Crib Chatter

We last chattered about this top floor 3-bedroom at 432 W. Oakdale in East Lakeview in January 2013.

See our prior chatter here.

You all thought it would go under contract immediately as it had all the bells and whistles including central air, washer/dryer in the unit and parking.

Instead, it took nearly 5 months to sell.

Originally listed at $719,000, it just closed for $685,000.

If you recall, the unit had crown molding and hardwood floors throughout.

It also had a private rooftop deck.

The listing said it had a new kitchen and baths. The kitchen had maple cabinets, granite counter tops and stainless steel appliances.

The unit had a south facing sunroom and a large family room.

I asked if it was going to be able to command a premium over the 2006 purchase price of $590,000 and clearly the answer is “yes.”

Jennifer Ames at Coldwell Banker had the listing. You can still see the interior pictures here.

Unit #4: 3 bedrooms, 2 baths, 2500 square feet, 1 car garage

• Sold in January 1996 for $175,000 (per Zillow as I couldn’t find the public record for this property)
• Sold in January 2006 for $590,000 (per Zillow)
• Originally listed in January 2013 for $719,000
• Sold in April 2013 for $685,000
• Assessments of $380 a month
• Taxes of $9233
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×14
• Bedroom #2: 9×12
• Bedroom #3: 13×12
• Family room: 22×15
• Sunroom: 12×8

This 3-bedroom penthouse in the Grand Ohio at 211 E. Ohio in Streeterville just came on the market.

This penthouse has location, location, location.

At 1700 square feet, it has some unique features that most other units in the building don’t have.

Because it’s on the penthouse floor, it has 11 foot ceilings.

It also has a full-size washer/dryer in the unit. Only the floor with the lofts and the terraces has that grandfathered in.

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

It doesn’t have central air, but there are wall units. There are also 2-parking spaces available in the building for $25,000 each.

The listing says this unit is in the Ogden school district.

The Grand Ohio is a full service building. It has some of the most amazing amenities in Streeterville, including a gym, an indoor pool, tennis courts and other things I’m sure people can fill us in on.

Is this a deal?

Sherry Liang at Baird & Warner has the listing. See the pictures here.

Unit #2907: 3 bedrooms, 2.5 baths, 1700 square feet

• Sold in May 2000 for $460,500
• Sold in July 2004 for $529,500
• Currently listed for $525,000
• Assessments of $1176 a month (includes doorman, cable, tennis courts, pool)
• Taxes of $6193
• No central air- wall units only
• In-unit washer/dryer
• Parking is available in the building for $25,000 each
• Bedroom #1: 15×11
• Bedroom #2: 14×12
• Bedroom #3: 13×11
• Laundry room: 8×5

We last chattered about this 2-bedroom vintage unit with a crow’s nest at 351 W. Dickens in Lincoln Park in November 2012.

See our prior chatter here.

Back in November, when it was listed at $499,000, you all thought the lack of updates in the kitchen would prevent a sale. It had maple cabinets, white appliances and older non-granite counter tops.

You can see the old kitchen here.

All of the Redfin agent comments in the old listing basically said, “needs some updating.”

The listing was withdrawn briefly but has now been re-listed saying “back on the market with updates.”

What that entails appears to be some new hardware on the kitchen cabinets (are the cabinets the old ones?), new granite counter tops, an undermount sink and stainless steel appliances.

The rest of the unit looks pretty much the same.

If you recall, it is a top floor unit in a non-elevator building with exposed brick and 16 foot ceilings.

And in a first for Lincoln Park, there’s also that crow’s nest.

The listing says the bathrooms were rehabbed in 2005.

It has 2 fireplaces and a private rooftop deck.

There is central air and washer/dryer in the unit but no deeded parking.

With the kitchen updates, it has come on the market $20,000 higher than last year.

Will the granite and stainless steel sway a buyer?

Gabi Gates at Baird & Warner still has the listing. See the pictures here. (the B&W listing, oddly, doesn’t include the pictures of the updated kitchen.)

Unit #4E: 2 bedrooms, 2 baths, 1800 square feet

• Sold in October 1990 for $225,000
• Sold in August 1995 for $290,750
• Sold in January 1997 for $285,500
• Originally listed in October 2012 at $499,000
• Raised
• Currently listed at $519,000
• Assessments of $215 a month
• Taxes of $7921
• Central Air
• Washer/Dryer in the unit
• No parking- on street or nearby garage parking
• 2 fireplaces
• Private rooftop deck
• Bedroom #1: 19×11
• Bedroom #2: 13×13

Long time Crib Chatter readers will remember this new construction building at 1005 W. Webster in Lincoln Park from 2010 and 2011.

We chattered about how quickly these 6 units would sell.

See our January 2011 chatter here.

Even amidst a very poor market in 2010, most of you were surprised to see these units sell quickly.

