Crib Chatter

Crain’s is reporting that 46 out of 48 units in Phase II at the Park Monroe at 65 E. Monroe in the Loop which went on sale 8 months ago have sold.

The Legacy, practically next door at 60 E. Monroe, however, still has 140 unsold condos but it has a higher price point.

“We really did flip a switch at the beginning of the year,” said David Wolf, president of Related Realty, which has sold about 150 South Loop condos after relaunching three failed towers there this year.

The nascent condo recovery reminds Mr. Wolf of the years leading up to the market’s peak in 2006, when planned condo projects would sell out prior to construction amid rising prices and a speculative frenzy. Yet high-rise development has yet to return, with developers focusing on smaller, less risky low-rise projects.

Many observers expect developers to start converting apartments to condos next, though high-rise construction might not be so far off.

“Developers are starting to look around and look for locations again,” said Ms. Young of the Park Monroe sales office. “I see the market picking up.”

Just last week we chattered about when a condo high rise conversion project would be announced.

With practically no new moderately priced high rise units on the market, and demand apparently exploding, is it closer than we think?

Any guesses on the first location?

Condo market comeback boosts sales at tower near Millennium Park [Crain’s Chicago Business, David Lee Matthews, June 4, 2013]

This 2-bedroom duplex down at 2017 W. Evergreen in Wicker Park just came on the market.

Both vintage and modern lovers can rejoice.

The front of the building was built around 1901. Many of the vintage features are intact.

It has 12 foot ceilings on the main floor as well as the original hardwood floors, complete with intricate engravings.

It has a coved ceiling, cornices and the original glass tile around the fireplace, which is, alas, just decorative.

The kitchen is also on the first floor and is open to the dining room. It features the modern look with dark wood cabinets, stone counter tops and stainless steel appliances.

Both of the bedrooms are on the lower level along with a laundry room.

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

It’s listed about $30,000 under the 2007 purchase price.

Is this how you do a vintage conversion right?

Scott Curcio at Coldwell Banker has the listing. See the pictures here.

Unit #101: 2 bedrooms, 2.5 baths, no square footage listed, duplex down

• Sold in October 2001 for $337,500
• Sold in May 2007 for $450,000
• Currently listed at $419,900 (parking included)
• Assessments of $231 a month
• Taxes of $6345
• Central Air
• Washer/Dryer in the unit
• Decorative fireplace
• Bedroom #1: 11×11 (lower level)
• Bedroom #2: 12×10 (lower level)
• Living room: 14×14 (main level)
• Dining room: 14×10 (main level)
• Office: 10×8 (main level)
• Laundry room: 12×7 (lower level)

With the recent news that 2 units were sold on the penthouse floor of the Legacy across from Millennium Park for a combined price of $5 million, and that penthouses were in demand but in short supply, the developer of 200 N. Dearborn, American Invsco, in the Loop wasted no time in listing the penthouse in that building.

If you recall 200 N. Dearborn was among the last of the apartment to condo conversions that happened just before the market turned.

The listing says it is raw space with 15 to 20 foot ceilings.

It also apparently has panoramic lake and skyline views.

But in the notes in the MLS listing, it says “Cash buyers only” and that the buyer must close in ten business days.

If you can’t afford the $32 million Trump Tower penthouse, why not cross the river and buy this instead?

Nicholas Gouletas at American Invsco Realty has the listing. There are no interior pictures- but you can see the listing here.

Unit #PH1: full floor raw space, 2875 square feet

• Currently listed at $1.5 million
• Cash buyers only
• Assessments of $1852 a month (includes heat, a/c, doorman, pool)
• Taxes of $1956
• Elevator directly to your floor
• Not sure about parking- the listing says it’s not included

This 3-bedroom second floor loft at 400 N. Racine in West Town just came on the market.

It has upscale finishes including duel level concrete counter tops on the kitchen island and Subzero stainless steel appliances.

In addition to the three bedrooms, there is also a sizable 9×10 exercise room.

The loft has high ceilings, but no exposed brick or timber beams, as we commonly see in loft conversions.

It does have a private 26×15 rooftop deck with city views.

It also has the other amenities that buyers look for including central air and washer/dryer in unit.

The loft has 2-car parking.

Has the market for upscale lofts returned to this neighborhood?

Tom McCarey at @Properties has the listing. See the pictures here.

Unit #219: 3 bedrooms, 3.5 baths, no square footage listed, 2 car parking

• Sold in February 1997 for $176,000
• Sold in June 2002 for $390,000
• Currently listed in $749,900
• Assessments of $438 a month
• Taxes of $8145
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×14
• Bedroom #2: 24×12
• Bedroom #3: 11×10
• Exercise room: 9×10

We last chattered about this 4-bedroom top floor vintage unit at 411 W. Briar in Lakeview in 2009 and 2010.

