The Thuerer-Wrigley House is Back on the Market: 2466 N. Lakeview in Lincoln Park

2466 n lakeview #1

We last chattered about this 9-bedroom mansion at 2466 N. Lakeview in Lincoln Park in November 2011.

You can see our previous chatter here.

Strangely enough, I just mentioned this house in a comment on another post and here it is being re-listed.

The house is known as the Theurer-Wrigley House.

Located directly on Lincoln Park on the corner of Lakeview and Arlington, the mansion was built in 1894 for brewery baron Joseph Theurer in the Italian Renaissance style.

According to Wikipedia, he sold it to the Wrigley family in 1911 but they largely abandoned the property in the 1930s. Apparently, during the Great Depression, according to Wikipedia, many mansions became subject to burglaries and kidnappings, such as that of the Lindbergh baby.

It was listed on the National Register of Historic Places in 1980.

The house last sold in 2004 for $9 million.

It has much of the features of a mansion built in 1894 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces.

The main house has 9-bedrooms in 15,000 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

There is also a coach house on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.

There’s no central air, only window units.

The listing also doesn’t have any pictures of the kitchen or baths.

In 2011, it was listed at $9.5 million. It was on the market for a year before being removed.

It has come back on the market at $8.695 million.

In May 2011, there was also a lis pendens foreclosure filed against the property.

Crain’s investigated what was going on with the foreclosure filing:

The status of the foreclosure suit is unclear. Court records show case documents were filed as recently as July. Mr. Tetzlaff and James Benak, a local lawyer representing him in the foreclosure suit, did not immediately return messages seeking comment.

In 2011, some of you thought a developer might buy this house and turn it into condos similar to what they did with the McCormick Mansion in the Gold Coast and the Marshall Field Mansion in the Prairie District.

What do you think will happen now?

Will it find a buyer this time around?

2466 n lakeview #2

Mary Bennett at KoenigRubloff again has the listing. See the pictures here.

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 15,000 square feet in the main house, coach house with 2 apartments, 5 car parking

  • Sold in April 2004 for $9 million
  • Lis pendens foreclosure filed in May 2011
  • Was listed in October 2011 for $9.5 million
  • Withdrawn in October 2012
  • Currently listed at $8.695 million
  • Taxes are now $145,294 (they were $118,395 in 2011)
  • No central air- window units only
  • 2 apartments in coach house for staff
  • 5 fireplaces
  • Bedroom #1: 20×17 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 20×13 (second floor)
  • Bedroom #5: 15×12 (second floor)
  • Bedroom #6: 18×13 (third floor)
  • Bedroom #7: 19×16 (third floor)
  • Bedroom #8: 11×10 (third floor)
  • Bedroom #9: 15×12 (lower level)

 

Should Sellers Renovate Before Listing? A 1/1 in 1645 W. School in Lakeview

1645 w school

This 1-bedroom in the 60657 Lofts at 1645 W. School in Lakeview recently came on the market.

The listing says it has a “100% new interior.”

That includes new hardwood floors, new white kitchen cabinets (white is “in” now), granite counter tops and stainless steel appliances, a new bath, hot water tank and washer/dryer.

It has also been painted (looks like a light gray- which is also the neutral that is “in” right now).

It has the other features buyers look for including central air and parking.

This unit was last listed for sale in 2010 for the same price as it is now: at $275,000.

But back in 2010 it wasn’t “100% new”.

You can see the old finishes, including the maple kitchen cabinets and white appliances, here.

This building was converted into condos in 2001 so the finishes are nearly 14 years old.

Is it necessary in this market for sellers of condos to renovate to today’s “new” standards before listing?

Marcia Cegavske at Coldwell Banker has the listing. See the pictures here.

Or see it at the Open House this weekend: Sunday, Nov 16 from 1-3 PM.

Unit #412: 1 bedroom, 1 bath, no square footage listed

  • Sold in May 2001 for $219,500
  • Sold in June 2004 for $266,500
  • Was listed in August 2010 for $275,000
  • Withdrawn
  • Currently listed for $275,000 (parking included)
  • Assessments of $202 a month (includes cable)
  • Taxes of $3404
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 13×11

Looking for a 2/2 in the Loop Under $320K? 208 W. Washington

208 w washington

This 2-bedroom in Concord at City Center at 208 W. Washington in the Loop came on the market in June 2014.

It is a north-west corner unit with a wall of windows and hardwood floors through out.

Neither bedroom appears to have windows, however.

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

It has central air, washer/dryer in the unit and parking is available for $30,000.

The unit has been reduced $50,000 to $319,000 since June.

Is this a deal for a loop location that is walkable to everything?

Deborah Thomas at KoenigRubloff has the listing. See the pictures here.

Unit #1210: 2 bedrooms, 2 baths, 1265 square feet

  • Sold in November 2001 for $346,500
  • Sold in May 2002 for $337,000
  • Sold in August 2006 for $357,000
  • Originally listed in June 2014 for $369,000 (did not include the parking)
  • Reduced
  • Currently listed at $319,000 (parking is $30,000 extra)
  • Assessments of $746 a month (includes c/a, gas, cable, doorman)
  • Taxes of $4933
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 17×10
  • Bedroom #2: 10×10

6 Years After Lis Pendens, A 2/2 River North Condo is Listed: 10 E. Ontario

10 e ontario

This 2-bedroom in Ontario Place at 10 E. Ontario in River North came on the market in September 2014.

