Get Your Million Dollar Penthouse Condo 50% Off: 40 E. 9th

Several penthouse properties are in distress in 40 E. 9th, Burnham Park Plaza Condos, in the South Loop. The building was built in 1912 and converted into condominiums earlier in this decade. It has 290 units.

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One penthouse is already bank owned and now listed 55% less than its previous sale. Another has a lis pendens filed against it.

A third penthouse is on the market after selling just last year.  Here’s the listing:

DUPLEX PENTHOUSE CONDO! HUGE LIVING/DINING ROOM COMBO WITH HARDWOOD FLOORS. KITCHEN FEATURES SS APPLIANCES AND 1 1/4 GRANITE COUNTER OPEN FLOOR PLAN. LOFT MASTER BEDROOM WITH LARGE DECK WITH FANTASTIC VIEWS. ONE CAR GARAGE PARKING INCLUDED

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Unit #1902: 2 bedrooms, 2 baths, 2500 square feet, rooftop terrace

  • Sold in April 2007 for $1.1 million
  • Currently listed for $1.2 million (parking included)
  • Assessments of $541 a month
  • Taxes of $578 (this is what it says…)
  • Sudler Sothebys has the listing

Unit #1906 is already bank-owned and drastically reduced from the last sale. (Sorry- no interior pictures.)

Unit #1906: 3 bedrooms, 3 baths, no square footage listed

  • Sold in December 2006 for $1.65 million
  • Foreclosure
  • Bank owned and listed for $754,900 (parking included)
  • Assessments of $1532 a month
  • Taxes of $1,717 (this is what it says)
  • Amalgamated Real Estate has the listing

Unit #1916 has a lis pendens filed against it.

Unit #1916:

  • Sold in October 2006 for $1.55 million
  • Lis pendens filed in June 2008 by the Bank of New York
  • Foreclosure amount of $989,595

Stay tuned.

Selling Less Than a Year Later: 615 W. Deming in Lincoln Park

How realistic is it to list in this market for more than you paid for a property less than a year ago?  (if no extensive renovations were done?)

We’ll soon find out.

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Take this two bedroom unit at 615 W. Deming in East Lincoln Park.

It last sold in August 2007 and is back on the market 11 months later for $50,000 more.

Here’s the listing:

PRIME LINCOLN PK LOCATION! GRACIOUS DUPLEX IN SMALL ELEVATOR BLDG OVERLOOKS LAWN & TREE-LINED STREET . 2-CAR GAR INCL. ABUNDANT UPGRADES & CUSTOM BUILT-INS. 1ST FL: LR/DR W/ FPL & VAULTED CEILING; LARGE TERRACE; OPEN GRANITE KIT W/ BREAKFAST BAR; FULL BR & BA.

2ND FL: MASTER SUITE W/MRBL BATH, SEP SHOWER, WALK-IN CLST; HUGE FAM RM/DEN W/COMPUTER WORKSTATION. HRDWD FLRS. W/D IN-UNIT. PETS OK. NEAR PARK

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There are no pictures of the kitchen (outside of the partial you see above) or the baths.

Unit #302: 2 bedrooms, 2 baths, 2000 square feet, family room

  • Sold in August 1999 for $415,000
  • Sold in August 2007 for $725,000
  • Currently listed for $775,000 (includes 2 parking spots)
  • Assessments of $466 a month
  • Taxes of $7928
  • Koenig & Strey has the listing

Pre-War Vintage Beauties: 3800 N. Lake Shore Drive

We’ve been chattering about a lot of new construction concrete units lately. These vintage beauties at 3800 N. Lake Shore Drive in Lakeview are about as far away from that as you can get.

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The building has 95 units and was built in 1927. It’s the standard type of layout for the period-with  separate dining rooms and many have “maid quarters” off the kitchens.

This building has no pool but it does have parking. Washer/dryers appeared to be allowed in the unit and some of the units either have central air or spac pak.

