The Grown-Up Loft: A 2-Bedroom at 758 N. Larrabee in River North

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This 2-bedroom concrete loft in One River Place at 758 N. Larrabee in River North just came on the market.

This is the old Montgomery Ward building which was converted into lofts in 2001-2002.

The listing says it has had a “renovation.”

It has a new gourmet kitchen with custom cabinets, a double oven, a 5-burner cook top and a wine fridge along with stainless steel appliances.

There’s new granite around the fireplace.

The master bath appears to have been renovated as well.

The corner unit has 15-foot ceilings and windows that stretch across the length of the unit with south and west views of the Chicago River.

It has the other features that buyers look for including central air, washer/dryer in the unit and parking is available for $30,000 extra.

At 1800 square feet, it is larger than your average “starter” 2-bedroom loft.

Is this the kind of loft you buy to return to the city after selling that house in the suburbs?

Melissa Siegal at @Properties has the listing. See the pictures here.

Unit #301: 2 bedrooms, 2 baths, 1800 square feet

  • Sold in May 2002 for $622,000
  • Sold in August 2012 for $520,000 (included the parking)
  • Currently listed for $750,000 (parking $30,000 extra)
  • Assessments of $954 a month (includes cable, doorman, internet, exercise room)
  • Taxes of $9132
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 16×14
  • Bedroom #2: 15×11

Commercial Space Below? Beware: A 1-Bedroom at 2660 N. Halsted in Lincoln Park

2660 n halsted

This 1-bedroom duplex at 2660 N. Halsted in Lincoln Park came on the market in November 2014.

It is bank owned and being sold “as-is.”

The unit has exposed brick and timber ceilings with a lofty second floor bedroom open to the first floor.

From the pictures, it looks like the kitchen is intact with maple cabinets, granite counter tops and stainless steel appliances.

The listing doesn’t say anything about an in-unit washer/dryer, but it does have a parking space and wall air conditioning units.

Originally listed in November 2014 for $183,750, it has been pending 3 times but has come back on the market every time.

It was recently reduced to $156,655.

What’s the problem?

The listing says:

“non-conforming loans only due to 44% of the building is commercial space and low reserves.”

The building has 6 units and it appears, from the pictures, that three of them are the commercial space on the first floor.

We chattered several years ago about the change in lending requirements in buildings with commercial space.

But I’ve heard from a lot of agents that as of January 1, the rule was tightened. Mortgage brokers used to be able to find a way around it but now, the new rule is thwarting that.

It apparently impacts buildings with more than 25% commercial space.

The tightening of the rule is impacting properties all over the city, even in River North and Streeterville if your building is above one of the big retail malls.

What does the rule change mean?

1. Cash buyers only; or

2. 20% down and a non-conventional loan- meaning a 5/1 or 7/1 ARM. May have to pay a higher mortgage rate because it can’t be sold to Fannie or Freddie.

Would you stay away from a property that had a large commercial component because of this rule?

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

Unit #5: 1 bedroom, 1 bath, duplex, no square footage listed

  • Sold in September 2005 for $250,000
  • Lis pendens foreclosure filed in August 2011
  • Bank owned in November 2013
  • Originally listed “as-is” in November 2014 for $183,750
  • Pending 3 times
  • Was listed at $164,900
  • Reduced
  • Currently listed at $156,655 (includes parking)
  • Assessments of $250 a month
  • Taxes of $2181
  • Wall unit cooling
  • Washer/dryer ???
  • Bedroom: 12×12 (second floor)

 

The Townhouse at 820 N. Dearborn is Back- For $180,000 More in the Gold Coast

820 n dearborn approved

This 3-bedroom townhouse at 820 N. Dearborn in the Gold Coast just came on the market.

If it looks familiar to some of you (and it should), that’s because we chattered about it many times during the bust.

You can see our August 2012 chatter here.

Back in 2012 it was a 2-bedroom but it’s come back on the market as a 3-bedroom.

The top floor “family room” now apparently has a closet and is now the master bedroom.

The other two bedrooms are on the second floor.

