Crib Chatter

We chattered about this 3-bedroom vintage house at 3902 N. Central Park in Irving Park several times over the years as it has been on and off the market since 2009.

See our June 2012 chatter here.

In June, after several more price reductions, we chattered about how low the price would go before it finally sold.

Listed at $635,000, Laura guessed it would sell at $575,000.

The rest of you chattered about the nearby public schools.

Laura was right on. It recently sold for $565,000.

If you recall, the house was built in 1914 and is on a double lot measuring 50×124.

2 of the 3 bedrooms were on the second floor with the third in the lower level along with an office and a great room. The bedrooms also had ensuite baths.

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

The house had central air and a 2-car garage.

Did someone get a deal?

Elizabeth Bleeker at Prudential Rubloff had the listing. You can still see pictures here.

3902 N. Central Park: 3 bedrooms, 3.5 baths, 3370 square feet, 2 car garage

• Sold in October 1988 for $70,000
• Sold in June 1998 for $222,000
• Sold in December 2006 for $850,000
• Originally listed in September 2009 for $849,900
• Reduced
• Was listed in November 2011 at $650,000
• Reduced
• Was listed in June 2012 at $635,000
• Sold in November 2012 for $565,000
• Taxes of $5040
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 12×9 (lower level)
• Office: 11×11 (lower level)
• Great room: 18×12 (lower level)

Three units in this 1924 building at 2354 S. Oakley in Pilsen came on the market in October 2012.

This building has been completely renovated and is now being called the “Oakley 23.”

Built in 1924, it has 9 units with 6 different floorplans.

They are all 2/2 units and range in price from $225,000 to $275,000.

Here are the units currently on the market:

1. Unit #E: 2 bedrooms, 2 baths, 1300 square feet, $225,000- first floor
2. Unit #C2: 2 bedrooms, 2 baths, 1000 square feet, $250,000
3. Unit #A3: 2 bedrooms, 2 baths, 1350 square feet, $275,000

Outdoor parking is available for $7500.

Each of the units has central air and washer/dryer in the unit.

It has 10- 11 foot ceilings and 7 feet tall windows.

The kitchen cabinets are 42 inch Euro flat cabinets. There are granite counter tops and stainless steel appliances.

It doesn’t appear that any vintage interior features have survived the renovation.

With its proximity to downtown and a burgeoning restaurant scene, is Pilsen set to be one of the neighborhoods that comes roaring out of the bust?

Sophia Klopas and Jason Straton at Koenig & Strey Real Living are handling the sales.

You can check out more pictures, floorplans and pricing at the website for Oakley 23 here.

This 2-bedroom at 1548 N. Hoyne in Wicker Park has been on and off the market since 2010.

It recently came back on the market again and the listing says:

“FULL PRICE ONLY! Sale must close by 12/31/12 why, because next day 3.8% Obamacare tax starts and capital gains tax could go up 13%. If buyer wants to pay, close whenever.”

This is the first time I’ve seen a mention of the 3.8% Obamacare tax in a real estate listing.

For those unfamiliar, Obamacare does have a 3.8% medicare tax on investment income which starts in 2013. But it only applies to the following:

• Couples who make more than $250,000 a year
• Individuals who make more than $200,000 a year

Additionally, for couples, the first $500,000 of profit is exempt. For singles, the first $250,000 of profit is exempt.

The exemption is NOT what you sell the property at. It is the profit from the sale.

This building was built in 1999 and has 4 units.

The listing also says that there will be $30,000 worth of work done to the exterior this spring.

I haven’t been able to locate any interior pictures of the unit but it does have central air, washer/dryer in the unit and one parking space.

Will this be the only time we see the Obamacare Medicare tax mentioned in an actual listing?

Jeffery Baker at Direct Access Realty has the listing. See the listing here.

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

• Sold in January 2000 for $316,000
• Originally listed in 2010 for $384,900
• Reduced numerous times
• Was listed in March 2011 at $339,500
• Was listed in October 2012 at $355,000
• Reduced
• Currently listed at $337,500
• Assessments of $126 a month
• Taxes of $4553
• Central Air
• Washer/Dryer in the unit
• Assigned parking include
• Bedroom #1: 15×13
• Bedroom #2: 12×10

We last chattered about this 2-bedroom penthouse in The Commodore at 550 W. Surf in Lakeview in May 2012.

See our prior chatter here.

While many of you thought the decorating was a little dated, for the space and that it had 2 deeded parking spaces in that location, you all thought the list price of $624,900 seemed pretty reasonable.

The unit sold in September 2012 for $570,000.

If you recall, this building, and the unit, have quite a history.

The living/dining room was the old ballroom. Here’s a tidbit from the Upper Bracket column in the Chicago Tribune from 2003.

On the sixth and top floor of the Commodore building, 550 W. Surf St., which was built in 1898, the two-bedroom unit was partly created from a ballroom, which, according to legend, was used by Al Capone as a speakeasy during the 1920s, said co-listing agents Monique Crossan and Heather Bilandic of Sudler.

The ballroom has been converted into a living room and dining room combo, with 13-foot ceilings, three exposures, a recessed movie screen and a fireplace.

