One Year Later: 700 Sq. Foot 2-Bedroom Returns: 1407.5 N. Wells in Old Town
We chattered about this 700 square foot 2-bedroom unit at the historic Gaslight Court building at 1407.5 N. Wells in Old Town several times in 2009.
See our prior chatter in June 2009 and pictures here.
It sold in June of 2009 for $21,000 under the original list price.
Just one year later, the unit has returned to the market asking $24,900 more than the 2009 purchase price.
The 2-bedroom unit has hardwood floors throughout and a washer/dryer in the unit but no deeded parking.
I also can’t tell if it has central air. In the previous year’s listing it had central air/space pac. In this new listing it says it has window units.
The unit does have three exposures and a balcony overlooking the private courtyard.
The kitchen has granite counter tops and white appliances.
Nicholas Bultinck at CondoDomain.com has the listing. See the pictures here.
Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet (according to the prior listing)
- Sold in January 2002 for $190,000
- Was listed in February 2009 for $256,000
- Reduced
- Was listed in April 2009 for $249,900
- Sold in June 2009 for $235,000
- Listed in June 2010 for $259,900
- Currently still listed for $259,900
- Assessments of $266 a month
- Taxes of $2642
- Central air/Spac Pac (???)
- Washer/dryer
- No parking
- Balcony
- Bedroom #1: 11×11
- Bedroom #2: 10×10
- Living room: 19×13
- Kitchen: 13×9
Baaaaag Hoooooooolder………
eesh this place makes me feel claustrophobic and I’m not a person who needs tons of space, good luck sellin that!
this should have remained a cheap 1300/mo rental
Photos look like a 3rd grader took them.
LOL. Looking for the greater fool for this “rare opportunity.”
Nobody mentioned that this was financed with a $211,000 mortgage out of a $235,000 purchase price (90% financing).
Nobody else mentioned that the unit is agent owed.
The real estate market must be really slow….
Freudian slip: owed should owned!
Agent owned explains a lot. It shows how an optimistic agent believed the market was going to turn the corner any day, because heck, their remuneration depends on it. Ostrich syndrome extraordinaire. I bet this guy believes he has a Nigerian inheritance coming his way as well.
I can’t wait until low downpayment FHA loans are removed from the marketplace so there is basically zero chance of this realtor finding a greater fool.
I love how real estate agents over-price their own units, yet advise their clients to list for less or do other “creative” listings such as list the garage spot separately (but must be sold with the unit)…
That said, if I was a realtor selling my own place, I would hire a better photographer than this one! DVD is right — looks like a 3rd grader took these pictures.
Isn’t a realtor buying into the market for investment purposes a lot like the Enron employees putting their money back into Enron stock?
Oh – the number of realtors who have returned to their former day jobs as burger flippers, dog groomers and medical billing assistants is staggering…..I know a mortgage broker who made $100k a year every year during the boom and has been reduced to walking dogs; I know a realtor who made great money during the boom who now lays tile; another one makes cabinets, another one is on the lam with tens of thousands of dollars of his client’s money; it’s just brutal, just when you think it’s safe to invest in real estate again like this broker, it comes back to hit you in the butt and washes out the next bunch. Relentless.
“RE_novice on June 28th, 2010 at 9:24 pm
Isn’t a realtor buying into the market for investment purposes a lot like the Enron employees putting their money back into Enron stock?”
The location IS great, but being so tiny I can’t see it going for more than it did in 2002.
This is definitely a rental/investment property. I can see it going for $220K. With 20% down, total monthly payments are less than $1,400… which would be a reasonable monthly rent for this place.
“This is definitely a rental/investment property. I can see it going for $220K. With 20% down, total monthly payments are less than $1,400… which would be a reasonable monthly rent for this place.”
Call the rent 1500. 12(1500-266) – 2642 = 12,166 per year. Which seems more like a cashflow worth $175k, rather than $220k, at least when you need to deal with vacancy and maintenance, etc.
The Redfin link says this property was delisted today.
Would be a little surprising to me if it sold that fast, but who knows. This complex is really unique and in a great location. If you complain about cookie cutter, then it solves that. Also, this complex has historically been one of the cheapest ways to buy into this neighborhood.
I saw the listing for this unit outside Gaslight Court and it emphasized being perfect for an in-town pied a terre. I think the lack of parking is a detractor for an in-town since most people from the suburbs will want to drive their car. However, there is rental parking available.
Another unit in Gaslight Court has also come on the market, but it it significantly larger:
http://www.redfin.com/IL/Chicago/1407-N-Wells-St-60610/unit-3/home/12739465
I love the location, and this second unit looks nice, but it is expensive. The second unit apparently has air conditioning.