Six Months on the Market and $50K Reduction: 1414 N. Wells
We last chattered about 1414 N. Wells in Old Town in January 2008. The prices have been trending sharply higher in the building as Wells Street became “hot”. The units are large, have outdoor space and the building has garage parking.
Only one unit has sold in the building in 2008, Unit #501, which closed in May 2008 for $683,000.
There are three units currently for sale in the building priced from $555,000 to $649,900.
Unit #311 is still on the market and has been reduced.
Unit #311: 2 bedroom, 2 baths, 1400 square feet
- Sold in May 2003 for $485,000
- Was listed in January 2008 for $680,000 (included the parking)
- Reduced
- Was listed in June 2008 for $649,900 (includes the parking)
- Reduced
- Currently listed for $629,000 (includes the parking)
- Assessments of $398 a month
- City Point Realty LLC has the listing
The 8′ ceilings for such an new building are pretty sad.
This unit just feels so blah. No color on the walls. The hardwood floors in the living room are covered by a beige rug. In my experience, a fresh coat of paint goes a long way in helping to sell a unit (in combination with the right price, of course).
Hey Sabrina:
Shouldn’t that $228k sale be October 1995, not 2005? I know these were built in ’95 and that seems consistent with the original pricing.
re: 8′ ceilings–that’s the only way they could squeeze in the 6th floor within the height limit.
There’s NO WAY this should sell for more than $500k, even tho they upgraded some from the original. $650k is sooo nuts.
Might want to check your numbers. No way did that unit sell for $228,000 in 2005, maybe 1995(pre-construction)?
I’m seeing the current listing price as $629,000.
Ceiling are 9′.
LOL at 650K (let alone 680K). It confuses me why we should be excited over a “30K reduction” when the initial price was at least 100K overpriced.
Sure is a great neighborhood though.
But yes, the low ceilings are noticed even in the photos. Yes, I’d say high 400s in this market and then only based on the neighborhood and the deeded parking space. The problem with these types of modern units is that they’re not all that unique. So if you keep it on the market and inventory starts to eventually backlog, you’ll find yourself trying to sell when there are two or three other units in the building trying to sell as well.
Beware the cannibalized competition! I agree with anon. Anything above 500 is way, way too much for BLAH. $650?? Keep on dreaming.
Pick up the chai….. oh, wait.
As a nearby neighbor, this building really should have some more functional ground-floor retail space and not have a frickin’ driveway with curb cut right on Wells St.
They want $465/sq ft?
At a more reasonable (for the area) $375/sq ft, this would be in the $525K range, but the assessments are lower than nearby condos so maybe as high as ~$550-560K.
“frickin’ driveway with curb cut right on Wells St.”
That curbcut was absurd in ’95. But sharing a driveway behind would be a problem for the townhouses in the rear. And there’s not more retail b/c that’s the only way to fit the parking.
It really seems like they planned it with a late-80s conception of the neighborhood.
1414 n wells #311
17-04-203-151-1024
The previous sales figures don’t match ccrd.info
Sorry- I switched up the dates. The unit sold for $485,000 in 2003.
Editor’s Note:
Unit #311 has been reduced again (as one of you pointed out.) Sometimes I don’t catch it if they reduce the day before I post it.
Unit #311 has now been reduced $50k, instead of $30k.
i looked at one of these about a year ago. great looking bldg from outside and great hood, of course. the hallways are depressing; the units are non-descript and on the small side (rooms). also, the outdoor space (balcony on the unit i saw) was way too small. at the time, i thought the unit (nice couple moving because of 2 kids) was overpriced…i think it was 2br/2ba for $500K.
I have sold in that building before and it is the best on wells street. Those units are phat.
For those of you that are this pathetic that you spend your time blogging and have no real clue about the old town market, let me clue you in on a couple of things:
1. The unit next to #311 sold for $675K last year
2. A unit on the 2nd floor sold for $590K this year without upgrades and a smaller terrace
3. The building directly across the street with hang-off -the front balconies, no lobby and some alley parking sold comparable units to #311 for $595k-$610K
So as much as you may think it is over-priced, that is what the market range has been in the past year.
“The unit next to #311 sold for $675K last year.”
FYI: Last year’s market is not this year’s market.
This unit has been on the market for over 8 months now. It is currently under contract.
Clearly last year’s market isn’t this years market, but that is obviously why it was listed at $680K 8 months ago and why it has come down $50K. I sell in old town and the reality is 2br 2bth condos in the area are priced from $550-$650 right now. That is the market.
Jeremiah:
You may well be correct, but please distinguish b/t listing prices and selling prices. The selling price is all that actually matters. You say they are priced from $550-$650–is that the price range of closings, or of listings?
Closings.