What’s Going on with this $1.4 Million “As-Is” Condo in Old Town? 1738 N. North Park
This 3-bedroom condo at 1738 N. North Park in the Old Town Triangle neighborhood came on the market in May 2018.
Thanks to the reader who sent me an e-mail about it.
The listing says it’s the first time it’s been on the market since the building converted to condos 65 years ago.
It’s being sold “as-is.”
This is a 3-unit self-managed condo association with a building that was constructed in 1886 and a side lot that has trees and landscaping. The total lot is a non-standard Chicago lot measuring 42×63.
The listing says there’s no alley and “buyer is responsible for due diligence.”
The listing says there was a new roof put on in 2009 along with rebuilt parapet walls and chimney.
There’s no parking for the unit.
There looks to be a washer/dryer in the basement (unclear if that’s for the entire building.)
There’s no central air conditioning.
It’s listed for $1.4 million making it among the most expensive condos ever in Old Town.
What’s going on with this listing? Is that really the price for this single condo or is it for the whole building?
Christopher Moran at @Properties has the listing. See the pictures here.
Unit #1: 3 bedrooms, 1 bath, 1200 square feet
- There’s no prior sales info. It hasn’t been on the market since the condo conversion of the building 65 years ago.
- Currently listed for $1.4 million
- Assessments of $150 a month (includes water, scavenger, snow removal)
- Taxes of $5268
- No central air
- Looks like the washer/dryer is in the basement
- Wood burning fireplace
- Bedroom #1: 13×9
- Bedroom #2: 11×9
- Bedroom #3: 11×9
How could this have been converted to condos 65 years ago? Condos weren’t a thing until the 60s/70s.
Troll listing?
what a steaming heap of problems
only 1.4 million, where do I sign up?
I wouldn’t pay $1.4 million for just 1 unit, and probably wouldn’t pay that much for the whole building either. Delusional~!
“the building converted to condos 65 years ago”
So, it was converted to condos a decade before the condo act was adopted in Illinois (7/1/63 effective dare)? Bold move.
“probably wouldn’t pay that much for the whole building”
Assuming that it is structurally sound and there are no major remediation issues, the whole building would be a fair deal at $1.4m
The listing price has got to be a typo. There is no way that a 1.4 million dollar place has an assessment of $150 and taxes of $5,268. Even of the assessor was asleep and forgot to tax this place, the assessments would be much higher.
Simply another reason why real agents don’t deserve 2.5%.
An individual 3-bed 1-bath with no parking and shared laundry in the basement in this exact condition (assuming the rooms not shown are similarly in need of major upgrades) is worth around $350 – – and that is being generous (this is merely my opinion and being familiar with the area). I wouldn’t actually pay more than $275-$300 myself since you have to sink $50K into that kitchen and likely another $30K or so into the bath and then re-finish or more likely replace the floors, new paint etc. If $1.4MM is truly the ask for just the unit, there better be a few bars of gold hidden in the walls. That or the seller is in fact senile.
The entire 3-units, assuming they are in similar shape as the one shown, with the side lot (offering the opportunity for parking and / or outdoor living space), is worth $1.4MM for sure with the same caveats noted by anon (tfo).
Funny – – I had a similar thought on the condo thing! Bold move!
I take it back – – I am adjusting my estimate of value down. Assuming everything based on current conditions of the property and the market, I am guessing each unit could rent for $2,400 based on the fact that roommates just care about their share of the rent. No parking and only 1 bath mean this rents for about $2,400 ($800 per person, hard to beat in this location). Assuming you just want to cover your monthly expenses and aren’t putting anything down, that means this whole place is worth no more than $1.2MM as a cheap rental.
I saw this unit during the Old Town Art Fair. The price is $1.4 MM for the first floor unit. Sellers have indicated that there is the possibility of duplexing down and/or a rooftop deck. I think, but am not sure, that these are part of the common property and would need to be purchased from the association. There are no stairs in the unit to the basement (only access is common rear staircase), so duplexing down would be challenging. I think it would be exceptionally difficult to get approval for a rooftop from the OTTA.
The other owners seem to have a right of first refusal under the association rules. I find this unusual, but it may have something to due with the pricing of the unit.
Finally, the side year is a common area so, when there is good weather, you can expect people right outside your unit.
“The other owners seem to have a right of first refusal under the association rules. I find this unusual, but it may have something to due with the pricing of the unit.”
I have a friend who lives in a big building and the association has right of first refusal, but has never, to her knowledge, used it, but it is a formality with all sales. I’m guessing that this is in many condominiums by-laws, at least when the association is of a certain age.
“worth no more than $1.2MM as a cheap rental”
Meant $1.4m as a redevelopment opportunity.
As all rental, I think the current taxes understate the tax expense, so $1.2 is somewhat aggressive.
Yeah, and my home in Jefferson Park is worth $3 million…
If this is seriously for one unit that asking price has to be a joke. What a disaster. This place fails on so many levels. Even making building improvements sounds like a total pain in the ass (limited by approval from “Old Town Triangle Association”). No parking, no alley so you have to move your garbage bins curbside every time there’s a pickup. I agree with Liz, I’d take it for $300-350k.
I don’t think redfin estimates are always correct, obviously, but they agree in that #2 and #3 in the building are estimated at about $342 and $343K.
I thought the $1.4m must be for the building and the sales pitch just badly handled/worded in not making that clear, but given the information above I guess just a delusional seller. (Is it an estate sale? Owned by the same person for 65 years and “as is” often = estate sale. Maybe delusional heirs.)
Right of first refusal was common in many condo associations. Some removed and newer associations did not adopt as it was thought to be discriminatory.
“I saw this unit during the Old Town Art Fair. The price is $1.4 MM for the first floor unit. Sellers have indicated that there is the possibility of duplexing down and/or a rooftop deck.”
Since this confirms that the 1.4 m is not a typo on the listing, It is my opinion that the sellers are doing this as some sort of private joke or dare. Either that or the listing is for a building that was actually in SoHo in Manhattan, and a cyclone lifted it up and plopped it down in Old Town alla Wizard of Oz!
I had a River North short sale under contract with this guy as agent for buyer 5 years ago. He advised his client to walk away because the association wouldn’t release the minutes from the most recent meeting (which wouldn’t be approved and confirmed until the next meeting). That buyer lost out on a $260,000 purchase that then went into foreclosure and sold the next spring for $315,000. Yeah, I hold a grudge. But more than that, I remember who knows how to value property and who doesn’t. $1.4m for this? Duh.