I agree with not going overboard... erspecially if you're trying to sell you don't want to create the "perfect" nook only to find it wont fit into your new home or that it's impossible the take apart/move easily.
For clothing storage I lik the hanging type you can find at IKEA for just a few dollars... like http://www.ikea.com/us/en/catalog/products/10116509
(we used these for diapers, baby blankets/urp towels, other bulky things we wanted close at hand) or http://www.seenonstyle.com/detail.ph...02a47de9112136
(we use these for the clothing... socks in one cubby, shorts in another, etc).
However, if wrinkles bother you maybe hang a few items in your master closet and then "cubby" the rest? I love that as the girls get older they're able to find their own clothes and put them away again in these cubby hangers.
For a long time our baby area was the pack n play (clothing to be grown into was kept in the bottom of the pack/play, at-hand supplies often lived in the sleeping area since we co-sleep, and the changing attachment was our only "official" diaper spot), a few hanging storage bags, and a small bookcase with baskets for storage. Over time the bookcase turned into a toy case for dd1 and the hangers are still in use 4 years later.
If you did decide to use a bookcase or chest as part of the nook you could use it to form a sort of "wall". For example, have the pack/play pushed into a corner, place the bookcase along the foot of the pack/play, and hang the big storage units from ceiling hooks so they are at "hand height" while you change diapers or get your little one dressed. If you're using the co-sleeper as an actual side car attached to the bed sleep area then just create a "nook" using the bookcase and maybe a dresser.
Congrats on the new babe, and good luck with selling your house! We sold our old place when dd2 was 7mo and it was a circus trying to keep the house looking good for showing with a toddler and a newborn... but it can be done!