From Crain’s: Chicago February 2008 Condo Sales Fall 9.7%

The February housing numbers are out from the Illinois Association of Realtors. From Crain’s:

The city’s condo market showed a mix bag, as sales dropped 9.7% to 1,047 units while the median price rose 10.5% to $314,900.

These numbers were compared with February of 2007. The greater Chicagoland area seemed to fare worse than the City.

Chicago-area home sales dropped 26.9% in February from the same month last year, according to the Illinois Assn. of Realtors.

In the nine-county Chicago Primary Metropolitan Statistical Area, home and condominium sales last month totaled 4,310, compared with 5,894 in February 2007, the association said Monday in a news release.

The median price in the nine county Chicagoland area actually rose slightly, just 0.1%, to $240,230.

Price Reduction on Printer’s Row Loft: 531 S. Plymouth

Five weeks ago I chattered about this authentic loft at 531 S. Plymouth in Printer’s Row.

It has since had a price reduction.

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Unit #502: 1 bedroom, 1 bath,  1300 square feet, corner unit

  • Sold in April 2003 for $279,000
  • Was listed in February 2008 for $364,900 (parking included)
  • Currently listed for $349,000 (parking included)
  • Craigslist ad says “Incentives: $3,000 towards closing costs”
  • Assessments of $498 a month
  • Simona at Century 21 SGR has the listing

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Trying to Sell Three Years Later: 2048 N. Sheffield

We’ve been chattering about buyers who bought at the peak of the market in 2005 and 2006 who are now trying to sell for a profit.

How long do you have to own real estate before it becomes profitable? In the last few years- the answer has been “not very long.” But in a “normal” housing market, the calculation changes.

Take this unit at 2048 N. Sheffield in Lincoln Park. It is a gorgeous two bedroom condo built in 2005 with its own rooftop deck- complete with a hot tub- and parking.

Square footage isn’t given but from the room sizes it appears to be on the smaller side.

  • Bedroom 1: 14 x 10
  • Bedroom 2: 11 x 10
  • Living/dining: 18 x 17
  • Kitchen: 9 x 8

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Unit #3: 2 bedrooms, 2 baths

  • Sold in July 2005 for $630,000
  • Currently listed for $660,000 (parking included)
  • Assessments of $150 a month
  • Keller Williams Gold Coast has the listing

Flipper Alert: More Flips Appearing on the Market at MoMo

Closings continue at MoMo, at 8 E. Randolph, in the Loop.  More units are coming back  on the market as flips.

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There are numerous listings either for sale or for rent on Craigslist. There are also several reductions on the rentals already on Craigslist- specifically on the one bedroom units.

Currently, I’ve found at least one of the 951 square foot one bedrooms listed for $1700 a month- that doesn’t include any parking.

Here are a couple of flips to give you an idea of what kind of mark-up the flippers are asking for:

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Unit #2204: 2 bedrooms,  2 baths, 1446 square feet

  • Currently listed for $555,000 (listing doesn’t say if parking is included or not)
  • I don’t have an original sales price yet but probably somewhere in the high $400,000s
  • Assessment of $623 a month
  • Sudler Sotheby’s has the listing

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Unit #1108: 2 bedroom, 2 bath,  1450 square feet

  • Sold in February 2008 for $420,000
  • Currently listed for $515,000 (also doesn’t say if parking is included)
  • Assessments of $483 a month
  • Berg Properties has the listing

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Unit #1002: 1 bedroom, 1 bath, 951 square feet

  • Sold in February 2008 for $300,000
  • Currently listed for $349,000 (parking available for lease or purchase)
  • Assessments of $348 a month
  • Rubloff has the listing

$18K Price Reduction on Elevator Shaft Loft at 110 N. Peoria

In December 2007, I chattered about this loft at 110 N. Peoria in the West Loop that had an elevator shaft in the living room.

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It has since been reduced.

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Unit #206: 1 bedroom, 1 bath,  1450 square feet

  • Sold in May 2000 for $252,500
  • Listed in December 2007 for $323,000 (plus $25,000 for parking)
  • Currently listed for $305,000 (plus $25,000 for parking)
  • Assessments of $319 a month
  • Keller Williams West Loop Realty has the listing

We Love Authentic Lofts: 312 N. May

The Warehouse Lofts at 312 N. May in the West Loop was converted several years ago. It’s a brick and timber warehouse building with 13 foot ceilings near the Fulton Market District with 59 units.

