10 Years Later, Is This Vintage Unit Still Your “Dream”? 1647 N. Sedgwick in Old Town
This 2-bedroom top floor vintage unit at 1647 N. Sedgwick in Old Town just came on the market.
If it looks familiar to long time readers, that’s because we chattered about it in both 2008 and 2014.
You can read the 2014 chatter here.
The history of this property reads like a history of the housing boom, bust and recovery.
This unit originally came on the market in the summer of 2008, which was before Lehman Brothers collapsed and before the stock market fell off a cliff.
The Chicago housing market was still pretty “hot.”
Prices were still holding at high levels.
Some of you called this unit your “dream” home in 2008.
If you recall, this top floor unit in a 3-unit vintage building has tall ceilings and original wood moldings along with a wood burning fireplace in the living room.
The kitchen is the same as in 2014, with white cabinets, quartz counter tops and stainless steel appliances.
There’s only one bathroom and it also has the same finishes as in 2014.
This unit has two outdoor spaces, a deck off the back and a private rooftop deck with city views.
However, the listing, and pictures, now indicate that a new rooftop deck has been installed. It no longer has the built-in planters.
It has all the other features that buyers look for, including central air, washer/dryer in the unit and rare (at least for Old Town) garage parking.
People who went to the open house for this unit in 2008 reported that it was swarming with people.
The agent at that time posted this comment:
“I was the listing agent for this property. We received 5 offers within the first week, accepted the best. However, the buyer got cold feet and walked. We reactivated the listing on the MLS, but immediately returned to the other 4 offers and accepted one within a few days. The property sold for near the asking price with five offers on the table. It was without a doubt, a fantastic property and it was a joy to represent.”
There was also a spirited discussion in the old 2008 chatter about who could afford this $420,000 unit (i.e. who even had a down payment).
Inventory levels in Lincoln Park were discussed – with Steve Heitman actually saying :
“Let’s not forget that 95% financing is still available. My guess is that the credit markets will loosen in the next 6 months.”
Ah…memories.
Having sold in a week in a bidding war in 2008, this unit returned 6 years later priced just $13,000 above the 2008 purchase price, at $425,000.
It had to reduce the price to get a sale which closed 2 months later at $416,000.
30-year fixed mortgage rate when it went under contract in June 2008 = 6.3%
30-year fixed mortgage rate in 2014 = 4.1%
30-year fixed mortgage rate now = 4.55%
This unit has now been back on the market 5 days and is priced at $475,000. Inventory is much tighter than in either 2008 or 2014.
What will happen with this unit this go around?
And is it still your dream home?
Stephanie Poulos at @Properties now has the listing. See the latest pictures here.
Unit #3: 2 bedrooms, 1 bath, no square footage listed
- Sold in October 1997 for $252,000
- Sold in November 1999 for $300,000
- Listed in June 2008 for $419,900
- Sold in July 2008 after a bidding war for $412,000
- Listed in September 2014 for $425,000
- Reduced to $419,000
- Sold in November 2014 for $416,000
- Currently listed at $475,000
- Assessments are now $175 a month (they were $173 a month in 2014 and $150 a month in 2008)(includes exterior maintenance, scavenger, snow removal)
- Taxes are now $8484 (they were $5996 in 2014 and $3916 in 2008)
- Central Air
- Washer/Dryer in the unit
- Garage parking included
- Fireplace
- Bedroom #1: 14×9
- Bedroom #2: 12×9
- Private rooftop deck: 27×16
This is an apartment.
Assuming 20% down (Yeah right), this will run someone $2800/mo.
The reserves have to be zero, right?
2008 was definitely past peak. No, it wasn’t the bottom, but if you bought in 06 and tried to re-fi in 08 you were likely to get unpleasant news come appraisal time; that’s not “hot”, at least not to me.
As for the unit, great deck and location, but those hollow core doors have got to go.
Very nice looking place, though it looks like a lot of rentals I’ve seen in graystones. The roof deck is what really sets it apart and makes it seem like a bit of a bargain. Garage parking, too. Lots to like.
The two strikes against it for me are that it’s a little farther south on Sedgwick than I’d prefer, and the one bathroom. I know you sometimes have to take the good with the bad when it comes to vintage, and I’d rather see people giving up a bath than tearing down fine old buildings like this. But for my needs, one bath wouldn’t do.
2/1 with small bedrooms is a great starter place and it’s charming, but $475K for that is hard to stomach. The outdoor space is great, so it comes down to whether the location plus the outdoor space is worth it to someone who also is in the starter condo market, and if that person likes vintage.
The point above about the reserves is a good one. I don’t understand the assessments at all, and the budget and recent repairs and age of the roof and so on need scrutiny. Also, a condo association for a 3 flat always strikes me as potentially risky (although possibly great) and being on the top floor means a lot of stuff is going to hit you first.
location is pretty awesome I wouldn’t knock that, overall though it looks like a dated apartment rental with spotty renovations here and there, like the type of person who only fixes or renovates something if its broken. I’ll knock it for that. Rooftop decks are also extremely overrated, you think you’ll use them all the time but they are just so freakin hot during the day even with umbrellas on them, and combine that with all the stairs to get up there and they aren’t used all that much with exception of big parties and BBQ’s
If the Deck is truly private Vs community, I’d assume the owner of this unit would own the roof and all the fun that entails
As far as the stairs, It should only be one flight up for the owner.
Also would guess that the deck photo is old, that deck looks brand new
“30-year fixed mortgage rate”
Doesn’t a 5/1 or 7/1 make 1000x more sense in a 2/1 like this? Anyone making this a forever home?
“Some of you called this unit your “dream” home in 2008.”
Bobbo. Before he became totally jaded. And with a wish for a crash that would make it available for $220k.
Calling all Twin Anchors fans!
For less than $100K more you can find something just as vintage with 3 BR and 2 BA…
I actually agree that for many people rooftop decks are overrated, because they do get crazy hot. I had one for years and wasn’t out there nearly as much as expected, although I still really liked having it, and my neighbors were out there a lot, so depends on the person. (My unit and the one next door each had half the top floor and then half the roof as a private deck.)
I don’t get the “so many stairs” thing, though. It’s one flight. I used my roof way more than my side deck, and the stairs to the roof were never an issue (I mean, if you hate stairs that much you probably won’t live on the top floor or, you know, take the L ever).
“If the Deck is truly private Vs community, I’d assume the owner of this unit would own the roof and all the fun that entails.”
I think still the roof is common, the deck is private (that’s how ours was). What that means, though, is the deck may be pulled up when the roof is redone, and the owner gets to pay for replacing/fixing the deck.
“Doesn’t a 5/1 or 7/1 make 1000x more sense in a 2/1 like this? Anyone making this a forever home?”
rates are nearly identical for 5/1 or 7/1 to 30 year fixed so why not go with the fixed
“For less than $100K more you can find something just as vintage with 3 BR and 2 BA…”
In Old Town?
With a garage spot?
““For less than $100K more you can find something just as vintage with 3 BR and 2 BA…”
In Old Town?
With a garage spot?”
Yep:
https://www.redfin.com/IL/Chicago/411-W-North-Ave-60610/unit-5W/home/18917454
Not that I would want to buy that one, either, but it is a 3/2 in old town for less than $100k more, with a garage spot.
Of course, not as vintage.