Will This Renovated 2-Bedroom Duplex Down Re-Sell for the 2005 Price? 1034 W. Armitage in Lincoln Park

I’ve been watching this 2-bedroom duplex down at 1034 W. Armitage in Lincoln Park for months.

I was originally going to post on it last summer when it was bank owned but the realtor never put any interior pictures up with the listing.

And try as hard as I could to find a past listing, which would at least give us some sort of idea what it looked like inside, I couldn’t find anything in the public domain.

So I didn’t post anything on it.

The unit was bank owned and originally listed by the bank at $325,000 in July 2011.

At 1800 square feet, it was a duplex down with central air, washer/dryer and parking just down the street from the Brown line El.

Yet no one jumped on it even after several price reductions. All I could surmise was that there was a reason the agent put NO interior pictures up in the listing.

How bad was it?

It ended up selling for $250,000 in November 2011.

Lo and behold it has come back on the market just over 2 months later as a newly renovated unit.

It now has a new kitchen with the requisite dark cabinets, granite counter tops and stainless steel appliances.

The listing says there are new hardwood floors on the lower level, the loft and stairs. It also says there is an all new guest bath.

The two bedrooms are on the main level with the living area and kitchen on the lower level.

The unit also has cathedral ceilings.

It has come back on the market listed at $409,900 which is essentially what the property sold for in 2005.

Will the renovator get it?

Lance Kirschner at @Properties has the listing. See the pictures here.

You can also see it in person at the Open House on Sunday February 19: 12-2 PM.

Unit #A: 2 bedrooms, 2.5 baths, 1800 square feet, duplex down

  • Sold in September 1995 for $342,500
  • Sold in August 2001 for $366,000
  • Sold in January 2005 for $410,500
  • Lis pendens foreclosure filed in January 2010
  • Bank owned in February 2011
  • Originally listed in July 2011 for $325,000
  • Reduced several times
  • Sold in November 2011 for $250,000
  • Just re-listed for $409,900 (outdoor parking space included)
  • Assessments of $436 a month
  • Taxes of $8398
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 17×12 (main level)
  • Bedroom #2: 12×12 (main level)
  • Loft: 9×10
  • Living room/Kitchen: on the lower level

 

Have Summer Dinner Parties on Your Penthouse Terrace: 3750 N. Lake Shore Drive in Lakeview

This 2 bedroom penthouse at 3750 N. Lake Shore Drive in Lakeview just came on the market.

I am always insanely curious about the penthouses in these big pre-war buildings along Lake Shore Drive because they were built for the truly rich. (And they rarely come on the market.)

So they must be unique- right?

This penthouse is a duplex with not just one, but two, private 25×12 terraces on the main level.

Enclosed with brick, these are the kinds of terraces you see in the movies.

The kitchen has an atrium along with maple cabinets, stainless steel appliances and granite counter tops.

There is a wine cellar and two fireplaces.

The unit also has central air and a washer/dryer in the unit. Parking, however, is not in the building but is available next door.

At 3350 square feet, the penthouse also has a lower level “gym”.

This is a full service building with a doorman and a pool.

For the square footage and amenities, is this priced to sell at under $900,000?

Janet Owen at Prudential Rubloff has the listing. See the pictures here.

Unit #17PH: 2 bedrooms, 2.5 baths, 3350 square feet

  • It’s a co-op so I don’t have a prior purchase price
  • Currently listed at $895,000
  • Assessments of $2823 a month (includes heat, cable, doorman, pool)
  • Taxes of $8140
  • Building accepts 80% financing
  • Central Air
  • Washer/Dryer in the unit
  • No parking – available next door
  • 2 fireplaces
  • Wine cellar
  • 2 private terraces:25×12 each
  • Bedroom #1: 18×18 (lower level)
  • Bedroom #2: 15×12 (main level)
  • Gym: 12×11 (lower level)
  • Kitchen: 19×14 (main level)

 

Is It Lonely Being a Contemporary Lover in Lincoln Park? 1943 N. Maud

This 4-bedroom contemporary single family home at 1943 N. Maud in Lincoln Park recently came on the market.

