Are The Flippers Back? 1-Bedroom Loft Back on the Market at 1601 S. Michigan in the South Loop

 

This 1-bedroom loft at 1601 S. Michigan in the South Loop just came back on the market after selling as a short sale sometime between December 2011 and February 2012 (I can’t tell exactly from the public record.)

We last chattered about it in March 2011 when it was listed for just $100,000.

See our prior chatter here.

This is the short sale unit that Chuk attempted to buy last year. From Chuk:

“I was under contract for this unit for 107k. There was a 1st and 2nd mortgage on the place and the short sale was taking forever. They wanted me to kick in more money, but I wouldn’t. After 5 months, I told my attorney to cancel the contract because I found something else I wanted to buy. They immediately approved the short sale to me that day, but I had made up my mind. This unit closed today for 107k, and is back on the market for 175k. Who said flipping was dead?”

From the pictures from the two listings, it appears that the only major renovations done to the unit were in the kitchen.

The “new” kitchen now has dark cabinets (painted?) and a backsplash. The “old” kitchen had lighter, maple cabinets.

Both have the same counter tops and black appliances.

The bathroom appears to be the same in both listings.

See the prior listing here.

Bought as a short sale for $107,000, it is currently listed for $175,000.

Will the seller successfully get the higher price?

Laurie Foote at Century 21 S.G.R. has the listing. (She also had the prior short sale listing.) See the current pictures here.

Unit #205: 1 bedroom, 1 bath, no square footage listed

  • Sold in May 1999 for $93,000
  • Sold in September 2006 for $221,500
  • Originally listed in November 2010 for $180,000
  • Reduced several times
  • Was listed as a “short sale” in March 2011 for $100,000
  • Lis pendens foreclosure filed in November 2011
  • Sold in December 2011 or February 2012 (I can’t tell for sure) for $107,000
  • Just re-listed for $175,000 (no parking)
  • Assessments of $218 a month (includes cable)
  • Taxes of $1435
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 12×10
  • Living room: 18×14
  • Kitchen: 12×5

 

Get a Lincoln Park 3-Bedroom Townhouse for Under $360,000: 1801 W. Diversey

 

We’ve chattered about some of the townhouses in this gated development at 1801 W. Diversey in Lincoln Park before.

This 3-bedroom unit, #4, has been on the market since January 2012.

It has two bedrooms on the second floor with a lofted third bedroom (or den) that has skylights.

The kitchen has white cabinets, granite counter tops and white appliances.

The townhouse was built in 1995 and has an attached garage and central air.

This property is listed $6,000 under the 2004 purchase price at $357,000.

Is this a deal for 1600 square feet in this location?

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

Unit #4: 3 bedrooms, 2 baths, 1600 square feet, attached garage

  • Sold in November 1995 for $176,000
  • Sold in May 2004 for $363,000
  • Sold in February 2007 for $380,000
  • Originally listed in January 2012 for $357,000
  • Currently still listed for $357,000
  • Assessments of $216 a month
  • Taxes of $5044
  • Central Air
  • Bedroom #1: 14×12 (second floor)
  • Bedroom #2: 11×10 (second floor)
  • Bedroom #3: 17×14 (third floor)

What Would You Pay For a Luxury 1-Bedroom in the Gold Coast? 30 W. Oak

 

This large 1-bedroom in 30 W. Oak in the Gold Coast came on the market in January 2012.

The listing says it is the “only one of its kind in the building.”

30 W. Oak is popular for its larger units with south facing views.

This one bedroom faces west and north.

But it has similar finishes to the bigger units in the building, including 10 foot ceilings and stone baths.

There are marble floors in the living/dining area.

The kitchen has Poggenpohl cabinets.

There is a washer/dryer in the unit and central air. Parking is available for $65,000.

The unit is listed $11,000 under the 2007 price.

What’s the going rate for these large one bedroom Gold Coast units?

Beth Wexner at @Properties has the listing. See the pictures here.

Unit #6F: 1 bedroom, 1.5 baths, 1257 square feet

  • Sold in May 2007 for $600,000
  • Originally listed in January 2012 for $589,000
  • Currently still listed for $589,000
  • Parking is extra at $65,000
  • Assessments of $848 a month (includes heat, a/c, gas, doorman, cable)
  • Taxes of $9359
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 15×14

64% Off the 2006 Price For This Short Sale 4 Bedroom in Grand Boulevard: 606 E. Oakwood Blvd.

This 4-bedroom vintage rowhouse at 606 E. Oakwood Boulevard in Grand Boulevard has been on the market since November 2011.

It is a short sale.

In 2006, it sold for $825,000 and is now listed at just $300,900.

Built in 1881 on an oversized 25×169 lot, it has central air and a 2 car garage.

All four bedrooms are on the second floor.

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

It appears to have a finished basement.

Before you start complaining that the price is too high for this neighborhood, in December we chattered about a newly renovated vintage rowhouse just down the street at 640 E. Oakwood which was listed for $320,000.

It sold in about 2 months, closing in January 2012 for $315,000.  (Buyers love “new”!)

