The Romance of Gaslight Court in Old Town: 1407.5 N. Wells
Gaslight Court is the historic 1900-era brick complex in the middle of Old Town at 1407 N. Wells.
Several of the units have the funky 1/2 address as this 2-bedroom unit does at 1407.5 N. Wells.
The units have central air, in-unit washer dryers but no parking. They also use their space wisely- having few hallways.
Here are the room sizes for Unit #3E that just came on the market. The listing says the 2-bedroom unit is approximately 700 square feet.
- Bedroom #1: 14×11
- Bedroom #2: 10×11
- Living room: 18×16
- Kitchen: 14×17
Is this unit an affordable starter condo in a great neighborhood?
Ken Marier at Sudler Sotheby’s Realty has the listing. See more pictures here.
Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet
- Sold in January 2002 for $190,000
- Currently listed for $256,000
- Assessments of $234 a month
- Taxes of $2616
- Central air/Spac Pac
- Washer/dryer
- No parking
- Balcony
I thought this might be a good deal until I saw 700sf. Wow that must be the smallest bathroom I’ve ever seen too.
The market for this is doubly limited–no fat people could own this one given the size of that shower stall.
There is no way it is 700 sqft, that must be wrong.
http://imgprd.nrtwebservices.com/Chicago1/Properties/JPG_Main/672/816672_6.Jpg
Wow, this isnt a 2 bedroom, its a 2 room convertible.
LOL what’s up with that shower…..1 foot deep? Anybody over six will have trouble with that thing.
215K
My studio in uptown is bigger than this. j/k
homedelete: if the sqft listing is correct there are definitely studios bigger than this.
homedelete, for a smart guy, why do you not have a decent sized living space? Nobody lives in a studio by choice.
“homedelete, for a smart guy, why do you not have a decent sized living space? Nobody lives in a studio by choice.”
Oh, man, we need to roll with this. Okay, no. Davey–it’s a running joke, started by Stevo. Best thing Stevo’s added (tho there are other positives) to the CC.
Re: the unit size:
If the room dimensions are roughly correct (yeah, I know …) the living room/kitchen combo space is about 500 sq ft (30-32 ft long; 16-18 feet wide), the two BRs total about 275. The bath must be at least 5×6, so you’re at 800 sqft, if there are no closets. Sooooo, there’s defintiely something wrong either with the room measurements or the total area.
> Nobody lives in a studio by choice.
I did!!
Davey,
I live in a small studio by choice too. Why would I want to spend $150 extra on a 1br for extra space I don’t need? I’d rather spend that on other things more important to me like a parking space.
But keep believing its all about consumption and expenditure if it comforts you, that paradigm is why our country is so messed up right now.
And no althuogh I live in a studio slightly smaller than this my bathroom is nicer and theres no way in H$*&$ I’d pay the monthly nut for this place. My all in expenses (rent, parking, cable, internet) just rose to 930 a month.
Whats the monthly nut here like 2k? LOL! Oh and spacepac does not equal central air.
“Whats the monthly nut here like 2k?”
A bit more like $1800, but close enough for your point. If the bathroom isn’t as bad as it looks (it can’t be, can it?), then I might see $220-230k, but $256k is a negotiating position, not a real price (is it?).
I currently live in a 2bd rental in old irving park with my SO. Things would have to get really bad for me to live in a studio in uptown.
Hey man, if the BK business keeps booming like I expect it to, maybe someday you can afford to buy a 2br in Uptown 🙂
I’ve lived in a studio by choice, too. Twice, in fact–both times *after* living in a larger space. Cozy, less space to clean, very cheap. Best part: forces you to get rid of lots of crap, and not accumulate more, so it’s really double-savings.
I sure hope so, I sure do.
“Sonies on February 5th, 2009 at 1:10 pm
Hey man, if the BK business keeps booming like I expect it to, maybe someday you can afford to buy a 2br in Uptown “
My philosophy has always been to live well below my means. Trust me. It has worked out really well for us. And more stuff will NOT make you happier.