The listing says it was designed by Krueck & Sexton.

It was built in 1989 on a 23×100 lot.

It has a 2-story entryway and an open floor plan.

The listing says there is a new gourmet kitchen with white cabinets, black granite counter tops and upscale appliances by SubZero, Dacor and Miele.

The house has several outdoor spaces, including a deck on top of the 2-car garage.

The bedrooms are split, with the master on the third floor, two bedrooms on the second floor and the fourth in the lower level.

With all the vintage-era housing in Lincoln Park, is it tough being a contemporary lover?

Carol Duran at Prudential Rubloff has the listing. See more pictures here.

Or see it in person at the Open House: Sunday, February 12 from 11:30 to 1:30.

1943 N. Maud: 4 bedrooms, 4.5 baths, 4000 square feet, 2 car garage

  • Sold in June 1993 for $795,000
  • Sold in May 1998 for $690,000
  • Currently listed for $1.295 million
  • Taxes of $17,209
  • Central Air
  • Bedroom #1: 20×19 (third floor)
  • Bedroom #2: 17×12 (second floor)
  • Bedroom #3: 17×12 (second floor)
  • Bedroom #4: 12×11 (lower level)

 

Market Conditions: The Legacy Refinances But Can It Sell The Units? 60 E. Monroe

Crain’s is reporting that the developers of The Legacy, at 60 E. Monroe, across from Millennium Park, were able to secure refinancing.

A venture led by Chicago-based Mesa Development LLC borrowed the money last month from U.S. Bank and PrivateBank & Trust to refinance the Legacy at Millennium Park, a 355-unit project at 60 E. Monroe St. The $60.6 million loan allows Mesa to maintain control of the project in a market where so many developers have been cast aside by lenders trying to collect on unpaid loans.

But the building remains only 50% sold.

Since it is enormous, with 355 units, that means they still have to sell another 175 units (give or take).

“Buyers in 2012 are very sophisticated, they’re doing a lot more due diligence upfront, looking at building sponsorship and buying into a building on strong financial footing,” says Mesa principal James Hanson. “This gives us the term and flexibility we need to completely sell out the building.”

Mr. Hanson declines to disclose terms of the mortgage other than to say it is “long term.”

The loan could be a good sign for a condo market still struggling to get on its feet, though it may say more about the Legacy than it does about the market.

“Buildings with the best locations are impacted least and recover first,” says Gail Lissner, vice president of Chicago-based consulting firm Appraisal Research Counselors. “This could be a play by the banks, expecting that when the market conditions do return, the Legacy will be at the forefront of that wave.”

As we’ve seen with some of the other luxury high downtown high rises that are not sold out- there are no plans to sharply lower prices. The prices are, what the prices are.

The remaining units in the Legacy range from a one-bedroom condo listed at $358,800 to $5.5 million penthouses. Michael Golden, @properties co-founder, says the new brokerage “made some adjustments in pricing,” but not cuts across the board. The Legacy’s listing price per square foot averaged $600 since the second quarter of 2008, according to Appraisal Research.

“They were able to successfully sell at the pricing they’re at and, we feel, (are) priced appropriately,” Mr. Golden says.

An improved economy would help sales, helping to change the pessimism prevailing among buyers today.

“Most of the people we sell to, I don’t think they’re worried about losing their job,” says Mesa founder Richard A. Hanson. “It’s a question of confidence.”

How many years will it take to finally sell out this building?

Does this location command a premium for buyers versus, say, buying in Aqua, 10 E. Delaware, the Ritz or 2520 Lincoln Park (all newish construction as well)?

Legacy’s Luck: Luxury tower refinances with $60 million loan [Crain’s Chicago Business, Dave Matthews, February 8, 2012]

Looking for a 1-Bedroom Gold Coast Pied-a-Terre? 1 E. Scott

This 1-bedroom at 1 E. Scott in the Gold Coast just returned to the market after being listed in 2010.

It is a southwest corner unit with floor-to-ceiling windows.

It has hardwood floors in the main living area.

The listing says it has an upgraded kitchen and bath.

The kitchen has maple cabinets and a mixture of white/black appliances.

