Foreclosures in West Town Multiply: 865 N Hermitage

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Many people going into foreclosure attempt to sell first to get out of trouble. 

There was recently a foreclosure auction on 865 N. Hermitage #3 in West Town but it was also on the market prior to the auction.

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Unit #3: 3 bedrooms, 3 baths, 1.5 parking, 3 private decks, Bosch kitchen

  • Sold in March 2006 for $550,000
  • Was listed for $563,000
  • Foreclosure auction price of $416,904
  • Assessments of $265 a month
  • RPV Realty had the listing before it went to foreclosure

Foreclosure Snapped Up in a Split Second: 33 W. Ontario

On March 5, I saw a listing for a foreclosed unit come on the market in Millennium Centre, at 33 W. Ontario, in River North.

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This building is one of the leading buildings for foreclosures in the city (along with, among others, The Sterling and River City.)

But before I could blink, it was already snapped up.

Here are the details that I know:

Unit #21B: 2 bedrooms, 2 baths

  • Sold in December 2003 for $468,000
  • Sold in March 2006 for $620,000
  • Listed for $339,900

That’s about a 45% price reduction.

There are lots of different floorplans in that building and some of the two bedrooms are smaller.  But the “B” tier seemed to sell for the high $400,000s and the $500,000s for the past few years, so I’m assuming it’s NOT one of the smaller tiers.

There are “deals” out there, if you’re fast enough to act on them.

But fear not, fellow bargain shoppers. There are several others that are short sales so there are plenty of “deals” to go around.

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Unit #50D: 2 bedrooms, 2 baths, 1322 square feet

  • Sold in November 2004 for $697,500
  • Currently listed for $519,000 including the parking
  • The listing states: “possible short sale”
  • Assessments of $722 a month
  • Koenig & Strey has the listing

Or there is this one a few floors above:

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Unit #53D: 2 bedrooms, 2 baths, 1322 square feet

  • Sold in July 2004 for $663,400
  • Currently listed for $549,900 plus $25k for parking
  • Listing states: “Deal of the Century! Pull the comps- This is the best deal ever for a high floor in this building”
  • Assessments of $677 a month
  • Prudential Sourceone Realty has the listing
  • The listing states: “Agent owned”

As the Market Changes, Market Times Increase: 881 N. LaSalle

As we’ve chattered about before, it’s easy to misread this market as it slows. What might have sold quickly in 2005, doesn’t sell in 2008.

This condo at 881 N. LaSalle in River North is an example of that.

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It has been on  the market on and off for over 2.5 years with over $140k in price reductions.  It was originally listed too high and has languished ever since. (Thanks to the Tipster who sent me information on the market time on this unit.)

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Unit #C: 2 bedrooms, 2 baths, 1800 square feet, one parking space

  • Sold in July 2003 for $460,000
  • Originally listed in September 2005 for $670,000
  • Reduced to $625,000 and then withdrawn in January 2006
  • Re-listed in January 2006 at $625,000
  • Reduced to $600,000 and then withdrawn in March 2006
  • Re-listed in March 2006 for $599,000
  • Reduced to $570,000 and then withdrawn in November 2006
  • Re-listed in March 2007 at $570,000
  • Reduced to $550,000 and then withdrawn in December 2007
  • Re-listed in January 2008 at $550,000
  • Currently listed at $529,000 includes the parking
  • Assessments of $336 a month
  • Sydney Skae at Coldwell Banker has the listing

Whew.

Original list price of $670,000 in 2005.  Currently listed at $529,000 in 2008.

Imagine No Granite or Stainless Steel: 143 W. Burton

If you look at Chicago real estate long enough you’ll notice one thing: all of the kitchens and baths look the same.

Even most of the vintage condos and houses have been stripped of their vintage kitchens in favor of 42 inch oak cabinets, brown/black speckled granite,  and stainless steel appliances.

