Crib Chatter

This 2-bedroom in 20 E. Goethe in the Gold Coast recently came on the market.

It is bank owned and is a Homepath property which means it can be purchased for just 3% down.

The listing also says it is being sold as “tenant occupied.”

I couldn’t find the recent rental listing but here is the listing from 2011. The unit was originally listed for $1700 a month and ended up renting for $1300 a month.

See the rental listing here.

It has 10 foot ceilings, a wood burning fireplace and crown molding.

The kitchen has cherry cabinets, granite counter tops and what looks to be white appliances.

It doesn’t have central air, washer/dryer in the unit or parking.

With the HOAs at $751 a month, does this even make any sense as an investment?

Coya Smith at Smith Partners & Associates has the listing. See the pictures here.

Unit #501: 2 bedrooms, 1 bath, no square footage listed

• Sold in September 1996 for $91,000
• Sold in June 2000 for $160,000
• Lis pendens foreclosure filed in December 2010
• Bank owned in March 2012
• Currently listed as a Homepath property at $169,900
• Being sold as tenant occupied
• Assessments of $751 a month
• Taxes of $3006
• No central air
• No washer/dryer in the unit
• No parking
• Bedroom #1: 15×15
• Bedroom #2: 12×10

This 2-bedroom townhouse at 1443 W. Wrightwood in Lincoln Park came on the market in September 2012.

Built in 1987, it has hardwood floors on the main level but carpet in the bedrooms and the lower level family room.

Both bedrooms are on the second level along with a bonus loft.

The kitchen has stainless steel appliances and a granite counter tops and backsplash.

The townhouse has central air and parking (although I can’t tell if it is an outdoor space or garage parking.)

With the added space of the lower level family room, is this a good condo alternative at this price?

Gregory Desmond at Prudential Rubloff has the listing. See the pictures here.

Unit #B: 2 bedrooms, 2.5 baths, no square footage listed, parking included

• Sold in June 1991 for $184,000
• Originally listed in September 2012 for $400,000
• Currently still listed for $400,000
• Assessmentes of $216 a month
• Taxes of $4662
• Central Air
• Bedroom #1: 15×11 (second floor)
• Bedroom #2: 11×10 (second floor)
• Loft: 10×7 (second floor)
• Family room: 20×14 (lower level)

We last chattered about this 5-bedroom duplex down at 416 W. Briar in Lakeview in August 2012.

See our prior chatter here.

Back then, the price had recently been raised to $494,000.

Several of you thought, given the square footage, that that price wasn’t that bad of deal.

But it hasn’t yet sold and now has a new listing agent.

The price has also been reduced to $449,000 plus $30,000 for 3 parking spaces (the prior listing only had 2 tandem spaces.)

If you recall, the four unit building was built in 1918 on an oversized 50×125 lot.

The old listing said it had 4200 square feet in total space with 3200 square feet on the first floor and a 1000 square feet on the lower level. The new listing just says 4000+.

An internal staircase connects the two floors but the lower level has a kitchen and a living room along with one bedroom and one bath.

That leaves 4 bedrooms and 2 baths on the main floor.

The unit appears to have some of its vintage features including a beamed ceiling on the first floor.

The main kitchen has white cabinets and appliances.

The old listing said “Needs work throughout.” The notes from a Redfin agent also basically says the same thing.

There is no central air (window units only) but there is in-unit washer/dryer.

This is a lot of square feet for the price.

Is the reason why the property is still on the market the fact that buyers want “new”?

Eric Rojas at Kale Realty now has the listing. See the pictures on his blog here.

Unit #1: 5 bedrooms, 3 baths, 4000+ square feet, duplex down, 2 car parking

• Sold in May 1995 for $179,500
• Originally listed in June 2012 for $450,000
• Raised
• Was listed in August 2012 at $494,000
• Reduced
• Currently listed at $449,000 (plus $30,000 for the parking)
• Assessments now $617 a month (they were $792 a month in August 2012)
• Taxes now $9739 (they were $8956 in August 2012)
• No Central Air – window units only
• Washer/Dryer in the unit
• Bedroom #1: 13×16 (main floor)
• Bedroom #2: 13×17 (main floor)
• Bedroom #3: 12×13 (main floor)
• Bedroom #4: 9×12 (main floor)
• Bedroom #5: 18×10 (lower level)

We’ve chattered about this complex at 2131 N. Clark in East Lincoln Park in the past.

This 3-bedroom duplex up unit just came on the market.

It’s an estate sale and being sold “as-is.”

The living areas are on the first floor and the three bedrooms are on the second floor.

