Flipper Alert: Still Trying to Flip at 240 E. Illinois in Streeterville

Some flippers are still out in force at the Fairbanks at Cityfront Plaza at 240 E. Illinois in Streeterville.

The building stats haven’t changed much since we last chattered about it in May 2008.

Current building stats (out of 281 units):

  • 20 units for sale
  • 7 units for rent

Some units may be both for sale AND for rent. It’s also not clear if the developer is listing ALL of the units still available on the MLS.

In May 2008, we chattered about Unit #2711, which was for sale from the developer. It sold in October 2008.

But it’s now available to rent.

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Sophia Klopas at Koenig & Strey has the rental listing. See more pictures here.

Unit #2711: 2 bedrooms, 2 baths, study, 1473 square feet

  • Was listed in May 2008 for $849,900 plus $60k for parking
  • Listing said “buyer and agent incentives”
  • Closed in October 2008 for $850,000 (I’m assuming this included parking)
  • Currently available to rent for $4,000 a month (parking $300 extra)
  • Includes heat/air/cable/internet
  • Tenant pays electric

Unit #2611 was also on the market as a flip back in May. It was for sale OR for rent (but not from the developer).

It rented.

The smaller one-bedrooms have been struggling to flip in the building. In May, we chattered about Unit #402. It too never sold.

It rented. For $1900 a month.

Unit #2603 was recently reduced. Here’s the listing:

ABSOLUTELY PERFECT ONE BEDROOM HOME! PERCHED ON THE 26TH FLOOR, EXPERIENCE JAW DROPPING VIEWS OF THE LAKE AND RIVER, AS WELL AS GORGEOUS SKYLINE. NEVER LIVED IN FINISHES; WIDE PLANK WHITE OAK FLOORING, GRANITE COUNTERTOPS, LIMESTONE BATH, TOP OF THE LINE KITCHEN AID APPLIANCES AND MORE.

9’4″ CEILINGS FRAMED BY FLOOR TO CEILING WINDOWS, WALK IN CLOSET AND SPACIOUS BALCONY OFF LIVING ROOM COMPLETE THE PACKAGE…

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Cara Buffa at Prudential Preferred has the listing. See the virtual tour here.

Unit #2603: 1 bedroom, 1 bath, 874 square feet

  • Sold in March 2008 for $412,000
  • Just reduced
  • Currently listed for $404,999 (looks like parking is extra- around $60k in the building)
  • Assessments of $358 a month
  • Taxes are “new”
  • OR you can rent it for $2150 a month (parking extra)
  • Possible “lease to own”

Foreclosure Alert: What’s the Land Worth? 1517 W. Birchwood

What is land worth in East Rogers Park?

That’s the question as this 1908-era single family home at 1517 W. Birchwood, that apparently needs a total rehab, goes to foreclosure auction this week.

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No one has been enticed by the low “as-is” price apparently.

Here’s the listing:

GREAT OPPORTUNITY. EXCELLENT EAST ROGERS PARK LOCATION – JUST 2 BLOCKS FROM LAKE MICHIGAN! LARGE HOUSE W/ INCREDIBLE SPACE ON OVERSIZE LOT (36X150).

PROPERTY NEEDS GUT REHAB. PRICE REFLECTS THE CONDITION. ADVANCED FORECLOSURE PENDING (HURRY!!) / 3RD PARTY APPROVAL REQUIRED, SOLD ‘AS-IS’ – BRING YOUR HIGHEST AND BEST OFFERS.

Re/Max City Realtors has the listing. See the listing here. (No interior pictures available.)

1517 W. Birchwood: 4 bedrooms, 1.5 baths, 2346 square feet, 2 car garage

  • Sold in June 1996 for $110,000
  • Sold in October 1997 for $200,000
  • Lis pendens filed in April 2008
  • Currently listed “as-is” for $299,500
  • Foreclosure auction price this week of $518,838
  • Taxes of $1,792

Still a Struggle to Make Money in the South Loop: 1305 S. Michigan

There are thousands of new construction condo units coming on the market all over the South Loop. For those who bought a few years ago, it’s a struggle to compete against the new product and the foreclosure prices now popping up.

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In July 2008 we chattered about a 2-bedroom bank-owned unit at 1305 S. Michigan, Unit #1212, that apparently, according to a poster who had checked it out, had “NO appliances, NO toilet, NO cabinets, NO island”.

That listing finally closed.

Unit #1212: 2 bedrooms, 2 baths, no square footage given

  • Sold in November 2006 for $389,500
  • Foreclosure
  • Bank owned and was listed in July 2008 for $329,900 (included the parking)
  • Closed in early November 2008 for $285,500 (I’m assuming this also included the parking)
  • Assessments of $271 a month
  • Taxes of $2941

Some other sellers in the building are struggling to make any profit.

Unit #1703 is a 2-bedroom with 1318 square feet.

Here’s the listing:

Enjoy loft living in the vibrant South Loop. You’ll love this spacious 2 BR-2BA + office condo with warm gleaming wood floors and fireplace. The open kitchen boasts granite, stainless steel and a stylish slate backsplash.

