Crib Chatter

Bought in November 2009 for 45% off the 2007 purchase price, this 2-bedroom townhouse at 820 N. Dearborn in the Gold Coast came back on the market in June 2010 completely renovated.

See our prior chatter here.

Since then, it has remained on the market and has been reduced just $20,000.

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

The bathrooms have marble floors.

If you recall, the top floor space is now a family room (with a full-sized bath and wet bar) with a private deck and skylights.

The two bedrooms are on the second floor.

It has one car parking and a parking pad.

There are four units in the complex.

What will it take to sell this property?

Todd Mackay at Keller Williams Lincoln Park still has the listing. See the pictures here.

Unit #B: 2 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
• Currently listed for $530,000
• Assessments of $146 a month
• Taxes of $10,291
• Central Air
• Skylights
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 12×11 (second floor)
• Kitchen: 8×9
• Family room: 16×13 (third floor)

This garden 2-bedroom at 1346 W. George in Lakeview has been on the market since December 2010.

It is bank owned.

In that time, it has been reduced $50,000 and has gone under contract once (but was re-listed.)

The unit is currently listed for 53% under the 2004 purchase price.

From the pictures, it appears the kitchen and at least one bathroom are intact.

The kitchen has stainless steel appliances and granite counter tops.

You can see the windows for the unit in the picture above- just behind the fence.

It has central air and appears to have one car parking.

Is this a good alternative to renting?

Arcenio Salinas at Crosstown Realty has the listing. See the pictures here.

Unit #1346T: 2 bedrooms, 2 baths, 1150 square feet

• Sold in January 2002 for $292,000
• Sold in June 2004 for $369,500
• Lis pendens foreclosure filed in February 2009
• Bank owned in July 2010
• Originally listed in December 2010 for $224,900
• Reduced in January 2011 to $199,900
• Under contract
• Recently re-listed at $174,900
• Assessments of $150 a month
• Taxes of $4055
• Central Air
• Listing doesn’t mention washer/dryer
• It appears to include parking
• Bedroom #1: 15×14
• Bedroom #2: 12×11

This 3-bedroom single family home at 6136 N. Lenox in Edgebrook recently came on the market.

It is a short sale and is listed $127,000 under the 2007 purchase price.

Built in 1937, the listing says it is the English architectural style.

The living room has a fireplace and a beamed ceiling.

All 3 bedrooms are on the second floor and there is a first floor den/office and a lower level recreation room.

The kitchen has white cabinets and stainless steel appliances.

The house is on an oversized 35×124 Chicago lot, has central air and a 2-car garage.

Is this a good starter home for the price?

John Oertel at Dream Town has the listing. See more pictures and a floor plan here.

6136 N. Lenox: 3 bedrooms, 2 baths,  no square footage listed, 2 car garage

• Sold in July 1989 for $155,000
• Sold in November 1992 for $195,000
• Sold in May 2005 for $510,000
• Sold in March 2007 for $557,000
• Originally listed in February 2011 for $430,000
• Currently listed as a “short sale” for $430,000
• Taxes of $7740
• Central Air
• Bedroom #1: 18×9 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroomn #3: 12×9 (second floor)
• Lower level rec room

This 3-bedroom unit in the award winning Contemporaine at 201 W. Grand in River North has been on and off the market since April 2008.

In that time, it has been reduced $336,000.

It is now listed as a short sale at $186,000 under the 2005 purchase price.

The 2221 square foot unit has floor to ceiling windows, hardwood floors throughout and concrete ceilings.

There are 3 balconies and the unit has south, west and north exposures.

It has a modern kitchen with Subzero, Viking and Miele appliances and a huge island with granite counter tops.

The bathrooms are travertine and limestone.

Is this a deal for the square footage and location?

Salvatore Manzella at @Properties has the listing. See the pictures here.

