18% Appreciation in 11 Months in Old Town: A 2/2 at 1445 N. Wells

1445-n-wells

This 2-bedroom at 1445 N. Wells in Old Town just came on the market.

If it looks familiar, that’s because it was also on the market in 2014.

It last sold just 11 months ago, in June 2014.

We also chattered about it all the way back in 2008.

This building has a private elevator which opens in each unit. In 2008, most of you were obsessed with this feature.

You can see that chatter here.

This unit has 12 foot ceilings with thick crown moldings and custom features such as remote control blinds.

The kitchen has cherry cabinets and luxury appliances including Viking, Jenn-Air and Bosch.

It has central air, washer/dryer in the unit, and 1 exterior parking space.

Old Town, especially Wells Street, has been hot for years.

But this two bedroom has just come on the market for $105,000 more than it sold for 11 months ago.

That translates to $485 a square foot, up from $411 a square foot in 2014. (The 2014 listing and Zillow both say this unit is 1410 square feet. The current listing doesn’t have the square footage.)

Will this unit get the 18% premium in less than a year?

Janelle Jancaric at Rokfish Realty has the listing. It is agent owned. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1410 square feet

  • Sold in June 2006 for $602,500
  • Sold in July 2008 for $620,000
  • Sold in June 2014 for $580,000
  • Currently listed for $685,000
  • Assessments of $452 a month (includes snow removal)
  • Taxes of $10,079
  • Central Air
  • Washer/Dryer in the unit
  • Includes 1-car exterior parking
  • Bedroom #1: 14×14
  • Bedroom #2: 11×10

 

26 Responses to “18% Appreciation in 11 Months in Old Town: A 2/2 at 1445 N. Wells”

  1. OR perhaps sharing a common wall with Burton’s bar and grill isn’t as awesome as the person that bought this place thinks?

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  2. It’s not really a common wall though- like a townhouse. You have your wall for your building (looks like it’s brick) and they have their wall for their building.

    I once lived right up against another building like this (with no space in between) and I didn’t hear anything in the other building. It’s not like there is just drywall here as there is between some condo units.

    And anyone who buys ON Wells Street must know what goes on there. There are plenty of bars/restaurants up and down the street. You’re not buying there to hear the birds chirping.

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  3. What would a similar place to this one go for in Lincoln Park?

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  4. In my early twenties I always wanted the top floor unit of this building, how easy it would have been to bring people home from Douchemark & Fireside for after-parties or other shenanigans. Now I live in Andersonville; enjoy the quiet and preach about living within ones’ means. Funny how things change.

    I think this will go over 2014 price, but 18% seems like a stretch; if not, downright greedy. But it’s Old Town so who the f* knows.

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  5. I don’t think you’ve been to this bar before Sabrina holy frickin crap balls is the 2nd floor LOUD

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  6. Old Town is hot hot hot. However – this place is overpriced for what it is and very skinny. There is zero room for appreciation if you buy this. The new Soul Cycle on Wells is so packed there is a traffic jam during pick up / drop off for class and all the bars / restaurants are packed from noon to midnight.

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  7. Similar things happening in west loop — this unit sold at 785k in Sep 2014, and just relisted for 920k, up 17% in 8 months. https://www.redfin.com/IL/Chicago/720-W-Randolph-St-60661/unit-1/home/64225148?utm_medium=email&utm_content=home_image&utm_campaign=instant_listings_update&utm_source=myredfin

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  8. This location is more like NYC living than any other place in Chicago, certainly more than the uber-boring Astor area rectangle of Division/Clark/LSD/North Ave. Unit is think, the mirrors on the wall are a trick to make it look bigger. The layout doesn’t really provide enough natural light, but the location makes up for all other shortcomings.

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  9. Norman Bates Mother on May 27th, 2015 at 5:30 pm

    “What would a similar place to this one go for in Lincoln Park?”

    What would a similar place to this one go for in Ford Heights?
    What would a similar place to this one go for in Mokena?
    What would a similar place to this one go for in Skokie?

    Jesus

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  10. “Norman Bates Mother”

    Wow, someone’s willing to risk the C&D letter to continue this one?

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  11. “What would a similar place to this one go for in Lincoln Park?”

    “What would a similar place to this one go for in Ford Heights?
    What would a similar place to this one go for in Mokena?
    What would a similar place to this one go for in Skokie?”

    NBM, nobody on this blog cares about Ford Heights, Mokena or Skokie (well HD might be the exception)….. but most do care about LP.

    Jesus x2

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  12. I think the two light-up dildos are really inappropriate for a baby’s room.