Hit the spacious balcony after work & watch the sunset to the west with a glass of wine! Great location close to parks, dining and shopping. Parking available for additional $35k. Don’t miss!

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Katrina Schmitt at Streeterville Properties has the listing. See more pictures here.

Unit #1703: 2 bedrooms, 2 baths, 1318 square feet

  • Sold in August 2006 for $369,500
  • Sold in August 2007 for $375,000
  • Currently listed for $339,000 plus $35,000 for parking
  • Assessments of $388 a month
  • Taxes of $4875

We Love Authentic Lofts: Huge 1-Bedroom at 540 N. Lake Shore Drive

We’ve chattered before about the lofts at 540 N. Lake Shore Drive, one of the few authentic loft buildings in Streeterville and the only loft building right on North Lake Shore Drive.

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Given the sales prices of 875 square foot 1-bedrooms in some nearby new construction high rises, is this 1470 square foot 1-bedroom a bargain?

Here’s the listing:

Lake front loft in vintage brick and timber building with 24 hour doorman. Recently renovated Northeast corner unit with floor to ceiling windows showing stunning panoramic views of the beach, park, lake and Navy Pier.

Steps from the bike path and 3 blocks to the famous Magnificent mile and award winning restaurants. Recent upgrades to the property include total redesign of the lobby and work out facilities.

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Berg Properties has the listing. See more pictures and a virtual tour here.

Unit #322: 1 bedroom, 1 bath, 1470 square feet

  • Sold in June 1999 for $267,000
  • Sold in October 2005 for $338,000
  • Currently listed for $515,000
  • Assessments of $783 a month
  • Taxes are $5,738
  • Central Air
  • Rental parking in the building
  • It doesn’t appear to have in-unit w/d (although the building does allow it)

More Lawsuits Filed Over Trump Tower Chicago

Litigation is heating up over the financing at Trump Tower Chicago.

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Deutsche Bank filed a $40 million lawsuit against Donald Trump on Friday in New York Supreme Court in Manhattan claiming that Mr. Trump personally guaranteed the loan.

From the Chicago Tribune:

This latest suit, filed by Deutsche in Manhattan, calls for Trump to make good on the personal payment guaranty he signed in February 2005 for the building if he didn’t make the loan payments on time. The suit alleges that Trump did not pay the more than $330 million due Nov. 7, a date that had already been extended, and that on Nov. 10, Deutsche made written demands for the outstanding loan payment and the $40 million guaranty.

It also notes that in recent press articles tied to a development in Scotland, Trump was quoted as talking about the company’s “very, very strong cash position.” A hearing on the suit is set for Jan. 9.

This comes on the heels of Trump’s lawsuit which attempts to extend the terms of the loan agreement.

Meanwhile, Trump keeps insisting that construction of the tower will be completed on schedule, within 5 months, and that the financing to complete construction will be in place by Monday or Tuesday of this week.

“We have every belief that they are going to fund either Monday night or Tuesday morning,” said Trump attorney Steven Schlesinger.

“The monthly draws on the construction loan have been in the $20-million range. We were working on the documents for the draw and I think they were substantially completed Wednesday night.”

The saga continues…

Trump in $40 million dispute with lender [Chicago Tribune, Nov 30, 2008]

Foreclosure Alert: Historic Mansion Going to Auction: 6759 S. Bennett

This 1915-era mansion at 6759 S. Bennett in the Jackson Park Highlands historic district on the south side was apparently rehabbed by a contractor featured on MTV’s Cribs show.

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It is going to foreclosure auction this week.

Here’s the listing:

FROM THE LUXURY DREAM HOME COLLECTION!!! PRESTIGIOUS CHICAGOLAND JACKSON PK HIGHLAND BEACH & GOLF COURSE COMMUNITY.A RARE OPPORTUNITY ON THIS SUPER SIZE MANSION, REMODELED & UPDATED TO THE MAX, CONTRACTOR SHOWCASED ON MTV CRIBS.

BREATHTAKING LAYOUTS, GOURMET KITCHEN W/ALL THE BELLS&WHISTLES,5 ENORMOUS BDRMS,6 BATHS,& A 3RD FLR. BUTLER’S OR NANNY’S QUARTERS…BUT REMEMBER-BANK MUST APPROVE ALL OFFERS-SO MAKE 1 TODAY

Unfortunately, there are no interior pictures provided of the “breathtaking” layouts and gourmet kitchen.

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

6759 S. Bennett: 5 bedrooms, 6 baths, 2 car garage, 8600 square feet

  • Sold in December 2001 for $403,000
  • Sold in November 2004 for $600,000
  • Sold in January 2007 for $1.25 million
  • Currently listed as a “short sale” for $799,900
  • Foreclosure auction this week for $1,204,855
  • Taxes of $11,987
  • Central air
  • 1 fireplace

Foreclosure Alert: Lincoln Park Townhouse 45% Off: 2220 N. Kenmore

This 4-bedroom townhouse at 2220 N. Kenmore in Lincoln Park just came on the market as a bank owned property.

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It is listed at about 45% below the 2006 selling price.