It is a northeast corner unit with 1390 square feet.

It looks to have many of the original finishes and is being sold “as-is.”

It has carpet throughout and the kitchen has white cabinets and appliances.

It has central air but doesn’t say anything about a washer/dryer in unit.

The building is a full amenity building with a doorman, pool, exercise room and clubhouse.

It has a parking garage and 1-parking space is included with this unit.

The 468-unit building was originally apartments and was converted to condos, many which sold to investors, at the height of the housing bubble in 2005 and 2006.

The building has seen plenty of foreclosures.

This particular unit had a lis pendens filed against it in 2008.

It’s taken 6 years for the bank to take it back and for it to come back on the market.

The unit sold in 2005 for $649,500 and is now listed about $180,000 less at $468,825.

Unit #4508, with the same finishes, views and with the parking included, sold in July 2014 for $481,500.

Is this a deal?

Sarah Han at Century 21 SGR has the listing. See the pictures here.

Unit #4008: 2 bedrooms, 2 baths, 1390 square feet

  • Sold in October 2005 for $649,500 (included the parking)
  • Originally listed in September 2014 for $493,500
  • Reduced
  • Currently listed for $468,825 (parking included)
  • Assessments of $814 a month (includes doorman, clubhouse, pool)
  • Taxes of $4746
  • Central Air
  • Washer/dryer?
  • Bedroom #1: 17×12
  • Bedroom #2: 14×12

Remember Printers Corner? A 2/2 at 170 W. Polk in the South Loop

170 w polk #2

This 2-bedroom at Printers Corner at 170 W. Polk in the South Loop came on the market in October 2014.

Do they still even call this building “Printers Corner”?

It was originally marketed under that name in 2006 and 2007 because every unit was on some kind of a corner.

The building has 88 1 and 2-bedroom units on top of an indoor parking garage.

This unit is on a southwest corner and the listing says it has river views.

It has 10 foot floor to ceiling windows.

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

It has the amenities buyers look for including central air, washer/dryer in the unit and parking is included.

The listing says this is a “regular closing” so it can close quickly.

The unit has come on the market $47,000 under the 2007 purchase price at $375,000.

The listing also touts the low monthly assessment of just $391 a month.

Are low monthly assessments in a mid-rise or a high-rise necessarily a good thing for buyers when the building has been around for 7 years?

Thuy Nguyen at 2E Real Estate has the listing. See the pictures here.

Unit #904: 2 bedrooms, 2 baths, 1168 square feet

  • Sold in November 2007 for $422,000 (included the parking)
  • Currently listed for $375,000 (includes the parking)
  • Assessments of $391 a month (includes a/c, gas)
  • Taxes of $4785
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 16×11
  • Bedroom #2: 11×11

 

7 Years Later in The Columbian: A 2/2 at 1160 S. Michigan in the South Loop

1160 s michigan

This two-bedroom in The Columbian at 1160 S. Michigan in the South Loop came on the market in February 2014.

It’s a northwest corner unit with floor-to-ceiling windows.

The kitchen has granite counter tops and stainless steel appliances along with wood cabinets.

The master bathroom is marble with an upgraded walk-in shower.

The Columbian, with 220 units, was finished just as the housing bubble was bursting. Many buyers got caught in the decline in the market.

We’ve chattered about the foreclosures/short sales in The Columbian over the years.

This unit last sold in 2007.

7 years later, it has come back on the market and is now listed for about $100,000 under the 2007 price.

Are the buildings that came on the market at the height of the boom, those that will take the longest to recover?

Stephanie Derderian at KoenigRubloff has the listing. See the pictures here.

Unit #3803: 2 bedrooms, 2 baths, 1511 square feet

  • Sold in September 2007 for $587,500
  • Originally listed in February 2014 for $518,000
  • Reduced
  • Currently listed at $487,000 (parking is $35,000 extra)
  • Assessments of $599 a month (includes doorman, central air, gas, cable)
  • Taxes of $6815
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×20
  • Bedroom #2: 12×13

3-Bedroom on Wicker Park Reduces Another $34,000: 1523 N. Wicker Park

1523 N Wicker Park

This top floor 3-bedroom at 1523 N. Wicker Park in Wicker Park came on the market in August 2014.

We last chattered about it in September. See our prior chatter here.

If you recall, at 1750 square feet, it has hardwood floors throughout.

The kitchen has stainless steel appliances and cherry cabinets.

The master bathroom is marble.

It has the features buyers look for like central air, washer dryer in the unit and it has not just one, but 2-car gated parking.

There’s no doubt that this property is IN Wicker Park as it sits directly across the street from the park and is around the corner from some of the areas most popular stores and restaurants, including Big Star. You could almost roll out of bed and be on the Blue line at the Damen El stop as well.