Several of the listings refer to a special assessment but otherwise the assessments appear quite reasonable for a building of this era and for units of this size.

Why aren’t these selling?

Unit #14E is currently vacant (as you can see from the pictures below.) But I saw this unit at an open house TWO years ago when it was still fully furnished! 

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Unit #14E: 3 bedrooms, 2 baths, 2150 square feet

  • Sold in January 2001 for $372,500
  • Currently listed for $539,000
  • Assessments of $1048 a month
  • Taxes of $5794
  • Listing doesn’t say it has a w/d but others in the building have one
  • 2 car parking
  • Original carved mantel
  • Seller to pay special assessment
  • Listing says central air
  • @Properties has the listing

The listing for Unit #3G says it was renovated:

YOU MUST SEE THIS CLASSIC VINTAGE HOME WITH MODERN STYLE – 2BED/2 BATH-GRACIOUS, RENOVATED TURN-KEY RESIDENCE IN PRESTIGIOUS LSD BUILDING. TREE TOP VIEWS, WELL-PROPORTIONED ROOMS, COVE MOLDING DETAILS, RICH HERRINGBONE HDWD, LRG AMPLE CLOSETS AND STORAGE. NEWER KITCHEN WITH GRANITE,SS APPS. UPDATES INCL BOTH BATHS FULLY RENOVATED, NEW SPACE PAC 200AMP ELEC, WIRED FOR SOUND,W/D IN UNIT. PET-FRIENDLY!

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Unit #3G: 2 bedrooms, 2 baths

  • I couldn’t find a prior sales price
  • It was recently reduced
  • Currently listed for $524,900
  • Assessments of $830 a month
  • Taxes of $4145
  • Has w/d in the unit
  • 2 car parking included
  • Prudential Preferred has the listing

$400k Reduction for the Japanese Gardens: 201 W. Grand

We’ve chattered about this penthouse unit at 201 W. Grand in River North several times now- the last time in April 2008.

Back then, we all marveled at how cool the unit was with its one-of-a-kind Japanese gardens and how you couldn’t really put a price tag on something so unique.

The unit is still for sale and has been reduced by $400,000 since its original listing last fall.

Here’s the listing again:

SPECTACULAR RIVER NORTH PENTHOUSE IS A VISUAL LANDMARK- 6000SF OF CONTEMPORARY INDOOR/OUTDOOR LIVING, 360* VWS OF THE CITY, FLR TO CEILING WINDOWS, 20FT CEILINGS.

THE 2 BR, 2 1/2 BTH SKYHOME IS A TRANQUIL RETREAT WITHOUT THE INTRUSION OF DOORMEN OR BLDG AMENITIES. THIS ONE-OF-A-KIND PROPERTY FEATS 3000SF JAPANESE TERRACE W/PONDS, FOUNTAINS & 12FT BONSAI TREES, 2 DEEDED PRKG SPC’S INCLD.

Unit PH2: 2 bedrooms, 2.5 baths, 3000 square feet, 2 parking spaces included, 3000 square foot terrace

  • Sold in April 2004 for $1,700,000
  • Was listed in September 2007 for $3.95 million
  • Withdrawn from the market 
  • Was listed in April 2008 for $3.79 million (2 parking spaces still included)
  • Reduced
  • Now listed for $3.59 million (2 parking spaces still included)
  • Assessments of $1900 a month
  • Taxes of $24,771
  • Koenig & Strey still has the listing

Back of the Yards Authentic Lofts: 4807 S. Ashland

Despite the recent housing boom, do some Chicago neighborhoods still offer opportunities?

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Back of the Yards is a neighborhood on the Southwest Side near Bridgeport and McKinley Park. These lofts at 4807 S. Ashland are in an old department store that was converted in 2005.

Will artists, writers and other creative types do for Back of the Yards what they’ve done for other neighborhoods such as Wicker Park and Bucktown? 

