3-Bedroom on Wicker Park Reduces Another $34,000: 1523 N. Wicker Park
This top floor 3-bedroom at 1523 N. Wicker Park in Wicker Park came on the market in August 2014.
We last chattered about it in September. See our prior chatter here.
If you recall, at 1750 square feet, it has hardwood floors throughout.
The kitchen has stainless steel appliances and cherry cabinets.
The master bathroom is marble.
It has the features buyers look for like central air, washer dryer in the unit and it has not just one, but 2-car gated parking.
There’s no doubt that this property is IN Wicker Park as it sits directly across the street from the park and is around the corner from some of the areas most popular stores and restaurants, including Big Star. You could almost roll out of bed and be on the Blue line at the Damen El stop as well.
This is one of the hottest neighborhoods in the city with restaurant bigwigs vying for space on Milwaukee and Damen and new restaurants being announced almost monthly.
When we last chattered about it, it was listed at $539,000 or almost $100,000 more than the 2005 sales price.
It has since been reduced several times and was just reduced another $34,000 to $465,000.
Is this now priced to sell?
Sean Glascott at @Properties has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, 1750 square feet, 2 car parking
- Sold in August 2005 for $424,500
- Was listed in September 2014 for $539,000 (parking included)
- Reduced several times
- Currently listed at $465,000 (parking included)
- Assessments of $250 a month
- Taxes of $5558
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 10×10
- Bedroom #3: 11×8
- Den: 10×6
This latest price reduction is a significant one. They must really want to sell by the end of the year.
I see a lot of listings like this one. They all started just too high. They all thought the late summer market was the same as last April, when it was hotter. But it really cooled off into the fall. The buyers just aren’t there right now to command $535,000 for something like this in Wicker Park.
For some reason, the buyers have gotten way more picky even though inventory is still pretty low.
I’m really surprised this one hasn’t moved yet. Three legit bedrooms. Real dining room area. Den. There must be something else about it not obvious from the listing that is turning buyers off.
“There must be something else about it not obvious from the listing that is turning buyers off.”
The el is a pretty big turn off.
This place seems best suited to be a rental property. I imagine 3 adults would be better able to deal with el noise than a couple with a baby or children. At what price does this place cash flow? That’s what it will sell at.
“At what price does this place cash flow?”
Here’s a similar-ish sized place nearby:
http://www.domu.com/chicago/neighborhoods/wicker-park/1317-n-wicker-park-ave-1f-chicago-il-60622-3
for $2600. Say that’s readily available for this place, too. Use the Heitman calculator (ignoring the DP multiplier) and you get:
[12*(2600-250)-5558]/.05 = $452,840
So, it’s pretty close to fairly priced, if a 5 cap is good for you.
Anon, thanks. I see it in the pic now. Didn’t realize it backed up to el. Makes sense now.
“similar-ish”
train noise prob appreciably better.
“train noise prob appreciably better.”
Modifying “sized”. Agree noise better; rats/water/mildew would be worse.
Think this would get much less than $2600/mo as a rental? Interior quite a bit nicer and has *2* parking spots.
I lived in a (now torn down) building next to the el in roger’s park during college. not my favorite apartment. and definitely LOUD.
“I see a lot of listings like this one. They all started just too high. ”
That’s like every listing on the market. Realtors don’t get fired for telling clients to price too high.
Realtor pics via drone!
https://www.redfin.com/IL/Park-Ridge/1809-S-Ashland-Ave-60068/home/13562852
Just don’t see the need for drone pics for that place in Park Ridge. On the other hand, if you’re listing Jonathan Toews place with some nice outdoor space, I get it.
(pic #16)
https://www.redfin.com/IL/Chicago/420-E-Waterside-Dr-60601/unit-3910/home/18924459
Shoulda used the drone *inside* the PR house.