Impeccably Renovated 2/2 with Parking and City Views in Old Town: 1429 N. Wells
This 2-bedroom in 1429 N. Wells in Old Town came on the market in February 2023.
Built in 1999, 1429 N. Wells is a boutique elevator building with 30 units and garage parking. It doesn’t have door staff nor amenities.
The listing for this unit says it has been “impeccably renovated.”
It has south facing windows and balcony with city views.
The kitchen has custom white cabinetry with a blue peninsula that seats 3 along with quartz countertops, a Carrera marble backsplash, and “top of the line” stainless steel appliances including a hood over the stove.
The primary suite has a walk-in-closet and an en suite bath with a double vanity, steam shower and high end finishes and fixtures.
The second bathroom has been updated with Cle tile handmade Moroccan tile and Carrara marble flooring.
It has a wood accent wall in the foyer/hallway.
This unit has the finishes buyers look for including central air, washer/dryer in the unit, a heated parking space and storage.
It’s in the heart of Old Town near dozens of shops, restaurants, coffee shops, the Fox Trot and the new Dom’s Kitchen & Market.
Buyers love “new.”
Listed at $750,000, does this renovated unit have it all for buyers in 2023?
Margaret Baczkowski and Julia Wrzosek at @Properties Christie’s have the listing. See the pictures and floor plan here.
Or see it at the Open House on Saturday, March 4 from 11:30 to 1:30 PM.
Unit #603: 2 bedrooms, 2 baths, 1361 square feet
- Sold in September 2001 for $452,500
- Sold in June 2004 for $525,000
- Sold in October 2018 for $675,000
- Currently listed at $750,000
- Assessments of $601 a month (includes snow removal and scavenger)
- Taxes of $12,311
- Central Air
- Washer/dryer in the unit
- Heated parking space included
- Storage included
- Bedroom #1: 12×19
- Bedroom #2: 11×13
- Living room: 16×15
- Dining room: 17×7
- Kitchen: 12×10
- Foyer: 6×10
- Walk-in-closet: 5×9
- Balcony: 15×5
Nice place. We looked at a 2/2 in this building in 2010. It was tempting, because most places we were looking at didn’t have one or more of parking, w/d, or outdoor space, but I recall it seeming a bit cramped.
“September 2001 for $452,500” + CPI = $759k
This building was hella expensive in ’01. Kitchen+baths *way* nicer now, even relative to comps.
“June 2004 for $525,000” + CPI = $828
Bubbly sale there.
“October 2018 for $675,000” + CPI = $798k
Ooof. And with quite a few $$ put into the unit since then.
It’s nice, but pretty compact for ~$5500/month–that’s $4+ psf (and a $150k ‘security deposit’) in a *zero* amenity building.
It is nice but not $5800/mo nice. “Welcome to the epitome of luxury living”. LOL, nothing says “epitome of luxury” like no amenities or building staff.
Why does anyone (other than a recluse) want a Mbr = LR in terms of sf?
The wood wrap looks dumb
“Why does anyone (other than a recluse) want a Mbr = LR in terms of sf?”
How else do you hide all your crap when you have guests over?
the deep bench in the primary shower seems like such a waste of space. could they have just built a normal depth bench then a linen closet. maybe they wouldn’t need that extra piece of furniture in the bathroom.
“Epitome of luxury!” Talk about Realtor-speak.
I’ve seen condos at 2430 N. Lakeview and in the Ritz Carlton. Much more luxurious. And I agree – this place has no amenities.
“the deep bench in the primary shower seems like such a waste of space.”
Not if you want to lay down in your steam shower like a beached manatee!
I think the deep bench is because they have a steam shower, perhaps so they can lie down? Looking at the floorpan there is a a closet behind the door in the primary bathroom. But yet, you shouldn’t need an extra cabinet like they have. Who really knows what’s going on there.
“Not if you want to lay down in your steam shower like a beached manatee!”
well there’s no bathtub so you gotta make it work somehow lol
contingent
“contingent”
Thanks for the updates Madeline. People love renovated units. They don’t want to do anything.
Unit 703 closed for 675K on 3/14
Unit 603 close for 742K
That’s just $8k under list.
So, apparently, this completely renovated unit DID have what it takes to get a buyer near full price in 2023.
People want “new.” And they’re willing to pay up for it.
” this completely renovated unit DID have what it takes to get a buyer near full price in 2023.”
And they could have gotten over “full price” if they’d listed it at $600k.
“October 2018 for $675,000” + latest CPI = $809k
And how much did they spend “completely renovating” it? There’s $67k in gross proceeds, and likely over $10k spent on just appliances.
