Does Crilly Court Still Have The Magic? A 3-Bedroom at 1708 N. Wells In Old Town
This top floor 3-bedroom in Crilly Court at 1708 N. Wells in Old Town just came on the market.
Over the last few years, owners in Crilly Court have been some of the few that have either made money or broke even on their 2007 purchases. (The buildings were converted into condos in 2007.)
At 1507 square feet, this unit has two fireplaces but none of the other original historic features.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
It has a balcony that faces the internal courtyard.
The unit has central air, washer/dryer in the unit but NO parking.
The property has come on the market for $78,000 above the 2007 price at $539,000.
Will Crilly Court have the magic touch again?
Can this location command over $500,000 for 1507 square feet without a parking space?
Mira Kovacevic at Coldwell Banker has the listing. See the pictures here.
Unit #3: 3 bedrooms, 2 baths, 1507 square feet
- Sold in July 2007 for $461,000
- Currently listed at $539,000
- Assessments of $310 a month
- Taxes of $4750
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 12×17
- Bedroom #2: 11×13
- Bedroom #3: 10×15
Contender for the worst pictures ever. Lysol on toilet? Empty wine bottle on deck? Dark dingy hallways. This broker should be ashamed at this price point and were I the owner I would be very unhappy indeed.
Kate – that’s just the beginning. The listing text is horrid too. “2bdr/2bths + Dan”. Is Dan the Islander mentioned later?
Whoa, is PVC furnace exhaust safe/legal?
Kate – that’s just the beginning. The listing text is horrid too. “2bdr/2bths + Dan”. Is Dan the Islander mentioned later? Is it ok to list a 2bd+den as a 3 bed?
Whoa, is PVC furnace exhaust safe/legal?
The technical issues with CC are becoming a real impediment to me wanting to go to the site. I know Sabrina is working on it and I wish her lots of luck. Every time I try to access, it’s either a long, long wait or I’m told there’s a technical problem and the site won’t open.
Based upon the pictures, clearly there has been at least 100k of work done since 2007, I mean like… oh nevermind
Dan #2
-I’m also experiencing those issues. To thumbs-up or thumbs-down a comment takes 2 minutes.
3 BR in 1500 sq ft? What is this….CHINA?!?!
“Whoa, is PVC furnace exhaust safe/legal?”
Yep. For the most efficient furnaces, it’s almost the *only* option, as there isn’t enough ‘draw’ to not have condensation, which would quickly rust thru metal venting.
Yuck. The one in Lincoln Park from earlier today is FAR better. People seem crazy for Old Town though, so maybe this will sell for ask.
As for the PVC piping, if the furnace is one of the newly mandated 90% efficiency furnaces, the PVC pipes are what’s used.
” Is Dan the Islander mentioned later?”
No, I think they were the two participants in the “2007 condo conversation in historic Crilly Court building.” I kept looking for the link to the audio, to find out what about a 6 year old conversation was so interesting.
“Does Crilly Court Still Have The Magic?”
did it ever really loose it? just like 340 OTP it just defies logic
The listing text also made me wonder. Should Sabrina change the name of Crib Chatter to “condo conversation”?
“Can this location command over $500,000 for 1507 square feet without a parking space?”
Who knows. I imagine that they’d love to close for roughly 10 percent below list, i.e., somewhere in the $480’s. Given that they’ve been paying on it for nearly six years, assuming they haven’t done anything funky with mortgages, $480k would allow them to leave the closing with a check reflecting their entire 2007 downpayment and maybe a little extra, after costs. Or perhaps they’re actually willing to go well into the mid-$400’s, but want buyers to be excited about what an amazing deal they’re getting.
The unit looks a little cramped and it’s nothing fancy in terms of finishes (neither of which is helped by the photo quality), but it’s not east to get 1,500 ft in that location for much less than the mid to high $400ks. That said, if someone sees this unit and seriously considers paying $480k, we’d consider parting with our place for the same (but they’d have to be willing to make due with just two bedrooms, albeit in a bigger, brighter place with a powder room and a garage space, in an (arguably) comparable location (certainly walkable to Crilly).
question off topic. if comps for a place are about 375k and you ar elisted at 399k, would you lower the price to 389 to get more people in the door or do people wnat a “deal ” in this market
you’re an idiot if you can’t choose a listing agent who takes pro pictures. make your own assumptions about what kind of listing agent I think you are.
Thank you for mentioning that the thumbs up/thumbs down is taking 2 minutes to load. I’ve isolated the problem witht the site to the comments – so that is probably what is causing the slowdown.
I’ve deactivated that feature so let’s see if that fixes it. If it does- I will contact my site designer to come up with a different plug in that’s not going to shut the whole site down but does the same thing.
everybody wants a deal but don’t expect to buy for any less than 10% off list. the cartel enforces that rule vigorously.
There’s no longer any deals in the GZ in the city. This is primarily due to lack of inventory but if we look behind it it makes sense: most GZ properties in the city were for people at a certain life-phase. What the Fed+Gov has managed to do is arrest the decline in asset values via interventionist measures over a long enough period that its now longer than many people want to live in said properties (now going on 5-7 years). This instills confidence, and for those unable to sell at a gain they can rent at near cash flow+ levels, or small enough losses to cover. The hoodwink worked. At least in the city.
