Bought in the last three years- What will you make? 130 S. Canal

You’re supposed to own real estate for several years, in order to recoup your closing costs and other expenses (realtor fees etc.)

But life sometimes intervenes and people can’t stay in their property as long as they hoped.

There are a bunch of sellers in Metropolitan Place, at 130 S. Canal, in the Loop who bought in the last three years and who are now looking to sell.

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How will they fare?

Metropolitan Place is an older concrete loft conversion right across from Union Station. The units are large and many of the two bedrooms have windows in both bedrooms. There is also parking available in the building.

For years, this building was known as having the only Starbucks that was open in the Loop on the weekends.

There are currently 11 units on the market, with several under contract.

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Unit #606: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in April 2004 for $330,000
  • Sold in August 2006 for $360,000
  • Currently listed for $369,000 (plus $30k for parking)
  • Assessments of $502 (plus $60 if you buy the parking)
  • Windows in both bedrooms
  • Rubloff has the listing

Unit #515: 2 bedrooms, 2 baths, 1580 square feet

  • Sold in May 2005 for $390,000
  • Sold in September 2006 for $427,000
  • Currently listed for $415,000 plus $30k for parking
  • Assessments of $552 a month (plus $60 for parking)
  • Listing says 60 feet of windows
  • Koenig & Strey has the listing

Unit #211: 1 bedroom, 1 bath, 900 square feet

  • Sold in October 2000 for $211,000
  • Sold in May 2005 for $245,000
  • Currently listed for $229,000 (parking $30,000 extra)
  • Assessments of $331 a month (plus $60 for parking)
  • Coldwell Banker has the listing

Two Car Parking Versus a Rooftop Deck: 708 W. Barry

708 W. Barry in East Lakeview was built in 2005 and appears to have eight units.

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Two are currently on the market. One is on the first floor but it has two car parking included. Who gets that in East Lakeview?

The second is on the top floor and has not only a balcony but also a private rooftop deck.

Both are trying to sell in the hard-to-sell price range around $500,000.

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Unit #1R: 2 bedrooms, 2 baths, 1200 square feet

  • Sold in November 2005 for $454,500
  • Currently listed for $489,900 which includes two parking spaces that are NOT tandem
  • Assessments of $149 a month
  • Select Properties,  Inc. GMAC Re has the listing

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Unit #4F: 2 bedrooms, 2 baths

  • Sold in September 2005 for $494,000
  • Currently listed at $499,900 (parking included)
  • Assessments of $190 a month
  • @Properties has the listing 

Unit #3F is one of the few re-sales so far in the building.

  • Sold in July 2005 for $473,000
  • Sold in August 2007 for $429,000

Juicy South Loop Parcel Finally Sells: More Condos?

Crain’s is reporting that a large parcel of land on the Chicago River in Printers Row that has sat empty for 37 years was finally bought by a smaller Chicago real estate developer for $40 million.

The piece of land is just north of River City on Wells Street- or across the street from Wells Street Tower and the Vetro. From Crain’s:

Skokie-based Russland Capital Group says it recently bought a 6.5-acre parcel in the site known as Franklin Point from Florida-based railroad CSX Corp. Russland is the third builder in four years to take a crack at the property, a mostly empty grassy expanse beginning four blocks south of the Sears Tower and extending to Polk Street.

It could be something spectacular because it has both the River and it’s near downtown and Printers Row.

Heck, it might even push up values in River City next door if it’s done right.

“It’s a huge, huge advantage to have something on the river,” Mr. Bletnitsky says of the site, formerly occupied by the Grand Central Station rail terminal, which was demolished in 1971.

Franklin Point’s proximity to downtown businesses would make it an enticing place to live, real estate experts say. The site “does have a lot of potential because it’s immediately adjacent to the south end of the financial district,” says Gail Lissner, vice-president at Appraisal Research Counselors, a Chicago-based real estate consulting firm.

Other attempts to buy the parcel have fallen short. Two months ago, another developer, Chicago-based Rokas International Inc., abandoned plans to build as many as 3,000 homes, a hotel and a marina after failing to come up with financing to buy the property.

There are currently no set plans on what will be built there. But you can imagine it will be condos, condos, condos.

But this is a real opportunity to create something of a neighborhood of that stretch of Printers Row. With the fabulous River front – there could be restaurants right on the water, some townhouses AND several high rises. A mixed community, so to speak.

What do you think?

