Penthouse Week: A 3-Bedroom With 2 Terraces for $840,000 in Old Town: 1212 N. Wells
This 3-bedroom penthouse in The Neapolitan at 1212 N. Wells in Old Town came on the market in August 2019.
The Neapolitan was built in 2001 during the housing boom. It has 95 units and garage parking.
It’s a full amenity building with 24-hour doormen, tennis courts, dog run, clubhouse and exercise room.
This penthouse has new hardwood floors throughout and a gas fireplace.
The listing says there is a “newly updated gourmet kitchen” with white cabinets and Lapis Lazuli countertops, Subzero appliances, and a 6-burner stove with a pot filler.
There’s a primary suite with a walk-in-closet and en suite bathroom.
It has a full-sized washer/dryer in the unit, central air, and 3-car parking is available, including a 2-car tandem space and one single space.
Parking is extra at $45,000 for the tandem space and $30,000 for the single space.
The unit has two outdoor spaces which the listing calls “oasis terraces.”
The building is located amidst the restaurants and shops of Old Town.
Originally listed in August 2019 for $1.099 million it has been under contract once, in July 2020, but has now been reduced to $840,000.
The penthouse originally sold in 2001 when it was “new” for $865,500, and it included the parking.
Is this a deal?
Howard Thomas at Re/Max Premier has the listing. See the pictures and floor plan here.
Unit #1701: 3 bedrooms, 3 baths, no square footage listed
- Sold in November 2001 for $865,000 (3 parking spaces included)
- Sold in May 2016 for $905,000 (3 parking spaces included)
- Originally listed in August 2019 for $1.099 million
- Reduced
- Under contract in July 2020 listed at $840,000
- Currently still listed at $840,000 (parking is $45,000 extra for the tandem space and $30,000 extra for the single space)
- Assessments of $1563 a month (includes parking, doormen, cable, clubhouse, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $20,347
- Central Air
- Full-size side-by-side washer/dryer in the unit
- Gas fireplace
- Bedroom #1: 14×14
- Bedroom #2: 11×13
- Bedroom #3: 10×12
- Living room: 12×29
- Dining room: 11×20
- Kitchen: 11×10
- Terrace: 10×10
- Terrace: 10×10
Glad they put it a floor plan, tho it’s probably hurting interest.
I wouldn’t be keen on sharing a BR deck with another BR.
Layout is terrible and way too many hallways/wasted space.
Probably works for a divorced parent w/shared custody.
The seller has burned $27k in HOA fees and is losing money on the sales price, now that’s a definitive indicator of a HAWT ™ Market
It gets to the point where it’s difficult to make comparisons to previous prices years ago without data on how much the property taxes and HOA fees have escalated. I have a suspicion that we got to this $39k/year before even touching the mortgage interest let alone mortgage principal because these have risen faster than CPI.
You are literally paying $3,250/month to rent this place then have a mortgage on top of that.
Floor plan is actually nice. Bedrooms are spread out and there is plenty of closet space. If you can rent a 3bdroom for 5-6K, why the hell would you but it?
Howard really outdid himself on the listing photos. Amazing. Wonder if it took more than 3 whole minutes to capture the large expanses of blank black flooring shot from as close to the ceiling as possible.
“floor plan”
too bad the floor plan doesn’t show the balcony off the living room. Kinda of an important feature.
If you look at pic 2 it appears there is a terrace above where this unit is, if I am interpreting it correctly. Is it common space? Another unit? Either way, it looks like there is a level above this that looks down on the balconies to this unit.
The monthly nut is 6k+… Hard pass. Way too cave like for my taste. I would want higher ceilings if I’m paying top dollar. For 6k per month you can get much more WOW factor elsewhere in the general vicinity.
This is a pretty nice place, but it’s kind of hard to tell from the foreclosure-level quality of the pics.
This is not a true penthouse, just a top-floor apartment, and a rather boring one at that. As others on this thread have pointed out, you’re paying over $3200 a month for rather minimal amenities- a tennis court and a workout room, but no pool, not even an outdoor pool. The only amenity that this place has that is exceptional, are its three deeded parking spaces.
How has the realtor not been fired by the owner of this place?
“If you look at pic 2 it appears there is a terrace above where this unit is, if I am interpreting it correctly.”
Pic 2 is of the *other side* of the building. Crappy street level view of the front of the building, where this one is, and nice drone a of the other side, for no apparent reason.
“just a top-floor apartment”
Not even on the top floor!
Would have been nice to see a photo of the amenities like the gym tennis court and so on
Gee, I can’t see why this place isn’t selling. Small windows, dark rooms, no views, a bedroom with no windows, ugly exterior. No charm. So much going for it.
It does have a nice balcony and the location is OK. But an $840,000 condo this does not make.
“a bedroom with no windows”
??
Two of them share the terrace, and have glass doors onto it, and the third has a nice view of the window across the notch in the building–they angled the shot as they did partly to avoid showing it.
“Small windows, a bedroom with no windows”
we must be looking at different places. the pictures are dark primarily because of the crappy photos. could also be the time of day they took the photos.