Is This Your Last Chance to Buy “New” on Wells in Old Town? 1553 N. Wells
The Old Town Nursery is no more. In it’s place will be this new 23-unit condo building at 1553 N. Wells.
The units will have balconies and recessed lighting.
The kitchens will be gourmet with quartz counter tops and Fisher & Paykel French door refrigerators.
The building will have a common rooftop deck with grills and a dog walk.
Since there are gyms in the neighborhood, the building will not have one.
There’s no deeded parking but it looks like it will be on site rental parking from $200 a month.
Here’s a list of the price points for some of the units currently on the market:
- 1 bedroom, 1 bath, $329,000
- 1 bedroom, 1 bath, $335,000
- 1 bedroom, 1 bath, $339,000
- 2 bedrooms, 2 baths, 599,500
- 2 bedrooms, 2 baths, $625,000
- 2 bedrooms, 2.5 baths, $899,000
All this listings have the same “pictures” because they’re just renderings of what it will look like.
Delivery is expected in June 2019.
There’s a lot of construction going on in Old Town, specifically on Wells. A boutique hotel is expected to be built a short distance away, across the street, from this building on Wells.
There’s also at least one new luxury apartment building currently under construction.
Will this condo building be the last chance to get into a new condo on this popular street?
Lisa Asher Santillan at Jameson Sotheby’s has the listing. See some pictures of what it will look like here.
Unit #405: 1 bedroom, 1 bath, no square footage listed, faces west
- Listed at $339,000
- Under contract
- Central Air
- Washer/dryer in the unit
- Assessments of $177 a month (includes scavenger and snow removal)
- Taxes are “new”
- Bedroom: 10×10
- Living room: 12×13
- Kitchen: 15×9
- Foyer: 7×5
Maybe I’m crazy but I actually think the price isn’t bad for the location and amenities. Fairly small living space but more than a lot of 1 bed, 1 bath condos.
Although they’re totally bs’ing the buyers with that assessment amount. It’s going to jump up drastically once the association switches to owner managed.
Could they have made the exterior more boring? What a dung heap.
“What a dung heap.”
thats all they build in old town these days, all the geezers can’t stand to have any sort of modern design, this schaumburgian piece of garbage will fit right in with all the rest of the dung constructed in “old” town the last two decades
Developer didn’t get the memo that we are in 2018… building facade looks like a left over from the 2005 condo boom.
“all the rest of the dung constructed in “old” town the last two decades”
I don’t mind 1225. It’s not spectacular, but so much better than this.
This … I just don’t know. WTF are they thinking? That if you live in it, you don’t have to look at it?
The base which looks like it is probably going to be prefab-fake-limestone-looking schlock will be better than the happy brick they will be using on the rest of the building at least so at least pedestrian passers by probably will not notice it
“WTF are they thinking? That if you live in it, you don’t have to look at it?”
LOL, I live in such building and that’s exactly what I tell myself.
If the “boutique hotel is expected to be built a short distance away” you are referring to is the one that’s supposed to go where O’Brien’s was, I heard the financing fell through.
Rental parking for life, right on the train tracks and a kitchen that cliched? No thanks.
Did, Wells Street does not back up to the “El”. The Brown Line is a few blocks away, plus this building is on the east side of Wells.
I have the brochure for this development. The units are quite small. The1 bedrooms are only 600 sf, the 2 bedrooms are 1,000-1,100 sf, and the largest (the one priced at $899,000) is only 1,400 sf. Seems like prices are very high given this.
looks like they share the balconies/terraces or have some sort of minimal divider… I’d want more privacy than that
Pricing clarification – the one priced at $899,000 is 1,400 sf. But the only other unit with 1,400 sf (one floor higher) is priced at $950,000. There are also two other units that have 1,200 that are priced at $850,000 and $895,000 respectively. These are super premier building prices, and it doesn’t seem to me this building could be put in that category
I stand corrected K. I was thinking it was near the nursery’s storage facilities for some dumb reason, which were visible from the Brown Line just before the Sedgwick stop heading north. That makes the pricing more understandable, though it’s still high given the smallish units.
