Still “Hot” 8 Months Later? 1760 N. Wells in Old Town
This 1-bedroom unit at 1760 N. Wells in Old Town just came on the market but the listing caught my eye.
Just because another unit sold quickly in the building 8-months ago- does that mean this one will sell quickly too?
The listing states that the “last unit like this sold in 1 day this year for $278k.”
The “last unit” it refers to is Unit #1F which sold in March 2008 for $278,000.
Is that a relevant comp or a lifetime ago in this market? This unit, Unit #1E, has been on the market for a little over 2-weeks.
@Properties has the listing. See the pictures here.
Unit #1E: 1 bedroom, 1 bath, 750 square feet
- Sold in November 2001 for $160,000
- Currently listed for $279,900
- Assessments of $156 a month
- Taxes of $2421
- Central air
- W/D in the unit
- No parking
- Bedroom is 11×10
snooze. boring interior. price SHOULD be sub 200K to make it reasonable. $1700/mo is what i got on a basic mort. calc. with 10% down and i can’t imagine anyone with 56K in the bank for 20% would be in the market for a standard 1 br.
Received this comment from a friend this morning who is moving from Chicago. They have a very nice place ever so slightly in Jumbo territory.
“We are getting good traffic, it just appears no one can get a loan”
““We are getting good traffic, it just appears no one can get a loan””
I like your house but I can’t get a loan. What’s your ‘cash’ price? Hahahahahahaha!!!!
Still hot eight months later. Just like the caps lock key–still hot 20 years later.
I think the agent is taking the right approach. buyers want bargains. picing it this way with these comments leads the potential buyer to wonder if the other unit was underpriced when it sold so quickly.
also, this is priced to sell at a lower amount than the previous sale – so again, the buyer is going to be thinking they are getting a deal.
$280k for a shoe box?
Too high. The only compelling thing about this place is the location, which is indeed very excellent, but that alone can’t really justify the asking price of $375/sq ft.
The asking price should probably be somewhere closer to $230K. Tiny bedroom, and based on the reasonable 2001 price it’s hard to see justifying a sales price anywhere above $220K unless there were major upgrades we’re not seeing in the pictures. Refinishing the hardwood and a fresh coat of paint are expected, not upgrades that add significant value.
This place is shit for a 1br. Shitty building, shitty windows, boring all around and TINY. Hell I wouldnt even pay the 2001 price.
“We are getting good traffic, it just appears no one can get a loan”
This statement makes me a fan of regulation that requires all mortgages to be at least 20% down (not that this would ever happen). This would really prevent any bubble because if you dangle money in front of a degenerate spender (without providing resistance i.e. a down payment), he will always take as much as possible (hence causing bubbles).
“Is that a relevant comp”
Yes, as are comparable units in the neighborhood that have sold since then.
“Just because another unit sold quickly in the building 8-months ago- does that mean this one will sell quickly too?”
No. If they want to sell tomorrow they are going to have to go a lot lower. It’s all a question of seller motivation.
“No. If they want to sell tomorrow they are going to have to go a lot lower. It’s all a question of seller motivation.”
If they want to sell, ever, they are going to have to go a lot lower!
The location is the only thing this place has going for it, and even that will be hurt by the lack of parking.