On a related note I just got the Chicago metro area employment data and employment is now down 168,000 from December to December. You can see the last graph on this page:
http://blog.lucidrealty.com/chicago_real_estate_statistics/
I’m sure that no Lincoln Park lawyers are in that decline.
My wife and I have lived in studio apartments since we were married. We have been in our current 640 sq ft place for 3 years. Neither of us likes to accumulate stuff and we get along just fine so we both feel it is more than enough living space. We really enjoy the fact that rent + utilities account for just under 7% of our gross income.
That said, there is no way we’d BUY a studio. To us, they are rental-only.
Me and my wife (gf at the time) rented a convertable studio and nearly killed each other. 2 dogs, 2 people and 650 sq ft. don’t really mix very well.
Hey everybody the game is back on! Ye-haw! Low-doc no-doc? No problem! Shitty credit score! no problem! Did that option arm put you underwater? ye-haw! The gubmint will refi your loan!
http://bloomberg.com/apps/news?pid=20601087&sid=aTu9HA5cZgQ4&refer=home
Fannie Mae to Loosen Rules for Home-Loan Refinancing (Update2)
By Jody Shenn
Feb. 5 (Bloomberg) — Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.
Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.
Sonies,
Its the pets that did it. I used to have a cat with me in my studio. After about two years of cramped living quarters I realized it wasn’t fair to him. Now he’s enjoying a much more luxurious existence in my parents bigger house.
Its hard enough to manage pets with just a 1-bedroom. If you’re pets don’t fit into an aquarium studios should be ruled out.
Studios are good for non-claustrophobic people with no pets who don’t spend a lot of time at home, don’t entertain often and aren’t out to impress others. This sums me up pretty well though and I couldn’t be happier.
Bob, by impress others I assume you don’t go on many dates with women. “Hey I live in a studio in uptown. do you want to come back to my place after a date?”
“by impress others I assume you don’t go on many dates with women”
He just checks in to The Heart O’ Chicago. Who isn’t impressed by a night in a hotel?!?
Wow. TIny. And what’s wrong with a studio in Uptown?
hd,
No I don’t do much ‘traditional’ dating, what a giant & awkward waste of $. The returns are generally quite poor with traditional dating as well. I have taken some flak from some co-eds due to the size of my apartment. But hey lets look at the bright side here at least its my apt size they’re criticizing!
In fact my small apartment is perfect for me in that it helps with self-selection from those who are into material possessions. And in a few years time I will have a nice place with only my name on the deed so if push ever comes to shove she’ll be the one moving out. I’ve learned a lot from others in life and I’ll try my best to avoid their mistakes.
Sacrifice now for a better future, I know how un-American that must sound but thats me. To quote an older Asian coworker commenting on my thrift and frugality: “you aren’t like most white people, you white people aren’t designed to save”. To which we both laughed and agreed.
and money saved by renting a studio buys lots of roofies.
I wasn’t born yesterday. You guys wouldn’t be living in a studio if you were making at least 70k a year. It is cute when you guys justify why you live in a tiny place in Chicago. This ain’t Manhattan!
I make close to $750,000 per year; My salary was just capped at $500k by the feds and $250k per year in passive investment income. I live in a studio because I don’t like to clean much. A studio is perfect for me. I don’t see why any 2 people should have to spend more than $500 per month for living. Sure the neighborhood is terrible in Uptown but it’s not like I have to hang in the streets or anything. My driver drops me off at my front door so it’s not like i’m taking the el or bus late at night.
Davey,
I guess you were born yesterday. My W-2s just told me so. Hey but whatever floats your boat Davey I bet you make seven figures out at the bars eh? ;D
Keep livin’ the dream, my friend. Livin’ the dream!
Davey…. Davey…. Davey
I have to defend my younger, more frugal posters. There is nothing wrong with living below what you can afford. The problem in the US is most people have been living beyond their means. This is what has put the US in the position it is today. When I was younger I did this and today my wife and I can easly afford a 2 million dollar home, but we choose not too by choice. Addtionally we will be taking early retirement, the choices you make when you are young have great impact on your future.
