Update on the Tuscan Villa in Lakeview: 2965 N. Sheridan

We’ve chattered about the Tuscan Villa at 2965 N. Sheridan in Lakeview several times. It was first on the market a year ago but re-appeared this summer.

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A lis pendens was filed on the property in September.

Here’s the listing again:

Luxury living w/sophisticated ambience steps from park & lake. One-of-a-kind 4BR/4.5BA offers 4,600 s.f. of gorgeous space on 2 levels. Granite Foyer. HW flrs/High Ceilings/Skylights thruout. 2 story atrium court.

Great Rm w/oversized WBFP & custom built-in shelving open to brick garden patio. Slate Solarium. 2nd fl laundry. Kitchen w/Kanac cabs, Subzero, Thermador, Bosch. Spa Baths w/natural stone-marble mosiac.

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Brent Rosenbower at Sudler Sotheby’s has the listing. See more pictures here.

2965 N. Sheridan: 4 bedrooms, 4.5 baths, 4600 square feet, 2.5 car garage

  • I couldn’t find an original sales price
  • Previously listed in November 2007 for $2.8 million
  • Reduced and re-listed
  • Was listed in August 2008 for $2.28 million
  • Lis Pendens filed in September 2008
  • Currently listed for $2.28 million
  • Taxes of $8,481

Short Sale Pushes Price Below 2001: 1371 N. Mohawk in Old Town

This 3-bedroom unit at 1371 N. Mohawk in Old Town is in short sale but a lis pendens was also recently filed against it.

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The current short sale price is already $45k below what the unit sold for in 2001.

Here’s the listing:

Offer Subject To Lender’s Final Approval. Rarely Avbl. Top Flr Bi-level In Heart Of Old Town.2 Outdoor Decks & Stunning Skyline Views! Dramatic Plan W/Hi Ceilings & Tons Of Natural Light.

2000+sf. Open Gourmet Kit Into Liv/Din Combo. Maple Cabs/Granite/Ss. Maple Flrs In Prime Areas. 2 En-suite Bdrms-both W/Decks. 3rd Bdrm+ofc/Loft. 1c Gar+in-unit W/D Incl. Prime Location W/Walking Convenience To Everything!!

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Gregory Eldridge at Baird & Warner has the listing. See more pictures here (if the B&W link isn’t working properly).

Unit #3: 3 bedrooms, 3 baths, 1 car parking

  • Sold in October 2001 for $545,000
  • Sold in May 2006 for $590,000
  • Originally listed in May 2008 for $699,900
  • Reduced several times
  • Currently listed for $500,000
  • Lis pendens filed in October 2008
  • Assessments of $194 a month
  • Taxes of $7,822

What Would You Pay for a 1-Bedroom? 60 W. Erie in River North

1-bedroom units are popular starter condos, especially in River North and Streeterville. This 1-bedroom with den at 60 W. Erie in River North is larger than most. It’s also quite a bit pricier.

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What would you pay for that 1-bedroom condo?

Here’s the listing:

Lucien Lagrange, exclusive 24 unit building at the cross roads of the Gold Coast and River North. Most floors are full floor residences. This home is one of only 2 homes on the floor.

 Large 15X5 tiled balcony, eat in kitchen with subzero, Bosch and Thermador SS apps & In suite whirlpool W/D. Gleaming Hardwood throughout common space, sizable master suite and den. 2 parking spots in the attached garage included.

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Crown Heights Realty has the listing. See more pictures here.

Unit #1401: 1 bedroom, den, 1.5 baths, 1420 square feet

  • Sold in December 2003 for $556,500
  • Currently listed at $699,770 (includes 2 parking spaces)
  • Assessments of $863 a month (the building is small and has a doorman)
  • Taxes of $6,313

We Love Authentic Lofts: 215 W. Illinois in River North

The Anchor Lofts, at 215 W. Illinois, was one of the first buildings to be converted in River North nearly 2 decades ago.

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This 2-bedroom unit has a lot of the features of authentic lofts including high ceilings and open spaces.

Here’s the listing:

RARE OFFERING IN THE UNIQUE ANCHOR LOFTS. DRAMATIC BRIGHT SPACE W/2 EXPOSURES, 11 FT CEILINGS, TIMBER BEAMS, 10 LIGHT-FILLED WINDOWS & HARDWOOD FLOORS. NEWLY UPDATED KITCHEN W/MAPLE MDF CABINET FRONTS, GRANITE COUNTERS & STAINLESS STEEL APPLIANCES.

FIREPLACE, EXTENSIVE BOOKCASES & LOTS OF CLOSETS. PRIVATE BEDROOMS W/WINDOWS. DEEDED INDOOR PARKING INCLUDED. STEPS TO RESTAURANTS, ENTERTAINMENT, SHOPS & TRANSPORTATION.

