Crilly Court Remains Popular: 1717 N. Crilly in Old Town
Crilly Court is a historic apartment complex consisting of several low-rise buildings in Old Town, some of which front Wells Street, which was converted from apartments into 90 condos in 2007.
The buildings sold out quickly because of the location and historic nature of the buildings.
Only a few parking spaces were available for purchase with the units (maybe about 8?) and they were outdoor spaces in the middle of the courtyard of the buildings. Parking was only offered with 3-bedroom units.
One of those 3-bedroom units recently came on the market at 1717 N. Crilly and is already under contract in less than 60 days.
Currently there are several other re-sale units also available ranging from a 1-bedroom to another 3-bedroom, 2 bath with the parking space at 211 W. St. Paul, Unit #3.
Is it the location, the finishes, or both that make Crilly Court hot?
Phyllis Hall at Koenig & Strey has the listing. See the pictures here.
Unit #2: 3 bedrooms, 2.5 baths, 1 car outdoor parking
- Sold in 2007 for $750,000
- Originally listed in March 2009 for $875,500 (parking included)
- Under contract
- Assessments of $412 a month
- Taxes are “new”
- Central Air
- In-unit w/d
I’m just in shock over the price of these places. PT Barnum was right.
$454/sf. Wow.
15 seconds of looking tells me the taxes are approximately $9,156 annually without exemptions.
The AV of 64,466 represents a market value of $402,913 at the legislated 16% assessment rate, and at $644,660 at the “real” rate of 10%.
Side note: Map on listing is DEAD WRONG. Sends you to south loop. Overpriced, and a crap job of listing it. Fail.
I dig that the redfin aerial shows River City, at least for now.
I’m in shock, too. THere must be something here that we can’t see.
Definitely doesn’t look like an $875k place.
been to a party at this building, its very nice.
Stevo is going to be all over this one……
Encouraging sign for the market. Good neighborhoods seem to be weathering the storm much better than the marginal ones.
Beautiful place with a beauitifully huge pricetag. Old Town is a great part of the city, but $750K and you’re still in a condo and still have to brush snow off your car.
When did ‘new’ taxes become an euphemism for very high taxes.
Its taxes and assessments like this that make me want to move Plainfield or Aurora; then I quickly regain my senses.
“Good neighborhoods seem to be weathering the storm much better than the marginal ones.”
As they always seem to do at the start of every downturn, everywhere. That’s a call even the SHill got right.
These assessments are actually VERY low for a three bedroom even though the building has no amenities to speak of. One bedrooms can run 800+
“$750K and you’re still in a condo and still have to brush snow off your car”
Heh. I’m sure the buyer would be thrilled with only $750k. You saved them ~$100k.
“Beautiful place with a beauitifully huge pricetag. Old Town is a great part of the city, but $750K and you’re still in a condo and still have to brush snow off your car.”
Don’t forget this is unit #2 and you probably have people upstairs stomping around… TOTALLY worth it!
Alright, I’m not defending the price of the sale here. Gloves down! I’m only mentioning that I’m very familiar with the development, the developer and their quality of work. The developer purchased the property through a vertical subdivision… so the retail space is still owned/managed by the previous owner… which likely keeps assessments somewhat reasonable.
Love this specific location and before berating the purchaser – let’s see what they paid for it rather than speculating and making fun of them for living in a nice condo conversion in a phenomenal area of town.
Awsome area of town, with not a ton of three beds for sale. High demand, low supply – huge price. But not shocking.
A friend of mine has a 1 bedroom in this building, and while it’s small, the finishes are really very nice. It’s a beautiful unit and a great building. The outdoor patios that overlook the courtyard are good-sized too. Parking is not that great in this area, though my friend parks on the street just fine. All that being said, I can’t imagine that it sold for the list of $875K.
Question about Old Town. Does anybody know those off the street, gated, brick lined condo’s on Wells just north of North Ave? If you know where Nookies is, you’ll know what I’m talking about. Thats about the only place I could imagine being worth $400+ SQRFT for a condo.
a – yeah, I’ve been in one of those and it was awesome in a completely unique, multiple level but still only one bedroom sort of way. Plus this unit had stained glass.
Wicker: I’ve never been in them but they seem awesome. I think their streetlights are still gas lanterns.
Location Location Location. This is true Old Town, not that south of North Ave bs “Old Town”. You can’t hardly touch a single family home in this part of Old Town for under a million. Right now you can pick up a row home on Eugenie for $1.6, down from $2 million, and it isn’t even clear if it has parking. The only other houses on the market are upwards of $3 million. The cheapest single family home that has closed in the past 2 years was $905,000 in 2007, and it was only a 6 room 2/2.5 with a 1 car garage underneath the house. Taking all of that into account, $875k for a larger 3 bed condo with parking isn’t all that crazy. Most buyers in the “nicer” areas of the city would live in this area if they could afford it and if there was more supply.
Also, on the actual listing there are a ton more photos, they just didn’t all make it to the third party websites apparently. It has 3 beds plus a den, says it was originally a 4 bedroom. The listed square footage is 1930, which is larger than many of the single families in the area since the area is landmarked, which makes it hard to expand a home and next to impossible to knock one down to build a new one.
JC: Why do you think 334 W. Menomonee has had a difficult time selling then? (As compared to Crilly Court and other units in the area).