There is a 2-story heated atrium with a 8×12 sunroom.

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

There aren’t any pictures of the kitchen or the baths – but that’s why it’s being sold “as-is.”

Is this a deal at $375,000 for this location?

Emily Jeffries at Re/Max Properties has the listing. See the pictures here.

Unit #10: 3 bedrooms, 2.5 baths, duplex up, no square footage, outdoor parking

• No prior sales data
• Currently listed at $375,000
• Estate sale – being sold “as-is”
• Assessments of $491 a month (includes cable)
• Taxes of $7687
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×14 (second floor)
• Bedroom #2: 10×15 (second floor)
• Bedroom #3: 10×10 (second floor)
• Sunroom: 8×12 (main level)

We last chattered about this top floor 3-bedroom at 448 W. Wrightwood in East Lincoln Park in July 2012.

See our chatter here.

The unit was originally listed in June 2012 for $699,000 which was $109,000 above the April 2009 purchase price.

Many of you thought it was overpriced (surprise!) and thought it would sell close to $600,000.

The unit recently closed in early November 2012 for $640,000 or $50,000 above the 2009 purchase price.

If you recall, it had many vintage features including original woodwork, french doors, coffered ceilings, and original built-ins.

It had two outdoor spaces, one overlooking the front of the building and a deck in the back.

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

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

Is the sales price on this unit yet another indication that the market is recovering?

Kris Mork at Coldwell Banker had the listing. See the pictures here.

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

• Sold in December 1994 for $332,000
• Sold in August 2000 for $570,000
• Sold in November 2006 for $558,000
• Sold in April 2009 for $590,000
• Was listed in June 2012 for $699,000
• Reduced
• Was listed in July 2012 at $675,000
• Sold in November 2012 for $640,000
• Assessments of $375 a month
• Taxes of $9339
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 14×10
• Bedroom #3: 11×9
• Family room: 15×14
• Laundry room: 4×4

There’s hope for Vince Vaughn and his Palmolive penthouse which is listed at $16.75 million.

The penthouse in Park Tower at 800 N. Michigan just closed for $15 million.

I believe it’s the most expensive condominium to ever sell in the city of Chicago.

It “sold before print” which means it was never listed on the MLS until it closed. So a buyer was already precured ahead of time.

The full floor 3-bedroom unit had 7900 square feet with panoramic views of the city.

It had 16 foot ceilings and a 44×15 terrace.

3 car parking was also included.

This seller did very well holding this unit for the last 13 years.

Are we now seeing a bifurcated market- with the rich doing really, really well in Chicago real estate and the middle class set to struggle for years?

P.S. Bonus points for whomever figures out who bought this unit (as I have no idea- and it’s not public yet.)

Chezi Rafaeli at Coldwell Banker had the listing. There were no pictures listed. Ever.

See the sold listing here.

Unit #66PH: 3 bedrooms, 4 baths, 5 half baths, 7900 square feet, full floor penthouse, 3 car parking

• Sold in August 2000 for $3.316 million
• Sold in November 2012 for $15 million
• Assessments of $5372 a month (includes doormen and cable)
• Taxes of $109,373
• Central Air
• Terrace: 44×15
• Bedroom #1: 35×15
• Bedroom #2: 13×12
• Bedroom #3: 14×12
• Library: 23×12

We’ve already been chattering about the October sales data for awhile thanks to Gary’s posts in the comments about how great the numbers are.

October 2011 saw a 7.9% increase over 2010’s dismal numbers. 2012 saw a 53.1% jump along with a median price increase (but we know that the median can be skewed by the type of sales.)

From the Illinois Association of Realtors:

The city of Chicago saw a 53.1 percent year-over-year home sales increase in October 2012 with 2,009 sales, up from 1,312 in October 2011. The condo market in the city of Chicago showed a sales increase of 55.8 percent, going from 781 units sold in October 2011 to 1,217 sales in October 2012. The median price of a home in the city of Chicago in October 2012 was $175,000, up 8.0 percent compared to October 2011 when it was $162,000.

That is the highest October sales number since 2006.

Here’s G’s sales data for October since 1997:

October Chicago sfh/condo/th sales and median
1997 1,731 $129,900
1998 1,855 $138,000
1999 1,978 $159,500
2000 2,106 $174,710
2001 2,177 $200,000
2002 2,503 $215,000
2003 2,996 $236,000
2004 2,651 $241,000
2005 2,846 $268,500
2006 2,630 $278,000
2007 2,007 $285,000
2008 1,564 $261,000
2009 2,068 $215,000
2010 1,225 $183,000
2011 1,324 $162,000 (44% short/REO sales)

IAR: 2012 2,009 $175,000

“There’s a great deal of end-of-the-year excitement,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “Typically our numbers are down in the fourth quarter, but we’re starting strong this year which is a good indicator that we’re beginning to catch up to other markets in Illinois. REALTORS® are working and gearing up to do more business.

