Wells Street Tower Trying to Hold its own in Printers Row
With the Vetro, Burnham Pointe, Printers Corner and Library Tower all slated to be closing within the next year (or, in the case of the Vetro and Printers Corner, closing right now), I thought we should look at the last “new” tower to be built in the South Loop/Printers Row neighborhood.
Wells Street Tower at 701 S. Wells was the first new high rise to be built near Printers Row in, well, forever. I was living in a loft in Printers Row at the time and the neighborhood was giddy with excitement. Many of my neighbors were foresaking loft living and buying units in Wells Street Tower for the views (if you were up high enough you had lake views to the east) and for the amenities- namely PARKING.
The building wasn’t built as “luxury”. It was just an affordable, but nice, product for 20 and 30 somethings. The building closed in 2002 and yes, there were “investors” in the building.
In recent years, there has been some price appreciation but not what you would have imagined given the housing boom. In some cases, owners appear to be losing money on their units.
Unit #1505: 2 bedroom, 2 bath, 1300 square feet
- Sold in May 2002 for $299,000
- Sold in December 2004 for $314,000
- Currently listed for $305,000 (with parking $35,000 extra)
- Assessments of $555 a month
- Keller Williams – West Loop Office has the listing
Unit #1505 has been for sale for months with several price reductions. $305,000 seems pretty darn cheap for a true 2/2 in that location (must be at least $100,000 cheaper than the new 2/2s in the Vetro) but still no one is biting.
There are several other units also for sale including:
Unit #2603: 3 bedroom, 2.5 bath, 1665 square feet
- Sold in January 2004 for $444,900
- Sold in April 2007 for $490,000
- Currently listed for $520,000
- Assessments of $791 a month
- Keller Williams -West Loop Office has the listing
Unit #2002: 2 bedrooms, 2 baths, 1275 square feet
- Sold in August 2003 for $281,000
- Currently listed for $370,900
Unit #2802: 2 bedrooms, 2 baths, 1275 square feet
- Sold in June 2003 for $300,000
- Currently listed for $389,000
These units all look lovely to me and fairly priced.
The ceilings look like they are 8ft or 8.5ft at the most.
Sabrina, Update: 1 under contract 3 sold in last 90 days. 6 currently listed on the MLS between 289-515k…
A/I 701 S Wells St 1103 Chicago 8032 $220,000
CLSD 701 S Wells 1503 Chicago 8032 $220,000
CLSD 701 S Wells St 1505 Chicago 8032 $325,000
CLSD 701 S Wells St 1008 Chicago 8032 $327,500
Wells Street Tower No Longer Holding It’s Own in Printers Row
Unit #3205 is a 2/2 with 1,175 square feet listed as a short sale with an ask price of $225,000. Parking not included.
Unit #3302 is a 2/2 with 1,200 square feet listed as under contract for $295,000. No idea on closing price. Unit 3202 sold for 250k on 4/12/11.
Unit #3204 is a 2/2 with 1,300 square feet listed as under contract for $295,000. It’s a short sale. No idea on closing price.
Unit #1407 is a 1/1 with 800 square feet with an ask price of $180,000.
Unit #1903 is a 1/1 with 800 square feet listed as under contract for $160,000.
Closings by year:
2002: 79
2003: 65
2004: 18
2005: 29
2006: 23
2007: 19
2008: 10
2009: 10
2010: 7
2011 YTD: 3
Unit 2402 is a 2/2 foreclosure listed for 250k ask with deeded poarking included.
“Closings by year:
2002: 79
2003: 65
2004: 18
2005: 29
2006: 23
2007: 19
2008: 10
2009: 10
2010: 7
2011 YTD: 3”
That sucks to be an owner. at least they’re nice units, I wouldn’t mind being stuck there for a while.
Well 2002-2003 are when it initially opened. As it was built before the worst of the excesses of the bubble I suspect build quality is probably better than those built during 2004-2009.
In a vacuum 250k seems like a steal until you consider the contingent liabilities arising from your neighbor’s financial troubles.
I would be ecstatic if prices fell to 200 but there are sales from May and July of this year for 275 and 295. I really love the layout and the location right by LaSalle Station would be perfect for me.
When it was originally built- this building was supposed to “transform” the Printers Row neighborhood (as it was the first “new” construction in the neighborhood in like 10 years or more.)
The tower sold well out of the gate because people traded in their older units in the neighborhood for a building with parking and w/d in the unit (which many other buildings in the neighborhood don’t have.)
But now you have the Vetro, Library Tower and others (not to mention several brand new rental buildings.) So demand isn’t what it once was.
Also- now that it’s 10 years old- the units are showing their age. It’s amazing how quickly a units interiors can look “old.”
I like the look and feel of the Vetro units better. Something about overbuilding the crap out of something with concrete makes it seem really cool to me. But as we know that building is going through pains of it’s own.
It still appears those who bought at the auction are doing okay, though.