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Unit #201: 2240 square feet, 2 bathrooms

  • Sold in April 2005 for $219,500
  • Currently listed for $224,900 (parking included)
  • Assessments of $307 a month
  • Rising Realty LLC has the listing

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Unit #402: 2 bedrooms, 1 bath, 1800 square feet, roof rights

  • Sold in May 2005 for $241,000
  • Currently listed for $265,000  (parking included)
  • Assessments of $312 a month
  • Dream Town Realty has the listing

Rent Versus Own Debate: 55 E. Erie in River North

55 E. Erie is a very successful luxury high rise in River North. Built in 2005, it has 214 units.

In a market where luxury sales have stalled, three units priced over $3 million have sold in 2008 alone.

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But you don’t have to have millions to live in the building. No- you can simply buy, or rent, one of  the larger one bedroom condos.

Take Unit #2206. It is both for sale and available to rent.

Which is the better deal?

(These are the only interior pics available.)

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Unit #2206: 1 bedroom, 1 bath, 1060 square feet

  • Sold in February 2004 for $414,500
  • Currently listed for $525,000 (parking about $40k to $50k extra)
  • Assessments of $446 a month
  • Taxes of $7,900
  • 8 x 10 balcony
  • Gold Coast Realty has the listing

Here’s the listing for the rental:

BEAUTIFUL 1 BEDROOM, 1.1 BATH CONDO IN PRESTIGIOUS FULL AMENITY BUILDING. VIEW TRUMP TOWER AND THE CITY FROM YOUR TERRACE. UNIT FEATURES HARDWOOD FLOORS, WALK-IN CLOSET AND CHARMING FIREPLACE. UPGRADED KITCHEN INCLUDES GRANITE COUNTERS, 42 INCH CABINETS. MARBLE MASTER BATH WITH RAISED DOUBLE VANITY. ENJOY STEAM, SAUNA, FITNESS ROOM, LAP POOL. WALK TO WORK, MICHIGAN AVE. PARKING ADDITIONAL.

Unit #2206: 1 bedroom, 1.5 baths, 1060 square feet

  • For rent at $2500 a month
  • Parking extra (probably $200 or $250 a month)
  • Gold Coast Realty has the listing

Rent or Own?

Another Foreclosure in the Gold Coast: 57 E. Delaware

We’ve chattered about The Bristol, at 57 E. Delaware, in the Gold Coast before. Some units in the building have had problems re-selling in the last few years because of the construction of a high rise directly to the south of the building on Chestnut that blocked views.

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Current stats on the building (out of 180 units):

  • 13 for sale
  • 5 for rent
  • 5 units have sold so far in 2008

A one bedroom unit that is currently on the market had a lis pendens filed against it in June.

Here’s the listing:

ONE-BEDROOM INCLUDING AND A PRIME PARKING SPACE WITHIN THE BUILDING. STUNNING VIEWS, SUPERB UPGRADES WITH AN OPEN KITCHEN, HARDWOOD FLOORS, LOTS OF CLOSETS, WASHER/DRYER, MASTER BATH, WITH SOAK TUB & SEPARATE SHOWER. BLINDS AT ALL WINDOWS. VERY EASY TO SHOW THIS MODEL UNIT WHICH IS SELDOM LIVED IN. BEYOND ELEGANCE AND LUXURY!

Unit #2001: 1 bedroom, 2 baths, 1135 square feet

  • Sold in May 2000 for $383,500
  • Sold in May 2001 for $383,500
  • Sold in January 2006 for $370,000
  • Currently listed for $505,000 (parking included)
  • Lis pendens filed on June 18, 2008 by Deutsche Bank
  • Assessments of $633 a month
  • Taxes of $5,000
  • Baird & Warner has the listing

There are several “01” tier units on the market, including #3001, #2601, and #1701.

These units all have 1.5 baths, instead of the two full baths that are in Unit #2001.

