Crib Chatter

If this building at 353 W. Dickens in East Lincoln Park looks familiar, it’s because we chattered about the building in November 2012.

See our prior chatter here.

Back in November, it was a top floor unit with a “crow’s nest” which had a private roof top deck but few renovations. It was listed at $499,000 but was withdrawn from the market in February of this year.

It’s sister unit, #4W, just came on the market but it has a renovated interior.

The exposed brick has been painted white but it still has the 18 foot ceilings and turret.

It has custom moldings and wainscotting along with 2 wood burning fireplaces.

The listing calls the kitchen “gourmet.” It has white cabinets, granite counter tops and stainless steel appliances.

This unit also has a private roof top deck, central air and in-unit washer/dryer.

But it doesn’t have parking. That is rental in the neighborhood.

It has been on and off the market since February 2011. It appears to have been rented in February 2012 for $3000 a month.

The unit is now listed $81,000 under the 2009 price.

Is it priced to sell?

Sam Shaffer at Chicago Properties has the listing. See the pictures here.

Or see it in person at the Open House on Sunday March 10 from 1- 3 PM.

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

• Sold in July 1991 for $245,000
• Sold in July 2004 for $645,000
• Sold in May 2009 for $580,000
• Originally listed in February 2011 (I couldn’t find the list price)
• Was listed in July 2011 for $569,900
• Withdrawn
• Rented for $3000 a month in February 2012
• Currently listed for $499,000
• Assessments of $215 a month
• Taxes of $8284
• Central Air
• Washer/Dryer in the unit
• No parking- rental in the neighborhood only
• Private roof deck
• Bedroom #1: 15×14
• Bedroom #2: 20×12

This 2-bedroom penthouse in 320 W. Oakdale in East Lakeview has been on the market since September 2012.

Yes, it is a “real” penthouse.

It’s on the top floor and it has a massive private terrace which has views of Lincoln Park and the lake.

It was apparently the home of the architect who designed the building in 1955: Milton Schwarz.

320 W. Oakdale is considered one of the finer examples of Chicago modernist mid-century architecture.

Its floor to ceiling windows were ahead of its time.

The property is being sold as an estate sale. I don’t know if some of the furniture will transfer with the property.

In this post from Curbed Chicago in September 2012, you can see the blue bathtub and toilet in one of the bathrooms. It’s not in the current listing.

The kitchen is also not pictured.

But a buyer would redo the kitchen and baths anyway- right?

 It has central air but no in-unit washer/dryer.

Parking is also available in the building with a $1000 one time transfer fee.

The unit was recently reduced $40,000 to $629,000.

Who has the vision to take this on?

And at what price?

Donald Breitfelder at Koenig & Strey Real Living has the listing. See the pictures here.

Or you can see it in person at the Open House on Sunday, March 10 from 1- 3 PM.

Unit #2102: 2 bedrooms, 2 baths, no square footage listed

• No prior sales price- estate sale
• Originally listed in September 2012 for $669,000
• Reduced
• Currently listed at $629,000
• Assessments of $1369 a month (includes cable and doorman)
• Taxes of $1431
• Central Air
• No washer/dryer in the unit
• Parking can transfer for $1000 fee
• Private terrace
• Bedroom #1: 20×15
• Bedroom #2: 15×15

We’ve chattered about this 2-bedroom coach house at 337 W. Armitage in East Lincoln Park several times over the past 20 months.

See our April 2012 chatter here.

Most recently listed in June 2011 for $500,000, most of you thought it was overpriced and would end up selling around $400,000.

It was ultimately reduced to $430,000 in 2012 but it still didn’t sell and was withdrawn from the market in June 2012.

But just 8 months later and the whole market is different.

Re-listed at the same price of $430,000 the coach house went under contract within 10 days.

If you recall, it does not have the vintage feel of most coach houses. Instead, it has contemporary styling.

The kitchen has modern cabinets, a stainless steel island and luxury appliances by SubZero, Miele and Bosch.

One of the 2 bedrooms is on the second floor with the other in the lower level.

Built on a 22×35 lot, there is a patio and central air but no parking.

It’s also a fee simple coach house with a 4-unit homeowners association.

Will this sell for around $400,000 as some of you originally guessed years ago?

Robert John Anderson at Baird & Warner now has the listing. See the pictures here.

337 W. Armitage: 2 bedrooms, 2 baths, 1400 square feet

• Sold in August 1990 for $193,000
• Sold in October 2002 for $145,000
• Sold in June 2004 for $440,000
• Originally listed in 2007/2008- never sold
• Re-listed in June 2011 for $500,000
• Was listed in November 2011 for $500,000
• Reduced
• Was listed in April 2012 at $430,000
• Withdrawn in June 2012
• Re-listed in February 2013 for $430,000
• Under contract in 10 days
• Assessments of $145 a month
• Taxes now $2800 (they were $2164 in 2012)
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 17×17 (second floor)
• Bedroom #2: 18×11 (lower level)
• Living/dining combo: 17×9 (main level)
• Kitchen: 17×8 (main level)

We last chattered about this 3-bedroom vintage rowhouse at 4050 N. Paulina in Lakeview in March 2010.

