Crilly Court Continues to Defy the Downturn: 1706 N. Wells in Old Town
We last chattered about this 3-bedroom unit at Crilly Court, 1706 N. Wells, in Old Town in November 2010.
See our prior chatter here.
This was the second unit to be listed in the complex in recent months with the first actually selling for more than the 2007 purchase price.
Here was the history on the first unit:
1702 N. Wells #3: 3 bedrooms, 2 baths, 1507 square feet
- Sold in July 2007 for $467,000
- Originally was listed in February 2010 for $525,000
- Under contract within 14 days
- Closed in April 2010 for $499,000
Would this second unit have the same luck 6 months later?
We now have the answer and it is “yes.”
The Crilly Court complex consists of several buildings and takes up an entire city block. It was historic apartments until 2007 when it was converted into condos with the usual stainless steel appliances and granite counter tops.
This particular 3-bedroom unit was opened up to create a bigger living space- so it was being used as a two bedroom.
There was no deeded parking with the unit but it did have in-unit washer/dryer and central air.
What’s Crilly Court’s re-sale magic?
Robin Miner at @Properties had the listing.
Unit #3: 3 bedrooms, 2 baths, 1507 square feet
- Sold in August 2007 for $467,000
- Was listed in November 2010 for $525,000
- On the market just 15 days before going under contract
- Sold in January 2011 for $495,000
- Assessments of $298 a month
- Taxes of $6371
- Central Air
- Washer/Dryer in the unit
- No parking – rental available in the neighborhood
- Bedroom #1: 13×12
- Bedroom #2: 16×12
- Bedroom #3: 11×10
Yay! Go Old Town Triangle property values!
Location. Location. Location.
“What’s Crilly Court’s re-sale magic?”
uhhh – good units in a good location. actually, not sure why this is so surprising. this has been going on all over in good neighborhoods – they are just not showcased on this site.
I show 3 resales. The first closings were at the bubble peak but the contracts were signed a year earlier. Also, transaction costs mean no profit for two of them, but they may have broken even on rental parity. Rents have been in the $2500-$2750 range. These still have done better to date than anything else we have seen.
1702 # 3 closed 4/6/2010 $499,000 contract 2/11/2010
1702 # 3 closed 7/18/2007 $466,715 contract 8/8/2006
1704 # 2 closed 4/15/2010 $480,000 contract 4/9/2010
1704 # 2 closed 7/19/2007 $460,160 contract 8/3/2006
1706 # 3 closed 1/13/2011 $495,000 contract 11/15/2010
1706 # 3 closed 8/1/2007 $465,935 contract 7/25/2006
clio, some examples please of other condo bldgs with this track record of almost breaking even in this time frame, both on the resale and with rent parity?
340 Randolph
pull up the stats G
I really really like these, but I would want more space at this price point and would probably make location sacrifices in order to have it. Overall I think they are very attractive units, and have excellent curb appeal/urban feel. Good stuff.
“pull up the stats G”
You must have them if you know this to be true. Please illustrate your claim. You did notice the “rent parity” part, right?
A few listed below. It’s a massive building and I’m tired so skipping the rental analysis.
G, please get to it!
31 340 Randolph 1203 5 08/30/2007 $803,000 $743,000 5 06655575 CLSD
32 340 Randolph 1203 6 03/21/2008 $1,100,000 $1,149,000 337 06654957 CLSD
54 340 Randolph 1406 4 09/13/2007 $386,000 $386,000 1 06670911 CLSD
55 340 Randolph 1406 4 07/01/2008 $519,000 $519,000 142 06760393 CLSD
57 340 Randolph 1407 4 09/21/2007 $619,000 $579,000 1 06679218 CLSD
58 340 Randolph 1407 4 03/31/2008 $690,000 $704,000 109 06744558 CLSD
70 340 Randolph 1605 7 09/13/2007 $1,294,000 $1,204,000 1 06670924 CLSD
71 340 Randolph 1605 7 11/29/2007 $1,700,000 $1,695,000 39 06675848 CLSD
72 340 Randolph 1606 5 07/18/2008 $515,000 $519,000 251 06699232 CLSD
73 340 Randolph 1606 4 06/08/2009 $520,000 $469,000 33 07180765 CLSD
141 340 Randolph 2302 6 11/05/2007 $638,000 $593,000 125 05003549 CLSD
142 340 Randolph 2302 5 04/25/2008 $675,000 $689,000 127 06745619 CLSD
G, I’m not looking to insert myself into the ongoing thing you’re having with Clio, and I’ve appreciated the info you provide, but good grief, you’re really straining here to find a grim lining on this otherwise silver cloud.