Here’s the listing:

BANK OWNED- SOLD AS-IS!! LOCATION! LOCATION!! BEAUTIFUL LINCOLN PARK TOWNHOME! 4 BEDROOM, 2.5 BTHS.

ALL CONTRACTS/OFFERS ARE SUBJECT TO INDYMAC BANKS SENIOR MANAGEMENT APPROVAL AND ANY OFFERS OR COUNTEROFFERS BY INDYMAC BANK ARE NOT BINDING UNLESS THE ENTIRE AGREEMENT IS RATIFIED BY ALL PARTIES.

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Koral Realty has the listing. See more pictures here.

Unit #A: 4 bedrooms, 2.5 baths, no square footage listed

  • Sold in May 1994 for $229,000
  • Sold in June 2003 for $455,000
  • Sold in September 2005 for $559,000 (?- records are unclear)
  • Sold in August 2006 for $825,000
  • Bank owned
  • Currently listed for $458,000 (parking included)
  • No assessments
  • Taxes of $1,706
  • Central Air

This asking price appears to be based on recent comps. Unit #B also has an interesting history and recently sold.

Unit #B:

  • Sold in December 2005 for $735,000
  • Sold in October 2006 for $820,000
  • Sold in September 2008 for $455,000

Selling for Less than the 2006 Price: 1862 N. Halsted in Lincoln Park

We chattered about this top floor unit at 1862 N. Halsted in Lincoln Park in September 2008. 

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It has been reduced $30,000.

Here’s the listing again:

Extra wide classic space! Cathedral ceiling, wood-burning fireplace, defined bay window dining area! Loft living space (19′ 8″ x 15′) with circular staircase from great room/kitchen. Kitchen with beautiful granite counters and breakfast bar, convenient to great room and lofted room!

Master bedroom with master bath plus French doors lead to large private deck. Common roof deck! Private one-car attached garage. Sellers relocation out of state must sell!

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Isabel Mikell at Koenig & Strey has the listing. See more pictures here.

Unit #3S: 2 bedrooms, 2 baths, no square footage given

  • Sold in April 1993 for $190,000
  • Sold in November 1998 for $325,000
  • Sold in November 2002 for $424,500
  • Sold in April 2006 for $476,000
  • Was listed in September 2008 for $499,000 (included parking)
  • Reduced
  • Currently listed for $469,000 (includes the parking)
  • Assessments of $242 a month
  • Taxes of $6,098
  • Central air

Foreclosure Alert: Short Sale is Now Bank Owned: 2625 N. Clark

We last chattered about 2625 N. Clark in Lincoln Park in March 2008 when there was a bunch of short sales going on in the building.

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Built in 1983, the 133-unit apartment building was converted into condos in 2005.

Unit #1504 was available in a possible short sale in March (the listing called it an “investors dream”) but has now been foreclosed and is back on the market as a bank owned unit.

Here’s the listing:

NOT A SHORT SALE. BANK OWNED AND SELLING IN AS IS CONDITION. FAX OFFERS TO LISTING OFFICE WITH A PRE QUAL OR PROOF OF FUNDS FOR CASH OFFERS AND A COPY OF AN EARNEST MONEY CHECK.

INCOMPLETE CONTRACT PACKAGES WILL BE IMMEDIATELY REJECTED. NO TERMITE OR SURVEY. AS IS. LAKE VIEW

P.R.S. Associates Inc. has the listing. See the listing here (no interior pictures available).

Unit #1504: 1 bedroom, 1 bath, about 700 square feet

  • Sold in August 2005 for $304,500
  • Was listed in March 2008 for $234,900 (parking extra)
  • Bank owned
  • Currently listed for $209,900 (can’t tell if parking is included or extra)
  • Assessments of $414 a month
  • Taxes are “new”
  • No W/D in the unit

Unit #1304 is also available as a “pre-short sale/foreclosure opportunity.” It’s currently listed for $212,000 with parking $25k extra.

Below is the kitchen and bath – which appears to be the standard in most of these units.

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Rizzo Realty Inc. has the listing. See more pictures here.

Can’t Rent It- Why Not Sell It? 235 W. Menomonee in Old Town

Nearly a year ago, we chattered about this single family home in the Old Town Historic Triangle at 235 W. Menomonee.

The house has a private coach house and 3 parking spaces on an oversized lot.

In December 2007, it was available to rent only. By May 2008, the rental price had been slashed by $5,000 a month.

Now, it’s on the market again but also for sale OR for rent.

Which one is the better deal?

Penny Bagherpour at Prudential Preferred has the listing. See more pictures and a virtual tour here.

235 W. Menomonee: 6 bedrooms, 5.5 baths (but 1 bedroom and 1 bath in the coach house),  6000 square feet, 3 car garage

  • Sold in July 1999 for $1,135,000
  • Sold in December 2002 for $1.7 million
  • Currently listed for $4 million
  • Was available for rent in December 2007 for $16,500 a month 
  • Reduced
  • Was available for rent in May 2008 for $11,500 a month
  • Currently available to rent for $12,000 a month
  • Taxes are $21,734
  • Massive roofdeck with cabana
  • Full nanny quarters (with own bedroom and bath)
  • Central Air