See our chatter on that rowhouse here.

Given the comp down the street, is this rowhouse priced to sell?

Carestella Abrams at Green Acres Real Estate has the listing. See the pictures here.

606 E. Oakwood Boulevard: 4 bedrooms, 4 baths, 3203 square feet, 2 car garage

  • Sold in February 1996 for $70,000
  • Sold in March 2005 for $205,000
  • Sold in April 2006 for $430,000
  • Sold in August 2006 for $825,000
  • Lis pendens filed in February 2008
  • Lis pendens filed in June 2009
  • Originally listed in November 2011 for $349,900
  • Reduced
  • Currently listed as a “short sale” for $300,900
  • Taxes of $5663
  • Central Air
  • Bedroom #1: 18×20 (second floor)
  • Bedroom #2: 13×14 (second floor)
  • Bedroom #3: 14×15 (second floor)
  • Bedroom #4: 12×16 (second floor)

Is $300,000 the New Price for a 2/2 in River North? 849 N. Franklin

This 2-bedroom in the Parc Chestnut at 849 N. Franklin in River North (or is this Gold Coast here?) has been on the market since November 2011.

It is a short sale.

There is no square footage listed but it appears to be one of the smaller 2/2s as it has a pullman style kitchen open to the living space with no kitchen island.

This building was completed in 2006.

The unit has exposed concrete ceilings and duct work.

It also has all the modern features including central air, washer/dryer in the unit and parking.

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

Originally listed for $319,000, it has been reduced $20,000 to just $299,000 (with the parking included.)

Is $300,000 the new going rate for these smaller sized 2/2s in River North?

Sarah Han at Century 21 S.G.R. has the listing. See the pictures here.

Unit #1209: 2 bedrooms, 2 baths, no square footage listed

  • I couldn’t find an original sales price
  • Lis pendens foreclosure filed in July 2010
  • Originally listed in November 2011 for $319,000
  • Reduced
  • Currently listed as a “short sale” for $299,000 (parking included)
  • Assessments of $471 a month (includes heat, a/c, gas, doorman)
  • Taxes of $3537
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×12
  • Bedroom #2: 11×10
  • Living room/dining room: 22×21
  • Kitchen: 13×9

 

Get a 3-Bedroom House in the Burley School District for Just $549,900: 1303 W. Nelson in Lakeview

This 3-bedroom house at 1303 W. Nelson in Lakeview just came on the market listed at $549,900.

That is the price for many 3-bedroom duplexes and townhouses in the neighborhood.

Built in 1891 on a 25×123 lot, it has 2 bedrooms plus a bath on the upper level and an in-law suite on the lower level/”ground” floor.

The in-law suite appears to be an english basement.

The listing says the main level has an office, sunroom and kitchen.

The kitchen has stainless steel appliances.

There are also some original features such as crown molding.

The listing says the backyard is lined with magnolia trees and has a 2-car garage.

There’s no central air.

The house is located in the Burley school district.

It is listed for about $100,000 under the 2005 purchase price.

Is this a deal compared with townhouses in the neighborhood?

Janet Fitzpartrick at Jameson Sotheby’s has the listing. See the pictures here.

1303 W. Nelson: 3 bedrooms, 3 baths, no square footage listed, 2 car garage

  • Sold in June 2005 for $650,000
  • Currently listed for $549,900
  • Taxes of $8391
  • No central air
  • Bedroom #1: 16×13 (second floor)
  • Bedroom #2: 16×9 (second floor)
  • Bedroom #3: 11×7 (main floor? or LL?)
  • Den: 13×12 (main floor)
  • Family room: 10×9 (lower level)

 

Market Conditions: Will Student Debt Keep the Housing Market Depressed for Years to Come?

We’ve often chattered about the rising level of student debt and how that could stifle any kind of housing recovery.

Bloomberg Businessweek explores this very topic this week:

Roshell Schenck has a Ph.D. in pharmacy and earns $125,000 a year. Yet, because she has more than $110,000 in student loan debt, counselors have told her she can’t qualify for a mortgage. “I’d love to buy and can afford to buy,” says the 28-year-old graduate of Lake Erie College of Osteopathic Medicine in Erie, Pa. With lenders scrutinizing college loans more closely than in previous years, it’s almost impossible for borrowers such as Schenck to get approved for mortgages. “My debt is crushing my chances of purchasing a home.”

According to a recent Federal Reserve study, only 9 percent of 29- to 34-year-olds got a first-time mortgage from 2009 to 2011, compared with 17 percent 10 years earlier. “First-time home buyers are typically an important source of incremental housing demand, so their smaller presence in the market affects house prices and construction quite broadly,” Fed Chairman Ben Bernanke said at a homebuilders’ conference in Orlando on Feb. 10.

Recent college graduates carry an average debt load of more than $25,000, limiting their ability to qualify for mortgages even if they’re able to land a job in a market with an unemployment rate of 9 percent for 25- to 34-year-olds. Dubbing it a “student loan debt bomb,” the National Association of Consumer Bankruptcy Attorneys (NACBA) warned on Feb. 7 about the effects of rising student debt on recent graduates, parents who co-signed their loans, and older Americans who’ve gone back to school for job training.

