Crib Chatter

Last spring we chattered about a 3-bedroom contemporary penthouse at 919 N. Wolcott in West Town with luxurious finishes.

The modern unit sold not long after our chatter.

See our prior chatter and pictures here.

If you missed out on that one, you’re in luck, as the “sister” penthouse unit, Unit #302, is currently on the market and has similar finishes and features.

This one has been converted from a 3-bedroom to a 2-bedroom but it also has two outdoor spaces including a private 9×15 terrace off the master bedroom and a large 11×26 terrace off the great room.

It has a top of the line Arclinea kitchen with Miele and Gaggeneu appliances. The massive kitchen island also has a modern stainless steel counter top.

There is, of course, central air, an in-unit washer/dryer and parking.

Unit #301 had been listed in March for $700,000 and sold for $675,000 in May 2010.

Robert John Anderson at Baird & Warner has the current listing. See the pictures here.

Or see it in person at the Open House: December 5, 1:00-3:00 pm

Unit #302: 2 bedrooms, 2 baths, 2 car parking

• Sold in March 2004 for $430,000
• Sold in July 2008 for $707,500 (included the parking)
• Originally listed in August 2010 for $700,000
• Reduced
• Currently listed for $689,000 (plus $18,000 for parking)
• Assessments of $284 a month (includes water)
• Taxes of $6096
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 10×12
• Family room: 10×11

This 2-bedroom unit at 1658 W. Belmont has been on the market for 10 months.

Listed in February 2010, it has been reduced $14,900.

It is also now listed $5,000 under its 2008 purchase price.

The vintage building appears to have been converted into condos in 2006-2007.

It is a rare vintage 2-bedroom unit which also has a second bathroom.

The kitchen has the new construction finishes with granite counter tops and stainless steel appliances.

It also has central air, an in-unit washer/dryer and deeded parking.

Jeremiah Fisher at Keller Williams Lincoln Park has the listing. See the pictures and floorplan here.

Unit #3E: 2 bedrooms, 2 baths, no square footage listed

• Sold in March 2008 for $315,000
• Originally listed in February 2010 for $324,900
• Reduced
• Currently listed for $310,000
• Assessments of $185 a month
• Taxes of $4590
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 12×11
• Bedroom #2: 10×9

This 2-bedroom townhouse at 1814 N. Bissell in Lincoln Park recently came on the market.

It was bank owned in June 2010 and sold for $19,720 under the 1999 sales price.

5 months later, it has come on the market as a gut rehab with a new kitchen and baths.

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

The listing describes the bathrooms as having a modern “clean” look.

There is a small outdoor space on the first floor (leading to a shared garage) along with a back deck off the master bedroom.

The two bedrooms are not on the same floor. The master bedroom is on the top floor and the second bedroom one floor down, on the third level.

Yes, that’s the El brown/purple line running directly behind the townhouse.

Will this renovator get close to this asking price?

Brian Grossman at @Properties has the listing. See the pictures here.

1814 N. Bissell: 2 bedrooms, 2 baths, 1 car parking, no square footage listed

• Sold in April 1989 for $182,500
• Sold in December 1999 for $239,720
• Lis pendens filed in April 2006
• Bank owned in May 2009
• Sold in June 2010 for $220,000
• Currently listed for $449,900
• Assessments of $100 a month
• Taxes of $4405
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13 (fourth floor)
• Bedroom #2: 16×10 (third floor)
• Family room: 16×16 (lower level)

The last time we chattered about 125 E. 13th, a 2004-construction midrise building in the South Loop, was in February 2008 when the developer took out a full page ad in the Chicago Tribune about appreciation of the units in the Museum Park development.

Turns out some of the original buyers in this building mentioned in the ad were able to sell for quite a bit of appreciation by 2007.  (Remember the flippers?)

The advertisement described the Museum Park development as having an “unmatched record of value and appreciation.”

See our February 2008 chatter here.

This 2-bedroom in the same building recently came on the market priced 41% below the 2004 purchase price.

It is bank owned.

There are no interior pictures (maybe they think it will sell fast and doesn’t need them) but the listing says it has hardwood floors, granite counter tops in the kitchen and a marble bath.

Parking is also included in this sale.

