Crilly Court 3-Bedroom Right on Wells Hits the Market: 1702 N. Wells in Old Town
Crilly Court is the 90-unit vintage conversion on Wells, Crilly Court, and St. Paul in the heart of Old Town that sold out quickly back in 2007.
This 3-bedroom unit at 1702 N. Wells is in the main part of the building that overlooks Wells street (above the shops.)
There were only 8 parking spaces with the buildings (outside spots in the courtyard area) and they all sold with the most expensive units only. Everyone else has rental parking in the neighborhood.
This is the first time in awhile I’ve seen a resale of one of the Wells Street units (we’ve chattered about several others on Crilly Court before.)
The listing says it’s had $40,000 in upgrades.
The kitchen has cherry cabinets, granite counter tops and upgraded stainless steel appliances. The unit has walnut stained hardwood floors.
Interesting, there is a $10,000 charge for storage in the building (first time I’ve ever seen that.)
Someone said in the comments on another thread about this unit that one of the bedrooms was being used as a living room but that is personal preference. The “living room” area in the unit is being used as a dining space, as per the pictures.
This is a top floor unit.
Jeanine Wheeler at @Properties has the listing. See the pictures here.
Or you can see it in person on Sun Feb 14 at the open house from 12-2 pm.
Unit #3: 3 bedrooms, 2 baths, 1507 square feet
- Sold in July 2007 for $467,000
- Currently listed for $525,000
- Assessments of $291 a month
- Taxes of $6200
- Central Air
- Washer/Dryer in the unit
- No parking- rental in the neighborhood
Again, overpriced and no parking. Likely to sell only if priced at $450,000.
CS Index Chicago July 07 166. CS Index Chicago Nov 09 129. 25% haircut approximately. 75% recovery on upgrades. 372K true value.
These people are smoking crack. It’s Lincoln Park as well…
The deeded storage cracks me up. Sounds like they got it with the place and are now trying to break it out in order to increase their negotiating room. If I am correct in my assessment, I hope that they take it in the shorts.
Where is the rental parking?
Next up: deeded kitchen is $100k and must be purchased with unit.
Why do you call this Lincoln Park? It’s probably 50ft from the nearest “Old Town Historic District” sign.
Its Old Town.
You know, I always kind of forget that Old Town extends into Lincoln Park.
All of Old Town is in Lincoln Park (see maps on Old Town Triangle website – Old Town boundaries go from North up to up about Wisconsin). There was an open house last Sunday as well and my boyfriend and I stopped by. It’s small but a very efficient use of space and beautiful interior design. It’s really a two-bed though; if the third bedroom (which is currently being used as a den) were closed off with a door, the space would seem very cramped. The owners (who are also both real estate agents and were hosting the open house) say they used to rent parking a couple blocks away on LaSalle for $175/month (can’t remember the exact address; 1700 something LaSalle?). But they were always able to find street parking in the evenings so they ended up not needing to rent parking. It’s going to be younger couples that might not even have a car (such as yours truly) looking at this type of place. I think it will probably sell around $475 or $500.
Quality product by a quality developer in 2005. Building was sold through a vertical subdivision – original owner still owns retail spaces. Developer converted apartments to condos. Rental parking is very difficult to find north of North Ave. It’s possible to find garage parking for $125/month although you’re more likely to find it in the $175-$200/month range. I’m interested to see if the units in this development re-sell in the next few years and at what price points…
I was the OP in the other thread on this unit. I saw it on Sunday. It’s very nice inside, and I consider the location to be among the best in the city.
For all intents and purposes, it really is a 2/2. There are several identical units in Crilly Court, and they all have always been listed as 2/2. There was a living space in the back that the owner converted into a 3rd BR. He then converted the small BR that is right off the open living/dining space into a den. I think he absolutely made the right move, and the den could easily be converted back into a BR (it has a closet), but if you lived in this place as a 3/2, you would have no common living space whatsoever beyond the kitchen/eating area you see in the photos. Ergo, it’s really a 2/2. The owner is a real estate agent…
The lack of parking is not a major problem in this area. You would never have to spend more than 5 minutes looking for a spot, and there is reasonable parking available at 1660 N. LaSalle for $175/month.
