Are Some Sellers Getting Too Optimistic? A 2-Bedroom at 535 N. Michigan in Streeterville

This 2-bedroom at 535 N. Michigan right on the Mag Mile in Streeterville recently came on the market.

It is a rare 2-bedroom unit (as the building has more 1-bedrooms.)

At 1000 square feet, it is a southwest corner unit with views of the Wrigley Building.

The building was built in 1962 and is a full amenity building with a doorman, rental parking, an indoor pool and an exercise room with city views.

The listing says the kitchen and bath have been “remodeled.”

The kitchen has white appliances and tile kitchen counters.

There is no washer/dryer in the unit (coin laundry only) but there is central air.

No dogs are allowed.

This unit, at 1000 square feet, is currently the most expensive for sale in the building at $329 a square foot.

Have some sellers read the bullish headlines and gotten too optimistic?

Or is the market hot enough to support rising prices in the GZ?

Gail Spreen at Streeterville Properties has the listing. See the pictures and a floorplan here.

Unit #2501: 2 bedrooms, 1 bath, 1000 square feet

  • Sold in December 1988 for $71,000
  • Sold in June 1991 for $105,000
  • Sold in May 1997 for $128,000
  • Currently listed for $329,000
  • Assessments of $750 a month (includes heat, a/c, doorman, cable, pool, exercise room)
  • Taxes of $3737
  • Central Air
  • No in-unit washer/dryer
  • Parking is rental for $245 a month in the building
  • Bedroom #1: 13×14
  • Bedroom #2: 12×14

 

 

Looking For a Cool Loft? Check Out This 2-Bedroom at 1728 N. Damen In Bucktown

This 2-bedroom loft at 1728 N. Damen in Bucktown just recently came on the market.

The lofts in movies or on television are always these big expansive spaces with high ceilings and multiple levels. Yet, it’s always so hard to find one of those properties in “real life.”

This 3000 square foot loft just might fit the bill.

It has 16 foot timber ceilings and exposed brick.

Even though the building was converted into lofts in the mid-1990s, the finishes in this loft have been updated.

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

The master bathroom has a steam shower and double vanity.

There is a lower level custom-built office with shoji screens.

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

And it is smack dab in the heart of Bucktown’s restaurant/shopping scene.

Before you all complain about the assessment, it includes both heat and a/c.

Is this a deal for this square footage at this location?

Connie Grunwaldt at Baird & Warner has the listing. See more pictures here.

Unit #107: 2 bedrooms, 2 baths, 3000 square feet

  • Sold in June 2004 for $407,000
  • Currently listed for $539,000 (parking included)
  • Assessments of $751 a month (includes heat, a/c)
  • Taxes of $9611
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 27×19 (main level)
  • Bedroom #2: 15×13 (lower level)
  • Laundry: 8×6 (lower level)

3 Years Later, the Bank Finally Owns This 7-Bedroom SFH at 1111 W. Wrightwood in Lincoln Park

We’ve chattered about this new(er) construction 7-bedroom single family home at 1111 W. Wrightwood in Lincoln Park several times over the past few years including last July when it was listed as a short sale.

See our July 2011 chatter here.

After a lis pendens was filed all the way back in April 2009 (that is 3 years and 1 month, for all of you keeping track of such things) it is finally bank owned.

If you recall, it never sold from the original developer. It has been on and off the market since March 2008.

Built in 2010 on a 29×131 lot, the house has a rare 3-car garage and an elevator.

The listing says it has a “top of the line” kitchen with stainless steel appliances and stone counter tops.

The listing pictures show the kitchen so it appears to be intact despite no one living in this property for years.

There is a full floor master suite on the 3rd floor with 4 bedrooms on the second floor and the remaining 2 bedrooms on the lower level.

The bank listed it at essentially the same price it listed it as a short sale last year or $2.395 million. (It is the same real estate company handling the listing.)

Will it make a difference that it’s now bank owned versus a short sale? (with all the problems buying short sales seems to entail?)

Or is the bank still too optimistic?

Jeanne Martini at Kinzie Real Estate Group now has the listing. See the pictures here.