The kitchen now has white cabinets whereas before they were a dark wood.

This townhouse complex has 4 units. There is 1 indoor parking space and a second space on the parking pad.

The listing says the laundry room has been remodeled.

This townhouse was bank owned in 2009 but finally sold for $480,000 in October 2012.

It has come on the market for $195,000 more at $675,000.

Will they get the premium just 3 years later?

Unit #B: 3 bedrooms, 2.5 baths, 1800 square feet, 1 car parking plus second space in parking pad

  • Sold in January 1996 for $230,000
  • Sold in June 2005 for $477,500
  • Sold in May 2007 for $750,000
  • Lis pendens in April 2008
  • Bank owned as of May 2009
  • Originally listed in June 2009 for $589,900
  • Reduced
  • Was listed in July 2009 for $539,900
  • Sold in November 2009 for $415,000
  • Originally listed in June 2010 for $550,000
  • Reduced
  • Was listed in March 2011 for $530,000
  • Reduced
  • Was listed in August 2011 for $499,900
  • Withdrawn
  • On the rental market in August 2011 for $3700 a month
  • Has come back on the market in August 2012 at $500,000
  • (Looks like it was also listed on Craigslist in July 2012  for $4000 a month)
  • Sold in October 2012 for $480,000
  • Currently listed for $675,000
  • Assessments now $186 a month (they were $146 a month in 2012)
  • Taxes are now $9599 (they were $7932 in 2012 and $10,291 in March 2011)
  • Central Air
  • Skylights
  • Bedroom #1: 16×13 (second floor)
  • Bedroom #2: 12×11 (second floor)
  • Kitchen: 8×9
  • Family room- now a third bedroom: 16×13 (third floor)

An Investor’s Dream? A Carriage House AND a Parking Lot: 2531 W. Augusta in West Town

I don’t have a picture for this 1-bedroom carriage house at 2531 W. Augusta in West Town but it’s so intriguing I felt we needed to chatter about it right away.

Built in 1911, the carriage house is on a standard 25×125 lot.

At 1160 square feet, it has some interesting features including exposed brick and beams.

According to the listing, there’s also an enclosed garden, a roof deck and a 1-car garage.

But you’ll have to take the listing’s word for it because there are no pictures of the interior of the property (and the listing is the same listing from when the property was first listed in 2008.)

There are, however, plenty of pictures of the outside of the property, including several of the street in front of the property.

And are those pictures of the back of the carriage house and the alley?

Yes, it is now a Fannie Mae Homepath property.

The bank took it in December 2013.

But the most intriguing part of this property is the “Attached income producing parking lot.”

There are pictures of that too.

The listing doesn’t say how many spots there are (we could guess though- looks like quite a few).

It also doesn’t say how much “income” is being produced.

But I have a few questions about the lot.

Who is parking there right now while the bank owns it? And who is collecting the money from those parkers?

If anyone goes to look at this (if they can get in- because clearly the photographer could not) PLEASE report back here and let us know what it looks like on the inside.

The old listing says it has central air and a washer/dryer in the house.

Could this be an investor’s dream in an up and coming neighborhood?

Richard Wolnik at Riklin Realty has the listing. See the exterior pictures here.

2531 W. Augusta: 1 bedroom, 1.5 baths, 1160 square feet

  • Sold in May 1996 for $110,000
  • Sold in July 1998 for $163,000
  • Sold in June 2000 for $167,500
  • Sold in March 2006 for $245,000
  • Lis pendens foreclosure filed in April 2012
  • Bank owned in December 2013
  • Fannie Mae Homepath property
  • Currently listed at $344,900
  • Taxes of $4219
  • Central Air
  • Washer/dryer hook-ups
  • Income producing attached parking lot

This Gold Coast 2-Bedroom Hasn’t Changed Hands Since 1989: 1325 N. Dearborn

1325 n dearborn

This top-floor 2-bedroom at 1325 N. Dearborn in the Gold Coast came on the market in February 2015.

The 3-unit building was built in 1887 and the unit still sports some of its original vintage features.

