A 3-Bedroom with Rooftop Deck in Wicker Park for $649,000: 1532 N. Paulina
This 3-bedroom duplex-up at 1532 N. Paulina in Wicker Park came on the market in June 2022.
Built in 1920, this building is all-brick construction and has 16 units and garage parking.
This corner unit has hardwood floors throughout the first floor with a wood burning fireplace and built-in bookshelves.
The kitchen is open to the living and dining room combination and has 42″ Shaker wood cabinets with upgraded pulls, an upgraded backsplash, granite counter tops including on the peninsula with seating, stainless steel appliances and a 6×3 walk-in pantry.
The third bedroom is also on the main floor accessed through double doors.
The primary and second bedroom are both on the second floor and both are en suite. The 2nd bedroom bathroom has been “renovated.”
The primary suite has exposed brick walls and a triple organized closet.
It also has a private 350 square foot roof top deck accessed by an interior staircase with skyline views.
The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking.
This building is near all the shops and restaurants of both Wicker Park and Bucktown and close to El and bus routes.
Originally listed in March 2022 at $650,000, it went under contract within a week but dropped out and was withdrawn from the market in April 2022.
It has come back on the market this month at $649,000.
Will it go under contract quickly once again even at higher mortgage rates?
Elias Masud and Sal Mazzulla at Compass have the listing. See the pictures and floor plan here.
Unit O: 3 bedrooms, 2.5 baths, no square footage listed, duplex up
- Sold in October 2001 for $414,000
- Sold in March 2004 for $465,000
- Sold in July 2016 for $530,000
- Originally listed in March 2022 for $650,000
- Under contract
- Listing removed in April 2022
- Re-listed in June 2022 for $649,000
- Assessments of $441 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $10,182
- Central Air
- Washer/dryer in the unit
- Garage parking included
- Wood burning fireplace
- Bedroom #1: 19×13 (second floor)
- Bedroom #2: 12×10 (second floor)
- Bedroom #3: 12×10 (main floor)
- Living/dining room: 22×13 (main floor)
- Kitchen: 15×9 (main floor)
- Foyer: 9×7 (main floor)
- Rooftop deck: 19×18
Contingent.
Wow. I guess that answers the question.
6% mortgage rates be damned. Chicago’s red hot housing market is NOT slowing.
But, in real dollar terms it’s:
flat from Jul-16 (avg rate of 3.44; so that’s actually good)
-10% from Mar-04 (avg rate of 5.45; would expect better with rate parity)
-5% from Oct-01 (avg rate of 6.62; pretty bad given current rates are lower)
Should be ok with a 10+ hold period, if there aren’t deferred condo issues. But will almost certainly need to update the kitchen and baths by then–they’ll be pushing 30 years old.
“Should be ok with a 10+ hold period, if there aren’t deferred condo issues.”
You have to live somewhere. The buyer can rent, and not shell out the downpayment, but rents on a 3-bedroom are much more than buying this. Even with 6% mortgage rates. And those rents are rising every year.
“You have to live somewhere.”
Of course, but for “most people’s largest investment” you’d like to avoid a money pit.
I know of what I speak–in real dollar terms, I’m about flat from purchase price to now (20+ years)–but have also spent something north of 50% (how far north I prefer to not think about) of PP on improvements and capital maintenance (the maintenance including some improvements).
With full hindsight, would I buy the same house again? No way. Would I have rented the whole time? Of course not. Would I have had/wanted to spend some money on updates wherever I bought? Yeah. So it’s not a simple calculus.
As noted, this place has ~20 year old kitchen (newer appliance) and bath (newer floor tile in 2d bath, newer half bath) that look ok now, but likely will feel seriously dated by the end of the decade–at which point updates become “maintenance” rather that “upgrades”.
“Of course, but for “most people’s largest investment” you’d like to avoid a money pit.”
Can you put a price on living in such a world class city as Chicago?
Mixed feelings. Seems like a lot for the money, and nice deck, but I hate how the LR, DR and kitchen are all jammed into one rather small space.