Quantcast

DNAinfo has closed.
Click here to read a message from our Founder and CEO

As Bucktown Prices Surge Past Lincoln Park, Are Luxury Condos a New Norm?

By Alisa Hauser | October 27, 2015 6:26am
 The kitchen/dining room of a luxury condo at 1611 N. Hermitage Ave. in Bucktown features an open floor plan and lots of natural light.
The kitchen/dining room of a luxury condo at 1611 N. Hermitage Ave. in Bucktown features an open floor plan and lots of natural light.
View Full Caption
DNAinfo/Alisa Hauser

BUCKTOWN — A new luxury condo development that had one Bucktown leader wondering if young homeowners could be priced out of the neighborhood has found buyers for all 17 of its units, and a lease to bring a fitness studio to the building's first-floor storefront is being finalized, people involved with the project said Monday.

At the northeast corner of Hermitage and North avenues, Sedgwick Properties' four-story development at 1611 N. Hermitage Ave. replaced a demolished Citgo gas station. The development, named Hermitage Sixteen11 offers three-bedroom, two-bath residences that range in size from 1,800 to 2,300 square feet.

The homes were priced from $650,000 to $900,000, and all sold at or above list price, Hermitage Sixteen11's listing agent Jennifer Mills Klatt said Monday. Klatt said 10 of the 17 units were sold prior to the start of construction in October 2013, and all but two units were sold by last spring.

According to Sedgwick Properties' President Marty Paris, in addition to the development’s "desirable location," buyers were drawn to the "premium interior finishes," such as 10-foot ceilings, white oak hardwood flooring; quartz or granite countertops, Italian cabinetry and professional-grade appliances.

Based on Redfin's September median home sale prices, the 1611 N. Hermitage Ave. homes cost significantly more than Bucktown's current September median sale price of $525,700.

Second to North Center and just ahead of Lincoln ParkBucktown has the second-highest median home sale prices in the city, based on a Redfin report for a three-month period ending Sept. 31

In a news release, Paris touted the development as one of the few high-end new construction developments in Bucktown.

“There’s just not a large supply of new construction in this area that offers this caliber of finishes unique to Hermitage 1611," Paris said.

Currently there are 24 condos for sale in the area bordered by North Avenue on the south, Webster Avenue on the north, Damen Avenue on the west and the Kennedy Expy. on the east, according to broker Andea Miller, who is finalizing a lease with a first-floor fitness studio tenant at 1611 N. Hermitage.

Coincidentally, the only new construction condo among the 24 currently listed for sale is inside of Hermitage Sixteen11.

Unit No. 203 went under contract for $715,000 in June 2014 and was closed on in August 2015. The owner put the property on the market as a "highly upgraded resale" listed for $899,000 on Oct. 1.

When asked if the buyer of the unit is planning to "flip it," or to resell it for a larger amount than what it was bought for, Mills Klatt said the buyer was initially planning to make the home an "in-town apartment" or a secondary spot to live, but those plans changed.

"It has appreciated, but they added some very interesting upgrades. They put in a smart home system with two mounted iPads in the walls. It controls everything, including climate and media," Mills Klatt said.

Since buying the home, the owners also mounted a TV behind the mirror in their master bathroom and had speakers installed in their ceiling. Other amenities added after the sale include a gas fireplace operated by remote control and a second deeded indoor parking spot.

Miller declined to say which fitness studio plans to move in.

Once open, the new 3,700-square-foot fitness studio will join a few others on North Avenue east of Damen, including Cheetah Gym, 1934 W. North Ave.; Orange Theory Fitness, 1634 W. North Ave.; and Pure Barre, 1837 W. North Ave.

Unit 203 in Hermitage Sixteen11 offers digital controls of climate, media  [Positive Image/Jennifer Mills Klatt]

Unit 203's master bathroom offers a TV behind a mirror.  [Positive Image/Jennifer Mills Klatt]

For more neighborhood news, listen to DNAinfo Radio here: