Staging New Construction: 1718 N. Clybourn in Lincoln Park

If you’ve gazed west out the window while on the Brown Line in Lincoln Park, you’ve seen this new construction 2-unit building at 1718 N. Clybourn, which sits just north of the Crate & Barrel (among other stores.)

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The top floor 3-bedroom unit has been on the market since August 2007 and has been reduced $101,000.

It was also a part of the Coldwell Banker 10-Day Sale event.

Here’s the listing:

Classic Design, Fantastic Location, Solid Construction, and Sleek Modern Finishes give you the ultimate in Urban Elegance. Relax or Entertain on the 500+ square feet of private outdoor Terraces that have impressive City Views.

Other feature include wide plank Bamboo flooring throughout, 8 foot solid core Doors, built-in features, elegant lighting and much more. This unique duplex Penthouse shares building with just one other residential unit (also available). Indoor Parking available for purchase.

Will staging help sell this unit?

There is no square footage listed but here are the bedroom sizes:

  • Bedroom #1: 13×13
  • Bedroom #2: 12×9
  • Bedroom #3: 12×10

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Jeff Graves at Coldwell Banker has the listing. See more pictures here.

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

  • Originally listed in August 2007 for $799,000
  • Reduced
  • Currently listed at $698,000 (parking is $30k extra)
  • Assessments are $200 a month
  • Taxes are “new”

Do You Like Stately? 2340 N. Lincoln Park West in Lincoln Park

There is a lot of wood paneling in this 2-bedroom vintage unit at 2340 N. Lincoln Park West in Lincoln Park. The building was built in 1921 and only has 7 units.

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Here’s the listing:

ELEGANT ONE OF A KIND VINTAGE HOME IN PRIME LINCOLN PARK.RICH MAHOGANY PANELED 36 FT LIV/DR W/DRAMATIC WBFP AND HUGE BAY WINDOW OVERLOOKING PARK & CONSERVATORY.LAVISHLY RESTORED:NEW 200 AMP ELECT,A/C,PLUMBING,WOOD FLRS,WASHER/DRYER.

NEW CUSTOM KITCH/BATHS WITH SUB ZERO,CORIAN,MORE!LARGE MASTER SUITE W/WALK-IN CLOSET.2ND BR W/ELABORATE OFFICE BUILT-INS.BLDG HAS ROOFTOP DECK W/VIEWS,GARAGE PKG INCL. PLUS GUEST PARKING!!

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Residential Marketing Group, Ltd. has the listing. See more pictures here. (It looks like the kitchen has a white stove in the pictures.)

Unit #202: 2 bedrooms, 2 baths, 1600 square feet

  • Sold in November 2000 for $480,000
  • Sold in July 2004 for $500,000
  • Currently listed for $776,500 (parking included)
  • Assessments of $924 a month
  • Taxes of $6420
  • Space pac cooling

Also Waiting for a Buyer: 1508 W. Wilson in Ravenswood

Sellers aren’t just waiting for buyers in Lincoln Park and Lakeview.

Maybe it’s something with the $400,000 – $500,000 price range?

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This 2-bedroom gut rehab greystone unit at 1508 W. Wilson in Ravenswood has been on the market since May 2008 and has been reduced several times.

Here’s the listing:

UNBELIEVABLE PRICE FOR THIS STUNNING, ONE-OF-A-KIND PENTHOUSE IN CLASSIC CHICAGO GREYSTONE, FEATURING DRAMATIC CEILING HEIGHT, HUGE SUN-FILLED WINDOWS, EXPOSED BRICK, TREMENDOUS CHARACTER & HIGH-END FINISHES THROUGHOUT.

SPACIOUS GOURMET KITCHEN OPENS TO LIVING ROOM W/MARBLE FIREPLACE & DINING AREA. MBRM FEATURES ORGANIZED WALK-IN CLOSET & SPA-LIKE MRBL BATH. LRG 2ND BDRM, PRVT STORAGE, BACK DECK & 2 CAR PKG INCLUDED!

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Cara Mamott at Jameson has the listing. See more pictures here.

Unit #3: 2 bedrooms, 2 baths, 1650 square feet

  • Sold in December 2004 for $372,500
  • Originally listed in May 2008 for $469,000
  • Reduced several times
  • Currently listed at $399,900 (2 car parking included)
  • Assessments of $197 a month
  • Taxes of $5,304
  • Central air

Looking for an Investment? 3826 N. Whipple in Albany Park

I know many of you are interested in the deals that are showing up in 2, 3 and 4-flats.

Thanks to the Tipster who sent me information about this 2-flat at 3826 N. Whipple in the Albany Park (or is it east Irving Park???) neighborhood.

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This is bank-owned and there are no pictures of the interior. But it’s listed at a 1990s-price.

