Standalone 2-Bedroom Condo is a Hidden Oasis in Old Town: 1409 N. Wells
This 2-bedroom in Gaslight Court at 1409 N. Wells in Old Town came on the market in June 2023.
Gaslight Court is a unique collection of 19 units throughout several vintage buildings surrounding a courtyard. The listing says it was constructed in 1979. There’s no parking or amenities.
The listing says this unit is a standalone condo in the middle of the private brick courtyard.
It has floor-to-ceiling windows across the front of the unit. Are those reflective windows where you can’t see in, but you can see out?
At just 1,000 square feet, it has 2 bedrooms and 2 baths.
There are hardwood floors throughout.
It has a living/dining combo, although in the pictures, it appears that there is simply a dining room table in the space. There’s also two skylights in that space.
The listing says the kitchen has been “remodeled.” It has white cabinets, a breakfast bar with seating for two, stainless steel appliances, a white tile backsplash and what look like stone counter tops. It also has a skylight.
The second bedroom is off the kitchen. It does not have any windows but does have two skylights.
The primary bedroom has floor-to-ceiling windows along one wall, a walk-in-closet, and an en suite bathroom with a double vanity and walk-in-shower.
There’s a second full bath.
This unit has the features that buyers look for including central air, washer/dryer in the unit but there is no parking. It’s available to rent in the neighborhood.
The unit has a “huge” outdoor patio with a mature tree. The floor plan lists the size as 30×25 so it looks like this unit owns both tiers of the patio.
Gaslight Court is in the heart of Old Town amidst all of the shops and restaurants on Wells Street and near bus lines.
Listed in June 2023 at $539,000, will they get this price for this unique property?
Ryan Cybulski at Vanguard Real Estate Services has the listing. See the pictures and floor plan here.
Unit #1: 2 bedrooms, 2 baths, 1000 square feet
- Sold in March 2001 for $180,000
- Lis pendens foreclosure filed in March 2011
- Bank owned
- Sold in June 2014 for $95,000
- Originally listed in June 2023 for $539,000
- Currently still listed at $539,000
- Assessments of $368 a month (includes scavenger)
- Taxes of $8694
- Central Air
- Washer/dryer in the unit
- No parking
- Bedroom #1: 19×12
- Bedroom #2: 12×10
- Living/dining room: 20×18
- Kitchen: 13×10
- Laundry: 3×6
- Patio: 30×25
Common space is tiny and why they would take pictures of the DR table enveloping the entire space is questionable.
The biggest issue is the lack of privacy. Some screening (hello Arborvitae) would go along way
While not for me, I’m kinda surprised that it’s still on the market after a month.
“Hidden oasis” seems to be a bit of an overstatement. While the wall of windows on the fascade is impressive, said windows are looking into the back garden level of old brownstones and coach houses. The patio space is large, but with no privacy is only slightly more usable than the adjacent common courtyard.
Condo dec makes this owner solely responsible for the unit’s walls, roof, windows, patio, etc, and not at all for saem for the rest of the association. So it’s a lot like an SFH in an HOA.
So, I can sit at the dining table, the kitchen counter, or outside? Did I miss a sofa anywhere?
Unique. Wonder if they could pop the top and put bedrooms up?
“Wonder if they could pop the top and put bedrooms up?”
Let’s say you could. Is there any chance that’s a good financial decision (at $540k for the existing) compared to buying, say, this:
https://www.redfin.com/IL/Chicago/155-W-Burton-Pl-60610/unit-2/home/12814221
“While not for me, I’m kinda surprised that it’s still on the market after a month.”
It’s small. The other 2/2s in Gaslight that sold recently in the $500s are 400 or 500 square feet bigger. If it were priced at $399k it would probably be under contract already.
“If it were priced at $399k”
So it’s 35% overpriced??
“So, I can sit at the dining table, the kitchen counter, or outside? Did I miss a sofa anywhere?”
None of the furniture will be there when you move in anon(tfo). So you are free to sit on whatever sofa you move in.
But you are bringing up a problem with this property. 99% of buyers cannot look past what they see in front of them. It’s very unusual to not have a sofa somewhere. Even a 500 square foot property can have a sofa. It’s got to be impacting buyers. They don’t want to have to figure out where the tv goes and if their big sectional will fit. They will just take a pass.
Agree with anon(tfo). No reason to add a second level, even if you could. You’d just walk across the street and buy at 1414 n wells without having to deal with construction, contractors, the city permits etc.
It’s not like this is priced as a deal which might make it worth your while. There’s a 2/2 that’s 1500 square feet at the front of Gaslight Court that is currently listed at $599,000. It has a big deck overlooking Wells. Why not just buy it as well? (We have chattered about this unit in the past, actually.)
https://www.redfin.com/IL/Chicago/1407-N-Wells-St-60610/unit-2/home/12739096
“So it’s 35% overpriced??”