According to the Upper Bracket, the unit had been renovated by the 2001 buyer.

The kitchen had stainless steel appliances and granite counter tops with a skylight.

There were two bedroom suites and a large storage unit in the basement measuring 26×9.

The unit had the features that buyers looked for including in-unit washer/dryer, central air and 2 car deeded covered parking.

Did someone get a deal for the square footage?

Sheila Dietz at @Properties had the listing. You can still see the pictures here.

Unit #609: 2 bedrooms, 2 baths, 3000 square feet, 2 deeded covered parking spots

• Sold in June 1993 for $223,000
• Sold in July 1997 for $340,000
• Sold in March 1999 for $425,000
• Sold in June 2001 for $975,000
• Sold in October 2006 for $999,000
• Originally listed in July 2011 for $975,000
• Reduced numerous times
• Was listed in May 2012 at $624,900
• Sold in September 2012 for $570,000
• Assessments of $1151 a month (includes cable)
• Taxes of $10,009
• Central Air
• Washer/Dryer in the unit
• Gas fireplace
• Storage: 26×9 (in basement)
• Bedroom #1: 18×14
• Bedroom #2: 17×12
• Living room: 43×23

This 4-bedroom single floor unit at 1601 S. State in the South Loop has been on the market since August 2012.

It is bank owned.

At 4500 square feet, it has as much square footage as a larger single family home in the neighborhood.

It has hardwood floors in the main living areas.

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

It appears to have one car parking.

There is a fireplace, central air and washer/dryer hook-ups in the unit.

It’s been reduced almost $100,000 since it came on the market in August 2012.

The unit is now listed for about 35% under the 2005 price.

Is this a deal?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

Unit #7E: 4 bedrooms, 3.5 baths, 4500 square feet, 1 car parking

• Sold in November 2005 for $1,061,000
• Lis pendens foreclosure filed in January 2009
• Lis pendens foreclosure filed in August 2009
• Bank owned in March 2012
• Originally listed in August 2012 for $787,050
• Reduced several times
• Currently listed for $689,900
• Assessments of $1300 a month (includes cable)
• Taxes of $18,178
• Central Air
• Washer/Dryer hook-ups in the unit
• Bedroom #1: 14×14
• Bedroom #2: 12×12
• Bedroom #3: 12×10
• Bedroom #4: 12×10

We last chattered about this 2-bedroom duplex up loft in The Sexton at 360 W. Illinois in River North in October 2012.

See our prior chatter here.

In the fall, many of you thought it was overpriced for the condition of the unit.

Back then, it was listed at $549,000 but it has since been reduced to $450,000, including a $49,000 reduction just this week.

If you remember, it has high timber ceilings, exposed brick and large industrial windows.

The loft has one bedroom on the main level and the second bedroom on the second level, along with a private terrace.

It looks like this unit still has the original kitchen from when these were converted, with black appliances and “corian-like” counter tops.

The unit faces north.

The loft has all the other features buyers look for including central air, washer/dryer in the unit and garage parking.

Has the price come down far enough where someone will now bite?

Barbara Sapstein at Baird & Warner still has the listing. See the pictures here.

Unit #626: 2 bedrooms, 2 baths, no square footage listed, duplex

• Sold in February 2000 for $320,000
• Originally listed in September 2012 for $575,000
• Reduced
• Was listed in October 2012 for $549,000 (parking included)
• Reduced
• Currently listed at $450,000 (parking included)
• Assessments of $675 a month (includes doorman)
• Taxes of $5753
• Chandelier excluded
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 22×13 (second floor)
• Bedroom #2: 11×12 (main floor)

This 3-bedroom top floor unit at 612 W. Surf in Lakeview has been on the market since March 2012.

At 1800 square feet, the listing says it has new baths and new windows.

The unit has 10 foot ceilings but few other vintage characteristics.

The kitchen has stainless steel appliances and granite counter tops.

The unit has the features buyers look for including central air, washer/dryer in the unit and parking.

Originally listed in March 2012 for $417,000 it dropped as low as $377,000 in September 2012 before it was withdrawn.

If the building looks familiar it’s because we chattered about the sister unit 612 W. Surf #4B in May 2012.

See our chatter here.

#4B sold in August for $420,000.

Recently, this unit came back on the market for $62,000 more than its September list price at $439,000.

After not selling for $377,000 in the fall, will it suddenly sell for more this winter?

Hugo Gaicia at Home First Realty has the listing. See the pictures here.

Unit #4A: 3 bedrooms, 2 baths, 1800 square feet

• Sold in June 1995 for $177,000
• Sold in June 1998 for $249,000
• Sold in September 2010  for $340,000
• Originally listed in March 2012 for $417,000
• Reduced several times
• Was listed in September 2012 at $377,000
• Withdrawn
• Re-listed in November 2012 at $439,000
• Assessments of $295 a month
• Taxes of $5699
• Central Air
• Washer/Dryer in the unit
• 1 car parking
• Bedroom #1: 13×13
• Bedroom #2: 17×10
• Bedroom #3: 13×11
• Laundry: 12×6

Small condo developments are selling out across the North Side of the city. And they are selling out the units quickly.