That building is historic and truly in the Historic Old Town Triangle. It too has location, location, location.
Do you think it’s simply the lack of parking?
334 did not sell because the layout of the units were awful. The whole build felt cheap.
On this property. Buy smart and you will make lots of money owning real estate. Ask the seller what he is doing with his proceeds? I love how Sabrina finally pciks up on a profitable sale. They are all over but just never featured here.
Well, lucky seller. In this market…my left brain says that if i wanted to live in old town…i’d rather rent a big 2-br in 1660 LaSalle (from an owner) or Eugenie Terrace than this place w/o elevator and indoor parking or any package room/door man. (Fine, no w/d in unit but those bldgs keep their w/d rooms decent). If you sell w/in 5 yrs, renting would win financially (add in transaction costs on an 875 place…). Of course there is the right brain “pride of ownership” still out there in our culture…so for pure ego, I might just have to “own” (aka let a bank allow me to live in a place that they own.) Obviously the buyers have a lot of money so I’m sure they’re not worring about 100k here or there that they will probably lose… kudos to them.
Regarding the surprisingly high sale price, I have another theory, based on personal experience. Two decades ago, I moved from NYC to Chicago, and bought a LSD/Gold Coast condo. I was stunned by mid-80s low-pricing of units, and remember touring units and thinking that everything seemed bargain priced. Market was sluggish at time, and I bought a unit for less than seller’s mortgage balance, at about 75% original conversion price.
This buyer could also be transplant from a more expensive housing market such as NYC (or London, for instance), who’s been relocated to Chicago, who feels that comparitive prices are far lower than buyer’s former location. Same buyer would be attracted to this Old Town location, given it’s density, architecture of character, and sense of 24-7 neighborhood vibrancy. “Overpaying” is comparitive.
And a seller only needs one buyer. Personally, I’m shocked by the asking price, and equally stunned that the unit (which seems plain vanilla in the photos) is under contract.
Architect – Agree with your theory. I too came from NYC (three years ago) and was shocked by the affordability of Chicago housing. I was very close to making an impulse purchase because I could get twice the space for half the price (compared to Manhattan). Unfortunately, there will always be a few cases like this…and then all the agents will use them as “comps” to justify their ask prices.
By the way, I looked at a unit in this complex and it was very nice. Just over priced.
I was in that unit for open house – and other unit which is still on the market.
This unit was owned by Italian couple and they did a great job decorating it. Unit looks much-much better in person and has that European feeling that lot of Americans might be attracted to. Apartment is huge – it’s actually 4 brm converted to 3 brm with lot of natural light. Plus this is one of the few units with parking. I didn’t like common areas – entry way and hall – looked like in cheap rental. Price is crazy too especially considering 2007 price – I’m wondering what it finally sold for.
I disagree with the person that says that south of North Ave. is a BS part of Old Town. In fact, that area IS the true Old Town that has shifted dynamics may times throughout the decades. It is somewhat less pretentious than other parts of the neighborhood and offers properties that are off the main strip of Wells and the drunken Chads and Trixies on the weekends. While this is a great property, it still does not beat having a detached single family house on Wieland, North Park or even Orleans Streets at a comparable price.
Sabrina, I think 334 didn’t sell because of the layouts, like the other poster mentioned, and the lack of parking. They were asking a huge price for subpar units with fancy finishes. That worked 3 years ago but not anymore. This Crilly Ct condo has more square footage than many sfhs and townhomes in the area and costs less.
” think 334 didn’t sell because of the layouts, like the other poster mentioned, and the lack of parking”
Also, remember that the #1xx units were all half below-grade, and many of the other units faced north into a very nearby building. Didn’t *all* of the “desireable” units (i.e., 2d floor and up, facing the street) sell?
334 is also much further from rental parking whereas Crilly has some rental parking nearby, I agree 334 has terrible layouts and I also think it lacked any real outdoor space (or the outdoor space was above where the dumpster was located).
I am surprised Melrose Partners who is developing 334 is still afloat.
not going to argue what is “real” old town and what is not “real” old town, but I have lived and owned in old town on both sides of north and they definitely deel very different on a day to day basis. Another thing noone has mentioned is that this area of old town also has access to lincoln elementary, whereas old town south of north does not. Being able to send your child to a good school carries a real value. We liked the Old town area very much and when we were looking for a larger place (3-4 bedrooms with a den/family room and a living room) there was not a lot of options in the old town area, and of those options, most were either (a) below grade duplex downs or (b) 3-4 level townhomes.
Sorry, meant to type “feel” not “deel.” typed a little too quickly.
Per Redfin, it closed at 837k.
I would agree that if you have a place on Wieland, North Park, etc. south of North Ave, you are in a nice part of Old Town. Being north of North Ave is great if you want access to LP Elementary for kids.
FWIW I have no fundamental objections to duplex downs. 6 on one hand a dozen on the other. With a duplex down if you have kids, its easy to get in and out from the 1st floor. On the other hand you have below grade space which can be great or horrid depending on how you do it – kinda of like a basement. With a duplex up, you probably have the top floor and maybe even a roof deck. But then in the 4 floor buildings we are talking about, you are then climbing stairs.
I’d love a SFH in Old Town. I’m not sure though if I want to pay for it.