Crib Chatter

The Sterling, at 345 N. LaSalle, in River North once had the infamous title as the #1 foreclosure high rise condo building in the city.

We’ve been chattering about the foreclosures and short sales in the building since Crib Chatter launched in September 2007.

In the last 18 months to 2 years, while foreclosures continued in the building, prices seemed to have stabilized for the 2/2 units at around $250,000.

Two 01-tier 2-bedrooms sold as recently as June for the following:

1. Unit #2001: sold in June 2010 for $255,000
2. Unit #2201: sold in June 2010 for $250,000

But this 14th floor bank owned 2-bedroom recently came on the market at $237,500.

It hasn’t sold and was recently reduced $22,500.

There are no interior pictures so we don’t know if the kitchen and baths are in place (in some of the other sales, everything was intact.)

Unit #1701 is currently listed at $235,125 and is currently under contract (but that is also under the recent norm for sales of 2/2s in the building.)

Are prices double dipping in the building or is this one unit an aberration?

Timothy Blomquist at The Lake Shore Drive Group has the listing. See the listing here (no interior pics).

Unit #1401: 2 bedrooms, 2 baths, 1160 square feet

• Sold in April 2003 for $424,000
• Lis pendens filed in March 2008
• Bank owned in October 2009
• Originally listed in September 2010 for $237,500
• Reduced
• Currently listed for $215,000
• Assessments of $524 a month
• Taxes of $5055
• Central Air
• There are washer/dryer hook-ups in the unit
• Parking is rental in the building
• Bedroom #1: 12×10
• Bedroom #2: 16×11

The townhomes at LakeShore East, such as this one at 427 E. Benton, were eagerly anticipated as an alternative to the high rise lifestyle of the development.

This 3-bedroom, 3-level townhouse has been on the market since September 2009.

At 3739 square feet, it has a private elevator and an 800 square foot rooftop terrace.

The townhouse has a “gourmet kitchen” with Miele and SubZero appliances.

2 of the 3 bedrooms are on the third level with the third bedroom on the second, where there is also a family room.

The listing says that the assessments include the Aqua amenities (which is located across the park from these townhouses.)

Will these townhouses be a popular alternative to high rise living in this neighborhood?

Magellan Realty has the listing. See the pictures here.

427 E. Benton Place: 3 bedrooms, 3.5 baths, 3739 square feet, 2 heated garage spaces

• Listed in September 2009 for $2 million
• Currently listed for $2 million
• Assessments of $994 a month (includes cable, parking, aqua amenities)
• Taxes are “new”
• Bedroom #1: 16×13 (third floor)
• Bedroom #2: 13×9 (second floor)
• Bedroom #3: 13×11 (third floor)

The Chicago Tribune reported this weekend on a growing problem in many condo conversion and new construction buildings in Chicago: poor construction and developers who flee the scene.

Condo buyers are then left holding the bag while the value of their condos fall due to both market conditions and the problems in the building.

This tale begins in the summer of 2007.

She was 33. She’d staked her future, along with her earnings as an editor at a non-profit educational program, in that 800-square-foot condo on Chicago’s Northwest Side.

“It was time to have something,” she says, thinking back. “This is what you’re supposed to do: buy a small property. It gains in equity. Then you’re more secure. It totally worked for our parents.”

She had especially looked forward to painting her walls. She was so tired of “rental white.”

It seemed like a stroke of good luck when, a few days later, she got a new mortgage. She drove back to West Byron Street. The 1920s building was a typical Chicago condominium conversion, old brown brick and concrete, newly tricked out with granite countertops, hardwood floors and spa bathtubs.

The residents of the seven other finished condos were like her, in their 20s and 30s, excited to own their first homes.

There was Greg, who worked at a car rental agency. Linda, a nurse. Elliott, who would lose his insurance sales job at about the time they all realized they had a problem.