To me, the real issue is that multiple identical units in Crilly Court sold in 2007 for ~$460K. The purchase price on this unit is unlisted, but those comps make this one seem way overpriced. The upgrades are all really really nice, but the place is basically maxed out.
I’m curious to see what the experts think.
There is a premium placed in terms of being on Wells. Look at a Unit on Wells vs. one or two parallel streets west of Wells and you will see the price premium for being on Wells.
I can see this going in the high 400s.
It is a nice looking unit from the pictures. Are all units in Crilly a single floor? So this is a 3 floor walkup?
I think the lack of parking is a problem in this area if you have a car. Do Crilly Court residence get permit parking on Eugenie? etc?
“The lack of parking is not a major problem in this area. You would never have to spend more than 5 minutes looking for a spot, and there is reasonable parking available at 1660 N. LaSalle for $175/month. ”
yeah people love hauling things like groceries from their car two-three blocks to where they live, especially in the wintertime. Not. I don’t think you can park anywhere in the city in 5 minutes 24/7/365, especially this strip of old town.
This place is really nice though cookie cutter but for 525k i’d probably look elsewhere since theres so many deals out there right now at that price point (thanks to conforming rates).
For parking, you can get a permit for parking in the Eugenie/North Park area (Zone 142). However, you may need a letter from your alderman because of the location on Wells (I had to do it when I lived on the 1500 block of Wells).
At least on the groceries comment, there is a Treasure Island right there.
Within a 15 min walking distance there is a Jewel or a Dominick’s on Division.
It’s a good location, but I think it’s about $65K overpriced due to the lack of parking. It also apparently isn’t a 3 bedroom. $460,000 seems about right.
It will probably take about 10-15 minutes on average to find street parking in this neighborhood, not 5 minutes. Then you have to walk to the building from where you park. I’m estimating that for those who drive even every other day, that’s 60-80 hours a year dealing with parking on the street. Even if you get a space in another building, that’s $175 a month and a lot of time as well depending on if it’s valet or not.
Walked through this place last weekend. It shows well and the upgrades are neutral and well-done, especially the closets. The ceilings are tall, maybe 11 feet, and the unit gets good light, considering it’s enclosed on both sides. (This is mostly due to a vertical shaft running through the middle of the building (see the “tv room” pics)). The deal killer, in addition to the lack of parking and price, is the impractical layout of the common areas. The space between the kitchen and the fireplace is too narrow for a couch and would serve as an ackward spot for a dining table; it’s really just wasted space.
It really isn’t. Maybe in Tokyo its a 3/4 bedroom, but here in Chicago…1500 sq. ft is a large 2 bedroom.
Of course from a marketing perspective, there are plenty of people who say don’t own a car and live in the Old Town Area. or don’t use a car everyday.
Dave great job extrapolating the time lost annually due to parking. If we find out where this unit is with respect to the front access door of the Crilly Court Condos, could you please do the same thing comparing this to the closest unit in the building versus where this is located in the building. That’d be great. Thanks. I know as a buyer I’d be concerned walking immediately to my unit versus almost immediately to my unit. I am curious how you derived 10-15 minutes. Do you live on this block?
AaronERG: Why does it matter if unless the closet unit in the building is also for sale???
Compare this unit to 1760 N Wells Street #2B. Priced the same with 2 parking spots and a big storage space in the basement. The layout is better – 2 bedrooms, 2 baths, and office area upstairs and huge living space/kitchen downstairs and is 2 blocks north with windows facing Wells. Walked through this last weekend and while impressed with the upgrades, it’s really not a 3 bedroom and the layout is tiny.
Doesn’t matter. I was screwing around. I just think it’s silly he figured out the number of hours spent finding parking. Parking is certainly an issue in the triangle. But insisting it takes twenty minutes each time arriving home is based upon what? Historicals?
Really like these places … but overpriced. $460?
