Crib Chatter

This 5-bedroom Gold Coast mansion at 1500 N. Dearborn Parkway came on the market in October 2014.

But if it looks familiar, that’s because it is.

We have chattered about it twice before- in April 2010 and July 2011.

The house was built in 1880 and is on a corner lot measuring 33×150.

It comes with a coach house and a 3-car garage with a bricked courtyard between the house and the coach house.

The home has a lot of its original features including crown molding, beamed ceilings and original moldings and doors as well as three fireplaces.

Back in 2010, the house was listed as “priced to sell” and that they would “entertain all offers.”

Additionally, in 2010 and 2011, the main house had light wood floors and the original woodwork was all in its original wood condition.

You can see what it looked like in the pictures in our July 2011 chatter here.

Since 2011, all of the original woodwork looks like it has been painted white and the floors have been stained a darker color (which is “in” right now.)

The walls also have been painted gray.

Otherwise, the kitchen is the same as it was in 2011 with maple cabinets and granite counter tops.

The house has come back on the market at the same price as in July 2011, at $3.95 million.

Obviously, the market is much improved, especially at this price point.

Normally, we don’t talk much about the interiors but when you paint all of the crown molding on a 1880’s house, it sticks out.

Will painting all of the original woodwork and staining the floors get the sale done?

Louise Study at Baird & Warner now has the listing. See the current pictures here.

1500 N. Dearborn Parkway: 5 bedrooms, 4 baths, 8000 square feet (includes the coach house. The house is 6290 square feet)

• Sold in December 2005 for $4.466 million
• Originally listed in July 2009
• Was listed in April 2010 for $5.495 million
• Reduced
• Was listed in July 2011 at $3.95 million
• Withdrawn
• Re-listed in October 2014 at $3.95 million
• Currently still $3.95 million
• Taxes are now $34475 (they were $34569 in July 2014)
• Central Air
• Coach house
• Bedroom #1: 21×16 (second floor)
• Bedroom #2: 17×14 (second floor)
• Bedroom #3: 15×14 (second floor)
• Bedroom #4: 21×10 (third floor)
• Bedroom #5: 12×12 (second floor- which I believe is the coach house)
• The listing says you can see the floor plan on the website, but I couldn’t find it.

This 2-bedroom in this vintage building at 1224 N. Dearborn Parkway in the Gold Coast came on the market in September 2014.

If it looks familiar, it’s because we last chattered about it back in July 2010. See that chatter here.

The unit never sold.

It has returned to the market with the same finishes and interior.

The building was built in 1900 and has 13 units. There is no parking, but it’s available for rent in the neighborhood.

For being in a vintage building, the unit has a distinctly modern interior.

The listing says it is architect designed.

The kitchen is unique with a massive island with Italian marble counter tops and Miele and Bosch appliances hidden behind sliding doors.

The bathrooms also sport the modern design with Duravit and Hansgrohe fittings.

There are ten foot ceilings.

The unit faces east, overlooking the parkway.

It has central air and washer/dryer in the unit.

The listing says the unit is in the Ogden Elementary and Lincoln Park High School districts.

Will the improved 2014 housing market be the charm for this property?

Peter Angelo at Jameson Sotheby’s has the listing again. See the pictures here.

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

• Sold in April 1997 for $190,500
• Sold in October 2007 for $390,000
• Was listed in July 2010 for $549,000
• Withdrawn
• Was listed in September 2014 for $475,000
• Reduced
• Currently listed at $459,000
• Assessments now are $336 a month (they were $305 a month in July 2014)- it includes snow removal
• Taxes are now $3994 (they were $3441 in July 2014)
• Central Air
• In-unit washer/dryer
• No parking – available for rent in the neighborhood
• Bedroom #1: 14×12
• Bedroom #2: 13×8
• Living room: 20×14
• Kitchen: 14×11

This 2-bedroom in the Vetro at 611 S. Wells in the South Loop came on the market in April 2014.

The Vetro is a 232-unit building built at the height of the housing boom.

It was a big story in 2009 as the developer used both auctions and price cuts to finally sell out the building.

See the full story in our 2009 chatter here.

This unit has south, east and west views from floor-to-ceiling windows.

It has concrete ceilings and maple laminate floors.

There is a galley kitchen with dark cabinets, granite counter tops and stainless steel appliances.

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

Originally listed for $465,000 in April 2014 it has been reduced $30,000 to $435,000.

That’s still $79,000 above the 2009 purchase price.

Are the buyers who bought in the dark times in the Vetro in 2009 having the last laugh?

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

Unit #907: 2 bedrooms, 2.5 baths, 1555 square feet

• Sold in June 2009 for $356,000 (included the parking)
• Originally listed in April 2014 for $465,000
• Reduced
• Currently listed at $435,000 (parking included)
• Assessments of $578 a month (includes gas, doorman, cable)
• Taxes of $5272
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×20
• Bedroom #2: 10×13
• Living room: 16×21
• Dining room: 10×15
• Kitchen: 9×9
• Laundry: 7×3

The October sales numbers are out. As expected, sales fell year over year as the Chicago housing market took a break.