It’s my understanding that this project was converted in 2007, hence the 06 contracts within a few month span and a few thousand dollars, and the 07 closings within a few days of each other. After paying towards their mortgages for three years (nearly 3.5 in the case of 1706), is it not possible that they’ve made SOME “profit”?
These are nice walk-ups – call them big 2 beds or small 3 beds – with no parking, that have sold for between $20 – $30,000 more than their peak bubble prices, all during this horrible past year. I imagine the buyers of 1702 and 1704 earn too much to have used the buyer’s tax credit, and the buyer of 1706 signed a contract just as the death grip of winter started to take hold. The sky is clearing not falling in the OTT.
All things considered, I’d bet that these three re-sellers all thoroughly enjoyed the three years they spent living in the OTT, taking their tax deductions, and have now walked away with a bit more than they walked in with (even if, after costs, it’s not much more). And all three of these buyers are probably plenty happy about where they’re living now as well, regardless of what the “CS Index,” the latest “Foreclosures at All-Time High” Trib headline, the latest G doom and gloom data compilation, or other non-contextualized report says.
anonny: Can’t argue with you. It is basically impossible to argue that these buyers are worse off or that this building’s resales haven’t defied the market at large.
And although I’m sure this isn’t the only “magic” building or property in Chicago defying the market and actually selling for greater than 2006 prices, I think they are a rarity (IOW less than 5% of properties on the market). A little evidence would change my mind, though…
“After paying towards their mortgages for three years (nearly 3.5 in the case of 1706), is it not possible that they’ve made SOME “profit”?”
anonny, if you think that mortgage payoff contributes to profit then I’m wasting my time with you. Reread what I wrote and then tell me what gloom and doom I projected? I just added factual data that does provide a clearer picture for more sophisticated analysis. If you can do the math, you will understand that what I said was factual.
“It is basically impossible to argue that these buyers are worse off or that this building’s resales haven’t defied the market at large.”
Geez, maybe that’s why I didn’t? And that was even with my providing a lower resale.
There is great variability in the units at Crilly Court in terms of unit layout along with the finishes.
These units discussed on CC were
#1 pretty highly upgraded – we don’t know how much the sellers had to spend on the upgrades
#2 some of the sellers were also agents
#3 I don’t have the links anymore, but there used to be quite a few rental links for Crilly Court with apartments that were completely not upgraded
340 is a great building. I’ve thought about buying in it as I live in that area, but I do think they’ve fallen from peak pricing. The neighborhoods kind of a drag, but they do seem to have good people living in the building. successful 30 somethings etc.
“successful 30 somethings etc.”
When I was in grad school a bunch of those successful 30 somethings rented there. It was the “in” building at the time. Appears to still be the case.
I’d bet that many of the 340 unit owners took a huge hit in equity the day that the BC/BS tower next to them announced that they were adding another 20+ floors. Many had purchased and moved into units that faced west and had “cleared” that building directly adjacent to them. I’m sure that during pre-construction pricing they had placed a high premium on units that would be above the BC?BS top floor and had “improved” light and better views of MP.
Then BC/BS took that all away making them look directly into someones cubicle. Ouch, I’d bet that sucks and that they never saw that one coming. Maybe one of President O’s friends got caught up in that issue and it is why they are out to destroy those pesky health insurance companies today.
David, my initial analysis of the sales in 340 in 2010 indicate that only tier 06 units have consistently resold for enough to actually turn a profit after loss to rental parity in the bldg.
So, I will state that tier 06 units in 340 have exceeded the “success” of the break even sellers in Crilly Court. The bldg has seen plenty of losers in other tiers, though. Overall, not as good.
I need my daily dose of pessimism about anything in the future.
‘Ouch, I’d bet that sucks and that they never saw that one coming. ”
If they didn’t see it coming, they didn’t do their diligence. It was *well* known that BC/BS had built the building to enable expansion and that they had full pre-approval to do so.
BC/BS screwed buyers in Aqua, not so much 340.
“BC/BS screwed buyers in Aqua, not so much 340.”
There was at least one unit featured here (I think) that you could see the construction in the pix. There were relatively few 340 units that were affected, but they were affected in a big, bad way.
Still 340 is much cheaper to rent than buy in. I’m seeing 1244 sq ft north facing offered at 465k online ($430 assessments, taxes unlisted assume 6k). At a costs of capital of 5% you have 22,500 in funding costs on the unit plus $5k assessments/year and $6k in taxes works out to costs of ownership of $32,500 which would costs $30k to rent. Its negative carry, but not horribly so though the rental unit at that price is higher up and with a park view. If these 1 br get to $400k I’d consider them a great buy.
