2018 Style With Century Old Charm: A 2/2 at 1407 N. Wells in Old Town
This 2-bedroom in Gaslight Court at 1407 N. Wells in Old Town just came on the market.
Gaslight Court was constructed in 1920 and has 19 units built around a brick courtyard. Each unit is unique and there are several buildings.
According to TimeOut magazine, gas lanterns once lit the alley way, now replaced by electric versions, hence the name.
It was converted into condos in 2000.
The listing says this unit was “completely remodeled.” (I couldn’t find the prior listing pictures so it’s unclear what was done.)
It has 10 foot ceilings and new floors.
The kitchen has modern white cabinets, what look like stone counter tops and stainless steel appliances.
The closets have new closet organizers.
There’s central air, an in-unit washer/dryer but no parking. There’s no parking with the complex. It is available to rent nearby.
Buyers love “new”.
Will this property sell quickly?
David Marden at Hausmarket has the listing. See the pictures here.
Unit #1E: 2 bedrooms, 2 baths, 1200 square feet
- Sold in October 2001 for $120,000
- Sold in July 27, 2002 for $185,000
- Sold in October 2004 for $332,000
- Sold in December 2009 for $350,000
- Sold in December 2017 for $405,000
- Currently listed as “completely remodeled” for $635,000
- Assessments of $342 a month (includes scavenger and snow removal)
- Taxes of $7993
- Central Air
- Washer/dryer in the unit
- No parking- it’s available for rent in the neighborhood
- Bedroom #1: 13×11
- Bedroom #2: 10×10
- Living room: 11×20
- Dining room: 11×10
- Kitchen: 11×9
Where is the “old world charm”? This looks like a rental.
That tile on the peninsula! Terrible use of it, IMO. And those vertical blinds – I know they can be replaced but this place does not scream 600K.
No way this place is 1200 square feet. The listing photos make it look only slightly larger than a prison cell, and the room measurements don’t get you there either.
I think the old world charm is on the outside…
635k with no parking is pretty aggressive! Good luck!
Only way this dump is worth $635k is if it is moved 800 miles to Brooklyn.
The only good things about this place are the floors and the wall-mounted Dyson.
It looks like a ground level place that would have people walking past all the time. That kitchen is nothing special – couldn’t even do an under mount sink? Agree that this place looks like a rental.
“top of the line appliances”
Which line? Haier?
pic #6 – what is the black square on the wall between the windows? dog door? access panel to something?
Looks like someone had a bunch of HD gift cards
Nothing they did to it is likely to be worth that $230K jump unless it was really a dump before. I don’t know prices in this area well, but it seems very aggressive given the size of the place.
Based on the listing, they redid the floors and updated the appliances and either updated or added the W/D. I’m sure they changed the kitchen light fixtures, added the lights in the living room, probably, painted the cabinets or got new ones (I don’t like them, btw), and added the tile side (which is awful) and a backsplash.
I was in one of these units years ago and it was small, cramped and charmless. I’m shocked that it’s listed as 1200 SF. Shows the difference layout can make.
In case you haven’t driven by in the past year, this area of Wells is white hot. I would guess they spent quite a bit more money than people are hypothesizing. Reconfiguring old places like this is a ton of work and the plumbing, electrical and structural issues related to moving walls can be significant.
Regarding the little black door, it would not surprise me if that was a some kind of prohibition related relic or maybe just for milk deliveries.
So, I was obviously joking with Haier, as they are clearly LG appliances, but that range (as the easiest example) is actually the *cheapest* model gas range from LG.
It’s the $799 msrp model, in a ‘line’ of 14 gas ranges to an msrp $2999 model (both available for much less at retail).
The refrigerator is not the cheapest (as it has the ice dispenser), but is also about 1/2 the price of the actual top of the line model.
“Top of the line” has an actual meaning, and this ain’t it.
You are correct. “Top of the line” and other superlative phases have no meaning to real estate agents.
“In case you haven’t driven by in the past year, this area of Wells is white hot. I would guess they spent quite a bit more money than people are hypothesizing. Reconfiguring old places like this is a ton of work and the plumbing, electrical and structural issues related to moving walls can be significant.”
A ton of work, yes. $230k worth of work, no. $100k worth of work, that’s pushing it. The profit made on a flip is in the buy. Did this person do ok on that?
I haven’t seen the before pics. Assuming, this was a cosmetic upgrade, new drywall, trim, kitchen, bath, appliances etc..$65k??
“The only good things about this place are the floors and the wall-mounted Dyson.”
I think the Dyson was put in after the remodel to draw your attention from the cheap azz wired shelving. For this price, I would except some custom cubbies it what appears to be a utility room.
Forget being disappointed by the $150 shelving, I know you were expecting $3000 worth of cabinetry, but hey, here’s a Dyson mounted on the wall. Yes, mounted, installed, ON THE WALL! Amazing.
That price is laughable especially considering what this 3rd floor using sold for in July.
https://www.redfin.com/IL/Chicago/1407-N-Wells-St-60610/unit-3/home/12739465
The private courtyard is a pretty unique and cool thing. Problem is that I think for most people that are in the market for this type of space, I’m not sure the history / uniqueness really matters to them.
I assume 2 br/ 2 bath on Wells are primarily being sold to single, mid 20’s to early 30’s people with a great job. This location and size is just about perfect for that demo.
Do places like this, with maybe “B” finishes, not a ton of space, dated layouts, and no amenities outside of the courtyard compete well with all of the other new or remolded inventory out there?
Of course the answer is “it depends on the price,” but I’d be surprised if something like this would trade at a premium to the standard 2br/2bth renovated place, which is a shame because this courtyard and history is cool. My guess is that the “bro-ification” of Well street will ultimately hurt any sort of premium attached to this courtyard.
This is just beyond awful. Hope the agent reads these comments.
Needs a Jan Terri Old Style comment
I am a complete Old Town apologist.
This place though at this price…bzzzzzt
Look at this place with a courtyard that sold in 2016 and compare
https://www.redfin.com/IL/Chicago/40-W-Schiller-St-60610/unit-D2/home/18393390
Not that I am supporting this listing, but the 40 W. Schiller had monthly assessments of $1900…
40 W Schiller is a co-op, so wouldn’t that number include taxes?
“40 W. Schiller had monthly assessments of $1900”
Which, as Stephanie notes, includes $475 of taxes, and includes heat&gas. It also includes the cost of a well-maintained courtyard, instead of one that looks like it belongs behind off-campus apartments. And you get a place that t least feels 50% bigger, and has windows in both bedrooms that get actual light. Yes, the all in cost is ~1/3 more, but it is way more than 1/3 better, imo.
What don’t you like about the court yard???? I’ve been to parties in it and it’s amazing. Not to mention, because so few share it, it feels like your own when you use it. Pretty nice amenity.
“What don’t you like about the court yard????”
As an amenity on a rental? nothing.
As the front yard of a $635k small, dark, plain 2/2? Um…all of it, aside from it’s existence? The space itself is certainly nice, but its a little ‘gritty’ at the ask.
Is this your unit, AC?
Not my listing , but I have a friend with an apartment there and have attended several parties in the court yard. Not familiar with this particular unit. I suspect this listing gets rented before it’s sold. $3k sounds very reasonable.
AC, not ACC.
‘$3k sounds very reasonable.’
Using the Stevo back of the napkin calc:
[12*(3000-350)-8000]/.045 = ~$530k, which seems like a lot better price for this place.
[yes, stevo suggested backing out the DP, too, but that was always nuts, unless you were trying to overvalue a place]
interesting, steveo’s napkin calculator works perfectly for my place