38% Appreciation in 5 Years for This 2-Bedroom Bucktown Loft: 1750 N. Wolcott

1750 n wolcott

This 2-bedroom loft at 1750 N. Wolcott in Bucktown just came on the market.

This building is right in the heart of the neighborhood and butts up against the 606- literally.

This loft is a first floor unit with a wrap-around balcony, part of which runs up against the 606.

It has timber ceilings and exposed brick.

The kitchen has maple cabinets, stainless steel appliances and granite counter tops.

The master suite contains a walk-in closet and a bathroom with a double vanity.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

If it sells at its list price of $599,900, that would mean 38.5% appreciation over the last 5 years as it sold in 2011 for $433,000.

If prices continue to rise at this rate, does this make Bucktown the most lucrative GreenZone neighborhood?

Peter Basile at AP Realty has the listing. See the pictures here.

Unit #105: 2 bedrooms, 2 baths, no square footage listed

  • Sold in August 2001 for $351,500
  • Sold in September 2011 for $433,000
  • Currently listed for $599,900 (includes the parking)
  • Assessments of $362 a month (includes exterior maintenance and scavenger)
  • Taxes of $7277
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×13
  • Bedroom #2: 11×10
  • Living room: 22×16
  • Kitchen: 16×12

33 Responses to “38% Appreciation in 5 Years for This 2-Bedroom Bucktown Loft: 1750 N. Wolcott”

  1. Love my stalker!

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    Rating: -4 (from 14 votes)
  2. holy shit that is like RIGHT on the trail… no thanks!

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    Rating: +5 (from 7 votes)
  3. “that is like RIGHT on the trail”

    With a *great* view of the side of it.

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    Rating: +1 (from 9 votes)
  4. Well at least maybe being that low it doesn’t get the light pollution from the trail it would higher up.

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    Rating: +2 (from 2 votes)
  5. I’d feel like I was in a zoo. And could someone break in easily too? Just jump over the 606 fence, and you are undetected on the hidden balcony. Also, who stores wine like that? It’s a great way for wine to go bad. I’m also not a fan of the freaky baby statue in the bathroom.

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    Rating: +5 (from 5 votes)
  6. Some one explain to me the big deal with the 606? And why my tax dollars had to fund this?

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    Rating: -4 (from 6 votes)
  7. “why my tax dollars had to fund this?”

    What, you’d prefer that they go to some alderman’s cousin?

    Mostly federale dollars, so you can think of it as $$ from Alabama.

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  8. its to keep lots of annoying hipsters bikes off the road while they commute to their shitty apartment in humbolt park, trust me groove it was worth the money

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  9. “What, you’d prefer that they go to some alderman’s cousin?”

    How do we know it still didn’t? Who was contracted to do the work?

    “its to keep lots of annoying hipsters bikes off the road ”

    me being a cyclist, i enjoy seeing a bunch of bikes ruining the commute for tin caners. Would you rather see these bike commuters not bike and get fat like the rest of the Chicago population?

    “trust me groove it was worth the money”

    what was the final tally for it?

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  10. “Who was contracted to do the work?”

    Walsh

    “what was the final tally for it?”

    at the time it opened $50m came from federal government, $20m from private donations, $5m from city/local government and $20m left to raise.

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  11. Thank you Marco

    “Walsh”

    hahahahahaahahahahahaaaaaaaahaahahahaaa!!!!!!!! enough said

    “at the time it opened $50m came from federal government, $20m from private donations, $5m from city/local government and $20m left to raise.”

    $95mil? so what was wrong with our beautiful boulevard system?

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  12. “what was wrong with our beautiful boulevard system?”

    Cars?

    What’s wrong with taking abandoned space in the city and making it nice? The $70m wouldn’t have been available for something not park-like and bike commute’y, so what’s the harm in the $5m? The remaining $20m is for the finishing touches–it’s not spent yet.

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  13. “What’s wrong with taking abandoned space in the city and making it nice?”