Now, a top floor 3-bedroom has come on the market.

If you recall, the kitchen has commercial grade appliances by Viking and granite counter tops and a granite backsplash.

The bathrooms are stone.

There is crown molding in the unit and it has a private roof deck.

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

Originally listed in March 2013, it has just reduced $25,000 but is still $55,000 over the 2010 purchase price.

This unit is no longer “new.”

Will it be able to get the same premium as it did in 2010?

Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.

Unit #4E: 3 bedrooms, 2 baths, 1800 square feet, 1 car garage

• Sold in July 2010 for $870,000
• Originally listed in March 2013 for $949,000
• Reduced
• Currently listed at $925,000
• Assessments of $280 a month (this is an elevator building)
• Taxes of $13380
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×18
• Bedroom #2: 10×17
• Bedroom #3: 11×14

We’ve chattered about this 2-flat at 2014 W. Addison in North Center several times before.

It had been a bank foreclosure that finally sold in March 2012 for just $200,000.

It came on the market last summer as a quick flip for $439,000 and was quickly reduced to $399,900 but it didn’t sell and was removed from the market in August 2012.

See our June 2012 chatter here.

Last summer the listing described the property as “not a short sale or a foreclosure” although it was being sold “as-is.”

The listing said the property needed a major rehab and that the zoning was RT-3.5. It also was  in a hot, hot location.

This time, the listing simply says: “Value is in the land. Drive by only.”

The 2-flat is on a standard 25×125 lot.

Last summer, most of you thought the flipper wouldn’t be able to get $400,000 because of the location of the property on Addison. You were apparently correct.

But the market is hot now.

This property has come back on the market listed 37.5% higher than last summer at $549,900.

What will be its fate this time around?

Are developers desperate for any buildable land?

Jennifer Sahinoglu at Falcon Living LLC still 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
• Was listed in June 2012 for $399,900
• Withdrawn in August 2012
• Re-listed for $549,900
• Taxes are now $7996 (they were $8062 in June 2012 and were also $6861 in 2010)
• No central air
• Zoning RT-3.5
• Standard lot of 25×125

It’s been awhile since we chattered about a penthouse in the historic Brewster building at 2800 N. Pine Grove in Lakeview.

The last time, it was Charlie Chaplin’s old unit.

This time, a large 1-bedroom unit has come on the market.

The listing says it has been “completely remodeled.”

The kitchen has 42 inch cabinets and a large kitchen island with extra thick granite counter tops. The appliances are stainless steel.

It has a beamed ceiling with 3 skylights.

There is a wood burning fireplace in the bedroom along with a private terrace.

The two bathrooms are also interesting. One is just off the living room and has a glass block wall. The second is in the master bedroom and I’ll let you be the judge of that.

The unit has central air but no in-unit washer/dryer or parking.

It has come on the market listed just $1,000 under the 2002 price.

Will this see a bidding war?

Jeanine Wheeler at @Properties has the listing. See the pictures here.

Unit #PHC: 1 bedroom, 2 baths, 1350 square feet

• Sold in June 1989 for $70,000
• Sold in March 2000 for $205,000
• Sold in January 2002 for $250,000
• Currently listed for $249,000
• Assessments of $631 a month (includes doorman and cable)
• Taxes of $5696
• Central Air
• No washer/dryer in the unit
• No parking
• Private terrace
• Bedroom: 20×15 

They don’t build them like the Edgewater Beach Apartments at 5555 N. Sheridan in Edgewater anymore.

This 2-bedroom unit is one of 5 first floor duplexes in the building.

The listing says it has park views.

It has 10 foot ceilings on both levels and an elegant staircase.

The living/dining and kitchen are on the first floor with the two bedrooms and the bathroom on the second floor.

The kitchen has white cabinets and black appliances.

There’s no central air and no in-unit washer/dryer.

The building has rental parking available for $95 a month.

It’s a full service building with an indoor swimming pool.

The building is also a co-op but I can’t tell if the taxes are included for certain in the monthly assessment or not.

Who’s the targeted buyer for this unit?

Kim Biggs at Koenig & Strey has the listing. See the pictures here.

Unit #142: 2 bedrooms, 1 bath, duplex, no square footage listed

• I don’t know the prior sales price because it’s a co-op
• Originally listed in January 2013 for $225,000
• Still listed at $225,000
• Assessments of $887 a month (includes heat, gas, cable, pool, taxes?)
• Taxes of $806
• No central air
• No in-unit washer/dryer
• Parking is $95 a month
• Bedroom #1: 12×15 (second floor)
• Bedroom #2: 12×14 (second floor)

This bank owned 2-bedroom at 2626 N. Lakeview in Lincoln Park came on the market in March 2013 and was recently reduced.