If you want original features or, heck, just originality, you’ll have to look around awhile.

Two units recently came on the market in this Art Deco 6-unit condo building on the edge of River North and Old Town at 143 W. Burton Place (on the corner of LaSalle.)

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The building is very distinctive for its round windows and stained glass.  It recently was tuckpointed and repainted (with a special assessment.)

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The building also has some parking.

Prices have, not surprisingly, been going up in the building. But at least in the two units on the market right now, no one has replaced the original kitchen with oak and granite.  And not a single stainless steel appliance.

It’s refreshing.

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Unit #2S: 1 bedroom, 1 bath, 800 square feet

  • Sold in November 2001 for $194,500
  • Sold in August 2002 for $214,000
  • Currently listed at $260,000 (includes the parking)
  • Assessment of $210 a month (special is paid)
  • Berg Properties has the listing

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Unit #3S: 1 bedroom, 1 bath, 800 square feet, penthouse unit with skylight

  • Sold in June 2004 for $233,000
  • Currently listed at $249,900 plus 29k for parking
  • Assessments of $210 a month
  • Stellar Properties Inc. has the listing

What’s a Million Dollar Condo in 2008? 849 N. Franklin

The Parc Chestnut, at 849 N. Franklin, on the fringe of River North and the Gold Coast, started closings in 2006.

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Recently, from sales records, it looks like the developer finally sold a bunch of the 16th floor penthouse units.  Since the building has been marketed for over five years, and completed for two years, it looks like the developer probably cut the prices on all of these just to finally get out of the building.

  • Unit #1601: Sold in August 2007 for $680,000
  • Unit #1602: Sold in June 2007 for $771,500
  • Unit #1604: Sold in November 2007 for $926,000
  • Unit #1605: Sold in July 2007 for $1.028 million
  • Unit #1606: Sold in June 2007 for $1.073 million
  • Unit #1607: Sold in October 2007 for $1.1 million
  • Unit #1610: Sold in June 2007 for $798,000

Unit #1608 appears to be a re-sale, however.

From the listing:

AMAZING TOP FLOOR DUPLEX PENTHOUSE. PRICED BELOW DEVELOPER’S CLOSE-OUT. OVER $90K IN UPGRADES. CUSTOM CABINETRY, SUB-Z, VIKINGS, MIELES, WET BAR, TOO MUCH TO LIST. 600SQ FT, ROOF TERRACE, TANDEM PARKING…

It has one of those big rooftop decks that is a large chunk of concrete.

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Unit #1608: 3 bedrooms, 3.5 baths, 2 car parking

  • Sold in June 2007 for $1,087,000
  • Currently listed for $1.1 million
  • Assessments of $942 a month
  • Keller Williams Lincoln Park has the listing

With the glut of million dollar listings on the market, would you pay a million for this particular unit in that location?

Kinzie Park Tower: 1500 SQ FT and Under $500k with Views To Boot

Kinzie Park Station is a gated community of townhouses and a highrise just west of the Chicago River.  When it was developed in 2000, it was in no-man’s land.

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Today, that’s not so true. And the views from the south facing units are pretty spectacular.

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One of the bonuses of the building, at 501 N. Clinton, is that due to its age, the two bedroom units actually have real space (no 1095 square foot two bedrooms here.)  But the units are slightly outdated now, with some of them having carpet throughout.

Space over wood floors?

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Unit #3005: 2 bedrooms, 2 baths, 1545 square feet, corner unit,largest 2 bedroom tier in the building

  • Sold in June 2001 for $380,000
  • Currently listed for $499,900 (parking extra?)
  • Listing says: “Priced to Sell”
  • Assessments of $764 a month
  • Prudential Preferred has the listing

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Unit #604: 2 bedrooms, 2 baths, smaller two bedroom unit but both bedrooms have windows

  • Sold in February 2001 for $255,000
  • Listed at $419,000 plus $30k for parking
  • Assessments of $554 a month plus $40 for parking
  • Koenig & Strey has the listing

The 05 tier has several units on the market.

