Crib Chatter

We last chattered about this 2-bedroom duplex up vintage unit at 1713 W. North Avenue in Bucktown in June 2008.

See our prior chatter and pictures here.

Since then, it was withdrawn from the market and now has been re-listed. It has also been reduced nearly $20,000 from its 2008 list price.

The 2-bedroom unit is not a cookie cutter new construction unit. It has hardwood floors throughout and crown molding.

The master bedroom is upstairs and is illuminated with skylights.

It has central air, washer/dryer in the unit, a balcony and a deeded parking space.

The kitchen has stainless steel appliances, granite counter tops and 42 inch cabinets.

It’s also within a short stroll of the Blue line stop and all of the restaurants and shops of Bucktown.

Given the location and that it has deeded parking, two full baths and other condo amenities buyers look for, is this now priced to sell?

Michelle Liffick at Dreamtown Realty has the listing. See more pictures here.

Unit #3R: 2 bedrooms, 2 baths,  1180 square feet, duplex up

• Sold in October 2004 for $330,500
• Was listed in June 2008 for $359,000 (parking included)
• Withdrawn
• Just returned to the market for $339,900 (parking included)
• Assessments of $205 a month
• Taxes of $4572
• Central air
• Washer/dryer in the unit
• Skylights

We’ve chattered about this 2-bedroom townhouse at 3401 N. Janssen in the Southport neighborhood of Lakeview several times over the last 11 months.

See our October 2009 chatter and pictures here.

It is still available and has now been reduced to below the 2007 purchase price.

The listing says it is now priced below a recent appraisal.

The two bedroom townhouse has Brazilian cherry floors, a family room and a roof top deck.

It also has its own garage.

Has this townhouse now become an attractive alternative for condo buyers?

Sandy Black at Re/Max Signature North still has the listing. See more pictures and a virtual tour here.

Unit #A: 2 bedrooms, 2 baths, family room on lower level, loft on 4th floor, 1.5 attached garage

• Sold in July 2006 for $450,000
• Sold in February 2007 for $405,000
• Originally listed in March 2009 for $489,900
• Reduced
• Was listed in May 2009 for $479,899
• Reduced several times
• Was listed in October 2009 for $425,000 
• Reduced
• Currently listed at $399,900
• Assessments of $85 a month
• Taxes of $5751
• Bedroom #1: 14×10
• Bedroom #2: 15×11
• Family room: 15×11
• Loft: 11×11
• Central Air

We just chattered about one of the most expensive 1-bedroom condo units in the Gold Coast at 10 E. Delaware but what if you’re looking for something cheaper?

This 1-bedroom at 201 E. Chestnut has 1030 square feet plus a balcony.

The kitchen has been updated with white cabinets and appliances.

It has parquet floors throughout.

The unit has central air but no in-unit washer/dryer. However, the building apparently does allow the washer/dryer to be put in.

There is rental parking in the building.

The building also has an indoor pool.

Is this a deal for the area?

Cheryl Mitrick at Real-Tek Realty has the listing. See the pictures here.

Unit #7F: 1 bedroom, 1 bath, 1030 square feet

• Sold in June 1989 for $90,000
• Sold in December 2002 for $240,000
• Originally listed in August 2009 for $275,000
• Reduced
• Currently listed for $209,000
• Assessments of $425 a month (includes cable, pool, doorman)
• Leased parking for $165 a month
• Taxes of $3144
• Central Air
• No washer/dryer in the unit
• Balcony
• Bedroom: 17×12

If you’ve ever gone on the Sheffield Garden Walk in Lincoln Park you might have strolled past this 3-bedroom two story home at 2326 N. Janssen.

On the market since July 2009, it only recently had it’s first price cut, reducing by $50,000.

All 3 bedrooms are on the second level, including the 23×16 master bedroom.

The house has a family room and an unfinished basement.

The kitchen has newer cabinets and stainless steel appliances.

It also has what looks to be a lush backyard complete with a 2-car garage.