See our original chatter about it in August 2009 here.

Back then, it was listed for $535,000 and we debated whether it would sell for around $500,000 given that it was a 4-bedroom unit with about 2500 square feet.

Bob thought the asking price was too high given the assessments and that there was no parking. Others disagreed but Bob turned out to be right.

It ended up selling in May 2010 for $385,000.

It’s back again and this time it has been painted throughout and there is new wallpaper in the foyer.

You can still see the old pictures on the Crib Chatter link above or here.

The kitchen, however, appears to have the same as 3 years ago with white cabinets, a white sink, grey counter tops and a white tile backsplash. It looks as if new stainless steel appliances and a new floor were installed, however.

It has central air, washer/dryer in the unit but parking is rental in the neighborhood.

It’s in Nettlehorst.

The unit is listed for $180,000 more than the 2010 purchase price and $30,000 more than the 2006 purchase price.

Are the interior changes enough to get the premium?

Are we back to the 2005-2006 price now?

Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.

Unit #D3: 4 bedrooms, 2 baths, 2436 square feet

• Sold in March 1995 for $267,500
• Sold in August 1997 for $265,000
• Sold in March 2006 for $535,000
• Was listed in August 2009 for $535,000
• Sold in May 2010 for $385,000
• Currently listed for $565,000
• Assessments now $897 a month (they were $901 a month in August 2009) (includes heat, tv/cable, security system)
• Taxes now $5335 (they were $5822 in August 2009)
• Central Air
• Washer/Dryer in the unit
• No parking- available for rent for $165-$250 in the neighborhood
• Wood burning fireplace
• Bedroom #1: 16×12
• Bedroom #2: 14×13
• Bedroom #3: 12×11
• Bedroom #4: 10×9

We first chattered about this top floor vintage 3-bedroom at 814 W. Roscoe in Lakeview in 2010 and then again in September 2012 when it came back on the market to try again.

See the September 2012 chatter here.

Despite a $20,000 reduction last fall, it didn’t sell.

It has come back on to test this market again and has reduced another $20,000 to $549,000.

Many of you have liked this unit which was renovated/remodeled in 2006. Sonies thought it was very “New York-ish”.

Converted into condos in 2006, the living/dining and kitchen area now sports the popular open layout with what the listing calls a “chef’s kitchen” with stainless steel appliances and granite counter tops.

It has 14 foot high ceilings, crown molding and a fireplace.

The 3 bedrooms are also larger than what you might normally find in a vintage unit. It’s also unusual to find a vintage unit with 3 bathrooms. They usually just have 2.

The master bathroom is marble with a double vanity.

The property has the amenities buyers are looking for in this price range including central air, washer-dryer in the unit and 1-car parking.

Why isn’t this selling in a day like all the other GZ properties out there?

Brad Lippitz at Prudential Rubloff again has the listing. See the pictures here.

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

• Sold in August 2006 for $587,500
• Originally listed in August 2010 for $589,000
• Withdrawn in July 2011
• Was listed in September 2012 for $569,000
• Withdrawn
• Currently listed at $549,000
• Assessments still $251 a month
• Taxes now $8491 (they were $8044 in August 2010)
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 16×14
• Bedroom #2: 11×14
• Bedroom #3: 15×12

This penthouse 2-bedroom in the Green Brier at 559 W. Surf in East Lakeview just came on the market.

But if it looks familiar, it’s because we chattered about it for several years in the 2010-2011 period.

See our January 2011 chatter here.

Back in 2010-2011, many of you thought it was overpriced at $299,900 due to the $915 a month assessment.

It ended up selling for $257,500.

If you recall, the top floor unit has a unique interior atrium that is private to the unit and which leads, via a spiral staircase, to a private roof top deck.

The listing says it was meticulously renovated, but the finishes appear to be the same as the 2010-2011 listing.

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

The bathrooms are marble.

It has central air, washer/dryer in the unit and parking is available for $17,500.

It has come on the market at 59% more than the 2011 price which was not a distress sale.

Will this unit command the high premium just 2 years later?

Joe Benjamin at Coldwell Banker has the listing. See the pictures here.

Unit #900: 2 bedrooms, 2 baths, 1600 square feet

• Sold in March 1993 for $200,000
• Sold in May 2003 for $275,000
• Originally listed in September 2009
• Listed in April 2009 for $349,900
• Reduced
• Was listed in September 2010 for $299,900 (parking is $25,000 extra)
• Reduced
• Was listed in January 2011 for $249,999 (plus $20,000 for parking)
• Sold in May 2011 for $257,500
• Currently listed for $409,900 (parking is $17,500 extra)
• Assessments are now $814 a month (they were $915 a month in January 2011) (includes the doorman and cable)
• Taxes now $8376 (they were $7586 in January 2011)
• Central Air
• Wood burning fireplace
• Washer/Dryer in the unit
• Bedroom #1: 15×22
• Bedroom #2: 13×10

This 2-bedroom triplex corner loft in the Postcard Lofts at 1733 W. Irving Park Road in Lakeview just came on the market.

