Best Deal in Old Town: Michael’s Terrace
Want to live in Old Town but want washer/dryer in the unit, parking and two bedrooms for under $400,000?
Yes- it can be done. The best deals in Old Town are at 1309 N. Wells, otherwise known as Michael’s Terrace. It’s that ugly black glass building that is at the south end of Wells, towards Division. It almost looks like an office building.
It was built in 1990, with 18 stories and only 80 units. Yes, it’s a bit dated and has a truly horrible lobby. Check it out below. Disco lives!
But every unit has a balcony and great views. And when you walk out of the ugly lobby, you’re on the best street in Old Town, with all the restaurants and stores at your fingertips.
Units come on the market pretty regularly. Only a year or so ago you could get a two bedroom, two bath for around $335,000 (that included the parking.) Sometimes, they would even be renovated with new kitchens and baths.
Recently, the prices have been inching up, making Michael’s Terrace a bit less of a “deal” than it was even a year or two ago. The two bedroom units aren’t glamorous. Many still have carpeting. They are all around 1190 square feet. But it’s a great neighborhood in which to live and the remodeled units are quite pleasant.
Unit #1004 is under contract. It was listed for $358,000 – which, again, is on the high end for the building.
Unit #1105: 2 bedroom, 2 bath, 1190 square feet
- Currently listed for $349,000 which includes the parking
- The pictures above are of Unit #1105