Trying to Sell 2 Years Later: 1208 W. Webster in Lincoln Park

How long do you now have to hold onto a property to “make” money in this kind of market?

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We’ve recently been chattering about quite a few sellers looking to sell after only two years. Take this condo at 1208 W. Webster in Lincoln Park.

It seems to have all the requirements (central air, w/d, 2 bathrooms), except it doesn’t have deeded parking.

Here’s the listing:

FANTASTIC LP PENTHOUSE PRICED TO SELL! OPEN FLOORPLAN W/EXPOSED BRICK, HWDFLRS THRU-OUT, GAS FP & HUGE WINDOWS. KITCHEN HAS A MAPLE CABINETS, SS APPLS & GRANITE COUNTERS. LARGE MASTER SUITE W/TONS OF STORAGE, PRIVATE MARBLE BATH W/DBL BOWL VANITY & WHIRLPOOL TUB.

UNIT ALSO INCLUDES IN-UNIT W/D, GREAT STORAGE, BRAND NEW BACK DECK & ROOF RIGHTS. LEASED PARKING IN SECURE GARAGE. A MUST SEE!

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@Properties has the listing. See more pictures here.

Unit #4: 2 bedrooms, 2 baths, 1325 square feet

  • Sold in February 2002 for $355,000
  • Sold in August 2006 for $460,000
  • Currently listed for $499,900
  • Assessments of $143 a month
  • Taxes of $4,922
  • Central air
  • No parking- leased nearby

Seller Under Stress in The Royalle: 744 N. Clark in River North

Short sales continue in every neighborhood. This 2-bedroom is in short sale at The Royalle, a 2002 mid-rise building at 744 N. Clark in River North.

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Here’s the listing:

SHORT SALE SUBJECT TO LENDER/BANK APPROVAL, RIVER NORTH, THE ROYALLE, INTIMATE BUILDING WITH 40 UNITS TOTAL, CONTEMPORARY DESIGN, OPEN FLOOR PLAN,

BRIGHT, EAST/SOUTH EXPOSURES, DEN CAN BE USED AS 3RD BEDROOM OR OFFICE, HARDWOOD FLOORS THRUOUT, STAINLESS STEEL APPLIANCES, GRANITE, LAUNDRY IN UNIT, WHIRLPOOL TUB, GARAGE PARKING $35,000.

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Eric Hochstadter at Coldwell Banker has the listing. See more pictures here.

Unit #601: 2 bedrooms, 2 baths, den, 1450 square feet

  • Sold in November 2004 for $489,000
  • Currently listed for $399,000 plus $35,000 for parking
  • Assessments of $502 a month
  • Taxes of $5,925

No Downpayment? No Problem: 170 W. Polk in the South Loop

Thanks to the tipster who sent me this marketing e-mail from Printers Corner, the 88-unit building at 170 W. Polk in the South Loop.

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I don’t know how much of the building has sold- but there are only 4 listings on the MLS.

Does this kind of marketing lure you in?

Don’t wait for the government to solve our problems!

PRINTERS CORNER ANNOUNCES THE ONLY FINANCE PROGRAM IN THE SOUTH LOOP DESIGNED TO:

1.    Lower the down payment needed to purchase a new condo.  The maximum down payment required under this program is 3.5% and some purchasers may be qualified for assistance that will provide them with 100% of the down payment.

2.    Allow buyers to live free for up to six months with the developer paying principal, interest, taxes and condo fees or as an alternative provide a reduction in your interest rate of 1.25% for the life of the loan.

3.    Provide realistic underwriting standards for first time and repeat homebuyers in owner occupied homes.

4.    And in addition to all of the above, gives free parking to the first ten buyers

Here’s the listing and some pictures from a 1-bedroom unit currently on the market.

GORGEOUS BRIGHT 1BR/1BTH CORNER HOME IN EXCITING PRINTERS ROW NEIGHBORHOOD. HOME INCLUDES 10′ CEILINGS, FLOOR TO CEILING WINDOWS, CROWN MOULDINGS, HARDWOOD FLOORS IN LIVING/DINING ROOM AND KITCHEN, PRIVATE BALCONY, AND 6 FT WHIRLPOOL TUB. PARKING AVAILABLE ON-SITE.

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Winthrop Marketing and Sales LLC has the listings. See more pictures here.

Unit #1706: 1 bedroom, 1 bath, 769 square feet

  • Currently listed for $349,000 (parking extra)
  • Assessments of $270 a month
  • Taxes are “new”

Another Chance in Case Study: 156 W. Superior in River North

The listing for this 3-bedroom unit in Case Study, the 11-unit boutique modern building at 156 W. Superior in River North that was built in 2005, says that it is the first resale in the building.

