Buyers Just Love Old Town’s Crilly Court
Over a year ago, a developer was selling condo units in the Crilly Court complex, a historic group of buildings in Old Town that had been apartments for decades. The buildings, totaling 90 units on Wells, Eugenie, St. Paul and Crilly Court, were gutted and the piping and windows replaced. Every unit had a washer/dryer installed. There were only about 8 parking spaces available, with all of them reserved for the largest three bedroom units.
Even without the parking, the 1 bedroom and 2 bedrooms sold out quickly even though the one bedroom units were small (from 650 to 720 square feet). Mainly, it was the great location. But the prices were also competitive for the neighborhood.
Closings finally started on the units in late spring and early summer. Surprisingly, outside of two one bedroom condos on Crilly Court that were on the market several months ago (at least one of those was rented out), there were no other flips of units. Given the number of investors in the market, this was surprising. Why didn’t investors buy in Crilly Court?
Recently, one of the bigger two bedroom units finally came onto the market.
1704 N. Wells, Unit #2: 2 bedrooms, 2 baths, den, 1507 square feet
- Currently listed for $489,900
- Previously sold in July 2007 for $460,160
- Gas fireplace
- Seller to pay 3 months of parking nearby
- Assessments around $300 a month
This seller will be lucky to breakeven at this price. Wonder why they didn’t try and flip it for more? Prices in the rest of Old Town would seem to support a list of over $500,000 but with the slower market, perhaps this seller just wants a quick sale.
Nancy Gaspadarek at Habitat has the listing.