Live Above the Store Fronts for $700,000 in Wicker Park: 1373 N. Milwaukee
Six new construction condos above the store fronts at 1373 – 1375 N. Milwaukee in Wicker Park came on the market in August 2014.
We’ve chattered about other condos above the storefronts on Milwaukee in years past but they were closer to the Damen El stop.
These new units are on the “other” end of Milwaukee, closer to the Division El stop, or the “Polonia Triangle” as the map says. Bucktown was once a prominent Polish neighborhood.
The units will have luxury finishes including Italian kitchen cabinets, quartz counters and stainless steel appliances.
There is exposed brick and white oak floors throughout (light wood floors are back “in” again).
The units will have central air, washer/dryer in the units and 1-car garage parking.
The large 2000 square foot 3-bedroom units are listed as high as $699,900.
Before you say “no way” about the price in this location – almost across the street from this development is a totally new construction condo building priced at similar price points. Some of those units are already under contract.
Has Milwaukee in Wicker Park replaced Wells in Old Town as the hottest street in the city?
Ivona Kutermankiewicz at Berkshire KoenigRubloff has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, 2000 square feet, 1 car parking
- Currently listed at $699,900
- Other units listed from the low $300,000s (possibly without a parking space, although I can’t tell for sure) to the mid-$600,000s
- Assessments of $200 a month
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×21
- Bedroom #2: 10×13
- Bedroom #3: 10×12
“Ivona Kutermankiewicz”
That’s *almost* a Moe’s Tavern patron.
I hope there’s a bidding war. Price the hipsters out.
Meh. Nice, but yet another bland, boring unit with all the trendy stuff that will be outdated in a decade, and all the “old building” charm gutted out.
The time to buy in Wicker Park was c. 1990, when the neighborhood was still extremely rough around the edges, but was clearly going to make it. It had a lot more charm and “buzz” to it in those days, as well, what with the dozens of funky little art galleries that would grant an opportunity to show to nearly any artist, and quite a few interesting characters wandering around.
Is the Double Door still there?
At least this unit won’t flood like the rest of us will tonight….
Who typically owns the commercial space in these situations?
699 is too high. if you buy at that price and if you want to re sell in 3 – 4 years the price you wont be able to get more for your investment.
$350 psf seems pricy for a place like this on a busy street. However, compared to NY or LA, this is a steal. Some trader/financial consultant/high roller will buy it as a bachelor pad. It’s got that bachelor pad vibe to it. Except that Wicker Park is so far away from all his frat boy friends in Lincoln Park and Lakeview. No problem, that’s what Uber is for!
Near the “Polonia Triangle” – the site of the Nelson Algren Memorial Fountain, honoring the venerable Chicago author/activist who paid less than 1/1000th of these purchase prices in rent, back in the 60s and 70s. How many current residents (not counting presumably “aware” hipster types) know that Wicker Park was once a hotbed of old-Chicago style literary culture and social activism, going back to the “Beer Riots” of the 19th Century? What’s the point of living in an “urban” neighborhood that looks like the “suburban” environment that you grew up in?
“Who typically owns the commercial space in these situations?”
Probably the developer, as a separate condo unit.
I don’t know many suburban environments that look like Wicker Park.
Mortgage purchase applications for last week were down again. Down 3% week over week but also down 12% year over year. Wow. Yikes.
Lowest level for purchase apps since February of this year- during the polar vortexes.
September isn’t normally the “slow” time. That’s in November. Weather has been good. Mortgage rates are still low. What is the problem? Why aren’t people buying?
Sales are going to be lower the next two months.
I’m seeing plenty of properties just sitting there now. They leave them on the market a month, withdraw them, and re-list in the hope a buyer will notice.
Just terrible, this is modern/contempo done totally wrong. I just don’t even know where to start ripping on this place. Some 32 year old Michigan MBA algo trader/analyst from Naperville will totally buy this place to finally be “cool”. Guaranteed to be on the market 3 years after it sells when Trisha gets knocked up
” Why aren’t people buying?”