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  13. Doesn’t look like all of the details on this unit are listed here. There were over $60,000 in upgrades put into the unit since the original sale (automatic blinds, a new hall closet, 10″ crown, auto-sunshade off back deck, refinished hardwoods, designer paint & built-ins, sconces/custom lighting throughout, surround sound, etc etc). It sold in 2007 for $620k before those upgrades were put in. The 2014 sale was unusual and a depressed sale that did not reflect the actual value of the unit (apparently there was no buyer’s agent commission, the seller’s agent’s commission was reduced, and the seller was in a desperate position to sell or lose another condo). So, really, the “18% appreciation in 1 year” isn’t all that accurate. Old Town has appreciated quite a bit since 2007 when the “bare bones” unit sold for $620k. Check out this recent sale of a slightly smaller unit with similar finishes in the building next door: http://www.redfin.com/IL/Chicago/1429-N-Wells-St-60610/unit-603/home/12715260

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  14. Sorry for the type-os above…I was referencing the sale back in 2008 (not 2007) for $620k :-) I have lived in Old Town since 2006 and keep close tabs on the units around here!

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  15. “Doesn’t look like all of the details on this unit are listed here. There were over $60,000 in upgrades put into the unit since the original sale (automatic blinds, a new hall closet, 10? crown, auto-sunshade off back deck, refinished hardwoods, designer paint & built-ins, sconces/custom lighting throughout, surround sound, etc etc). It sold in 2007 for $620k before those upgrades were put in.”

    If you’re on the market for 45 days in the Chicago GreenZone and you aren’t already under contract, then you are priced wrong.

    Inventory is so low, properties are going under contract within hours if they are priced correctly.

    Gary- this is a good example of why the market times haven’t dropped. Many buyers are asking for the sky and these properties are just sitting there.

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  16. “…properties are going under contract within hours if they are priced correctly.”

    I would say those properties are priced too low then :-)

    Looks like the one above one was off the market for 7 days too. Not defending it, just saying you can’t always tell the entire picture from RedFin. Off to work!

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  17. “I would say those properties are priced too low then.”

    Um…no. If you’re not selling the first day you’re on the market you are WAY overpriced because everything else is selling almost instantly, especially in a hot neighborhood like Old Town where prices are at new peak highs and have been for a year or more. So everyone else is selling for a new record high price but…this property is not. Even with record low inventory in desirable Old Town.

    Huh.

    But once you start out too high, you’ve already lost the market. I’ve seen those properties reduce $5,000 or $10,000 and then wait a few weeks. And then reduce another $10,000. They end up for selling for less than they would have if they would have just priced it correctly in the first place.

    Again, if you have a condo in Old Town and you’re NOT under contract within a few days of listing, possibly with multiple offers, you have to re-consider what you’re doing wrong.

    This is the hottest market Chicago has EVER seen. And Old Town has been one of the hottest neighborhoods- even during the bust.

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  18. Speaking of Old Town, any guesses on how long it takes this 1-bedroom rare Chicago Fire cottage to go under contract and how many offers it might get?

    It’s tiny. Just 780 square feet. But it would be your own home with no one sharing your walls.

    It DOES have a 1-car garage- most coveted in Old Town.

    Listed at $795,000. First time on the market since 2007.

    If this goes under contract by the end of this weekend, does that mean they priced it “too low”?

    https://www.redfin.com/IL/Chicago/216-W-Menomonee-St-60614/home/13345031

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  19. “I would say those properties are priced too low then :-)”

    That’s typical relator think.

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  20. People should scrutinize their own cultures. I have of mine. There are things that just aren’t acceptable to me no matter if the person is poor or rich. I choose to judge those things harshly. Poverty is no excuse for being a brute. Perhaps instead of brutalizing women, children, and animals, people should focus on trying to improve their countries. Sure, there are extreme cases like North Korea where the people aren’t going to be able to overthrow the government, but there is no excuse for countries like Nigeria where Boko Haram is tacitly accepted.

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  21. well considering that type of home is perfect for someone looking to downsize, which with my dealings with retirees I have heard that way more often than I expected to, I would be surprised if it doesn’t have multiple offers after the weekend

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  22. “This is the hottest market Chicago has EVER seen.”

    um… no

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  23. 58 days on the market for this unit. No price changes yet.

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  24. pretty strange considering its the “hottest market chicago has EVER seen”

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  25. “pretty strange considering…”

    Must be that the seller’s are idiots, or the ’08 price was insane, or this isn’t really the GZ.

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  26. “pretty strange considering its the “hottest market chicago has EVER seen””

    This is true. Sorry if you’re not aware of what is going on out there Sonies.

    Record high prices.
    Soon to be record high sales?

    Record number of luxury properties selling.

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