Some Prices Falling in Old Town: 1533 N. Cleveland
This small building at 1533 N. Cleveland in Old Town was sold as new construction in 2005- at the peak of the housing boom.
This penthouse unit, Unit #4, is listed for $55,000 less than it sold for in 2005.
Is this a deal?
Here’s the listing:
3yr New Penthouse. Live In The Heart Of Old Town! Extra Wide Floorplan Includes Huge Kitchen W/ 42’cherry Cabs, Granite And Stainless Appliances.
Spacious Living With Fireplace And Dining Area. Marble Master Bath W/ Spa Tub & Sep Shower. Great Closet Space, Private Back Deck W/ Skyline Views And W D In Unit. Garage Pkg Included!
Courtney Welsch at Baird and Warner has the listing.
Unit #4: 2 bedrooms, 2 baths, 1650 square feet
- Sold in August 2005 for $502,500
- Currently listed for $447,500 (parking included)
- Assessments of $124 a month
- Taxes of $7,240
Offhand, the price per square foot and assessments seem reasonable. By some measures, it’s a good Old Town location near the North/Clybourn shopping area, and the Sedgwick Brown line stop for downtown commuters. However, it is also pretty close to the big low-income housing project along Sedgwick/Hudson.
Don’t know what the comps have been going for, though, which would give more insight into where this price falls.
How much are people in the future going to pay in order to have their kitchens turned back into real rooms with walls rather than a set of matching sideboards in the living room?
I am pretty sure these were built on a weird, large vacant lot next to the el. For like a decade it was vacant, but covered by a lawn that was mowed regularly. And there was a walkway from the sidewalk up to where an entryway would be had there been a building.
Yeah…this is right next to the el tracks.
I’d actually seen the inside of the unit. The best compliment I can offer is that it’s got a pretty nice and wide living area. Otherwise, there’s nothing too unique about it, unless you count the noisy el tracks that pass right next to you to the north.
This one will continue to sit.
I’ve noticed a large amount of very nice properties sitting on the market because of the noisy el factor. During the boom times, the price spread between these el properties and other properties was pretty thin… but with this downturn, I expect the spread to widen significantly.
Is the noise that bad in these sorts of new units? I sorta figured with newer concrete-block construction, as opposed to the older wood frame stuff, the noise issue would be significantly reduced. Obviously not eliminated, but at least tolerable to the point where it’s not a nuisance.
There isn’t enough soundproofing in the world to block ou the el noise in places that are right by the tracks. Mainly because they get vibration as well. Soundproofing only keeps out train noise if the unit is at least a few blocks from the el. Don’t believe any developer’s lie about “totally soundproof” units that back up to the train tracks. It’s physically impossible.
These units are HUGE. The layouts are nice and wide. The owners of the unit had a job transfer to Minnesota, so they whatever incentive package the company offered them covered the loss on the unit.