Out of the 4 units on or over 1,200 sf (all priced above $850,000, only one seems to be still available. Despite the popularity of this street (Wells St in Old Town), I can’t believe people are willing to pay this kind of price. In fact, I have always been mystified by why this location is so desirable. It didn’t even suffer during the real estate downturn after 2007. I have a couple of friends who live in 1414 N Wells, and without a car, it is a pain to get to/from downtown and Mag Mile when weather is not nice. Nearest El station is a trek, and relying on LaSalle bus is only of use when you are already on LaSalle. Otherwise, the Clark and Broadway buses are the only other options, and those two east/west blocks are very long to walk in bad weather. Proximity to downtown is deceptive. There are many areas of Lincoln Park that are way more convenient and faster to downtown access by public transport. (If you drive to downtown for a night out, it’s a 5 minute difference living a bit farther north.) Yes, Wells is a charming street, but it’s not like there is much else within walking distance as far as daily shopping needs and restaurants go.
I think the location is pretty convenient — to my mind, the L isn’t far, LaSalle isn’t far, Clark bus is awful but not too far and for the distance you’d be traveling, not bad. I work in the Loop (near Madison and LaSalle) and on a nice day find it pleasant to walk from work to Plum Market before jumping on the Brown line, so if I lived in that location (which is only a few blocks farther north) I’d probably walk quite often.
On the other hand, I would prefer not to live in Wells or a high rise if I were in the area, as for me the Old Town that appeals is the more neighborhoody bit on the side streets north of North. Hard to find what I’d like, though, and anyway I couldn’t afford it. That cute rowhouse on Lincoln comes closer, despite it also being tiny and on Lincoln.
“I think the location is pretty convenient — to my mind, the L isn’t far, LaSalle isn’t far, Clark bus is awful but not too far and for the distance you’d be traveling, not bad.”
I was not implying that the commute is not doable. Both my friends who leave in 1414 Wells work downtown and they love the area. I was just pointing out that you do not save any time living in Old Town versus Lincoln Park, especially if you are a couple of blocks to either the Red or Brown line. So I do not understand why the technically closer distance from Old Town to downtown is considered such an huge advantage to command such a price premium, as it does not take any less time to commute by public transportation.
I was recently helping some friends who are in their late 70’s who are moving to the city from the suburbs. Their primary reason is to have access to all the offerings of the city without being dependent on a car, as they need to anticipate when they will no longer be able/willing to drive. They loved Old Town, but had to regrettably cross that off their list once they walked the neighborhood and discovered how far it was to an El or bus line. They are scoping out the entire city in terms of any location which has an El station less than 2 blocks away or at least 2 bus lines less than 2 blocks away. (Only one bus line option is a deal-breaker as they do not look forward to waiting long at the stop at night after attending the theater or in freezing or rainy weather.) This requirement gives them the option to consider locations in Lincoln Park and Lake View within a block or two of several Red or Brown Line stops, as well as all the Near North neighborhoods. I found it interesting to approach searching for a property based on these parameters versus actual distance. I think this will become common more and more as retirees and empty nesters move to the city.
Oh, agreed that it’s not particularly more convenient than Lincoln Park, depending on the specific location. I don’t think of Old Town as being more expensive than the closer parts of Lincoln Park, and haven’t compared this building to anything comparable in Lincoln Park. I think there’s a huge new construction premium in general.
Stephanie,
Look at this new construction listing at 540 W Webster. It is 1,470 sf. At the same price per square foot, the unit priced at $899,000 at 1553 N Wells should be $766,666.
https://www.zillow.com/homedetails/540-W-Webster-Ave-APT-601-Chicago-IL-60614/2091081696_zpid/
Vissi – don’t people already do this, look for locations based on access to public transportation? Not just empty-nesters and retirees. As a commuter to the Loop and willingly carless, I know it’s my #1 criteria when looking for a place.
“don’t people already do this, look for locations based on access to public transportation? Not just empty-nesters and retirees. As a commuter to the Loop and willingly carless, I know it’s my #1 criteria when looking for a place.”
Yes, of course. But it’s a matter of degrees. If you’re 30 years old, no big tragedy if you’re a block away from 1 bus line, but there are two others 3 blocks away. If your transit app tells you you just missed that closer bus, you might just take one of the other ones rather than wait for another 20 minutes. If you are, on the other hand, 80 years old, walking 3 blocks might be a real hardship. Or maybe it’s doable now, but you’re afraid in a year or two, you won’t be able to. Buying a place maximizing mobility for as long as possible will be much more a priority, as much for giving the psychological peace of mind for the future as for current practical value.
Another factor that will rule out a big percentage of aging baby-boomers moving back to the city are walk-up places. My favorite type of residence in the city are multi-story vintage row houses – whether it be the entire place, or a condo in a 3-6 flat. A number of years back, after living in these types of places for years, I moved back to high-rise elevator buildings for particular reasons. But I always kept my eye out for an opportunity to move back to a vintage walk-up in Lincoln Park. But I am at the point where I have largely stopped looking because I would be looking for a “forever” place, and it dawned on me that this is not the kind fo place I could grow old in. The elderly couple friends I referred to have definitely ruled out any place with stairs at all. Even a few steps involved in entering the building are big negatives for them.