Here’s the listing:

UNIT IN GOOD AREA OF CHICAGO. PROPERTY IN PRETTY GOOD SHAPE. HAS AN EXTRA UNIT IN ATTIC (4-2-1) BUT ZONED AS 2-UNIT. SOLD AS IS. PROOF OF FUNDS OR LETTER FROM MTG COMPANY REFLECTING MTG COMMITMENT A MUST ADDENDUMS REQ-ACCESSVIA CONNECTMLS. EM=CERT FUNDS.

Agents and buyers visit www.homesteps.com (under “ask an Agent”) for bonus and closing cost information on offers from 10/23/08-01/31/09 w/ escrow closing 03/14/09.

Re/Max Southeast has the listing. See the listing here.

3826 N. Whipple: 2-flat, 5 bedrooms, 2 baths

  • Sold in July 1997 for $138,000
  • Sold in July 2000 for $241,000
  • Sold in October 2004 for $350,000
  • Sold in May 2005 for $425,000
  • Sold in September 2005 for $525,000
  • Lis pendens filed in July 2007
  • Bank owned in February 2008
  • Originally listed in August 2008 for $209,900
  • Reduced
  • Currently listed for $199,900
  • Taxes of $5,984

If anyone goes to check it out, please update us on its condition. Thanks.

The Coolest Crib is Back: 2250 W. Ohio in West Town

We chattered about this cool 3300-square foot loft with amazing rooftop pool at 2250 W. Ohio in West Town in November 2007.

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It never sold and was withdrawn from the market.

Thanks to Roy who pointed out that it has again been listed – only now it has a new luxury kitchen.

The asking price, however, remains the same.

Here’s the listing:

The best just got better! This incredible tri-level penthouse loft with rooftop infinity pool and dramatic skyline and Ukrainian Village dome views has a brand new Poggenpohl kitchen and new American walnut floors.

Enjoy 3 bedrooms on one level plus a lofted fourth bedroom adjoining the penthouse family room. Sophisticated stone and slate baths. Two decks. Includes garage parking for three cars (a single and a tandem space). Truly spectacular!

Here’s the old kitchen:

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And here’s the NEW one:

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Jennifer Ames at Coldwell Banker again has the listing. See more pictures here. See the property brochure here.

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Will the new kitchen help it sell this time around? 

Unit #306: 3 bedrooms, 3.5 baths, 3300 square feet, 3 car parking, triplex

  • Sold in April 2005 for $760,000
  • Was listed in November 2007 for $995,000
  • Withdrawn from the market
  • Currently listed for $995,000
  • Assessments of $460 a month
  • Taxes of $7,173
  • Central Air

Heartbreak Lofts Continues to Live Up to Its Name: 17 N. Loomis

We’ve chattered about heartbreak in the Heartbreak Lofts at 17 N. Loomis in the West Loop before.

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Some sellers continue to have difficulty making money in the building, despite the size of these lofts.

This 2050-square foot unit is listed at only $9,000 more than it sold for in 2006.

Here’s the listing:

Rarely available penthouse duplex-up with 2beds/2.5ba in the Heartbreak Lofts. This 2000 sq/ft concrete loft feats. rehabbed kitchen w/ SS appliances, granite countertops, open living/dining room, tons of in unit storage, 12ft ceilings, and HDWD floors throughout.

Private roof deck w/skyline view. Deeded garage parking for $25K.

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@Properties has the listing. See more pictures here.

Unit #4J: 2 bedrooms, 2.5 baths, 2050 square feet, duplex

  • Sold in November 2000 for $342,000
  • Sold in March 2004 for $351,000
  • Sold in June 2006 for $460,000
  • Currently listed for $469,000 (plus $25k for parking)
  • Assessments of $503 a month
  • Taxes of $4,957
  • Central Air

What Would You Pay for a Bucktown Cottage? 2243 W. Homer

This cute 2-bedroom 1888 Bucktown cottage at 2243 W. Homer has been on  the market since June.

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Here’s the listing:

Vintage detail with modern convenience! Don’t miss this beautiful Bucktown Shepard’s cottage. Custom spiral staircase, hardwood floors, updated kitchen & baths, high ceilings, great yard.

Antique stove and SS subzero and a perfect back yard and deck for entertaining. Easy possibility for 3rd bedroom on LL. All backing up to Ehrler Park.

Is it the lack of 2 full bathrooms or the spiral staircase the connects each floor that is hurting this sale?

It has been reduced several times.

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Anastacia Mason at Baird & Warner has the listing. See more pictures here (especially of the spiral staircase).

2243 W. Homer: 2 bedrooms, 1.5 baths, 2 car garage, no square footage listed

  • Sold in February 1996 for $142,050
  • Originally listed in June 2008 for $665,000
  • Reduced several times
  • Currently listed at $615,000
  • Taxes of $6,628
  • Central Air

WSJ: Trump Tower Chicago Caught in a Tough Spot

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Today, the Wall Street Journal looks at the state of Trump Tower Chicago, at 401 N. Wabash in River North, and the financial implications for Donald Trump. The timing, as we’ve chattered about, is far from ideal for the building.

