.22_1171]
    Rating: +2 (from 4 votes)
  9. Between that huge (and ugly) track light and the excessive use of recessed lights there is certainly no shortage of lighting in this place.

    VA:F [1.9.22_1171]
    Rating: +5 (from 7 votes)
  10. “the kitchen looks a little too mid-range ”

    WTF? You sertiously don’t know what you’re talking about there, HD. It’s ‘dated’, for sure (the blonde + black screams 2001), but it ain’t ‘mid-range’ in any cognizable way except *maybe* that SS fridge next to the wine fridge (ie, the *3d* fridge).

    VA:F [1.9.22_1171]
    Rating: +4 (from 4 votes)
  11. Huge disappointment when I opened the pics. Maybe (hopefully) it shows better in person. I just can’t help but think that there are SO many better options at $2mil.

    VA:F [1.9.22_1171]
    Rating: +6 (from 6 votes)
  12. “the 4 family bedrooms all share one bathroom?”

    1 and a half, but still an obvious shortcoming.

    VA:F [1.9.22_1171]
    Rating: +3 (from 3 votes)
  13. Why did they even call it “Staff Quarters”. Leave it at “Guest Suite” and be done. It’s a good spot for a guest suite, separated from the master so you don’t hear your guests and vice versa. (calm down, I mean snoring…).

    I count 6 bedrooms, not 5 (counting the staff/guest). The odd thing to me is one bath in the master, one in the staff/guest leaves just 1 for the other 4 bedrooms. Sure, it’s doubtful anyone buying this is using all 4 as bedrooms, but still, should have at least 1 more bath if not 2.

    VA:F [1.9.22_1171]
    Rating: +3 (from 3 votes)
  14. So for 1.9mil you can have this place, or this AJ P’s place……

    http://www.redfin.com/IL/Chicago/2139-N-Clifton-Ave-60614/home/13352102

    choice is yours

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  15. The listing says it has balconies and great views but the photos show no evidence of either. Listing fail.

    The location is great. If I were to live in Old Town, I’d want to be near this building. But not in this unit.

    VA:F [1.9.22_1171]
    Rating: +2 (from 2 votes)
  16. or if you really want a condo for your 1.9mil you can have this place, or this place……

    http://www.redfin.com/IL/Chicago/340-E-Randolph-St-60601/unit-4403/home/26815592

    like black sheep said, “the choice is yours”

    VA:F [1.9.22_1171]
    Rating: +4 (from 4 votes)
  17. [2139 Clifton]: I know that kitchen got a fancy name and all, and @fo will yell at me for ignorance, but yikes is it dreadful looking. Are those floor tiles really the new thing?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  18. “[2139 Clifton]: I know that kitchen got a fancy name and all, and @fo will yell at me for ignorance, but yikes is it dreadful looking. Are those floor tiles really the new thing?”

    figured that someone would point out the kitchen (or another thing) but i factored in the 200k less in price will cover the the updates one would desire.

    but really are either of these kitchens not offending our senses?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  19. chicago expert in all things on January 17th, 2013 at 11:18 am

    NOT going to happen. NOT a good location for this price. NOT a good building. NOT a good flooplan. NOT a good enough kitchen. $1.3 maybe—-tops.

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  20. ” I know that kitchen got a fancy name and all, and @fo will yell at me for ignorance, but yikes is it dreadful looking”

    Nah, that’s hideous. Really hate the stupid ‘cabinet front’ on the subzero–rather have a plain white fridge there. The bar/butlers pantry is much, much better looking, imo.

    “but i factored in the 200k less in price will cover the the updates one would desire”

    I can move that house to OT or ‘real’ Lincoln Park for $200k? Who’s your house mover?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  21. “I can move that house to OT or ‘real’ Lincoln Park for $200k? Who’s your house mover?”

    you dont need to move the house to OT

    http://maps.google.com/maps?saddr=2139+N+Clifton+Ave+,+Chicago,+IL+60614&daddr=1515+N.+Wells&hl=en&ll=41.915404,-87.645879&spn=0.024749,0.038581&sll=41.91583,-87.6459&sspn=0.024749,0.038581&geocode=FQqqfwId1XbG-inJZbHdHdMPiDG6c1nZxNU26w%3BFQF-fwIdk83G-imHRqm3RtMPiDEkA2dSdNc3-A&dirflg=r&ttype=now&noexp=0&noal=0&sort=def&mra=ltm&t=m&z=15&start=0

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  22. If I am paying this much for a penthouse unit I expect a entryway and better hallway plan. I do not want to funnel thru the kitchen en route to the living dining areas. I suspect that two of the bedrooms should be deconverted into one TV/office room that is not adjacent to the living room. That still leaves three bedrooms plus the guest suite area.

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  23. Wow – I don’t know AJ P’s style but from the looks of things he did not get a single vote in any choices for his house. Either that or he hired his grandma to decorate. Yeeeech!

    VA:F [1.9.22_1171]
    Rating: +3 (from 5 votes)
  24. “WTF? You sertiously don’t know what you’re talking about there, HD. It’s ‘dated’, for sure (the blonde + black screams 2001), but it ain’t ‘mid-range’ in any cognizable way except *maybe* that SS fridge next to the wine fridge (ie, the *3d* fridge).”