1111 W. Wrightwood: 7 bedrooms, 6 baths, 6160 square feet, 3 car garage

  • Sold in January 2006 for $1.1 million (the prior property)
  • Originally listed in March 2008 for $2.899 million
  • Reduced
  • Lis pendens filed in April 2009
  • Was listed in July 2011 as a “short sale” for $2.4 million
  • Withdrawn in November 2011
  • Bank owned in May 2012
  • Currently listed for $2.395 million
  • Taxes of $6463 (they were $27,776 last year which makes me think this is a typo of some kind.)
  • Central Air
  • Elevator
  • Bedroom #1: 21×16 (third floor)
  • Bedroom #2: 13×13 (second floor)
  • Bedroom #3: 13×11 (second floor)
  • Bedroom #4: 13×10 (second floor)
  • Bedroom #5: 12×10 (second floor)
  • Bedroom #6: 14×10 (lower level)
  • Bedroom #7: 17×12 (lower level)

What Do You Get In Your Million Dollar+ House in Bridgeport? 3300 S. Normal

 

I’m not sure if this 5-bedroom single family home at 3300 S. Normal in Bridgeport is on or off the market.

It looks like it might have been withdrawn yesterday.

But it has been on and off the market since January 2008 so I’m still going to post about it.

Built in 2006 on a larger than normal 40×125 lot, it has 8000 square feet and a 3 car heated garage.

The house has two kitchens, including one in the lower level where there is also recreation room and one of the 5 bedrooms.

It also has a “glamour bath” which looks like it includes a fireplace.

Listed at high as $1.799 million a few months ago it was reduced to $1.65 million.

What’s the market for a million dollar house  in this neighborhood?

Jeff Binkowski at Coldwell Banker Honig-Bell has the listing. See the pictures here.

3300 S. Normal: 5 bedrooms, 4 baths, 8000 square feet, 3 car garage

  • I couldn’t find a prior purchase price- built in 2006
  • Originally listed in January 2008
  • Was listed in September 2009 for $1.799 million
  • Was listed in March 2012 for $1,799,900
  • Reduced in May 2012 to $1.65 million
  • Currently still listed at $1.65 million
  • Taxes of $14,855
  • Central Air
  • Bedroom #1: 17×17 (second floor)
  • Bedroom #2: 18×14 (second floor)
  • Bedroom #3: 16×15 (second floor)
  • Bedroom #4: 15×14 (second floor)
  • Bedroom #5: 21×15 (lower level)

Pricing $84K Above The 2009 Price Hasn’t Helped Sell This 3-Bedroom: 2523 N. Burling in Lincoln Park

We last chattered about this 3-bedroom vintage unit in this greystone at 2523 N. Burling in Lincoln Park in April 2012.

See our prior chatter here.

If you recall, it had previously sold in 2009 and then was relisted for $84,000 above that purchase price.

And no, the kitchen and/or bathrooms haven’t been renovated in the meantime.

The unit has some of its vintage features intact including a wood burning fireplace, stained glass windows and crown moldings.

It has 10 foot ceilings.

There is central air, washer/dryer in the unit and outdoor parking.

The unit is located just a quick stroll to the Trader Joes on Diversey.

Since April, the price has been reduced $20,o00.

Does this property confirm that price still DOES matter to most buyers even in a low inventory market?

Anthony DeSuno at Red Door Realty has the listing. See the pictures here.

Unit #2: 3 bedroom, 2 baths, 1625 square feet

  • Sold in September 1988 for $192,000
  • Sold in March 1994 for $223,000
  • Sold in June 2006 for $595,000
  • Originally listed in April 2008 for $599,000 (parking included)
  • Reduced
  • Was listed in July 2008 at $579,000 (parking included)
  • Reduced
  • Was listed in January 2009 at $575,000 (parking included)
  • Reduced
  • Was listed in February 2009 for $549,000 (parking included)
  • Sold in June 2009 for $496,000 (parking included)
  • Was re-listed in April 2012 for $580,000 (parking included)
  • Reduced
  • Currently listed at $560,000 (parking included)- actually just RAISED the price from $555,000
  • Washer/dryer in the unit
  • Back porch
  • Central air
  • Assessments of $100 a month
  • Taxes of $8279 (they were $5873 in 2009)
  • Bedroom #1: 15×13
  • Bedroom #2: 12×11
  • Bedroom #3: 10×10

Tired of Traditional? Buy a 4-Bedroom Contemporary in Lakeview Instead: 3028 N. Southport

This 4-bedroom contemporary single family home at 3028 N. Southport in Lakeview recently came on the market.