Yeah. If 820 square foot 1 bedrooms are selling at $325,000 in this complex then this 1000 square foot 2-bedroom, where the second bedroom doesn’t even have any windows, should sell for around $399,000.
“ Yeah. If 820 square foot 1 bedrooms are selling at $325,000 in this complex then this 1000 square foot 2-bedroom, where the second bedroom doesn’t even have any windows, should sell for around $399,000.”
So you’re assigning the same $/sf based upon a 1Br of unknown level of finishes for a 2Br (updated albeit low grade) and the valuing the 2Br outside space at zero.
Very interesting
I get that you enjoy disagreeing with me for the sake of disagreeing, but you’ve argued about calling spaces Br’s with out any freaking walls and now you dont like this 2Br because it only has skylights? You have issues
I think Water is wet
“None of the furniture will be there when you move in ”
sure, but doesn’t staging matter? no reason for an 8 seat huge dining table in this place.
“ Let’s say you could. Is there any chance that’s a good financial decision (at $540k for the existing) compared to buying, say, this:
https://www.redfin.com/IL/Chicago/155-W-Burton-Pl-60610/unit-2/home/12814221”
Not at all comparative. 155 Burton has monthly HOAs north of $2,900.
I am surprised that neither the featured properties nor 1407 N Wells have sold after a month in this “A+ location” when inventory is incredibly low.
Has Old Town lost some of its luster now that people aren’t commuting downtown as frequently and the Gold Coast (especially Mich Ave) has been going downhill?
Something else off putting about Old Town is the numerous early 20s scene bars that have popped up in the last decade. The party atmosphere has diminished the charm of Wells Street and makes it feel like a Big 10 college town at times.
$460k and it sells
Hard to tell from the photos (or should I say lack of photos) what this place is really like, but I get the feeling it lacks natural light. No window in bedroom 2 is definitely a fail, and I’m not sure I love my master bedroom opening right into a patio. Just doesn’t feel secure.
“Something else off putting about Old Town is the numerous early 20s scene bars that have popped up in the last decade. The party atmosphere has diminished the charm of Wells Street and makes it feel like a Big 10 college town at times.”
It’s definitely not marketed to the older crowd KK. But that’s okay. Older people have other parts of the city they can go to. I kind of like that it has a Big Ten bar vibe. Everything seems to have gentrified. It must be some “event” destination where you have to dress up. I always feel like you can wear shorts and gym shoes on Wells and no one cares. That may change once they put the hotel in though.
“I am surprised that neither the featured properties nor 1407 N Wells have sold after a month in this “A+ location” when inventory is incredibly low.”
Lack of parking always makes these a tougher sell. Gaslight Court is unique but older. 1407 N Wells has the spanish tile floors in the kitchen and one of the baths. Those are not “in.” The last time they tried to sell that unit it took a while too.
Based on what we’ve seen in other buildings nearby, I don’t think it’s slowed in Old Town at all.
“sure, but doesn’t staging matter? no reason for an 8 seat huge dining table in this place.”
Yep. That’s why I said 99% of buyers won’t be able to see beyond the table. They won’t understand where to put their couch.
I think there are renters in this unit. But I would stage it with a cute small sectional.
“So you’re assigning the same $/sf based upon a 1Br of unknown level of finishes for a 2Br (updated albeit low grade) and the valuing the 2Br outside space at zero.”
I’ve been in many units in this complex over the years. This unit is just 1000 square feet.
@ anon(tfo)
Let’s say you could. Is there any chance that’s a good financial decision (at $540k for the existing) compared to buying, say, this:
https://www.redfin.com/IL/Chicago/155-W-Burton-Pl-60610/unit-2/home/12814221
= = =
The Burton cul de sac is historic landmarked area so that will certainly have an effect on properties located there.
Alan still lives there
https://www.chicagotribune.com/entertainment/ct-carl-street-studios-buidling-in-jeopardy-20150803-story.html
@ KK
I am surprised that neither the featured properties nor 1407 N Wells have sold after a month in this “A+ location” when inventory is incredibly low.
Has Old Town lost some of its luster now that people aren’t commuting downtown as frequently and the Gold Coast (especially Mich Ave) has been going downhill?
= = =
For this unit, there isn’t a gate or anything and there are mentally unwell people wandering at night. You very well could have people hunkering down and sleeping in the outdoor patio not to mention breaking in through the glass partitions
@KK
Something else off putting about Old Town is the numerous early 20s scene bars that have popped up in the last decade. The party atmosphere has diminished the charm of Wells Street and makes it feel like a Big 10 college town at times.