The city of Chicago saw an 8.6 percent year-over-year decrease in home sales in October 2014 with 2,082 sales, down from 2,279 in October 2013. The median price rose to $237,500 versus $218,000 in October 2013, an annual increase of 8.9 percent.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,082 $237,500

“Heading into the holiday season, what many see as an off-peak time for the housing market actually offers many incentives for buyers and sellers. Buyers who purchase a home now still have time to deduct home purchase costs on their taxes to reap benefits,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Median home prices continue to be strong, and sales times are swift. Less competition from other buyers also is a great motivator to put your home on the market now.”

“The housing market appears to be pausing in its positive sales growth trends, not unusual for this time of the year,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “Prices continue to improve and the forecasts suggest growth in the next three months.  Recent declines in the reduction in the foreclosure housing inventory suggest that we may have to wait until 2016 at the earliest for a return to pre-bubble levels.”

The average 30-year mortgage was 4.03 in the month, down from 4.2% last year.

Will this unseasonably cold November have an impact on home sales in the next few months?

Or do Chicago buyers not care about the weather?

Illinois home sales see slight gain in October; Statewide home prices increase 6.0 percent annually [Illinois Association of Realtors, Press Release, November 20, 2014]

This west facing 2-bedroom in The Quince at 565 W. Quincy in the West Loop recently came on the market.

Do they still call it “The Quince”?

That was the original name of this building when it was built by Belgravia at the tail end of the housing boom in 2008-2009.

The building has 241 units, with some original loft-like units in the base of the building, and an indoor parking garage.

It also has some unique amenities including a movie theater and a bowling alley for residents.

This unit has a split floor plan with floor to ceiling windows.

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

It has the finishes that buyers look for including central air, washer/dryer and parking, which is included.

Back during the housing boom, this building was originally marketed to first time home buyers.

Who is the targeted buyer now?

Molly Marino at Baird & Warner has the listing. See the pictures here.

Unit #1007: 2 bedrooms, 2 baths, 1100 square feet

• Sold in June 2009 for $415,500
• Currently listed at $379,000 (parking included)
• Assessments of $419 a month
• Taxes of $5417
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 14×10

This top floor 3-bedroom at 3020 N. Sheridan Road in East Lakeview just came on the market.

Built in 1902, the building has 9-units and is just a block from the lake shore bike baths.

This unit has many of its original features, including crown molding and built-ins.

There is a unique two-story living room with a spiral staircase leading to a library with built-in bookcases.

The living room also has a wood-burning fireplace.

The dining room has original wood covered walls and a box beamed ceiling along with stained glass windows.

There is a “gourmet kitchen” with maple cabinets and black granite counter tops.

The unit has north, east and west exposures and a large west facing deck.

While there is central air and a washer/dryer in the unit, there’s no parking with this building. It’s available for rent in the neighborhood.

The listing says it is 2800 square feet.

Listed for $679,900, is this a deal for that square footage?

Phil Staffa at Genesis Residential has the listing. See the pictures here.

Unit #4N: 3 bedrooms, 2.5 baths, 2800 square feet

• Sold in August 1992 for $205,000
• Sold in July 2008 for $590,000
• Currently listed for $679,900
• Assessments of $417 a month
• Taxes of $8267
• Central Air
• Washer/Dryer in the unit
• No parking- rental available nearby
• Wood burning fireplace
• Bedroom #1: 13×15
• Bedroom #2: 11×15
• Bedroom #3: 11×13
• Lofted library: 10×12

This 3-bedroom at 1322 N. Clybourn on the Near North Side came on the market in October 2014.

We’ve chattered about this 6-unit building before. See that 2011 chatter here.

Built in 2008, just before the housing bust, it was a Leed-certified building with bamboo floors and other eco-friendly finishes.

Although, the current listing doesn’t mention it’s Leed-certified (maybe it isn’t anymore?).

It has a “gourmet kitchen” with luxury appliances by Miele, Bosch and Fisher Paykel along with a granite island.

There are stone baths.

The unit has the features buyers look for including central air, washer/dryer in the unit and attached garage parking (for $20,000 extra.)

This area has seen a lot of development in recent years.

The Target has opened and further north, the New City development which will include a movie theater, supermarket, apartment high rise and shops/restaurants is being built.

Is it time to buy into this hot neighborhood?

Jenny Fultz at Jin’s Group Corporation has the listing. See the pictures here.

Unit #3S: 3 bedrooms, 2 baths, 1800 square feet

• Sold in March 2008 for $589,000 (included the parking)
• Currently listed for $539,000 (parking is $20,000)
• Assessments of $448 a month
• Taxes of $6800
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×12
• Bedroom #2: 13×11
• Bedroom #3: 12×11

This 2-bedroom corner duplex at 2859 N. Southport in Lakeview came on the market in August 2014.