Is this house a good alternative to the luxury Lincoln Park townhouse?

Jean Emeson at Baird & Warner has the listing. See the pictures here.

2326 N. Janssen: 3 bedrooms, 2.5 baths, 2 car garage

• Sold in July 1994 for $101,000
• Sold in July 2003 for $640,000
• Originally listed in July 2009 for $850,000
• Reduced in February 2010
• Currently listed for $800,000
• Taxes of $10,237
• Central Air
• Bedroom #1: 23×16
• Bedroom #2: 11×9
• Bedroom #3: 9×8

We chattered about this 2-bedroom at 2031 W. Evergreen in Wicker Park several times.

See our prior chatter and pictures here.

It finally closed in early January 2010, after 13 months on the market, for $47,000 under the 2005 purchase price.

It had all the bells and whistles including 10 foot ceilings, deeded parking, central air and washer/dryer in the unit.

The kitchen had granite counter tops and stainless steel appliances.

Jackie Lafferty at Baird and Warner had the listing.

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

• Sold in March 1998 for $187,500
• Sold in March 2000 for $259,500
• Sold in July 2005 for $373,000
• Originally listed in December 2008 for $389,000
• Reduced
• Was listed in June 2009 for $359,900 (parking included)
• Reduced
• Was listed in November 2009 for $339,999 (parking included)
• Sold in January 2010 for $326,000 (parking included)
• Assessments of $134 a month
• Taxes of $3780
• Central Air
• Washer/Dryer in the unit
• Living room: 25×13
• Kitchen: 10×9
• Dining room: 10×6
• Bedroom #1: 12×14
• Bedroom #2: 11×9

Closings began only a few months ago at the new construction luxury high rise at 10 E. Delaware in the Gold Coast.

This 1-bedroom unit just came back on the market as one of the first flips in the building.

What do you get for $849,000?

1. 1015 square feet
2. 1 bedroom (12×12) plus a den (9×9)
3. 1 marble bathroom with the combo shower/bathtub
4. Poggenpohl cabinets in the kitchen and luxury appliances by Miele, Wolf and Subzero
5. 500 square foot terrace (there are no pictures of this in the listing)

This unit is listed at $849,000, however that doesn’t include the parking space. Buy the parking and you’re looking at over $900,000.

Anne Victorin at @Properties has the listing. See the pictures here.

Unit #9A: 1 bedroom, 1 bath, 1015 square feet

• Sold in December 2009 for $650,365 (looks like it included the parking spot)
• Currently listed for $849,000 (parking is extra)
• Assessments of $412 a month (includes heat, a/c, doorman, pool)
• Taxes are “new”
• Washer/Dryer in the unit
• Living room: 16×13
• Kitchen: 10×8
• Bedroom: 12×12
• Den: 9×9

The Chicago Tribune reports that foreclosures continued to rise in Chicago and the metro Chicago area in the fourth quarter of 2009.

Data is from the Woodstock Institute:

Woodstock found that for Chicago, initial foreclosure filings increased by 10.2 percent, but the activity varied widely by neighborhood. Some of the largest percentage gains last year were in Lincoln Park, up 103 percent; Near South Side, up 46 percent; and Near North Side, up 37 percent.

At the same time, some of the communities hardest hit by the first waves of the foreclosure crisis — neighborhoods such as Austin, Hyde Park, Auburn Gresham and Englewood — reported fewer foreclosure filings last year than in 2008.

“In ‘06, ‘07 and early ‘08, the main driver was badly written loans,” Smith said. “As those loans cycle out of the system through the foreclosure process, the economy hasn’t improved, you see that [unemployment] is maybe more of a factor.”

Don’t forget, an “increase” in the foreclosure rate in a certain neighborhood could mean it went from 3 in 2008 to 6 in 2009.

Chicago foreclosures soar in 4th quarter [Chicago Tribune, Mary Ellen Podmolik, Feb 4, 2010]

This 2-bedroom unit at 3535 N. Wilton in Lakeview is currently listed as a short sale.

