Live In a Remodeled 2/2 Right On Lincoln Park For Only $270K: 2626 N. Lakeview

This bank owned 2-bedroom at 2626 N. Lakeview in Lincoln Park came on the market in March 2013 and was recently reduced.

I’m surprised it is still listed and having to lower its price to find a buyer.

While the unit itself doesn’t have lake views, right outside the front door is all of Lincoln Park to enjoy.

The unit has some  newer features.

There are cherry hardwood floors in the living/kitchen space.

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

There is central air but no in-unit washer/dryer.

It also doesn’t say anything about parking in the listing.

The listing does comment that the buyer is responsible for 6 months due past assessments, however.

Originally listed for $290,000 in March, it has been reduced $20,100.

Why isn’t this selling when everything else seems to be?

Jason Shapiro at Rising Realty has the listing. See the pictures here.

Unit #808: 2 bedrooms, 2 baths, 1250 square feet

  • Sold in May 1994 for $146,000
  • Lis pendens foreclosure filed in August 2010
  • Bank owned in January 2013
  • Originally listed in March 2013 for $290,000
  • Reduced
  • Currently listed at $269,900
  • Assessments of $708 a month (not sure what this includes)
  • Taxes of $5424
  • Central Air
  • Coin laundry
  • Nothing mentioned about parking
  • Bedroom #1: 17×22
  • Bedroom #2: 12×12

Looking for a 1-Bedroom Brick and Timber Loft in Andersonville? 5235 N. Ravenswood

This 1-bedroom plus den duplex loft in the Map Factory Lofts at 5235 N. Ravenswood in Andersonville just came on the market.

There aren’t many loft buildings in Andersonville but this is one of the authentic ones with large industrial windows, exposed brick and beams and some timber ceilings.

It has diagonal wood floors (sorry Sonies, they were in in the 1990s).

The kitchen has white cabinets, appliances and counter tops.

It appears that the bedroom and bathroom are on the main floor (along with the den- which is just the area in front by the door- right? Where the desk is?)

It has a spiral staircase to the living/dining and kitchen area.

The loft has central air and gated parking but no in-unit washer/dryer. It is coin in the building.

It was on and off the market from 2008 to 2010 and at one point was listed in 2009 for $289,900.

It has come back on the market at $199,900.

Is this a good value for a starter loft in this hot neighborhood?

Christina Carmody at Chicago Real Estate Resources has the listing. See the pictures here.

Unit #25: 1 bedroom, 1 bath, 1200 square feet, duplex

  • Bought in June 1995 for $128,000
  • Currently listed for $199,900
  • Assessments of $277 a month
  • Taxes of $4144
  • Central Air
  • No in-unit washer/dryer (coin laundry in the building)
  • Gated parking included
  • Bedroom: 21×18 (main floor)
  • Den: 11×10 (main floor)
  • Living/dining/kitchen on the second floor
  • Bathroom appears to be on the main floor

 

 

 

Market Conditions: Chicago Sales Rise 13.8% in March But Distress Sales Explode

We all know the March sales data was good, at least compared to the last few years. But there were some surprises in the data.

From the Illinois Association of Realtors:

The city of Chicago saw a 13.8 percent year-over-year home sales increase in March 2013 with 1,894 sales, up from 1,664 in March 2012. 

The median price of a home in the city of Chicago in March 2013 was $187,500 up 9.0 percent compared to March 2012 when it was $172,000. Chicago condo prices also saw strong gains for the month, posting a 9.3 percent jump to $235,000.

Data since 1997 provided by G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500 76%??

As anyone who is looking to buy already knows, the inventory is pathetic. It’s worse than even the winter inventory and that’s saying a lot.

“It is an excellent time for sellers to move their homes quickly, if priced well in what’s fast become a thriving market,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “The city’s housing inventory in March was down 45 percent compared to the same time last year. Data tells us that buyers are taking advantage of this period when homes are still priced attractively and interest rates are low, concerned that it might not last. This creates an urgency among buyers that is promising for sellers ready to act.”