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Unit #2705: 2 bedrooms, 2 baths, 1545 square feet

  • Sold in August 2001 for $546,000
  • Sold in May 2006 for $575,000
  • Currently listed for $570,000 plus $32k for parking
  • Assessments of $749 a month
  • Baird and Warner has the listing

Unit #2805: 2 bedrooms, 2 baths, 1545 square feet

  • Sold in August 2001 for $557,000
  • Sold in March 2002 for $610,000
  • Currently listed for $567,000 plus $32k for parking
  • Assessments of $770 a month
  • Baird and Warner has the listing

It looks like the 05 tier may have hit a price ceiling. Stay tuned.

Overseas Owner Wants Out! 60 W. Erie in River North

60 W. Erie in River North is distinctive for its green windows and balconies.

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It is a small, boutique building that first closed on units in 2003. Many of the units have nice layouts with windows in the kitchens and bathrooms.

A two bedroom unit is on the market where the listing states: “Overseas Owner Wants Out!”

Unfortunately, that owner is going to lose money even though he’s owned for four years.

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Unit #1102: 2 bedrooms, 2.5 baths, 2157 square feet

  • Sold in March 2004 for $926,500
  • Currently listed for $930,000 includes 1 car parking
  • Assessments of $1200 a month (it is high because the building is so small and that means there aren’t as many units to pay for maintenance, upkeep, the doorman etc.)
  • Katherine Chez at Coldwell Banker has the listing

Are Condo-Hotels Dead? Maybe Not.

We’ve been chattering about how the condo/hotel units at Trump Tower and the now canceled Canyon Ranch, may have been a flash in the pan in the housing boom.

But are they?

David Roeder, the Sun-Times real estate columnist, talks about a new condo/hotel building that is slated for Chinatown:

Wong has received zoning approval for another notable deal, a 175-room hotel that would have a pagoda-style roof. Meant to invoke ancient Chinese dynasties, his Grand Imperial hotel is planned for the southwest corner of Clark and Archer.

He’s selling the rooms as condo units, similar to the arrangement that’s available for Donald Trump’s downtown hotel but at lower prices. Wong said he has sales contracts on about 50 percent of the rooms and has promised to start construction in the spring.

Does this mean these units will work on the low end but just not the high?

Price Reduction and Still on the Market: 1429 N. Dearborn

I last chattered about this vintage condo at The Cordova at 1429 N. Dearborn in the Gold Coast in November 2007.

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It is still on the market and has been reduced by $35,000.

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Unit #4N: 2 bedrooms, 2 baths, 1700 square feet, 1 car parking

  • Sold in August 2003 for $575,000
  • Sold in January 2004 for $642,500
  • Listed in November 2007 for $725,000
  • Currently listed for $690,000
  • One outdoor parking space included
  • Assessment of $325 a month

There are also some new pictures with the listing.  Notice how the living room looks bigger if the picture is taken straight on- instead of from the side.

In November 2007:

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Now:

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Koenig & Strey has the listing.

Even in Popular Buildings, It’s Tough To Make Money: 250 E. Pearson

The Pearson, at 250 E. Pearson in Streeterville, closed in 2003 and has been a very popular building for re-sales. It has held its value well.

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That part of Pearson is quiet, with the south facing units overlooking the park, the lake and Northwestern University Law School.  Yet you are two blocks east of the Mag Mile.

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But with sales in the upper bracket slowing, even Pearson owners are finding it tough to make money, even if they’ve owned in the building for nearly four years.

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Unit #1007: 3 bedrooms, 3 baths, 2 car parking, 2122 square feet, some windows are south facing

  • Sold in October 2004 for $939,000
  • Currently listed for $1,035,000 includes one car parking
  • Assessments of $947 a month
  • Katherine Chez at Coldwell Banker has the listing