A Contract and “Special Pricing” at 3500 N. Lake Shore Drive in Lakeview

We’ve chattered about this vintage co-op building at 3500 N. Lake Shore Drive in Lakeview before because the units are massive and some of them appear to be “cheap.”

Unit #2B has gone under contract after over 2 years on the market and a 45% price reduction.

Here’s its history:

Unit #2B: 4 bedrooms, 3 baths, 2700 square feet

  • I couldn’t find an original sales price
  • Originally listed in July 2006 for $449,900
  • Reduced numerous times
  • Reduced from $299,000 to $249,900 in November 2008
  • Under contract
  • Assessments of $1963
  • Taxes of $5800
  • No central air- window units
  • Listing says “Deal! Deal!”
  • Rental parking nearby
  • Laura Arnett and John Eggert at Baird and Warner have the listing. See the pictures here.

Unit #7B is also on the market. The listing states that there is a “special limited price reduction to $350,000 through 12/21/08.”

Also, 80% financing is allowed in the building.

This unit has both central air AND an in-unit washer/dryer.

Unit #7B: 3 bedrooms, 3 baths, 2400 square feet

  • I couldn’t find an original sales price
  • Currently listed for $350,000 (special pricing- apparently)
  • Assessments of $2097 a month
  • Taxes of $4370
  • Rental parking available nearby
  • Cyd Archer at Coldwell Banker has the listing. See the pictures and listing here. (For some reason, Coldwell Banker’s listing info isn’t updated to show the “special limited price reduction.”)

Lis Pendens on $4.95 Million River North Condo: 33 W. Ontario

We’ve chattered about the stresses in 33 W. Ontario, the Millenium Centre, as foreclosures and short sales have appeared in the River North highrise. 33 W. Ontario was developed and marketed by American Invsco.

But this is the most expensive lis pendens to date. 

Here’s the history:

Unit #60SE:

  • Sold in March 2005 for $1.9 million
  • Sold in February 2008 for $4.95 million
  • Lis pendens filed in November 2008

It’s sister unit, Unit #60SW, is currently on the market. It’s a 4-bedroom penthouse bi-level unit.

Sandesh Bilgi at Century 21 Sussex and Reilly has the listing. See more pictures and a virtual tour here.

Unit #60SW: 4 bedrooms, 4.5 baths, no square footage listed

  • I couldn’t find a prior sales price
  • Originally listed in April 2008 for $5 million (using the other sale as a comp???)
  • Reduced in September 2008
  • Currently listed for $3.5 million
  • Assessments of $2873 a month
  • Taxes are $22,000
  • 2 car parking (can’t tell if this is included in the price)

How Low Will Rents Go in Trump Tower Chicago?

An interesting phenomena is happening in Trump Tower Chicago, at 401 N. Wabash in River North.

And I’m not talking about The Donald’s financing problems.

It’s the prices that flippers are asking for rental units on the one bedroom condos in the building.

Here’s the stats on the building (out of 758 units):

  • 116 units for sale
  • 28 units for rent

Some units can be both for sale AND for rent.

Take- for instance- this Craigslist ad for a 938 square foot 1/1.5 for $2350. Parking is extra- but I’m sure it’s negotiable.

Why rent in, say, 600 N. Fairbanks or any of the other new towers when you can have the prestige of Trump (and the views) for the same price?

Maybe that Craigslist ad was not legit. Who knows?

But check out Unit #48C. It’s one of the bigger one bedrooms as 1071 square feet. It was just reduced.

Robin Miner at @Properties has the rental listing. See more pictures here and on Craigslist.

Unit #48C: 1 bedroom, 1.5 baths, 1071 square feet

  • Sold in October 2008 for $534,000
  • Currently listed for rent at $2500 a month (plus $285 a month for self park or $450 a month for valet)

Is Trump Tower Chicago turning into a rental “deal”?

Another Week, More Foreclosures in The Sterling: 345 N. LaSalle

Didn’t someone post a few months ago that the worst was over for the foreclosures in The Sterling, at 345 N. LaSalle in River North?

But I keep seeing them.

The good news is, they keep selling if they’re priced cheap enough.

Unit #1501, a 2/2, was just recently listed although the listing has mysteriously vanished. Is it under contract already?

The mid-$200,000 range for the 2/2s seems to be the going rate in the building now.

Unit #1501: 2 bedrooms, 2 baths, 1200 square feet

  • I couldn’t find an original sales price but likely in the mid-$400,000s
  • Bank owned
  • Listed for $266,000 (no parking- rental only in the building)
  • Assessments of $575 a month
  • Taxes of $6300
  • Carpet in the living room
  • Goldtree Realty Inc. had the listing

Unit #1801 is also on the market and just reduced its price.

Re/Max Top Performers has the listing. See more pictures here.

Unit #1801: 2 bedrooms, 2 baths, 1200 square feet

  • I couldn’t find a prior sales price for this unit either
  • Bank owned
  • Recently reduced
  • Currently listed for $292,900
  • Assessments of $551 a month
  • Taxes of $5254
  • Hardwood floors in the living room

Lots of Vintage Space in The Aquitania: 5000 N. Marine Drive

We haven’t yet chattered about The Aquitania, the 1923 co-op vintage beauty at 5000 N. Marine Drive in Uptown/Edgewater.