    Dude. The granite is a lower grade granite. Not very fancy. The blonde cabinets, maybe they’re all real wood, maybe just plywood, it’s hard to tell, it looks really dated though. The hood is a mid range hood, nothign fancy. For a 3,500 sq ft place for 2,000,000, I’d expect nicer granite, those better be teh highest end cabinets, and a better hood and stove/oven. I didn’t say it was HOME DEPOT but if you went to ABT this stuff would be in the middle to middle high end range of prices. This is a 2,000,000 3,500 sq foot place, i understand why they cut corners, but don’t expect a discriminating 2,000,000 buyer to pay for your cut corners.

    VA:F [1.9.22_1171]
    Rating: +4 (from 10 votes)
  25. back in the day, I looked at this building.
    2/2 for 300k off wells. 2/2 for 400k on wells. was deciding on the wells premium.
    certain streets have a premium – some are main streets like wells and michigan others are not – astor.

    the building and units are nice. the views are also REALLY nice. still I’m not paying 2m. I’ll take Old Town Triangle for that amount of quan.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  26. The owner appears be a member of the government’s favorite profession – finance and trading. Apparently the owner got a little bored with the place and instead took his profits to build something else ridiculously awesome instead:
    ” Mansion on 3 lots

    http://articles.chicagotribune.com/2011-12-02/classified/ct-mre-1204-elite-street-20111202_1_condo-unit-lincoln-park-tin-ceiling
    ~ A four-story, contemporary mansion is taking shape across three city lots in Lincoln Park.

    XXXXXXXXXXXXXX a partner with XXXXXXXXXXXX is building the house, which has a marble and slate exterior. XXXXXXXXXXXXX paid $2.6 million in 2007 to buy two of the lots. He paid $1.4 million in June 2010 for the third lot. XXXXXXXXXXXX demolished two buildings that had sat on the land previously.

    XXXXXXXXXXXX applied for a building permit in June 2008 to construct the mansion, which according to a city permit has an estimated construction cost of $4.3 million. After buying the third parcel in 2010, XXXXXXXXXXXXXXX won approval to expand the size of the home’s garage, which now will hold space for four cars.

    XXXXXXXXXXXXXXX is the latest Chicagoan to assemble multiple lots in Lincoln Park, demolish existing homes and construct a mansion. Others who have done so in recent years include Penny Pritzker, Richard Parrillo, Sara Crown Star, John Bucksbaum and proprietary trading executive Donald R. Wilson Jr.

    and the mortgage on this $2M property?
    “Document No. Executed Recorded Document Type Case No. Amount
    0601949135 12/14/2005 01/19/2006 MORTGAGE $795,000.00″

    Even in 2004 (when it appears the unit was purchased by the current owner although it’s unclear from public records) the owner had a $1,064,000 spread over two mortgages. Why take two mortgages? I don’t know, but I doubt this is a $2M property.

    Especially not with that kitchen. UGGO.

    VA:F [1.9.22_1171]
    Rating: +6 (from 8 votes)
  27. Anyone planning on going to the open house on Sunday?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  28. Why not spend a few bucks and stage this place? Low hanging fruit.

    Also, the three bedrooms in a row would make more sense as 2 larger bedrooms, and the bedroom across the hall would make a great full bath, and powder room that opens to the entry. Then you have a 4 bed 4.5 bath property.

    Anyone know about roof rights?

    VA:F [1.9.22_1171]
    Rating: +2 (from 2 votes)
  29. Someone should pay $950k-$1.15 mm or so for this place, then spend $100-150k implementing LB’s suggestions, as well as generally tuning the place up a bit. In north OT, OTT, ELP and the north GC, what’s a 3,600 sq ft 4/4.5 elevator-served top floor place with 3 garage spaces going for these days?

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  30. “Someone should pay $950k-$1.15 mm or so for this place”

    doesn meet your UC huh?

    VA:F [1.9.22_1171]
    Rating: +1 (from 1 vote)
  31. “doesn meet your UC huh?”

    Indeed, it fails on location grounds. Mind you, I do like the location of the building, and semi-frequent a handful of places directly nearby. But I rather dread the intersection of Wells and North and its overall vibe.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  32. Groove – I’ll take 340 E. Randolph over this any day.

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  33. I hate when some mega-rich person decides to build a home across three lots in an area like Lincoln Park. The results are frequently monstrosities that relate poorly to the rest of the streetscape. Of course, this has been done so much in the last decade or two that not much a streetscape is left in parts of Lincoln Park, at least not the charming one that I remember from way back when before all the old buildings started getting torn down. It’s a shame the zoning allows for this garbage.

    VA:F [1.9.22_1171]
    Rating: -1 (from 1 vote)
  34. I don’t understand how the FR has all those can lights, and the LR/DR has that hideous track lighting with no can lights. Not sure what they were thinking.

    It wouldn’t cost that much to replace the backsplash and counter-tops, with something white which would look like a Porcelanosa type thing. Those flat cabinet doors still look “in”, it’s just getting the rest updated.

    VA:F [1.9.22_1171]
    Rating: -1 (from 1 vote)
  35. hd is right about the kitchen vibe though, those pendant lights look like Home Depot $53 specials.

    VA:F [1.9.22_1171]
    Rating: -1 (from 1 vote)
  36. There as so many things that are odd about his apartment, but the dark trim is enough to put me off. What were they thinking – dark baseboards?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)

Leave a Reply


− one = 0