I’m surprised it is still listed and having to lower its price to find a buyer.

While the unit itself doesn’t have lake views, right outside the front door is all of Lincoln Park to enjoy.

The unit has some  newer features.

There are cherry hardwood floors in the living/kitchen space.

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

There is central air but no in-unit washer/dryer.

It also doesn’t say anything about parking in the listing.

The listing does comment that the buyer is responsible for 6 months due past assessments, however.

Originally listed for $290,000 in March, it has been reduced $20,100.

Why isn’t this selling when everything else seems to be?

Jason Shapiro at Rising Realty has the listing. See the pictures here.

Unit #808: 2 bedrooms, 2 baths, 1250 square feet

• Sold in May 1994 for $146,000
• Lis pendens foreclosure filed in August 2010
• Bank owned in January 2013
• Originally listed in March 2013 for $290,000
• Reduced
• Currently listed at $269,900
• Assessments of $708 a month (not sure what this includes)
• Taxes of $5424
• Central Air
• Coin laundry
• Nothing mentioned about parking
• Bedroom #1: 17×22
• Bedroom #2: 12×12

This 1-bedroom plus den duplex loft in the Map Factory Lofts at 5235 N. Ravenswood in Andersonville just came on the market.

There aren’t many loft buildings in Andersonville but this is one of the authentic ones with large industrial windows, exposed brick and beams and some timber ceilings.

It has diagonal wood floors (sorry Sonies, they were in in the 1990s).

The kitchen has white cabinets, appliances and counter tops.

It appears that the bedroom and bathroom are on the main floor (along with the den- which is just the area in front by the door- right? Where the desk is?)

It has a spiral staircase to the living/dining and kitchen area.

The loft has central air and gated parking but no in-unit washer/dryer. It is coin in the building.

It was on and off the market from 2008 to 2010 and at one point was listed in 2009 for $289,900.

It has come back on the market at $199,900.

Is this a good value for a starter loft in this hot neighborhood?

Christina Carmody at Chicago Real Estate Resources has the listing. See the pictures here.

Unit #25: 1 bedroom, 1 bath, 1200 square feet, duplex

• Bought in June 1995 for $128,000
• Currently listed for $199,900
• Assessments of $277 a month
• Taxes of $4144
• Central Air
• No in-unit washer/dryer (coin laundry in the building)
• Gated parking included
• Bedroom: 21×18 (main floor)
• Den: 11×10 (main floor)
• Living/dining/kitchen on the second floor
• Bathroom appears to be on the main floor

We all know the March sales data was good, at least compared to the last few years. But there were some surprises in the data.

From the Illinois Association of Realtors:

The city of Chicago saw a 13.8 percent year-over-year home sales increase in March 2013 with 1,894 sales, up from 1,664 in March 2012. 

The median price of a home in the city of Chicago in March 2013 was $187,500 up 9.0 percent compared to March 2012 when it was $172,000. Chicago condo prices also saw strong gains for the month, posting a 9.3 percent jump to $235,000.

Data since 1997 provided by G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500 76%??

As anyone who is looking to buy already knows, the inventory is pathetic. It’s worse than even the winter inventory and that’s saying a lot.

“It is an excellent time for sellers to move their homes quickly, if priced well in what’s fast become a thriving market,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “The city’s housing inventory in March was down 45 percent compared to the same time last year. Data tells us that buyers are taking advantage of this period when homes are still priced attractively and interest rates are low, concerned that it might not last. This creates an urgency among buyers that is promising for sellers ready to act.”

Market times are also falling. We’ve all seen plenty of listings on this site that are selling within days.

From the Chicago Tribune:

Within the city, the market’s pace picked up more so. It took an average of 70 days to sell homes that closed last month, a decline of almost 25 percent from the 93 days in March 2012.The number of homes listed for sale in the city last month totaled 7,813 properties. That compares with 14,358 listings in March 2012.

But what about the number of distressed properties? The last few months, the percent of sales that were distressed was apparently falling.

But according to the Tribune, that wasn’t the case in March. In fact, I’ve never seen the percentage this high before. 76%???

Despite the continued improvement in pricing year-over-year, median prices remain well off their historical highs. Within the city of Chicago last month, 76 percent of the home sales that closed in March distressed sales, either foreclosures or short sales.

“The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market,” said Geoffrey J.D. Hewings, director of University of Illinois’ regional economics applications laboratory, in a statement. “However, foreclosed properties are accounting for a sizable portion of these sales. The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases.”

Could that data about the percentage of distress sales be correct?

If it is, how is this housing market “normal”?

Illinois home prices post gains; sales continue double-digit increases in March [Illinois Association of Realtors, Press Release, April 22, 2013]

Chicago housing has busiest March in 5 years [Chicago Tribune, Mary Ellen Podmolik, April 22, 2013]