Crib Chatter

This modern 6-unit building at 2607 N. Ashland in Lincoln Park recently came on the market.

At least it is different looking construction than most of the new construction we’ve been seeing. It isn’t red brick with the balconies in front of the building.

Here are the configuration of the units currently on the market:

• Unit #1W: 3 bedrooms, 3.5 baths, duplex down, 2800 square feet at $790,000
• Unit #2W: 2 bedrooms, 2 baths, 1400 square feet at $455,000
• Unit #3W: 3 bedrooms, 4 baths, two story unit, rooftop deck, 2800 square feet at $890,000

It looks like some of the units are already under contract including one of the third floor units.

The kitchens are Ernestomeda with Gaggenau appliances and integrated refrigerators and dishwashers. The counter tops will be a choice of stone, quartez, corian or stainless steel.

It appears that parking is included.

The buildings to the right in the picture below are a group of rowhouses (which we’ve actually chattered about before) on the corner of Wrightwood and Ashland.

How does being on Ashland affect the sales price for these units? Or does it?

Is there any doubt that these will still sell quickly? (since everything that is new construction seems to be?)

Robert Roper at @Properties has the listings.

Check out the property website here.

We’ve chattered about this 1-bedroom in the Grand Ohio at 211 E. Ohio in Streeterville several times in the last few months.

After being on and off the market over the last several years, it sold in late November 2012 for $229,000, including the parking.

See our early December chatter about its sale here.

It recently came back on the market as a rental for $2,000 a month with the parking extra.

If you remember, it was just 700 square feet, but has a unique 400 square foot private walled in terrace.

The units on this floor are also the few in the building that actually have in-unit washer/dryer.

The kitchen has white cabinets and white appliances. The rental listing says that the new owner has ordered stainless steel appliances for the kitchen. The bathroom is also all white.

The bedroom has a Murphy Bed already installed. The unit is apparently available furnished or unfurnished.

There is no central air- but there are wall units.

Is $2000 a month the going rate for 700 square foot Streeterville 1-bedrooms?

You can see pictures of the unit here.

Unit #517: 1 bedroom, 1 bath, 700 square feet

• Sold in June 1999 for $152,000
• Sold in May 2001 for $245,000 (doesn’t look like it included any parking)
• Originally listed in September 2012 for $257,000 (parking $30k extra)
• Reduced
• Was listed in October 2012 at $247,000 (parking $30k extra)
• Sold in November 2012 at $229,000 (parking included)
• Currently available for rent for $2000 a month (parking is extra)
• Assessments of $455 a month (includes doorman, cable, pool, exercise rooms)
• Taxes of $2261
• No central air- wall units only
• Washer/Dryer in the unit
• Bedroom: 11×15
• Livingroom: 15×16
• Kitchen: 7×10

We’ve chattered about this 4-bedroom Queen Anne at 6239 N. Lundy in the Old Edgebrook neighborhood of Forest Glen numberous times over the last few years.

In October 2012, we chattered about whether or not this house would finally sell in 2012 after being on the market nearly 3 years.

See that chatter here.

In October, it was listed at $729,000 and I asked if it would sell in the $600,000s.

At least one of you thought the answer would be yes.

But we were wrong. The house recently sold for $714,000.

If you recall, this Queen Anne was built in 1896. It still had many of its vintage features including its oak staircase, lead and stained glass and pocket doors.

The kitchen had a stainless steel refrigerator and dishwasher as well as granite counter tops and white cabinets. It had a front turret, a double parlor and a finished basement. There was a 3-car garage and central air.

The houses in the district are on larger lots and this one is no exception- having been built on a 111×164×65×158 lot.

Did someone get a deal for the neighborhood?

Irene Yungerman at Baird and Warner had the listing. You can still see the interior pictures here.

6239 N. Lundy: 4 bedrooms, 3 baths, 3 car garage, 3510 square feet

• Sold in March 1986
• Sold in December 1989 for $492,000
• Originally listed in February 2010 for $998,000
• Reduced in May 2010
• Was listed in October 2010 for $949,000
• Reduced
• Was listed in July 2011 at $859,000
• Reduced
• Was listed in November 2011 at $799,000
• Reduced
• Was listed in October 2012 at $729,000
• Sold in December 2012 for $714,000
• Taxes now $13,499 (they were $12,588 in November 2011)
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 17×12 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 14×14 (third floor)

If you ever wanted to live in a cool warehouse loft house, now is your chance.

This 3-bedroom house on a double lot at 2605 W. Armitage in Logan Square recently came on the market.

From the outside, it looks like every other industrial building around Chicago.

But the inside reveals an open loft layout with exposed brick, 26 foot high ceilings with timber beams and a massive skylight.

It has 5307 square feet on two levels and a 1200 square foot deck.

The house also has a 3-car carport.