There are two other 2-bedrooms currently listed for sale in the building:

1. Unit #1102: $345,000 plus $30,000 for parking
2. Unit #904: $325,000 plus $30,000 for parking

See the pictures for Unit #1102 here.

How quickly will this bank owned unit sell given that it is listed for $95,000 under its closest competitor in the building?

Ayoub Rabah at Great Street Properties has the listing. See the exterior picture and listing here.

• Sold in August 2004 for $438,500 (included the parking)
• Lis pendens foreclosure filed in September 2009
• Bank owned in September 2010
• Originally listed in November 2010 for $259,900 (includes the parking)
• Assessments of $340 a month (includes gas)
• Taxes of $5742
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×11
• Bedroom #2: 12×10
• Den: 10×10

We last chattered about this newer construction bank owned 2-bedroom unit at 3014 N. Sheffield in Lakeview in October 2010.

In the last 6 weeks, it has been reduced another $35,700.

It is now listed $168,400 under the 2006 purchase price.

From the listing pictures, the kitchen and baths appear to be intact.

It has the new construction kitchen with the granite counter tops, stainless steel appliances and 42 inch cabinets.

When we last chattered about this unit, the foreclosure moratorium had just been enacted. But that has now been lifted.

Will this unit ultimately sell for under $300,000?

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

Unit #2S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking

• Sold in October 2006 for $499,000
• Lis pendens foreclosure in July 2009
• Bank owned by Bank of America in August 2010
• Was listed in October 2010 for $366,300
• Reduced
• Currently listed for $330,600
• Assessments of $140 a month
• Taxes of $7110
• Central Air
• Doesn’t list washer/dryer but there would be a hook-up in the unit

This top floor 4-bedroom condo at 5012 S. Woodlawn in South Kenwood has more square footage at 3800 square feet than most single family homes.

Built in 1926, the unit retains many of the vintage features of that era including a barrel vaulted ceiling in the hallway, crown molding, cove molding and a marble fireplace in the living room.

The kitchen has been renovated, however, and has stainless steel appliances and granite counter tops.

The listing also says there is a new spa bath attached to the master bedroom.

All four bedrooms are generously sized, which is common in many of the pre-war units. There is also a butler’s pantry.

While there is a washer/dryer in the unit, there is no central air and there is no deeded parking (street parking only.)

Kay Bowman at Coldwell Banker has the listing. See more pictures here.

Unit #3: 4 bedrooms, 2.5 baths, 3800 square feet

• I couldn’t find a previous sale price but it sold before 1992
• Originally listed in September 2010 for $444,900
• Currently still listed for $444,900
• Assessments of $600 a month (includes heat)
• Taxes of $3741
• No Central Air
• Washer/Dryer in the unit
• No deeded parking
• Bedroom #1: 23×15
• Bedroom #2: 18×14
• Bedroom #3: 15×11
• Bedroom #4: 15×13

Apparently, luxury rentals are hot right now as even the rich are finding value in renting versus buying properties in some cities like New York, San Francisco and Chicago

CNBC reported:

So in March he sold the Manhattan apartment he bought in 2008 for about the same price he paid and moved — along with his wife and child — a few steps away into a luxury, two-bedroom rental unit in a brand new building.

Lee wouldn’t disclose what he’s paying, but similar two-bedroom apartments in the building usually rent for $11,000 a month.

“I wanted to protect ourselves from prices going down,” says Lee, who is a managing director at a major bank. “I didn’t want to be an owner anymore.”

In Manhattan, a “luxury” rental usually means over $10,000 a month and up.

In the third quarter of 2010, 200 new leases were signed in that price range compared with just 89 in the third quarter of 2009.

In Chicago, the price which will get you “luxury” is not quite as high.

In Chicago, Aaron Galvin, the broker and owner of rental agency Luxury Living Chicago, says that he has rented 30 percent more luxury apartments in 2010 than last year.

Luxury in Chicago means anything over $3,000 a month, and a building with amenities like granite kitchen counters, stainless steel appliances and washing machines and dryers in the unit, says Galvin.

A recent client sold a multi-million dollar home in the suburbs to move into a rental building, waiting to buy a property until she got a feel for the neighborhood.

“The cachet that came with owning seems to be gone now,” he says.