See our prior chatter here.

The main discussion focused on whether or not this property was in the Graceland West neighborhood and not so much the price.

Back then, it was subject to lender approval.

It is STILL on the market 3 years later and, from the pictures, looks pretty much the same inside.

The rowhouse is attached to one other unit and was built in 1892.

It has a unique 2-story living room with a second floor loft.

There are also 4 stone baths and a “partial” finished basement.

The kitchen appears to have black appliances.

Central air, 2 fireplaces and a 2 car garage complete the picture.

The rowhouse is also only about a 5 minute walk to the Irving Park Brown Line stop.

However, the listing now also says that the rowhouse has “minor water damage” and that it will need “some” but “not much” work. (See the pictures.)

It also says “Amazing value here.”

Who’s at fault when a property is on the market for 5 years?

Will this stay listed until the bank finally takes possession (but when? It’s been 4 years since the lis pendens) and re-lists it for much less?

George Patrick at Koenig & Strey Real Living now has the listing. See the pictures here.

4050 N. Paulina: 3 bedrooms, 4 baths, 2 car garage, 3500 square feet

• Sold in May 2006 for $575,000
• Originally listed in December 2008 for $969,000
• Reduced numerous times
• Lis pendens foreclosure filed in February 2009
• Was listed in March 2010 for $575,000 and “subject to lender approval”
• Was under contract in September 2012
• Recently re-listed for $519,000
• Taxes now $8801 (they were $7974 in March 2010)
• Central Air
• 2 fireplaces
• Bedroom #1: 18×12 (second level)
• Bedroom #2: 14×9 (second level)
• Bedroom #3: 13×10 (main floor)

We’ve chattered about this 8-unit vintage greystone building at 1849 N. Cleveland in Lincoln Park numerous times over the years, especially the larger duplex downs.

But this 2-bedroom top floor unit just came on the market.

It has a unique living/dining/kitchen area that is almost loft-like with exposed brick walls and an exposed beamed ceiling.

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

The unit also has a private 900 square foot roof top deck.

It has the other amenities buyers look for including central air, washer/dryer in the unit and an assigned parking space.

It doesn’t appear that the building has an elevator, however.

The unit has come on the market 37% higher than the 2009 purchase price at $679,000.

At just 1200 square feet, that is $566 a square foot.

Will this seller get the premium?

Dee Thompson at @Properties has the listing. See the pictures here.

Unit #4N: 2 bedrooms, 2 baths, 1200 square feet

• Sold in January 2005 for $500,000
• Sold in April 2009 for $495,000
• Currently listed at $679,000
• Assessments of $275 a month
• Taxes of $8527
• Central Air
• Washer/Dryer in the unit
• Parking space
• 900 square foot rooftop deck
• Bedroom #1: 12×17
• Bedroom #2: 10×12

We’ve chattered about this boutique loft building at 152 W. Huron in River North several times in the past.

This 3-bedroom brick and timber loft has 4000 square feet on one floor which is larger than many single family homes.

It has 13 foot high ceilings and a custom modern build-out.

The listing calls the kitchen “gourmet” with stainless steel appliances. Is that a concrete counter top on part of the kitchen island?

All three bedrooms are en suite.

There’s a private elevator and 1-car garage parking.

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

Is this a good single family home alternative?

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

Unit #300: 3 bedrooms, 3.5 baths, 4000 square feet, 1 car parking

• Sold in May 2003 for $833,000
• Originally listed in April 2012 for $1.8 million
• Withdrawn
• Recently re-listed for $1.879 million
• Assessments of $1,137 a month
• Taxes of $9260
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×16
• Bedroom #2: 17×13
• Bedroom #3: 12×16

We last chattered about this 6-bedroom new construction home at 550 W. Oakdale in East Lakeview in August 2012.

See our prior chatter here.

At that time, it was listed at $3.2 million and we debated whether or not a single family home could sell for that much in that location.

Since then, the house has been reduced to $2,999,999.

The 7000 square foot house has a 53 foot atrium center and radiant heat floors.

It has ten foot ceilings and eight foot doors.

The kitchen has the usual upscale appliances like SubZero and Viking.

The house has 4 decks and parking for 4 cars on a 25×140 lot.

And if you’re wondering how you’ll cool it all, the house has 4 HVACs.

What price will it take to finally sell this house?

Marius Tatarunas at Home TRG Inc. still has the listing. See the pictures here.

550 W. Oakdale: 6 bedrooms, 4 baths, 3 half baths, 7000 square feet, 4 car parking

• Originally listed in June 2012 for $3.2 million
• Was still listed in August 2012 for $3.2 million
• Reduced
• Currently listed at $2,999,999
• Taxes of $37,897
• Central Air
• 4 Decks
• Bedroom #1: 20×15 (third floor)
• Bedroom #2: 15×18 (second floor)
• Bedroom #3: 10×14 (second floor)
• Bedroom #4: 12×18 (second floor)
• Bedroom #5: 10×15 (second floor)
• Bedroom #6: 11×22 (basement)

This 3-bedroom in The Eddystone at 421 W. Melrose in East Lakeview has been on the market since November 2012. [editor’s correction- it is NOT the penthouse.]