Few of you would remember that we chattered about it nearly 6 years ago- in October 2007.

The interior of the loft now looks remarkably similar to what it looked like back then. Check it out here.

If you’re walking or driving by this building, you can’t miss this corner unit with its massive and unique semi-circle windows on two sides.

Loft lovers will delight that many of the original features remain including the original safe which is now a bathroom, complete with the safe door serving as the bathroom door.

It has 14-foot timber ceilings and a spiral staircase.

The listing says there is an unfinished 4th floor with 600 square feet.

The kitchen is the same as six years ago. It still has what look to be maple cabinets, white appliances and does not have granite counter tops.

The listing also says there is an “assessment credit available.” From the public listing it doesn’t appear that the assessment includes heat or cable.

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

It’s come on the market for at least $100,000 less than what it was listed for in the 2007 period.

With nearly record low inventories, will this loft finally sell?

Jennifer Vogel at Conlon has the listing. See the pictures here.

Unit #222: 2 bedrooms, 2 baths, 2379 square feet, triplex

• Sold in 1998?
• Sold in February 2005 for $528,000
• Was listed in 2006-2007 for $599,000
• Reduced
• Was listed in October 2007 for $549,000
• Withdrawn in 2008
• Recently re-listed for $499,900
• Assessments now $618 a month (includes snow removal and water) (They were $554 a month in October 2007) 
• Assessment credit available
• Taxes are $6033
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×16 (third floor)
• Bedroom #2: 22×13 (third floor)

We’ve chattered about this 3-bedroom vintage row house at 474 W. Deming in East Lincoln Park several times over the past year.

See our November 2012 chatter here.

Last year, when it was originally listed at $949,000, some of you thought that the two outdoor parking spaces were a detriment to a sale at that price.

But it was reduced to $924,500 and then withdrawn.

It has come back on the market, however, listed higher at $999,000, but it also now sports a “brand new” eat-in kitchen with Caesarstone counter tops.

To see the old configuration and pictures of the kitchen, look here.

The prior kitchen had white cabinets and a Viking stove but it didn’t have the kitchen island as it does now.

If you recall, the rowhouse is just a block from Lincoln Park and also just steps away from the shops and restaurants on Clark.

Built in 1882 on a 20×74 lot, it still has many of its vintage features such as stained glass, the original wood staircase and crown molding.

Yet it also has central air, a lower level family room and 2 parking spaces directly behind the row house.

All 3 bedrooms are on the second floor along with 2 baths.

The house has also been painted neutral colors on the interior this time around, although it has not been staged.

Will the new kitchen and paint make the sale in 2013?

Jennifer Ames at Coldwell Banker now has the listing. See the new pictures here.

474 W. Deming: 3 bedrooms, 3.5 baths, no square footage listed, 2 parking spaces behind the row house

• Sold in January 1993 for $266,000
• Sold in April 1995 for $307,500
• Sold in February 2001 for $640,000
• Was listed in July 2012 at $949,000
• Reduced
• Was listed in November 2012 at $924,500
• Withdrawn in February 2013
• Re-listed with new kitchen at $999,000
• Taxes of $14,922
• Central Air
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 12×11 (second floor)
• Family room: 30×19 (lower level)

This 60th floor 2-bedroom in the Water Tower Place at 180 E. Pearson in the Gold Coast has been on the market since October 2012.

Normally, I scold that the décor doesn’t matter because it won’t be there when you move in, but if you’re into the authentic 1970s vibe, then this unit is a must see.

Water Tower Place was built in 1975 so this could possibly be an original unit.

The 2754 square feet unit is on the southwest corner and has lake and city views.

Those are parquet floors in the living/dining room.

There’s also a wet bar.

The listing says you can “create the home of your dreams.”

Since October, it has been reduced $300,000 to $1.199 million.

What will someone be willing to pay for this square footage in order to renovate this unit?

And are those chandeliers collector’s items?

Linda Marcus at Koenig & Strey has the listing. See the pictures here.

Unit #6006: 2 bedrooms, 2.5 baths, 2754 square feet

• Last sold prior to 1986
• Originally listed in October 2012 for $1.499 million
• Reduced
• Currently listed for $1.199 million
• Assessments of $2550 a month (includes cable, also use of the Ritz Carlton amenities)
• Taxes of $17285
• Central Air
• Washer/Dryer in the unit
• Parking is leased in the building
• Bedroom #1: 17×15
• Bedroom #2: 15×12
• Family room: 14×10