    Nothing wrong with pretty thangs. I just wonder what else could have been done with that $55mil?

    I still stand by my laughter that Walsh did the work.

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  14. I like the 606. I think it is going to spur a lot of development on the west side. A lot of other cities are doing similar projects and they are very popular. Atlanta has their “belt line” which pretty much surrounds the entire city now.

    More options that separate bikes from cars gets my vote.

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  15. ” I think it is going to spur a lot of development on the west side.”

    It’s really too bad that they tore down the Humboldt el branch line.

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  16. In response to the narrative that prices are skyrocketing. So I go into the MLS for Bucktown and I start flipping through condos in this price point until I find one that shows a price in the last 10 years and hasn’t been clearly renovated. First one I come to is: http://lucidrealty.com/homes-for-sale/Chicago_West_Town/condos_townhomes/2247-W-Wabansia-AVE-unit-104/

    Recently sold for 465K and sold in 2007 for 456K. I’ll post the next one separately so as not to trigger the spam filter.

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  17. The very next one: http://lucidrealty.com/homes-for-sale/Chicago_Logan_Square/condos_townhomes/2024-W-WEBSTER-AVE-unit-3/

    Recently sold for $467,500 and sold for 4520k in January 2006. I love this site but me thinks there is a strong bias in what gets posted here.

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  18. ” I love this site but me thinks there is a strong bias in what gets posted here.”

    Duh. Not like the narrative being built is a secret.

    That’s like watching Fox News, or reading Kos, and expressing surprised that the chosen stories fit their narratives.

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  19. Well a house I looked at in 2012, in a god damn flight path, is listed $100k+ today above the selling price. The narrative isn’t just on this site, it’s among realtors, mortgage brokers, buyers, sellers, and renters. It is hot out there, not 2007 hot, but certainly hot.

    And for the unrenovated properties above that sold in 2006/7 and sold today for only a small margin above the selling price – that’s a freakin miracle. 2006/2007 pricing was absurb. The was an article in the trib a few days ago saying some suburbs and neighborhoods may never ever again reach those crazy heights.

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  20. “2006/2007 pricing was absurb. The was an article in the trib a few days ago saying some suburbs and neighborhoods may never ever again reach those crazy heights.”

    Maybe not but that runs counter to the popular narrative that we’re in the midst of another bubble and prices are at all time highs.

    The other part of this story is that prices fell really hard and bottomed in early 2012. From that bottom they have recovered 25.8% on average across the entire metro area so sure if you bought 4 – 5 years ago you should see nice appreciation.

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  21. ” The was an article in the trib a few days ago saying some suburbs and neighborhoods may never ever again reach those crazy heights.”

    In real dollars.

    Yes, the article cited a couple of catastrophic individual situations, but the overall conclusion of the article was premised on inflation adjusted prices.

    So, Gary’s 2006 sales for about $450k? Need to add 75k to be flat in the Trib’s dataset–those “freakin miracle” sales count as ‘down 15%’ in the context of that article.

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  22. Again, still a freakin miracle that after buying in a hot neighborhood in 2007, these properties sold, unrenovated, for a nominal amount more than the purchase price. They should be happy they only ‘lost’ 15% inflated adjusted. To me, that’s the definition of ‘hot’. Hot doesn’t mean ‘beating and exceed 2007 prices on an inflation adjusted basis’; beating 2007 prices on a nominal basis is quite the feat.

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  23. HD:

    You cited the Trib article. The Trib article is premised on inflation adjusted prices–which is why the whole damn map was red.

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  24. “HD:

    You cited the Trib article. The Trib article is premised on inflation adjusted prices–which is why the whole damn map was red.”

    Dude, I hate arguing with you because you always miss the forest for the trees. I think people are saying the market is hot compared to pricing of the last few years; and in real dollars too compared to 2005 prices.

    But if compared to 2005 pricing, especially if it’s inflation adjusted, isn’t a good way to measure how ‘hot’ a market is, as the article implies, pricing may never get that high again.