“And how much did they spend “completely renovating” it? There’s $67k in gross proceeds, and likely over $10k spent on just appliances.”
Who cares? That wasn’t the original chatter. Once again, the chatterati got it completely wrong. As they always do.
The discussion wasn’t on whether the owner was going to make money. It also wasn’t on the CPI (because no one cares about that either.) It was whether they would get that price for that square footage. And they did.
Sizzle.
“Who cares? That wasn’t the original chatter. Once again, the chatterati got it completely wrong. As they always do.
The discussion wasn’t on whether the owner was going to make money. It also wasn’t on the CPI (because no one cares about that either.) It was whether they would get that price for that square footage. And they did.
Sizzle.”
I care about CPI and making money
Were you drinking when you posted? There’s 1 posts discussing the value of this property
“That wasn’t the original chatter.”
Uh…
““October 2018 for $675,000” + CPI = $798k
“Ooof. And with quite a few $$ put into the unit since then.”
Right. The original chatter was that they would never get the $750k. But they did.
Your constant drumming about CPI is just dumb. No one cares anon(tfo). Chicago real estate has appreciated between 1% and 3% on average. During high inflationary periods, it’s going to be below CPI by a LOT. Duh.
Throughout the entire 1980s and 90s, Chicago real estate was well below the CPI. It went 5 years in the 1980s flat while CPI was running above 5%. Lol.
“I care about CPI and making money”
No you don’t. You have lived in another state for decades and, for some reason, you only care that Chicago is doomed and going down and that it sucks. But, ironically, Chicago has boomed during the entire time you have been on this blog maligning it and it’s one of the few cities that actually has not just 1 big development, but 3 major billion dollar developments.
Lol.
By the way, anyone else see the news that they are building a multi film studio compound at the old Marshall Field’s warehouse site on Diversey?
They have already started construction after obtaining $250 million in construction loans. It will create about 600 permanent jobs but up to 12,000 jobs over the next 5 years as films and television shows come in and out of the facility.
There is already a loft apartment building in the complex that is leasing. They converted the old warehouse building. They are building some commercial and retail spaces as well. This is Chicago’s second film studio with a third expected to be built on the south side.
So $742k = $750k?
Interesting
“Chicago has boomed during the entire time you have been on this blog maligning it and it’s one of the few cities that actually has not just 1 big development, but 3 major billion dollar developments.”
Except it hasnt by any objective measure (Other than the Sabrina HAWT(tm) index)
Isnt Lincoln Yards/sterling already whining about financing?
These projects CRE are basically dead. There’s such a glut its going to kill any new projects
“Isnt Lincoln Yards/sterling already whining about financing?”
They’re doing a “recap”, and blaming Lightfoot’s “foot dragging” for a lack of progress.
It seems to me that they had investor/s who wanted (or had to) reallocate bc of change in timeline (bc of covid, demand, change in mix, etc etc) or the investor’s own issues, and SB is throwing the former mayor under the bus bc that’s risk-free. They’ve also said nice things about the new mayor.
Also the Crowns have come out publicly about how the biz community needs to be active in helping with Chicago’s issues–I don’t think that’s a coincidence.
“The original chatter was that they would never get the $750k.”
I don’t see anyone saying that.
“Chicago real estate has appreciated between 1% and 3% on average.”
C-S Jan-87 to Jan-23 = CPI +65 bps
C-S Condo Jan-95 to Jan-23 = CPI +19 bps
C-S Jan-95 to Jan-23 = CPI +45 bps
Which are all consistent with the very long term average in Shiller’s original research. See page 17 here:
www DOT nber DOT org/system/files/working_papers/w2393/w2393 DOT pdf
wherein the real dollar change in Chicago from 1970 to 1986 was + 30bps, versus a nominal AAR of +7.0 (NOT 1 to 3).
On 26, you have 81-86 with real change negative by 70bps, but nominal of +3.4 aar (still not 1 to 3, but also a quite short period). Note on 33 that this matches a period when total jobs in Chicago decreased by 8.2%(!!).
String together the 70-86 period with the 87-23 period, and it’s CPI +53 bps, through high inflation, and low inflation, and multiple real estate cycles.
Which is why I always say that Chicago real estate, over teh long term, goes up by CPI +50 bps. And it is also why I focus on CPI–if a home price isn’t keeping up with CPI, it is lagging the long-term trend for Chicago home values (or, if you prefer, becoming *relatively* cheaper).
“Also the Crowns have come out publicly about how the biz community needs to be active in helping with Chicago’s issues–I don’t think that’s a coincidence.”
Who are the “Crowns”???
“These projects CRE are basically dead. There’s such a glut its going to kill any new projects”
It’s just so embarrassing reading your comments JohnnyU. My god.
