Wicker Park Duplex With Secret Staircase Returns 2 Years Later: 1530 N. Paulina
We last chattered about this 3-bedroom unit in this vintage building at 1530 N. Paulina in Wicker Park two years ago, in July 2008.
See our previous chatter and pictures here.
The duplex has more space than most single family homes in the neighborhood at 2600 square feet.
The unit has 12 foot ceilings and a private entrance.
The kitchen has white cabinets, stainless steel appliances and granite counter tops.
But especially memorable is the secret staircase in the floor which has a door. Be sure to check out the pictures.
This property is now being sold for sale by owner. See the pictures here.
Unit #F: 3 bedrooms, 3 baths, 2600 square feet
- Sold in December 2006 for $630,000
- Was listed in July 2008 for $675,000 (parking included)
- Withdrawn
- Originally listed in May 2010 for $650,000
- Currently listed for $660,000 (looks like the parking is again included)
- The listing doesn’t have the assessments but in 2008 they were $315 a month
- The listing doesn’t have the taxes but in 2008 it was $10,153
- Central Air
- Private deck
You see the problem wasn’t the pricing this tree house is easily worth 2/3 of a million dollars. That’s why the owner is listing it as FSBO–he’s going to show them!
I have to agree that this place is over priced, and just because you have a “secret stairway” doesn’t mean that your placed just jumped in value.
Killer taxes. I wonder how the deck was “NEWLY privatized” – the picture makes it look like each unit in the building has a patio set on the deck…
Nice location in wp, nicely done elsewhere from what I can see… But WTF is with that staircase? Where does it go? It don’t get why it’s there.
Being on the first floor and having the whole world be able to see into your living room/kitchen/dining room as they walk by (or as you open the front door) is a little bit of a turn-off. Alternatively, if you are an exhibitionist, this might be the place for you!!!
sorry – my mistake – I thought the back door was the front door
wait: this place is on the first floor AND has private roof deck space? I think I’m missing something…maybe that’s what the “secret staircase” is for?
“Killer taxes. I wonder how the deck was “NEWLY privatized” – the picture makes it look like each unit in the building has a patio set on the deck…”
Amazing what a welder and some duct tape will do.
What an odd strategy: my home isn’t selling, guess I’ll raise the price!
When this was posted last time, I thought to myself, you know what this place needs to sell? A price increase.
Well, the seller has paid another $10k on the mortgage since May, so clearly the place has appreciated by $10k in that time. This is real estate 101, guys.
The seller realizes he/she’s gonna have to drop his price so he’s starting higher…because there are still 3 or 4 people out there who don’t know how to search how long something has been on the market.
That staircase is a liability!!! I could see one of my drunk friends falling right in.
“NEWLY privatized deck space, perfect for home/office.”
The gatordeck is perfect for home/office? Do they mean home office? Even if so, I don’t think a gatordeck would work well for a home office–someone would steal all your pens.
Also, I’d guess that “newly privatized” means that the gatordecks had been common elements before, but the condo dec got changed. I’d also speculate that means the unit’s assessment went/is going up.
“The seller realizes he/she’s gonna have to drop his price so he’s starting higher…because there are still 3 or 4 people out there who don’t know how to search how long something has been on the market.”
I never understood why this matters so much to people. Of course, every bit of information can be used to paint a picture, but seriously, if you like the place and can afford it who cares if it has been on the market for a long time. If you buy into this “mass mentality” you will always be one of the common crowd and may lose out on opportunities.
@anon,
The deck probably went from ‘common element’ to ‘limited common element’. So these owners have exclusive rights to it but it does not count into their %ownership. Though the HOA could establish a seperate fee for its maintenance.
Similarly, like a parking spot that is not deeded, so a limited common element. %ownership is uneffected but there is a fee added to your assessment.
“The deck probably went from ‘common element’ to ‘limited common element’. So these owners have exclusive rights to it but it does not count into their %ownership. Though the HOA could establish a seperate fee for its maintenance. ”
Another reason I *hate* condo/hoa ownership. But also why I said “assessment” rather than “ownership percentage” was going up.
“I never understood why this matters so much to people.”
I sort of compare this to going to a Barney’s sample sale. The first to arrive and buy pick up all the real bargains and hard to obtain items. If you arrive after noon for a sale that begins at 7AM, only the oddest pieces remain and those usually are damaged.
Picked over goods and the same applies to the housing market.
“Picked over goods and the same applies to the housing market”
for the most part, I agree – but then again I may not be like most people. For example, many people don’t want a pool or tennis court, etc. – but I love swimming and playing tennis and paid extra for them when I bought my house. Most people will pass by a “fixer-upper” but I LOVE buying those type of places and restoring/renovating them to my style. So, I guess it all boils down to is your style/personality. If you are a lemming and follow the masses, then the advice is good – don’t even look at anything that has been on the market for over 30 days. However, if you are an intelligent independent thinker capable of exploring “out of the box”, then you should look at every property regardless of how long it has been on the market.
“I never understood why this matters so much to people. Of course, every bit of information can be used to paint a picture, but seriously, if you like the place and can afford it who cares if it has been on the market for a long time”
Clio, I’m inclinded to agree to a point. I think this is one of those beasts the realty industry has created and wished it hadn’t. If a property has been on the market for a long time, there must be a reason. We just assume it’s bad, when it could be simply that the right buyer hasn’t come along.