Market times are also falling. We’ve all seen plenty of listings on this site that are selling within days.

From the Chicago Tribune:

Within the city, the market’s pace picked up more so. It took an average of 70 days to sell homes that closed last month, a decline of almost 25 percent from the 93 days in March 2012.The number of homes listed for sale in the city last month totaled 7,813 properties. That compares with 14,358 listings in March 2012.

But what about the number of distressed properties? The last few months, the percent of sales that were distressed was apparently falling.

But according to the Tribune, that wasn’t the case in March. In fact, I’ve never seen the percentage this high before. 76%???

Despite the continued improvement in pricing year-over-year, median prices remain well off their historical highs. Within the city of Chicago last month, 76 percent of the home sales that closed in March distressed sales, either foreclosures or short sales.

“The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market,” said Geoffrey J.D. Hewings, director of University of Illinois’ regional economics applications laboratory, in a statement. “However, foreclosed properties are accounting for a sizable portion of these sales. The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases.”

Could that data about the percentage of distress sales be correct?

If it is, how is this housing market “normal”?

Illinois home prices post gains; sales continue double-digit increases in March [Illinois Association of Realtors, Press Release, April 22, 2013]

Chicago housing has busiest March in 5 years [Chicago Tribune, Mary Ellen Podmolik, April 22, 2013]

 

2 Years Later This Unique 4-Bedroom Vintage Triplex is Back on the Market: 21 E. Goethe in the Gold Coast

We last chattered about this 4-bedroom triplex in the vintage row house at 21 E. Goethe in the Gold Coast in March 2011.

See our prior chatter here.

If you recall, it has a unique layout that many of you thought back in 2011 would take a special buyer.

3 out of the 4 bedrooms appear to be on different floors, with the master on the second, one bedroom on the main and 2 in the lower level.

3 out of the 4 have ensuite bathrooms.

The kitchen and the dining room are also located in the lower level (with the living room on the main level.)

Not much of the vintage interior remains.

There are 2 wood burning fireplaces, however, including one in the master bedroom.

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

The unit also has a sunroom overlooking the garden.

The condo has central air, in-unit washer/dryer and a rare 2 outdoor parking spaces (that one of you said in 2011 meant a $100,000 premium since parking is so hard to come by in this neighborhood.)

If you recall, this is also the Ogden school district.

It sold for $799,000 in July 2011 and is now listed at $919,000.

Will it get the $120,000 premium just 2 years later?

It’s also for rent for $5500 a month.

Suzanne Gignilliat at Coldwell Banker has the listing. See the pictures here.

Unit #B: 4 bedrooms, 4 baths, 3027 square feet (square footage was 2625 sq ft in 2011), 2 car outdoor parking included

  • Sold in October 1991 for $244,000
  • Sold in August 1993 for $277,000
  • Sold in August 1995 for $252,000
  • Sold in May 1997 for $285,000
  • Sold in January 2006 for $535,000
  • Was listed in March 2011 for $849,000
  • Sold in July 2011 for $799,000
  • Currently listed for $919,000
  • OR you can rent it for $5500 a month
  • Assessments still $744 a month (the association has 5 units)- includes water
  • Taxes are now $13466 (they were $12663 in March 2011)
  • Central Air
  • Washer/Dryer in the Unit
  • 2 wood burning fireplaces
  • Bedroom #1: 22×19 (second floor)
  • Bedroom #2: 15×17 (main level)
  • Bedroom #3: 10×19 (lower level)
  • Bedroom #4: 15×17 (lower level)
  • Living room: 23×15 (main level)
  • Kitchen: 14×9 (lower level)
  • Dining room: 15×13 (lower level)
  • Sunroom: 15×5 (main level)

Get a 3-Bedroom SFH With Parking for Under $525,000 Just a Block From Whole Foods: 3350 N. Marshfield

This 3-bedroom single family home at 3350 N. Marshfield in Lakeview just came on the market.

It is in a prime area of Lakeview just a block from the Whole Foods and near the Paulina El stop.

It actually was previously for sale in 2010 but didn’t sell and then it appears it was rented out.