So far, Mr. Trump has lined up buyers for a bit less than $600 million of condo units and condo-hotel units in a residential market that has virtually seized up. Yet he owes lenders as much as $1 billion when the loans are due, according to public records and several people familiar with the project. He has closed around $200 million in sales so far, with roughly $380 million still in contract. The retail portion of the giant building is for sale, at a time of rising vacancies for retail space in Chicago and one of the worst eras for retailers in years.

People close to Mr. Trump concede that the project, which contains 486 condo units and more than 300 hotel rooms, is caught in a tough spot. Still, Mr. Trump says the building can be successful if he sells the rest of the unsold units, which he estimates have a potential value of $475 million.

“It could turn out to be a successful development depending on what happens in the market over the next two years,” he said in an interview. “The job is on time and on budget, and it’s a beautiful job and will become an icon of the Chicago skyline.”

As the article points out, it is an uphill battle for Trump to sell the remaining units at these price points and with product flooding the market.

As we’ve chattered about before, there are thousands of new condo units expected to come on the market downtown this year and in 2009. More supply is coming on the market just as demand has fallen off a cliff.

In the article, Gail Lissner, vice president at Appraisal Research Counselors, said downtown contract signings were down 72% the first half of the year from a year earlier. She also estimates about 10,000 new condos will be coming on the market.

Flippers are also competing with Trump on price.

Adding to the project’s stress, Mr. Trump is now in competition with his own customers. At least 30 buyers of the hotel units have put those rooms back on the sales market at substantial discounts to what Mr. Trump is charging for similar units, according to local sales brokers.

Local real-estate broker Andrew Glatz, of Crown Heights Realty, is representing two dozen hotel units and six condo units for resale in the Trump project. He’s sold three so far.

“All our units are 30% below Trump. We can’t compete with his marketing, so we compete with his prices,” he says. “It’s the most fabulous property in Chicago. They didn’t spare any expense,” he boasts.

His clients can afford to sell below Trump’s prices because they bought their units in 2003, before Mr. Trump raised prices substantially.

In Chicago, Trump hits headwinds [Wall Street Journal, Oct 29, 2008]

Lakeview Penthouse Waiting for a Buyer: 2819 N. Lakewood

The listing calls it a “Lincoln Park Penthouse” but this 2-bedroom at 2819 N. Lakewood is north of Diversey, which makes it Lakeview in my book.

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First listed in March 2008, this 2005 construction unit is still sitting on the market.

Here’s the listing:

Gorgeous Lincoln Park Penthouse! 2 bedroom/ 2 bath, soaring 14′ ceilings, crown moldings, rich Brazilian cherry floors. Gourmet cherry kitchen with island, kitchen aid, Bosch, GE stainless appliances!

Spacious separate dining area and stately fireplace with slate hearth. Lavish king-sized master bedroom suite with stone spa bath. Double basin sinks, steam mist shower and body sprays. Guest bath with Jacuzzi and stone tile. Private deck and roof rights! Parking included. Seconds to “El”, shopsm dining.

The Home Discovery Team at Koenig & Strey has the listing. See more pictures here.

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

  • Sold in August 2005 for $490,000
  • Originally listed in March 2008 for $549,900
  • Reduced in June 2008 to $499,900
  • Currently still listed at $499,900
  • Assessments of $106 a month
  • Taxes of $6,774

Forget “new”: Vintage Elegance at 3400 N. Lake Shore Drive

We’ve chattered about a lot of the 1920s and 1930s co-op and condominium buildings that line Lake Shore Drive on the North Side of the city.

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3400 N. Lake Shore Drive in Lakeview is another of those buildings. Built in 1922, it has 49 units.

This 3-bedroom ground floor unit doesn’t have fantastic views, but it does have a magnificient vintage ceiling, central air, a laundry room and parking.

What more could you ask for?

Here’s the listing:

A UNIQUE, VERY SPECIAL SPACE W/ EUROPEAN ELEGANCE & CHARM! ORIG PART OF BLDG LOBBY, THIS RESIDENCE HAS AMAZING 13 FT CEILINGS, EXQUISITE WOOD WORK ACCENTS, GLORIOUS WINDOWS W/ BAYS LOOKING INTO BELMONT HARBOR.

RENOVATED CHERRY, GRANITE, STAINLESS KITCHEN, LG MASTER SUITE W/ RENOV BATH, LAUNDRY RM, DEEDED PARKING! TURNKEY CONDITION. WALK TO NETTLEHORST SCHOOL.

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@Properties has the listing. See more pictures here.

Unit #GB: 3 bedrooms, 3 baths, 2000 square feet

  • Sold in March 1999 for $302,000
  • Sold in May 2001 for $459,000
  • Sold in September 2006 for $585,000
  • Currently listed for $696,000 (parking included)
  • Assessments of $1542 a month
  • Taxes of $11,116
  • Central Air
  • Laundry in the unit