Anybody remember location location location? Old town has emerged as the best location in the city. Great nightlife, close to lake and easy to get downtown for work.
Anybody besides gardengirl
“Anybody remember location location location? Old town has emerged as the best location in the city. Great nightlife, close to lake and easy to get downtown for work.”
But that would be true of every building along Wells and all the SFH homes that are actually in the triangle and all the condos on Menomonee that they haven’t been able to sell for years.
“I don’t have the links anymore, but there used to be quite a few rental links for Crilly Court with apartments that were completely not upgraded”
All of the units were renovated to pretty much similar finishes (although there are always some extra upgrades you can get- like the backsplash, thicker granite etc.)
Some of them look different in pictures depending on where in the complex they’re located. The units on Crilly are in different buildings than those on Wells (which is what the picture is taken of in this post.)
30 W. Oak is up with exception of a few smaller units. All big half floor units up. And priced near rental parity. It’s unique, not a commodity product and supply/demand favorable. Like a Crilly Ct. for the upper bracket. They are out there.
Which quite frankly is not surprising given how well the upper bracket has done this recession.
Trump is commodity, prices down 30%. So there is upper bracket carnage. It really depends on supply/demand. Not that I disagree on a macro level with you.
The Ritz Residences are going up fast now on Michigan. Nice big floor plans but 1.2-1.4 million for a 1 bed?
Not so sure about that.
Matt check out the following
MLS #: 07532597
Yes I don’t get that. But I have been wrong before.
From what I’ve learned from sales literature, the 1 bedrooms start at/around 1 million plus parking. Big spacious units (like 1300-1500 1/1.5s) but the prices seem too high. It’s not really a “view” building.
What is a fair price for a trump unit nowadays? I would like to buy one around $450-500/sqft with parking. Possible?
re: Trump depends how big unit is and view. My client had a 3800sf one tied up for 2.3m last year but passed, it immediatly sold to next guy.
I haven’t seen anything noteworthy in that price range.
I’m looking at some of the 2750 sqft E units. There’s one at 1.8 and another that went under contract with the ask at 1.5
Yes, anything with space and a view below 550 seems to sell. Re: your strategy, if you can find one under 500/sf its a good buy. I doubt you will see sub 500 on a quality unit unless developer liquidates his inventory.
Back to Crilly court…
So they sold over the 2007 prices, but by what percent? It’s not like they made a killing. $32k on one, $28k on the other. And what percent annual appreciation does that equate to? Under 2%. Basically, covered their monthly assessments over time with a little left over.
This is a nice modest profit on solid properties in a good location. Like Goldilocks, not too high, not too low, juuuuussssst right!
Trump is a nice building/good views but I hate that every unit is almost exactly a like…Light or dark finish, more or less what they offered
also, ton of rentals/no cap, bothers my upper end clients. Working with one that is torn on 30 W Oak. Ideally, they want a water view but there aren’t too many buildings they feel comfortable in.
They didn’t like the Palmolive (even though I love it)
Is the realtor – Miner given credit here? Or was this one just so easy to sell anyone could’ve done it?
I think the dark finishes at Trump look very nice. The bathrooms are well done too though I would like a window in the room. Renters don’t bother me. I imagine anyone who has the money to rent at trump is not going to cause any major problems.
Back before Millennium Park was built, I remember hearing about the design of the BC/BS building allowing for future expansion. The structural components were sized to allow the extra floors, and the additional elevator banks were already in place.
Obviously, some people had this knowledge while others didn’t. But it would be disingenuous to suggest that everyone (including the developer) was taken by surprise.
Logan
While there appears to be some appreciation a Crilly Court, there is no profit. The realty fees are approx 5% of sale price. Plus transfer taxes and title fees, etc.
It’s not cheap to sell.
340 OTP is awesome BUT there is nothing around it yet unfortunately.
Old Town is great too AND will continue to get better given the Cabrini knockdowns. Watch in the future how “Old Town” gets extended west through Cabrini towards Seward Park and throughout and RN. Then we are going to have Downtown Old Town and New Town Old Town…ha
PS: little of topic but another Streeter was just approved – parking lot kiddy corner to 345 and 355…
This building does not surprise me one bit. Viewed it in 2006, but missed out and now am still thinking about what could have been. Had some friends who knew someone who had a few parties there and LOVED the entire vibe of Crilly Court. Great location and nice units. Truly making the city mix with the urban experience (nightlife/lake/downtown). Decent size rooms, nice finishes in the units. They also have a level on the courtyard level (the unit the party was in) that I was told was a decent price break from 1st, 2nd, 3rd or 4th floors. There for a courtyard walkout I believe you could get a 2br/2ba for under 400k. Might be a way to slip into a development like this 20% under everyone else. I dont’ know why you’d want to be on the fourth floor of a non-elevator building as well…
“30 W. Oak is up with exception of a few smaller units. All big half floor units up. And priced near rental parity. It’s unique, not a commodity product and supply/demand favorable. Like a Crilly Ct. for the upper bracket. They are out there.”