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Want a true loft? Look no further.

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Unit #3E: 1 bedroom, 1.5 baths, 1600 square feet

  • Sold in March 2001 for $254,000
  • Sold in June 2003 for $302,000
  • Currently listed for $349,999
  • It doesn’t appear that there is parking with the unit
  • Assessments of $318 a month
  • Amanda Sharp at @Properties has the listing

Flipper Alert: Update on Re-Sales at 600 N. Lake Shore Drive

Closings began on 600 N. Lake Shore Drive, Belgravia’s new towers on the lake in Streeterville, last fall.

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One of the three units I chattered about in late January has sold.

Unit #1704: 3 bedrooms, 2 baths,  2149 square feet

  • I’m not sure if this unit sold previously as I couldn’t find an original sales price
  • Was listed for $1.2 million in January 2008 (including two parking spaces)
  • Sold for $1,113,000 (including two parking spaces)

Below are the closing prices for some other 04 tier units:

  • #1304: 1,115,000
  • #1504: 1,136,500
  • #1604: 1,135,500
  • #1804: 1,164,500

The listing said it was under developer’s pricing.  Apparently, that turned out to be true.

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Unit #1905, a 3 bedrooms, 3.5 baths, 2500 square feet unit, was available for rent at $8900 a month (including two parking spaces.)

It rented for $7,000.

The last unit, a two bedroom, is still on the market.  They have put some furniture in the unit and painted it. It was empty two months ago.

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Unit #2201: 2 bedrooms, 2.5 baths, 1621 square feet

  • Sold for $768,500 in December 2007
  • Was listed for $850,000 in January 2008 (parking extra)
  • Currently listed for $850,000 (parking $60,000 extra)
  • Assessments of $492 a month
  • Baird & Warner has the listing

Update on a Foreclosure at The Lancaster: 201 N Westshore

In October 2007, I chattered about a foreclosure auction on a two bedroom unit in The Lancaster at 201 N. Westshore Drive in Lakeshore East. It was the first condo building to be completed in the Lakeshore East complex.

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In October, it had an auction price of $516,000.

It didn’t sell at the auction and is now back on the market and owned by the bank.

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Unit #1208: 2 bedrooms, 2.5 baths

  • I still can’t locate an original sales price
  • Foreclosure auction price of $516,000 in October 2007
  • Current list price of $540,900 (doesn’t look like there is parking)
  • Assessments of $409 a month
  • Arc Realtors, Inc. has the listing

Price Reduction on the Manor House: 1021 W. Bryn Mawr

You can’t help but notice the Manor House at 1021 W. Bryn Mawr when you’re in Edgewater. Built in 1907, it now has 16 units.

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I chattered about it in November 2007.

At the time, two units were for sale. Unit #3C, a 1600 square  foot two bedroom, two bath that was listed for $349,000 which finally sold for $340,000.

Unit #3B is still on the market and has been reduced. It’s definitely not cookie-cutter.

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Unit #3B: 3 bedrooms,  2 baths, with three different outdoor spaces

  • Was listed in November 2007 for $539,000 
  • Currently listed for $499,000 included one heated parking space 
  • Assessments of $450 a month
  • I can’t locate an original sales price 
  • Century 21 Sussex & Reilly has the listing

A Foreclosure Appears in 1620 S. Michigan

1620 S. Michigan is the modern CMK-developed building in the South Loop that closed in 2006.

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There are 249 units in the building. I have chattered about flippers taking losses in the building before and wondered how long other investors could hold on.

A foreclosure has now appeared as well.

Unit #326: 2 bedrooms, 1 bath, 935 square feet

  • Sold in November 2006 for $332,000
  • Foreclosure auction price of $314,946
  • Currently available to rent for $1800 plus $175 a month for parking

The rental listing states:

CORNER TWO BEDROOM ONE BATH. WITH PRIVATE TERRACE.WASHER/ DRYER IN UNIT. HEAT,AIR,WATER,GAS INCLUDED. LESSEE PAYS ELECTRIC & CABLE. PET OK W/ADD’L DEPOSIT. INDOOR HEATED PARKING SPACE $175/MO. AVAILABLE ASAP.

Cacciatore Harper has the rental listing.