Are Short Sales Bringing Down Prices in Schorsch Village?

What should that bungalow cost on the far west side?

Schorsch Village is a section of the Dunning neighborhood on the far west side which has bungalows and tudors from the 1940s.

As some of you chattered about recently, some of these homes are being sold at a massive discount to previous sale prices.

What will these sales do to the values in the neighborhood? Will we again see bungalows under $200,000 on the far west side?

Two examples- with one of them under contract:


3630 N. Oak Park: 3 bedrooms, 3 baths, 2 car garage

  • Sold in January 1992 for $127,000
  • Sold in February 2002 for $271,000
  • Currently listed as a short sale for $289,000
  • Lis pendens filed in April 2008
  • Mortgage in April 2007 for $405,650
  • Under Contract
  • Taxes of $2,618
  • Century 21 McMullen has the listing




3441 N. Rutherford: 4 bedrooms, 3 baths, 2.5 car garage

  • Sold in December 1997 for $146,000
  • Sold in Mary 2003 for $307,000
  • Sold in June 2005 for $384,000
  • Currently listed as “pre-foreclosure” for $250,000
  • Lis pendens filed in December 2007
  • Taxes of $4,643
  • Re/Max Professionals Select has the listing (see more pictures here.)

Market Conditions: Chicago Sales Fall 28% in the 2d Qtr

The second quarter sales numbers are out from the Illinois Association of Realtors.

Sales (both single family and condos) were down in the 9-county Chicagoland area by 28.9% to 20,679 from 29,092 in the same period a year ago. The median home price fell 2.3% to $250,000 from $256,000 in 2007.

Condo sales fell more sharply, declining 33.6% to 8,828 units compared to 13,289 units in the second quarter of 2007. Median price, however, rose 4% to $238,260 from $229,000.

The Sun-Times has the Chicago specific numbers:

In the city of Chicago, sales fell 28 percent to 6,210 from 8,628. But the median price rose 5.1 percent to $310,000 from $295,000.

From the IAR:

“Our Illinois housing market has been resilient given these pressures with prices registering modest losses and many regions still posting gains since sales peaked during the boom in the third quarter of 2005.”

“It is a good market, especially for buyers who now have many choices. The new first-time buyer tax credit and foreclosure rescue program enacted by the Housing and Economic Recovery Act should help stabilize the housing market,” said REALTOR® Kay Wirth, president of the Illinois Association of REALTORS®.

Reductions on East Lakeview 1Bds: 711 W. Melrose

We chattered about a bunch of one bedroom units on the market at 711 W. Melrose in East Lakeview in June that were originally sold in 2005, at the peak of the housing boom.


3 out of 4 are still on the market.

2 of those have been reduced.


Dream Town Realty has the listing for Unit #F1 (must be registered to see the listing.) 

Unit #F1: 1 bedroom, 1 bath

  • Sold in August 2005 for $262,500
  • Was listed in June 2008 for $268,500 (parking $20k extra)
  • Reduced
  • Now listed for $263,500
  • Assessments of $187 a month
  • Taxes of $3,295


@Properties has the listing for Unit #B2. (The link is to their website- they don’t have a “search by address feature”.)

Unit #B2: 1 bedroom, 1 bath

  • Sold in August 2005 for $245,000
  • Was listed in June 2008 for $259,900 (parking $20k extra)
  • Reduced
  • Currently listed at $249,900
  • Assessments of $150 a month
  • Taxes of $2,821

Unit #D2 sold in only a few weeks.

Unit #D2: 1 bedroom, 1 bath

  • Sold in August 2005 for $256,000
  • Was listed in June 2008 for $264,900 (parking $20k extra)
  • Sold in July 2008 for $265,000
  • Assessments of $164 a month
  • Com Ed Station Resales: 1128 W. Ardmore in Edgewater

    This former Com Ed station at 1128 W. Ardmore in the Edgewater neighborhood was converted into lofts in 2006.


    2 units are back on the market as re-sales- not even two years after the original closing.



    @Properties has the listing (see more pictures here.)

    Unit #3: 1 bedroom plus den, 1.5 baths

    • Sold in February 2007 for $317,500
    • Currently listed for $318,500 (parking included)
    • Assessments of $224 a month
    • Taxes are “new”



    Real People Realty has the listing. (See more pictures here.) 

