Crib Chatter

The biggest story of Chicago’s real estate market in 2011 appears to be the number of  single family homes that are being bought, remodeled, and then re-listed at much higher prices such as this 4-bedroom home at 3122 N. Spaulding in Avondale.

Built in 1888 on a standard 25×125 lot, the frame house had been a 2-bedroom, 1 bath when it was listed for sale “as-is” in October of 2010.

The 2010 listing said it was the “ideal handyman’s special”.

You can see the old listing (with pictures) of the property here.

The house has now been completely remodeled as a 4-bedroom, 3 bath with a fully finished lower level.

The three new baths have granite counter tops and Grohe faucets.

There are skylights in both upstairs bathrooms.

The kitchen has dark custom cabinetry, what look like stone counter tops and GE stainless steel appliances.

Three out of the 4 bedrooms are on the second floor, with the fourth on the main level.

The listing says the house has a new roof, windows, Hardie fiber-cement siding, furnace and a/c.

It is located just a few blocks from the Belmont blue line El stop and is near the Kennedy Expressway for an easy commute.

Originally listed in June 2011, it has been reduced about $50,000 since then.

What will this “new” house sell for?

Piotr Hadlaw has the listing. See the current pictures here.

3122 N. Spaulding: 4 bedrooms, 3 baths, 2700 square feet, 2 car garage

• No history in the public record of prior sales
• Originally listed in October 2010 for $120,000
• Sold in November 2010 for $80,000
• Re-listed in June 2011 for $449,000
• Reduced
• Currently listed at $399,999
• Taxes of $1,838
• Central Air
• Bedroom #1: 18×16 (second level)
• Bedroom #2: 10×14 (second level)
• Bedroom #3: 10×13 (second level)
• Bedroom #4: 12×8 (main level)
• Family room: 22×18 (lower level)

We last chattered about this 5-bedroom single family home at 3531 N. Bosworth in the Southport neighborhood of Lakeview in January 2011.

We debated how much profit a seller could make who had been a long-term owner of a property (which we seldom see these days) as the seller of this house had owned it for 15 years.

See our prior chatter here.

Some of you LOVED this house, but some thought it was a former 2-flat disguised as a SFH (because it had a kitchen in the lower level) and that it would sell under $900,000 as a result.

The seller of this house had previously purchased it in 1996 for $470,000.

Originally listed in March of 2010 for $1.375 million, it recently sold for $945,000.

Built in 1907 on an oversized 37.5×125 lot, it was located just a few blocks from the shops and restaurants of Southport.

Its kitchen and bathrooms had been renovated and the listing said it had new plumbing, electric, windows and roof.

3 of the 5 bedrooms were on the second level.

The other 2 bedrooms were on the lower level, along with a second full-sized kitchen, which would make for a possible in-law arrangement.

The house had maintained many of its vintage features including wood floors and wood moldings.

What does this sale say about the argument that if you own for an extended period of time (10 to 20 years) – that you’ll come out ahead?

Jim Gramata at @Properties had the listing. You can still see the interior pictures here.

3531 N. Bosworth: 5 bedrooms, 4 baths, no square footage listed, 2 car garage

• Sold in May 1992 for $402,000
• Sold in April 1996 for $470,000
• Originally listed in March 2010 for $1.375 million
• Reduced a few times
• Was listed in January 2011 at $1.099 million
• Sold in July 2011 for $945,000
• Taxes of $12,293
• Central Air
• Bedroom #1: 25×12 (second floor)
• Bedroom #2: 22×14 (second floor)
• Bedroom #3: 11×9 (second floor)
• Bedroom #4: 10×10 (lower level)
• Bedroom #5: 12×10 (lower level)
• Rec room: Lower level

This 2-bedroom loft in the Paramount Lofts at 1645 W. Ogden in the West Loop came on the market in June 2011.

Like many of the units on the market in the building, it is currently a short sale.

The Paramount Lofts were converted in 2006.

It is a doorman building with 207 units.

East facing units that are on Ashland have nice downtown views.

This 2-bedroom has concrete ceilings and it looks like one of the bedrooms has enclosed walls.

It has hardwood floors in the main living areas.

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

The unit has central air, in-unit washer dryer and it comes with coveted 2-car parking.

From the pictures, it looks like it faces west.

There have been a lot of distress sales in this building (both foreclosures and short sales.)

Nearly every listing right now is a distress sale. Many are under contract.

At 40% off the 2006 price, is this a deal for the square footage and the amenities?

John Oertel at Dream Town has the listing. See the pictures here.

Unit #517: 2 bedrooms, 2 baths, 1100 square feet

• Sold in April 2006 for $288,000
• Originally listed in June 2011 as a “short sale” for $169,900
• Currently still listed as a “short sale” for $169,900 (that includes 2 car parking)
• Assessments of $449 a month (includes doorman)
• Taxes of $3216
• Central Air
• In-unit washer/dryer
• Bedroom #1: 15×11
• Bedroom #2: 14×12

We last chattered about this 6000 square foot new construction single family home at 2643 N. Magnolia in Lincoln Park a year ago.