I don’t expect it to last in the suburbs at all and part of the reason is the suburbs is a more competitive market, and even with a severely restricted inventory there’s so much more of it and facing the huge demographic headwind of boomers downsizing. I still think non-GZ hoods and the burbs are going to suffer from overall macro-trends: increased debt levels & stagnant wages for the 98%. Yeah the Fed can inflate the stock market and that might help the top 3-9% somewhat, but not nearly as much as those at the top and it’ll be more muted for younger ones who don’t already have 500k+ already in the market.
The python-like constriction in inventory has convinced me the market can be indeed manipulated at the very local level, whether by government or hedge funds/REITs buying up bulk unsold units, etc.
Why wouldn’t this sell for ask?
Mortgage rates are lower than in 2007 and in 2007 Lincoln Park had ~800 units on the MLS at any given time. Nowadays it’s 312.
Want crazy? In 2007-2009 the South Loop had ~1,100 properties on the MLS at any given time. Today it’s 112.
So long as these inventory levels stay this depressed I could see a return to peak pricing in the GZ. The flood of foreclosures from the banks never came onto the market. The mysteriously unquantifiable “shadow inventory” remains as mysterious as “dark matter” and “dark energy”. The flood of foreclosures never came to fruition.
Sabrina,
Thanks for doing that but it’s still taking way too long for comments to load.
I’m getting the site up almost instantly and I’m able to respond to your post in real time Dan #2. What more do you want?
But I’ll have to see it when it’s under peak viewing times. If it doesn’t improve soon I’ll have to shut the whole thing down.
By the way- I think the plug in causing all the problems WAS the thumbs up/thumbs down one.
I hope Crilly Court continues to do well as part of Old Town – personal bias
Unit Commentary:
Take better photos; some staging would help.
Look pretty much like standard developer finishes.
In the 1500 sq.ft. units, they are ideally 2 bd + Den with the Den open to the living area. If you close off the Den and mostly make a bedroom (window? not going there), the feel becomes even more rabbitt warren style.
I’m guessing this unit doesn’t have the parking?
Building comment:
I wish the common areas were better.
Location:
Can’t beat it.
oh – since there is no wiki.
Does groove rage against the purple walls? or just red ones?
“I’m guessing this unit doesn’t have the parking?”
Only 8 units in this complex got one of the outdoor parking spaces in the courtyard. They were all sold with the largest, most expensive units in the building. This unit wasn’t one of the largest or most expensive.
What was the sq. footage of the largest units with outdoor parking?
“What was the sq. footage of the largest units with outdoor parking?”
It varied. They were “true” 3 and 4 bedroom units. I think some of them were over 2000 square feet. They weren’t in the building on Wells but in the other buildings. We’ve even chattered about one or two of them over the last few years. You could probably search CribChatter and find a few of them.
“I’m getting the site up almost instantly and I’m able to respond to your post in real time Dan #2. What more do you want?”
i have been having the same issues as dan for a long time, lately its worse and even with the thumby thing gone it is only a smidge better
even with the thumbs up / thumbs down gone, the site is still just as slow
Bob bloviating again? I am shocked, shocked I tell ya. But facts prove you clearly wrong again Bob.
I just looked up closings in past 30 days in my sub’n SFH submarket in range betw. $380K – $450K. There were 3 closings in past 30 days, the traditionally slowest period for closings. SFH #1 was listed for $429K on 12/11/12, cp in 2 days & just closed for $445K (no, not a typo Bob – it sold above ask. Clearly as a result of action(s) of people less smart than you huh?). SFH #2 listed for $442K 12/6, cp in 5 days & closed for $430K; #3 listed 11/29 @ $409K , cp in 7 days closed @ $400K. Currently 12 SFH’s are listed in same price range of which 6 are pending. So some suburban SFH submarkets appear smoking hot while admittedly at much lower prices than 5-8 years ago. Still despite what you want to be true, qualified prospective purchasers were very actively buying sub’n SFH in November and December .
the site is working perfectly for me now.
“Bob bloviating again? I am shocked, shocked I tell ya. But facts prove you clearly wrong again Bob.
I just looked up closings in past 30 days in my sub’n SFH submarket in range betw. $380K – $450K.”
My “facts” were forward predictions. Something an imbecile like you can’t quite comprehend. Don’t worry, your bland suburb will start to take valuation lumps, just as soon as the reigns are tightened on FHA financing. No more 410k loans with 20k down to help those properties sell for 430k = boom, bottom drops out.
Here is a link to a condo in the same building, same layout. As you will see, this place just needs some TLC (painting) and some decorating…one of the nicest places in the old town. Here is the link:
http://www.atproperties.com/homes/brokeradmin/IL/CHICAGO/60614/1708_N_WELLS_Street/AGTE-4815-140059/index.html?frm=agt&aid=140059
The living room/kitchen layout on these is strange. In both of these units, the “living room” isn’t being used. Is it because it’s too narrow to even put a couch? So what’s the point? Why not rip out that kitchen island so this space is livable?
A nice size sectional fits in the living room in these units with plenty of room to spare. The kitchen island has a nice wine cooler installed and adds additional seating for the room with a couple of barstools attached.
This one screams a seller who won’t agree to a sensible list price and an agent who won’t do work or spend money on it because it won’t sell for what the seller will accept.
I’m a 26 year old young professional who is starting to debate buying vs renting. This location is ideal for me, and looking at the numbers the ask price almost makes sense. I cant afford it by myself, but 2 roommates makes the monthly payment look very attractive at around $3,000 / month including taxes and assessments. I feel like rent in most Old Town apartments are easily above $1,000 / month.
Anyway, glad to listen to older, wiser advice. Just wanted to share my data point as someone who is a potential buyer of these type of properties.
Looks like a sale pending on this place