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

    • Sold in February 2007 for $400,000
    • Currently listed for $419,750 (parking included)
    • Assessments are $260 a month
    • Taxes are “new”

    Another Reduction at 334 W. Menomonee in Old Town

    We’ve chattered about 334 W. Menomonee in Old Town, the 18-unit historic conversion by Melrose Partners, several times in the past.


    Last April, Unit #106, a 1-bedroom unit, had re-appeared on the market after it had been listed for much higher previously.

    It is still on the market and has been reduced again.

    Here’s the history:

    Unit #106: 1 bedroom, 1 bath, duplex down, 1000 square feet

    • First listed in January 2007 for $520,000
    • Reduced
    • Listed in June 2007 at $469,000
    • Reduced
    • Listed in September 2007 at $449,000
    • Reduced 
    • Listed in  October 18, 2007 for $399,000
    • Increased on October 29, 2007 to $469,000
    • Reduced
    • Listed in January 2008 for $429,000
    • Reduced
    • Listed in late January 2008 at $419,000
    • Was listed in April 2008 for $419,000
    • Reduced
    • Currently listed at $389,000
    • Assessments of $205 a month
    • Taxes are “new”

    Melrose Partners Realty now has the listing. (The pictures are not of Unit #106- but they are from the building. All units have the same finishes.)



    First Lis Pendens in Fairbanks at City Front Plaza: 240 E. Illinois

    We’ve chattered about Fairbanks at City Front Plaza at 240 E. Illinois in Streeterville before.


    Closings began on the lower floors of this building in 2006 and they continue on the tower portion.

    This is the first lis pendens, that I’ve seen, in the building.

    Unit #602: 1 bedroom, 1 bath

    • Sold in August 2007  (I couldn’t find a sales price)
    • Lis pendens filed in August 2008
    • Wells Fargo has the mortgage of $384,951

    Unit #402 is currently on the market. We chattered about it in May 2008.

    It has been reduced $30,000.



    Janet Ecker at Prudential Preferred has the listing (more pictures on the website).

    Unit #402: 1 bedroom, 1 bath, 933 square feet

    • Sold in December 2006 for $401,000
    • Was listed in May 2008 for $420,000 (parking additional)
    • Reduced
    • Currently listed for $390,000 (parking $55,000)
    • Assessments of $392 a month
    • Taxes are “new”

    Selling for Less Than 2006 Prices: 2658 N. Seminary in Lincoln Park

    We’ve chattered a lot about how prices are (or are not) holding steady in Lincoln Park – with the argument being it’s a “prime” address.

    This seller at 2658 N. Seminary seems to be pricing realistically for this housing market. It’s actually listed for less than it was sold for in 2006 (and no, it’s not a short sale.)


    It seems to have the full package:

    Central air, washer/dryer in the unit, a parking spot, and nice outdoor space.

    There is no square footage listed but here are the room sizes:

    • Living room: 22×14
    • Dining room: 14×10
    • Kitchen: 17×10
    • Bedroom #1: 12×12
    • Bedroom #2: 11×9

    Here’s the listing:

    Beautiful blend of vintage and new in this must see top floor unit in the heart of Lincoln Park! New kitchen with granite and stainless steel appliances, and touches of vintage like the 10 foot sliding pocket doors between the formal dining room and living area.

    Living room with fireplace/built-in bookcases, gorgeous hardwood floors throughout. In-unit laundry, central air, private deck overlooking tree tops and on-site parking included too! Charm and character throughout.



    Art Collazo at Koenig & Strey has the listing (virtual tour here.) 

    Unit #F: 2 bedrooms, 1.5 baths

    • Sold in September 2006 for $410,000
    • Currently listed for $399,899
    • Assessments of $154 a month
    • Taxes of $4,843
    • Central air
    • In-unit w/d

    Zillow: Chicago Area Prices Fell 7.3% in the 2d Qtr

    Zillow is out with a nationwide report on home prices.

    Prices fell 7.3% in the Chicago area (an 8-county area, including Northwest Indiana) in the second quarter compared to 2007.

