Crib Chatter

We chattered about this 3-bedroom contemporary townhouse at 1401 W. Berteau in Lakeview in September 2008.

See pictures and our chatter here.

Since then, nothing has changed. The townhouse is still for sale, a “paint credit” is still “negotiable” and the price is unchanged at $660,000.

But at least the snowy pictures are now current.

@Properties still has the listing. See more pictures here.

Unit #B: 3 bedrooms, 3 baths, 2 car garage

• Sold in October 2004 for $599,000
• Was listed in February 2008 for $660,000
• Was listed in September 2008 for $660,000
• Still listed for $660,000
• Assessments of $331 a month
• Taxes of $7684

Recently, it has come up in discussion that most of the properties highlighted on Crib Chatter are of the more expensive variety.

Someone posted that he was looking for a simple 2/2 in a north side city neighborhood for under $200,000.

You can find that at 4948 N. Troy in Albany Park.

Okay- so when you add in the parking, this 2/2 is slightly over $200,000.  But hey- everything is negotiable.

This unit is just a few blocks from the end of the brown line, has parking, central air and washer/dryer in the unit. 

Kate Mangan-Smith at Prudential OneSource Realty has the listing. See more pictures and the virtual tour here.

Unit #1: 2 bedrooms, 2 baths, no square footage listed

• Sold in January 2002 for $172,500
• Currently listed for $199,999 (plus $12k for parking)
• Assessments of $255 a month
• Taxes of $2096
• Central Air
• In-Unit Laundry
• Deck
• Bedroom #1: 12×11
• Bedroom #2: 11×10

It seems as if the rich like to move on a moments notice along with the rest of us as this 3-bedroom unit at 50 E. Chestnut in the Gold Coast has come on the market only 9 months after it closed in May 2008.

Not only that- but it’s listed for $508,000 more than in May.

50 E. Chestnut, the 34 story high-rise, is so exclusive it only has 1-unit per floor. It also has all the traditional luxury upgrades: Subzero, Wolf, Dornbracht, Toto toilets and Kohler bathtubs.

Is the unit worth the premium only 9 months later? Stay tuned.

Tricia Fox at Keller Williams Gold Coast has the listing. See the pictures and listing here.

Unit #1001: 3 bedrooms, 3.5 baths, 2 car parking, 3904 square feet

• Sold in May 2008 for $2,692,000
• Currently listed for $3.2 million
• Assessments of $2,398 a month
• Taxes are “new”

Crain’s reported today that luxury apartment building company AvalonBay Communities Inc. has pushed back its plans to build 1000 units in the South Loop at Clark and Polk due to economic conditions, including a glut of condo units that are being rented.

Construction was set to start in May 2009 on the first of two 500-unit towers. The start date has been pushed back by 12-months.

Is this the best real estate quote of 2008?

“You’re crazy if you’re developing right now,” said Walter Rebenson, vice-president of development in Chicago for the Alexandria, Va.-based company.

“The job losses are massive.”

Another developer,  however, is going forward with construction plans in the South Loop.

As AvalonBay waits out the market, D2 Realty Services Inc. is moving forward with plan D for a site about a block south of AvalonBay’s. The Chicago developer originally had proposed building about 600 condos on the property at 1000 S. Clark St., later switching to apartments when the condo market tanked. Then D2 hired CB Richard Ellis Inc. to sell the 2.5-acre parcel, with an asking price of $20 million.

Unable to find a buyer, D2 has dropped that plan and now wants to develop the site in two phases. The first would include a 60,000-square-foot retail building with frontage on Clark Street. In phase two, D2 would build a condo or apartment tower on the west end of the property when the residential market recovers.

The $35-million retail development would sit just north of the emerging Roosevelt Road retail corridor, around the corner from the 400,000-square-foot Roosevelt Collection shopping mall that will open next year, and next to a Target store.

Economy changes plans for 2 South Loop projects [Crain’s Chicago Business, Dec 31, 2008]

We last chattered about this 2-bedroom unit at 1445 W. Belden in Lincoln Park in September 2008.

See the prior post and pictures here. (In the comments thread- someone claiming to the owner admits that they listed too high in the beginning.)

It has been reduced another $50,000 and is now listed $62,000 under its prior 2006 selling price.

The unit is also now empty.

