The Quick Flip (of the lot?) in North Center: 2014 W. Addison

Thanks to anon(tfo) who pointed out that the 2-flat at 2014 W. Addison in North Center that we last chattered about in September 2010 when it was a short sale, finally sold and has come back on the market as a flip.

See our 2010 chatter here.

The listing now says it’s “not a short sale or a foreclosure” although it’s being sold “as-is.”

The listing says the property needs a major rehab. It also did for the prior sale.

It says the zoning is RT-3.5 and that it’s in a hot, hot location.

The 2-flat has the following units:

  1. Unit #1: 2 bedrooms, 1 bath
  2. Unit #2: 3 bedrooms, 1 bath

No renters are on the property as it was in distress for several years previously.

It’s on a standard 25×125 lot.

Originally listed for $431,000 on June 17, it quickly was reduced to $399,999.

Will this flipper be successful?

Jennifer Sahinoglu at Falcon Living LLC has the listing. See the listing here.

2014 W. Addison: 5 bedrooms, 2 baths, 2 car garage, 2-flat

  • Sold in August 1990 for $143,000
  • Sold in September 2005 for $485,000
  • Originally listed in June 2010 for $399,000
  • Lis pendens filed in July 2010
  • Numerous reductions
  • Was listed in September 2010 as a “short sale” for $279,999
  • Finally sold in April 2012 for $200,000 (according to Redfin)
  • Originally listed in June 2012 for $431,000
  • Reduced
  • Currently listed for $399,999
  • Taxes now $8062 (were $6861 in 2010)
  • No central air
  • Zoning RT-3.5

 

Selling A 1-Bedroom Just 6 Months Later In The Palmolive: 159 E. Walton in the Gold Coast

Vince Vaughn isn’t the only one moving out of The Palmolive at 159 E. Walton in the Gold Coast as this large 1-bedroom recently came on the market just about 6 months after it last sold.

It is a rare 1-bedroom that faces north- so it’s NOT facing south and looking into the Westin Hotel (like Clio always said his 2-bedroom did.)

It has dark stained oak floors and the other features of most Palmolive units, including luxury finishes and appliances.

Parking is $50,000 extra.

The Palmolive had an 8-year tax freeze for original owners. This unit first sold in 2011 from the developer, so hence why the taxes are just $2629. The tax freeze does NOT transfer. The new owner will pay substantially higher.

By the way- some of the original closings in the building happened in 2005. We’ll be coming up to the end of the tax freeze for the original owners shortly. Time sure flies.

This unit was originally listed at $750,000 in the middle of June 2012 and a week later was reduced to $699,900.

How many of these upper bracket 1-bedrooms can the market handle?

A bunch of expensive one bedrooms are currently on the market in the new Ritz and Lincoln Park 2520.

Emily Sachs Wong at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #6B: 1 bedroom, 1.5 baths, 1278 square feet

  • Sold in December 2011 for $720,000
  • Originally listed in June 2012 for $750,000
  • Reduced
  • Currently listed at $699,900 (parking is $50,000 extra)
  • Assessments of $1003 a month (includes gas, cable, doorman)
  • Taxes of $2629 (landmark tax freeze which does NOT transfer to the new owner)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 16×14

Nearly 2 Years Later, This 2-Bedroom at 2029 W. Pierce in Wicker Park Returns To Test The Market Again

We last chattered about this 2-bedroom at 2029 W. Pierce in Wicker Park nearly 2 years ago.

See our August 2010 chatter here.

At the time, it was listed $5,000 above the 2005 purchase price. Several of you thought it was too high (surprise, surprise.)

But most of the chatter about the property revolved around the CTA shower curtain.

Alas, the shower curtain is no more (at least in the listing pictures.)

But the “rehabbed” kitchen with maple cabinets, granite counter tops and stainless steel appliances remains.

It has all the other bells and whistles that buyers look for including central air, deeded parking and in-unit washer/dryer (the coveted side by side).

The listing does mention, however, that no dogs are allowed.

It is in a prime location in Wicker Park, just minutes from the Damen blue line stop and within shouting distance of all the shops/restaurants of Bucktown/Wicker Park.

The unit is now listed $35,000 under the 2005 purchase price.

Is this now a better deal than renting in the neighborhood?

Will this price get the sale done?

Joe Kennedy at @Properties now has the listing. See the pictures here.

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

  • Sold in May 2002 for $316,000
  • Sold in June 2005 for $370,000
  • Originally listed in April 2010 for $400,000
  • Reduced
  • Was listed in August 2010 for $375,000
  • Withdrawn in December 2010
  • Currently listed for $335,000
  • Assessments of $190 a month
  • Taxes of $5092 (were $4123 in 2010)
  • Central Air
  • In-unit washer/dryer
  • No dogs
  • Bedroom #1: 10×13
  • Bedroom #2: 9×13
  • Sunroom: 7×10

Get a Logan Square 2/2 Loft For Under $240,000 With Parking: 2650 W. Belden

This 2-bedroom loft in 2650 W. Belden in Logan Square first came on the market in 2010 and was withdrawn only to re-appear in April 2012.