“Although we’ve seen about an 8 percent drop in median condo prices, we’re making up for it in the number of unit sales and trending in the right direction,” he said.

“The modest recovery of employment conditions and stronger consumer confidence, along with low mortgage rates are responsible for the solid gain in housing demand,”said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Based on historical data dating back to 2003, year-over-year forecasts for median prices and sales are both encouraging.”

Was October 2012 the month we can say that Chicago’s housing market truly returned to “normal”?

By the way- I’m surprised at how subdued the IAR is about this data. It’s the best we’ve seen in 5 years.

Sales, median prices show gains in October in Illinois [Illinois Association of Realtors, Press Release, November 19, 2012]

Due to the holiday this week, and that things are slow in the housing scene, Crib Chatter will be on a reduced schedule all this week and the beginning of next week.

There will only be two posts a day through Wednesday.

There will be NO posts on Thanksgiving.

I have always historically done at least one post on Black Friday, for those sitting at home eating turkey leftovers and those who have to work that day (yes- some do.)

There will also be a reduced schedule on Monday and Tuesday of next week.

Yes- it’s pretty boring on the housing front right now. It usually slows this time of year but the low  inventory isn’t helping either. Hopefully this will improve in 2013 for both Crib Chatter’s sake and all the buyers out there.

Recap of the schedule:

• 2 posts Monday, Tuesday and Wednesday
• No posts on Thanksgiving
• 1 post on Friday
• 2 posts on Monday and Tuesday Nov 26 and 27

Thanks!

Happy Thanksgiving everyone.

Sabrina

This 1-bedroom loft at 225 W. Huron in River North is bank owned.

These lofts were converted from apartments into condos in 2006 during the boom.

Remember all the flipping that was happening during the boom?

That seems like a looooong time ago now.

This 750 square foot loft sold in March 2006 for $206,500 and then was flipped in September 2006 for $235,000.

The bank took it back in September 2012.

It has timber ceilings and exposed brick.

It appears the unit still has the original apartment kitchen and bathroom.

The kitchen has white cabinets and counter tops along with white appliances. The bathroom is also completely white.

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

The loft has been on the market a little over a month and has been reduced.

But it is still listed $3,000 above the first 2006 sale.

Is this even much of a deal?

Charles Nicholson at Redline Realty has the listing. See the pictures here.

Unit #202: 1 bedroom, 1 bath, 750 square feet

• Sold in March 2006 for $206,500
• Sold in September 2006 for $235,000
• Lis pendens foreclosure filed in June 2010
• Fannie Mae property in September 2012
• Originally listed in October 2012 for $228,900
• Reduced
• Currently listed at $209,500
• Assessments of $260 a month (includes cable and Internet)
• Taxes of $2705
• Central Air
• No in-unit washer/dryer
• No parking
• FHA Approved
• 3% down
• Bedroom: 12×10

We last chattered about this 1-bedroom duplex loft at the Tru-Lofts at 2525 N. Sheffield in September 2012.

See our prior chatter here.

At that time, the loft was listed just $3900 above the 2007 purchase price at $274,900.

No one guessed a possible sales price but many wondered what the market for this type of unit would be in this changed market. Some of you thought you should only rent it, not buy it.

It didn’t take long to find out, however, because less than 2-months later this sold for just $6,000 under 2007 price at $265,000.

You’ll recall the listing said it had been “gut rehabbed” and that the kitchen had new cabinets, a tile backsplash, granite counter tops and stainless steel appliances. (upgrade package?)

The loft had exposed brick and a steel/metal ceiling.

The master bedroom was being used as a nursery and the second level loft was being used as the master bedroom- which was open to the room below.

It had central air, washer/dryer in the unit and one car parking was included.

Does this sale (along with the 1-bedroom coach house on Kenmore we recently chattered about) indicate that the Lincoln Park market is heating up- even for 1-bedrooms?

Jenna Cody at @Properties had the listing. You can still see the interior pictures here.

Unit #3F: 1 bedroom, 1 bath, no square footage listed

• Sold in May 2007 for $271,000
• Originally listed in September 2012 for $289,000
• Reduced
• Was listed in September 2012 at $274,900 (parking included)
• Sold in November 2012 for $265,000 (parking included)
• Assessments of $151 a month
• Taxes of $4185
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×12
• Loft: 18×15