They are building commercial like crazy in Fulton Market. And yes, it will also be a part of several of the big new developments, even the Fields Studios is including commercial space. Why? Because there is still demand for new commercial space. Just because businesses don’t want to be in the old buildings in the loop that don’t have modern amenities, doesn’t mean they don’t need office space.
“Who are the “Crowns”???”
Are you sure that you have *ever* lived in Chicago?
“even the Fields Studios is including commercial space”
There’s been commercial space there for years, as well as apartments.
Some of which (Cermak and Cubesmart, at least) was sold off by the original developer.
“There’s been commercial space there for years, as well as apartments.”
It’s a big site. And yes, I linked to the Fields lofts that were converted pre-pandemic. It was the first phase of development of this site.
But the fact remains that there is plenty of new commercial space being developed throughout Chicago. That billionaire dude is building a business incumbator in Humboldt Park, for instance. That should open soon. Not all businesses are downtown law firms or Meta Platforms.
“Are you sure that you have *ever* lived in Chicago?”
Have no idea.
It’s kind of like asking someone in San Francisco: who are the Gettys? These old families used to dominate the city scene but that is long gone now. I’m not saying they still don’t have money but there is just too much “new” money, like Ken Griffin type, that no one cares about the McCormacks, Fields or Wrigleys anymore.
A Crown is one of the principals at Sterling Bay.
Does Sterling Bay not matter in the context of Chicago real estate?
“Throughout the entire 1980s and 90s, Chicago real estate was well below the CPI.”
It’s quite possible that it was flat in real terms for the 80s as a whole (I’m not interested in digging through the data to suss out a Jan-80 figure), but from Jan-90 to Jan-00, C-S Chicago ran ahead of CPI by 87 bps.
C-S Chi = 3.72696% aar (note: this is more than 1% to 3%)
CPI = 2.85379% aar
So, aKsHuLy, for the “entire 90s” Chicago real estate was waaaay ahead of long term trend.
“A Crown is one of the principals at Sterling Bay.”
Stretch much? Give it up anon (tfo). No one knows who the Crowns are, nor do they care.
We DO care that 37Signals CEO Jason Fried is trying to sell his Bucktown house for $7.3 million (a new Bucktown record.) Jason Fried is more relevant to Chicago than these old, rich families from 100 years ago. The same way Mark Zuckerberg is to San Francisco than the Gettys are.
Ok, so Sterling Bay matters less than a single house.
“Ok, so Sterling Bay matters less than a single house.”
Not a single person in this city except, apparently, YOU, anon(tfo), know who the Crowns are or that the great great great grandson of one of them works for Sterling Bay. Which, by the way, they have no clue what “sterling bay” is either.
McDonald’s? Sure.
Chicagoans don’t even know who Sam Zell is (RIP).
And, yes, the tech CEOs matter more now. It’s 2023.
Regarding Jason Fried – if zillows correct, he may get a lot more famous based upon what he’s paying in property taxes
Must have hired JBs RE law guy
“Not a single person in this city except, apparently, YOU, anon(tfo), know who the Crowns are”
You got me–I’m Frank Main, Sun-Times reporter:
https://chicago.suntimes.com/politics/2023/6/1/23744542/james-crown-ceos-chicago-crime-violence-jobs
I’m now very convinced that you don’t live here.
Our very educated and advanced workforce is Chicago is apparently a bunch of blithering idiots who know *nothign* about what’s what in the city.
Glad to know you have such a dim view of Chicagoans–most of whom know (unlike you) that Brandon Johnson was a Cook County Commissioner right up to winning the Mayoralty.
“Regarding Jason Fried – if zillows correct, he may get a lot more famous based upon what he’s paying in property taxes”
that’s for 1 lot, house is on 3. taxes are roughly 25k. still very low and I’m sure will skyrocket after the eventual sale.
Wow. A Sun-Times reporter knows. Gosh. Gee.
I’m sure there are several San Francisco Chronicle reporters who know who the Gettys are too. But ask the man on the street, and they have no idea.
Fame is fleeting (as is wealth.) People move on.
I do so love being told about Chicago issues by people who moved to the burbs for their kids’ high school years or just left the city completely.
this is great, too. very AI vibe:
“Are you sure that you have *ever* lived in Chicago?”
Have no idea.
“I do so love being told about Chicago issues by people who moved to the burbs for their kids’ high school years or just left the city completely.”
Me too anon (tfo). Or being told about Chicago real estate and issues from someone who hasn’t even lived in Chicago in 30 years. My god.
Who leaves for their kids’ high school years anymore? I haven’t heard of anyone doing that in over 15 years.