7.7% Price Reduction on Vintage 2-Bedroom in the Gold Coast: 1427 N. Dearborn

1427 n dearborn

This 2-bedroom in The Cordova at 1427 N. Dearborn in the Gold Coast came on the market in April 2014.

The Cordova is an 8-unit vintage building with an elevator.

If this unit seems familiar, that’s because it is. It has been on and off the market since July 2010.

We last chattered about it in July 2012. See our chatter here.

The third floor unit has 1700 square feet and some of its vintage features such as a wood burning fireplace.

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

The listing says there are “upgraded bathrooms.”

It has central air and a washer/dryer in the unit but no deeded parking. Parking is available next door for $275 a month.

It came back on the market this year at $649,000 and recently reduced $50,000, or 7.7%, to $599,000.

Back in 2012, it went as low as $485,000 before it was withdrawn from the market.

Will it finally sell in 2014?

Lauren Leonardi at @Properties has the listing again. See the pictures here.

Unit #3S: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in July 1999 for $390,000
  • Sold in April 2002 for $463,000
  • Sold in June 2005 for $617,500
  • Sold in June 2008 for $635,000
  • Originally listed in July 2010 for $659,000
  • Reduced
  • Was listed in June 2011 at $626,000
  • Withdrawn
  • Re-listed in April 2012 at $485,000
  • Withdrawn
  • Re-listed in April 2014 for $649,000
  • Reduced
  • Currently listed at $599,000
  • Assessments now $505 a month (they were $400 a month in 2012)
  • Taxes now $6012 (they were $8796 in 2012)
  • Central Air
  • Washer/Dryer in the unit
  • No parking- rental available nearby for $275 a month
  • Bedroom #1: 14×12
  • Bedroom #2: 12×12
  • Office/den: 15×9

We Love Authentic Bucktown Lofts: A 2-Bedroom at 1670 N. Claremont

1670 n claremont

This 2-bedroom in the Ironwerks Lofts at 1670 N. Claremont in Bucktown came on the market in July 2014.

The building was converted into loft condos in 1999.

It has all the features loft lovers look for including 12-foot timber ceilings, exposed brick and hardwood floors throughout.

The master bedroom has full height walls so there’s some privacy.

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

The end unit also has a 23×17 interior courtyard terrace.

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

First listed in July, it has been reduced $6,000 to $369,000.

Bucktown is still a hot neighborhood.

What will it take to sell this loft?

Kris Mork at Coldwell Banker has the listing. See the listing here.

Unit #104: 2 bedrooms, 2 baths, no square footage listed

  • Sold in July 2000 for $210,000
  • Sold in October 2002 for $280,000
  • Sold in September 2005 for $352,000
  • Originally listed in July 2014 for $375,000
  • Reduced
  • Currently listed for $369,000
  • Assessments of $249 a month (includes cable)
  • Taxes of $3886
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 14×10

Want a Piece of Wicker Park History? A 3-Bedroom Rowhouse at 1959 W. Schiller

1959 w schiller

This 3-bedroom Victorian rowhouse at 1959 W. Schiller in Wicker Park came on the market in July 2014.

Built in 1879 on an extra long 25×162 lot, it sits directly across the street from Wicker Park.

The listing calls it a single family home- but I don’t see any separation with the home next to it in the picture (the construction above is on the property next to it) so it appears to be a rowhouse. (???)

It has many of its original features including 11-foot ceilings, crown molding and ceiling medallions.

There are 4 wood burning fireplaces.

The house has a finished basement.

It also has an enclosed backyard and a 2-car garage.

The listing says “Bring your design” and if you look at the interior pictures you’ll know what it means.

Originally listed for $1.35 million, it has been reduced $351,000 to $999,000.

This house last sold 19 years ago so it seems it is rarely available for purchase.

Do you have the vision to restore this house to its original grandeur?

Art Collazo at Jameson Sotheby’s has the listing. See the pictures here.

