Gaslight Court 2-Bedroom in Old Town Under Contract: 1407.5 N. Wells
We chattered about this 700 square foot 2-bedroom unit in the historic Gaslight Court at 1407.5 N. Wells in Old Town in February 2009.
See our prior chatter and pictures here.
Since then, the unit has been reduced by $6,100.
It is now under contract.
Ken Marier at Sudler Sotheby’s Realty has the listing. See more pictures and the listing here.
Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet
- Sold in January 2002 for $190,000
- Was listed in February 2009 for $256,000
- Reduced
- Currently listed for $249,900
- Under contract
- Assessments of $234 a month
- Taxes of $2616
- Central air/Spac Pac
- Washer/dryer
- No parking
- Balcony
With no parking in this neighborhood I bet the price was negotiated down and the place sold for 225k.
Tiny, but you can’t beat the location.
I still can’t figure out the bathroom layout. The picture makes it look like the shower is smaller than the ones on cruise ships.
Are you saying the value of parking is 1/10th of the total value of an apartment?
The problem with a unit this small is that you outgrow it pretty quickly. To each its own but I would rather buy a townhouse in the suburbs for 250 or wait a couple years until I can get something larger in the city. Perfect location but this purchase seems like the typical 20 something that bought a very average place just to say they own.
“I would rather buy a townhouse in the suburbs for 250 ”
Get ready for the urbane howls lauren. Such a statement often elicits a strong reaction from the CC peanut gallery.
Brad-
There are multiple units whose parking spot are 10% of condo price. Especially in RN where a unit can go for 280K and the parking spot can go for 30K
“Perfect location but this purchase seems like the typical 20 something that bought a very average place just to say they own.”
Or someone who’s using it on weekends or one week a month or whatever. Anyone who bought it to live in full-time is kinda nuts, imo.
“Are you saying the value of parking is 1/10th of the total value of an apartment?”
Yes?
If you buy a 500k condo, would you not want 2 parking spaces, preferrably garaged? That’ll cost you at least 50k depending on the hood.
If you buy a 300k condo, a garaged parking space typically runs 25-35k.
Obviously prices on parking vary from location to location, from lot to covered, etc… but typically yes, it costs about 10% of the purchase price of a condo.
I understand that is how parking was valued before, but given the general nature of the people on this site, I am surprised we are still valuing parking the same way today as we were before the crash.
“I am surprised we are still valuing parking the same way today as we were before the crash”
Why would the ratio change? If anything, it would probably go up (i.e., parking = 11-12% of price), as parking taxes have increased substantially, making substitution more expensive.
There’s one thing that will never be an issue in the city, an “over-supply” of parking (like there currently is with condos). Have you tried parking in the city lately?
With the insane raise of meter prices, the department of revenue gestapo and the popo on your nuts 24/7 its amazing that every condo ever built doesn’t have a space.
Parking spaces are still as valuable, if not more valuable today than they ever were.
“Have you tried parking in the city lately?”
Nope, I don’t have a car.
Sonies- Do you think parking will remain as valuable as it was during and before the bubble? Between the parking Gestapo (lmao), the ticket whores in their neon outfits just waiting for prey and all the bad drivers pimping my ride (and not in a good way) at least once a month, I don’t think having a car in the city is what it used to be. When I first moved downtown, not that many stores were delivering. Now they all do. I think more and more people will start to look at the cost vs benefit of having a car which will slowly drive down the demand and therefore the price.
I live in Old Town (right around the corner from this place actually) and I have to say, zoned street parking isn’t much of a problem. In fact, I can’t remember a time when I couldn’t find a spot. There’s always space on N. Wieland and worse comes to absolute worst, one block over on North Park.
This is way too expensive though. $350 per sq ft., even in Old Town is crazy.
I agree there, as I am also a “car free” person, but I would have never bought a place that didn’t have a nice, safe, parking space. For friends/family, or for rental income which is what I plan to use it for.
We will see if auto manufacturers will continue the trend of smaller more fuel efficient vehicles. Those are far more useful in large cities, but with the way the commie bastard city of Chicago is headed with all the nickeling and dimeing (or Jacksoning) people to death that own cars, it wouldn’t surprise me if others like myself just said fuck it and traded in their cars for good.
There is still a pretty big shortage of parking compared to demand in the city, so we’ll see. You do bring up good points. I remain bullish on parking however 🙂
I would certainly be a car-free person if I didn’t leave Chicago very often. But I visit a lot of people in neighboring cities and states so a car is necessary. As a side benefit it’s nice to stop at a store on the way in/out of the city and stock up on things without paying insane Daley/Stroger taxes.
I saw this unit when it first came on the market and wasn’t surprised with the price reduction. Also, wouldn’t bee too surprised on the list price and if it went for that much.
Sure the 2nd bedroom small has the washer an dryer in the only closet and the bathroom is tiny, but perfect scenario for a parent buying his kid who just graduated from college his first place in the city. The 2nd bedroom could be rented out to a roommate. There are plenty of students and new grads living with roomates in much more expensive two bedrooms. They just shouldn’t expect to sell the place at the same price unless they are targeting students or the single person who only needs one bedroom and a smaller office/storage space.
Oh jeez the sales tax is only 3% HIGHER in cook county! But the comrades nickle and dime you to death far more than that if you own a car in the city.
Chicagoians are lucky it’s only sales tax. At least you have the option to consume less.
Try living with the property, income and sales tax of Jersey plus the higher cost of living and then you have something to complain about.
“Oh jeez the sales tax is only 3% HIGHER in cook county! But the comrades nickle and dime you to death far more than that if you own a car in the city.”
Only if you’re not careful. I pay for a spot to avoid the gestapo mostly, but all in costs of car ownership excluding depreciation, gas and car payments are ~3k/year. About $8/day. Not terrible provided you are careful.
They will jack it up if you park anywhere aside from your assigned spot and aren’t extremely careful.
For any large purchases I use the internet and pay 0% sales tax. Although in this economy large purchases are exceedingly rarer each year it seems.