Since April 2012, it has been reduced $20,000 to $239,000.

It has floor to ceiling windows and exposed brick along with 15 foot ceilings.

At 1600 square feet, it appears that both bedrooms do not have windows.

But it has other features buyers look for including central air, washer/dryer and 1 outdoor parking space.

The listings says it has new plumbing and electric from two years ago.

I couldn’t find an original sales price because the PIN appears to be the same as Unit #111, which is also on the market (it’s one of Gary Lucido’s listings). It too was rehabbed just 2 years ago.

Were these units that were original developer units that are only now finally being sold?

And is this a deal at under $240,000?

(By the way- that is NOT my picture up top. I may take some crazy ones- but that is not one of mine.)

Tatiana Rea at @Properties has the listing. See the pictures here.

Unit #101: 2 bedrooms, 2 baths, loft, 1600 square feet

  • I couldn’t find an original sales price- same PIN as Unit #111.
  • Off and on the market in 2010
  • Was listed in April 2012 for $259,000
  • Reduced
  • Currently listed at $239,000
  • Assessments of $477 a month
  • Taxes – not listed
  • Central Air
  • Washer/Dryer in the unit
  • Parking included
  • Bedroom #1: 15×12
  • Bedroom #2: 13×11

Missed Out On Buying At The Portals Last Year? Now’s Your Chance: 429 W. Grant in Lincoln Park

We’ve talked about this complex on West Grant in East Lincoln Park called “The Portals on Grant” several times over the years.

Built in the 1970s, the building is about 50 units of 3 bedroom/2.5 bath duplexes with parking, washer/dryer in each unit and central air.

This 3-bedroom “C” Unit at 429 W. Grant recently came on the market.

It might be familiar to those of you who watch real estate in the neighborhood (and especially at the Portals) because it last sold just 16 months ago, in March 2011.

This is a duplex up top floor unit with two balconies.

All three bedrooms are on the second floor.

There is a first floor powder room with a washer/dryer.

The kitchen has granite counter tops and stainless steel appliances.

Many of you have considered these units to be “deals” in the past because they were selling for under $400,000 and were in the Lincoln school district.

This unit sold for $388,000 just 16 months ago.

It has been listed for $41,000 above the 2011 purchase price at $429,000.

That is $29,000 higher than a sale in 2006, at the peak of the housing boom.

Will it be able to get the premium given the hotter market?

Lisa Resek-Peck at @Properties has the listing. See the pictures here.

Unit #C: 3 bedrooms, 2.5 baths, 1 car parking, no square footage listed

  • Sold in December 1988 for $166,000
  • Sold in October 1991 for $182,500
  • Sold in February 1996 for $189,000
  • Sold in December 2002 for $385,000
  • Sold in May 2006 for $400,000
  • Sold in March 2011 for $388,000
  • Currently listed for $429,000
  • Assessments of $336 a month (includes cable)
  • Taxes of $6094
  • Central Air
  • Washer/Dryer in the unit
  • 1 car parking included (outdoor?)
  • Bedroom #1: 17×11 (second floor)
  • Bedroom #2: 13×11 (second floor)
  • Bedroom #3: 11×10 (second floor)

 

Loft Lovers Don’t Have To Sacrifice Space In This 3-Bedroom Townhouse: 1140 W. Cornelia in Lakeview

This 3-bedroom townhouse at 1140 W. Cornelia in Lakeview came on the market in May 2012.

This is a property for loft lovers who have graduated from the 1-bedroom version and now need space.

Like your standard loft, it has exposed brick walls and timber ceilings.

But it also has 3 levels including a family room on the lower level along with two of the three bedrooms.

There is also a private roof top deck and garage parking.

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

Originally listed for $625,000, it has been reduced to $599,900 which is about $25,000 above the 2008 purchase price.

Is this townhouse a good single family home alternative for this neighborhood at this price?

Michael O’Connor at Dream Town Realty  has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, 2000 square feet, 1 car parking

  • Sold in November 2000 for $410,000
  • Sold in May 2008 for $575,000
  • Assessments of $200 a month
  • Taxes of $8572
  • Central Air
  • Private roof deck: 25×15
  • Bedroom #1: 19×13 (second level)
  • Bedroom #2: 16×13 (lower level)
  • Bedroom #3: 16×12 (lower level)
  • Family room: 16×12 (lower level)

 

We Love “One of a Kind” Condos With Landscaped Terraces: 2100 N. Lincoln Park West in Lincoln Park

This 2-bedroom duplex in The Pierre at 2100 N. Lincoln Park West in East Lincoln Park has been on and off the market since August 2007.

It has some unique features including a spiral staircase to the second floor bedrooms and a 600 square foot private landscaped terrace.