This is one of the hottest neighborhoods in the city with restaurant bigwigs vying for space on Milwaukee and Damen and new restaurants being announced almost monthly.

When we last chattered about it, it was listed at $539,000 or almost $100,000 more than the 2005 sales price.

It has since been reduced several times and was just reduced another $34,000 to $465,000.

Is this now priced to sell?

Sean Glascott at @Properties has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, 1750 square feet, 2 car parking

  • Sold in August 2005 for $424,500
  • Was listed in September 2014 for $539,000 (parking included)
  • Reduced several times
  • Currently listed at $465,000 (parking included)
  • Assessments of $250 a month
  • Taxes of $5558
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 10×10
  • Bedroom #3: 11×8
  • Den: 10×6

Looking for Something Unique in Lakeshore East? A Custom 1-Bedroom in 340 E. Randolph

340 e randolph

This oversized 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in May 2014.

The listing says it is “highly customized” with cinnamon bark ledge stone wall accents.

It also has arched stone accent doorways and 2 fireplaces.

The bedroom has the stone wall accents along with maple wood siding on the ceiling and wall.

The stone wall accents continue into the half bathroom.

The rest of the finishes were standard in the building including the Snaidero cabinets and quartz counter tops in the kitchen.

This unit faces north towards Lakeshore East’s central park.

It has been reduced $50,000 since May to $549,000.

Is it possible to over customize a condo?

What will it take to sell this property?

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

Unit #406: 1 bedroom, 1.5 baths, 1081 square feet

  • Sold in July 2007 for $354,000
  • Looks like it also sold in August 2008 but no price is listed
  • Originally listed in May 2014 for $599,000
  • Reduced
  • Currently listed at $549,000 (parking is $60,000 extra)
  • Assessments of $527 a month (includes gas, doorman, cable, pool, snow removal)
  • Taxes of $7418
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 16×10

Is the Bloom Off the Rose in Lincoln Square? A 2/2 at 2326 W. Giddings

2326 w giddings

This 2-bedroom at 2326 W. Giddings in Lincoln Square just came on the market.

It is in a prime location in Lincoln Square as it overlooks Giddings Plaza with its water fountain, street performers and social gatherings.

It is surrounded by shops and restaurants and is just a half a block to the Western Avenue brown line stop.

This elevator building was built in 2008 and has 18-units and an attached, heated garage.

This south facing unit has a den and hardwood floors.

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

This unit has come on the market for $48,500 under the 2010 purchase price at $449,000.

Yet there is little else on the market in Lincoln Square right now and certainly not in a prime Lincoln Square location right on Giddings Plaza.

Lincoln Square was one of the hottest neighborhoods during the housing boom.

Has the neighborhood lost its luster?

Terry Philips at Coldwell Banker has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1360 square feet

  • Sold in April 2010 for $497,500
  • Currently listed for $449,000 (parking included)
  • Assessments of $213 a month (includes snow removal)
  • Taxes of $6248
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×18
  • Bedroom #2: 10×13
  • Den: 11×11

 

Market Conditions: Chicagoland Housing Inventory Has Risen YOY the Last 4 Months

5235 n ravenswood #2

2013 was famous for having near record low inventory in Chicago.

Lack of product and record low mortgage rates combined to push Chicago housing prices up sharply. In some neighborhoods, prices exceeded previous peaks.

But over the last few months, the Chicago housing market has been changing.

Housing inventories in the Chicagoland area have actually risen, year over year, over the last four months.

In September, according to the MLS, 62,316 homes were on the market, up 5.1% from 59,292 listings last year.

Buyer demand also appears to be slowing as months of inventory has risen three consecutive months to 4.8 months in September. That is, however, still a sellers market as anything under 6 months favors the sellers.

From Crain’s:

“In 2013 we just saw such an acceleration and there was no way that was going to be sustainable,” said Matt Farrell, immediate past president of the Chicago Association of Realtors and managing partner of Chicago-based Urban Real Estate. “In 2014, to me, it’s just kind of a return to normal.”

Inventory steadily fell through the market’s recovery, dipping to just 3.8 months of supply in August 2013 before starting to rise again, according to MRED. Realtors and other groups have cited tight supply as a major force holding back first-time homebuyers and other key cogs of the market competing against multiple bidders or cash buyers. Six months of supply is generally viewed as a balanced market.

“First-time buyers may have had some frustration trying to do something in the last year because they could never beat an all-cash offer, they could never close in 15 days,” Mr. Farrell said. “There are buyers who were discouraged, who were ending up with their third or fourth choice, or deciding to rent for another year.”

The rise in homes for sale has yet to significantly affect sellers, though. Prices are still rising, albeit more slowly than last year, and the average time it takes to sell a home fell to 84 days last month from 98 in September 2013. Distressed home sales have fallen 25 percent through the first eight months of the year, meaning less lender-driven competition and downward price pressure on homeowners.

All the agents are talking about a return to a “normal” market. Yet the Chicago market hasn’t been “normal” for over a decade.

What impact will having a “normal” housing market have going forward?

Is that the end of the dramatic price increases?

More choice for homebuyers as Chicago listings rise [Crain’s Chicago Business, David Lee Matthews, October 30, 2014]