3-Bedroom Bucktown Condo Listed $13,500 Under the 2016 Price: 1615 N. Wolcott
This 3-bedroom in the Urban Sandbox at 1615 N. Wolcott in Bucktown came on the market in June 2019.
We’ve chattered about the Urban Sandbox numerous times over the years.
It’s an 8-unit mid-rise modern building originally marketed in 2007.
The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.
It has an elevator and a heated garage.
The units always sold well, even during the bust years, and they set new record price points for condos in the Bucktown neighborhood.
This unit has south exposures with a 24×6 terrace stretching across the living/dining areas.
It has an open kitchen with modern cabinets, Subzero and Miele appliances and quartz countertops with a large island.
The master suite has a walk-in closet and a bathroom with floating vanities.
It has the features buyers look for including central air, washer/dryer in the unit and heated attached garage parking which is included.
Originally listed in June 2019 for $749,000, it has reduced $50,000 to $699,000 which is $13,500 under the 2016 sales price of $712,500.
Are prices actually falling in the GreenZone right now?
Jeffrey Lowe at Compass has the listing. See the pictures here.
Unit #301: 3 bedrooms, 2 baths, no square footage listed
- Sold in September 2009 for $634,000
- Sold in February 2016 for $712,500
- Originally listed in June 2019 for $749,000
- Reduced
- Currently listed at $699,000 (includes heated garage parking)
- Assessments of $467 a month (includes exterior maintenance, scavenger and snow removal)
- Taxes of $14,840
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 12×15
- Bedroom #2: 10×11
- Bedroom #3: 10×10
- Living room: 20×15
- Dining room: 10×10
- Kitchen: 10×14
- Walk-in-closet: 8×8
- Pantry: 5×9
204 also on the market:
https://www.redfin.com/IL/Chicago/1615-N-Wolcott-Ave-60622/unit-204/home/40369861
And also below ’16 price. By a lot.
And I was told that renting is throwing your money away! #204 is hoping to take a $200k loss on that one!
204 looks like they are asking $110K less than they paid in 2016 — still sucks.
Why don’t people want to live here for more than three years?
Also – – the kitchen in 204 is a little better than 301. Whenever I see cabinets with that much space between the top of the cabinet and the ceiling I think of two things: What a PITA to clean and why did they cheap out and not add another level of cabinets up to the ceiling? You could store all your insta pots and fancy mixers and other gadgets you don’t use nearly as much in the long run as you imagined you would.
Also a great example of super lux finishes not aging well. That brown….ick
“Why don’t people want to live here for more than three years?”
I wouldn’t love being on the alley right there. You can streetview down the alley, and see the poorly managed resto-dumpsters right there. Would much rather be at the north end of this block.
Asking $110 less. Then the buyer will want a 5-10% discount then the agent wants 5% and then you have closing costs and voila $200k loss. Ouch!
So sad.
Building had a lot of promise, but seems like it was on not the best street with not the best alley exposure in wicker park. Too close to a major intersection maybe? idk.
I go to a closely coffeeshop ( filter) to get away / work quite often and see this building a lot. Seems like there is always fresh graffiti on the front facade, and it’s poorly painted over.
I imagine the wealthy hipsters who bought in this building probably finally got tired of the remaining ‘ trashy ‘ element of wicker park, the graffiti, street noise, etc. Some of the nicer homes on the quieter streets probably don’t have this problem.
There has to be some sort of a systemic issue with multiple units for sale under asking price from a few years back.
“Building had a lot of promise, but seems like it was on not the best street with not the best alley exposure in wicker park. Too close to a major intersection maybe? idk.”
This building was among the hottest buildings in Bucktown after the bust until around 2015-2016. So unless the location has changed dramatically in the last 4 years, I don’t think that’s the problem.
Haha I think people are slowly getting terrified of pensions costs. Whether you believe in the blue state model or not – no one believes in the Illinois model.
Without pension reform in just a few years out of $10 of government revenue – $4 goes to prior employee pension costs and $6 to current government services.
No one thinks it makes sense for current taxes to go towards past debts. One by one tax payers leave to states without this pre existing condition and the ratio worsens. All of this will be paid for with property taxes which means all properties in Illinois are worthless.
“This building was among the hottest buildings in Bucktown after the bust until around 2015-2016”
Did people sell after 3 years then, too?
That’s the proposed issue–people get tired of the location. It seems appealing on the surface being that close to everything, but it is not for everyone, and there might be something that shows after being there a while.
Biggest problem is that it’s not in Bucktown. Too far South.
“No one thinks it makes sense for current taxes to go towards past debts.”
So, how do we pay back the $23T in federal debt? $70,000 for every person in the US. (yeah, yeah, a chunk is actually social security).
Illinois’s total debt is “only” about $20k per person.
And, anyway, almost all of it is not a “past debt”, it’s a future obligation, for which our stoopid ass elected officials opted to NOT save for.
If we could just get Palin’s death panels running, we could maybe do something about it.
“All of this will be paid for with property taxes”
The vast majority of the Illinois debt problem is pension and retiree medical at the state level. The state doesn’t have the power (under the current constitution) to tax real property. So you’re mixing issues together.
Biggest problem is that you’re a shill for no apparent reason.
Federal controls their own currency. Chicago does not. And people can’t move away.
Also when you break down the debt by who can actually pay it – high earners it’s a lot more. It’s $2 million per person with income over 250k. Most Illinois residents – retired, young, modest income have little ability to pay above the services they use.
“Did people sell after 3 years then, too?”
Here’s a secret. 2-4 years seems to be much more the norm for condo living than you’d even realize. I could do several posts a day on the properties where they are reselling just a few years later.
People have kids. Change jobs. Get tired of a neighborhood. Or, yeah, decide the person walking in their heels in the apartment above them are never going to stop and they have to get out of there.
I’m always shocked when I see that someone has owned a property for like 10 years. That’s really rare.
It’s still not “debt” in the sense of it being past. It’s an unfunded future obligation.
Basically, Illinois has been using voodoo economics for 50 years now, counting on future growth (and inflation) being great enough to eventually paper over current under-taxing relative to the promises being made by the state. The Edgar ramp was basically the apotheosis of that.
Even in real estate markets that keep up with the national average 2-4 years is too short. After fees you would be consistently losing money. With the transfer taxes in Illinois you would need to be a genius to break even.
Pension obligations are the same thing as debt. I’d argue 100% funding isn’t necessary for them to be paid (low rates make the obligation seem bigger) there still debts that need paid back unless some miracle happens and they can be renegotiated.
Honestly politics are getting worse now witness the ctu strike where their primary focus should have been preserving prior gains instead of asking for more.
“Even in real estate markets that keep up with the national average 2-4 years is too short. After fees you would be consistently losing money.”
That was not the case between 2012-2016. People were selling for much more. There was appreciation above the fees.