I last chattered about The Montgomery at 500 W. Superior in River North in October 2007.
At the time, there were several 2 bedroom units on the market for under $500,000.
One out of the three I last chattered about has sold. I can’t find sales prices for the other two so they might have been withdrawn.
Unit #1209: 2 bedroom, 2 bath, 1095 square feet
- I can’t find the original sales price. Perhaps still owned by the developer?
- Originally listed in April 2007 for $499,000
- Currently listed for $475,000 plus $35,000 for parking
- Sold in December 2007 for $480,000
- Assessment of $549 a month
There are currently 10 units on the market, with two available to rent in the building. These 2 bedroom units are listed at or under $500,000.
Unit #2207: 2 bedrooms, 2 baths, 1100 square feet
- Sold in February 2006 for $462,000
- Originally listed at $529,900
- Reduced and currently listed at $500,000 (2 car tandem parking $45k extra)
- Assessments of $529 per month plus $118 a month for the parking
- Also available to rent at $2600 a month
- Major Enterprises, Inc. has the listing
Unit #1109: 2 bedrooms, 2 baths, 1086 square feet, the second bedroom has no windows
- Sold in July 2005 for $415,000
- Currently listed for $479,000 (parking extra)
- Assessments of $574 a month
- Koenig & Strey has the listing
This other 09 unit has been on the market since last June.
Unit #609: 2 bedrooms, 2 baths, 1086 square feet
- Sold in June 2005 for $326,900
- Originally listed for $479,000 in June 2007
- Currently listed for $469,000. Parking is $35k.
- Assessments of $440 a month plus $49 a month for parking
- Real Living Helios has the listing
Are these a deal compared to other properties in River North?
Old Town is a very desirable neighborhood but the inventory is limited if you are looking for a certain type of property- say, one with a parking space.
Unlike some vintage properties which have been gutted and stripped of the original features, this unit at 1814 N. Lincoln Park West still has the historic feel.
Unit #4: 3 bedrooms, 2 baths, 1 car parking
- Sold in November 2000 for $595,000
- Sold in October 2004 for $710,000
- Currently listed for $799,000
- Assessments of $350 a month
- Rubloff has the listing
There are some great homes in the Grand Boulevard neighborhood on the South Side of the city such as this one, a 1889 historic house at 4501 S. Forrestville. Unfortunately the market got a little to hot for the neighborhood during the boom.
The listing states:
Recently renovated 5 bedroom, 4.5 bath Greystone mansion. Beautiful condition. Offers best of both worlds: traditional wood detail and charm plus all amenities of new construction.
4501 S. Forrestville: 5 bedrooms, 4.5 baths, 2 car garage
- Sold in June 2005 for $695,000
- Currently listed for $560,000
- Foreclosure auction price of $582,299
- Kimberly Chase Harding at Coldwell Banker has the listing (but not for long as it’s being foreclosed this week)
We’ve been chattering about so much doom and gloom lately, how about just seeing some lovely properties?
562 W. Arlington is the quintessential Chicago home in East Lincoln Park. It’s the kind of house you walk by and wonder, “who lives there?” And compared to our competitor cities (NY, DC, SF), it’s downright affordable.
Unit #2: 2 bedrooms, 2 baths, family room, 1 car parking, 1600 square feet
- Sold in August 2005 for $600,000
- Currently listed for $699,000
- Assessments of $200 a month
- Genesis Residential RE Inc. has the listing
More developers are getting into the “free parking” incentive game.
Printers Corner, a new mid-rise building at 170 W. Polk in the South Loop, is now offering free parking for those who “purchase and close by April 1, 2008.”
Parking was $36,000 before this “deal.”
There are a few units being flipped. At least three are available to rent.
Printers Corner’s theme was that all of its units were corner units.
Unit #808: 2 bedroom, 2 baths, 1145 square feet
- Sold in November 2007 for $345,000
- Available to rent for $2500 a month (indoor parking included)
- @Properties has the listing
Printers Corner [website]
There has been a slow trickle of foreclosures in Admiral’s Pointe, at 645 N. Kingsbury, in River North.
The building originally closed on units in 2002.
Prices continue to fall in the building, with some units listed for under their 2002 closing prices.
Two units are currently in foreclosure:
Unit #2501: 2 bedrooms, 2 baths, 1180 square feet
- Sold in June 2002 for $353,000
- Sold in December 2005 for $345,000
- Currently listed for $324,900
- Assessments of $732 a month
- Chicago Realty Partners has the listing
Unit #2506: 1 bedroom, den, 1.5 baths, 985 square feet
- Sold in June 2002 for $284,000
- Sold in December 2002 for $292,500
- Sold in February 2006 for $335,000
- Currently listed for $339,900 (parking included)
- Assessments of $567 a month
- P.R.S. Associates, Inc. has the listing
Neither of those listings has pictures. But here are some from Unit #2001, which is also a 1 bedroom plus den. It is listed for $349,000 plus $30,000 for parking:
Baird and Warner has the listing.