The unit has central air but no in-unit washer/dryer. There is rental parking in the building.

1 E. Scott is a full service building with a doorman and a rooftop pool.

This unit is listed $30,000 under the 2004 purchase price.

Is it priced to sell for this location?

Mark Miles at Dream Town has the listing. See the pictures here.

Unit #1509: 1 bedroom, 1 bath, no square footage listed

  • Sold in November 1992 for $65,500
  • Sold in June 2004 for $230,000
  • Sold in October 2006 for $240,000
  • Was listed in September 2010 for $234,000
  • Withdrawn in January 2011
  • Re-listed in February 2012 for $200,000
  • Assessments of $500 a month (includes heat, a/c, gas, cable, pool, doorman)
  • Taxes of $3270
  • Parking is rental
  • Central Air
  • No in-unit washer/dryer
  • Bedroom: 14×10

12 Months on the Market and a $85K Reduction For This 4-Bedroom North Park Victorian: 5227 N. Christiana

This 4-bedroom vintage Victorian single family home at 5227 N. Christiana in North Park has been on the market for a year.

In that time it has been reduced $85,000 to $359,000.

Built in 1911 on a 124.3×37.5 oversized Chicago lot, the house has 1600 square feet.

There’s no garage, but there are two parking spaces (so presumably a garage could be built.)

The listing says there is an updated kitchen and baths.

3 of the 4 bedrooms are on the second floor with a 3 room master suite consisting of a bedroom an office and a full bath.

The house has maple floors and central air along with a full basement.

This property is now listed $30,000 under the 2005 purchase price but is still $109,000 over the 2001 price.

What will this house sell ultimately sell for?

Shai Wolkowicki at Shai Town Realty Group has the listing. See the pictures here.

5227 N. Christiana: 4 bedrooms, 2 baths, 1600 square feet, 2 parking spaces

  • Sold in April 1989 for $100,000
  • Sold in July 2001 for $250,000
  • Sold in April 2005 for $389,000
  • Originally listed in February 2011 for $444,000
  • Reduced several times
  • Currently listed at $359,000
  • Taxes of $4315
  • Central Air
  • Bedroom #1: 13×12 (second floor)
  • Bedroom #2: 12×12 (second floor)
  • Bedroom #3: 12×10 (second floor)
  • Bedroom #4: 10×10 (main floor)
  • Full basement

 

Historic Lakewood Balmoral 2-Bedroom Condo Sells for $215K: 5203 N. Magnolia

We chattered about this vintage 2-bedroom at 5203 N. Magnolia in the Lakewood Balmoral historic district of Andersonville several times over the past year.

See our September 2011 chatter here.

At that time, it had just been reduced to $224,000.

Many of you thought it would sell around that price and were surprised it wasn’t moving.

The unit recently closed for $215,000.

If you recall, the building was in the arts and crafts style.

The property still had many of its vintage features including crown moldings and built-ins.

The unit had a unique carved fireplace in the living room as well as stained glass.

The kitchen was a mixture of black and white appliances and 42 inch cabinets.

The unit had central air but no washer/dryer in the unit (but there was one in the building.  It also had no deeded parking.

Also in our prior chatter, the agent filled us in on more details of the unit:

There is a new roof, new water service to the street, new common area windows. The W/D is in a common area as is a bike room and storage. This unit has newly redone hardwood floors and a half bath that could be converted to an in unit laundry if someone didn’t want to walk down one flight of stairs. Also, the huge master bedroom used to be two rooms and could easily be changed back if someone wanted a 3 bedroom unit.

Maureen Murnane at @Properties had the listing.

Unit #2N: 2 bedrooms, 1.5 baths, 1250 square feet

  • Sold in March 1993 for $124,000
  • Originally listed in June 2011 for $249,000
  • Reduced
  • Was listed in September 2011 for $224,000
  • Sold in February 2012 for $215,000
  • Assessments of $234 a month
  • Taxes of $3065
  • Central Air
  • Washer/Dryer in the building
  • No parking
  • Bedroom #1: 19×10
  • Bedroom #2: 10×10
  • Sunroom: 9×8

6 Months After Going Under Contract, This 3-Bedroom Short Sale at 323 W. Schiller In Old Town Is Re-Listed

How long does it take to close on a short sale?

