A 2/2 Short Sale In East Lakeview Finally Goes Under Contract: 433 W. Aldine

I’ve been watching this vintage 2-bedroom at 433 W. Aldine in East Lakeview for months. It went on the market originally in June 2011.

It’s now a short sale.

At 1350 square feet, it has a dining room and french doors.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

The unit has in-unit washer/dryer but no central air. It DOES have an attached garage, which is somewhat rare for the neighborhood.

But it sat and sat.

Recently listed for $299,899, it was just reduced to $275,000 and went under contract almost immediately.

Why has this property been sitting on the market for months?

Was it because it was a short sale or did it need a drama price reduction to get noticed?

Joseph Marella at Keller Williams Realty Partners has the listing. See the pictures here.

Unit #14: 2 bedrooms, 2 baths, 1350 square feet

  • Sold in December 1999 for $290,000 (per Zillow)
  • Sold in November 2001 for $331,000 (per Zillow)
  • Sold in March 2007 for $357,000 (per Zillow)
  • Originally listed in June 2011 (couldn’t find a list price)
  • Was listed in May 2012 for $329,000
  • Reduced numerous times
  • Was listed at $299,899
  • Reduced
  • Was listed as a short sale at $275,000
  • Under contract
  • Assessments of $442 a month
  • Taxes of $4190
  • No central air- window units only
  • Washer/Dryer in the unit
  • Attached garage (see the picture)
  • Bedroom #1: 16×11
  • Bedroom #2: 14×11

 

Does Crilly Court Still Have The Magic? A 3-Bedroom at 1708 N. Wells In Old Town

This top floor 3-bedroom in Crilly Court at 1708 N. Wells in Old Town just came on the market.

Over the last few years, owners in Crilly Court have been some of the few that have either made money or broke even on their 2007 purchases. (The buildings were converted into condos in 2007.)

At 1507 square feet, this unit has two fireplaces but none of the other original historic features.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

It has a balcony that faces the internal courtyard.

The unit has central air, washer/dryer in the unit but NO parking.

The property has come on the market for $78,000 above the 2007 price at $539,000.

Will Crilly Court have the magic touch again?

Can this location command over $500,000 for 1507 square feet without a parking space?

Mira Kovacevic at Coldwell Banker has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, 1507 square feet

  • Sold in July 2007 for $461,000
  • Currently listed at $539,000
  • Assessments of $310 a month
  • Taxes of $4750
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 12×17
  • Bedroom #2: 11×13
  • Bedroom #3: 10×15

Couldn’t Sell In 2011 But Under Contract In Days In 2013: 1248 W. Fullerton In Lincoln Park

This 3 bedroom loft at 1248 W. Fullerton in Lincoln Park was on the market in 2010 and 2011 but didn’t sell. It recently came back on the market on January 17 and was under contract within days.

The duplex loft has 13 feet timber ceilings and exposed brick with a spiral staircase.

It has a private entrance and a garage.

The living room and kitchen are on the main level and the bedrooms on the second level.

The bedrooms have floor to ceiling walls.

The kitchen has white cabinets and stainless steel appliances.

When it didn’t sell in 2011, it was rented for $2600 a month.

In 2010-2011, it was listed for more than its 2008 sale. This time, it came on the market $15,100 under the 2008 list price.

Is this another example of how properties will sell quickly if they’re priced right?

Jenny Spiggos at Prudential Rubloff has the listing. See the pictures here.

Unit #1A: 3 bedrooms, 2.5 baths, no square footage listed, duplex up

  • Sold in November 1988 for $180,000
  • Sold in October 1993 for $202,500
  • Sold in September 1996 for $212,500
  • Sold in September 2000 for $329,000
  • Sold in May 2003 for $367,000
  • Sold in August 2008 for $460,000
  • Originally listed in May 2010
  • Unlisted in 2011
  • Rented in 2011 for $2600 a month
  • Originally listed in January 2013 for $444,900
  • Under contract within days
  • Assessments of $376 a month (includes cable)
  • Taxes of $5697
  • Central Air
  • Washer/Dryer
  • Parking included
  • Bedroom #1: 19×11 (second floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 15×10 (second floor)

 

Tired of the Same Old Finishes? Get A Triplex With A Glass And Steel Staircase In Bucktown: 2300 W. Armitage

This 3-bedroom triplex in The Citadel at 2300 W. Armitage in Bucktown came on the market in December 2012.

