2 1/2 Years Later, Trying To Get $70K More For This Old Town 2-Bedroom: 1407.5 N. Wells

This is the third time we’ve chattered about this 2-bedroom in the Gaslight Court complex at 1407.5 N. Wells in Old Town.

See our June 2010 chatter here.

It sold in 2009 and again in 2010.

In 2009, the square footage was listed at just 700 square feet.

The 2010 listing and this current listing don’t list the square footage, however.

The kitchen is the same as it was previously.

It has maple cabinets, white appliances and an island.

There’s no central air. It is window units only.

There also isn’t any parking with the unit, but it does have an in-unit washer/dryer.

It sold for $250,000 in September 2010.

The unit has come back on the market for $70,000 more than the 2010 purchase price.

Is the market hot enough for this kind of appreciation over the last 3 years?

Kenneth Beltran at D’aprile properties has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet (according to the 2009 listing)

  • Sold in January 2002 for $190,000
  • Was listed in February 2009 for $256,000
  • Reduced
  • Was listed in April 2009 for $249,900
  • Sold in June 2009 for $235,000
  • Listed in June 2010 for $259,900
  • Sold in September 2010 for $250,000
  • Currently listed for $320,000
  • Assessments now $350 a month (they were $266 a month in 2010)
  • Taxes now $3678 (they were $2642)
  • No central air- window units only
  • In-unit Washer/dryer
  • No parking
  • Balcony
  • Bedroom #1: 11×11
  • Bedroom #2: 10×10
  • Living room: 19×13
  • Kitchen: 13×9

 

26 Responses to “2 1/2 Years Later, Trying To Get $70K More For This Old Town 2-Bedroom: 1407.5 N. Wells”

  1. “Sheque & inviting condo”

    W.T.F.?!?!?! ‘sheque’ doesn’t even make the urban dictionary.

    Pix are hilarious–1st 2 have nothing to do with unit. Which is kinda understandable given it’s 28×25, and has 4 rooms total.

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  2. “Sheque & inviting condo”

    Lol. You’d think the phonetic rendition of “chic” would at least be “sheek”.

    Disagree about the pics – they actually make the (probably) cramped condo look bigger than it is.

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  3. I wonder what the trolls will find wrong with this property.

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  4. That’s got to be realtor malpractice or something – it was listed 3/15, they’ve had days to fix that.

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  5. Going for “chic”, I’m guessing. lol. Terrible listing job by this agent all around. No pics of second bedroom, leading off with THREE generic “neighborhood” pictures. Just awful.

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  6. Sheque

    is that Shrek for chic?

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  7. If I am doing HD realtor mafia 10% style then 290k.
    290k for a one bedroom 700 sq. ft. on Wells in todays market.

    no effffffffffffing way and I love Old Town
    …and if it does sell for 10% off ask, I’ve got to seriously consider marketing my place.

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  8. $320k for 700 sq ft is about $450/sq ft. Gaslight Court commands a premium, but I think this is still overpriced.

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  9. who cares what it sold for 3yrs ago. that was a totally different market. what are the comps now? still seems overpriced, but need to get over the past

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  10. Listings like this make me question sellers. How do you not even bother to look at your own listing? I have a trusted realtor but I’d still double check her listing. I don’t think you can solely put the blame on the realtor…there is plenty to go around!

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  11. Even with the current inventory situation, they’d be lucky to get what they paid for it.

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  12. I can give it a pass if it was just listed yesterday and nobody proofed the intern the entered it in.

    but its been listed for longer than than and how in the heck do the owners not raise a stink.

    can you believe there is seriously an exam agents need to take to get a license yet we still see crap like that last to agents featured on CC?

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  13. It appears that the balcony overlooks the tar-papered roof of the building next door more than the courtyard.
    I am not sure how one effectively uses a microwave that is perched atop a refrigerator. Cleaning it would be most unpleasant, requiring a stepstool. It does not appear that the refrigerator is very large, yet it covers part of the window, almost not fitting in the kitchen.

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  14. “It appears that the balcony overlooks the tar-papered roof of the building next door more than the courtyard.”

    View of ‘courtyard’ is behind that grill. If in the front building, view in same sort of pic would be a view of the neighbors’ windows. I would think this view preferable, but whatever.

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  15. ReallySerious on March 19th, 2013 at 4:10 pm

    “I am not sure how one effectively uses a microwave that is perched atop a refrigerator. Cleaning it would be most unpleasant, requiring a stepstool. It does not appear that the refrigerator is very large, yet it covers part of the window, almost not fitting in the kitchen.”

    I am not sure why you are raising a stink about a kitchen appliance that can easily be moved to the counter, or even better, above the range! Not to mention it probably will not be included in the sale. Never thought of that did you?

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  16. Sheque? Que significa sheque?

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  17. So much to say about this one. Pics are pretty bad. Assume the bathroom is terrible. This looks like it could be a nice unit but without the bathroom pic it’s just tough to tell. Also tough to tell how nice what is there is. I think that a nice kitchen rehab intended for the space with some sort of cabinet-ass microwave, funky small fridges all foreign would probably cost like $7k. The misspelling is blatant but than everyone misspells words now and then. I like to think that someone could actually be daft enough to possibly be intentional as a marketing spin of an umbrella. I didn’t see this one before but looks like you guys got it totally wrong before. In this market someone will probably pay $300k for this for the location.

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  18. Interestingly (or not), it was only a couple blocks from what was event planner Sheque Chicago, assuming it is no longer in business. Maybe its a neighborhood thing.

    http://www.yelp.com/biz/sheque-chicago-chicago

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  19. No parking. No central air. $457/foot. Pass.

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  20. “Cleaning it would be most unpleasant, requiring a stepstool.”

    Of you could *gasp* move the microwave to clean it. But yeah 320k for a cramped space requiring such a lifestyle compromise? Nope.

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  21. “I didn’t see this one before but looks like you guys got it totally wrong before. In this market someone will probably pay $300k for this for the location.”

    You can get a 2/2 just down the street at 1309 N. Wells with 1100 square feet and parking along with w/d and wall unit air conditioning for $294,500 (but we don’t know what it will sell for. It’s listed for that and pending.) Could sell for even less.

    That would be $268 per square foot.

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  22. “Gaslight Court commands a premium, but I think this is still overpriced.”

    Gaslight Court has NEVER commanded a premium in all the years I have written this blog. In fact I once did a post about how Crilly Court units will sell fast and even for a little more than 2007 prices but Gaslight’s units sit and sit.

    Part of that is that Gaslight is simply older. The units were converted many years ago and now many are showing their age. Unless someone updated the kitchen and baths themselves, they are older, original finishes. Buyers want “new” and Gaslight usually isn’t that. In four or five years the same thing wiill happen to Crilly Court too.

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  23. Crilly has the advantage of being north of North

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  24. Crilly Court also has better street parking. It’s really tough to find parking off Wells when you’re south of North Ave.

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  25. This unit is still available a month later. It just reduced $10,000 to $310,000.

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  26. “This unit is still available a month later. It just reduced $10,000 to $310,000.”

    And is still “sheque & inviting”. Open house this weekend!!

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