    Zillow reports that a third of all homes sold in the Chicago area in 2006 and 2007 are now underwater (meaning the owner owes more on the house than it is worth.)

    Zillow also estimates that the top of the housing market in Chicago was the second quarter of 2006. The company believes that values have fallen 8.8% since that peak.

    From the Sun-Times:

    They are no surprise to Paul and Stephanie Moretta, who said they had to drop the price of their Rogers Park condo three times before finding a buyer. They bought the three-bedroom, two-bath home in 2003 for $339,000 and first put it on the market 15 months ago for $429,000.

    They have a buyer at $365,000 and feel fortunate to be making a profit. “This is really the only way we were able to sell,” said Stephanie Moretta, 31. The Morettas are expecting their second child and are buying a bigger home in Peterson Park in what amounts to a home trade with their condo buyer. Their Keller Williams agent realized another client was selling a home that fit the Morettas’ needs and that seller wanted to buy a condo.

    Paul Moretta, 40, said that in 2003 he sold a condo in less than two months. “This time it was a little bit scary,” he said.

    Zillow said 37.8 percent of Chicago-area buyers in 2006 now owe more on their mortgage than their homes are worth. For 2007 buyers, the percentage is 31.1, Zillow said. Conversely, it found that only 3.1 percent of 2003 buyers have negative equity.

    The company tracks another distress signal, the percentage of homes sold “for a loss,” which Zillow defines as selling for less than the property’s prior sale, regardless of how long ago. In the second quarter, 19.8 percent of homes in the region sold for a loss, vs. 13.4 percent for the second quarter of 2007 and just 4 percent for all sales in the last five years.

    Read ’em — and weep [Sun-Times, Aug 12, 2008]

    Unique Gold Coast Coach House: 29 W. Chestnut

    MMK asked:

    “Sorry, off subject… Sabrina, can you review 29 W Chestnut, a townhouse listed at $850,000? A friend expected this listing to be priced at $450,000, and was surprised to see it listed so high even if the unit itself is impressive. I’m interested, but can’t find comps because it’s so unusual.”

    29 W. Chestnut is hard to miss if you stroll down the tree-lined Chestnut Street just west of State Street.


    What is the going rate for your own private coach house with a garage in this location?

    The chatter yesterday was correct- as it doesn’t appear to have any outdoor space.

    And there is no square footage with the listing. Here are the room sizes:

    • Living room: 11×18
    • Dining room: 10×12
    • Kitchen: 10×9
    • Bedroom #1: 13×18
    • Bedroom #2: 11×10
    • Bedroom #3: 10×10

    Here is the listing:

    Extraordinary Location In The Heart Of The Gold Coast. A 120 Year Old Unique Carriage House W/ 3 Br, 2.5 Baths, Washer/ Dryer, Fireplace, 12.5′ Ceilings. Private Attached Gar. 3 Blocks From Water Tower. Light & Open. Hardwood Floors, Thermopane Windows.

    Newly Remodeled Kitchen Designed By Award-winning Architect: John Vinci. Built-in Bookcases In Mbr: All Closets Organized By Closet Works.



    Marlene Saint George at Baird & Warner has the listing (see more pictures on her website.)

    29 W. Chestnut Coach House: 3 bedrooms, 2.5 baths, 1 car garage

    • Sold in June 1989 for $170,000
    • Sold in January 1997 for $265,000
    • Sold in November 2001 for $440,000
    • Currently listed for $849,000
    • Assessments of $183 a month
    • Taxes are $5,469
    • Central air
    • Fireplace

    Flipper Alert: Flips and Rentals Appearing in Library Tower: 520 S. State

    It’s taken many years, but Library Tower at 520 S. State across from the Harold Washington Library in Printers Row is finally going to start closings this month. There are 184 units in the building.


    The first rentals and flips are appearing on Craigslist and the MLS.

    Unit #714, a one bedroom unit, just appeared on Craigslist.  You can rent it OR buy it.



    Unit #714: 1 bedroom, 1 bath, 900 square feet

    • Will be listed at $299K
    • Available to rent for $1695 plus parking at $250 a month
    • Available Aug 15
    • The unit is agent-owned
    • Tom Feddor at Keller Williams has the listing