Two of the bedrooms are on the second floor, along with the laundry room, with the third bedroom or office on the third floor.

There is also a third floor family room along with a private roof deck.

They are all connected by a glass and steel staircase.

The kitchen has white Italian cabinets and quartz counter tops along with SubZero and Bosch appliances and a DCS cooktop.

The unit has central air, washer/dryer in the unit and 1 car garage parking.

It came listed out of the gate at $60,100 under the 2003 purchase price.

Will this sell for close to ask?

Anne Rodia at Koenig & Strey Real Living has the listing. See the pictures here.

Or you can see it in person at the Open House on Sunday January 27 from 1:00 to 3:00 pm.

Unit #4: 3 bedrooms, 3.5 baths, 2400 square feet, triplex, 1 car garage

  • Sold in October 2001 for $512,500
  • Sold in October 2003 for $585,000
  • Originally listed in December 2012 for $524,900
  • Currently still listed at $524,900
  • Assessments of $262 a month
  • Taxes of $8358
  • Central Air
  • Washer/Dryer in the unit
  • Private roof deck
  • Bedroom #1: 20×14 (second floor)
  • Bedroom #2: 12×10 (second floor)
  • Bedroom #3: 12×10 (third floor)
  • Family room: 15×13 (third floor)
  • Laundry room: 8×8 (second floor)

 

Not All 3-Bedroom Duplex Downs Are New Construction: 5617 N. Wayne In Andersonville

This 3-bedroom duplex down at 5617 N. Wayne in Andersonville has been on the market since May 2012.

The 7 unit building was built in 1906.

The unit has high coffered ceilings and crown moldings.

It has a fireplace in the living room and a fireplace in the dining room along with a built-in hutch.

The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.

It has the other amenities buyers look for including central air, washer/dryer in the unit and garage parking.

The unit has been reduced $79,001 since it was originally listed in May 2012.

It is now listed $5001 under the 2004 price.

What price will it take to sell this property in 2013?

Grace Gaughan at Koenig & Strey Real Living has the listing. See the pictures here.

Unti #1: 3 bedrooms, 2.5 baths, 2200 square feet, 1 car garage

  • Sold in April 2004 for $405,000
  • Sold in January 2010 for $430,000
  • Originally listed in May 2012 for $479,000
  • Reduced several times
  • Currently listed at $399,999
  • Assessments of $248 a month
  • Taxes of $6904
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×13 (main level)
  • Bedroom #2: 14×10 (lower level)
  • Bedroom #3: 13×10 (lower level)
  • Family room: 21×19 (lower level)

 

 

A New Construction 2/2 Listed At $579,900 In Lakeview: 3321 N. Seminary

There’s a bunch of new construction right now going up on Seminary in Lakeview like this 3-flat at 3321 N. Seminary.

The buildings all look similar with brick and front decks.

This is a top floor unit with a private roof deck and a patio off the front of the building.

It has custom millwork including wainscotting.

It also has 54″ cabinets and SubZero and Wolf appliances in the kitchen.

The master bathroom has body sprays.

The listing says the building and garage are all brick and there is concrete soundproofing between units.

I know many of you don’t find chattering about these new construction units exciting (sorry- inventory is low right now).

But they ARE being built and they ARE selling.

Did you ever think you’d see 2/2s in Lakeview being listed for nearly $600,000 again so soon after the bust?

Timothy Sheahan at Conlon has the listing. See the pictures here (they are of another property completed by the developer).

Unit #3: 2 bedrooms, 2 baths, no square footage listed

  • New construction
  • Currently listed at $579,900
  • Assessments of $100 a month
  • Taxes are “new”
  • Top floor
  • Private roofdeck
  • Bedroom #1: 13×12
  • Bedroom #2: 12×10
  • Living room/dining room combo: 17×17
  • Kitchen: 10×9

“I Guess We’ll See In Five Years”: A 2/2 At 562 W. Arlington In Lincoln Park

We’ve chattered about this 2-bedroom in the 4-unit vintage building at 562 W. Arlington in Lincoln Park twice before.

The building was converted into upscale condos in 2005 with custom finishes.

The kitchen is described as a “gourmet wraparound” with Viking and SubZero appliances.

There is a spa like bath in the master bath, central air, washer dryer in the unit and gated secure parking.

Back in 2008, it was originally listed at $699,000 and many of you thought that was reasonable for the location.

See our February 2008 chatter here.

