We Love Kitchens With Country Sinks in Gaslight Court: 1407.5 N. Wells in Old Town
Now that the 700 square foot 2 bedroom, 1 bath unit in Gaslight Court has sold, this first floor 1-bedroom at 1407.5 N. Wells in Old Town has come on to test the market.
It is a “raised” first floor unit with a unique multi-tile floor in the main living space.
The kitchen is also not what we normally see (i.e. cherry, granite, stainless). It is open to the kitchen and has a country kitchen sink (but where’s the refrigerator???).
The listing says it has new central air and a new washer/dryer which is in its own 6×6 laundry room.
There’s no parking, however, as it’s just rental in the neighborhood.
It has come out of the gate $65,000 higher than the 2008 purchase price, at $315,000.
That’s the same price that the second floor 2/1 which was just on the market originally listed at. It sold for $277,500.
The 2/1 is currently on the market as a rental.
Will an investor buy this one to rent too?
What percentage of condo sales right now are to investors?
Steven Malone at Coldwell Banker has the listing. See the pictures here.
Unit #2W: 1 bedroom, 1 bath, no square footage listed
- Sold in September 2000 for $180,000
- Sold in February 2008 for $250,000
- Currently listed at $315,000
- Assessments of $369 a month
- Taxes of $3586
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom: 13×11
- Laundry room: 6×6
If anything will help sell this place, it’s being located in this charming, private court. You either love the look of this place or you do not like it at all- as it happens, I do,even though I’d like to see more of it than the photos show.
But it’s a stretch to imagine someone paying such a steep premium to the 2008 price, which itself was a pretty major advance on the 2000 price. The economy has not exactly improved since year 2000. If I were a lender, I’d have a hard time justifying lending much more than the 2008 price.
are the floors so impressive to deserve multiple photos? is it some vintage equiv to ann s?
Come on… Is this really such a great location? Why do people pay so much to live here? And do they honestly think it will appraise for this much? No way. How people are listing for such a large amount over bubble prices I do not understand. We are listing $55K LESS! I want to tell these buyer that for $10K more you can have a HUGE 2/2+den around the block from the lake in LV… that’s right ccer’s, MINE! Going on the market tomorrow!
“I want to tell these buyer that for $10K more you can have a HUGE 2/2+den around the block from the lake in LV… that’s right ccer’s, MINE! Going on the market tomorrow!’
Good luck T.S. I bet it sells fast because you are pricing it realistically. Good for you for realizing what is really going on in the market. Yes, it’s hotter but only for those properties priced right.
I have a visceral negative reaction to farmhouse sinks. I can’t explain it, but it’s a very, very strong reaction. Almost anger, but not really anger. It’s so weird, and so inexplicable; it’s not like I’ve had any negative experience associated with a farmhouse sink.
Count me among those who don’t get the appeal of gaslight court. It’s moderately charming, I suppose, but the units I’ve seen are sort of cramped and dark and dingy.
I also don’t understand why the prices in Old Town are so high. I would much prefer Lake View, Lincoln Park, Streeterville, or the Goldcoast.
“The economy has not exactly improved since year 2000”
wtf are you talking about
“I can’t explain it, but it’s a very, very strong reaction. ”
Must be a repressed memory. Hie thee to therapy!
gaslight court stinks
Yep, I said as much earlier this week
http://www.chicagonow.com/adventures-house-hunting/2013/05/hold-your-horses-condo-owners/
people are trying to recoup everything they put into their homes and/or cover transactions costs and try to get a downpayment out of the sale.
It appears the bedroom doesn’t even have a door. and looks smaller than 13×11. I imagine that there is an issue with noise in a courtyard setup such as this.
I love Old Town. Easy commute to the loop via the Brown line. Plenty to do by North and Wells. Close to lake. More relaxed than River North and no tourists walking around. If and when I make enough $, I’d settle down in one of those homes on Fern or Crilly.
Totally diff feel
Gaslight is right there on wells
Fern is kinda of isolated and much more hear see the bells getting into LP vibe
Oh I also love Old Town, it’s a great hood in a great location… just not enough to pay so much for so little.
“Oh I also love Old Town, it’s a great hood in a great location… just not enough to pay so much for so little.”
Agreed. This is way too much. Since I currently rent, I base everything off what I think it would rent for (in a less inflated rental market). If the M/A/T plus a few hundred is less than that, I feel it is a good buy. Probably not the best way to assess price, but it seems that the units that are selling in this market follow this formula.