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Here’s the listing:

First resale of award-winning and architecturally unique full floor 3 bed residence with direct elevator by Miller and Hull, Seatle. Open and sleek living area with Aclinea kitchen, commercial grade stainless steel appliances, ceil to floor windows, concrete floors, artist designed built-ins, leads to private terrace.

Master suite with grand spa bathroom, custom walk-in closet, second bed with private terrace. Unlike anything on the market in the most sought after boutique building.

This is not completely correct. We chattered in October 2007 about Unit #201, which was then on the market (but, I believe, never sold.)

Will this seller be more successful?

Check out the floors. They are stained concrete.

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Jena Radnay at Koenig & Strey has the listing. See more pictures here.

Unit #601: 3 bedrooms, 2.5 baths, 3000 square feet

  • Sold in March 2006 for $1,289,500
  • Currently listed for $1,649,000 (parking included)
  • Assessments of $602 a month
  • Taxes of $7,660

Waiting For Buyers: 3137 S. Throop in Bridgeport

There are empty new construction single family homes all over the city. Take this 3-bedroom at 3137 S. Throop in Bridgeport. It has been on the market since January 2008.

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Here’s the listing:

DELUXE NEW CUSTOM CONSTRUCTION-LUXURY LIVING- MAPLE HARDWOOD FLOORS MAIN LEVEL-CROWN MOULDING-9′ CEILINGS MAIN LEVEL-

VAULTED CEILING MASTER BEDROOM-DESIGNER KITCHEN CABINETS-SS APPLIANCE-ENERGY EFFICIENT PELLA WINDOWS-2 HIGH EFFICIENCY FURNACES-SECURITY SYSTEM-WIRED CABLE TV, TELEPHONE, CAT5-FULL FINISHED BASEMENT MUST SEE

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Avenue Realty Group, Inc. has the listing. See more pictures here.

3137 S. Throop: 3 bedrooms, 3.5 baths, 3200 square feet, 2 car garage

  • Originally listed in January 2008 for $632,000
  • Several reductions over the months
  • Currently listed at $623,000
  • Taxes are $405 (presumably from the old structure that was on the parcel)

Flipper Alert: Flippers Keep Trying: 1400 S. Michigan

1400 S. Michigan, or Michigan Avenue Towers, in the South Loop started closing on units three weeks ago. There are 270 units in the building.

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Already, there are several flips on the market.

Current stats (out of 270 units):

  • 9 units for sale
  • 24 units for rent

Some may be both for rent AND for sale.

Am I the only one who finds it amazing that investors continue to close on their units?

Here’s Unit #708, a 1-bedroom with den on the terrace level:

Brand NEW 1BD Plus Den Condo w/ Private Terrace to Easy access to pool/sundeck, HWD FLRS, STN STL APL, GRNT Countertops, South Exposure, In Beautiful SOUTH LOOP. Parking Additional 40K for extra wide spot on 6th floors easy access to unit.

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I believe this is the “den”:

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The Real Estate Group IL, LLC has the listing. See more pictures and a virtual tour here (including of the outdoor space).

Unit #708: 1 bedroom, 1 bath, 751 square feet

  • Sold in September 2008 for $357,500
  • Currently listed for $329,900 plus $40,000 for parking = $369,900
  • Assessments of $380
  • Taxes are “new”
  • The den is 5×6
  • Or- you can rent it for $1750 a month without parking or $2000 a month with parking

There are numerous 1-bedrooms available to rent. The cheapest units are $1500 plus $200 for parking for 700 – 800 square feet.

Willing to Wait for Buyers: 1401 W. Berteau in Lakeview

Yes, these are the current pictures of this townhouse at 1401 W. Berteau in Lakeview.

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Unit #B has been on the market since February 2008 with NO price reductions.

Here’s the listing:

Bright, open and contemporary 3 bd/3 bth TH with 2 car gar. Designed by award winning architect Atila Demeter. Dramatic 2 story living room, maple hwfs & Niles audio system throughout.

Bosch, Subzero, Dacor white kitchen. MBR with private deck and MBA features steam room and Jacuzzi tub. Fabulous Graceland west neighborhood close to Wrigley and all that Southport Corridor has to offer. Paint credit negotiable.