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Steven Heilig at Baird and Warner has the listing. See more pictures here (or on B&W’s website as well.)

Unit #4A: 2 bedrooms, 2 baths, office

  • Sold in May 1993 for $225,000
  • Sold in October 2001 for $300,000
  • Originally listed in September 2008 for $674,000
  • Reduced
  • Currently listed for $649,000 (parking included)
  • Assessments of $537 a month
  • Taxes of $4,615
  • Central Air

Foreclosure Alert: Stresses Appearing in 510 W. Erie in River North

A 1-bedroom bank-owned unit has appeared in Erie on the Park at 510 W. Erie in River North.

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A second 1-bedroom unit two floors below is also in short sale.

Is the bank-owned unit even a deal?

Here’s the listing on the bank-owned unit:

GREAT OPPORTUNITY! BANK OWNED! UPGRADED 1 BDRM/OPEN FLOOR PLAN IN FAMOUS LUCIEN LAGRANGE BLDG. DESIERABLE RIVER NORTH , BY PARK & RIVER. FLR TO CEILG WNDWS, BALCONY .

UNUBSTRUCTED CITY & PEAKS OF LAKE VIEWS. SPACIOUS KITCHEN W/ ISLAND. STAINLESS STEEL APPLN, GRANITE CTRTPS, HRDW FLRS, MRBL BTHR, W/D IN UNIT. BLDG W/24 HR DRMN & GYM. GARAGE INCLUDED!! SPECIAL ADDENDUM AND PREQUAL THRU CHL REQUIRED.

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Re/Max Villager has the listing. See more pictures here.

Unit #1308: 1 bedroom, 1.5 baths, 860 square feet

  • Sold in July 2002 for $264,000
  • Sold in October 2002 for $287,000
  • Sold in January 2006 for $340,000
  • Lis pendens filed in September 2007
  • Bank-owned as of September 2008
  • Currently listed for $327,900 (includes the parking spot)
  • Assessments of $518 a month
  • Taxes of $3595

Here’s the listing for the short sale, Unit #1108:

Wow!!! Short Sale Deal! Sixty thousand dollar reduction on desirable unit in Lucian LaGrange building. Parking included in price.

Brazilian cherry hardwood floors, balcony, w/d, imported cabinetry, stainless, granite and marble. Heat and air included in asses. Make an offer, foreclosure imminent.

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Barbara Weaver at Baird & Warner has the listing. See more pictures here (if that B&W link doesn’t work properly.)

Unit #1108: 1 bedroom, 1.5 baths, 860 square feet

  • Sold in August 2002 for $267,000
  • Lis pendens filed in September 2008
  • Currently listed as a “short sale” for $299,000 (includes the parking)
  • Assessments of $497
  • Taxes of $3442

Chicago Tribune: Cook County Foreclosures up 47.8%

The Chicago Tribune investigates what is going on on the 28th floor of the Daley Center- where foreclosure cases are heard.

It’s no surprise to most of us that foreclosures are spiking. We’re seeing it even in the most prestigious high-rise buildings in the city.

Cook County’s foreclosure court is so busy with the wreckage of the sub-prime mortgage crisis that the number of judges has been increased from 10 to 14, and they begin their new schedules Monday.

Foreclosures in Cook County were up 47.8 percent in the first half of this year and are expected to pass 42,000 by year’s end. But the increase in judges is not just a sign that things are bad; it’s a sign that things are likely to get worse.

“These cases take at least 10 months to work their way through the system,” said Dorothy Kinnaird, the presiding judge of the Chancery Division, which handles mortgage foreclosures. “We haven’t even felt the full brunt of 2008. We’re still feeling last year’s foreclosures.”

The article states that 80% of the foreclosures go uncontested (i.e. the homeowner is not fighting it.)

The view from foreclosure court [Chicago Tribune, Oct 20, 2008]

$149k Reduction in West Town: 2028 W. Walton

This 4-bedroom vintage home at 2028 W. Walton in West Town is one of those that was in the Coldwell Banker 10-Day sale.

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It has been reduced $149k over the past 6 months.

It’s sales history is also illustrative of what has happened to home prices in the West Town neighborhood in the last 15 years.

Here’s the listing:

4-bedroom, 3-bathroom brick home. Victorian features and contemporary flair. Gorgeous woodwork. Decorative fireplace. Rehabbed kitchen with table space.

Separate dining room. Family room with cathedral ceiling. 4th bedroom with sitting area and separate entrance. Deck and landscaped patio. 2-car garage. Ask about rent to own option!

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Stephanie Poulakidas at Coldwell Banker has the listing. See more pictures and a virtual tour here.