“But I am at the point where I have largely stopped looking because I would be looking for a “forever” place, and it dawned on me that this is not the kind fo place I could grow old in.”
Think about all the people who have lived into their 80s and 90s living in these vintage graystones/brownstones though. Maybe you actually stay in better shape having to lug your groceries up 3 flights of stairs every day versus those who get into elevators?
On a side note, in Manhattan, the 3rd and 4th floor of the old vintage walk-ups have always gone for less than similar properties in buildings with elevators precisely for the reasons you mention.
Jared Diamond (author of “Guns Germs and Steel”):
“People in the first world are terrified by the wrong things, Diamond argues. The real danger isn’t terrorism, serial killers or sharks, which kill a very, very small percentage of people annually. The real risks are those things that we do daily that carry a low risk but that eventually catch up with you – driving, TAKING STARIS, using step ladders.”
Taking stairs is dangerous now?
Lol.
The kitchen is the most dangerous room for most humans. Doesn’t stop people from cooking.
A year or two ago, there was an interesting article in the NYT about people who chose to retire in Manhattan. Some had doorman/elevator buildings. Others were in walk-ups. Those in the article managed to do it until their mid-80s/early 90s but then they moved to places like Arizona. What was the last straw?
For those in the walk-ups, it was the difficulty in getting up and down the stairs.
But for both groups, it was really the icy sidewalks once they got outside. It was simply too dangerous for them to go outside, at all, in the winters anymore.
Such will be the case with many who retire in Chicago. Falls are deadly for the elderly. Too many risks of them in the cold climates.
Otherwise, the retirees all said retiring in Manhattan was fantastic. Some had moved there in their 60s. Some had bought small studios and 1-bedroom apartments then. They weren’t living the high life in big units. But their savings/SS/pensions covered their assessments and taxes and they could still enjoy the city amenities and take taxis everywhere.
This is why the Gold Coast seems so old now. Many Baby Boomers live there and are able to age in place.
“The kitchen is the most dangerous room for most humans.”
Um, no, not most first world humans, at least. And we certainly aren’t discussing the hazards of cooking over an open fire here. See, eg,
https://well.blogs.nytimes.com/2011/08/15/the-most-dangerous-room-in-the-house/
“Um, no, not most first world humans, at least. And we certainly aren’t discussing the hazards of cooking over an open fire here.”
Do you work in an emergency room now anon(tfo) or simply don’t cook so you have NO clue. Wait- let me guess. Your wife cooks so you have no idea that wearing flip flops or cooking in bare feet means that people have burned their feet with third degree burns simply from making a pot of pasta.
Not to mention the sheer number of hands nearly destroyed from cutting open avocados (which I doubt most people are doing, in, say, their dens). Ever peel a mango? No? I didn’t think so.
Most of the kitchen injuries don’t involve fires.
But like bathrooms, which is mentioned in the article you cite, a lot of the injuries involve water.
So, yeah, I stand by my statement. It’s the most dangerous room for most humans. It’s not walking up the stairs to get to your apartment.
This response by Dan #2 from the latest CC article on 1814 N LPW is exactly what I was talking about:
“The sad part about getting older (47) is that a place like this really makes no sense for my wife and me if we were to buy it for the long term after the kids move out. Climbing all those stairs is fine now, but not when we’re 70, I’m guessing. Probably our next move will be to an elevator building, though I know it sounds pathetic. I hate moving, though, and haven’t in 16 years. So if we ever sell our house, the next place is our final place (until the old-age home, I suppose, ugh).”
The other dangers inside a home do not really increase as you get into your senior years (other than if you have dementia), but stairs are a challenge even if you don’t actually have an accident on them. It’s true that I know people in their ’70’s who have stayed in their homes with stairs, but I don’t know any who would buy another home with stairs if they were at that age. Also, ironically, the older friends I have who cannot handle stairs easily now are the ones who were very athletic in the past (runners, skiers) and messed up their knees! I guess it also depends on whether you are buying at an older age with the knowledge that you will move again. But it does not add to peace of mind that if you waited until you really have a hard time with stairs, or if something were to happen to your mobility suddenly, you would have to sell in a hurry, without the benefit of timing it when the market is favorable.
I maintain my original position that as the baby boomer population moves from the suburbs into the city for their retirement, this will increase as a factor.