Gentrification has slowly been moving further west.

Has the neighborhood changed enough for this property to nearly double in value since 2003?

Shannon Fassett at Coldwell Banker has the listing. See the pictures here.

2605 W. Armitage: 3 bedrooms, 2.5 baths, 5307 square feet, 3 car parking

• Sold in August 1992 for $115,000
• Sold in August 2003 for $725,000
• Currently listed for $1.3 million
• Taxes of $8,000
• Central Air
• Bedroom #1: 36×26 (main floor)
• Bedroom #2: 25×17 (second floor)
• Bedroom #3: 24×20 (second floor)

This 2-bedroom penthouse at 3400 N. Lake Shore Drive in Lakeview just came on the market.

The listing says the master suite and dining room have been featured in coffee table books and magazines (but remember, unless you negotiate it, the furniture won’t be there when you move in.)

It has wide plank dark wood floors and vintage trim and mouldings.

The kitchen has Boffi cabinets with professional appliances.

At 2100 square feet, it also has a 1000 square foot “fabulous private rooftop deck.”

But you wouldn’t know that from the pictures- as there isn’t a single one of the “fabulous” deck. You can only get a peek of it through the doors in the living room and master bedroom.

The listing also says there is a separate office with built-ins but it’s not listed as a room on the listing.

It has central air, washer/dryer in the unit and 2-car parking.

With everyone looking for 3 bedroom units, will $1.275 million be a hard sell for this 2-bedroom?

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

Unit #9C: 2 bedrooms, 2 baths, office, 2100 square feet, 2 car parking

• Sold in September 1997 for $320,000
• Sold in July 1999 for $474,500
• Sold in December 2001 for $1.065 million
• Lis pendens foreclosure filed in August 2010
• Currently listed for $1.275 million
• Assessments of $1312 a month (includes heat, a/c, doorman, cable)
• Taxes of $10,673
• Central Air
• Washer/Dryer in the unit
• 1000 square foot private terrace with city views
• Bedroom #1: 15×14
• Bedroom #2: 16×14
• Office??? (no listing of room size)

We’ve chattered about various lofts in the Signature Lofts at 1750 N. Wolcott in Bucktown over the years.

This 3-bedroom on the third floor came on the market in October 2012, just 8 months after it had previously sold.

It is a southeast corner unit with 14 foot timber ceilings and exposed brick walls.

The kitchen has a large island with 42 inch cherry cabinets and stainless steel appliances.

It has central air, washer/dryer in the unit and 2-car parking is available for $30,000.

Originally listed in October 2012 for $695,000, it has been reduced $15,000.

However, if you add in the 2-car parking, it is still listed $30,000 above the February 2012 purchase price.

This loft is 1950 square feet.

Is this a townhouse alternative in this neighborhood?

Will it still command the early 2012 price?

Heather Seidelman at @Properties has the listing. See the pictures here.

Unit #301: 3 bedrooms, 2 baths, 1950 square feet

• Sold in May 2001 for $425,000
• Sold in February 2012 for $680,000
• Originally listed in October 2012 for $695,000
• Reduced
• Currently listed at $680,000 (plus $30,000 for 2-car parking)
• Assessments of $494 a month
• Taxes of $8588
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×28
• Bedroom #2: 12×12
• Bedroom #3: 12×12

This 2-bedroom in the vintage co-op building at 3750 N. Lake Shore Drive in Lakeview has been on the market for 10 months.

At 1600 square feet, it has a separate dining room, a butler’s pantry and oak hardwood floors.

Located on the second floor, it has north, south and west views.

The kitchen has checkerboard floors and carrera marble counter tops along with “high end” appliances.

The master bath has been rehabbed and has heated marble floors.

This is a rare vintage unit that has many features buyers look for including a washer/dryer in the unit and space pac cooling. There is rental parking available for $150 a month.

Yes, the HOA is $1440 a month but that includes the taxes.

Originally listed for $199,000 in February 2012, it has been reduced to $175,000.

Redfin shows it was last purchased in April 2010 for $130,000.

Is it possible to make money on the co-ops anymore?

Or are you buying it simply to live in?

Steven Acoba at Keller Williams Preferred has the listing. See the pictures here.

Unit #2H: 2 bedrooms, 2 baths, 1600 square feet, co-op

• Sold in April 2010 for $130,000 (per Redfin)
• Originally listed in February 2012 for $199,000
• Reduced
• Currently listed at $175,000
• Assessments of $1440 a month (includes heat, gas, taxes, doorman, cable, indoor pool)
• Taxes are $3426
• Space pac cooling
• Washer/Dryer in the unit
• Rental parking available for $150 a month
• Bedroom #1: 17×12
• Bedroom #2: 17×11 

We last chattered about this 2-bedroom (which was really a 1-bedroom) in 10 E. Delaware in October 2012.