Many of you might already know it as the listing says it is an AIA winner and has been featured in publications.

Built in 2009, it’s on an irregular shaped lot but has one car parking (I can’t tell if this is a space or a garage.)

The house has 10 to 12 foot ceilings throughout and contemporary finishes like a euro-style kitchen with stainless steel appliances and heated concrete floors.

3 out of the 4 bedrooms are on the second floor a long with 2 of the 3 1/2 baths. The other bedroom is in the lower level.

The listing says it has “many LEED efficient features” and is in the Burley school district.

Most of the contemporary custom single family homes we chatter about have been priced over $1 million.

Is this a rare opportunity to get a contemporary home in this neighborhood for under $900,000?

Todd Szwajkowski at Dream Town has the listing. See the pictures and floorplan here.

3028 N. Southport: 4 bedrooms, 3.5 baths, 2629 square feet, 1 car parking

  • Prior property sold in December 2006 for $556,000
  • Originally listed in May 2012 for $925,000
  • Reduced
  • Currently listed at $875,000
  • Taxes of $14,163
  • Central Air
  • Bedroom #1: 22×16 (second floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 10×9 (second floor)
  • Bedroom #4: 23×21 (lower level)
  • Family room: 16×12 (lower level)

 

Market Conditions: Will Dog Walkers and New Finishes Make the Difference in the South Loop?

As promised, Crain’s reported a couple of days ago that Related bought out the remaining units in three South Loop towers after the developer lost them to the bank.

They are:

  • One Museum Park West (1201 S. Prairie): 238 units
  • 1600 Museum Park (1629 S. Prairie): 98 units
  • Museum Park Place South (1901 S. Calumet): 157 units

Unlike other buyers, Related doesn’t intend to convert them into rentals. Instead, it is going to sell them.

And it’s NOT going to sharply reduce prices.

To spur sales in the depressed market, many developers have cut prices—some by as much as 30 percent—an option that would make Related’s buildings more competitive, Ms. Lissner says. “I think they need to look at re-pricing the properties in light of current price levels,” she says.

Related has yet to set prices on its condos, but Mr. Bailey says the firm doesn’t plan big-time discounts. He thinks it can boost demand by fixing up units with high-end finishes and fixtures, sprucing up common areas and adding amenities, such as dog grooming and dog walkers. “There will be no fire sale,” he says.

Working in Related’s favor is a shrinking supply of unsold downtown condos because of a lack of development and conversion of many buildings to apartments. Developers were sitting on 1,422 unsold units at the end of the first quarter, down some 85 percent from more than 8,200 in 2008, according to Appraisal Research.

Though downtown developers sold just 770 condos last year, Mr. Bailey notes that annual new-condo sales have averaged about 2,700 units since 1990. “We think we’re going to get back to that 2,700 units very soon,” he says. “It would only have to return to a level of normalcy for all the product available to be absorbed in under a year.”

And is this an out-of-town developer who doesn’t “get” the Chicago market? (Related is a New York company)

Or will a lack of inventory for “new” condos mean these could actually sell for higher price points with fancier kitchens?

Developer Related Cos. Wagers on South Loop [Crain’s Chicago Business, Alby Gallun, July 2, 2012]

This Pre-War 3-Bedroom Overlooking Lincoln Park Is Still Available: 2130 N. Lincoln Park West

We last chattered about this 3-bedroom vintage unit at 2130 N. Lincoln Park West in east Lincoln Park in March 2012.

See our prior chatter here.

Most of you thought it was a beautiful apartment even if the layout was not to your liking.  Some of you thought this might sell in the $600,000s and others thought in the mid- $700,000s.

If you recall, it has nearly all the features buyers look for, but can rarely find, in a vintage unit.

It has a washer/dryer in the unit and attached heated garage parking. The one amenity it is missing is central air.

The unit even has a private elevator entry and a private 660 square foot terrace, which is unique for these pre-war buildings along the park.

Built in 1927, the unit has a 38 foot barrel vaulted gallery and oak floors.

The listing says the kitchen is 3 years old. It has white cabinets, granite counter tops and stainless steel appliances.

