She doesn’t have to sell: 3813 N. Whipple

Thanks to the tipster who sent me the listing information on Linda Rizzuto’s house.

 She is the woman in the Chicago Tribune article who said:

Linda Rizzuto, for one, said she isn’t inclined to come down from the $444,900 she’s asking for the Northwest Side home where she has lived 17 years, though not one would-be buyer has looked at it since she listed it in January.

“My friends think I’m crazy for putting the house up for sale now because the market is bad,” she said. “If I had to sell, I would be panicking, but I don’t have to sell.”

Kenworthey posted a link to her house.

Here it is and some history on the listing:

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3813 N. Whipple: 3 bedrooms, 1.5 baths, 2 car garage

  • I couldn’t find an original sale price – apparently 17 years ago
  • Was originally listed in February 2006 for $475,000
  • The listing was withdrawn in July 2006 after it was reduced to $449,000
  • Came back on the market on January 4, 2008 for $444,900
  • Re/Max Vision has the listing

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She couldn’t sell during a much better market in 2006. Will she be luckier this time out? 

Stay tuned.

Free Parking at 1400 S. Michigan in the South Loop

The developers at 1400 S. Michigan Avenue,  or Michigan Avenue Tower II, in the South Loop are now giving out free parking when you purchase a unit at the building.

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Their ad says:

“About 30 units are still available for purchase, so buyers still have an excellent selection, including residences with Lake Michigan views and 2-bedroom corner layouts.”

First occupancy in the 28 story building is expected in September 2008.

Prices from the developer start at $306,990 for 1 bedrooms that are 692 square feet while 2 bedroom, 2 bath units start at $399,990. That price includes the parking space.

The flipper from December 2007 is still trying to sell a 751 square foot one bedroom for $330,000 plus $35k for parking.

McMansion Developers Under Stress: 2322 and 2324 Charleston

Previously, there have been issues with new McMansions in Bucktown going into foreclosure.

The seller of these two houses on West Charleston also appear to be in serious distress.

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2322 W. Charleston: 4 bedrooms, 3.5 baths, 2 car garage

  • Old house sold in January 2005 for $360,000
  • Public records show it sold for $1.5 million in January 2007 (not sure if this is correct)
  • Was listed in July 2007 for $1.7 million
  • Price was lowered to $1 million in February 2008

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2324 W. Charleston: 4 bedrooms, 3.5 baths, 2 car garage

  • Original house sold for $346,000 in July 2004
  • Public records show the house selling in February 2007 for $1.5 million
  • Originally listed for $1.7 million in July 2007
  • Lowered to $1 million in February 2008

Real People Realty has both listings.  Both have the following listing:

HUGE PRICE DROP! OWNER SAYS SELL NOW! STUNNING & ELEGANT BRK STONE LUXURY BUCKTOWN SFH W/4 LIVING LEVELS/HWD FLRS/ 3FIREPLACES. GOURMET KITCHEN W/LOVELY GRANITE COUNTERTOPS & CUSTOM CABINETS. SUN-FILLED MBR W/LG WIC/FRENCH DRS TO BAL., SPECTACULAR SPA BTH W/DBL STMSHWR & MARBLE ACCTS. SPACIOUS 4TH LVL W/SKYLINE VIEWS, FRT DECK W/FIREPLACE, WALK THROUGH TO TWO REAR DECKS. 2CAR GAR./GATED LOT.

All of the interior pictures are the same for both homes.

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Real People Realty has both listings.

[Thanks to the Tipster who sent me information on these homes.]

More Details on Chicagoland’s 34% January Sales Plunge

The Chicago Tribune has more details on the 34% drop in sales in January in the 9-county Chicagoland area.  It was the worst plunge since January 1998.

Here’s some info on prices per county:

The Illinois Realtors report said that in the Chicago area prices fell the most in McHenry County, where the median was down 9.6 percent, to $194,500 from $215,250 a year earlier. In second and third place in the region were Lake and DuPage Counties, which year-over-year saw prices drop 9.4 percent and 8.2 percent, respectively.

On the upside, Grundy County prices rose 8.6 percent. Cook’s and Kendall’s grew by less than 1 percent.