See our prior chatter here.

The listing agent had called it a 2-bedroom but then confessed in the listing that the second bedroom was really a den/office.

We had a spirited debate about what the definition of a “bedroom” was in real estate terms.

However, not many had an opinion on the saleability of a 1 bedroom plus den with 1023 square feet being listed at $740,000.

The unit recently sold for $665,000 (including the parking) – which was $50,000 over the 2010 price.

If you recall, this was a luxury unit.

The kitchen was Poggenpohl and had SubZero, Miele and Wolf appliances.

The master bath was marble.

Is this sale, after the unit was on and off the market for nearly 2 years, another indication of an improving market?

Timothy Salm at Jameson Sotheby’s had the listing. You can still see the pictures here.

Unit #11A: 2 bedrooms, 1.5 baths, 1023 square feet

• Sold in January 2010 for $615,000 (included the parking)
• Originally listed in January 2010 for $699,900
• Reduced
• Was listed as low as $649,000 in February 2011
• Withdrawn
• Was listed in October 2012 for $675,000 (parking $65,000 extra)
• Sold in December 2012 for $665,000 (parking included)
• Assessments of $481 a month (includes pool, doorman, a/c)
• Taxes of $8392
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2 (den????): 9×9

This 2-bedroom in the Fairbanks at Cityfront Plaza at 240 E. Illinois in Streeterville recently came on the market.

At 1293 square feet, it is a north facing split 2/2 with a den.

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

The listing says it has a marble bath.

The unit has floor to ceiling windows and 9’4″ ceilings.

It has the other amenities common in boom time construction including central air, washer/dryer in the unit and parking is $50,000 extra.

If you add on the price of the parking, this unit is listed at $675,000, or just $24,500 under the 2008 price of $699,500.

Yet a 2/2 unit two floors above, Unit #2508, sold in October for about 22% under its 2008 price (which was $696,500). It sold for just $545,000.

While an improving housing market may mean condo units ARE selling again, what does that mean for a seller who bought new construction in 2005-2009 era? 

Is the media hype about the market being “back” giving false hope to many sellers?

Lynn Mendel at Dream Town has the listing. See the pictures here.

Unit #2308: 2 bedrooms, 2 baths, 1293 square feet, den

• Sold in January 2008 for $699,500
• Originally listed in November 2012 for $625,000 (plus $50,000 for parking)
• Currently still listed for $625,000 (plus $50k for parking)
• Assessments of $773 a month (includes doorman, cable, pool, a/c, gas)
• Taxes of $9457
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 14×12
• Office/den: 11×10

Crain’s is reporting that the foreclosure rate on FHA loans in Chicago is much higher than the national rate and is the highest of any metro area in the country.

Not only that, but many of the loans that are going bad are those that were given out AFTER the bust had already started (i.e. 2008-2009).

In the Chicago area, 9,067, or 6.26 percent of all FHA-insured loans issued since 2008 are now facing foreclosure, compared to a 2.07 percent foreclosure rate for all other loans issued here over the same period, according to a Crain’s analysis of data provided by Irvine, Calif.-based RealtyTrac Inc.

According to RealtyTrac, 16.7 percent of local FHA-insured loans issued in 2008 are now facing foreclosure, more than double the rate of other local loans issued that year.

2009 doesn’t look so hot either with what looks like about 9% of the FHA loans facing foreclosure compared to just about 2% of all loans.

Does the 3.5% downpayment requirement have anything to do with so many FHA loans going bad?

The FHA doesn’t loan money but instead collects premiums and insures mortgages for borrowers who often have limited financing options. FHA loans can be riskier than conventional mortgages because homeowners who use them often put down as little as 3.5 percent of their purchase price, well below the 15 percent to 20 percent that many non-FHA lenders require.

The agency expanded its efforts after the subprime lending crisis tightened credit and upended mortgage giants Fannie Mae and Freddie Mac, which were placed in the conservatorship of the federal government in 2008 after sustaining huge losses from distressed mortgages.

“(The FHA) took on a lot of borrowers the program was really not intended for and those borrowers took advantage of that situation to get into homes they really couldn’t afford,” said RealtyTrac vice-president Daren Blomquist. “The FHA programs did not adjust quickly enough based on the lessons that should have been learned from the subprime lending fallout.”

The FHA’s track record in the Chicago area is horrible over the last 12 years.

In fact, the Chicago area has the highest percentage of distressed FHA loans of any other metro area, with an 8 percent foreclosure rate on such loans issued since 2000, according to RealtyTrac. About 43.8 percent of Chicago-area residential loans issued since 2008 and now facing foreclosure are FHA-insured.

What’s the solution here?

Should the FHA be scaled sharply back?

Foreclosure much more likely here for FHA loans [Crain’s Chicago Business, David Lee Matthews, December 11, 2012]