1959 W. Schiller: 3 bedrooms, 2.5 baths, 3400 square feet, 2 car garage

  • Sold in June 1995 for $325,000
  • Originally listed in July 2014 for $1.35 million
  • Reduced several times
  • Pending once
  • Currently listed for $999,000
  • Taxes of $12,337
  • Central Air
  • 4 wood burning fireplaces
  • Bedroom #1: 16×33 (third floor)
  • Bedroom #2: 13×18 (second floor)
  • Bedroom #3: 11×15 (second floor)
  • Family room: 19×36 (basement)

Deal of the Year in Lincoln Park? A 2/2 Townhouse for $350,000: 1801 W. Diversey

1801 w diversey

This 2-bedroom townhouse at 1801 W. Diversey in Lincoln Park has been on the market since June 2014.

Built in 1995 it is an end unit with a 2-car attached garage.

It has three stories with the living/dining/kitchen on the main floor, the two bedrooms on the second floor and a den/family room on the third floor with skylights.

It has two outdoor spaces including a private patio off the main level and a deck.

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

There is also a master suite with cathedral ceilings.

This townhouse was bank owned in 2009 and was bought from the bank for $360,000.

It came back on the market at $389,900 but has now been reduced to $350,000.

That is $1,000 under the 2001 purchase price.

Is this the deal of the year in Lincoln Park?

1801 w diversey #2

Stephanie Cutter at Coldwell Banker has the listing. See the pictures here.

Unit #1: 2 bedrooms, 2 baths, 2100 square feet, 2 car attached garage

  • Sold in October 1995 for $200,000
  • Sold in July 2001 for $351,000
  • Sold in October 2005 for $420,000
  • Bank owned in March 2009
  • Sold in June 2009 for $360,000
  • Originally listed in June 2014 for $389,900
  • Reduced
  • Currently listed at $350,000
  • Assessments of $349 a month (includes snow removal)
  • Taxes of $7337
  • Central Air
  • Bedroom #1: 15×11 (second floor)
  • Bedroom #2: 18×14 (second floor)
  • Living room: 15×14 (main floor)
  • Den: 15×14 (third floor)

Has the Market Changed in East Lincoln Park in Just 3 Months? 562 W. Arlington

562 w arlington #1 approved

This third floor unit in the 4-unit vintage greystone at 562 W. Arlington in East Lincoln Park came on the market in August 2014.

We’ve chattered about this building numerous times over the years including in May 2014 when the top floor unit, #4, was on the market.

See that chatter here.

Unit #4, which is the same square footage and has similar finishes as Unit #3, sold in August and has this sales history:

Unit #4: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in July 2005 for $610,000
  • Sold in July 2007 for $715,000
  • Was listed in May 2009 for $699,000
  • Reduced
  • Withdrawn in 2011
  • Was listed in May 2014 at $679,000
  • Reduced to $659,000- wherein it went under contract
  • Sold in August 2014 for $635,000

So it shouldn’t be a surprise that Unit #3 came on the market at $659,000.

This unit has 2 outdoor spaces, including a front stone balcony.

It has some of its vintage features still intact, including 2 fireplaces and coved moldings.

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

The unit has all the features buyers look for, including central air, washer/dryer in the unit and a gated parking space.

Will a buyer of Unit #3 get a deal compared to #4 thanks to a changing market?

Johnnye Paige at DreamTown has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in August 2005 for $625,000
  • Sold in May 2011 for $573,000
  • Originally listed in August 2014 for $659,000
  • Reduced
  • Currently listed at $619,000
  • Assessments of $205 a month (includes water and snow removal)
  • Taxes of $8739
  • Central Air
  • Washer/Dryer in the unit
  • 1 car gated parking included
  • Bedroom #1: 15×12
  • Bedroom #2: 13×12
  • Dining room: 12×12

6 Years Later, Do We Still Love This Rooftop Deck? 1647 N. Sedgwick in Old Town

1647 n Sedgwick

This vintage 2-bedroom at 1647 N. Sedgwick in Old Town just came on the market in September 2014.

If it looks familiar to some of you old timers, that’s because it is. We last chattered about it back in the “innocent” times, in June 2008.

See our very interesting prior chatter here.

At the beginning of the summer of 2008, the financial markets had not experienced the collapse of Lehman Brothers or of the stock market.

And the housing market was still pretty “hot.”