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

The unit has central air and in-unit washer/dryer. There is rental parking in the building.

The listing calls it a “one of a kind” property.

The Pierre was built in 1919 and is a full service building with a rooftop pool and 24-hour doorman.

The unit was recently reduced $30,000 to $495,000.

What price will it take to finally get this sold?

Scott Berg at Berg Properties has the listing. See the pictures here.

Unit #3BN: 2 bedrooms, 2.5 baths, duplex, no square footage listed

  • Sold in March 1988 for $163,000
  • Sold in March 1999 for $230,000
  • Originally lisetd in August 2007 (I couldn’t find a price)
  • On and off the market
  • Was listed in November 2011 for $525,000
  • Reduced
  • Currently listed at $495,000
  • Assessments of $954 a month (includes cable, doorman, gas, rooftop pool)
  • Taxes of $4129
  • Central Air
  • Washer/Dryer in the unit
  • Rental parking in the building
  • Bedroom #1: 22×19 (second floor)
  • Bedroom #2: 19×15 (second floor)
  • 600 square foot terrace

Boulevard Living With a Rare Side Driveway: 2054 N. Humboldt Blvd in Logan Square

This 4-bedroom single family home at 2054 N. Humboldt Boulevard in Logan Square recently came on the market.

Built in 1912 it is on a larger than standard Chicago lot of 40×164. The lot is so big it has a rare side driveway from the street that leads to a 2-car brick garage.

The house has a lot of its original woodwork including crown molding.

The kitchen appears to have granite counter tops and upscale appliances like Wolf, Bosch and SubZero.

The house has 4 bedrooms on the second floor (but the listing does state that one of them doesn’t have a closet.)

There is a finished lower level.

The house has central air.

It is listed just $17,000 above the 2004 price.

Is this house priced to sell?

Edward Jelinek at Coldwell Banker has the listing. See the pictures here.

2054 N. Humboldt: 4 bedrooms, 3 baths, no square footage listed, 2 car garage

  • Sold in July 2004 for $860,000
  • Originally listed in May 2012 for $879,000
  • Currently still listed at $879,000
  • Taxes aren’t listed
  • Central Air
  • Bedroom #1: 22×14 (second floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 10×9 (second floor)
  • Bedroom #4: 9×9 (second floor)
  • Family room: 29×12 (lower level)

Market Conditions: May Sales Soar 19.6% Over 2011’s Depressed Level; Median Price Rose

We continue to see an improvement in the sales numbers this spring compared to 2011.

From the Illinois Association of Realtors:

In the city of Chicago, May 2012 home sales (single family and condominiums) totaled 2,037, up 19.6 percent from 1,703 homes sold in May 2011. The city of Chicago median home sale price for May 2012 was $203,000, up 6.8 percent compared to May 2011 when it was $190,000.

For as “good” as everyone thinks the market is, sales were still under the tax incentive juiced May 2010 number.

Sales data from the last five years:

  • May 2008: 2119 sales
  • May 2009: 1557 sales
  • May 2010: 2057 sales
  • May 2011: 1705 sales
  • May 2012: 2037 sales

Median price data over the last five years:

  • May 2008: $319,500
  • May 2009: $225,000
  • May 2010: $230,000
  • May 2011: $190,000
  • May 2012: $203,000

“First-time homebuyers, move-up buyers and investors are finding compelling pricing and historically low interest rates as a perfect incentive to buy now,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and managing broker-owner of Bob Floss and Son Realty. “With a scarce supply of rental homes available and rents increasing across the city, those on the fence are using this market to make their mark and purchase a home. REALTORS® are optimistic the market is stabilizing and will continue to show affordable options be absorbed by homebuyers this year.”

59 out of 100 counties showed median price increases in the month.

“For the first time since the recession began, median house prices are increasing on an annual basis and are forecast to continue this trend through the end of the summer,” noted Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The weaker than expected job figures for the last few months appear not to have affected the housing market; inventories are down, sales volumes are up and the pending sales index is at its highest point since 2008.”

Does the data now confirm that 2011 was, indeed, the bottom?

May home sales in Illinois up 22.1 percent from a year ago; Chicago area ends 49 months of median price decreases [Illinois Association of Realtors, Press Release, June 21, 2012]

CribChatter Is On Vacation Until June 28

Starting today, CribChatter will be on vacation for a week.

Those of you who have been around awhile know the drill.

That means there will be just one post a day (sorry!).

And I expect you all to play nice with each other while I’m gone so I don’t have to drag myself off the beach to delete any crazy rants. I WILL be monitoring what you say (ah- technology these days. No one can get off the grid completely any more.)

Otherwise, feel free to send me tips on the contact page or at my e-mail on properties you think are cool and interesting while I’m gone. I’ll get to your e-mails as soon as I get back. 

We’ll resume our normal schedule on Thursday June 28.

Have a lovely week everyone!

Sabrina