Looking back, Kallen and her neighbors can see the omens. The developers had dropped the sales prices. The oddly low assessments, they realize now, were just seduction.

Kaara’s windows stuck, Linda’s floorboards warped, the ceiling above Greg’s dryer leaked. The residents couldn’t legally form a condo association because four garden apartments sat unfinished. A letter arrived from the city citing code violations.

Not to worry. The developers were handling it.

In December 2008, the developers went broke. In the spring, they vanished, leaving bills unpaid and no cash reserves. They disconnected their phone.

The bank finally took possession of the 4 garden units that hadn’t sold from the developer. Then the city issued code violations against the building and told them to stop work on the 4 unfinished garden units.

The city sued the condo association to force repairs. The residents went to housing court hoping to make the bank pay. This summer, the judge ruled that the condo association, which included all the owners, was responsible. Kallen and her neighbors figure they now owe at least $75,000 in repairs and legal fees.

With all of the units in the building underwater there is no way for the homeowners to take out any kind of loan to pay for the repairs. They are stuck.

To try and raise money, the condo association is holding a fundraiser this Thursday, Nov 11, at the Neo-Futurist theater. Tickets are $15.

What would you do?

Stuck in a money pit, condominium owners try digging out [Chicago Tribune, Mary Schmich, November 7, 2010]

This 3-bedroom penthouse at 2027 N. Damen in Bucktown is right in the middle of the action.

All you have to do is walk out your door and there is a plethora of restaurants and bars to choose from.

The unit has been reduced once and is now listed $30,100 under the 2008 purchase price.

Built in 2008, this penthouse also has a roof deck with city views.

The kitchen has stainless steel appliances, granite counter tops and Italian cabinets.

There are front and back balconies as well as covered parking.

What will it take to sell this unit just 3 years after the last purchase?

Craig Isacson at @Properties has the listing. See the pictures here.

Unit #4: 3 bedrooms, 2 baths, 1500 square feet

• Sold in February 2008 for $515,000
• Originally listed in September 2010 for $495,000
• Reduced
• Currently listed for $484,900 (parking included)
• Assessments of $165 a month
• Taxes of $6611
• Central Air
• Washer/Dryer in the unit
• Skylights
• Bedroom #1: 15×13
• Bedroom #2: 11×9
• Bedroom #3: 12×8

We first chattered about this 2-bedroom penthouse unit with a large roof top terrace at 444 W. Belmont in Lakeview in August 2008.

See our prior chatter and pictures here.

It’s worth checking out the prior chatter.

At the time, everyone who posted thought it was overpriced at $825,000. Some of you thought it wouldn’t sell for more than $600k.

One of you thought it would be back on Crib Chatter months later for much less. Bob thought it would go back to the bank (and was going to short the stock of the bank with the loans).

Homedelete mused that it would ultimately sell below the 2000 price of $383,000 (which was then disputed by others.)

Just over two years later, it is indeed bank owned (gold star to Bob) and it is also listed for under the 2000 purchase price (double gold star to Homedelete.)

The building was constructed in 1928 and the unit has vintage features from that era including a barrel vaulted ceiling.

The rooftop terrace measures 23×29 and has lake and city views.  The outdoor grill will stay with the unit.

The kitchen and baths are intact but as you can see in this picture, compared with the August 2008 listing, the shiny Viking stove has been replaced with a white model. There is a family room attached to the kitchen.

I’ve been informed that there are some light fixtures missing and some cosmetic touchups to a wall will need to be done due to recent tuck pointing. The roof was also, apparently, checked recently.

I’ve also been informed by the agent that all assessments are paid and there are no back taxes, liens or assessments outstanding. Unlike a short sale, the closing can be done quickly- like a “normal” closing.

There is a washer/dryer in the unit and central air but no parking.

In 2008, no one believed (except Homedelete) thought it would sell below the 2000 purchase price.

Now that it will, does that mean this is now a deal?