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

Unit #B: 3 bedrooms, 3 baths, 2 car garage

  • Sold in October 2004 for $599,000
  • Was listed in February 2008 for $660,000
  • Still listed for $660,000
  • Assessments of $331 a month
  • Taxes of $8805

Foreclosure Alert: 2004 Prices in 2024 S. Wabash in the South Loop

We chattered about this 2-bedroom loft at Ravinia Lofts at 2024 S. Wabash in November 2007. At the time, it was a short sale. It has since been foreclosed and is now back on the market as a bank-owned unit.

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It’s listed for only $20k less than it was as a short sale last fall (if parking is included in the price). Is this wishful thinking by the bank?

Here’s the listing:

THIS IS AN “AS-IS” PROPERTY, BUT A NICE ONE!! 2 BEDROOMS, 2 BATHS, HARDWOOD FLOORS. GREAT CLOSETS, GRANITE, BALCONY, FIREPLACE…LUXURY LIVING. NICE FLOOR PLAN, IN-UNIT WASHER/ DRYER.

PRICED TO SELL. NO DISCLOSURES. EARNEST MONEY IN FORM OF CASHIERS CHECK. PRE-APPROVAL LETTER MUST ACCOMPANY ALL OFFERS. SPECIAL ADDENDUMS.

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

Unit #506: 2 bedrooms, 2 baths, 1200 square feet

  • Sold in September 2004 for $270,000
  • Lis pendens in June 2007
  • Was listed as a short sale in November 2007 for $280,000 plus $20,000 for parking (which had to sell with the unit)
  • Bank-owned in February 2008
  • Currently listed at $278,500 (I can’t tell if parking is included- it may be)
  • Assessments of $413 a month
  • Taxes of $3,814

Update on Stresses in 1717 S. Prairie in the South Loop

We last chattered about Unit #2301 at 1717 S. Prairie in May. At that time, the unit was listed for sale at about 40% off the 2006 sale price.

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A lis pendens was recently filed against the property. It continues to be on the market for the same price as in May.

Here’s the listing:

SPECTACULAR NORTH EAST CORNER DEVELOPER’S PENTHOUSE W/ 5 DEEDED GARGE PARKING SPACES! AT 2600 SQ/FT ENJOY THE LARGEST HOME IN THIS BUILDING WITH 360 DEGREE FLOOR-CEILING VIEWS OF THE LAKE, CITY, AND NAVY PIER.

THIS EXCEPTIONAL HOME FEATURES EVERY UPGRADE INCLUDING MAHOGONY DIAGONAL HDWD FLRS, WALK IN WINE CELLAR, SEPERATE DEN, EAT-IN KITCHEN W/SS APPL., AND A GRAND TERRACE OVERLOOKING SOLDIER FIELD/MUSUEM PK/LOOP

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Kimberly Chase Harding at Coldwell Banker has the listing. See more pictures here (sorry- no kitchen or bathroom pictures available).

Unit #2301: 3 bedrooms, 2.5 baths, 5 car parking

  • Sold in December 2006 for $1.75 million
  • Currently listed for $999,000
  • Lis pendens filed in September 2008
  • Mortgage was 100% financing
  • Assessments of $1,240 a month
  • Taxes of $4,500

We Love Authentic Lofts: Does a River View Matter? 550 N. Kingsbury

There aren’t many homes located directly on the Chicago River in the downtown area but the River Bank Lofts at 550 N. Kingsbury in River North is one of them.

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What’s the premium for being able to look at the water every morning?

Here’s the listing for a 2-bedroom unit:

POPULAR RIVER BANK LOFTS CORNER TIMBER 2 BED/2 BATH CONDO! ENORMOUS LIV/DIN ROOM,LG OPEN DESIGNER KITCHEN W/ BALC,SPACIOUS MAST SUITE W/ BALC LOOKS ONTO RIVER. RARELY AVAILABLE 2ND FL UNIT,RIGHT ON THE CHICAGO RIVER. WATCH THE BOATS FLOAT BY.

24HR DOORMAN, FITNESS ROOM, ROOFTOP DECK, PRIVATE RIVER WALK. ASSES: 24 DOORMAN,DEEDED PKG,CABLE. TRENDY LOCATION NEAR EAST BANK MERCHANDISE MART,UPSCALE REST,DOG PARK, EXP WAYS

There is no square footage with the listing but the room sizes are large:

  • Master Bedroom: 12×23
  • Living room/Dining room: 19×28

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@Properties has the listing. See more pictures here.

Unit #201: 2 bedrooms, 2 baths

  • Sold in September 2004 for $520,000
  • Currently listed for $599,000 (I think this includes the parking- but I can’t tell for sure)
  • Assessments of $599 a month
  • Taxes of $5,348