What If You Had Bought New Construction in 2012? 1510 W. Cortez in West Town
This 3-bedroom duplex down at 1510 W. Cortez in the Noble Square neighborhood of West Town just came on the market.
If the building looks familiar, it’s because we chattered about it when it was new construction in December 2012.
We also chattered extensively about this neighborhood and whether or not it was a “gentrification battleground.”
See our chatter here.
At that time, 3 out of the 6 units had sold.
Here’s what was going on with it back then:
- #1E: 3 bedrooms, 3 baths, 1 car parking, listed at $499,900
- #1W: 3 bedrooms, 3 baths, 1 car parking, sold in November 2012 for $500,000
- #2E: 2/2 sold in November 2012 for $408,000
- #2W: 2/2 sold in November 2012 for $419,900
- #3E: 4 bedroms, 3 baths, penthouse with rooftop deck, 2 car parking, under contract listed at $699,900
- #3W: 4 bedrooms, 3 baths, penthouse with rooftop deck, 2 car parking, listed at $699,900
Unit #1W has now come back on the market 4 years later.
The kitchen has white and gray Copat Italian cabinetry with quartz counter tops and Jenn-Air appliances.
The south facing floor to ceiling windows have a privacy tint.
There are three outdoor spaces including a back deck, a secluded garage roof top deck and a private front lawn.
2 of the 3 bedrooms are on the main level with the third in the lower level along with a bathroom and the family room.
The unit has central air, washer/dryer in the unit and 1 heated garage space.
Back in 2012, this unit sold for $500,000.
It has come back on the market, with West Town hotter than ever, at $769,151.
Will it get the premium?
Are the $700,000s the price point for 3-bedroom units in the Noble Square neighborhood now?
William Dunlap at d’aprile properties has the listing. See the pictures here.
Unit #1W: 3 bedrooms, 3 baths, duplex down, 2500 square feet
- Sold in November 2012 for $500,000 (included parking)
- Currently listed for $769,151 (parking included)
- Assessments of $185 a month (includes scavenger)
- Taxes of $7792
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×15 (main level)
- Bedroom #2: 11×14 (main level)
- Bedroom #3: 13×10 (lower level)
- Family room: 17×14 (lower level)
I mean as far as duplex downs go its very nice because only like 1/3 of the space is down… but I remain skeptical they will be able to get their ask price
I think the street is much improved is it not?
I thought single family homes in this area go for about the same price as this condo. Maybe I am wrong, but if single family homes are available at this price point, I would much rather buy one of those.
overpriced for a townhome with this type of finish in that neighborhood.
It’s not even a real townhouse. It’s a duplex down.
I SEE DEAD HIPSTERS LOLZ!!!! WHO WANTS AN OLD STYLE??? WOO HOO!!!!!!
hmmm looking at the comps and regressing from our own homes appreciations in the same time frame (though a different product), I’d say this place is a good 80-100 overpriced.
This is Noble Square. However, I did this post not too long ago on the appreciation that people in Ukrainian/ East Village actually realized since 2012: http://www.chicagonow.com/getting-real/2016/07/record-home-price-appreciation-in-chicagos-ukrainian-and-east-village/
Pretty amazing. To top it off the buyers of 1854 W Erie are dumping some serious money into the place. I’ve seen workers crawling all over that place for weeks now.
Very interesting post Gary. If they are making 40%+ gains in the hood, then maybe this is a realistic price.
They are really two different neighborhoods. I haven’t really looked at appreciation in Noble Square but I believe it’s a lower income demographic.
JT do you have a PBR……. LOLZ
Good read. After looking into it you report the 2w unit in the same building sold at $419k in 2012.. It just sold this past August at $605k. So I would say it is comparable. Also look into 1518 w Cortez street. 2 units were sold at a comparable price in the past year and it’s an older builder (2007).
That’s a really weirdly specific asking price. Couldn’t round up to 775 or down to 750? Just annoys me.
I bought in 1991 a block over. I’m very happy.