Get a 4-Bedroom Lincoln Park Townhouse For Just $649,500: 2757 N. Greenview

We last chattered about this 4-bedroom townhouse at 2757 N. Greenview in Lincoln Park in early July 2013.

See our July 2013 chatter here.

It had been on the market since February 2013 without any takers and had been listed at $699,000 since April.

This townhouse has the preferable layout most buyers look for with 3 bedrooms on the third floor and the fourth on the top floor.

There is a main level family room while the living/dining and kitchen are on the second level.

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

It has skylights, 3 outdoor spaces and an attached 2-car garage.

There are just 12 units in the complex.

The listing says it’s in the Prescott school district.

A 4-bedroom Lincoln Park townhouse listed for under $1 million is quite elusive.

This one is now priced under $650,000.

Will this price finally have the buyers stampeding to the door?

Mario Greco at Prudential Rubloff still has the listing. See the pictures here.

Unit #B: 4 bedrooms, 3.5 baths, 2800 square feet, 2 car garage
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  • Sold in January 2000 for $515,000
  • Sold in October 2005 for $785,000
  • Originally listed in February 2013 (I couldn’t find a list price)
  • Withdrawn in March
  • Re-listed in April 2013 for $699,000
  • Was still listed in July 2013 for $699,000
  • Reduced
  • Currently listed at $649,500
  • Assessments of $250 a month
  • Taxes of $11,223
  • Central Air
  • Bedroom #1: 16×14 (third floor)
  • Bedroom #2: 10×10 (third floor)
  • Bedroom #3: 10×10 (third floor)
  • Bedroom #4: 16×15 (fourth floor)
  • Family room: 16×13 (main floor)

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Our Favorite Tuscan Villa is Still Available: 2965 N. Sheridan in Lakeview

Gary posted about this house in the forums. We’ve chattered about this 4-bedroom single family home, nicknamed the “Tuscan Villa” at 2965 N. Sheridan in East Lakeview several times over the last few years.

See our August 2012 chatter here.

It’s been on the market for over a year, but in July 2013, it reduced $300,000 to $1.399 million.

If you recall, the house has some unique features, including an interior atrium and a solarium.

Built on a 23×151 lot, all 4 bedrooms are on the second floor.

The kitchen has luxury appliances including Subzero and Bosch.

There is also central air and a 2-car garage.

It has been on and off the market since November 2007- which is almost SIX YEARS.

Not only that, but the bank filed a lis pendens foreclosure over 3 years ago, in July 2010. (But it does not appear to be interested in taking possession.)

At what price will this house finally get sold?

Brent Rosenbower at Prudential Rubloff still has the listing. See the pictures here.

2965 N. Sheridan: 4 bedrooms, 4.5 baths, 4600 square feet, 2.5 car garage
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  • I couldn’t find an original sales price
  • Listed in November 2007 for $2.8 million
  • Reduced and re-listed
  • Was listed in August 2008 for $2.28 million
  • Lis Pendens filed in September 2008
  • Was listed in October 2008 for $2.28 million
  • Lis pendens foreclosure filed in July 2010
  • Was listed in April 2011 for $2.35 million
  • Was listed in August 2012 for $2.35 million
  • Reduced
  • Was listed for $1.699 million
  • Reduced in July 2013
  • Currently listed for $1.399 million
  • Taxes are now $10,021 (they were now $9931 in 2012)
  • Central Air
  • Bedroom #1: 43×20 (second floor)
  • Bedroom #2: 12×12 (second floor)
  • Bedroom #3: 20×10 (second floor)
  • Bedroom #4: 23×20 (second floor)

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Market Conditions: Apartment Market Cools Heading Into Fall

I saw a lot of rental moving vans around Chicago over the weekend even though October 1 is the big move-in/move-out day.

The Chicago Tribune is reporting that the red hot apartment market is now starting to cool as fall approaches.

We’ve been chattering about this for several weeks- with just anecdotal stories- to back it up. It appears renters are no longer fighting it out for those dream apartments.

From the Tribune:

Less than a month before moving, first-time renters Esther Levine and two friends toured four three-bedroom apartments on a Saturday morning and found two places they loved.

The friends settled on the apartment that’s within their budget and close to public transportation and a park.

“It is a little less than what each of us had agreed to pay (in rent), so we are saving some money,” said Levine, 23, a project director for a market research company.