Here in Chicago, you can rent a 3 bedroom, 3.5 bath nearly 3000 square foot brand new unit on the 60th floor of The Legacy at 60 E. Monroe with lake and park views for $8400 a month (includes two parking spaces.)

See the pictures of Unit #6002 here.

Will we see more luxury properties rented in the coming months?

Rich Americans ditch home ownership for renting [CNBC, Joseph Pisani, November 26, 2010]

It doesn’t get more urban than this 2-bedroom unit in Momo at 8 E. Randolph (or Joffrey Tower, as it’s now called- sorry- I still like the Momo name) in the middle of the Loop.

Located across the street from the old flagship Marshall Field’s building (now the Macys), the southeast facing unit has views from its floor to ceiling windows of the new Legacy high rise as well as hundreds of other buildings looking south.

It also has a sliver of lake view facing east.

Both bedrooms have east facing windows.

There is also a sizeable south facing covered balcony.

The kitchen has the new construction look with granite counter tops and stainless steel appliances.

On the market for 11 months, it has been reduced $49,900.

It is also listed $82,000 under the 2008 purchase price, but that sale might have included a parking space. Parking is now listed as extra.

Is this now priced to sell for the location and size?

Janice Smith at @Properties has the listing. See the pictures here.

Unit #2404: 2 bedrooms, 2 baths, 1365 square feet

• Sold in April 2008 for $532,000 (don’t know if this included the parking)
• Originally listed in January 2010 for $499,900
• Reduced
• Currently listed at $450,000 (parking available but extra)
• Assessments of $798 a month (includes heat, a/c, gas, doorman)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 12×12

We actually chattered about this 2-bedroom unit in Elm Tower, at 1155 N. Dearborn in the Gold Coast in October 2008.

Back then, it had been reduced $200,000 and was listed well under the 2002 purchase price.

See our prior chatter and pictures here.

But even with the big price cut, no one took the bait.

The unit is now bank owned and is even cheaper.

Originally listed in September 2010 at $399,900, it has been reduced another $50,000 and is now listed about 44% under the 2002 purchase price.

From the pictures, the kitchen and baths look intact.

The kitchen has the standard granite counter tops and stainless steel appliances. There are hardwood floors in the main living area.

It has central air, laundry hook-up in the unit, and parking is available. (I can’t tell if a deeded parking space is included in this sale or not.)

After 2 years on and off the market- is this finally a deal?

James Poulos at REO Plus Inc. has the listing. See the pictures here.

Unit #502: 2 bedrooms, 2 baths, 1487 square feet

• Sold in December 2002 for $621,000
• Originally listed in September 2007 for $699,000
• Reduced several times
• Was listed in October 2008 for $499,000 (parking is $38,000 extra)
• Lis pendens foreclosure filed in January 2009
• Bank owned in August 2010
• Originally listed in September 2010 for $399,900
• Reduced twice
• Currently listed for $349,900 (is parking included or extra???)
• Assessments of $910 a month (includes heat, a/c, doorman)
• Taxes of $8055
• Central Air
• Washer/Dryer hook-up in the unit
• Bedroom #1: 17×16
• Bedroom #2: 11×11

This 4-bedroom Victorian house at 1472 W. Belle Plaine in the Graceland West neighborhood has been on (and off) the market since April 2007.

Since July 2009, it has been reduced $100,500.

The listing says the original wood trim has been restored. It also has a wood burning fire place.

3 out of the 4 bedrooms are on the second floor and the master bedroom is its own large, top floor suite.

The kitchen also has stainless steel appliances.

Built in 1899 on an irregular 46×58 lot, it has a big wrap around patio.

The house has space pak cooling, but it does not have a garage nor any kind of parking other than on the street.

How much does having a garage, or any off-street parking, matter when buying a single family home?

Mario Greco at Prudential Rubloff has the listing. See the pictures here.

1472 W. Belle Plaine: 4 bedrooms, 2 baths, 3400 square feet

• Sold in September 1991 for $229,500
• Sold in February 1997 for $340,000
• Originally listed in April 2007
• On and off the market
• Listed in July 2009 for $724,500
• Reduced several times
• Currently listed for $624,000
• Taxes of $9216
• Space pak cooling
• No garage or parking
• Bedroom #1: 33×14 (third floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 13×11 (second floor)