Crib Chatter Fixed!

The malware problem has been fixed.

Thanks to all of you who contacted me to tell me about the problem.  I appreciate it.

The feedblitz links should be “safe” now.

Have a good weekend!

Sabrina

Warning: Malware Seems to Be Attacking Crib Chatter

I’ve been informed by several diligent chatterers that when they attempt to go to Crib  Chatter from a google search- a malware program attempts to install itself onto their computers.

Apparently- links in the RSS feed are also trying to do the same.

I apologize for the attack.

Apparently- coming directly to the site through the URL is working properly.

I’ll be working to repair these problems as soon as possible.  Thanks for your patience.

Sabrina

Live on Historic Alta Vista: 3805 N. Alta Vista in Lakeview

Alta Vista Terrace is a street in Lakeview where the rowhouses, which were built between 1900-1904, were constructed to resemble London rowhomes.

It’s a popular street for history and vintage buffs.

Last September, we chattered about 3842 N. Alta Vista.  It was an estate sale and sold “as-is.”

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3842 N. Alta Vista:

  • Was listed in September 2007 for $565,000
  • Sold in October 2007 for $555,000

Another unit is now on the market at 3805 N. Alta Vista. Here’s the listing:

DISCOVER THE MAGIC OF ONE OF CHICAGO’S MOST BEAUTIFUL STREETS. THE FIRST RESIDENTIAL LANDMARK DISTRICT IN CHICAGO ON THE NAT’L REGISTER OF HISTORIC PLACES, THESE 40 HOMES ARE TRULY SPECIAL.

THIS IS THE ONLY HOME OFFERED FOR SALE THIS YEAR. BEAUTIFUL BUFF BRICK INTERIOR W/ SPECTACULAR FANLIGHT. HDWD FLRS THRUOUT. GFA HEAT & CENT A/C. FABULOUS ROOF DECK. INTERIOR LIVEABLE, BUT REQUIRES RENO…

The west side of the street has parking whereas the east side does not. This rowhouse appears to be on the east side.

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@Properties has the listing (no interior pictures available.) 

3805 N. Alta Vista: 3 bedrooms, 2 baths

  • Sold in June 1997 for $63,000 (went into foreclosure)
  • Sold in March 1998 for $353,000
  • Currently listed for $585,000
  • No parking
  • Central air
  • Taxes of $5,698

Vintage Beauty in Lakeview: 3740 N. Lake Shore Drive

We’ve chattered about several of the large condominium and co-op building on North Lake Shore Drive.

3740 N. Lake Shore Drive is a condominium building with 62 units that was built in 1924.

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This 3-bedroom unit is on the market but also has a lis pendens filed against it.

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Dennis Shaffer at Baird and Warner has the listing (more pictures on his website.)

Unit #14A: 3 bedrooms, 2.5 baths, 2448 square feet

  • Sold in September 2002 for $525,000
  • Lis pendens filed in February 2008
  • Currently listed for $725,000 (parking available but extra)
  • Assessments of $1,412 a month
  • Taxes of $8,579
  • W/D in the unit
  • No central air- window units

Market Conditions: How Hard is it to Get a Mortgage?

The Chicago Tribune has an article in its Chicago Homes section today about how difficult it has become to get mortgages.

As we’ve chattered about, the banks are requiring larger downpayments, among other things. Even the rich are having more difficulty getting loans and have to come up with more cash.

This raises questions regarding the new construction condo market (not to mention the re-sale market as well.) 

There are 6,000 new units coming on the market in the next 6-months. How many buyers will even qualify for loans?

From the Tribune:

Those with high incomes buying in prime locations are having an easier time getting financing and anyone rejected by one lender can shop for another, advised James Kinney, president of Rubloff Residential Properties.

“If you’re downtown and have good credit, you’ll get a loan,” he said. “Most affected are subprime borrowers, overbuilt suburbs and prices that don’t represent market conditions.”

Meanwhile, lenders often require borrowers to make down payments of 5 percent to 20 percent or more compared to zero percent to 5 percent down payments a year ago.

They ask for credit scores of about 700 out of a possible 850 points, up from about 600, and may limit monthly payments to 28 percent of the buyer’s gross monthly income rather than 33 percent, said Gaby Jury, a Realtor with ERA Jensen Feinstein Realtors LLC in Hinsdale.

Detrice Loyd, 24, had to put down nearly 40 percent, $65,000, on a $169,000 condominium in Hyde Park to secure her mortgage in May. The process was time consuming and “difficult,” said the day-care teacher.

The affluent may be getting more loans, but they’re also jumping through hoops.

With values declining or not appreciating as anticipated, pre-construction buyers of prime luxury housing are finding lenders with outstretched hands at the closing.

For instance, at the One Museum Park high rise in Chicago’s South Loop, “lenders are saying the unit isn’t appraising out at the level we thought and we’d like you to put in another $50,000,” said Jerry Ferstman, a vice president at Forest City Commercial Group who has been part of the development team. “Often, our buyers can do that.”

A skittish lender’s demands for reams of documents surprised Bob Archer, 69, a real estate investor seeking 30 percent financing on a luxury Gold Coast condominium at 30 Chestnut St. for which he was paying 70 percent in cash.

His lender wanted financial statements from his accountant and two investment brokers in addition to two years of tax returns. “It was a given that I’d be able to make the monthly payment,” he said. “It’s so difficult to buy or sell, that’s why the market isn’t moving.”

Buyers jump through hoops for a mortgage [Chicago Tribune, Aug 15, 2008]

3-Bedroom Short Sale in The Heritage: 130 N. Garland

We’ve chattered about some foreclosures in The Heritage, at 130 N. Garland, in the Loop before.

