Eric Rojas, Chicago Real Estate Broker

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Wednesday, January 15, 2014

Condo unit sales in "gritty" Old Town up 22%, median up $25,000

We looked at a renovation opportunity on the 1500 block of North Orleans in Old Town on Sunday.
 
We viewed a two beds, two baths unit at the above building 1500 N Orleans asking $325,000.  The unit is being advertised as needing a "full renovation". I agree and its a nice project for the right buyer to live-in and add value.  No parking is available with the unit. The building faces the elevated tracks and the block still has an old Chicago feel. (All photos Eric Rojas, Real Estate Broker).

The 1500 N Orleans is right around the corner from tony North and Wells.  The building catches the eye with it's ornate bay windows and larger stature than it's modest neighbors.  But, the CTA Brown Line train tracks run across Orleans and then adjacent on the east side of the street leaving a gritty urban imprint (lest you forget where you are).

Looking south down the 1500 block of Orleans. Half the block is developed with newer construction buildings.
 Condo sales in the Old Town boundaries in 2013: 

From www.YoChicago.com: The Old Town neighborhood is bounded by Division St (1200 N) on the south, North Ave (1600 N) on the north, Clark St (100 W) on the east and Clybourn Ave and Larrabee St (600 W) on the west. Visit YoChicago.com for neighborhood boundary maps!

272 condos and attached units (town homes) closed  in 2013, up 22% over 2012 unit sales.  The median price was an affordable $250,000.  But that price is a little misleading for the area.  Many of the sold units are very small high-rise units with high assessments on the eastern portion of Old Town (LaSalle Street  and Sandburg Village buildings for instance).  223 condos with median of $225,000 sold in 2012

... and the not-so-gritty Old Town on North Wells Avenue (Photo Eric Rojas, Real Estate Broker)
The highest condo sale was at 1515 N Wells #6E for $1,690,000.  The 1999 has 3600 sq/ft on one floor, 5 bedrooms, 3 parking spaces and views, views, views.

The lowest sold condo was 1360 N Sandburg Terrace #2009 for $115,000.  The floor floor studio/ junior one bedroom has terrific south city views and a $322.00 assessment.

Old Town is one of our favorite neighborhoods to work with clients.  Meeting for drinks or dinner after some business is easy!

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