Because $hit is too expensive, that’s why. Absurd pricing per square foot – Realtors listing prices way too high – and then properties just sit. I know plenty of people interested in buying and none of them have bought yet because it’s all too expensive. Limited inventory coupled with limited demand should mean prices are falling; but as we’ve learned, prices are sticky on the way down, especially if there aren’t short sale or foreclosure comps to force the prices down. Sheeeeeeeit. there hasn’t been more than a handful of foreclosure sales in my ‘hood all summer and crazy enough they’re the highest priced homes per sq foot in the town!
Who is the buyer for this insane place on North Ave?
https://www.redfin.com/IL/Chicago/1910-W-North-Ave-60622/unit-300/home/12805333
“Because $hit is too expensive, that’s why. Absurd pricing per square foot – Realtors listing prices way too high – and then properties just sit. I know plenty of people interested in buying and none of them have bought yet because it’s all too expensive.”
Or maybe the people you know have champagne taste on a High Life budget? They need to look at cheaper housing… would be my advice
“this insane place on North Ave?”
Guy’s owned it since 1997(!!). If the original mortgage reflects the price (deed sez $0), it was $300k. Obviously 100% re-dine since then, but still…
“the people you know have champagne taste on a High Life budget”
That’s be Park Ridge taste on a Stone Park budget.
Nothing wrong with renting. You should tell ’em to rent in the “**best**” school district they can afford.
anon – i guess what i meant to say is who is the would be buyer of this place. hard to imaging spending 2.5million for a condo on North.
“hard to imaging spending 2.5million for a condo on North”
understood that. and mostly agree. I was curious who *owns* a 2m+ condo on North–answer is:someone who paid a *lot* less for it.
“this insane place on North Ave?”
“Guy’s owned it since 1997(!!). If the original mortgage reflects the price (deed sez $0), it was $300k. Obviously 100% re-dine since then, but still…”
Feels like there should be a pool for the price.
“answer is:someone who paid a *lot* less for it.”
or no one, yet.
“That’s be Park Ridge taste on a Stone Park budget.”
Yeah but there’s few if any buyers at all these days….
Stone Park is awesome. I love Scores. They know me all too well over there…
marco on September 10th, 2014 at 2:17 pm
Who is the buyer for this insane place on North Ave?
—-
Is this Erikka Wang’s pad?
I like how Redfin lists this as a “Nearby Similar Home”
https://www.redfin.com/IL/Chicago/1914-N-Sheffield-Ave-60614/home/13351716
Who did the programming that produced this???
“Or maybe the people you know have champagne taste on a High Life budget? They need to look at cheaper housing… would be my advice”
But sales aren’t just slow in the “expensive” areas. It is everywhere. Heck, it is $230,000 1-bedrooms sitting there and not selling (which at these mortgage rates would be considered “affordable.”) It’s still cheaper to buy that 2/2 in River North (in some buildings) than to rent it (excluding the down payment dilemma, of course.)
Also another thing I’ve noticed, the “hot” downtown high rises are those that don’t have a rental cap. It makes sense though because investors are the ones who are buying and they’re not going to buy in a building where they can’t rent it out for 5 years because there’s a wait list. Other downtown buildings WITH the cap are a LOT slower.
“Limited inventory coupled with limited demand should mean prices are falling; but as we’ve learned, prices are sticky on the way down, especially if there aren’t short sale or foreclosure comps to force the prices down.”
Foreclosure filings are on the rise again, unfortunately. I don’t expect to ever see what we’ve seen in the last few years. But as prices decline when mortgage rates rise, lots of people are still going to be in the hole and will have to bring a check to closing (which they don’t have.)
I’ve also noticed, on this site anyway, the sudden absence of many of the bulls who in the spring were rah-rahing about how great the market is.
I’m expecting Chicago sales to be down every month through the rest of this year (compared to last year’s sales.)
Is that unit on North Avenue (which is in a “hot” neighborhood) really any that different from this penthouse condo on Halsted in Lincoln Park which is under contract at a list price of $2.25 million?
