Live in the Heart of Wells Street in Old Town: 1515 N. Wells
This 2-bedroom unit at 1515 N. Wells is right in the heart of the Old Town restaurant and shopping scene south of North Avenue.
The building was built in 2001 which makes it among the newer construction in the area. For that reason, it has all the bells and whistles including central air, washer/dryer in the unit and deeded parking.
This unit also has a balcony which the listing says has city views.
There are hardwood floors throughout the living/dining areas.
The kitchen has granite counters and stainless steel appliances. There are also marble counters in the bathrooms.
This unit has been reduced $25,000 in the last month.
Julie Tag at Koenig & Strey has the listing. See the pictures here.
Unit #7F: 2 bedrooms, 2 baths, no square footage listed
- Sold in August 2001 for $425,000 (included the parking)
- Sold in August 2006 for $540,000 (included the parking)
- Originally listed in February 2010 for $475,000 (parking extra)
- Reduced
- Currently listed for $450,000 (parking extra)
- Assessments of $384 a month (includes cable)
- Taxes of $5164
- Central Air
- In-unit Washer/Dryer
- Bedroom #1: 19×11
- Bedroom #2: 12×10
First!
Old Town
That being said…nice building. Not a very upgraded unit. I think the health club closed.
Price reflects the premium of a Wells address. Assessments are a little higher, but it is a smaller boutique building.
at least 50-75k overpriced.
I’ve misplaced my English-to-Real Esate disctionary. What exactly does ’boutique’ mean in RE terms?
come on Sabrina, you totally killed my buzz 🙁
You show me the wonders of a great vintage restoration and get me blood pumping to turn around and drop this in my lap. i am tired now and feel bored, i mean come on it has hollywood lights in the deuce room.
Like the smaller building recently listed in RN.
Less # of units = higher assessments as the common charges are not spread across a gazillion units.
oh and I do agree with the other poster that it is over-priced. But I did want to point out that historically units on Wells go for more than on the side streets.
I like how the parking price isn’t listed.
This place is so unremarkable.
I fell asleep on the 4th picture, then woke up and tried to get through the rest of them. Made it through 7.
looks like floorplans are here
http://www.sutherlandpearsall.com/wells/nwells.htm
http://www.sutherlandpearsall.com/wells/wellsf.jpg
Why bother with a fireplace in such a small place… waste of 6-10 precious sqft IMO
Then again without it, how would the doofuses know where to hang their flatscreen TV?
Unremarkable, but it’s a nice building in a very good location. I can’t believe they paid $540k in 2005. But I think it could sell at $425-450 if they include the parking at that price.
” But I think it could sell at $425-450 if they include the parking at that price.”
Yep, the price when new in ’01 would be about right today. Seems right to me, the discount for wear/tear about equal to inflation over 10 years.
Also, match up your damn appliances, mixing stainless steel and black appliances looks really really crappy
“Unremarkable, but it’s a nice building in a very good location.”
I’m going to go with the renters on this one and say that if you want to live in a nice building in a very good location, then you don’t need to drop a half million to own. You can rent. What I mean by unremarkable is really someone would pay over $400K to come home to this every day? I don’t get it. You are already in $815 a month on assessments and taxes, then add a mortgage payment to that too. Hate to say it, but I’d rather rent than live here.
Any thoughts on their decision to market with no furniture? We don’t see this very often. I know some people think it’s a bad idea, but I’m not sure I agree. Seems to me the furniture is just as likely to have a negative effect. I.e., maybe I see a listing and like it because the furniture makes it look like a place someone like me has already decided to buy. On the other hand, maybe it turns me off because it looks like the previous owners are completely different from me.
“come on Sabrina, you totally killed my buzz
You show me the wonders of a great vintage restoration and get me blood pumping to turn around and drop this in my lap. i am tired now and feel bored, i mean come on it has hollywood lights in the deuce room.”
Sorry Groove. It’s interesting that those two properties are about the same price, isn’t it?
Chicago has some great architecture!
it is interesting that they are close in price, hmmm sabrina hinting at your secret madness correlating three posts a day? now each day your going to have me finding the commonality. well played 🙂
who fouls a person shooting a three when your up by three?
ps thank you for running the best blog ever!
“who fouls a person shooting a three when your up by three?
ps thank you for running the best blog ever!”
Great game! Cornell/Kentucky…not so much.
Oy vey, boooooooring unit. What a shonda. I’ve been inhaling polyurethane fumes all day, forgive me. Nevertheless, I do like Old Town so it could be a cool gut rehab.
What a sad, square (literally, boring, featureless place. Nice bath, though you wish the kitchen were as big. That oversized fridge sure makes the kitchen area seem small. The ceilings seem too low.
Such a sad contrast to the previous posting.
For those who say the coach house is over-priced, I’d say this unit has less effective livable space for $100,000 more. Note, my definition of “livable space” is different than SF calculation, and considers how you effectively use spaces for dual purposes with minimal unusable space.
The ceilings can’t be that low given that it is “newer” construction.
Disclosure: I have been in a unit in this building once maybe 3+ years ago. I’m thinking it was 9 or 10 ft ceilings.
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For my price point (what I would buy in terms of style / level of finishes) for a two bedroom in Old Town with parking, Central Air, 2 full bath, etc. I pretty much think it should be 350 – 450k. For something on Wells itself (and not one of those white high rise monstrosities in the 1600+ block), I think the range is 425 – 525k. That is at least what I have seen while being a long time resident. Wells is a name street over Cleveland, Wieland, North Park, Evergreen, etc.
I don’t know where to post this
http://www.npr.org/templates/story/story.php?storyId=125197027
http://www.latimes.com/business/la-fi-obama-foreclosure26-2010mar26,0,6580230.story?track=rss
but this seems to as the article said…kick the can down the street and extend the time till we hit the bottom. Then again, a long long steady decline may be less of a shock than falling off of a cliff.
Any thoughts HD?