2028 W. Walton: 4 bedrooms, 3 baths, 2 car garage, no square footage listed

  • Sold in April 1994 for $215,000
  • Sold in February 2000 for $387,500
  • Sold in August 2003 for $490,000
  • Originally listed in April 2008 for $749,000
  • Reduced several times
  • Last reduced in September 2008
  • Currently listed at $650,000
  • Taxes of $6,122
  • OR you can rent it for $3,000 a month
  • Central Air
  • Bedroom #1: 14×14
  • Bedroom #2: 15×10
  • Bedroom #3: 11×8
  • Bedroom #4 (lower level): 10×10

Market Conditions: Liens Filed Against The Spire Developer

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Crain’s first reported on Oct 17 that architect Santiago Calatrava filed a lien against Shelbourne Development, the developer of The Spire, on Oct 8 for $11.3 million.

The Tribune also reports that architectural design firm Perkins+Will Inc. filed a lien for about $4.85 million.

From the Tribune:

A spokeswoman for Irish developer Garrett Kelleher said the firm knew that the liens were coming and continued to have dialogues with the companies. However, Shelbourne disagrees with the amount the firms say they are due.

“These guys have been paid well,” said spokeswoman Kim Metcalfe. “It’s clearly a four-year project. The project payment and delivery is over that four years. The amounts are under dispute.”

People on various skyscraper chatboards have noted that construction at the site seemed to have stopped some time ago. The Tribune appears to confirm this.

Currently the site is simply a circular hole, 76 feet deep and 110 feet across, that is surrounded by caissons to support the skyscraper’s concrete core. The East Water Place Townhome Association, which had been conducting weekly meetings with the developer about the project adjacent to its building, told residents earlier this month the meetings had been discontinued because the Spire’s construction had been halted.

The Spire’s PR team continues to say that everything is fine.

Just 21/2 weeks ago Shelbourne sought to inject a bit of optimism into the beleaguered project by announcing that Beanie Babies magnate Ty Warner had signed a contract to buy the two-level penthouse, a unit that was listed for sale at $40 million.

To date, 395 of the building’s 1,194 units have been sold.

“The sales are going very well,” Metcalfe said. “This is the normal course of business for companies to protect themselves, and the market is obviously the 800-pound gorilla in the room.”

Spire pay dispute spurs doubt [Chicago Tribune, Oct 18, 2008]

A Maisonette in Paris? 3100 N. Sheridan in Lakeview

There are many buildings that remind me of Paris here in Chicago. Is The Barry, at 3100 N. Sheridan Road, one of them?

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This 1 bedroom plus den renovated unit says it’s a “maisonette in Paris.”

Here’s the listing:

Beautiful renovation of high first floor at the Barry. Serene 2 bedroom turned into 1 bedroom plus den with superior new luxe bathroom, closets, moldings, rehabbed kitchen w/ SS, granite and new cabinetry.

Separate dining room with wall of windows on entire south side of unit for sunny exposure at all times. A maisonette in Paris! Beautiful full service building.

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Brian Loomis at Coldwell Banker has the listing. See more pictures here.

Unit #1B: 1 bedroom plus den, 1 bath, 1200 square feet

  • Sold in September 2007 for $336,500
  • Currently listed for $389,000
  • Lis Pendens filed in August 2008
  • Assessments of $681 a month
  • Taxes of $3,083
  • No Washer/Dryer in the unit (but I believe the building allows it)
  • Nearby leased parking
  • No central air (window units)

Foreclosure Alert: 48% Reduction at 33 W. Ontario in River North

I don’t know if this unit at 33 W. Ontario in River North is under contract yet (it came on the market a little while ago.)

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But it is further evidence as to what is going on in the market.

We’ve chattered about other foreclosures in 33 W. Ontario before. This 2-bedroom unit is now bank-owned and reduced by 48% from its 2006 sale.

Here’s the listing:

MUST SEE CONDO IN THE HEART OF THE CITY, GREAT OPPORTUNITY! VACANT, EASY TO SHOW. AS-IS. BUYER TO VERIFY RM COUNT, ZONING & DIMENSIONS. EARNEST MONEY MUST BE CASHIERS CHECK. NO DISCLOSURES/NO SURVEY PROVIDED BY SELLER. BUYER RESPONSIBLE FOR INSPECTIONS, COMPL & ESCROWS AS NEEDED.

FAX OFFERS WITH PRE-QUAL OR PROOF OF FUNDS TO LISTING OFFICE. ADDENDUMS APPLY UPON ACCEPTANCE. ALLOW TIME FOR RESPONSE. SEE AGENT REMARKS

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Great Street Properties, Inc. has the listing. See more pictures here.

Unit #27H: 2 bedrooms, 2 baths, no square footage listed

  • Sold in May 2006 for $610,000
  • Bank-owned
  • Currently listed at $315,000
  • Assessments of $422 a month
  • Taxes of $4,612
  • Parking? It doesn’t look like there’s any included
  • Bedroom #1: 14×12
  • Bedroom #2: 10×12
  • Living room: 18×18
  • Kitchen: 13×8