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Photo By: Erik Unger for Crain’s

The entire parcel is 8.5 acres. D2 Realty owns two acres in the Northeast corner which, according to Crain’s, is under contract to a new buyer for $20 million.

$76,000 Price Reduction in the Regatta: 420 E. Waterside Drive

Inventory continues to be plentiful at The Regatta, at 420 E. Waterside Drive, in Lakeshore East.

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Currently the building statistics are:

  • 23 units for sale
  • 19 units for rent

Some units may be both for sale AND for rent.

Unit #1108 recently had a price reduction.

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Unit #1108: 2 bedrooms, 2.5 baths, 1500 square feet

  • Sold in October 2006 for $547,763
  • Originally listed for $765,000
  • Currently listed for $689,000 (extra for tandem parking)
  • Assessments of $561 a month
  • Ginger Menne at Baird & Warner has the listing

Still for Sale: Mini Condos @ Mini Prices: 1140 N. LaSalle

Remember the ad from a few years ago?

Mini Condos @ Mini Prices

These are The Flats on LaSalle (the reference to “flat” is a British thing, according to the website.)

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1140 N. LaSalle in the Gold Coast was built in 1924 as a luxury hotel. All of the units are either small one bedrooms or studios. There is no parking. And there are no washer/dryers in the units (there is no space for them.)

Currently, there are several re-sales on the market as well as unsold units from the developer.

Several years ago they were giving away a Mini Cooper (get it? Mini Condos…Mini Cooper.)

If you go to their website, they’re still giving away the car in a raffle if you buy a unit.

Does this mean they’ve NEVER given away the car yet- in the last two years since they’ve had the promotion?  The link on the website doesn’t say when they’ll do the raffle.

Anyway- originally the promotion was that they were selling condos for under $99,000. Recently, I saw an advertisement that listed the prices as $124,000. I guess even these studios have gone up in price.

There are several re-sales on the market right now:

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Unit #608: 1 bedroom, 1 bath, no square footage given but probably about 500 square feet

  • Sold in June 2006 for $142,400
  • Currently listed for $169,900
  • Assessments of $305 a month
  • Commerce Real Estate Group LLC has the listing
  • AC- window units (no central air)

The square footage of the various rooms are listed as:

  • Bedroom: 12 x 9
  • Livingroom: 15 x 11
  • Kitchen 6 x 6

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Unit #533: studio, no square footage listed but the room dimension is 11 x 18

  • Sold in July 2007 for $126,500
  • Currently listed for $139,900
  • No assessments listed but other studios are around $225 a month
  • Sergio & Banks has the listing

The Flats on LaSalle [website]

WSJ: Foreclosures Hitting the Chicago Area Hard

The Wall Street Journal looks at foreclosures bringing down prices across the nation on the front page today.

Most interestingly was where Chicago fell compared to the rest of the nation with the number of foreclosures.

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Looks like the Chicagoland area is among the highest in the nation as a percentage of overall housing.

Wave of Foreclosures Drives Prices Lower, Lures Buyers [Wall Street Journal]

Tiny Townhouse in Tony Lincoln Park: 2128 N. Lincoln

Think a townhouse in Lincoln Park is out of your price range? Think again.

I’ve chattered about some reasonably priced townhouses in Lincoln Park and Lakeview before.  But this the cheapest I’ve seen yet. And it’s updated.

It’s a two bedroom at 2128 N. Lincoln.

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I can’t find the square footage, which means it’s pretty small.  Here are the room sizes:

  • Livingroom: 14 x 10
  • Diningroom: 9 x 9
  • Kitchen: 14 x 7
  • Bedroom #1: 14 x 10
  • Bedroom #2: 14 x 9

It has it’s own garage, it’s a duplex and it has a nice private patio.

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2128 N. Lincoln: 2 bedrooms, 1 bath

  • Sold in October 2004 for $340,000
  • Currently listed for $367,000
  • Assessments of $140 a month
  • According to the listing, the owner is a licensed realtor
  • DreamTown Realty has the listing

From the Tribune: February’s Sales Numbers Better But Loans Hard to Get

The Chicago Tribune weighs in on February’s housing numbers on the front page of the paper.