Some of you called this unit your “dream” home in 2008.

This top floor unit in a 3-unit vintage building has tall ceilings and original wood moldings along with a wood burning fireplace in the living room.

If you look at the pictures in the 2008 chatter, you can see that the kitchen cabinets have been painted white and there are now quartz counter tops and stainless steel appliances.

I can’t tell exactly what they did in the bathroom but that’s at least a new vanity and lighting.

This unit has two outdoor spaces, a deck off the back and a private rooftop deck with city views.

It has all the other features that buyers look for, including central air, washer/dryer in the unit and rare (at least for Old Town) garage parking.

People who went to the open house for this unit in 2008 reported that it was swarming with people.

The agent at that time posted this comment:

“I was the listing agent for this property. We received 5 offers within the first week, accepted the best. However, the buyer got cold feet and walked. We reactivated the listing on the MLS, but immediately returned to the other 4 offers and accepted one within a few days. The property sold for near the asking price with five offers on the table. It was without a doubt, a fantastic property and it was a joy to represent.”

There was also a spirited discussion in the old chatter about who could afford this $420,000 unit (i.e. who even had a down payment).

Inventory levels in Lincoln Park were discussed – with Steve Heitman actually saying :

“Let’s not forget that 95% financing is still available. My guess is that the credit markets will loosen in the next 6 months.”

Homedelete wagered that this unit would again sell at the 1999 price (which was $300,000).

G said inventory wasn’t dropping due to sales saying:

“This is the typical bubble after-effect where the sellers insist on chasing the market down, thus making it somewhat sticky.”

Ah…memories.

Having sold in a week in a bidding war in 2008, this unit has returned 6 years later priced just $13,000 above the 2008 purchase price, at $425,000.

It’s currently been on the market for 11 days.

30-year fixed mortgage rate when it went under contract in June 2008 = 6.3%

30-year fixed mortgage rate right now = 4.1%

What will happen with this unit this go around?

Gregory Desmond at Berkshire Hathaway KoenigRubloff now has the listing. See the pictures here.

Unit #3: 2 bedrooms, 1 bath, no square footage listed

  • Sold in October 1997 for $252,000
  • Sold in November 1999 for $300,000
  • Sold in July 2008 after a bidding war for $412,000
  • Listed in September 2014 for $425,000
  • Currently still listed for $425,000
  • Assessments now $173 a month (they were $150 a month in 2008)
  • Taxes now $5996 (they were $3916 in 2008)
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included
  • Bedroom #1: 14×9
  • Bedroom #2: 12×9
  • Private rooftop deck: 27×16

 

 

Trying to Sell a 3-Bedroom Penthouse One Year Later in Southport: 1550 W. Cornelia

1550 w cornelia

This 3-bedroom penthouse at 1550 W. Cornelia in the Southport neighborhood of Lakeview came on the market in early September 2014.

If it looks familiar, that’s because the unit was last on the market in the summer of 2013 and actually just sold a year ago, in September 2013.

This building was built in 2007.

It has 22-units and an elevator.

This unit is a true penthouse, complete with a private roof-top deck with a custom pergola and city views.

The kitchen has dark cabinets and Wolfe and Subzero stainless steel appliances.

It has a master bedroom suite with its own private bathroom.

This is a rare 3-bedroom that also has 3 baths.

The unit also comes with 2-heated garage parking spaces.

It sold for $730,000 last September.

This year, it came on the market at $755,000 but has now reduced to $719,000.

How much has the market slowed in the last year?

Lynn Clary at Coldwell Banker has the listing. See the pictures here.

You can also see it at the Open House, Sunday, October 5: 11:00 am – 1 pm.

Unit #501: 3 bedrooms, 3 baths, no square footage listed

  • Sold in April 2008 for $721,500
  • Sold in August 2009 for $710,000
  • Sold in September 2013 for $730,000
  • Originally listed in September 2014 for $755,000
  • Reduced
  • Currently listed at $719,000
  • Assessments of $443 a month (includes water, snow removal)
  • Taxes of $7761
  • Central Air
  • Washer/Dryer in the unit
  • 2 car parking included
  • Bedroom #1: 12×15
  • Bedroom #2: 14×12
  • Bedroom #3: 15×13

CMK Offers Incentives on its New South Loop Condo Tower: 1345 S. Wabash

In May 2014, CMK announced it would begin selling the first new condo building in the South Loop to be built and marketed after the crash.

