Vintage With Modern Conveniences: A 2-Bedroom at 1049 W. Wellington in Lakeview
This top floor 2-bedroom at 1049 W. Wellington in Lakeview came on the market in June 2015.
The listing says it is a vintage rehab but it has some of its original features such as the original doors and hardware.
Because it’s the top floor, it has 14-foot ceilings.
It has exposed brick walls and the kitchen is actually open to the living room, which is unusual for a vintage unit.
The kitchen has white cabinets, granite counter tops and stainless steel appliances.
The unit also has a master suite, complete with its own remodeled bathroom.
It has all the features that buyers look for including washer/dryer in the unit, central air and it even has garage parking.
The unit is just a quick stroll to the Wellington Brown line stop and the shops and restaurants at Sheffield and Wellington.
Given all its features, does this property sell for full asking price?
Katherine Otto-Sullivan at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #3A: 2 bedrooms, 2 baths, 1200 square feet
- Sold in September 1995 for $198,500
- Sold in June 1998 for $260,000
- Sold in September 2005 for $412,000
- Currently listed at $439,900 (includes the garage parking)
- Assessments of $208 a month (includes water and snow removal)
- Taxes of $5268
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×26
- Bedroom #2: 9×13
what a snoozer
The place has potential with some minor updates.
They’ve owned it for 10 years, and the asking price is just enough more than the purchase price to (mostly) pay transaction costs.
And it’s over 10% off the constant dollar ’05 price–$412 + cpi = $503.
Looks like a sitcom set in a TV studio.
Bleh. A beautiful vintage unit is DE-habbed into an ugly fake loft. This place has everything I hate- exposed ducts, ugly trim, bad room configuration.
But it’s a 1200 sq ft in a great location with extremely reasonable taxes, though only the Mother of Us All knows how long they’ll STAY reasonable, given the financial condition Chicago is in.
The 2015 reassessment of the City of Chicago is underway. Letters are going out.
07/17/2015 2015 Berrios Mails West Reassessment Notices
06/16/2015 Berrios Mails Hyde Park Township Reassessment Notices
05/12/2015 Berrios Mails Lake Township Reassessment Notices
e.g.
http://www.cookcountyassessor.com/LatestNews/LateNews.aspx?ID=676#Releases
Among the findings from the West Township reassessment:
The median assessed value increased to 21,030 in 2015, from 18,703 in 2012 — a median percentage increase of 12.41%.
The median sale price for single-family homes and other non-condo residential properties increased to $210,000 in 2014, from $187,000 in 2012 — a median percentage increase of 12.3%.
The proposed assessments of condominiums in West Township reflect a median [strong]increase of 34% in assessed value.[/strong]
condominiums in West Township reflect a median increase of 34% in assessed value
This unit is now under contract. I’ll post an update when it closes.