The article discusses how many sellers are still clinging to outdated prices, which is why inventory is increasing:

“I do think there’s a stubbornness there, particularly in high-priced markets like Chicago,” said Caroline Sallee, an economist for Anderson Economic Group in East Lansing, Mich., who studies Midwest housing. “People aren’t coming down on the price, so the home doesn’t sell and you continue to see inventory [of homes for sale] rise.”

Linda Rizzuto, for one, said she isn’t inclined to come down from the $444,900 she’s asking for the Northwest Side home where she has lived 17 years, though not one would-be buyer has looked at it since she listed it in January.

“My friends think I’m crazy for putting the house up for sale now because the market is bad,” she said. “If I had to sell, I would be panicking, but I don’t have to sell.”

She doesn’t have to sell? Then why is it on the market? What a waste of time.

Flipper Alert: The Latest on Flips in 600 N. Fairbanks

Here’s the latest update on 600 N. Fairbanks in Streeterville. New listings come onto the MLS weekly.

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Here is the current status (out of approximately 227 units):

  • 36 for sale
  • 14 for rent

Some units may be both for sale OR rent.  Closings still continue in the building.

Prices are all over the place, yet hardly anything is re-selling. There are a lot of one bedroom units in the building, so you’re seeing them competing with one another- even within the same tier.

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Unit #2603: 1 bedroom, 1 bath, 873 square feet

  • First listed for $419k plus $50k for parking
  • Recent price change where they RAISED the price to $429,000 plus the parking 
  • Assessments of $323 a month
  • Listing calls it “very special”
  • Rubloff has the listing

Maybe they raised because of Unit #2703 which just came on the market (and this unit is the same as #2603, just slightly different finishes choices).

Unit #2703: 1 bedroom, 1 bath,  873 square feet

  • Currently listed at $450,000 plus extra for parking
  • Assessments of $298 a month
  • Koenig & Strey has the listing

The cheapest one bedroom on the market is actually:

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Unit #1603: 1 bedroom, 1 bath, 873 square feet

  • Was listed in December 2007 for $410,000 plus the parking
  • Currently listed for $394,900 plus $60k for parking
  • Assessments of $262 a month
  • Rubloff has the listing

The rentals are also pretty competitive.  Cheapest 1 bedroom rental:

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Unit #1604: 1 bedroom, 1.5 baths, 873 square feet

  • $2200 a month includes the parking
  • Re/Max Signature North has the listing

Crain’s Reports Chicagoland Home Sales Plunge 34% in January

The Illinois Association of Realtors released the January sales figures for the Chicagoland area (which includes nine counties).  From Crain’s:

In the nine-county Chicago Primary Metropolitan Statistical Area, home and condominium sales in January totaled 3,926, compared with 5,947 in January 2007, the association said Monday in a news release.

The median home sale price in the Chicago area was $239,700 in January, down 2.2% from January 2007.

The IAR attributed the drop to “extreme winter weather.”

Foreclosures Hitting 2005 Buyers Hard: 375 W. Erie in River North

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If you research the foreclosure lists long enough, you’ll definitely begin to see a pattern develop.

Many of those in trouble on the North Side of the city took out loans in 2005.  No surprise, as that was the “peak” of the mortgage mania.

A seller has been trying to do a short-sale on a unit at 375 W. Erie in River North for awhile.  375 W. Erie is a loft building converted in 1997. 

A foreclosure auction is scheduled for this week.

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Unit #201: 2 bedrooms, 2 baths, 1525 square feet

  • Sold in December 2000 for $237,000
  • Sold in August 2002 for $349,500
  • Sold in January 2005 for $400,000
  • Currently listed as a “short-sale” for $425,000 (not sure if this includes the parking)
  • Foreclosure auction price of $368,190
  • Assessments of $485 a month

What is interesting is that even at $425,000, a buyer didn’t come in to rescue this homeowner.  Also, this unit may also look south- into the brick building behind the loft building- which would have made it a more difficult sell.

First Chicago Real Estate, Inc. has the listing.

Another foreclosure at 212 W. Washington in the Loop

Just because a property is in foreclosure, that doesn’t necessarily make it a “deal.”