Judy and Steve Lieberman at Prudential Preferred now have the listing. See more pictures and a virtual tour here.

Here’s its history:

Unit #3N: 2 bedrooms, 2 baths, 1500 square feet

• Sold in June 2006 for $537,500
• Originally listed in June 2008 for $573,500
• Reduced several times
• Was listed in September 2008 for $524,900 (parking included)
• Reduced
• Currently listed for $474,900 (parking still included)
• Assessments of $331 a month
• Taxes of $4594
• Central air
• Washer/dryer in the unit

I’ve been hearing buzz from various realtors that many sellers intend to list their properties for sale in early January 2009 (going against conventional Chicago real estate wisdom that there are few buyers in the winter and that you should list in the “spring”- which is normally after the Super Bowl.)

Reasons?

1. Low interest rates are spurning buyers
2. Market times are running as long as 9 months- so sellers want to list in January in order to get the property sold by next fall

Will we see a massive influx of both inventory and buyers in January?

Will the Fed’s actions to bring down mortgage rates and free up credit move renters from the sidelines in early 2009?

Make your predictions here!

We’ve chattered about this 1500 square foot brick and timber 1-bedroom loft in the Donohue Building at 711 S. Dearborn in Printers Row several times.

It’s been reduced another $20k.

The listing now says that a “2nd Bdrm/Bath can be added”.

Is the problem that it’s “only” a 1-bedroom unit?

See some pictures and our old chatter here.

Tom Feddor at Keller Williams has the listing. See more pictures and a virtual tour here.

Unit #602: 1 bedroom, 1 bath, 1500 square feet

• Sold in September 2003 for $290,000
• Sold in September 2005 for $320,000
• Was listed in September 2008 for $384,900
• Reduced
• Was listed in November 2008 for $379,900
• Reduced
• Currently listed for $359,900
• Assessments of $670 a month
• Taxes of $4502
• No central air (one window unit)
• No parking (but available for rent or purchase in the neighborhood)
• Washer/dryer in the unit

Trump Tower Chicago started closings in 2008 but it will likely continue to be one of the top real estate stories in 2009.

Currently, there are 143 units on the MLS  in the building (out of 758 units).

• 117 for sale
• 26 for rent

Some may be both for sale AND for rent.

Waterview Tower construction is still halted. The Spire is apparently halted (depending on who you talk to.) 2520 N. Lincoln Park stopped advertising on the radio in recent months.

The Ritz-Carlton development on Michigan Avenue is one of the few luxury buildings currently under construction. The sign on the side of the building recently said it was still 40% sold.

But the whole story in the luxury market isn’t just the new construction. There appears to be a large number of older luxury units also on the market.

For example, over 10% of the units in The Palmolive, at 159 E. Walton, in the Gold Coast are on the market.

Building stats (out of 98 units):

• 11 for sale
• 3 for rent

Some units may be both for sale AND for rent.

What will be the fate of the luxury market in 2009?

Remember this pretty 3-bedroom, 2200 square foot vintage unit at 1056 W. North Shore that was only “50 feet” from the Beach in Rogers Park? We originally chattered about it in May 2008.

It sold in September.

See the pictures here.

Here’s it’s history again:

Unit #3W: 3 bedrooms, 2 baths, 2200 square feet, 2 car parking

• Sold in October 2004 for $390,000
• Was listed in May 2008 for $450,000
• Reduced
• Was listed in July 2008 for $435,000
• Sold in September 2008 for $430,000
• Assessments of $350 a month
• Taxes of $2,925
• Property has roof rights

We chattered about this 3-bedroom 1930’s vintage unit at 4712 N. Paulina in Ravenswood in June and July 2008.

It is finally under contract after several price reductions. The listing now says, “Reduced, incredible price!”

See more pictures here.

Here’s the history:

Unit #2N: 3 bedrooms, 2 baths, sunroom, 2200 square feet

• I couldn’t find an original sales price
• Was listed in June 2008 for $429,000 (parking included)
• Reduced
• Was listed in July 2008 for $409,000 (parking included)
• Reduced
• Was listed in December 2008 for $399,000 (parking included)
• Under contract
• Assessments of $402 a month
• Taxes of $3,720
• In-unit W/D
• No central air- window units
• Keller Williams Lincoln Park has the listing.  See the listing and pictures here.