That hand placed tile floor (aren’t all laid by hand?…I’ve never seen a machine or robot laying it yet…) is a great example of decorating to your own taste that you cannot expect to earn every dollar back on. Taking an eccentrically decorated home and painting it neutral, etc. you may make money on your updates but when you spend a larger than usual expense to make your home unique you have to expect to lose some $$ on it. You’ll love it and enjoy it, which I think is worth the money to you, but it sure doesn’t mean everyone will like it and even fewer than like it will be willing to pay extra for it.
The entrance is charming, location good, price too high. Tile floors probably would be a bonus to someone with allergies or who owns a cat. The main drawn-back, beside the price, is that the unit feels cramped–open the front door and the entire place would equalize with the outside temps in a New York minute. The “farmhouse sink” is also known as an apron-front, and that’s how I think I’d feel, a servant wearing an apron, doing dishes stuck in a corner like that.
Sonies, while the economy was poor in year 2K, it has deteriorated since.
Has it escaped you that wages and salaries have dropped 1% on average since then and that we are now behind a mountain of debt that will never, ever be repaid because it and the derivatives based on it add up to about 7X the GDP of all the G20 countries combined? Have you not not noticed that the oil that sold for $20 a barrel then is selling for $80 a barrel now, and that that price is the baseline for profitably extracting the unconventional (tar sands, shale, offshore) oil that is most of what’s available now? Or that unemployment is much worse than in 2K and, in spite of our government’s attempts to massage the employment figures to make it look like we are actually adding jobs, we are not adding jobs at anything like the rate that we lost them, while we are adding population of working age, and youth unemployment is as high as it has been since the 1930s.
There is very little good economic news that is not fakery and spin.
“the economy was poor in year 2K”
Wha??
“unemployment is much worse than in 2K”
You’re implying that we had an unemployment problem in 2000. Wha????
“the economy was poor in year 2K”
“Wha??”
And, with that, sonies edges back into the lead in teh CC financial advisor contest.
Just because its Old Town, someone will come along and pay full ask the day they first see the place. Its like a Bermuda Triangle type effect. Something about Old Town causes people to fall under some spell and pay ridiculous prices for crappy places just because of being located in this neighborhood. Its quaint and charming, sure, but its not worth the prices people have been paying.
Old Town Charm and my two cents. I have lived in the city for 17 yrs. I lived in Old Town for four years and while I don’t live there anymore, there is no place I would rather live in Chicago. There is a quaintness and charm that is unparalleled in my humble opinion that no other neighborhood provides, while still having amazing proximity to every place you might need to go (should you choose to leave one of the most charming neighborhoods). You are smack dab in the middle of North Ave and Oak St beaches, close to great restaurants downtown, great shopping on Michigan Ave and a quick easy ride to the loop if you work there via CTA or a short cab ride. I actually went to the open house on Sunday (just to see how 750 sq ft is demanding $315K). The pictures do it no justice. Granted it was a gorgeous sunny day, but the courtyard is quaint and quiet and the unit is toward the back away from the street noise. The owner did an incredible job of rehabbing her unit in the most charming way possible. I don’t know why, but whomever took the pictures should get smacked. The blinds were all down in the pictures, but when I went in, the door was open and the blinds were all open, showing gorgeous huge picture windows that flooded the condo with light. There was a beautiful running waterfall encased in the wall to the left of the staircase that wasn’t showcased in the pictures very well. The open house was supposed to go until 1pm, I showed up and there was a stream of people coming out and more coming in when I left twenty minutes later. While I was there, one person put an offer in for $310K. My head was spinning at how charming the unit was, and if I had $310K to put down on the unit, I would have purchased it as well just for an investment property to rent out. The ONLY downside to that unit that I could see being a dealbreaker is there is no parking, which means you have to hope you can find a spot in the the neighborhood to rent. As far as the refrigerator, I was curious as well from CC’s comments. It is a drawer fridge under the counter. The fridge is on the left and there is a double drawer freezer just to the right of the fridge. Really charming! Lastly, my understanding is the inventory is super low in Old Town and Lincoln Park, people who own there aren’t going to just get rid of their units b/c others want a deal. The people who can afford those two neighborhoods and want something different, aren’t looking for a deal. Location, location, location!
Thanks for the update, Charmed. I appreciate you checking in.