= = =
I agree that it’s too much. If one did a walk and count, I am going to guess there are over 20 bars now in that stretch of Wells. Even though O’Brian is gone, his legacy of wanting to put up more liquor establishments continues.
“ Lack of parking always makes these a tougher sell.”
I thought you didn’t need a car?
“ I’ve been in many units in this complex over the years. This unit is just 1000 square feet.”
What does this have to do with what I posted?
“It’s definitely not marketed to the older crowd KK. But that’s okay.”
How many recent college graduate singles who are into the bar party scene are buying half million $ properties?
“I kind of like that it has a Big Ten bar vibe.”
There’s a place for a Big Ten vibe — Big Ten schools.
The once beautiful and historic Wells street being overtaken by classless bars is a travesty. It is basically Wrigleyville, but without the ballpark or Gallagher Way.
““ I’ve been in many units in this complex over the years. ”
How is that possible Sabrina? Somewhere you stated you don’t have a career in real estate.
“The once beautiful and historic Wells street being overtaken by classless bars is a travesty.”
Bring back the original Exit, the Bizarre Bazaar, The Bijou Theatre, Carol’s Speakeasy, and Tower Oldsmobile. And, while not quite on Wells, the Oscar Mayer plant.
Beautiful *and* historic.
“ How many recent college graduate singles who are into the bar party scene are buying half million $ properties?”
Per Sabrina all of them
“How is that possible Sabrina? Somewhere you stated you don’t have a career in real estate.”
I don’t work in real estate. Never have. But I LOVE real estate, obviously, and have gone to open houses, home shows, stopped in at model homes for years. I’ve been to several open houses over the years in Gaslight Court because it’s so interesting. I love these quirky developments.
In fact, I just went to an open house last weekend without really planning on it. But it was in the neighborhood and it was a cool property.
“There’s a place for a Big Ten vibe — Big Ten schools.”
Next thing you’ll say KK is “get off my front yard.” Lol.
If you want “classy” bars full of old people with expensive drinks, that’s available a few blocks away in the Gold Coast.
I’m always glad to see all the young people on Wells. It’s not my scene anymore but my kids like hanging out there. Not every entertainment area needs to have Michelin starred restaurants.
“How many recent college graduate singles who are into the bar party scene are buying half million $ properties?”
Plenty of 20 and 30-somethings buying $500k properties KK. Just like 20 years ago when GenX was buying the $400k 2/2 condo all over the north side. Plenty of young people are DINKs as well. Why would you have to be “single” to be buying? But there are plenty of singles who can afford it too.
But most of the 20-somethings in this neighborhood are renting in one of the many luxury rental buildings that are up and down the street now or on North Avenue/Division. Several huge luxury apartment buildings now at the southern end of the street. But hundreds of apartments have been added to the Old Town neighborhood in the last 10 years.
I don’t know why this upsets you KK.
“What does this have to do with what I posted?”
Other units in the complex are similar square footage. I’ve been in them. None of those sold for over $500k. The 1-bedrooms are listed at $325,000 for 800 square feet.
“I thought you didn’t need a car?”
GenX and older Millennials always looked for parking. It was always a big negative for this complex. Perhaps a GenZer won’t care. Many of them don’t care about cars. And there are zipcars and uber around. We shall see. It’s interesting that they don’t even mention the parking options in the listing so maybe it has ceased to be an issue.
Wasn’t Wells pretty funky/wild/groovy not too long ago? My understanding is that it was, then it got sort of fancy like 25 years ago, and continues to evolve. I would think that folks would be happy that there’s good economic activity there and places are busy (even if they’re bars catering to a younger crowd), without much of the negative impacts (crime) that party-oriented neighborhoods often deal with, especially at closing time.
« Plenty of 20 and 30-somethings buying $500k properties KK.«
« Why would you have to be “single” to be buying? «
If you’re into the Wells street bar scene, you are most likely looking to meet someone, definitely under 30 and probably under 25.
“If you’re into the Wells street bar scene, you are most likely looking to meet someone, definitely under 30 and probably under 25.”
What does any of this have to do with living there? Do you think someone who lives on the street is spending every weekend hanging out in the bars on the street? I don’t get the hate against 20-somethings who are hanging out in bars.
“Per Sabrina all of them”
Huh? If you can afford one of the luxury apartments on the same street, you can afford the $500k apartment. Just need a down payment.
The small 1000 square foot 2-bedrooms in Old Town Park are renting at $4,000 a month. Some of the one bedrooms are renting at $3300. Lol. Plenty of young adults have money to pay a mortgage.
https://www.oldtownpark.com/building/tower-3
“Just need a down payment.”