    You don’t need a record heat wave in July for it to be a ‘hot’ month.

    I’m sorry it’s been slow for Gary (and probably Anon(tfo) too) and your listings aren’t closing at record high real dollar prices. Maybe you should work a little harder and spend less time posting here.

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  25. I meant to say “and in some cases, such as GZ hoods, compared to 2005 real pricing..”

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  26. HD:

    Hope the recent, consistent dickiness isn’t because of any personal-life issues. If so, I’m sorry for your troubles, and hope they work out well soon.

    If not:

    F.O.

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  27. “I’m sorry it’s been slow for Gary (and probably Anon(tfo) too) and your listings aren’t closing at record high real dollar prices.”

    Hmmm. We’ve been busier than ever. I have people so that I can post on Cribchatter and write my blog posts :) 17 active listings/ properties under contract – and that’s just what I know about.

    But my point is that we see plenty of deals – our listings, our buy side deals, comps we use – closing with modest appreciation, though we are about to put one under contract with a huge pop. Our seller got a really good deal when he bought it.

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  28. I don’t think many established residential real estate folks would say things are slow, even with the low inventory. For the most part, stuff that gets listed, gets seen, and sold. I think the broker we engaged about 6 weeks ago has had a few closings since then, in addition to ours, today. Four closings in 6 weeks (while still in the “winter” market) seems pretty busy (and lucrative) to me.

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  29. The GZ is damn straight in a bubble, sorry if that doesn’t fit your “narrative”. How else do you explain this ask? https://www.redfin.com/IL/Chicago/1813-W-Cuyler-Ave-60613/home/13389007

    Look at the ask. Look at the most recent price it sold for, and when. Realize the full reno was done before the last sale. Realize this property is practically right on the brown line tracks. Realize this isn’t even everyone’s definition of a GZ ‘hood and not particularly desirable. (although perfectly decent). This may be one of the most egregious examples I can find, but there are dozens more.

    I suppose the seller and/or realtor may be delusional, but if so they aren’t the only ones these days.

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  30. “How else do you explain this ask?”

    Why do we even discuss list prices? Show me closings. And then I’ll show you all the counter examples.

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  31. “Well a house I looked at in 2012, in a god damn flight path, is listed $100k+ today above the selling price. The narrative isn’t just on this site, it’s among realtors, mortgage brokers, buyers, sellers, and renters. It is hot out there, not 2007 hot, but certainly hot.”

    The bubble is expanding. It will take time.

    The only reason houses in Englewood were selling for $300,000 during 2006-2007 and will never see those prices again was because of appraisal and mortgage fraud. Ditto for some other parts of the city and suburbs.

    Right now, we’re not seeing as much mortgage fraud but with the way prices are rising (and how quickly) it’s only a matter of time before some people decide that easy money can be made again buying a home and having it “appraised” for $100,000 more just a few months later.

    We’re already seeing plenty of properties in the GZ that are selling for double digit gains just a year or two after their last purchase.

    The Fed has successfully re-inflated the housing market. They are at risk of losing control of it now.

    Economists are saying there is a bubble in the Bay Area again. Miami condos are also in another bubble (and it is likely bursting again right now.) Denver is in a bubble. There are bidding wars in Kansas City, of all places. There are record high prices in several of the Case-Shiller 20-metro areas. Flipping is at new highs in many places.

    Signs of speculation and excess are building.

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  32. “Recently sold for $467,500 and sold for 4520k in January 2006. I love this site but me thinks there is a strong bias in what gets posted here.”

    No, there’s only a bias by the buyers right now. Location, location, location.

    Who the hell would want to live almost directly on the Kennedy Expressway?

    That’s why that pricing is the way it is (and that’s STILL too high for what that property is so it only proves my point about the bubble.)

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  33. but wait Sabrina, prices aren’t at their inflation adjusted peak so it can’t be hot!

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