Another foreclosure has popped up in City Center Club at 212 W. Washington in the Loop. This two bedroom is the cheapest in the building (with the parking included.)

Unit #1902: 2 bedrooms, 2 baths, 950 square feet

  • Sold in October 2002 for $270,000
  • Currently listed for $319,900includes the parking space
  • Assessments of $469 a month

There are only a few pictures, but it’s likely neither bedroom has windows.

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Sold “as-is.”

Is this a deal?

Re/Max Market has the listing.

Steals and Deals: 530 N. Lake Shore Drive in Streeterville

With all the rush to buy “new” construction, what about a building that has been around for four years?

I’ve chattered about 530 N. Lake Shore Drive in Streeterville before but I thought it was time to revisit it.  Many of the units have lake views.

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Some stats for the building:

  • 12 units sold in 2006
  • 13 units sold in 2007
  • 18 units currently on the market

I chattered about two units last October.  Neither one has sold.

For Unit #1801, it’s interesting to note that the furniture has been moved around a bit (with the diningroom table now in a different location) from last fall.

Then:

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And now:

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Unit #1801: 3 bedroom, 3 baths,  2772 square feet, two terraces

  • Originally listed for $1.397 million
  • Reduced to $1.249 million in October 2007
  • Just re-listed for $1.199 million (includes one parking space)
  • Originally sold for $1.044 million in December 2003
  • Assessments of $1,264 a month
  • Jennifer Ames at Coldwell Banker has the listing

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Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included

  • Listed for $649,000 in October 2007
  • Reduced and now listed at $629,000
  • Originally sold for $513,500 in January 2004
  • Assessments of $608 a month
  • Classic Realty Group, Inc. has the listing

There are some large one bedroom units in the building- some with very nice city and lake views.

But many of the units don’t have hardwood floors and they have outdated white appliances.

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Unit #2906: 1 bedroom, 1.5 baths,  1045 square feet, penthouse unit

  • Sold in June 2004 for $469,500
  • Currently listed for $549,000 plus $50k for parking
  • Assessments of $489 a month
  • @Properties has the listing

The cheapest unit in the building is this:

Unit #902: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in April 2004 for $288,500
  • Currently listed for $459,900 (parking included)
  • Assessments are $401 a month
  • Urban Real Estate has the listing

The listing states:

PROFESSIONALLY FINISHED LIKE BRAND NEW 1 BEDRM 1 1/2 BATH 1100 SQ.FT CONDO ON BEAUTIFUL LAKE SHORE DRIVE. KITCHEN HAS STAINLESS STEEL APPLIANCES. LIVING RM HAS FIREPLACE/MANTEL SLIDING DOORS LEADING ONTO BALCONY WHICH OFFERS FANTASTIC CITY VIEWS.

CURRENTLY RENTED AT $1700.00 FOR PERFECT ARM CHAIR INVESTMENT. INVESTOR MAKE OFFER WON’T LAST. PARKING INCLUDED & TENANT IN PLACE.

Perfect arm chair investment at $1700 a month?

There are no pictures of the interior of the unit, sorry.

Own the Whole Church: 2242 N. Leavitt in Bucktown

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Finally, I close the tour of church homes with this church in Bucktown at 2242 N. Leavitt which is now an apartment building. The church has three units.

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2242 N. Leavitt: 10 bedrooms, 6 baths, 2 car garage

  • Currently listed for $1.2 million

The listing states:

CORNER LOT BRICK CHURCH CONVERTED TO APARTMENTS IN 2000. TOTAL RENTS $6585/MONTH. #1 IS DRAMATIC DUPLEX DOWN 3BD/2BTH W/NEW BTHS & NEWER KTCH & 2 STORY LR. #2F IS 4BD/2BTH DUPLEX UP. #2R IS 3BD/2BTH DUPLEX UP.

ALL 3 UNITS ARE CURRENTLY RENTED. EACH W/OWN CENTRAL HEAT/AIR & W/D. 2C GARAGE. GREAT INVESTMENT IN GREAT BUCKTOWN LOCATION CLOSE TO BLUE LINE! CONVERT TO CONDOS NOW OR LATER (ALREADY SET UP FOR CONVER…

@Properties has the listing.