The Most Expensive Condo in Old Town Has Reduced: 1738 N. North Park
This 3-bedroom first floor condo at 1738 N. North Park in the Old Town Triangle neighborhood came on the market in May 2018.
You may remember us chattering about this property because, at the time, it was the most expensive condo in Old Town at $1.4 million.
Several of you thought the price was a typo in the listing or maybe it was for the whole building.
See our chatter here.
The old listing said it was the first time it had been on the market since the building converted to condos 65 years ago.
In June 2018 it was being sold “as-is” and now it’s a “gut rehab.”
This is a 3-unit self-managed condo association with a building that was constructed in 1886 and a side lot that has trees and landscaping. The total lot is a non-standard Chicago lot measuring 42×62.
The listing says the front door is 133 years old.
It has an unfinished full basement, but it’s still not clear from the listing whether the new owner owns that space or not. There’s a washer/dryer in the basement.
There’s no parking for the unit.
There’s no central air conditioning.
Since our last chatter, the price has been reduced $525,000 to $875,000.
What will it take to sell this property in 2019?
Christopher Moran at @Properties has the listing. See the pictures here.
Unit #1: 3 bedrooms, 1 bath, 1200 square feet
- There’s no prior sales info. It hasn’t been on the market since the condo conversion of the building 65 years ago.
- Was listed in June 2018 for $1.4 million
- Reduced
- Currently listed for $875,000
- Assessments are now $175 a month (They were $150 a month in June 2018) (includes water, scavenger, snow removal)
- Taxes are now $5473 (they were $5268 in June 2018)
- No central air
- Washer/dryer in the basement
- Wood burning fireplace
- Bedroom #1: 13×9
- Bedroom #2: 11×9
- Bedroom #3: 11×9
Sure, $730 per square foot for an as-is, gut rehab, first floor condo, without parking or air conditioning seems about right. Now where did I leave my crack pipe?
great deal! remember you also get 1/3 share of the adjacent lot worth millions!
1) three beds with no parking is a tough sell. Throw in only one bath (that is in desperate need of an update and is unfortunately located right off the kitchen meaning some sounds/smells might travel and really impact someone’s appetite) and it is an even tougher sell.
2) Throw in a kitchen that is in dire need of a through gut rehab.
3) Throw in floors that look like they are on their last legs.
4) Either you get an unfinished basement to finish yo-self or you get neighbors who are absolute pigs. For crying out loud, clean and organize that basement!
5) Throw in three bedrooms that are each only 9′ wide – – e.g. very narrow by today’s standards.
What do you get? You get a listing by someone who is really out of touch with today’s market. How old are the folks trying to sell this or is this an estate situation and the executor just had to make a ridiculous ask to appease some distant relative in some far flung place who only knows that grandpa left them a condo in Old Town so it MUST BE WORTH A TON OF MONEY NO MATTER WHAT!!
I would recommend that the person who is trying to sell this actually visit nearby listings in the same price range to see if they can figure out how ridiculous they are being.
@The Cat…You forgot
No Central Air & washer dryer in the basement. At this price point, it’s a toss between your theory (appeasing some deluded owner) or the crack pipe.
I’m guessing this is some type of set up for money laundering because this dump isn’t even worth 350k
That kitchen!
This place is a disaster, and I’m not even sure how you fix it.
even funnier that this unit was listed for 1.4 million LOL!
does the moron selling think old town is in Brooklyn?
“does the moron selling think old town is in Brooklyn?”
—————-
No, Bucktown.
This is the kind of thing that gives Realtors a bad name. I’ve never heard of this agent, but judging from how he tried to price this listing he is either very young and naïve, or very experienced and cynical. Either way, it plays into the stereotype that we have dollar signs where our eyes/hearts/brains should be.
I like this line from the listing: “The style alludes to greater height by using smaller windows on upper floors…”
That’s like the game where you look at what is said and you try to translate into what is humorously meant.
In this case, my translation is “It’s not a bug, it’s a feature!”