Built in 1888, it is on a smaller than normal Chicago lot of 40×50.

We’ve discussed the irregular lots on this street before when the house directly to the north of this one was on the market.

That house, at 3352 N. Marshfield, was on the market in 2011 and was considered “one of the cheapest” single family homes for sale in Lakeview at $449,900.

See our discussion of that house here.

The listing for this house labels it the “perfect townhouse alternative.”

Two of the three bedrooms are on the second floor with the third in the finished basement along with a family room.

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

It has central air and the listing says there is an “on-site outdoor parking space” (but where?).

In August 2010 it was listed at $539,900.

This time around it has come on the market at $524,900.

Are those sellers who waited it out the last few years by renting their properties looking like geniuses now? 

Tod Pratt at Koenig & Strey has the listing. See the pictures here.

3350 N. Marshfield: 3 bedrooms, 2 baths, no square footage listed

  • Sold in April 1991 for $117,000
  • Sold in September 1997 for $220,000
  • Sold in October 1999 for $270,000
  • Sold in November 2002 for $315,500
  • Was listed in August 2010 for $539,900
  • Withdrawn
  • Currently listed for $524,900
  • Taxes of $6335
  • Central Air
  • On-site outdoor parking
  • Bedroom #1: 16×14 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 8×8 (lower level)
  • Family room: 18×18 (lower level)

 

 

 

How Much Appreciation Has There Been Since 2010? A 2/2 at 3236 N. Seminary in Lakeview

This top floor 2-bedroom at 3236 N. Seminary in Lakeview came on the market at the beginning of April priced $74,000 above the 2010 purchase price.

From what I can tell, it wasn’t a distress sale in 2010.

At 1200 square feet, it has cathedral ceilings in the living room and master bedroom and a deck off the back (but no roof top deck.)

The kitchen appears to be the same as that in 2010 with maple cabinets, stainless steel appliances and granite counter tops.

It has central air, washer/dryer in the unit and garage parking is included.

After two weeks on the market, this unit was reduced $20,000.

But it’s still listed considerably over both the 2010 price and the 2006 purchase price.

Just how much appreciation has there been for buyers who bought just 3 years ago?

Or has there been any?

Jenny Ames at Coldwell Banker has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1200 square feet

  • Sold in December 2000 for $369,000
  • Sold in April 2006 for $437,500
  • Sold in July 2010 for $395,000
  • Originally listed at the beginning of April 2013 at $469,000
  • Reduced
  • Currently listed at $449,000
  • Assessments of $130 a month
  • Taxes of $6956
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included
  • Bedroom #1: 16×12
  • Bedroom #2: 10×11

Looking for a 2-Bedroom Condo Alternative in West Town: 1646 W. Ontario

This 2-bedroom single family home at 1646 W. Ontario in West Town has been on the market since January 2013.

While it’s built on a smaller than normal 36×70 lot, it does have a 1.5 car garage and a deck off the back.

There are hardwood floors throughout the main floor.

The kitchen is open to the living space and has white/greyish cabinets and white appliances.

One bedroom is on the second floor along with the family room while the second bedroom is on the main floor.

One thing it is missing is central air. It only has window units.

Originally listed for $500,000 in January 2013 it has since been reduced $60,000.

Is this a deal for people who simply don’t want to live in a condo yet want an “affordable” home near downtown?

John McGeown at Jameson Sotheby’s has the listing. See the pictures here.

1646 W. Ontario: 2 bedrooms, 2 baths, no square footage listed, 1.5 car garage

  • Sold in August 1997 for $167,000 (per Zillow- as for some reason the ccrd can’t find any record of this property)
  • Sold in February 2004 for $360,000 (per Zillow)
  • Originally listed in January 2013 for $500,000
  • Reduced several times
  • Currently listed at $440,000
  • Taxes of $4269
  • No central air- window units
  • Bedroom #1: 17×15 (second floor)
  • Bedroom #2: 10×8 (main floor)
  • Family room: 18×14 (second floor)

 

This Gold Coast 4-Bedroom Hasn’t Been on the Market in 17 Years: 1411 N. State Parkway

This 4-bedroom in the vintage mid-rise at 1411 N. State Parkway in the heart of the Gold Coast just came on the market.