You guys are hillarious. I’m not saying that you should create financial suicide and move into a place significantly more expensive than a studio. I was under the impression that sleeping in the same room as your stove was for college kids and poor people. *shrugs*
Its fine if you live in a studio… just admit that you wished you could afford a 1 bedroom. Don’t pretend like it is part of your retirement planning or you just LOVE not having any clutter (i.e furniture and things of value)
Bob – your earlier description started to sound a lot like a cardboard box.
HD – am I missing something? Earlier you said “I currently live in a 2bd rental in old irving park with my SO. Things would have to get really bad for me to live in a studio in uptown.”
valasko – “The problem in the US is most people have been living beyond their means.” What’s that – #1 GDP by a factor of 3? The heavy consumption rate, which was incentivised by cheap/easy credit, was a somewhat rational response which helped spur the US (and world) economy for a long time. The cause of the recession we’re in is much more complicated that the popular “Americans are stupid” argument. Let’s not forget Japan is a country of savers and had a 15 year recession/depression.
I’m kind of amused that all the bragging is coming from people that “don’t have to impress people” by having a nice home… also, starting to sound fairly preachy and holier-than-thou.
Oh Davey,
Nice attempt at trolling. You may now continue to laugh at us all poor people, college kids and those who many “things of value”. *shrugs* 😀
“just admit that you wished you could afford a 1 bedroom”
Actually, HD wishes he could afford a studio. Well, at least one with heat and a kitchen. And a actual lease. See, it’s kinda a secret, but HD doesn’t really live in a “studio” in Uptown, so much as he bounces between SROs, The Heart o Chicago, the occasional unifnished condo building, and, during particularly rough months, a refrigerator box near Wilson Yards. What’s amazing is that he manages to hide this unfortunate living situation from his co-workers, clients, family, friends and–most surprising of all–his SO.
HD, you are a real Uptown man of genius; and I for one, salute you.
“If the room dimensions are roughly correct (yeah, I know …) the living room/kitchen combo space is about 500 sq ft (30-32 ft long; 16-18 feet wide), the two BRs total about 275. The bath must be at least 5×6, so you’re at 800 sqft, if there are no closets. Sooooo, there’s defintiely something wrong either with the room measurements or the total area.”
I think they’re double-counting the dining space by including it in the kitchen measurements AND the living room measurements. Maybe it’s just the angle of the pictures, but I don’t see how the living room can be 18×16 and the kitchen 14 x 17. The kitchen measurement makes sense if you include the dining space, but then that means the living room basically extends to the edge of the area rug ( nowhere close to 18 or 16 feet).
I’d actually love to live in a studio and in the process of looking for one to rent right now (so anyone living la vida studio care to give me some referrals for management companies, esp. in edgewater, that would be nifty!) . I could afford a 1 bedroom comfortably, and that’s after maxing out 401k and IRA, and have a 10-month emergency fund. However it’s more important to me to have money for things like travel, dinners out, cozy furnishings, etc. I like the idea of having a smaller space since, as others pointed out, it’s less to clean, less stuff it takes to fill it, etc. Not everyone wants or needs massive amounts of space. I do agree with a previous poster that I would buy a studio in Chicago, but for renting, absolutely.
As a woman, I’ve dated men who’ve had everything from studios to 5-bedroom homes. The one’s I liked the most were financially secure, kept whatever they did live in CLEAN, and made me laugh. 🙂
I actually saw this very unit by appointment a week or two ago. I initially thought the price point and location were very attractive and I thought this would get scooped up right away. But as soon as I looked at it in person I knew it was a pass:
– The pictures look way better than the actual unit. This place is OLD… You can see it in the bathroom tile, windows and paint (many, many coats)
– No central AC, the owner was using some kind of (spacepak) portable AC, it wasn’t in place or installed when I toured this place.
– Limited kitchen space. The fridge is in an awkward location and there is no space or place to install a dishwasher.
– 2nd “bedroom” is very tiny. Very little visibility out of the window and the only closet has the washer and dryer.
– Bathroom is very small, not much you can do with the space if you want to remodel
– It’s walk up 3-4 floors up with a narrow stairwell
Plenty of better 2 beds and 1 baths at this price point
Back to the property at hand-lilliputian.