182 days, average 15 minutes to find a space equals 45.5 hours a year.
I had a good friend who used to live within 100 yards of this place. It always took a long time to find a space, regardless of the time of day. At best 5 minutes, at worst 25 minutes including walking time over to his place.
People buying a $500K+ plus place expect parking onsite 9 times out of 10.
So based on my past posts, its obvious I’m in the Old Town area. I’ve got more cars than parking spots. I drive to work on a daily basis. I have zoned parking.
At least in my case, If I drive a car parked on the street, when I get home, 60% of the time I am within 1/2 a block of my place. There are those rare cases where I’ve got to go pretty much to the other end of a street to get parking. I do specifically choose what car to take to work on a Friday depending on when I am going to be back. I’ll take a garage car on a Friday night because I don’t want to deal with trying to find a spot on late Friday night. And there are of course those weekend, Old Town Art Fair, Air and Water Show, Lasalle Marathon that I DO not move a street car at all.
Anyways, its just one data point from someone who lives in Old Town. Maybe OldTowner and others who have lived here can also comment for their cars or when using guest parking passes for their guests.
Oh and I do agree with a previous comment regarding the location. Its a FABULOUS location.
I live in Old Town. I have car but no parking spot. I rent a garage spot $150 per month. It’s further than I would like (3 blocks) but it’s not the end of the world. I could find something closer, but the closest indoor heated spot I could find was $250. When I’ve wanted to park on the street I’ve never had a problem, except on Friday/Saturday nights, art fair, and air and water show. The parking situation could be better, but the convenience of the neighborhood far outweighs that one issue. In fact, I did not have a car for the first three years I lived here (had to get one when I started a new job that required travel). I would buy in this neighborhood without parking again.
I love Old Town, but I’ll also note that I disagree with chichow that this is a good location. I would not buy a place overlooking Wells. Too loud, too public for me.
Well it depend on what you want right? I myself am not on Wells, but units on Wells go for more than not on Wells (I am throwing a disclaimer for those embarrassing 70’s high rises monstrosities). Some people like living downtown so they walk to work. Other’s prefer the commute from Lincoln Park but then have the bars right there.
From this place. You got it all. Access to the Lake. Zoo. Flower store? Downstairs? Groceries? across the street. Chase bank. Check. Want a community bank. Go to North Ave. 24 hour Starbucks. 24 hour gym. I mean its crazy convenient. And the energy there on Wells on a Fri Sat.
oh oh oh. Nookies!!!
I completely agree with all the benefits. But I get all that stuff without living right on Wells, so I also get a little peace. The sound of drunk people walking down the sidewalk every Friday and Saturday would drive me crazy.
This neighborhood is Old Town Triangle, which is part of Lincoln Park. The Chase bank in the building that this unit is in was robbed this morning, and I note that the Trib headline on it places it in Lincoln Park.
I live nearby with no parking and rent a spot at the Chicago History Museum parking lot across from 1660 N. LaSalle. Not heated, but covered, and there used to be staff on site 24/7 until they automated it. We have one car but rarely drive.
There are fewer drunk people in the area since we closed down Tequila Road House a few years back.
remind me not to rob a bank
http://bandittrackerchicago.com/2010/02/chase-bank-1700-n-wells-chicago/
Last time that branch was robbed, it was a guy in a clown costume with bad luck because an off-duty cop was right there, noticed the situation and tackled the Bozo.
He’s at 95th st by now.
LOL whose gonna pay over half a million dollars to live in a building whose bank gets robbed (often enough)?
“Oh and I do agree with a previous comment regarding the location. Its a FABULOUS location.”
I’ll agree with you on that one, this property IS in a fabulous location, unlike that place on 1700 W. North avenue which people were raving about the location of that place for some wierd reason
Nicely rehabbed units and a pretty solid exterior/roof.
Windows are original, single pane, non-weatherstripped, and loose.
Noises from above can be a problem since, apparently, little attention was given to sound attenuation at the time of conversion.