See our July 2010 chatter here.

At that time, it was priced at $3.2 million.

Many of you thought it was overpriced compared to what else was also available in Lincoln Park in that price range.

Since then, the house has been reduced another $301,000 to $2.899 million.

The 5-bedroom home was built on an oversized Chicago lot of 35×125.

It has 3 bedrooms on the second floor and 2 in the lower level.

It also sports a heated 4-car garage, a real rarity among single family homes in the city.

The contemporary home has an open concept on the main floor with a gourmet kitchen.

There are also two decks.

On the market for 2 1/2 years, what will it take to sell this house?

Michael Lavorato at D’Aprile Properties now has the listing. See the pictures here.

2643 N. Magnolia: 5 bedrooms, 4.5 baths, 6000 square feet, 4 car garage

• Sold in July 2005 for $890,000 (old house)
• Originally listed in January 2009
• De-listed in November 2009
• Re-listed in February 2010 for $3.75 million
• Reduced
• Was listed in July 2010 for $3.2 million
• Reduced
• Currently listed for $2.899 million
• Taxes are $15,056
• 4 fireplaces
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 26×11 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 12×11 (lower level)
• Bedroom #5: 12×9 (lower level)

We last chattered about this completely renovated contemporary 2-bedroom on the 69th floor of the John Hancock at 175 E. Delaware in the Gold Coast in April 2011.

See our prior chatter here with the before and after pictures of the renovation.

Back in April, some of you simply didn’t like the Hancock at all but others considered it an icon and liked this renovation.

If you recall, this unit was bought in August 2010 and has been completely renovated with contemporary kitchen and bath finishes.

The oak herringbone floors are among the only original features remaining.

The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.

This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.

While there is no central air, there are wall units.

Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.

Parking is leased in the building.

Buyers want “new” and this unit has that in spades.

The unit has been reduced $50,000.

Are they getting closer to the right price?

Andrew Glatz at Crown Heights Realty still has the listing. See more pictures here.

Unit #6910: 2 bedrooms, 2 baths, 1500 square feet

• Bought in May 1987 (no sales price listed)
• Lis pendens filed in February 2008
• Bank owned in January 2009
• Sold in August 2010 for $390,000
• Originally listed in March 2011 for $649,770
• Was still listed in April 2011 for $649,770
• Reduced
• Currently listed at $599,770
• Assessments of $1117 a month (includes doorman)
• Taxes of $6423
• No central air- wall units
• Washer/Dryer hook-ups in the unit
• Parking is leased
• Bedroom #1: 12×22
• Bedroom #2: 14×11
• Sky terrace: 8×9

We last chattered about this bank owned 1-bedroom at 546 W. Surf in Lakeview in April 2011 after it had just had a “drama” reduction in its price from $129,900 to $72,500.

See our prior chatter here.

In that time- some of you have updated its status in the comments section as it went under contract, fell out of contract and then came back on the market again.

Listed for $72,500 when we chattered about it in April 2011, it had since been reduced further to $69,900.

It recently sold for $77,400.

The vintage building went condo in 2006.

There were no pictures of the kitchen or the bath in the listing, so it’s unclear if those were intact.

Otherwise, all that could be obtained from the pictures was that it had hardwood floors and arches.

The unit also had a separate dining room.

There was no central air, washer/dryer in the unit or parking.

Is less than $100k the new going rate for a basic East Lakeview 1-bedroom?

Jason Shapiro at Rising Realty had the listing.

Unit #3N: 1 bedroom, 1 bath, dining room, no square footage listed

• Sold in March 2006 for $216,000 (looks like there is an error in the data as there are 2 sales recorded in 2006)
• Lis pendens foreclosure filed in September 2009
• Bank owned in January 2011
• Originally listed on Apr 12, 2011 for $129,900
• Reduced
• Was listed in April 2011 for $72,500
• Reduced
• Was listed in May 2011 for $69,900
• Sold in July 2011 for $77,400
• Assessments of $202 a month
• Taxes of $3342
• No central air
• No in-unit washer/dryer (looks like its free in the building)
• No parking
• Bedroom #1: 12×10
• Living room: 16×12
• Dining room: 9×7
• Kitchen: 12×5

We last chattered about this 2-bedroom at 4017 N. Southport in the Graceland West neighborhood of Lakeview in May 2011.

See our May 2011 chatter here.

The unit was then listed for $11,000 under the 2001 purchase price at $229,000.

With central air, an in-unit washer/dryer and deeded parking included, many of you thought it would sell at that price as a starter condo.

