Tuesday, December 04, 2012

Condo sales on North Wells Street in Old Town

Old Town street markers (1212 N Wells building in background has affordable one bedroom units).  Photo: Eric Rojas, Broker
We were down in Old Town late last week prepping a new listing coming to market. The famous strip of North Wells Street in Old Town of Chicago's Near North community area is all wrapped up for Christmas and the holidays.  Here's a look at condo sales on North Wells Street from West North Avenue to West Division Street.

North Wells Street SOLD condos in the last 12 months from West North Avenue to West Division Street

14 condo units closed in the last 12 months from the time of writing (December 3, 2012). All the units were either one bedroom or two bedroom condos in mid-rise buildings with 30 to 95 units. This seems like a relatively low number of sales considering the many residential condo units along the strip.  However, it's a prime location in which people may hold units longer. In 2011, only 14 units sold on this section of Wells Street.

The median price for a condo over the last two years along the strip is about $369,000 with a $400+ assessment.

1414 N Wells is a popular mid-rise fetching the $500,000s for two bed, two bath condos
 The lowest sale in the last 12 months was $220,000 for a 1000 sq/ft one bedroom condo at the Neapolitan, 1212 N Wells Unit 1102.  Garage parking is included in that price and the assessment for the 2001 amenity building with elevator, doorman, tennis and basketball courts, fitness area and party room is $442.00 a month.

The highest sale in the last 12 months was at 1414 N Wells unit #405 for $578,500 at the 1995 built mid-rise with 52 units.  The 1700 sq/ft home with two bedrooms features two luxury baths, garage parking, two good sized balconies utility room, walk-in closets, spacious rooms and a $551 monthly assessment.

Wells Street businesses have a great holiday spirit... Fireplace Inn is a regular Christmas time tradition for us.
Currently, there are 5 units under contract on the strip which may push the closing numbers ahead of last year.  Only 3 units are listed for sale on the MLS. There will possibly be the highest and lowest closings for the year with a unit at 1414 N Wells under contract asking $615,000 and a foreclosure unit at 1212 N Wells  under contract asking $185,000 (will close for over list). 

More Chicago Market Statistics HERE