But G tried to talk some sense into you.

“I’m with you, Tipster. The responses here indicate why some prices will be very sticky on the way down.

But down they will go. Anyone who buys anywhere near 2005 prices will learn this all too well.”

Kenworthey, an early poster on this site, was doubtful that Lincoln Park prices would fall below the 2005 price of $600,000.

“I’m not trying to sound like the NAR here, but there is SOMETHING to be said for the idea that real estate is at least sometimes local. When I think of Chicago’s bubble, I think of downtown and its immediate environs (Streeterville, South Loop, River North, Gold Coast) with a frenzy of overbuilding purchased by speculators. I also think of the sketchier far-out neighborhoods (like Englewood, Rogers Park, Bronzeville, Humbolt Park) being inflated by lax and often fraudulent lending.

In contrast, areas like Lincoln Park and Hyde Park–stable, not particularly overbuilt–were certainly not immune from the bubble, but I do think that they weren’t as inflated. If they didn’t go up as much, they shouldn’t come down as much. Which is why I think a place like this–asking $700K on a street where virtually all of its neighbors are 1.5 million and above–as not an unreasonable price.

I guess we’ll see in five years.”

In June of 2011, it came on the market again, listed at $595,000 but it never sold.

It’s now 5 years later.

The unit came on the market at $559,000, or $66,000 under the 2008 price,  and $41,000 under the 2005 price, and almost immediately went under contract.

Some have e-mailed me and said, “wow, look how hot the market is. This vintage apartment went under contract almost instantly.”

Is it truly “hot” or was it simply finally priced right?

And has G been vindicated in his belief that prices everywhere- even in Lincoln Park- would keep falling?

Mary Ann Genellie at Prudential Rubloff has the listing again. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 2005 for $600,000
  • Was listed in February 2008 for $699,000
  • Sold in August 2008 for $625,000
  • Was listed in June 2011 for $595,000
  • Withdrawn
  • Re-listed in January 2013 at $559,000
  • Under contract within days
  • Assessments still $200 a month
  • Taxes now $9091 (they were $8623 in June 2011)
  • Central Air
  • Washer/Dryer in the unit
  • Gated parking included
  • 2 decks- one on the front and one on the back
  • Bedroom #1: 15×11
  • Bedroom #2: 13×11

 

 

1 1/2 Years Later, This 2/2 Is Now Owned By Fannie Mae: 2757 N. Lincoln In Lincoln Park

We’ve chattered about this 2 bedroom at 2757 N. Lincoln in the north end of Lincoln Park twice in the last year and a half.

See our November 2011 chatter here.

Back then, the unit was listed as a short sale and had just done a $60,000 drama price reduction (which evidently didn’t work- because the bank took it back.)

But our chatter was interesting as we debated how much lower prices could go and whether or not there would be some type of mortgage forgiveness. (And wow- were we GLOOMY in 2011.)

Back in November 2011, this property had been reduced to $369,000 but most of you thought that still wasn’t low enough.

Some of you actually thought it would sell under $300,000 but others thought $350,000 to $360,000 was more realistic.

It has now come back on the market from Fannie Mae listed at $399,900.

If you recall, the unit has upscale finishes including Wolf, Subzero, Bosch and Dacor stainless appliances.

From the pictures, it appears that the kitchen is still intact except for one vacant lower level cabinet.

In the pictures, the refrigerator, dishwasher and stove are still there- so what was the big empty hole in the cabinets? Bonus points to anyone who knows the answer.

The master bedroom has a spa bath.

There is a fireplace, crown molding, hardwood floors throughout and 2 outdoor spaces.

The unit has central air, washer/dryer in the unit and garage parking is included.

Will this 2/2 sell for closer to $400,000 than the $300,000 some of you guessed in 2011?

Benjamin Beaty at Jameson Sotheby’s has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, no square footage listed

  • Sold in May 2007 for $520,000
  • Originally listed in June 2011 for $479,000
  • Reduced
  • Was listed in July 2011 as a “short sale” for $429,000 (garage parking included)
  • Reduced
  • Lis pendens foreclosure filed in October 2011
  • Was listed as a short sale in November 2011 at $369,000 (garage parking included)
  • Withdrawn
  • Now owned by Fannie Mae
  • Currently listed at $399,900 (includes the parking)
  • Assessments now $264 a month (they were $251 a month in November 2011)
  • Taxes now $8060 (they were $7750 in 2011)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×12
  • Bedroom #2: 14×11

Market Conditions: Chicago’s Real Estate Market Ends 2012 On An Up Note As December Sales Jump 14.6%

After a one day delay (since the IAR released the data late yesterday)- it’s finally time to check in on the December 2012 sales.

