We Like Modern: 925 N. Wolcott in West Town
As much as we like good old-fashioned vintage, there’s something neat about the sleek look of a modern design. This 3-bedroom duplex at 925 N. Wolcott in West Town has the crisp modern look.
Here’s the listing:
Modern 3BD/2BA 32’ wide duplex in 9-unit bldg by Studio Dwell & Ranquist Development. High-end finishes such as Arclinea,Miele,Sub-Zero,Duravit,Dornbracht, more. Great room w/20’ window wall overlooking 32×15 private entry&landscaped terrace.
Oversized master ste w/lge WIC. Bath w/sep Jacuzzi tub and shower w/stone bench & rainshower. Whole-house audio. BR3 currently dining.Gar pkg&large storage unit avail $19,800.
RCR Realty has the listing- which I believe is affiliated with Ranquist Development.
See more pictures here.
Unit #104: 3 bedrooms, 2 baths, duplex, no square footage listed
- Sold in July 2004 for $470,000
- Currently listed for $579,800 (plus $19,800 for parking)
- Assessments of $187 a month
- Taxes of $5,855
$100,000 profit in 4 years? Or, roughly what, a little over 25%?
Do not want.
So I like to hate on the prices people put up as much as the next guy. But it is worth noting that these are listing prices that you are comparing to actual sale prices.
I assume that the buyer would be more than happy to take something substantially under list price (at least 10%) without much arm twisting. Maybe I am crazy, and others correct me if in practice that doesn’t seem to be the case. My only point of reference is on houses out in the suburbs pre-bubble (think mid 90s) when the list price was always just a starting point and nobody ever got that.
kp–in my experience, offers under 10% of ask are considered “low balls” and usually treated as insults. They shouldn’t be, but they generally are.
I looked at this unit with a friend of mine who’s casually shopping for a condo. It’s about $100k overpriced. Nice finishes, but located in the back of the building looking at the garage and the unit feels smaller than it looks in those pictures. They want more than many of the equivalent new construction buildings in the area.
I agree with Michael. I like modern, like this unit, not sure about the ‘hood but for a 3/2 finished like this I am guessing 450-500k with the parking & storage.
Studio Dwell is designing some of the best new modern residential architecture in the city right now.
That said, Ranquist were the ones who bulldozed that intact house from the 1850s near Chicago/Paulina a few years ago, so I can’t say the developer is the most savory character.
They bought it in ’04, as new construction, in a ‘hood that was reasonably gentrified then. They should be happy to get out of it for their purcahse price plus sales/closign costs. Under $510k.
Does the living room face a grey wall? With a street view, this would be worth the money. Facing a wall would make it feel very closed in, bad karma, trapped.
This place is awesome – but like most of Ranquist’s buildings…the area is a subpar.
I really like modern, but this just looks terrible. From the pictures, the place looks like it uses modern-stylings in all the wrong ways.
I agree with everyone else that this should be asking for around the ’04 price or lower.
It does face a gray wall — with a bit of space for a patio in-between. Still feels a bit trapped, even with that outdoor space. I have to disagree with Tony though — the neighborhood is far from subpar. For those who want to live in Wicker Park/Ukie Village, it’s pretty ideal. Still overpriced, though.
How is this area subpar??? This is a great area. Almost all of West Town is a good area, and this is more than fine.
Is all of West Town really great now? Is it safe? I still have my eye on that awesome loft in the Bodine Building! 😉
This area’s pretty safe, much safer than Westhaven, or whatever realtors are calling the Near West Side/United Center area these days.
The residents of dicier areas along Lake Street will have to travel over half a mile to rob you, further than they can comfortably run home before the 911 call gets dispatched. Not to say it doesn’t happen, but the odds drop if you’re more than a quarter mile away.
Buying in West Town is currently out of my price range, but if it weren’t I’d certainly consider living there.
“Is all of West Town really great now? ”
Just don’t go west of Western.
Not quite true. The Patch extends to Smith Park west of Western (1 block W of the Bodine Bldg.)
You know I don’t want to sound like a hater here but……
In 2004 this couple decided to buy $470k new construction …. using two mortgages…The first for $382,000 and the second for $72,000….
Total mortages are $454,000…..which is 96.6% financing (they put about 3% downpayment). If I have time today I’ll go across the street and check in the recorder’s office….I have a suspicion that both the loans are ARMS and probably interest only’s…..on five year reset rates…which explains the 2008 listing in time for a 2009 reset…..
Now this board has shown that funny money, especially with the large purchases like this, drives up home prices….and when the funny money is gone, it crashes back to earth…..
Now someone please explain to me why the owners of this unit are entitled to any appreciation whatsoever given the fact they overpaid near the height of the bubble using funny money…..especially considering they’re probably in a race against time before the ARM resets?
crickets chirping
The owners of this unit might not feel entitled to any appreciation. Realtors have been know to give sellers inflated valuations in order to get a listing.
The developer has a lot of cool buildings in West Town. If you like modern that is.
Several other units in this building, some with better views, have been on the market or sold in the last year. I wonder how the pricing compares?
Here’s the sales history I have:
unit date saleprice pkg? prior saleprice pkg?
101 Apr-04 $444,000 w/pkg
102 Sep-08 $500,000 w/pkg Apr-04 $470,000 w/pkg
103 Sep-07 $565,000 w/pkg Apr-04 $450,000 w/pkg
104 Apr-04 $470,000 w/pkg
201 Apr-04 $365,000 w/pkg
202 Apr-04 $365,000 w/pkg
203 Jul-07 $430,000 w/pkg Apr-04 $355,000 w/pkg
301 Jul-08 $665,000 w/pkg Apr-04 $479,000 w/pkg
302 Apr-04 $480,000 w/pkg
Of course, pick the best comp and add 6%. Makes perfect sense.
i dunno the area seems to be de-gentrifying.
my buddy lives on ashland and augusta and there are shootings or organized (gang?) fights in his back alley every or every other month. maybe his place is just a bad example/spot, but if his rent for a new construction 3/2 wasnt at $1200 he wouldnt be there right now.
“i dunno the area seems to be de-gentrifying.
my buddy lives on ashland and augusta”
Ashland’s a little dicey and will likely remain so. Are there problems over near Damen (yeah, it’s pretty close, but as Beju notes, it’s more than a 1/4 mile from Ashland).
You can search crime stats here, with data available in several kinds of ways (I like Beat stats):
http://chicago.everyblock.com/crime/
District and Beat maps can be found on the Chicago Police home page:
http://www.cityofchicago.org/police