Instead, it is still available and was recently reduced again.

It is now listed $35,000 under the 2001 purchase price at $205,000.

The unit has hardwood floors, french doors and a fireplace.

The kitchen has 42 inch cabinets, granite counter tops and black appliances.

If it should have sold at the May price, is this now a steal?

Stephanie Biderman at Koenig & Strey Real Living still has the listing. See the pictures here.

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

• Sold in April 2001 for $240,000
• Sold in October 2007 for $301,000
• Originally listed in September 2010 for $279,000
• Reduced numerous times
• Was listed in May 2011 for $229,000 (includes parking)
• Reduced
• Currently listed for $205,000 (includes the parking)
• Assessments of $256 a month
• Taxes of $3526
• Central Air
• In-unit washer/dryer
• Bedroom #1: 10×11
• Bedroom #2: 10×11
• Living room: 18×11
• Kitchen: 11×11

This 3-bedroom duplex up at 3453 N. Racine in Lakeview has been on the market for a year.

In that time, it has been reduced $89,900.

The living room has 25 foot vaulted ceilings.

Two of the 3 bedrooms are on the main level with the third on the second level- which is currently being used as an office/family room.

There are skylights and 3 outdoor spaces- including a small deck off the front, a small deck off the back and a 20×20 rooftop deck from which you can see Wrigley Field.

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

The unit has central air, washer/dryer in the unit and 2 car parking.

It is now listed just $56,000 above the 1999 purchase price.

Is this a deal for the square footage and location?

Susan Wooten at @Properties has the listing. See more pictures here.

Unit #3N: 3 bedrooms, 2.5 baths, 2100 square feet, duplex up

• Sold in November 1999 for $394,000
• Originally listed in July 2010 for $539,900
• Reduced numerous times
• Currently listed for $450,000
• Assessments of $193 a month
• Taxes of $6585
• Central Air
• In-unit washer/dryer
• 2 car parking
• Bedroom #1: 15×12 (main level)
• Bedroom #2: 13×10 (main level)
• Bedroom #3: 18×15 (second level)
• Rooftop deck: 20×20

Even though this 2-bedroom cottage at 3908 N. Paulina in Lakeview has been on and off the market for about 2 1/2 years, we actually haven’t chattered about it.

Originally listed in February 2009, it has been reduced $117,900.

The house has hardwood floors throughout the first level.

The bedrooms are split, with one on the main level and the master bedroom on the second floor.

There is also a den on the second floor.

The listing says the kitchen has been “renovated’ and has maple cabinets, granite counter tops and stainless steel appliances.

The house has central air and a full basement with a laundry room.

Heck, it’s also located in the much-sought-after Blaine school district.

The one thing it’s missing is parking as it’s built on a smaller than average Chicago lot of 25×60 which does not back up to an alley.

How much does parking matter?

Federick Carmean at @Properties has the listing. See the pictures here.

3908 N. Paulina: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2000 for $252,000
• Sold in April 2006 for $430,000
• Originally listed in February 2009 for $517,900
• Reduced numerous times
• Was listed in April 2010 for $464,900
• Withdrawn
• Currently listed for $400,000
• Taxes of $4605
• Central Air
• No Parking/Garage
• Bedroom #1: 14×11 (second floor)
• Bedroom #2: 10×10 (main floor)
• Living room: 13×13
• Dining room: 13×13
• Kitchen: 8×10
• Den: 8×13 (second floor)

We last chattered about this vintage 3-bedroom at 2535 N. Orchard in Lincoln Park in July 2010.

See our July 2010 chatter here.

The unit was then priced at $424,500.

A year ago, many of you believed the price was pretty close to being right for a 3 bedroom, 1.5 bath unit in that location.

Many of you also liked the feel of the property.

It recently sold for $380,000.

The unit had the key features that most buyers look for including central air, in-unit washer/dryer and deeded parking.

It also has some of its vintage character still intact with an original built-in hutch and beamed ceiling in the dining room.

The kitchen had been “recently renovated” and had granite counter tops.

The top floor unit also had a private 20×7 deck which over looks the side yard (which, yes, was owned by the condo association. That is also where the parking space was located.)

Did someone get a deal on this unit for the space and location?

Mario Greco at Prudential Rubloff had the listing. You can still see pictures of the unit here.

Unit #3N: 3 bedrooms, 1.5 baths, 1700 square feet

• Sold in December 1986
• Sold in September 2000 for $325,000
• Originally listed in January 2010 and withdrawn in May 2010
• Re-listed in July 2010 for $424,500 (parking included)
• Sold in July 2011 for $380,000
• Assessments of $345 a month
• Taxes of $5481
• Central Air
• Washer/Dryer in the unit
• Wood burning fireplace
• Bedroom #1: 15×10
• Bedroom #2: 14×12
• Bedroom #3: 10×9