5000-n-marine-_2.jpg

Is this 1600-square foot 2 bedroom priced right for someone with “vision”?  It has good bones.

The unit has lake views and the listing says the kitchen was “redone” with frosted glass cabinets.

 5000-n-marine-_11f-livingroom-_2.jpg

5000-n-marine-_11f-kitchen-_2.jpg

Victoria Amoroso at Baird and Warner has the listing. See more pictures here.

Unit #11F: 2 bedrooms, 2 baths, 1600 square feet

  • I couldn’t find a prior sales price
  • Currently listed for $169,000
  • Assessment of $1354 a month (includes real estate taxes, heat, gas, cable, water and doorman) 
  • Taxes of $758
  • No central air- window units
  • Rental parking
  • No washer/dryers allowed in the units

Even East Lincoln Park is Seeing Lis Pendens: 434 W. Webster

This 5-bedroom single family house at 434 W. Webster in the presitigious East Lincoln Park neighborhood was recently on the market for $2.7 million.

There is no record of it selling and it appears the listing was cancelled.

A lis pendens was filed on the property on Nov 17, 2008.

The listing said the property was “completely gutted”- so the 2005 sales price is pre-renovation.

You can see pictures here.

Here’s the history:

434 W. Webster: 5 bedrooms, 5.5 baths, 5200 square feet

  • Sold in May 2005 for $1.2 million
  • Was listed for $2.79 million (looks like it was cancelled)
  • Lis pendens filed in November 2008
  • Taxes of $17,687
  • 5 fireplaces
  • Elevator
  • 2 car garage

Rent or Own? 1833 N. Leavitt in Bucktown

This new construction mansion house at 1833 N. Leavitt in Bucktown was completed in 2006.

It recently came on the market listed for $2 million (but the listing appears to have been withdrawn.)

But it’s also available to rent for $6500 a month.

Is that rental price a deal?

John Voss at @Properties has the listing. See more pictures here.

1833 N. Leavitt: 5 bedrooms, 3.5 baths, 2 car garage, 4600 square feet

  • New construction (I couldn’t find any prior sale)
  • Was recently listed for $2 million (but withdrawn)
  • Is currently listed for rent for $6500 a month
  • Taxes of $5510

$95k Reduction on Bank Owned Streeterville Vintage: 257 E. Delaware

We chattered about this bank owned property at 257 E. Delaware in Streeterville about 2 months ago.

It’s still on the market and has been reduced $95,000.

Does this make it a “great buy” (what the listing says- not me?)

Re/Max Properties Northwest has the listing. See more pictures here (including the funky bathroom.)

Unit #2B2D: 2 bedrooms, 2 baths (or maybe 1.5 baths- per the listing), no square footage but it has large room sizes

  • I couldn’t find a prior sales price but it last sold in 1988
  • Bank owned as of August 2008
  • Was listed at $521,900
  • Reduced
  • Was listed in October 2008 at $477,900
  • Reduced
  • Currently listed for $374,900
  • Assessments of $877 a month
  • Taxes of $6,215
  • Doesn’t look like it has central air
  • No parking
  • Living room: 21×20
  • Dining room: 13×12
  • Bedroom #1: 16×15
  • Bedroom #2: 16×12
  • Kitchen: 12×8

We Love Authentic Lofts: 333 W. Hubbard in River North

A reader posted a few days ago that he couldn’t find a 2/2 with parking for under $550k east of Dearborn on the near north side.

333-w-hubbard-_3.jpg

This loft unit at 333 W. Hubbard in River North is west of Dearborn, but in a desireable area nonetheless.

At 1197 square feet, it is on par square footage-wise with many new construction 2/2 units but you can get it for far less.

Are parts of River North becoming, dare we say it, affordable?

This unit is in the old part of the building that faces south- into the Merchandise Mart.

 333-w-hubbard-_710-livingroom.jpg

333-w-hubbard-_710-kitchen.jpg

Barbara O’Connor at Koenig & Strey has the listing.  See more pictures here.

Unit #710: 2 bedrooms, 2 baths, 1197 square feet

  • Sold in March 2005 for $317,000
  • Currently listed for $365,000 (includes parking)
  • Assessments of $584 a month
  • Taxes of $4450

52% Off 2006 Price and Under Contract in a Day: 2250 W. Chicago

Yes, some properties are selling.

Some are selling within a day (or hours.) For the right price.

Take this 3-bedroom penthouse unit at 2250 W. Chicago in West Town that came on the market last week. It was under contract the first day on the market.

Why?

How about a 52% price reduction from the 2006 selling price.

The listing describes it as having 15-foot high ceilings, a private deck and a wine refrigerator in the kitchen island.

Here’s its history:

Unit #401: 3 bedrooms, 2 baths, 1650 square feet

  • Originally listed in October 2005 for $529,000
  • Sold in September 2006 for $460,000
  • Bank-owned in 2008
  • Listed in early December 2008 for $219,000 (parking included)
  • Under contract in one day
  • Assessments of $274 a month
  • Taxes of $5557

You can see a picture of the exterior and the listing on Baird and Warner’s website.

(Because I can’t link directly to the listing due to the set-up of their website- go to Bairdwarner.com and put in the address in the address feature to find the listing.  Sorry- it’s a pain, I know.)