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But this 3-bedroom unit, Unit #2603, is the first short sale property I’ve seen of one of the larger east facing units. Here’s the view:

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It’s been on the market for a year and is now listed 15% under its 2005 selling price.

Here’s the listing:

SHORT SALE OPPORTUNITY! BRING ALL OFFERS! BREATHTAKING VIEWS OF THE LAKE & MILLENNIUM PARK FROM EVERY ROOM OF THIS 3 BED/ 2 1/2 BATH CONDDO! FINISHES INCL: UPGRADED APPLIANCES, SPICE CABS, & GRANITE COUNTERS.

HOME HAS TONS OF CLOSET SPACE. LARGE MASTER SUITE W/ WALK-IN CLOSET & MARBLE MASTER BATH W/SEP SHOWER. THE BLDG HAS AN ENDLESS LIST OF AMENITIES. 2 GARAGE PARKING SPACES AVAILABLE.

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@Properties has the listing (see pictures here.)

Unit #2603: 3 bedrooms, 2.5 baths, no square footage listed

  • Sold in June 2005 for $1.039 million
  • Originally listed in August 2007 for $1.095 million
  • Reduced several times
  • Currently listed for $899,900 (parking extra)
  • Assessments of $798 a month
  • Taxes of $11,664

The Lincoln Park Market Over $500k: 2516 N. Halsted

We’ve chattered in the past about the difficulty in selling condos over $500k- even in prime locations like Lincoln Park.

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This 3-bedroom unit at 2516 N. Halsted in Lincoln Park has a lis pendens filed against it.

The 6-unit building was built in 2005, at the height of the housing boom.

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Stephanie Guerrero at Coldwell Banker has the listing (see more pictures there).

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

  • Sold in April 2006 for $567,500
  • Lis pendens filed in January 2008
  • Currently listed for $599,999 (includes the parking)
  • Listing says “priced below market”
  • Assessments of $190 a month
  • Taxes of $4,630

Are Short Sales Bringing Down Prices in Schorsch Village?

What should that bungalow cost on the far west side?

Schorsch Village is a section of the Dunning neighborhood on the far west side which has bungalows and tudors from the 1940s.

As some of you chattered about recently, some of these homes are being sold at a massive discount to previous sale prices.

What will these sales do to the values in the neighborhood? Will we again see bungalows under $200,000 on the far west side?

Two examples- with one of them under contract:

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3630 N. Oak Park: 3 bedrooms, 3 baths, 2 car garage

  • Sold in January 1992 for $127,000
  • Sold in February 2002 for $271,000
  • Currently listed as a short sale for $289,000
  • Lis pendens filed in April 2008
  • Mortgage in April 2007 for $405,650
  • Under Contract
  • Taxes of $2,618
  • Century 21 McMullen has the listing

 3441-n-rutherford.jpg

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3441 N. Rutherford: 4 bedrooms, 3 baths, 2.5 car garage

  • Sold in December 1997 for $146,000
  • Sold in Mary 2003 for $307,000
  • Sold in June 2005 for $384,000
  • Currently listed as “pre-foreclosure” for $250,000
  • Lis pendens filed in December 2007
  • Taxes of $4,643
  • Re/Max Professionals Select has the listing (see more pictures here.)

Market Conditions: Chicago Sales Fall 28% in the 2d Qtr

The second quarter sales numbers are out from the Illinois Association of Realtors.

Sales (both single family and condos) were down in the 9-county Chicagoland area by 28.9% to 20,679 from 29,092 in the same period a year ago. The median home price fell 2.3% to $250,000 from $256,000 in 2007.

Condo sales fell more sharply, declining 33.6% to 8,828 units compared to 13,289 units in the second quarter of 2007. Median price, however, rose 4% to $238,260 from $229,000.

The Sun-Times has the Chicago specific numbers:

In the city of Chicago, sales fell 28 percent to 6,210 from 8,628. But the median price rose 5.1 percent to $310,000 from $295,000.

From the IAR:

“Our Illinois housing market has been resilient given these pressures with prices registering modest losses and many regions still posting gains since sales peaked during the boom in the third quarter of 2005.”

“It is a good market, especially for buyers who now have many choices. The new first-time buyer tax credit and foreclosure rescue program enacted by the Housing and Economic Recovery Act should help stabilize the housing market,” said REALTOR® Kay Wirth, president of the Illinois Association of REALTORS®.

Reductions on East Lakeview 1Bds: 711 W. Melrose

We chattered about a bunch of one bedroom units on the market at 711 W. Melrose in East Lakeview in June that were originally sold in 2005, at the peak of the housing boom.

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3 out of 4 are still on the market.

2 of those have been reduced.

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Dream Town Realty has the listing for Unit #F1 (must be registered to see the listing.) 

Unit #F1: 1 bedroom, 1 bath

  • Sold in August 2005 for $262,500
  • Was listed in June 2008 for $268,500 (parking $20k extra)
  • Reduced
  • Now listed for $263,500
  • Assessments of $187 a month
  • Taxes of $3,295

711-w-melrose-_b2-livingroom.jpg 

@Properties has the listing for Unit #B2. (The link is to their website- they don’t have a “search by address feature”.)

Unit #B2: 1 bedroom, 1 bath

  • Sold in August 2005 for $245,000
  • Was listed in June 2008 for $259,900 (parking $20k extra)
  • Reduced
  • Currently listed at $249,900
  • Assessments of $150 a month
  • Taxes of $2,821

Unit #D2 sold in only a few weeks.

Unit #D2: 1 bedroom, 1 bath

  • Sold in August 2005 for $256,000
  • Was listed in June 2008 for $264,900 (parking $20k extra)
  • Sold in July 2008 for $265,000
  • Assessments of $164 a month