It appears to have all the features that buyers look for even though it’s a vintage unit.

At 2700 square feet, the single floor unit has a 15×6 porch which overlooks the trees and flowers on State Parkway.

It has many vintage features including what looks to be a coved ceiling in the hallway, a beamed ceiling in one of the bedrooms, built-ins and a wood burning fireplace.

It also sports large vintage crown molding in the main living spaces.

The listing says the current owners did a “complete gut” of the space.

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

Most importantly, it also has the key big three: in-unit laundry room, space pak cooling and attached parking.

The mid-rise building even has an elevator.

It hasn’t been on the market in 17 years.

Given that it seems family friendly with 4 bedrooms and attached parking, will this sell quickly?

Nancy Joyce at Koenig Strey Real Living has the listing. See the pictures here.

Unit #2N: 4 bedrooms, 3 baths, 2700 square feet, attached parking

  • Sold in March 1996 for $995,000
  • Currently listed at $1.499 million
  • Assessments of $1692 a month (includes cable)
  • Taxes of $22,082
  • Space pak cooling
  • In-unit laundry
  • Bedroom #1: 17×15
  • Bedroom #2: 14×13
  • Bedroom #3: 14×11
  • Bedroom #4: 14×12
  • Laundry room: 11×7

 

The Sister Penthouse Sold in Only a Week: A 4-Bedroom Duplex Up at 1122 W. Diversey in Lakeview

This 4-bedroom top floor duplex up at 1122 W. Diversey in Lakeview came on the market 7 days ago.

If it looks familiar, that’s because the sister unit next door at 1124 W. Diversey #3W came on the market in January 2013 and went under contract in just a week.

You can see the listing for that unit here. It hasn’t closed yet.

Both units have a similar layout.

There are 22 foot cathedral ceilings in the south facing living room.

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

2 bedrooms are on the main floor and 2 are on the second floor along with an open sitting room that overlooks the living space below.

There are skylights and 2 large rear decks.

The unit has central air, washer/dryer and garage parking.

The sister unit came on the market at $550,000.

This unit has listed at $569,000.

It’s already been a week but will it have similar luck as the other unit?

Jenna Smith at Redfin has the listing. See the pictures here.

Unit #3E: 4 bedrooms, 3 baths, no square footage listed, duplex up

  • Sold in September 2000 for $442,000
  • Lis pendens foreclosure filed in October 2009
  • Sold as a short sale in October 2009 for $450,000
  • Currently listed for $569,000
  • Assessments of $170 a month
  • Taxes of $8223
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×15 (second floor)
  • Bedroom #2: 13×13 (main floor)
  • Bedroom #3: 11×10 (main floor)
  • Bedroom #4: 12×12 (second floor)
  • Sitting room: 12×12 (second floor)

2-Bedroom Vintage Grandeur in a Gold Coast Mid-Rise: 21 E. Elm

This 2-bedroom in the mid-rise vintage building at 21 E. Elm in the Gold Coast just came on the market.

Built in 1916, it still has some of its vintage features including 2 wood burning fireplaces.

The listing says it has been renovated.

It has Venetian plaster (NOT “plastic”- my mistake) walls and ceilings.

The kitchen has custom wood-made cabinetry and herringbone floors along with luxury appliances.

It has central air and an in-unit washer/dryer but it doesn’t have parking. There is parking available in the neighborhood, including in the high rise across the street.

Will this be a harder sale because it’s just a 2-bedroom instead of the popular 3-bedroom?

Harry Pfaff at Prudential Rubloff has the listing. See the pictures here.

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

  • Sold in October 1998 for $345,000
  • Currently listed for $724,900
  • Assessments of $688 a month (includes heat, cable)
  • Taxes of $10,019
  • Central Air
  • Washer/dryer in the unit
  • No parking- but available for lease in the neighborhood
  • Bedroom #1: 17×14
  • Bedroom #2: 18×11