This 3-bedroom duplex down at 323 W. Schiller in Old Town went under contract last August and was just put back on the market again. That’s 6 months under contract without a closing.

The unit has been listed since June 2010 when a lis pendens was also filed against the property.

It appears to be a duplex down although I’m not sure of the floor plan.

Two bedrooms are on the second floor and one is on the main floor.

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

In the agent’s comments on Redfin, an agent noted that the owners spent $10,000 on custom windows to minimize the nearby El noise.

It has all the other features buyers look for including central air, washer/dryer in the unit and parking.

Is this a deal for a 3/3 in this neighborhood?

Or is a buyer better off waiting until the bank takes possession and re-lists it?

Tammy Brody at Dwell One has the listing. See the pictures here.

Unit #1E: 3 bedrooms, 3 baths, 1800 square feet, duplex

  • Sold in July 1996 for $200,000
  • Sold in December 1998 for $250,000
  • Sold in November 2000 for $339,000
  • Sold in June 2006 for $472,500
  • Lis pendens filed in June 2010
  • Originally listed in June 2010 for $589,900
  • Reduced numerous times
  • Went under contract in August 2011 with a list of $394,000
  • Re-listed in February 2012 as a “short sale” for $415,000
  • Listing says “bank approved”
  • Assessments of $200 a month
  • Taxes of $8184
  • Central Air
  • Washer/Dryer in the unit
  • Parking
  • Bedroom #1: 20×17 (second floor)
  • Bedroom #2: 10×10 (second floor)
  • Bedroom #3: 10×10 (main floor)

Spend Your Days at the Lincoln Park Conservatory If You Live Here: 2340 N. Lincoln Park West

This 2-bedroom vintage unit at 2340 N. Lincoln Park West in Lincoln Park just came on the market.

It is located across the street from Lincoln Park and just minutes from the Conservatory.

Built in 1913, the building has 7 units.

It does have prime garage parking behind the building.

But the unit doesn’t have either central air or in-unit washer/dryer.

However, it does have some original moldings.

From the look of the one kitchen picture, it also appears to have a vintage kitchen of some sort.

Both bedrooms are generously sized and it has south, east and west tree top views.

Does the location make up for the missing amenities with this unit?

Shannon Raglin Cecola at Coldwell Banker has the listing. See the pictures here.

Unit #201: 2 bedrooms, 2 baths, no square footage listed

  • Last purchased before 1987 (no price given)
  • Currently listed for $549,000
  • Assessment of $963 a month (includes heat and gas)
  • Taxes of $3200
  • No central air (window units only)
  • No in-unit washer/dryer
  • Parking included
  • Bedroom #1: 18×15
  • Bedroom #2: 17×16

This 2-Bedroom Jefferson Park Starter Bungalow Is Just $154,900: 5214 N. Larned

This 2-bedroom vintage bungalow at 5214 N. Larned in Jefferson Park recently came on the market.

It is bank owned and listed at just $154,900.

Built in 1924, it has hardwood floors and a full finished basement but only 1184 square feet.

There is also central air and a 2-car garage. However, the listing doesn’t give the lot size.

It is located just a few blocks from the Forest Glen Metra stop.

The price is nearly $50,000 under the 2000 purchase price.

Is this a deal for someone looking for a condo alternative?

[Also notice that this is a Fannie Mae Homepath property. It has taken 20 months to come back on the market.]

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

5214 N. Larned: 2 bedrooms, 1 bath, 1184 square feet, 2 car garage

  • Sold in July 1990 for $124,000
  • Sold in August 2000 for $200,000
  • Sold in March 2007 for $330,000
  • Lis pendens foreclosure filed in June 2009
  • Bank owned in May 2010
  • Currently listed for $154,900
  • Taxes of $4422
  • Central Air
  • Fannie Mae Homepath property
  • Bedroom #1: 12×10 (main level)
  • Bedroom #2: 10×10 (main level)