Trying To Sell A 3-Bedroom Bucktown Loft Just 8 Months Later: 1750 N. Wolcott
We’ve chattered about various lofts in the Signature Lofts at 1750 N. Wolcott in Bucktown over the years.
This 3-bedroom on the third floor came on the market in October 2012, just 8 months after it had previously sold.
It is a southeast corner unit with 14 foot timber ceilings and exposed brick walls.
The kitchen has a large island with 42 inch cherry cabinets and stainless steel appliances.
It has central air, washer/dryer in the unit and 2-car parking is available for $30,000.
Originally listed in October 2012 for $695,000, it has been reduced $15,000.
However, if you add in the 2-car parking, it is still listed $30,000 above the February 2012 purchase price.
This loft is 1950 square feet.
Is this a townhouse alternative in this neighborhood?
Will it still command the early 2012 price?
Heather Seidelman at @Properties has the listing. See the pictures here.
Unit #301: 3 bedrooms, 2 baths, 1950 square feet
- Sold in May 2001 for $425,000
- Sold in February 2012 for $680,000
- Originally listed in October 2012 for $695,000
- Reduced
- Currently listed at $680,000 (plus $30,000 for 2-car parking)
- Assessments of $494 a month
- Taxes of $8588
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×28
- Bedroom #2: 12×12
- Bedroom #3: 12×12
“Originally listed in October 2012 for $695,000
Reduced
Currently listed at $680,000 (plus $30,000 for 2-car parking)”
Isn’t that an increase? Or was the parking separate in Oct, too?
Really 2BR + the partial wall room. My guess is $550-600k including parking.
>>> However, if you add in the 2-car parking, it is still listed $30,000 above the February 2012 purchase price.
I could be mistaken, but I think the Feb. list price did not include parking. I think those sellers did precisely what these sellers here are trying: a price drop that is actually an increase due to the separately listed parking. I don’t know whether the Feb. sale price ultimately did include parking or whether that remained extra (not sure how to find out, either).
Yoss: I haven’t checked the numbers, but based on my recollection of recent sales in this building, this unit is unlikely to go for less than $650, including parking.
Unit 305 is 150sqft larger and sold on Nov 14, 2012 for $635k with 2 parking spots. That would suggest that this unit would go for less than $605k if the owners are realistic.
http://www.redfin.com/IL/Chicago/1750-N-Wolcott-Ave-60622/unit-305/home/12715375
“Yoss: I haven’t checked the numbers, but based on my recollection of recent sales in this building, this unit is unlikely to go for less than $650, including parking.”
I’m not so sure. 402 sold on 11/2 for $712,500, but it’s a top floor with huge rooftop deck. I just don’t consider a middle floor and top floor unit to be comparable (almost ever). If I’m a buyer, I’d look to 305 which sold on 11/14 for $635,000 – that unit included 2 car garage parking and was bigger at 2100 SF. That said, the price for 402 and even 305 surprise me and seem to indicate that people are willing to pay a premium in this building.
As Jon mentioned 305’s price ($605k excluding parking) = $288 / ft. That implies this place should go for $561k w/out parking and $591k with parking. I would say my estimate is accurate.
maybe I’m missing something here but I don’t see why this would sell for anything more than say $550k, including parking.
Timber lofts are notorious for the noise transmission between floors…does anyone know how it is in this building?
$ / sqft seem quite high for this style and location. I get that it’s on the nicer and larger side of these loft condos but at list of $710k plus assessments of $500/month, that out of pocket will get you into a SFH in a lot of Bucktown, Roscoe Village or Lakeview. I can’t see this going over $570k with the two parking spaces, and I think that would be overpriced for me but I get that others might go for it at that price. I think that this seller overpaid and trying to sell it in the winter after such a short time is never going to work out that well.