Levine and her friends are among many renters witnessing a transformation in the Chicago-area rental market.

As recently as a year ago, many renters were stunned by skyrocketing rates and forced to make on-the-spot leasing decisions because the rental market was so tight. But a housing rebound and a boom in apartment construction in downtown Chicago appear to be making a difference.

“It is still a landlord’s market, but demand seems to be dropping, especially as Chicago’s warm weather rental season is nearing its end,” said Maurice Ortiz, director of operations for Apartment People, an apartment locator company in Chicago. “That should give renters more selection and hold rents steady.”

The outlook is brighter from a renter’s point of view. “Renters now have four or five choices rather than one or two,” Ortiz said.

The key to the downtown market is to watch for incentives. As soon as you start seeing “2-months free” ads, you know that it is a tenant driven market.

So far, we haven’t seen new rental incentives. But thousands of new units are expected to come on the market in the next 12 months.

“A lot of our clients are relocating to Chicago or have never lived in the city. They want the urban experience and are seeking to be located near work,” he said. “The people who are renting these luxury apartments are mostly would-be condo buyers who are choosing to rent.”

However, Galvin explained, “We are seeing a definite divide in the market between the newest luxury properties coming online this year and those built during the last wave between 2009 and 2011. The newest buildings are leasing faster than ever, and prices are the highest Chicago has ever seen.”

It is different for buildings built just a few years ago, he said.

“Those properties were commanding the top market rents and had almost 100 percent occupancy earlier this summer,” Galvin said. “Now they are trying to keep residents from jumping ship to the newest kid on the block. They are offering at least one month of free concessions, and prices are dropping as we move closer to winter. Renters are saying, ‘Why should I pay the same thing for a 3-year-old building when I can get brand new at the same price?'”

Ortiz says he has not seen any rental price drops.

“A few buildings may be offering insider incentives to renewals,” he said, but he is not aware of incentives for new renters.

Most downtown properties have switched to computer systems that price rents daily, like airline or concert seats, and fluctuate with demand, said Ron DeVries, vice president of Appraisal Research Counselors.

What does this rental slowing mean to the condo market? (if anything?)

Apartment outlook brightens for Chicago renters [Chicago Tribune, Sharon Stangenes, September 2, 2013]

The 3-Bedroom Wicker Park Duplex Down: 1525 N. Wood

This 3-bedroom duplex down at 1525 N. Wood in Wicker Park came on the market in July 2013.

But it had been on the market from 2010 until 2011 without a sale. It has the living/dining/kitchen on the main level along with the master bedroom while the other two bedrooms and the family room are on the lower level.

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

The master bathroom is marble. This unit has a private deck above the garage.

It has central air, washer/dryer in the unit and 1-car parking.

It was recently reduced $19,900 to $530,000.

What happened to the hot market?

John Vossoughi at @Properties has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2.5 baths, duplex down, no square footage listed

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  • Sold in October 2003 for $422,000
  • Sold in October 2005 for $510,000
  • Was listed in 2010 and 2011
  • Re-listed in July 2013 for $549,900
  • Reduced
  • Currently listed for $530,000
  • Assessments of $100 a month
  • Taxes of $7305
  • Central Air
  • Washer/Dryer in the unit
  • Parking included
  • Bedroom #1: 14×12 (main level)
  • Bedroom #2: 13×11 (lower level)
  • Bedroom #3: 11×10 (lower level)
  • Family room: 20×14 (lower level)

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Love Converted Churches? A 2-Bedroom in Lakeview: 3252 N. Kenmore

 

This 2-bedroom in a converted church at 3252 N. Kenmore in Lakeview just came on the market.

The listing says it’s “not cookie cutter.”

It has 10-12 foot ceilings throughout and 9 windows.

The kitchen has maple cabinets and stainless steel appliances.

It has heated garage parking, central air, washer/dryer in the unit and a small deck.

The unit has come on the market for $40,000 more than the 2006 purchase price, or $499,000.

Will it get the premium to peak pricing?

Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.