It has crown molding, stained glass windows and a wood burning fireplace.

Yet it also has the modern conveniences that buyers look for including central air, washer/dryer in the unit and 2-car parking.

The listing says there’s a “newer gourmet kitchen” with black and stainless steel appliances.

This unit last changed hands in 1989 so now’s your chance if you’ve always coveted the top floor unit in this building.

Is 2015 the year that long time owners will finally cash in?

James Kinney at Baird & Warner has the listing. See the pictures here.

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

  • Last sold in 1989- no price available
  • Originally listed in February 2015 for $849,000
  • Still listed at $849,000
  • Assessments of $450 a month
  • Taxes of $10605
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 21×14
  • Bedroom #2: 14×9
  • Family Room: 19×12

 

A Modern 2/2 with “NYC Feel” in the Gold Coast: 1300 N. Astor

1300 n astor

This 2-bedroom at 1300 N. Astor in the Gold Coast recently came on the market.

It has floor to ceiling windows with lake and city views.

The listing says it has a “NYC feel”.

The unit had a gut renovation a couple of years ago.

The kitchen has modern, white cabinets with “professional appliances” like Subzero, Wolf and Miele.

The master bathroom has a rain shower and waterfall fixtures.

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

The listing doesn’t say anything about parking but I think it’s leased in the building.

It’s also in the Ogden Elementary school district.

This unit last sold about 18 months ago (and it was also renovated in that sale.)

It is now listed nearly $55,000 higher than the 2013 purchase price.

Will it get the premium?

Jennifer Owen at @Properties has the listing. See the pictures here.

Unit #13AS: 2 bedrooms, 2 baths, 1600 square feet

  • Sold in July 2011 for $305,000
  • Sold in August 2013 for $645,000
  • Currently listed for $699,900
  • Assessments of $1473 a month (includes cable, A/C, water, gas, doorman)
  • Taxes of $6833
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 19×15
  • Bedroom #2: 13×10

 

Is Now the Time to Buy in Motor Row? A 2/2 Loft at 2332 S. Michigan in the South Loop

2332-s-michigan-approved

This 2-bedroom loft at 2332 S. Michigan in the Motor Row neighborhood of the South Loop recently came on the market.

Motor Row was reaching peak conversions/development just as the housing bust hit.

It’s a two block area on South Michigan Avenue that was home to a bunch of car dealerships, many of which have now been converted into loft condominiums.

This building was converted into 22 units in 2007. We’ve chattered before about the difficulty in selling these units once the bust hit.

However, it has some terrific authentic loft features including exposed brick and unique windows and French doors to the balcony.

This unit also has 14 foot high ceilings and a coffered ceiling in the kitchen.

The kitchen has newer dark cabinets and stainless steel appliances.

There are stone baths and the master bathroom has a double vanity.

It has the other features buyers look for including central air, washer/dryer in the unit and heated garage parking which is $20,000 extra.

With all the other GreenZone neighborhoods picking up steam, is this the time to get in on Motor Row?

Karolina Suszynski at Prospect Equities Real Estate has the listing. See the pictures here.

Unit #306: 2 bedrooms, 2 baths, 1400 square feet

  • Sold in October 2007 for $401,000
  • Currently listed at $349,900 plus $20,000 for parking
  • Assessments of $336 a month (includes cable, exercise room)
  • Taxes of $6390
  • Central Air
  • Washer/Dryer in the unit
  • Leased through November 2015
  • Bedroom #1: 14×12
  • Bedroom #2: 12×11

Live in a Loft in the Old Schwinn Factory: A 2/2 at 2510 N. Wayne in Lincoln Park

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This 2-bedroom loft in the Wheelworks Lofts at 2510 N. Wayne in Lincoln Park came on the market in February 2015.

This building is an old Schwinn bike factory and the units have maintained many of their original features.

The loft has 15 foot timber ceilings, exposed brick and a wood burning fireplace.

It has a wall of windows which faces into the courtyard.

The listing says it’s two combined units.

The second bedroom and den, as well as the laundry room, are on the second floor.