December continued the trend of 2012 which was rising sales with a rise in the median price (and we all know how the median price can be affected by the mix.)

The city of Chicago saw a 14.6 percent year-over-year home sales increase in December 2012 with 1,806 sales, up from 1,576 in December 2011. The year-end 2012 home sales totaled 22,333, up 22.4 percent from 18,250 home sales in 2011. The condo market in the city of Chicago showed a sales increase of 17.7 percent to 1,037 units sold in December 2012.

The median price of a home in the city of Chicago in December 2012 was $185,000 up 19.4 percent compared to December 2011 when it was $155,000. The year-end 2012 median price reached $185,000, up 5.7 percent from $175,000 in 2011.

  1. December 2004: 3,719 sales and median price of $267,000
  2. December 2005: 2,847 sales and median price of $283,000
  3. December 2006: 2,241 sales and median price of $279,000
  4. December 2007: 1,629 sales and median price of $287,000
  5. December 2008: 1,263 sales and median price of $235,000
  6. December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
  7. December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
  8. December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
  9. December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)

For Condos/Townhouses:

  1. December 2009: 1,024 sales and median price of $279,700
  2. December 2010: 827 sales and median price of $222,000
  3. December 2011: 841 sales and median price of $182,500
  4. December 2012: 1037 sales

“December showed positive indicators across the board at the height of the holiday season, which is typically a quiet time for home sales,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “In addition, the 18.9 percent decrease in market time from the same time in 2011 shows a continued clearing of inventory, of both single-family homes and condominiums, which should prompt action among buyers and sellers and continue to promote home price stabilization.”

“Positive signs for the housing market continue with the comparative advantage of ownership versus rental generating a significant opportunity for increased housing sales in 2013,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “The housing market is likely to experience some bumpiness in the first quarter of the year until there is resolution of the fiscal challenges in Washington and Springfield. Declining consumer confidence reflects the uncertainties; consumers are unlikely to explore major purchases, especially of houses, when tax rates, mortgage interest deductions and pension obligations remain unresolved.”

The big story doesn’t seem to be the increase in sales and median prices. It is the lack of inventory.

Check out Gary’s recent analysis of the low inventory for 2 bedroom condos in the city here.

Illinois sees home sales increase in December; 2012 notches 22.9 percent sales gain over 2011 [Illinois Association of Realtors, Press Release, January 22, 2013]

You Have Until Friday At 5 PM To Make An Offer On This West Lakeview 2-Flat: 1454 W. Wellington

This 2-flat at 1454 W. Wellington in West Lakeview just came on the market.

It appears to be bank owned.

If you’re interested, you have until Friday, January 25 at 5 PM central time to make your “highest and best” offer.

There will be showings on 1/23 from 6:00 to 7:30 PM and on 1/24 from 6:00 to 7:00 PM.

The two units are configured as follows:

  • Unit #1: 2 bedrooms, 1 bath, central air, 1-car garage parking, currently not rented
  • Unit #2: 2 bedrooms, 2 baths duplex up with “updated” white kitchen and baths, 1-car garage parking, currently rented for $2100 a month

The property is built on a 25×125 lot and the listing says it’s in the Burley school district.

It also says it’s “rarely available” although the 2-flat has been on and off the market for the past 2 years.

The property is currently listed $20,100 under the 2003 purchase price.

Those who have lived in the San Francisco Bay Area know the “best and highest offer” sales tactic well.

Will it work to get a contract on this 2-flat this week?

Kirby Pearson at Pearson Realty Group has the listing. See the pictures here.

1454 W. Wellington: 2-flat, 4 bedrooms, 3 baths, 2 car garage

  • Sold in January 1990 for $253,000
  • Sold in September 1991 for $196,000
  • Sold in April 1997 for $399,000
  • Sold in July 2003 for $550,000
  • Originally listed in January 2011 for $700,000
  • Reduced several times
  • Was listed in July 2012 for $599,999
  • Withdrawn
  • Bank owned (?) in October 2012
  • Currently on the market for $529,900
  • Offers due by 5:00 PM central time on 1/25
  • Taxes of $10,418
  • Central Air in the units
  • Storage in the basement