Unit #202: 2 bedrooms, 2.5 baths, no square footage listed

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  • Sold in August 1994 for $179,000
  • Sold in April 1998 for $270,000
  • Sold in June 2005 for $459,500
  • Sold in September 2006 for $459,000
  • Currently listed for $499,000
  • Assessments of $301 a month (includes water)
  • Taxes of $5697
  • Central Air
  • Washer/Dryer in the unit
  • Heated garage parking included
  • Bedroom #1: 16×13
  • Bedroom #2: 13×12
  • Den: 12×10

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Rehabbed 3-Bedroom West Town Townhouse Is Still Available: 642 N. Armour

We’ve chattered about this 3-bedroom townhouse at 642 N. Armour in West Town several times over the last year.

See our June 2013 chatter here.

It was a Fannie Mae property, was bought and rehabbed, and returned to the market in June 2013.

It was listed in June at $399,950.

The townhouse has been under contract several times since then, even after it came back on the market at the higher price of $425,000.

It has now come back on the market again.

If you recall, it has new plumbing, decks and HVAC.

The kitchen is new and has granite counter tops and a Bosch appliance package.

All the baths are new.

You can see what it looked like before in this YouTube video (warning- music!).

Two bedrooms are on the second floor and the third is on the top floor.

There are several decks and a lower level den.

Will this townhouse have as much success selling now that fall is approaching as it did in early summer?

Nick Patterson at Kale Realty still has the listing. See the pictures here.

642 W. Armour: 3 bedrooms, 2.5 baths, no square footage listed, one attached garage

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  • Sold in May 1996 for $198,000
  • Sold in September 2003 for $365,000
  • Lis pendens foreclosure filed in June 2011
  • Fannie Mae Homepath property
  • Was listed in August 2012 for $374,900
  • Reduced several times
  • Was listed in November 2012 at $309,900
  • Sold in February 2013 for $250,000
  • Was listed in June 2013 at $399,950
  • Under contract several times
  • Price raised to $425,000
  • Currently listed for $425,000
  • Taxes of $4488
  • Central Air
  • Bedroom #1: 17×13 (second floor)
  • Bedroom #2: 14×12 (second floor)
  • Bedroom #3: 14×10 (third floor)
  • Den: 14×13 (lower level)

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Want to be a Landlord in Bucktown? A Victorian 2-Flat at 1636 N. Claremont

This Victorian 2-flat at 1636 N. Claremont in Bucktown has been on the market since July 2013.

It looks to be connected to another 2-flat next door.

Each unit appears to have its own separate entrance.

Here are the units:

  1. Unit #1: 2 bedrooms, 1 bath, no central air, rent of $1450 a month
  2. Unit #2: 2 bedrooms, 1 bath, no central air, rent of $1445 a month

The building was built in 1891 on a 25×125 lot.

The unit has high ceilings, crown moldings and arched doorways.

There are lovely gardens in the backyard but no garage although the building next door has a garage so there is plenty of space and an alley in the back in case you want to build one.

The units don’t have central air but there are window units.

There is an unfinished basement with a washer/dryer for the building.

Does this make sense as an investment?

1636 n claremont #2

Elizabeth Galfer at Jameson Sotheby’s has the listing. See the pictures here.

1636 N. Claremont: 4 bedrooms, 2 baths, 2-flat

  • Sold in March 2007 for $485,000
  • Originally listed in July 2013 for $580,000
  • Currently still listed for $580,000
  • Taxes of $8207
  • Total rental income of $34,740
  • No central air- window units only
  • Washer/dryer in the basement
  • No parking

 

Market Conditions: Is an Apartment Glut Coming to Chicago?

I posted two articles over the weekend in the comments about the slowdown in the rental markets in Los Angeles and New York City.

In LA, about 6,000 apartments are being built. Here in Chicago, according to Crain’s, it’s about 5300 apartments with the possibility of another 3,000 on deck by 2015.

Some are saying that there will soon be a supply/demand imbalance as the new apartments won’t be absorbed quickly enough.

Many developers and landlords say they’re not nervous, citing an improving job market and downtown Chicago’s growing appeal to well-paid professionals in their 20s and 30s who would rather rent than own. The risk of a glut is small because the market is good at regulating itself, they say, and lenders and investors know when to stop.

“No, there isn’t anything to worry about,” says Curt Bailey, president at Related Midwest, developer of a new 500-unit tower at 500 N. Lake Shore Drive.

