Hottest Market Ever? A $1.5 Million Bucktown Penthouse Went Under Contract in Just 9 Days
This 3-bedroom penthouse in the Urban Sandbox at 1615 N. Wolcott in Bucktown came on the market in early June 2015.
If it looks familiar, it’s because we chattered about this unit in May 2012. See our chatter here.
Back then, it was listed at $1.2 million.
Many of you wondered how Bucktown could support a $1.2 million penthouse in a 4-story midrise building.
The Urban Sandbox is an 8-unit mid-rise modern building with an elevator which was originally marketed in 2007, just before the bust hit.
The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.
See the architect’s website here.
The penthouse is 70 feet wide and has a 490 square foot wrap around terrace as well as a 500 square foot rooftop deck with a hot tub and sauna.
It has 10 foot ceilings and floor to ceiling windows.
The kitchen has Arclinea cabinets with Subzero and Miele appliances.
It also has 2-car garage parking.
This unit ended up selling for $1.085 million in August 2012.
It came back on the market this year listed at $1.5 million and went under contract almost immediately.
After Lincoln Park, is Bucktown now the most prestigious neighborhood in the city?
Unit #402: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage parking
- Sold in August 2009 for $1.1 million
- Was listed in May 2012 for $1.2 million
- Sold in August 2012 for $1.085 million
- Originally listed in June 2015 for $1.5 million
- Under contract in 9 days
- Assessments now $491 a month (they were $379 a month in 2012)- includes water
- Taxes are now $14371 (they were $17,522 in 2012)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×19
- Bedroom #2: 11×15
- Bedroom #3: 11×10
people looooooove these Ranquist properties
Wow, this might be the most outrageous purchase I’ve seen yet (provided they paid anywhere close to list price). Who in their right mind would pay $1.5M for a condo in this location? You can get a beautiful brand new construction SFH for this price in many more highly desirable neighborhoods than this. Either there is some mortgage fraud going on here (totally possible) of this seller truly won the RE lottery here and found the ultimate ‘greatest fool’. Time will tell.
A house on my block was listed yesterday and under contract by the end of the day. Place looks like it needs about $50k to move in (needs new kitchen and 2 baths), and another $50k to make it really great (add central air, install a paver/stone patio and update fences in backyard, paint interior, finish basement). But I’d say that they listed about $50k too low, even taking into account the needed updates.
“Hottest Market Ever”
For the rich? Yes.
anonny, where do you live?
Somebody better tell these people: http://www.chicagobusiness.com/realestate/20150730/CRED0701/150729774/debt-woes-ease-for-homeowners#utm_medium=email&utm_source=ccb-dailyalert&utm_campaign=ccb-dailyalert-20150730
Is Bucktown the most prestigious neighborhood in the city after Lincoln Park? That area of gilded workman’s cottages and busted auto glass curbside wouldn’t even make my top ten.
http://www.wsj.com/articles/SB10001424052970204422404576596630897409182
Why Companies Aren’t Getting the Employees They Need
The conventional wisdom is that our education system is failing our economy. But our companies deserve a lot of the blame themselves.
“Why Companies Aren’t Getting the Employees They Need”
Why is this article relevant today? It’s from 2011 when the job market was completely different than today’s job market. Unemployment was still at 9%. Those without a college degree still had double digit unemployment levels. Today it’s like 7%. Only those without a high school degree are really suffering (not surprisingly.) But that is always the case if you don’t even get the basic skills.
There truly ARE shortages today. The article talks about how employers are being too picky. Yeah- in 2011. When there were still an abundance of workers.
Take construction workers. Have you tried to get anything done to your house where you needed skilled labor? You’ll have to wait- maybe months. That’s the demand right now.
In other areas, like welders, there are, simply shortages. Much of that has to do with the Baby Boomers FINALLY starting to retire en mass.
“You can get a beautiful brand new construction SFH for this price in many more highly desirable neighborhoods than this”
Bucktown is probably the hottest, most desireable neighborhood in the city. Although I’d much rather have a 1.5m house there than this condo.
“Bucktown is probably the hottest, most desireable neighborhood in the city”
That is pushing things a little too far I think. Bucktown is no where close to being as desirable as Lincoln Park. Crime remains much higher in BT and prices are no where near that of LP (excluding this over priced property)
“That area of gilded workman’s cottages and busted auto glass curbside wouldn’t even make my top ten.”
Those updated cottages are in huge demand. This place was under contract in 3 days and sold for $35k over list. And it was already priced on the high side.
https://www.redfin.com/IL/Chicago/2117-W-Homer-St-60647/home/13356216
Bucktown is in the top 5-10 range of neighborhoods, definitely not the hottest definitely not number 1
I prefer to look at this from a data perspective – no surprise. Hottest could mean the most sales activity or it could mean the greatest change in the price of homes being sold or would it be where all the new construction is? Desirability should be measured by price. If you look at desirability (price) by community area you would see The Loop/ Near North Side at the top of the list, then Lincoln Park, Lake View, North Center, and then West Town. The problem with looking at this in terms of community area though is that the community areas are pretty big, encompassing a lot of neighborhoods. For instance the eastern part of Logan Square is very different than the western part.
Bucktown’s housing stock is vastly inferior to many north side areas, that alone will always keep it a second tier ‘hood to me.
???
Bucktown is mostly new construction, knock-downs galore.
PS I’m no fan of Bucktown, but still, go on the the Bloomingdale trail and you’ll see it all new construction.
I’m still amazed when you hear of some new boutique opening its “first store outside of NY”, as if Bucktown could actually support Upper East side Manhattan type shoppers.
PS I mean do Stan’s donuts or Big Star taco eaters have that kind of cash or inclination to dress up and pay? I went the the Wicker Park fest and it was scummy folk.
the preponderance of as*holes on this site is staggering.
“PS I’m no fan of Bucktown, but still, go on the the Bloomingdale trail and you’ll see it all new construction.”
This isn’t a good thing. Bucktown is trying (and failing) to not become the next Lincoln Park in terms of new construction/tear-downs.
“I’m still amazed when you hear of some new boutique opening its “first store outside of NY”, as if Bucktown could actually support Upper East side Manhattan type shoppers.”
But yet they still choose Bucktown over LP, LV, and sometimes RN (Mag Mile). Geez, wonder why.
Bucktown is mostly smaller workman’s cottages and newer cookie cutter, all on narrow lots with minimal front yards. While some blocks are quite charming, overall that isn’t very appealing. Sure there are exceptional properties here and there but that is the norm and it feels much more like a compromise neighborhood than a destination one would aspire to live in to me.
“all on narrow lots with minimal front yards”
btown lots are short, not narrow. 25×100 is the typical lot w of damen. there are a lot more standard chicago lots (25×125) e of damen (and maybe s of armitage, have never really looked at place in the ne corner above damen/armitage).
more $1.5million condos coming to bucktown. and it’s a crappy location…
http://www.dnainfo.com/chicago/20150806/bucktown/million-dollar-mansions-sky-rising-near-kennedy-ramp-bucktown
Fun fact about this property:
The new owner has spent the last YEAR + doing extensive renovation. It has been a nuisance to the other penthouse that occupies the fourth floor, as well as the 3 units on the second and third floors underneath. There were constantly workers in and out of the unit until recently, and word has it that about a month or two ago, it was basically still stripped down to the studs inside.
I guess they paid for the view, which from the great room, is an unobstructed skyline view, and from the roof, is the skyline centered on a horizon that stretches from north Lakeview to probably South Loop.