Generation Y is now the first time home buying generation. But they are graduating from college into an uncertain job market.

Palacios says first-time buyers are key to a housing recovery because they allow current owners to move into larger, pricier homes. “Move-up buyers need somebody to purchase their homes to move,” he says. “You need that first leg in the recovery to materialize.”

Since the overall number of first-time home buyers has fallen, people aged 25 to 34 still accounted for 52 percent of that group last year, near the average since 2005, according to the Realtors group. Still, almost 6 million Americans in that group lived with their parents in 2011, up from 4.7 million when the recession began in 2007, according to U.S. Census Bureau data.

Has the game changed for first time homebuyers due to student loan debt?

If so, what does that mean for the housing market going forward?

Student debt is stifling home sales [Bloomberg Businessweek, Bob Willis, February 23, 2012]

Another $20K Price Reduction on Our Favorite Church Unit: 1658 W. Superior in West Town

We’ve chattered about this 2-bedroom in the converted church at 1658 W. Superior in West Town several times.

See our October 2011 chatter here.

This unit was originally listed all the way back in June 2010.

It was recently reduced another $20,000 and has now been reduced $100,000 since 2010.

For most of you, this is your favorite Crib Chatter-featured church conversion.  

It kept many of the church’s original features, including the glorious stained glass windows, the bow trusses and the exposed brick.

This unit has a 30-foot cathedral ceiling in the living area and one of the large stained glass windows.

The unit also has exposed steel bow trusses and exposed brick walls.

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

The master bedroom is lofted and on the second level.

The unit has central air, washer/dryer in the unit and not just 1 but 2 car parking which is included.

In the end, will this end up selling closer to the 2000 price?

Nicholas Colagiovanni at Baird & Warner still has the listing. See the pictures here.

Unit #8: 2 bedrooms, 2 baths, 1600 square feet, 2 car parking included

  • Sold in May 2000 for $295,000
  • Sold in June 2004 for $334,000
  • Originally listed in June 2010 for $449,000
  • Reduced several times
  • Was listed in October 2011 for $369,000
  • Reduced
  • Currently listed for $349,000
  • Assessments of $450 a month
  • Taxes of $3131
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×16 (lofted second floor)
  • Bedroom #2: 12×12 (main level)

Looking For a Unique Loft? This Is It: 2435 N. Sheffield in Lincoln Park

This 2 bedroom loft at 2435 N. Sheffield in Lincoln Park has been on the market since June 2011.

For loft lovers, this is for you.

The loft, in a converted factory, has 15 foot timber ceilings and skylights.

It is four levels with exposed brick and bedrooms open to the rest of the space.

One bedroom is in the lower level, one on the second level and there is a spiral staircase that takes you up to the office on the third level.

The listing says the kitchen has white Poggenpohl cabinets and stainless steel appliances.

The loft has the other features buyers look for, including central air, washer/dryer in the unit and indoor garage parking.

It has been reduced $49,000 to $350,000.

Is this loft priced to sell?

John Sutton at Conlon Real Estate has the listing. See more pictures here.

Or you can see it in person at the Open House on Sunday, February 26 from 11:30 to 1 PM.

Unit #6: 2 bedrooms, 2 baths, no square footage listed

  • Sold in August 1987 (public records don’t give an amount but Zillow says it sold for $240,000)
  • Originally listed in June 2011 for $399,000
  • Reduced
  • Currently listed at $350,000
  • Assessments of $236 a month
  • Taxes of $4731
  • Central Air
  • Washer/Dryer in the unit
  • Indoor parking included
  • Bedroom #1: 16×15 (second floor)
  • Bedroom #2: 17×8 (lower level)
  • Office: 8×8 (third floor)

 

Are Retro Kitchens Back In? You Can Have One In This Marina Towers 1-Bedroom: 300 N. State in River North

 

This bank owned 1-bedroom in Marina Towers at 300 N. State in River North has been on the market since January 13, 2012.

In that time, it has been reduced $18,100 to $168,900.

There are only a few pictures of the interior of the unit.

It appears to have carpeting.

The unit has northeast views.

The kitchen has white cabinets and a yellow stove and dishwasher.

Yes – yellow.

Could those be the original 1960 appliances?

The unit doesn’t have central air (only wall units), no in-unit washer/dryer and parking is valet in the building.

How low will this go?

[Also notice, the bank has owned this unit since December 2010.]

Elizabeth Lita at R.E.I.T. Homes has the listing. See the pictures here.

Unit #2128: 1 bedroom, 1 bath, 800 square feet

  • Sold in July 1998 for $93,000
  • Lis pendens foreclosure filed in February 2009
  • Bank owned in December 2010
  • Originally listed  in January 2012 for $187,000
  • Reduced
  • Currently listed at $168,900
  • Assessments of $362 a month (includes doorman and cable)
  • Taxes of $2296
  • No central air- only wall units
  • No in-unit washer/dryer
  • Parking is valet
  • Bedroom: 14×11