The complex was converted into condos in the early 1990s and has 4 units.

This unit has its own private entrance on Southport.

It also has 12 foot ceilings and a 600 square foot private deck.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances and is open to the first floor living area. There’s also a powder room on that floor.

The second floor has the two bedrooms and two full baths.

There is an attached garage which is included.

It originally came on the market in August for $539,900 but has now been reduced to $499,500.

The $400,000 to $500,000 market had been hot in 2013 and the first half of 2014.

Has that price point cooled off?

Mario Greco at KoenigRubloff has the listing. See the pictures here.

Unit #A: 2 bedrooms, 2.5 baths, 1700 square feet, duplex

• Sold in September 1994 for $250,000
• Sold in January 1998 for $270,000
• Sold in May 2007 for $478,000
• Originally listed in August 2014 for $539,900
• Reduced several times
• Currently listed for $499,500 (parking included)
• Assessments of $202 a month
• Taxes of $6810
• Central Air
• Bedroom #1: 15×13
• Bedroom #2: 13×10

We last chattered about this 9-bedroom mansion at 2466 N. Lakeview in Lincoln Park in November 2011.

You can see our previous chatter here.

Strangely enough, I just mentioned this house in a comment on another post and here it is being re-listed.

The house is known as the Theurer-Wrigley House.

Located directly on Lincoln Park on the corner of Lakeview and Arlington, the mansion was built in 1894 for brewery baron Joseph Theurer in the Italian Renaissance style.

According to Wikipedia, he sold it to the Wrigley family in 1911 but they largely abandoned the property in the 1930s. Apparently, during the Great Depression, according to Wikipedia, many mansions became subject to burglaries and kidnappings, such as that of the Lindbergh baby.

It was listed on the National Register of Historic Places in 1980.

The house last sold in 2004 for $9 million.

It has much of the features of a mansion built in 1894 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces.

The main house has 9-bedrooms in 15,000 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

There is also a coach house on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.

There’s no central air, only window units.

The listing also doesn’t have any pictures of the kitchen or baths.

In 2011, it was listed at $9.5 million. It was on the market for a year before being removed.

It has come back on the market at $8.695 million.

In May 2011, there was also a lis pendens foreclosure filed against the property.

Crain’s investigated what was going on with the foreclosure filing:

The status of the foreclosure suit is unclear. Court records show case documents were filed as recently as July. Mr. Tetzlaff and James Benak, a local lawyer representing him in the foreclosure suit, did not immediately return messages seeking comment.

In 2011, some of you thought a developer might buy this house and turn it into condos similar to what they did with the McCormick Mansion in the Gold Coast and the Marshall Field Mansion in the Prairie District.

What do you think will happen now?

Will it find a buyer this time around?

Mary Bennett at KoenigRubloff again has the listing. See the pictures here.

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 15,000 square feet in the main house, coach house with 2 apartments, 5 car parking

• Sold in April 2004 for $9 million
• Lis pendens foreclosure filed in May 2011
• Was listed in October 2011 for $9.5 million
• Withdrawn in October 2012
• Currently listed at $8.695 million
• Taxes are now $145,294 (they were $118,395 in 2011)
• No central air- window units only
• 2 apartments in coach house for staff
• 5 fireplaces
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 18×12 (second floor)
• Bedroom #3: 14×12 (second floor)
• Bedroom #4: 20×13 (second floor)
• Bedroom #5: 15×12 (second floor)
• Bedroom #6: 18×13 (third floor)
• Bedroom #7: 19×16 (third floor)
• Bedroom #8: 11×10 (third floor)
• Bedroom #9: 15×12 (lower level)

This 1-bedroom in the 60657 Lofts at 1645 W. School in Lakeview recently came on the market.

The listing says it has a “100% new interior.”

That includes new hardwood floors, new white kitchen cabinets (white is “in” now), granite counter tops and stainless steel appliances, a new bath, hot water tank and washer/dryer.

It has also been painted (looks like a light gray- which is also the neutral that is “in” right now).

It has the other features buyers look for including central air and parking.

This unit was last listed for sale in 2010 for the same price as it is now: at $275,000.

But back in 2010 it wasn’t “100% new”.

You can see the old finishes, including the maple kitchen cabinets and white appliances, here.

This building was converted into condos in 2001 so the finishes are nearly 14 years old.

Is it necessary in this market for sellers of condos to renovate to today’s “new” standards before listing?

Marcia Cegavske at Coldwell Banker has the listing. See the pictures here.

Or see it at the Open House this weekend: Sunday, Nov 16 from 1-3 PM.

Unit #412: 1 bedroom, 1 bath, no square footage listed

• Sold in May 2001 for $219,500
• Sold in June 2004 for $266,500
• Was listed in August 2010 for $275,000
• Withdrawn
• Currently listed for $275,000 (parking included)
• Assessments of $202 a month (includes cable)
• Taxes of $3404
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×11