1345 S. Wabash will be a 15-story building with an attached parking garage.

It will have 10 foot ceilings and, as is the CMK style, exposed concrete.

The kitchens will have European style cabinets with quartz counter tops and stainless steel appliances.

The bathrooms will have Duravit floating vanities.

The units will have central air and washer/dryer hook-ups.

This is the first “affordable” condo building to be announced since the bust.

The available units are priced as follows:

  • 1 bedrooms from $228,900
  • 2 bedrooms from $289,900

On Sep 30, CMK sent an e-mail to Chicago brokers informing them of incentives on the building.

For contracts secured between Oct 1 and Oct 31, 2014, the broker will be paid a 2.5% COOP Commission plus a $2500 broker bonus.

Similarly, for contracts signed during October, buyers will receive a buyers incentive in the form of a “closing cost credit” of $2500.

Are incentives at a building that just launched its sales center a few months ago a bad sign?

With no new construction for years in the South Loop, shouldn’t there be a lot of pent up demand for new product?

For pictures and floorplans, check out 1345 S. Wabash’s website here.

Trying To Sell With Construction Next Door: 165 N. Canal on the Near West Side

165 n canal approved

This 3-bedroom in Randolph Place at 165 N. Canal on the Near West Side just came on the market.

It has the coveted north and east views which means it looks over the Chicago River.

It has 2 balconies and 2-car tandem parking.

The kitchen has granite counter tops and stainless steel appliances.

All 3 bedrooms are enclosed, which is preferred (even for those buying in loft buildings.)

But just to the north of this building, on the other side of the El tracks, the office building called River Point is being built over the railroad tracks.

And just to the east of this building, after more than 10 years of debate as to what, if anything, would be built on the sliver of land over the railroad tracks right next to 165 N. Canal, another office building has started construction called 150 N. Riverside.

You can see renderings of what 150 N. Riverside is expected to look like on Curbed here.

Part of the property will have a park (if you scroll down you on the Curbed link can see it in the pictures.)

Currently, the east facing units in this building look out onto the River with the train tracks right in front of the building (and yes- you CAN hear the trains going by.) With the new building, the train tracks will be covered (as they are by the Boeing building across the street.)

But certainly some views will be impacted by the new office buildings.

Does nearby construction influence your decision to buy?

Or is it just part of city living?

James Horwath at Berkshire KoenigRubloff has the listing. See the pictures here.

Unit #812: 3 bedrooms, 2.5 baths, no square footage listed

  • Sold in April 1999 for $485,000
  • Sold in April 2005 for $660,000
  • Currently listed for $725,000 (tandem parking included)
  • Assessments of $837 a month (includes doorman, cable, exercise room)
  • Taxes of $11,302
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×18
  • Bedroom #2: 12×12
  • Bedroom #3: 12×16

Looking for a Penthouse Pied-A-Terre in River North? A 1-Bedroom at 340 W. Superior

340 w superior

This top floor 1-bedroom at 340 W. Superior in River North just came on the market.

At 1016 square feet, it is a “true” penthouse with a 31×12 private terrace that looks west with “sunset and city views.”

The apartment was “conceived by renowned designer William Eubanks” and has 10 foot ceilings with crown molding.

The kitchen has light cabinets (white?) with granite counter tops and stainless steel appliances.

The bathrooms are marble.

It has central air, washer/dryer in the unit and garage parking is available for $35,000.

The listing calls it the most beautiful pied-a-terre in Chicago.

Are half a million dollar pied-a-terres popular in River North?

Nancy Thomas at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #PH5: 1 bedroom, 1.5 baths, 1016 square feet

  • Sold in October 2002 for $357,500
  • Currently listed for $475,000 plus $35,000 for the parking
  • Assessments of $865 a month (includes heat, a/c, gas, doorman, cable)
  • Taxes of $8151
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 13×11