Unit #803: 3 bedrooms, 3 baths, 2221 square feet, 2 car tandem parking included

• Sold in February 2004 for $989,500
• Sold in April 2005 for $1.085 million
• Originally listed in April 2008 at $1.235 million
• Reduced
• Withdrawn in June 2010 at $1.15 million
• Lis pendens foreclosure filed in January 2011
• Currently listed as a “short sale” for $899,000
• Assessments of $982 a month (includes cable)
• Taxes of $12,780
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×17
• Bedroom #2: 11×13
• Bedroom #3: 12×12

This 3-bedroom penthouse in The Lancaster at 201 N. Westshore in Lakeshore East came on the market in December 2010.

It’s apparently a short sale, even though the current list price is $579,500 more than the 2005 purchase price.

The living/dining area has marble floors with hardwood in the bedrooms.

The unit has 10 foot ceilings, a “chef’s kitchen” and 9 foot custom cherry doors throughout.

It has lake and park views.

(But there is an empty lot between The Lancaster and Lake Shore Drive and an agent once told me that the developer was keeping that lot for the most prestigious building in the development- given the lake views. But then the recession intervened.)

Will this unit sell for more than the 2005 purchase price?

Ginger Menne at Baird & Warner has the listing. See the pictures here.

Unit #2906: 3 bedrooms, 3.5 baths, 3500 square feet

• Sold in September 2005 for $1,270,500 (included 2 parking spaces)
• Originally listed in December 2010 for $1.85 million
• Currently still listed as a “short sale” for $1.85 million (includes 2-car parking)
• Assessments of $1745 a month (includes heat, gas, doorman, cable)
• Taxes of $18,623
• Bedroom #1: 25×20
• Bedroom #2: 13×5 (?- probably should be 13×15)
• Bedroom #3: 15×12

This 4-bedroom Arts & Crafts single family home at 5719 N. Jersey in North Park was built in 2007 along with three or four others that look just like it on adjoining lots.

It was on the market in 2008 and 2009 and then withdrawn.

The house recently returned and is now listed for $106,000 under the 2007 purchase price.

Built on an oversized 30×140 lot, the house has a front facing 2-car garage.

It backs up to a park and the Chicago River.

The 4000 square foot house has vaulted ceilings.

3 out of the 4 bedrooms are on the second floor with the fourth in the lower level.

There is a stone patio with a built-in gas grill.

The kitchen has granite counter tops and stainless steel appliances.

The listing says it is 2 blocks from Northside Prep.

Is this a deal?

Scott Stavish at @Properties has the listing. See the pictures here.

5719 N. Jersey: 4 bedrooms, 3.5 baths, 4000 square feet, 2 car garage

• Sold in May 2007 for $745,000
• Originally listed in March 2008 for $850,000
• Withdrawn in June 2009
• Re-listed in February 2011 for $639,000
• Currently still listed at $639,000
• Taxes of $11,195
• Central Air
• Bedroom #1: 22×14 (second floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 11×10 (second floor)
• Bedroom #4: 12×11 (lower level)

This 5-bedroom single family home at 2334 W. Diversey in Logan Square recently came on the market.

It is a “new gut rehab” of a house that was in short sale last year.

In 2010, the house was 3 bedrooms and 2.5 baths with a new roof put on in 2007.

Today, it is a 5 bedroom and 3.5 bath house with luxury finishes.

Built in 1915 on a standard 25×125 Chicago lot, it now has a “gourmet kitchen” with stainless steel appliances and granite counter tops, “extensive millwork” and “high-tech wiring.”

It sold last August for just $138,000.

It’s now listed for $849,000.

Can this neighborhood and location support this price point?

Lidia Albanese at Century 21 S.G.R. has the listing. See the pictures here.

Or see it in person at the Open House on Sunday, March 27 from 12 – 2 PM.

2334 W. Diversey: 5 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in April 1993 for $65,147
• Sold in June 1993 for $126,000
• Originally listed in December 2009 for $209,000
• Reduced
• Lis pendens foreclosure filed in April 2010
• Sold as a “short sale” in August 2010 for $138,000
• Currently listed at $849,000
• Taxes are not listed
• Central Air
• Bedroom #1: 20×14 (second floor)
• Bedroom #2: 18×11 (second floor)
• Bedroom #3: 12×10 (second floor)
• Bedroom #4: 20×14 (lower level)
• Bedroom #5: 15×12 (lower level)

We’ve chattered about this 2-bedroom vintage single family home at 240 W. Willow in Old Town several times over the years.