The kitchen has stainless steel appliances and stone counter tops.

The listing says the baths are new.

The loft has other features that buyers are looking for including a parking space, central air and in-unit washer/dryer.

Lofts were the hottest type of condo fifteen years ago.

Are they still “in”?

Sharon O’Hara at @Properties has the listing. See the pictures here.

Unit #106: 2 bedrooms, 2 baths, 1650 square feet

  • I couldn’t find it in the county records- maybe because it is two combined units- but Redfin says it last sold in May 2006 for $305,000.
  • Originally listed in February 2015 for $475,000
  • Currently still listed for $475,000
  • Assessments of $455 a month (includes snow removal)
  • Taxes of $5073
  • Central Air
  • Washer/Dryer in the unit
  • Outdoor parking included
  • Wood burning fireplace
  • Bedroom #1: 18×13 (main level)
  • Bedroom #2: 8×8 (second floor)
  • Den: 7×13 (second floor)
  • Laundry room: 7×5 (second floor)

 

How High Will Prices Rise in River North? A 3/3 in Contemporaine at 201 W. Grand

201 w grand approved

This 3-bedroom in Contemporaine at 201 W. Grand in River North just came on the market.

If it looks familiar to some of you, that’s because it was previously on the market in 2011 and 2012.

Contemporaine was built in 2004 and has just 28 units.

The building has won awards for its modern architecture and is included on architectural walking tours of the city.

This unit has South, West and North views.

It has luxury finishes in the kitchen and bathrooms including Subzero, Viking, Miele and Balthaup.

The unit has concrete ceilings and floor to ceiling windows.

A tandem parking spot is included in the price.

The listing says it is in the Ogden Elementary school district.

The unit last sold in 2012 in what appears to be a distress sale as a lis pendens foreclosure had been filed.

You can see pictures of that listing here.

It has come back on the market just three years later listed $505,000 over the 2005 sale price, which was when the building was new.

How high will prices rise in the GreenZone neighborhoods?

Will this unit get the premium over the 2005 sale price?

Akos Straub at Coldwell Banker has the listing. See the pictures here.

Unit #803: 3 bedrooms, 3 baths, 2221 square feet

  • Sold in April 2005 for $1,085,000
  • Lis pendens foreclosure filed in January 2011
  • Was listed in July 2012 for $750,000
  • Sold in June 2012 for $675,000 (included the parking)
  • Currently listed for $1.59 million (tandem parking space included)
  • Assessments of $1143 (includes water, cable, snow removal)
  • Taxes of $11509
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 15×17
  • Bedroom #2: 11×13
  • Bedroom #3: 12×12

Even the Banks Are Listing Past Peak in the GreenZone: 111 S. Morgan in the West Loop

111 s morgan

This 2-bedroom in 111 S. Morgan in the West Loop recently came on the market.

It is a Fannie Mae Homepath property.

The unit has hardwood floors in the main living areas and a fireplace.

The kitchen has granite counter tops and what looks to be maple cabinets.

From the pictures, there appears to be a stainless steel stove but there’s no refrigerator or dishwasher.

It has central air, washer/dryer hook-ups in the unit (not sure if the w/d is actually there) and parking is included.

A few years ago, some buyers would only look at bank owned condos because they thought they were getting a deal.

But this property has come on the market listed $45,500 above the 2007 purchase price.

Are distressed sales dropping in Chicago because the banks are listing at unreasonable prices or because they simply aren’t deals anymore?

Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here.

Unit #705: 2 bedrooms, 2 baths, no square footage listed

  • Sold in April 2004 for $293,000 (included the parking)
  • Sold in June 2007 for $355,000 (included the parking)
  • Lis pendens foreclosure filed in February 2012
  • Bank owned in February 2015
  • Listed in March 2015 for $400,500 (includes the parking)
  • Assessments of $482 a month (includes cable, doorman, water)
  • Taxes of $3759
  • Central Air
  • Washer/dryer hook-ups in the unit
  • Bedroom #1: 11×10
  • Bedroom #2: 11×10