Parker Pearson at Pearson Realty Group has the listing. See more pictures here.

Or see it in person at the Open House this Saturday, November 6 at 12-2 PM.

Unit #7B: 2 bedrooms, 2 baths, 1800 square feet

• Sold in July 2000 for $383,000
• Was listed in August 2008 for $825,000 (leased parking nearby)
• Reduced several times
• Delisted in April 2009
• Lis pendens foreclosure filed in June 2009
• Currently bank owned and listed for $369,000
• Assessments of $509 a month
• Taxes of $6,378
• Central air
• Washer/Dryer in the unit
• No parking
• Deck: 23×29
• Bedroom #1: 11×19
• Bedroom #2: 16×12

We’ve chattered about this 2-bedroom unit at 235 W. Eugenie in Old Town almost since I started writing this blog which was 3 years ago.

It has been listed, on and off the market, since March 2008.

We last chattered about it in February 2010 after it came back on the market and was further reduced.

See our February 2010 chatter here.

It is still available and is now reduced $70,000 from its March 2008 list (although the other prices included the parking and now it does not- so assuming parking is at least $30k, it has only been reduced by $40k since the original March 2008 listing.)

The building was designed by famed mid-century modern architect Harry Weese.

The duplex up unit has the original fireplace.

The kitchen has white cabinets, white and black appliances and white counter tops.

It does not have central air (only window units) but it does have in-unit laundry and deeded parking.

Is this a deal now?

Cara Buffa at Prudential Rubloff now has the listing. See the pictures here.

Unit #T-4: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in August 2004 for $385,000
• Was listed in March 2008 for $409,900 (included a parking spot)
• Reduced
• Was listed in July 2008 for $404,900
• Withdrawn
• Was listed in June 2009 at $384,000 (parking spot included)
• Withdrawn
• Was listed in February 2010 at $368,000 (parking spot included)
• Reduced (kind of)
• Currently listed at $339,900 (parking now extra)
• Assessments of $194 a month
• Taxes of $3,900
• No Central Air- window units
• Washer/Dryer in the unit
• Living room: 21×13
• Kitchen: 16×9
• Bedroom #1: 15×13
• Bedroom #2: 10×8

This 2-bedroom unit in Randolph Place at 165 N. Canal in the West Loop has just gone under contract.

On the market since January 2010, it was reduced $100,000 and is now listed $112,100 under the 2007 purchase price (if you include the parking).

It is the cheapest 2-bedroom unit for sale in the building.

At 1800 square feet, it is priced at what some of the 1-bedrooms used to list for.

The unit is a “soft-loft” with high ceilings and crown molding but some walls do not go to the ceiling.

The kitchen has stainless steel appliances and granite counter tops.

The master bathroom has a steam rain shower and Grohe body spray.

Converted into condos in 2000, Randolph Place, with about 340 units, has been hot with buyers over the years seeking space and city views.

One side of the building overlooks the Chicago River, one side overlooks the El line and one side looks west over the Metra Market.

Will the sale of this unit be a comp killer for all the other larger 2-bedroom units in the building?

Gwen Huges at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #1529: 2 bedrooms, 2 baths, 1800 square feet, bonus room

• Sold in February 2000 for $259,500
• Sold in July 2004 for $375,000
• Sold in September 2007 for $482,000
• Originally listed in January 2010 for $429,900
• Reduced numerous times
• Currently listed for $329,900 (plus $40k for tandem parking)
• Under contract
• Assessments of $512 a month
• Taxes of $5326
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×12
• Bedroom #2: 13×12
• Bonus room: 21×11

Nearly 2 years ago, in January 2009, we chattered about an “affordable” 1-bedroom vintage unit in the midrise at 918 W. Winona in the Margate Park neighborhood of Uptown.

Back then, “affordable” was anything listed under $200,000.

At the time the unit was listed for $150,000 or you could rent it for $1200 a month.

See our prior chatter and pictures here.