On the market since September 2009, the price has recently been cut again.

Don’t expect to finance the deal as the listing says: ”cash only buyers.”

It also describes “anticipated” future special assessments between $25,000 and $50,000. Oh, and $2500 is due for past specials.

The unit is just a block south of Wrigley Field (you can probably hear the crowds on game day.)

Built in 2003, it also has the newer kitchen with granite counter tops and stainless steel appliances.

Ginger Menne at Baird & Warner has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1520 square feet

• Sold in September 2004 for $435,000
• Originally listed in September 2009 for $395,000
• Reduced several times
• Lis pendens foreclosure filed in December 2009
• Currently listed as a “short sale” for $280,000 (parking included)
• Assessments of $124 a month
• Taxes of $6124
• Central Air
• Washer/Dryer in the unit

This 2-bedroom unit in 3300 N. Lake Shore Drive is in one of the elegant 1920s high rise buildings that line the lake shore.

It has been renovated to its original vintage grandeur with modern updates. I don’t mean that the kitchen has been “updated” with cherry cabinets and granite counter tops.

Instead, in keeping with the era of the property, the kitchen cabinets have been restored while replacing the appliances with modern SubZero and Wolf appliances.  Subway tiles line the walls to the ceiling.

There is also a butlers pantry for extra storage.

The room sizes are generous, as is common with vintage units of that era, and there is a full-sized dining room.

Like many vintage buildings that line Lake Shore Drive, the unit doesn’t have in-unit laundry, central air or parking. Rental parking is available in the area.

Ed Jelinek at Coldwell Banker has the listing. See more pictures, a virtual tour, and the floor plan here.

Unit #15D: 2 bedrooms, 1 bath, dining room, no square footage listed

• Sold in December 2004 for $240,000
• Originally listed in March 2009 for $362,500
• Reduced and then withdrawn
• Currently listed for $299,000
• Assessments of $718 per month (includes heat and cable)
• Taxes of $3569
• No washer/dryer in the unit
• No central air
• Rental parking available nearby
• South exposure
• Bedroom #1: 17×11
• Bedroom #2: 17×10

We’ve already chattered about what happens to original owners in a high rise condo building after an auction when units sell at  lowered prices which then sets the bar for prices in the entire building.

Original owners in 222 E. Pearson, otherwise known as Pearson on the Park, in Streeterville are also about to find out what happens when prices are simply slashed.

Crain’s reports that new investors have bought the 30 remaining condo units in the Streeterville conversion high rise after the original developer failed to pay of part of the original loan. The developer handed the units over to the bank in November 2009 which has now sold them.

The group paid about $5.2 million for the unsold condos, or about $173,000 apiece, a price low enough that it can put them back on the market at discounted prices and still turn a profit.

The transaction is a positive sign for the overbuilt downtown condo market, part of what could be a long, painful but necessary process as prices fall after the overexuberance of the last decade. Some downtown developers have unloaded excess inventory by slashing prices or auctioning off condos, and developer foreclosures will play another key role in clearing the market.

For the other unit owners, all 189 of them, who paid higher prices, the situation isn’t as pleasant.

The development group is offering its condos for 25% to 40% below their original prices, says Ted Guarnero, a Baird & Warner agent who has a listing in the tower.

He also lives in a rented two-bedroom condo that the owner bought from Dr. Vish [the original developer] for $421,000 in 2006; he says the new developers are offering a comparable unit for about $320,000.

“I really do believe at these prices that somebody who’s going to live in it two to three years is going to make some money,” Mr. Guarnero says.

But the cuts will hurt existing owners who paid inflated prices for their condos a few years ago only to see their home equity eaten away by falling values. Mr. Guarnero is offering his client’s two-bedroom unit in a so-called short sale, meaning the owner owes more on the property than its $249,900 list price and the lender has agreed to accept less than full payment on the loan.

New investors buy failed condo conversion from PrivateBank [Crain’s Chicago Business, Alby Gallun, Feb 3, 2010]