“Noises from above can be a problem since, apparently, little attention was given to sound attenuation at the time of conversion.”
This is such a deal breaker to me. I have lived in enough places that I could hear people tromping around that I’ll never do it again. So, so annoying.
My 2 cents from a recent inspection of a unit here:
Nicely rehabbed units and a pretty solid exterior/roof.
Windows are original, single pane, non-weatherstripped, and loose.
Noises from above can be a problem since, apparently, little attention was given to sound attenuation at the time of conversion.
I am guessing…with no idea that with a 90 unit association, I can’t just change my windows to the latest and greatest?
Re: Noise from above–
This particular unit is a penthouse unit, for what it’s worth.
Total nitpik. Its a penthouse if I am in king of the world and can say I’m Batman from my place @ least 20 floors up or I’m at the top of the Water Tower.
Otherwise its just a top floor unit.
Sorry for being peckish
“Sorry for being peckish”
Not at all. In addition, I would also think a PH should constitute the entire top floor. At least they did prior to realtor-speak gaining acceptance in this bubble.
I was merely responding to the comment about noise from neighbors above and just making the point that there were no neighbors above this unit. Sorry for my poor choice of words.
chichow on February 11th, 2010 at 9:21 am
“I am guessing…with no idea that with a 90 unit association, I can’t just change my windows to the latest and greatest?”
The building is landmarked, so any changes have to be approved by the Landmark Committee of the Old Town Triangle Association. It is possible to get new windows, but the design would have to be the same as the existing windows.
And to respond to the first comments, the reason the storage unit is extra is that they are deeded separately. There are fewer than 90 storage units so not all units have storage – it was a separate purchase at the time of conversion.
Now all of you stop and realize just how f’n stupid you are. Under contract in 14 days. I mean really, some of you just work a little harder and maybe, just maybe, you too can afford to live in a great neighborhood.
Some of the price estimates… $360k, $400k? Seriously, how dumb are you people?
Seriously Bob… are you really as dumb as your posts.
Already accepted an offer, although a contingent offer.
It’s not a sale until it’s closed, in my book. Isn’t that also when realtors get paid? it’s hilarious how realtors try to be like used car salesmen and try to drum up interest in real estate when it’s clear it’s an uncertain time.
Okay Dave – Does a grossly over priced property go under under contract in less than 2 weeks? Really, do you feel dumb?
Contingent on what? No one would accept a continent contract unless the other end was already under contract as well.
What if the appraisal doesn’t come through at the sale price of either place (contingent place or new place)? Wouldn’t that cause a problem?
I’m reading Contingent from the listing – don’t know the specifics. Could be contingent on the purchaser getting financing, selling their old place, appraisal, lots of things.
But the fact that an offer was accepted within the first two weeks of being listed indicates that the offer was close to asking price and the contingency was acceptable to the seller. The fact that the unit was listed signficantly over the original purchase price indicates the owners were not in a hurry to sell.
There probably is some concern that the appraisal won’t come in close to the asking price given the small number of comparables, and that none of the other 2/2 units in that building have sold since the conversion in 2007. But maybe the purchasers are paying cash or have a sizable down payment, so the appraisal is not relevant.
So I went to the Crilly Court open house.
Here are my negatives:
I personally thing it is deceptive to call it a 3 bedroom. What they call a third bedroom is really the only living space in the unit. Otherwise you just have a chaise near the front bay window. I also thought that you were required to have a window in Chicago to call something a bedroom? Or that may be hotel rooms. I forget.
There is not a lot of storage space in the units. Its a conversion of an older apartment, so I would plan on eating up some of the floor space for armoires.
Here are my personal preferences:
Its a conversion and the floors were not leveled in the unit or in the stairwells. Everything creaks when you walk in. On the one hand it lends “character” as what you might see in a Chicago film. On the other hand, I don’t like walking from the kitchen around the island to the chaise and feeling the differences in height. It is a personal pet peeve.
Here are my positives:
You can’t beat the location. The unit gets a good amount of light. There is no one above you. The unit is nicely staged.