It sold in June 2009 for $128,000, or $6,000 under the 2003 purchase price.

Currently, there are 5 units for sale in the building, with 3 of them being 1-bedrooms.

The most expensive unit is listed at $105,000 and the cheapest 1-bedroom for $40,900.

Interestingly, the $40,900 1-bedroom was mentioned in the prior 2009 chatter by “G” as having been rented out in June 2008 for $1000 a month.

Unit #305: 1 bedroom, 1 bath

• Sold in July 2000 for $53,500
• Sold in January 2001 for $73,000
• Sold in December 2003 for $121,000
• Originally listed in May 2007
• On and off the market
• Was listed in September 2010 for $50,400
• Reduced
• Currently listed for $40,900
• Assessments of $296 a month (includes heat and cable)
• Taxes of $577
• No central air
• No washer/dryer in the unit
• No deeded parking
• Andre Bennett at Royal Crest Realty has the listing. See the listing here (no interior pictures.)

Or check out Unit #302, a 1-bedroom short sale. It has a separate dining room and crown molding in the living room.

Mario Greco at Prudential Rubloff has this listing. See the pictures here.

Unit #302: 1 bedroom, 1 bath, 821 square feet

• Sold in June 1988 for $11,000
• Sold in October 1990 for $13,500
• Sold in May 1998 for $39,500
• Sold in July 2002 for $134,000
• Sold in March 2006 for $175,000
• Originally listed in September 2010 for $130,000
• Reduced
• Currently listed as a “short sale” for $99,000
• Assessments of $344 a month (includes heat and cable)
• Taxes of $1,081
• No central air
• No washer/dryer in the unit
• No parking

What will be the bottom in prices for this building?

Are any of these units deals?

The new construction high rise at 2 W. Delaware, Walton on the Park, in the Gold Coast just cut prices.

The 201 unit building recently started closings.

In September, Crain’s reported that nearly 100 units were still unsold and that plans for a second tower were scrapped. It also reported that the developers had gotten a loan extension to March 2011 which could then be pushed back to September 2012.

Some of the price cuts include:

Unit #704: 1 bedroom, 1.5 bath, 1000 square feet

• Was $545,000
• Now $508,000

Unit #2103: 2 bedrooms, 2 baths, 1280 square feet

• Was $840,000
• Now $686,000

Unit #1101: 3 bedrooms, 2 baths, 1920 square feet

• Was $1.28 million
• Now $1.155 million

With all of the price cuts we’ve seen on new construction buildings in the last few years, do they even help to sell units anymore?

Ralph Olivia at Coldwell Banker is handling the sales. You can see the model pictures here.

Or check out the building’s website.

Shipka, Stein win condo extension [Crain’s Chicago Business,  Andrew Schroedter, September 1, 2010]

This large 3-bedroom duplex down in a vintage building at 3807 N. Wilton in Lakeview was bank owned in August of 2008.

There are no interior pictures of the unit from the prior sale and the description doesn’t tell us the condition of the unit.

But it sold in January 2009 for $205,000 with a parking space.

It is now a “gut rehab” and has a new kitchen with granite counter tops and stainless steel appliances, brazilian hardwood floors, new carpet and paint and custom spa-like baths.

All 3 bedrooms are in the duplex down.

It has central air and a washer/dryer in the unit.

After months on the market, what will it take to find a new buyer for this unit?

Marcel Murrell at Prime Market Realty has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, 2800 square feet, 1 car parking

• Sold in February 1996 for $151,000
• Lis pendens filed in October 2007
• Bank owned in August 2008
• Sold in January 2009 for $205,000
• Originally listed in August 2009
• On and off the market
• Listed in August 2010 for $437,500
• Reduced
• Currently listed for $429,900
• Assessments of $235 a month
• Taxes of $4425
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×13 (lower level)
• Bedroom #2: 15×15 (lower level)
• Bedroom #3: 15×11 (lower level)