This one on Halsted is just 3,000 square feet.
https://www.redfin.com/IL/Chicago/1855-N-Halsted-St-60614/unit-P/home/13347760
“$230,000 1-bedrooms sitting there and not selling”
I take “HD’s friends” to be mainly couples with kids. So kinda irrelevant.
“the sudden absence of many of the bulls ”
Simple math is too challenging for them.
[laggin]
“Simple math is too challenging for them.”
It really is at the perfect level for my kid. I would love a way where anytime he wanted to ask for anything he’d get a quick popup math q. Yeah yeah I know I could just ask him, but that’s a whole lotta work.
Who is getting foreclosed on at this point? The last of the knife catchers bought in 2009 and should be 5+ years into their mortgages. In what areas have prices fallen far enough that owners are underwater 1/6 of the way through their mortgage? Are they still 2004 my-house-is-a-credit-card! era purchases? I’m genuinely curious about the purchase dates of current foreclosures.
Fred:
Here’s your Cook County map for foreclosures:
http://www.chicagofed.org/digital_assets/images/region/foreclosure/cook_IL_frate_map.jpg
And for 60-90 day delinquencies:
http://www.chicagofed.org/digital_assets/images/region/foreclosure/cook_IL_pdrate_map.jpg
“I take “HD’s friends” to be mainly couples with kids. So kinda irrelevant.”
Nah, I have lots of single friends too, and they have friends.
“Who is getting foreclosed on at this point? ”
People who received crappy loan mods that reset. early in the crisis loan mods were rare. however, in the past few years, banks have been handing out loan mods like Obama hands out Obamaphones. erbody got 1. So, I would imagine that a lot of the loan mods have redefaulted and end up in foreclosure. Sometimes the banks give second and third loan mods too!
“Nah, I have lots of single friends too, and they have friends.”
In that case, it goes into the groove-ism: never buy a one bedroom; that’s what you rent.
“like Obama hands out Obamaphones. erbody got 1”
So, how do you like your Obamaphone, HD?
“So, how do you like your Obamaphone, HD?”
It’s my burner.
They literally hand those things out for free. I seen it myself. I was driving through J-Town (Joilet the Toilet) a few months ago looking for my fav burrito joint and, I swear to god, there was a tent on the side of the road with people lined up and they was giving away free fons. I took a picture on my obama phone myself and put it on twitter.
“Are they still 2004 my-house-is-a-credit-card! era purchases? I’m genuinely curious about the purchase dates of current foreclosures.”
I just saw a condo on the North Side where they bought in 2005 (so nearly 10 years later!) and they were doing a short sale because they bought in 2005 with 100% financing for $350,000 and the going rate to sell now was around $300,000 (yes- even with the recent price increases). Subtract the realtors fees and there was no way they could sell unless they brought a significant check to the table – even after paying the mortgage for 10 years (and no refis either.)
BUT- foreclosures are usually the result of job loss or catastrophic health issues where you just can’t pay.
Unfortunately, some people are still underwater far enough that it makes no sense to keep paying.
Doing some rough math: assuming they had a 6% mortgage rate financing $350k in 2005, they should have a loan balance of somewhere in the upper $280s today.
Assuming a sale at $300k, they would have seller expenses of around $18k. That means that they should only have to bring $6-7k to the table at closing. Are the consequences of a foreclosure worth that fairly small sum of money?
Has there been a recent increase in layoffs or an outbreak that has caused people to no longer be able to afford their housing?
“assuming they had a 6% mortgage rate financing $350k in 2005, they should have a loan balance of somewhere in the upper $280s today.”
But it was probably an 80/20, with the 2d an interest-only for 10 years heloc, so, $240k on the first and $70k on the 2d is really likely. Thsu, $310k payoff, plus $18k costs = $28K to bring to the table = ain’t happening.
” they should only have to bring $6-7k to the table at closing. Are the consequences of a foreclosure worth that fairly small sum of money?”
What? $7,000 dollars? I don’t have that kind of money!! how am I supposed to afford that???
lagging in.