Other notes:
When I went to the open house, the contract was already listed as contingent. This comments is directed towards Steve H. If a contingent contract was a done deal, set in stone, then why have an open house and then during the open house not mention that there are offers on the place (with respect to being fully transparent).
My point is that I agree with the other poster. Under contract doesn’t mean anything till the deal is closed, the buyers remorse/backup time has passed, etc. etc. etc.
And you and all of us do NOT know what the contingent offer is for in terms of $$$ amount.
On the storage unit: There are some other units being sold in Crilly Court and they list that storage in with their price. It is not clear whether or not the storage units can be separated from the unit that originally bought it or if the Condo Association has a first right to purchase the storage unit, etc. It is also not known how large is the storage area.
Windows: It seems that there are two single pane windows installed with an air gap between the two windows. My guess is the outside one was left in place as part of the historical district and the newer ones were put in on the inside.
There is a crib in the unit So all the crib chatter people can make the comment on moving for baby 🙂
—
Can anyone tell me. What is the size of the largest units in the building? Are they on the first second or third floors? These are the 8 units that had the parking. What did each one of these units go for?
I’m guessing the other units that were sold together with the storage made a choice to include the storage unit with the condo, however all the storage units have separate PINs and can be sold separately. The Association does not have a right of first refusal, however some of the residents who don’t already have a storage unit might be interested in purchasing one.
The parking spots went to the 3- and 4- bedroom units, which were about 1700-1900 sf and were sold for $35,000-$40,000. The units are all on the Crilly or St. Paul side, and range from first through fourth floors. One of the 4-bedroom units was recently sold, and two of the 3-bedroom units were on the market for a short time but were pulled off when they didn’t attract offers that the owners could accept.
The Wells units are truly 2/2 with a real den, and while each room has a window and could be legally converted to a bedroom, converting the third bedroom does cut down on the common living space. The 3-bedrooms on Crilly have a similar situation and several of them have been made into 2 bedrooms with a den to provide more common living space.
Almost all the units in the building have a decorative fireplace, and some of them still have the original etched marble front. The Wells units were originally designed to also have a working gas fireplace in the den (the room off the deck, not the den in this unit), but it appears that the unit listed here removed the fireplace to provide more space in the back bedroom.
sparkly: fair question i think. Do you live in the building? or are you working in real estate and have in the past or are currently involved in transactions with the building. Please answer in terms of the spirit of the question
In this unit, the Den is pretty much the living sitting area. The previous statement ” converting the third bedroom does cut down on the common living space.” is REALLY REALLY an understatement. I can understand why this unit removed the fireplace. Its tight as it is for the back bedroom and you need the storage space if you had someone living back there
I live in the Old Town Triangle and followed the Crilly conversion very intently. I visited the sales office many times and reviewed all the different floor plans – that’s how I know about the larger units. I do know people who live in the building.
Like many home owners, I follow sales in my neighborhood to help me assess the value of my house. I’m in the middle of a refi so this recent sale interests me because it might help set the comparables at a good price for my valuation.
No – not involved in real estate, just interested in real estate activity. I’m a regular reader of this blog, but an intermittent poster.
Per Redfin:
http://www.redfin.com/IL/Chicago/1702-N-Wells-St-60614/unit-3/home/25710194
Its still listed as under contract. Not closed.
On Feb 14th, SH has mentioned that its under contract in less than 14 days.
I wonder when it will actually close. …just saying…
I understand from speaking with the neighbors that it’s closing the end of March/early April.
Thanks for the update. I can’t find it listed anywhere so I thought it might be under contract.
This could be one of the few sales in a long time where the seller actually got more than a 2007 purchase price (not just in Crilly Court- but in LP and Lakeview neighborhoods.)
We’ll soon see.
This Crilly Court unit closed in early April.
Unit #3: 3 bedrooms, 2 baths, 1507 square feet
•Sold in July 2007 for $467,000
•Currently listed for $525,000
Sold for $499,000
It is one of the few condo units I’ve seen where it sold for more than the prior sales price (which was within the last 5 years.)