The listing also says the bathrooms are “new.”

Unit #3S, one floor above, was also recently on the market. It had the same layout but no outdoor terrace.

It just sold on June 20, 2012 for $750,000.

Will this unit sell for the same?

Jennifer Lea at Dream Town still has the listing. See the pictures, the virtual tour and the floorplan here.

Unit #2S: 3 bedrooms, 3 baths, 2400 square feet

  • Sold in February 2000 for $480,000
  • Originally listed in January 2012 for $895,000
  • Reduced
  • Was listed in March 2012 at $849,500
  • Reduced in April 2012 to $825,000
  • Currently still listed at $825,000
  • Assessments of $1443 a month (includes heat, parking, cable)
  • Taxes of $10640
  • No central air- window units only
  • Washer/Dryer in the unit
  • Garage parking included
  • 600 square foot private terrace
  • Bedroom #1: 16×14
  • Bedroom #2: 16×11
  • Bedroom #3: 10×10
  • Gallery: 38×7

The Renovated 3-Bedroom Albany Park Bungalow: 4437 N. Christiana

This 3-bedroom bungalow at 4437 N. Christiana in Albany Park came back on the market in June 2012, just 6 months after its last sale.

It sold in January 2012 in an estate sale for just $140,000.

The rehabber kept some of its original features like the fireplace and built-ins as well as stained glass which was previously in the dining room.

The floorplan was opened up to suit today’s buyers who want a kitchen exposed to the living areas.

2 bedrooms are on the second floor with the third on the main level.

There is also a finished basement which one public realtor site lists as having 2 more bedrooms but Coldwell Banker’s own site does not. (It says only 3 bedrooms, not 5.)

At 3500 square feet, it is on a standard Chicago lot of 25×125 and sports a two-car garage.

This house is just a couple of blocks south of the Kedzie Brown Line stop.

Originally listed at $420,000 in June, it has been reduced $31,000.

Is this a good starter home?

Nicoll Garry at Coldwell Banker has the listing. See the pictures here.

4437 N. Christiana: 3 bedrooms, 3 baths, 3500 square feet, 2 car garage

  • No prior sale
  • Sold in an estate sale in January 2012 for $140,000
  • Originally listed in June 2012 for $420,000
  • Reduced
  • Currently listed at $389,000
  • Taxes of $618
  • Central Air
  • Bedroom #1: 17×11 (second floor)
  • Bedroom #2: 17×12 (second floor)
  • Bedroom #3: 11×10 (main floor)
  • Bedroom #4: 11×7 (basement)
  • Bedroom #5: 8×10 (basement)

 

 

Do Famous Former Residents Sway You? A 2-Bedroom Loft at 333 W. Hubbard in River North

This 2-bedroom loft in the Union Lofts at 333 W. Hubbard in River North came on the market in June 2012.

It is on the 9th floor of the original factory building in the back of the building, which faces the Merchandise Mart. This portion of the building actually has more unique loft features.

The loft has 13 foot ceilings and exposed brick.

The kitchen has maple cabinets, granite counter tops and white appliances.

It has central air, a washer/dryer in the unit and parking is available for $35,000 extra.

The listing says “Famous current Chicago Bear lived in complex.”

Do famous former residents in the same building/complex (not even in the same unit) sway you to buy a property?

This loft has been reduced $4150 since early June and says “Bring us an offer!”

However, it is still listed $9850 above the 2005 price.

Will it get the premium?

[Notice that until the 2005 purchase, the loft was sold just about every 2 years. An agent once told me that the average time people lived in lofts was 2 years. That’s a lot of realtors’ commissions.]

Jerry Ricordati at Baird & Warner has the listing. See the pictures here.

Unit #910: 2 bedrooms, 2 baths, 1192 square feet

  • Sold in November 1998 for $192,500
  • Sold in May 1999 for $270,000
  • Sold in September 2001 for $280,000
  • Sold in March 2003 for $302,000
  • Sold in March 2005 for $325,000
  • Originally listed in June 2011 for $339,000
  • Reduced
  • Currently listed at $334,850 (parking is $35,000 extra)
  • Assessments of $624 a month (includes heat, a/c, gas, doorman, cable)
  • Taxes of $5189
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×12
  • Bedroom #2: 12×11