I agree Matt. There are a select few buildings with views or a certain style that buyers continue to pay for right now. But I would say it is just a handful- that I have seen. The bigger units in 30 W. Oak are definitely re-selling successfully. But they can’t give away the 1-bedrooms in the building (they don’t face south.)
Similarly- the 1-bedrooms in Crilly Court have not had many (if any?) successful resales. It’s those bigger 3/2 units priced around $500k that are selling for more in the complex (as we have seen.)
Is there any Chicago condo building where its cheaper (or even the same cost) to buy than to rent? Chicago condos are all still significantly overpriced!
Pete, there sure are but many of them that have this characteristic are also difficult to get financing on since they have such a high percentage of renters. So basically you need to be sitting on some cash to take advantage.
a-fed, interesting post script about the Streeter. any more info re: what is being proposed, and when it might go up? same developer?
notjustlooking – same type of building, ~45 floors, will block some views from 355 I think (just like 355 did to 345). If I can get more info like timing, press release, anything, I will distribute. Just from word of mouth from sub-contractor on the project.
I guess The Streeter’s are considered a success. I know I enjoyed living at 345, before that egg joint and when D4 just opened.
I still have a soft spot for streeterville too. Good people, easy access to lake, N Mich Ave, walk to Soldier Field (a bit of a walk). $$$$$ though.
thanks, a-fed. did some corporate housing time in 345 myself during my relo back to chgo. ended up buying in the neighborhood, so would be very interested in any add’l info you may come across on this.
Another Wells unit just went under contract in less than a week. I think it was 1708 and was listed for $525,000. No information on selling price.
There are other units for sale in the complex. A four bedroom, 1900 sf for 749,900 and a 3 bedroom, 1700 sf. Don’t know the price on the 3 bedroom.
30 W. Oak has a fishbowl quality to it.
“Another Wells unit just went under contract in less than a week. I think it was 1708 and was listed for $525,000. No information on selling price.”
Why would you have information on the selling price when it JUST went under contract? We’ll see in a month or two (or more) when it sells. This is in the Crilly Court complex. We have chattered about 2 of these in the past 6 months. Both were listed for $525,000. I think both sold for $495,000. This was more than they paid. (something like $475k in 2007.) It is one of the few buildings where they are selling for more than they paid in 2007. (breaking about even after costs though.)
Some of the other units in the complex haven’t been as hot- specifically the 1-bedrooms that are in the Crilly side of the building and the larger 3-bedroom units. I think that 3-bedroom unit currently on the market in the Crilly side might have one of the coveted parking spaces attached.
But people love the layouts in the wells street building. (the complex has several buildings with a center courtyard.)
Oh- we’re actually ON the correct thread.
Yes- those 3/2s on the Wells street side of the building continue to sell nearly right away despite not having parking and with them being walk-ups.
this one right?
http://www.redfin.com/IL/Chicago/1717-N-Crilly-Ct-60614/unit-3/home/26810275
Yes- this is the one I was thinking of. It looks like it has one of the 8 deeded parking spaces for the complex (where you park in the middle of the courtyard.) They only sold the parking spaces with the largest 3 and 4-bedroom units.
The Crilly units aren’t as popular as the Wells Street side units though. The building is different. There is something unique (and, in my opinion, cool) about the Wells street building.
what about eugenie terrace townhome? anyone know the vibe in there compared to crilly?
It’s the wells street premium. You simply get less for your money but a more prestigious address by being on wells vs on Schiller sedgwick willow
Eugenie has been around longer and the interior will likely need updating.
It also has more of a suburban office park feel. Chilly court has more a city feel. Without completely knowing the units that I saw in Eugenia were the larger townhouses so they felt more spacious and multiple floor living
Another Crilly Court unit that was a 3/2 also in the Wells Street part of the building just sold.
1708 N. Wells #2
Sold for $495,000.
So, given the 3 recent sales on these units in the Wells Street part of the building- the market is saying they’ll sell for $495,000.