I last chattered about 635 N. Dearborn in River North in October 2007. At the time, some sellers seemed pretty desperate.
Unit #1703: 2 bedroom, 2 bath, 991 square feet
- Sold in January 2004 for $373,500
- Was listed in October 2007 for $395,000 plus $35,000 for parking (two spaces available)
- Still listed for $395,000
- Listing says “Brand New Unit- Never lived in!”
- Assessments of $548 a month
- Baird and Warner has the listing
Looks like it will continue to be “never lived in” for quite some time.
Additionally, this two bedroom unit was also on the market last October 2007. Now the listing states: “Price Reduced. Must Sell!”
Unit #906: 2 bedroom, 2 bath, 1250 square feet
- Sold in April 2004 for $360,000
- Sold in July 2006 for $417,500
- Was listed in October 2007 for $419,900 plus $35,000 for parking
- Now listed for $385,000 plus $35,000 for parking
- Assessments of $619 a month
- Keller Williams Gold Coast has the listing
But another, larger two bedroom unit has now gone to the foreclosure auction.
Unit #2206: 2 bedrooms, 2 baths, 1250 square feet
- Sold in July 2003 for $441,000
- Foreclosure auction price of $402,186
In 2007 there were 14 sales in the building.
Crain’s reported on Terrapin’s financial problems a week ago but now the Sun-Times is confirming that the company could be the first of the big condo developers to go out of business.
Terrapin Properties is the developer of 901 W. Madison in the West Loop as well as Burnham Pointe at 710 S. Clark in the South Loop. Burnham Pointe is scheduled to start closings later this year but is only 55% sold.
The bank is going after one of the company’s properties in Kenosha, Wisconsin:
Indymac Bank, the primary lender on the 162-unit condo development in Kenosha, last month sued Terrapin for more than $13 million in back debts. But the case isn’t a garden-variety foreclosure in which a lender has no recourse beyond getting the keys to the property.
Terrapin’s principals, including James “Jake” Geleerd and Michael Ezgur, personally guaranteed the loan, according to the suit. Indymac is going after them, as well as principals Sherwin Braun and Greg Braun, to collect.
According to the article, Terrapin is looking for a way to stall for time.
Sources said Geleerd begged for time Friday on a conference call with a large number of creditors. They said Geleerd asserted he was close to selling the Burnham Pointe condo inventory to somebody whose cash would prop up the company.
“The atmosphere was pretty intense,” one person said. “And nobody believes that in this market, there’s an investor looking for condos.”
Could he be trying to sell the rest of the condos in the building to one of the vulture hedge funds that have been buying up chunks of condo buildings in Florida?
Either way, it doesn’t sound good for any of Terrapin’s properties, especially Burnham Pointe. How many of the flippers will end up closing on units in that building if the developer has gone under?
At least one developer is confirming that not all of its buyers are closing on units.
Mark Sutherland, of Sutherland Pearsall Development, developer of 550 St. Clair confirmed that slowing sales was the reason the company is going to build a hotel instead of a second condo tower in Streeterville. From David Roeder’s column in the Sun-Times:
Influencing the switch was difficulty Sutherland had closing out condo sales in an adjacent building, 550 N. St. Clair. He said less than 10 percent of his buyers have failed to close the sales, thus putting earnest money at risk. But Sutherland said he still has only about 20 units left in the 112-unit building.
The building only started closings two weeks ago.
We have seen the “walk-aways” in other buildings such as 600 N. Fairbanks. In that building, at least a handful of units have come back on the market from the developer.
David Roeder, the Sun-Times Real Estate columnist, wrote this week that a hotel/condo unit on the 21st floor has been successfully flipped in Trump Tower Chicago, at 401 N. Wabash in River North.
The owners of a hotel unit on the 21st floor sold it for $899,000 after initially asking $1 million, said their agent, Andrew Feldman of Andco Real Estate Group. He identified the sellers as Paul Kotsiopoulos and Deanne Thomas, a brother and sister who have invested in other condominium buildings around town.
Feldman declined to disclose who bought it and said he did not know how much profit Kotsiopoulos and Thomas made on the flip.
Let me get this straight.
The agent selling the unit didn’t know how much it closed for previously- even though that is a matter of public record.
Does anyone else think this is strange?
There are several other flips also on the market, some for much cheaper than $899,000. One is listed for $755,900 on the 19th floor. Perhaps the flipped unit has a better view or building location than the others on the market.
The article states that in 2004 Trump was selling them for $553,000.
The sale “shows that there’s a resale market, and that’s good news,” said Tere Proctor, who is sales associate for Koenig & Strey GMAC Real Estate and directs Trump’s sales. She said the sellers “did quite well” on the unit, but wouldn’t get into specifics.
The article also states that it wasn’t Trump who bought the unit.
Closings on the condos are expected to start in 2009.