Here are some pictures from Unit #3001, currently on the market, to give you an idea of the size.

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Unit #3001: 1 bedroom, 1.5 baths, 1135 square feet

  • Sold in December 2000 for $440,000
  • Sold in January 2006 for $425,000
  • Currently listed for $499,900 (parking extra)
  • Assessments of $723 a month
  • Taxes of $5,378
  • Prudential Preferred has the listing

What It Takes to Sell Quickly: 5812 N. Magnolia

There are some lovely vintage properties in the Edgewater and Andersonville neighborhoods.

5812 N. Magnolia in the Magnolia Glen neighborhood of Edgewater is one of those properties.

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It was built in 1912, has a dining room and a sunroom, as well as parking and outdoor space.

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I doubt we’ll be talking about how long this unit stayed on the market because it is under contract after only 30 days on the market.

Some properties are obviously still selling quickly. 

Unit #2: 3 bedrooms, 1.5 baths, dining room,  sun room, 1550 square feet

  • I couldn’t find a prior sales price- but it looks like the building was converted in 2005
  • Currently listed for $429,900 (parking included)
  • Assessments of $145 a month
  • Taxes of $3970
  • Central air
  • @Properties has the listing

Still Trying to Sell: 1735 W. Diversey in Lincoln Park

We chattered about a foreclosure in 1735 W. Diversey in Lincoln Park in November 2007.

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The foreclosure was a two bedroom, two bath penthouse unit.

Unit #608: 2 bedrooms, 2 baths

  • Sold in October 2000 for $206,500
  • Sold in May 2003 for $314,900
  • Foreclosure auction price of $504,725 in November 2007
  • Has not yet come back on the market

We also chattered about another penthouse unit that was on the market. It had a 90 foot wrap-around deck.

It is still available and has been reduced.

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Unit #615: 3 bedrooms, 2 baths, 1715 square feet

  • Sold in June 2000 for $368,000
  • Sold in April 2002 for $395,000
  • Sold in July 2006 for $492,000
  • Listed for $530,900 in the fall of 2007
  • Reduced
  • Listed in November 2007 for $515,900
  • Reduced
  • Currently listed for $490,000 plus $20,000 for parking
  • Taxes of $7215
  • Assessments of $490 a month
  • Koenig & Strey has the listing

Back to 2005 Prices? 1250 S. Indiana in the South Loop

1250 S. Indiana is a 168 unit 2005-constructed building in the South Loop just behind One Museum Park.

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It has a good location, for those who want to be near Grant Park and Roosevelt Road’s transportation options.

The building wasn’t built as a “luxury” building. Many of the two bedroom units are on the smaller side (under 1100 square feet.)

Two two bedroom units just came on the market. Unfortunately, neither has pictures of the interior.

Is it back to 2005 pricing for these sellers?

Unit #301: 2 bedrooms, 2 baths, 1069 square feet

  • Sold in January 2005 for $294,500
  • Flipped
  • Sold in August 2005 for $342,500
  • Currently listed at $360,000 (includes the parking)
  • Assessments of $431 a month
  • Taxes of $3988
  • Corner unit with east view
  • Brand Central Homes has the listing

Unit #606: 2 bedrooms, 2 baths, no square footage listed, split floor plan

  • Sold for $304,000 in February 2005
  • Currently listed for $355,000 (parking included)
  • Assessments of $409 a month
  • Taxes of $3750
  • East facing
  • Charles Rutenberg Realty has the listing

For some pictures of the interiors, check out this 2 bedroom, 1.5 bath unit that is currently on the market. It faces west.

The listing says the “Seller is motivated! Will pay $2000 in closing costs.”

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Unit #1308: 2 bedrooms, 1.5 baths, 1069 square feet

  • I couldn’t find a prior sales price
  • Currently listed at $369,900 (parking included)
  • Assessments of $399 a month
  • Taxes are $4161
  • RDR Realty has the listing