The Eddystone was built in 1928 just before the Great Depression hit and halted construction of the luxury apartment buildings going up along the lake front. I believe this building was supposed to have a twin but the Crash of 1929 hit so they didn’t build the second building.

While there is no square footage listed, it has a separate dining room along with the generous room sizes usually associated with vintage units of this era.

Some of its original features remain including crown molding, arched doorways, built-ins and herringbone floors.

The listing says the unit has new windows.

It has North, South and West views.

While it doesn’t have central air, the unit does have a rare in-unit washer/dryer that the listing says was grandfathered in.

Parking is rental in the neighborhood.

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

It was recently reduced $26,000 to $299,000.

Is this a deal for the space even with the $1204 a month assessment?

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

Unit #14A: 3 bedrooms, 2 baths, no square footage listed

• Sold in May 1989 for $188,000
• Originally listed in November 2012 for $325,000
• Reduced
• Currently listed at $299,000
• Assessments of $1204 a month (includes gas, doorman)
• Taxes of $4492
• No central air- window units only
• In-unit washer/dryer
• Rental parking nearby
• Bedroom #1: 17×12
• Bedroom #2: 14×12
• Bedroom #3: 8×14
• Dining room: 11×14
• Living room: 21×13

We’ve been chattering about the low inventory for the last two months. Crain’s confirms that in some Chicago neighborhoods and suburbs, it is below 3 months.

As of the end of 2012, the neighborhood with the lowest inventory level was the South Loop at just 2.3 months of supply.

The number of listed homes fell the most in the Near South Side, a community including the South Loop. A division of New York developer Related Cos. recently relaunched sales of about 500 units in three failed South Loop towers pulled from the market last year, but only a fraction are currently listed for sale.

It’s still slim pickings for many buyers in the neighborhood who can’t compete with investors paying cash, can’t finance a purchase in a building full of renters or don’t have the patience for banks to approve a so-called short sale, a red tape-heavy transaction resulting in a loss for the lender. Nearly 44 percent of all sales on the Near South Side last year were distress-related, according to MRED.

Trying to buy a loft near the Randolph Street restaurants? Good luck. Inventory is at just 2.4 months. Interestingly, several neighborhoods outside of the GreenZone also are at super low inventory levels.

Here’s the worst city neighborhoods according to Crain’s:

• South Loop: 2.3 months
• Near West Side: 2.4 months
• Avondale: 2.8 months
• McKinley Park: 3.1 months
• Washington Park: 3.2 months
• Douglas: 3.5 months

Though the supply drop means buyers have fewer choices and less leverage in negotiations, it’s good news for many sellers, who can sell their homes more quickly than before — and have more power to hold the line on prices.

Indeed, local home prices have stopped falling. The S&P/Case-Shiller index of Chicago-area single-family home prices rose 2.2 percent last year, the first annual gain since 2006. Still, that was the weakest year-over-year gain of the 20 cities tracked by S&P/Case-Shiller.

The local residential market still faces challenges. Foreclosures and distress remain a problem in many neighborhoods and suburbs, and many homeowners are still “underwater,” owing more on their mortgage than their home is worth.

How much will prices have to rise before we start to see a lot more inventory?

Or will we be stuck in this low inventory market for years?

Inventory reduction: number of local homes for sale falls [Crains Chicago Business, David Lee Matthews, February 28, 2013]

The hot market is bringing back a lot of old listings that never sold including this 3-bedroom triplex at 847 N. Hermitage in the East Village neighborhood of West Town.

We last chattered about it all the way back in September of 2010.

See our prior chatter here.

This 3-unit building was built in 1999. This is a corner unit with north, south and west views.

It has a private garden.

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

2 of the 3 bedrooms are on the lower level with the master bedroom on the second floor along with the family room. The living/dining/kitchen are on the main floor.

It has radiant heat in the the marble bathrooms and 9.5 foot ceilings.

It has been listed on and off since March 2010.

And while the market may be hotter, it is still listed $90,500 under the March 2010 list price.

Will it finally find a buyer in 2013?

Monique Crossan at Koenig & Strey Real Living again has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, 1 car garage, tri-level, 2000 square feet

• Sold in December 1999 for $373,500
• Originally listed in March 2010 for $589,000
• Reduced
• Was listed in September 2010 for $549,000
• Was also listed in 2011
• Withdrawn
• Currently listed at $498,500
• Assessments now $200 a month (they were also $200 a month in 2010)
• Taxes now $5287 (they were $4841 in 2010)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 15×12 (lower level)
• Bedroom #3: 11×11 (lower level)
• Family room: 19×18 (second floor)