Record High Listing Prices Appearing in Old Town: 1414 N. Wells
This 2-bedroom in 1414 N. Wells in Old Town just came on the market.
We’ve chattered about Old Town a lot over the years because some of the developments held their value even during the bust as Old Town remained a top destination in the city.
This 1700-square foot unit has cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.
It has a marble master bath and his and her walk-in closets in the master bedroom.
It also has the coveted a side-by-side washer/dryer in its own laundry room.
The unit has other features buyers look for including central air and 1-car garage parking.
This unit last sold just over 2 years ago, in December 2011, for $572,000.
Looking at the two sets of listing pictures, it appears to have the same kitchen and baths so it is an apples to apples listing (i.e. no extensive renovations.)
The unit has come on the market at $795,900 (including the parking), or $223,900 more than in 2011.
For a unit of this size, that would be a new record in the building.
(If you recall, back in 2009 we chattered about a 2500 square foot completely custom unit that Johnny Depp apparently slept in which ended up selling for $1.125 million in July 2009. See the pictures here.)
Will there be a record selling price for this condo?
Amy Settich at Coldwell Banker has the listing. See the pictures here.
Unit #208: 2 bedrooms, 2 baths, 1700 square feet
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- Sold in August 2002 for $486,500
- Sold in January 2005 for $513,500
- Sold in December 2011 for $572,000 (included the parking)
- Currently listed for $765,900 plus $30,000 for parking
- Assessments of $564 a month (includes cable)
- Taxes of $10,060
- Bedroom #1: 18×12
- Bedroom #2: 14×10
- Laundry room: 11×8
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Never in my wildest dreams did I think one of the larger 2-bedrooms in this building would list for $800,000. This is Wells Street for goodness sakes. Nothing THAT great about it. I’ll be interested to see what happens with this one.
Good luck competing with this place right across the street …
http://www.redfin.com/IL/Chicago/1445-N-Wells-St-60610/unit-2/home/28535519
Even though it doesn’t have pictures, the description sounds a lot better than 1414. Did anyone go to the open house by any chance?
While I think 800k for a 2 bedroom is a bit crazy, The location is one of the best in town for those folks who love the old town scene.
and also… um that place you linked… burton’s is a 2 story bar and a LOUD one at that… would you like to have a bar like that sharing a wall with you? LOL! That place is the overpriced one
It’s priced off of the next door unit that is under contract:
http://www.redfin.com/IL/Chicago/1414-N-Wells-St-60610/unit-210/home/14116395
Not sure I believe the “1700 sf”, but assuming accurate-ish, then that’s the market price.
No way. This stretch of Wells St is desirable for mid 20 to mid 30 crowd. BUT mid 20s crowd doesn’t have the $$ for an $800k 2BR and the mid 30s crowd wants at least 3BR (although if they were smart they would look for 4BR+). I don’t think the empty nesters would look at this area – they would more likely target GC / Streeterville / RN. My guess would be mid 600s for this place because its a hot area. Based on rental potential I don’t think it makes sense until high 500s.
We are hitting the peak
AGAIN
stock market shows it
and the housing market runs in right behind it
the country is in debt like never before
which of course then puts pressure on the states and cities b/c they have come to rely on the feds for bailouts in one form or another
I dont blame the sellers for trying to catch some people napping
nothing wrong with that
but I stand by my statement
Wow, just when I thought Old Town couldn’t be any more overrated. You have to wonder how much longer this property is going to take to appreciate (without any sort of real-estate bubble return) when you pay such a premium.
I don’t blame the sellers. In 2011 back when they bought, the street was not nearly as luxurious as it is now. There’s now Plum Market, and two of the most expensive rental buildings in the City just down the street from it. Plus, they are charging market based comps which recently sold in the building — Unit 210 and Unit 211.
Sold and close approx 2 months ago for $719K