Chicagoland saw better sales numbers than the rest of the nation. But it sounds like high prices and difficulty getting loans are still part of the problem.  From the Chicago Tribune:

“It’s a little encouraging,” said Mike Larson, an analyst at Weiss Research in Jupiter, Fla. “For the first time, we see some buyers are responding to price cuts. We’ve had prices falling for some time, and it hasn’t made much difference in terms of volume. But in the month of February, there’s clearly some reaction, some bargain-hunters who were willing to get off the fence.”

Sallee and others agree that the monthly data doesn’t mean the market has turned around.

“It is good news, but it’s February,” said David Wyss, chief economist for Standard & Poor’s. “Not a lot of people buy houses in February. While it’s good news, you shouldn’t take it too seriously until we get April or May data.”

Chicago-area real estate agents said they’re seeing increased activity, though with mixed results because more stringent lending standards are complicating some deals.

“I do see more buyers now, maybe within the last couple of weeks,” said Oak Park agent Donna Karpavicius. “Weather has been a factor that kept people away. But we have had good open houses and people are out looking.”

She said she hasn’t seen many prices drop significantly in her area, but they get attention when they do.

“Last month I had a property close in Franklin Park,” she said. “They were first-time buyers who wouldn’t have been able to afford a house like this last year.

“This home had been on the market for $245,000. It came off the market and went back on for $209,900, as a foreclosure. The people had bought it for $255,000 a year ago.

“My people pounced on it.”

Francisco Ybarra hopes a price reduction to $699,000 from $719,000—plus a little jazz —will land a buyer for his West Town neighborhood rowhouse.

His agent, Sandesh Bilgi, hired jazz musicians to entertain at an agents’ open house cocktail party last week to raise the property’s profile.

“[At the height of the housing boom] we wouldn’t have needed to do it; it would have been under contract before I could even plan an event,” Bilgi said.

Ybarra said he’s confident the property will sell, though he agreed with Karpavicius that the mortgage industry’s more rigorous standards—bigger down payments, stronger credit scores—have derailed some deals despite attractive interest rates.

“I think the market can only get worse if people can’t get loans,” said Ybarra. “People want to buy houses, but they’re just not giving loans.”

A Glimmer of Relief in Housing [Chicago Tribune]

Flipper Alert: Two Contracts and Another Reduction at 451 W. Huron

Two units that I last chattered about in early February 2008 at 451 W. Huron in River North, are now under contract.

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Unit #503 and #804 are both 1 bedroom, 1 bath units and are now under contract.

Unit #503: 1 bedroom, 1 bath, around 770 square feet

  • Sold in September 2007 for $280,000
  • Was listed in December 2007 for $293,000 plus parking
  • Was listed in February 2008 for $292,000 plus parking
  • Under contract

Unit #804: 1 bedroom, 1 bath, around 770 square feet

  • Sold in September 2007 for $287,500
  • Was listed in December 2007 for $294,900 
  • Was listed in February 2008 for $289,900
  • Under contract

I’ll let you know the closing prices when I get them.

Two other units I also chattered about in February, Units #501 and #512, are both still available. Unit #501 has had another price reduction.

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Unit #501: 2 bedrooms, 2 baths, 1015 square feet

  • Sold in September 2007 for $402,000
  • Was listed in December 2007 for $419,900 plus $35,000 for parking
  • Was listed in February 2008 at $409,900 plus extra for parking
  • Now listed for $399,000 plus $35,000 extra for parking
  • Or available to rent for $2500 a month
  • Christopher Pagano at Coldwell Banker has the listing

Unit #512 appears to be only listed for rent although the listing says “rent to own option”:

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Unit #512: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in September 2007 for $395,000
  • Was listed in December 2007 for $484,000 plus $35,000 for parking
  • Was listed in February 2008 for $449,000 plus the parking
  • Or available to rent for $2925 a month
  • CitySpace Realty has the listing

From Crain’s: Chicago February 2008 Condo Sales Fall 9.7%

The February housing numbers are out from the Illinois Association of Realtors. From Crain’s:

The city’s condo market showed a mix bag, as sales dropped 9.7% to 1,047 units while the median price rose 10.5% to $314,900.

These numbers were compared with February of 2007. The greater Chicagoland area seemed to fare worse than the City.

Chicago-area home sales dropped 26.9% in February from the same month last year, according to the Illinois Assn. of Realtors.

In the nine-county Chicago Primary Metropolitan Statistical Area, home and condominium sales last month totaled 4,310, compared with 5,894 in February 2007, the association said Monday in a news release.

The median price in the nine county Chicagoland area actually rose slightly, just 0.1%, to $240,230.