The math shows that supply and demand already are getting out of whack. Developers will complete an average of 2,679 apartments downtown this year and next, according to Appraisal Research. The consulting firm’s quarterly survey covers an area bounded roughly by North Avenue, Cermak Road and Ashland Avenue, and focuses on larger buildings.

But in the last four quarters, a key measure of demand, absorption—the change in the number of occupied downtown apartments—has totaled 975 units. Annual absorption downtown has averaged 1,348 units over the last three years, about half the increase in supply forecast in 2013 and 2014.

Mr. Bailey of Related Midwest, meanwhile, has gone all in on the downtown residential market, with the recently completed Lake Shore Drive apartments and a 504-unit rental project under construction at 111 W. Wacker Drive The firm, owned by New York-based Related Cos., recently acquired the defaulted loan on the Chicago Spire site and has agreed to buy another development site next door to its Streeterville tower. Mr. Bailey won’t say whether he plans apartments or condos on the properties.

He dismisses talk of an apartment glut, saying the annual increase in demand for downtown housing—apartments and condos—has averaged about 3,000 to 4,000 units since 1990, more than enough to absorb the additional rental supply. And the city, he says, is only becoming a more appealing place to live.

Is the apartment market about to cool?

If so, will this push some developers to make the transition to condos more quickly?

How will rising rates impact the decision to go condo?

Or will developers be left holding the bag with both a weak apartment market AND a weak condo market?

The dark side of downtown’s apartment boom [Crain's Chicago Business, Alby Gallun, August 26, 2013]

 

Want Unique? This 4-Bedroom Edgewater SFH was a Butter Factory: 1414 W. Highland

1414 w highland

This 4-bedroom single family home at 1414 W. Highland in Edgewater came on the market in May 2013.

In its previous life, it was apparently a butter factory.

Now, it’s a 4200 square foot contemporary home on a 50×112 lot with a 2-car garage.

It has a large master suite and sunroom on the top floor along with a 1500 square foot rooftop deck.

The kitchen has modern white cabinets and stainless steel appliances.

Is the market just as hot in Edgewater as the rest of the city?

Colin Hebson at Dream Town Realty has the listing. See the pictures here.

1414 W. Highland: 4 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

  • Sold in February 1994 for $64,000
  • Sold in September 2005 for $562,000
  • Sold in November 2011 for $915,000
  • Originally listed in May 2013 for $1.1 million
  • Reduced
  • Currently listed at $950,000
  • Taxes of $10,840
  • Central Air
  • Bedroom #1: 26×17 (second floor)
  • Bedroom #2: 20×11 (main floor)
  • Bedroom #3: 20×20 (main floor)
  • Bedroom #4: 18×11 (main floor)
  • Sunroom: 20×16 (second floor)

 

Vintage 2-Bedroom Rowhouse Returns 3 Years Later: 2343 W. Altgeld in Logan Square

2343 w altgeld

We last chattered about this 2-bedroom vintage rowhouse at 2343 W. Altgeld in Logan Square in April 2010.

See our prior chatter here.

Most of the chatter was on the rowhouse’s location near the Kennedy Expressway.

The rowhouse is on a smaller than normal Chicago lot of 18×100.

If you recall, it has 2-bedrooms on the second floor, an unfinished basement, a backyard and a 1.5 car private garage (although the listing says that it could fit 2 small cars or 1 oversized car.)

There are hardwood floors throughout.

The kitchen still has white cabinets and appliances.

The rowhouse has the other bells and whistles buyers look for like central air. It also has a full bath with each bedroom on the second level.

Back in 2010 it was listed at $299,000 but never sold.

It has come back on the market at $374,500.

Will it sell for the higher price in this hot market?

Mario Greco at Prudential Rubloff now has the listing. See the pictures here.

2343 W. Altgeld: 2 bedrooms, 2.5 baths, 1.5 car garage, 1600 square feet

  • Sold in October 1988 for $56,000
  • Sold in March 1990 for $230,000 (?)
  • Bank owned in June 1995
  • Sold in September 1995 for $81,000
  • Sold in December 1995 for $95,000
  • Sold in August 1999 for $172,000
  • Sold in October 2003 for $305,000
  • Originally listed in May 2009
  • Currently listed at $299,000
  • Taxes of $4500
  • Central Air
  • Unfinished basement
  • Bedroom #1: 17×15
  • Bedroom #2: 12×10