But no one is saying that the era of new large scale condo towers is coming back any time soon.

“It will be a very long time before you see a high-rise tower,” says Mr. Ruttenberg, founder of Belgravia Group Ltd. “Whatever you see built will be small in size and extremely specialized.”

With the condo glut disappearing and much of the financial mess cleaned up, a few new projects are sprouting downtown and in the neighborhoods, like the first crocuses after a harsh winter. In another encouraging sign, some downtown developers who rented unsold condos as a survival strategy a couple of years ago are putting them back up for sale—and people are buying them.

If optimism has yet to return, rising sales and stabilized prices for existing condos have purged much of the pessimism from the market. Yet a full recovery is still years away, condo experts say.

The market will cross a key hurdle when developers start converting entire apartment buildings into condos, a possibility that’s hard to fathom today considering the strength of the rental market. In the meantime, builders will have to think in the dozens of units, not the hundreds.

“They’re taking baby steps,” says Gail Lissner, vice president at Appraisal Research Counselors, a Chicago-based consulting firm. “This is where the recovery begins.”

Some developers who were stuck with condos in the bust have even begun re-listing them.

While sales by developers have yet to rebound, the condo glut has shrunk in part because many unsold units have been rented out. Developers were sitting on 1,113 unsold condos in the third quarter, down from a peak of 8,222 in 2008, according to Appraisal Research.

Some developers are confident enough about the market that they have put their unsold condos back on the market after renting them out during the bust. The developer of One Place Condominiums, a 96-unit project in the South Loop, stopped renewing leases and sold 12 condos in the third quarter, the sixth-highest total for all active downtown projects, according to Appraisal Research. A developer’s representative did not return phone calls.

“When we see product coming back on the market,” says Ms. Lissner, “it’s an indication that the market is not oversupplied and that there is demand.”

There’s a lot of media buzz about the “recovery.”

But are we celebrating the demise of the bust too soon?

Why ‘small ball’ is a good sign in a condo development [Crain’s Chicago Business, Alby Gallun, November 26, 2012]

This 3-bedroom at 2233 N. Bissell in Lincoln Park has been on the market since June 2012.

It is NOT on the El side of the street.

Built in 1891, it has many of its original features including original moldings, a wood burning fireplace with the original oak mantle, built-in hutches and pocket doors.

There is also a custom wall of bookcases.

The kitchen has white cabinets with wood counter tops and it looks like there are white appliances.

It has washer/dryer in the unit and garage parking but no central air- there are window units only.

This unit is on the second floor of a 3-unit building.

It has been reduced $50,000 since June 2012 and is now listed $89,000 under the 2004 purchase price.

Is being on the second floor of a vintage building hurting the re-sale of this unit?

Art Collazo at Jameson Sotheby’s has the listing. See the pictures here.

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

• Sold in November 2004 for $514,000
• Originally listed in June 2012 for $475,000
• Reduced several times
• Currently listed at $425,000 (garage parking included)
• Assessments of $250 a month
• Taxes of $4335
• No central air
• Washer/dryer in the unit
• Bedroom #1: 14×19
• Bedroom #2: 12×9
• Bedroom #3: 10×10
• Den: 14×12

We last chattered about this 2-bedroom coach house at 2616 N. Orchard in Lincoln Park in April 2010.

See our prior chatter here.

The discussion was dominated by a microwave apparently in a sink (not sure I see that in the current pictures however.)

I think this coach house has been under contract in the past but it has obviously never closed.

It is now a short sale and is being sold “as-is.”

The listing also says it “needs TLC.”

For those of you with Redfin accounts, check out the latest Redfin agents comments for more on how the property presents itself.

If you recall, this coach house has 2400 square feet on three levels.

Last time we chattered about it, it was a 3-bedroom but now it is a 2-bedroom with a loft.

It has a rare amenity for coach houses, however, which is parking. But according to the Redfin agent notes, a unit in the condo association in the front building also has one space in the coach house parking garage.

The coach house has a wood burning fireplace in the living room and a fireplace in the master suite, which also has cathedral ceilings and a skylight.

Two bedrooms are on the second floor and there is a loft on the third.

There are also multiple private decks and a patio.

The coach house has central air.

A lis pendens was filed in May 2010.

It was recently reduced another $25,000 to $425,000.

What price will finally sell this property?

Or will the bank take it back first?

Karen Pence at @Properties now has the listing. See the pictures here.

Unit #4: 2 bedrooms, 2.5 baths, 1.5 car garage, 2400 square feet, coach house

• Sold in September 1989 for $576,000(typo? Should maybe be $376,000)
• Sold in October 1999 for $448,000
• Was listed in April 2010 for $598,000
• Lis pendens filed in May 2010
• Reduced numerous times
• Currently listed as a “short sale” for $425,000
• Assessments still $135 a month
• Taxes are now $8287 (they were $7834 in April 2010)
• Central Air
• Wood burning fireplace
• Bedroom #1: 15×13 (second floor)
• Bedroom #2: 13×10 (second floor)
• Loft: 12×9