Minor detail lol. Most come out of college either in debt or with minimal savings.
We should also petition for the return of Wells Street Willie, who would stand in a vacted parking space for you while you made a u-turn to park. Suppose the tip would need to be closer to $20 now–at which point you might as well park at Piper’s Alley.
Not sure if previously posted in the comments but unit is under contract
Wow, that Sabrina poster really has his/her finger on the pulse of Chicago RE
“Wow, that Sabrina poster really has his/her finger on the pulse of Chicago RE”
Per usual with the male bullies on this blog. Sabrina has to be a man. No woman can run a successful real estate blog for 15 years.
The sexism is so tiring.
It’s been on the market over a month now. That is long for this market. If they get over $500k, good for them and all the rest of us who live here.
“Minor detail lol. Most come out of college either in debt or with minimal savings.”
By age 30? Somehow GenX figured out a down payment. And you don’t have to put down 20%. Can even put down 5% if you have good credit. Over 40% of all mortgages are going to Millennials now. It’s just 5% to GenZ but that will rise the next few years.
Many older people act like Millennials haven’t been homeowners for over a decade. Some of the oldest likely bought during the housing bubble.
“It’s been on the market over a month now. That is long for this market. If they get over $500k, good for them and all the rest of us who live here.”
Yet you thought it was worth $400k?
“Yet you thought it was worth $400k?”
Yep. Still think it’s worth just under $400k. But if someone wants to pay over $500k for this, hooray. Great for all the other owners in Gaslight Court, for sure.
Chicago market is red hot. Just no inventory on the market.
Closed for 533K
LOL
That Sabrina really knows what she’s talking about, $400k LOL
Amazing that someone from East FTW knows the market better than her
I wonder if she even lives in Chicago?
“I wonder if she even lives in Chicago?”
We know YOU don’t, JohnnyU and you haven’t for 30+ years? Or is it 40?
“Closed for 533K”
Wow. Thanks for the update David. Definitely unique but square footage is small and the second bedroom had no windows. This is great news for the other gaslight court owners. I’m sure they’d love to get this price per square foot when they sell. This takes this building to a whole new level.
“We know YOU don’t, JohnnyU and you haven’t for 30+ years? Or is it 40?”
Who was right on this property? (No need you to spew your typical drivel, just answer – JU or Sabrina)
Its ok to be consistently wrong Sabrina, I mean its not like you are a self proclaimed Chicago Real Estate savant
No need to lash out
“Wow. Thanks for the update David. Definitely unique but square footage is small and the second bedroom had no windows. This is great news for the other gaslight court owners. I’m sure they’d love to get this price per square foot when they sell. This takes this building to a whole new level.”
Why do you give a shit?
“Why do you give a shit?”
Gaslight Court has lagged for years, just like the rest of Chicago. It’s awesome that they are finally going to see appreciation. This is the comp for the entire complex now and should really give a boost to the other units currently on the market. I hope they can get their price too.
For those of us who live in Chicago JohnnyU (unlike you who haven’t for 30+ years), we actually DO care what is going on in the housing market here.
By the way Case Shiller had Chicagoland at the top for year-over-year home price appreciation again. Second month in a row. Cleveland came in second. This is fantastic for Chicago homeowners.
“Who was right on this property? (No need you to spew your typical drivel, just answer – JU or Sabrina)”
I was wrong on this property. It’s the same square footage as others in the complex that have sold under $400k. I would not have paid over $500k for this but I didn’t.
Just goes to tell you how red hot the Chicago market is.
By the way, the unit that was 1600 square feet at the front of the complex overlooking Wells, with its own big private deck, was withdrawn from the market listed at $592,000.
But $533,000 for this unit is an amazing price.
Sizzle.
“Gaslight Court has lagged for years, just like the rest of Chicago. It’s awesome that they are finally going to see appreciation. This is the comp for the entire complex now and should really give a boost to the other units currently on the market. I hope they can get their price too.
For those of us who live in Chicago JohnnyU (unlike you who haven’t for 30+ years), we actually DO care what is going on in the housing market here.”
Based upon your previous comment, I’m still not seeing why you should give a shit
“By the way Case Shiller had Chicagoland at the top for year-over-year home price appreciation again. Second month in a row. Cleveland came in second. This is fantastic for Chicago homeowners.””
Wow 2 months after being in the shitter for year. Congrats on your pyrrhic victory
“I was wrong on this property. It’s the same square footage as others in the complex that have sold under $400k. I would not have paid over $500k for this but I didn’t.”
You literally cant say I was right. LOL
Did I dump/reject you at some point? Sorry I dont remember you.