Read our July 2009 chatter here.

Built in 1873 on a 25×100 lot, the home was renovated in 2008.

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

It used to be listed as a 3-bedroom but now is a 2-bedroom plus library.

The listing says it is “landlocked” so there is no garage or parking.

It also says a local bank appraised the property for $1.1 million and will be willing to finance to a qualified buyer.

What will finally sell this property?

Dana Gerstenschlager at @Properties still has the listing. See the pictures here.

240 W. Willow: 2 bedrooms, 2.5 baths, no square footage listed

• Originally listed in November 2007 for $1.199 million
• Went off and then back on the market several times
• Reduced in May 2009 to $850,000
• Under contract
• Back on the market
• Was listed again in December 2010 for $999,000
• Reduced
• Currently listed for $899,000
• Taxes are $9334
• Central Air
• No parking
• Bedroom #1: 18×14 (second level)
• Bedroom #2: 15×12 (second level)
• Library: 12×12 (second level)

This 2-bedroom unit at 2145 N. Racine in Lincoln Park has been on the market since April 2010.

In that time it has been reduced $49,500.

It is now listed $25,500 under the 2006 purchase price.

Built in 2006, the building is on an extra wide 28×125 lot.

The unit has a unique 250 square foot front porch with a blue stone floor.

The kitchen appliances have been upgraded to Viking and Bosch. It also has cherry cabinets and granite counter tops.

There is central air and one car parking.

What is the market for a $550,000 2/2 in Lincoln Park?

Kristin Ellwein Jaman at Baird & Warner has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1500 square feet, 1 car parking

• Sold in April 2006 for $575,000
• Originally listed in April 2010 for $599,000
• Reduced several times
• Currently listed for $549,500
• Assessments of $152 a month
• Taxes of $7822
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 15×10

Crain’s is reporting that the bank will attempt to sell unsold condo units at the 2930 and 3033 N. Sheridan conversion buildings in Lakeview in bulk to an investor.

North Community Bank has taken over two stalled condo conversion projects in Lakeview and plans to sell the unsold units in bulk.

An investor likely will pay $15 million to $18 million for the remaining 130 units in the 1960s-era high-rises at 2930 and 3033 N. Sheridan Road, according to people familiar with the developments.

At $18 million, the cost per unit would be just over $138,000, about 21% less than the $175,000 per unit that North Side developer Robert Kroupa paid for the buildings in the early stages of the condo bust.

Mr. Kroupa paid just over $70 million in November 2006 for the two Sheridan Road buildings, with about 400 units combined, according to property records.

According to Crain’s, here are statistics from the two buildings.

2930 N. Sheridan: This was the first of the two buildings to be converted so it sold faster.

• Out of 252 units– 75% sold
• Of the 67 unsold units- none of them are rented 

3033 N. Sheridan: This was the second building to be converted.

• Out of 145 units– 48% sold
• Of the 63 unsold units– 40 of them have been rented

I was actually in this building on “opening weekend” in April 2008. Here’s what went down (my how things have changed!):

I went to the grand opening over the weekend and it was a feeding frenzy.  It’s been awhile since I’ve seen so many people looking in one location at real estate. There were literally dozens of people at any one time looking at the units. And they were serious lookers (as several had agents with them.)

Can you really get a two bedroom unit for $215,000?

Yes- and no.

The developer sold 20% of the units prior to the grand launch.  Most of those were the cheapest junior one bedrooms and the cheapest 2 bedroom/1 bath units.

The junior one bedrooms were selling like hotcakes. A majority of the 20% sold were those units. 

You can read more about the “frenzy” in the April 2008 Crib Chatter post here.

Will these buildings be another where condo owners exist next door to a bunch of renters?

Bank to sell units in bulk in stalled Lakeview projects [Crain’s Chicago Business, Andrew Schroedter, March 22, 2011]