Crib Chatter

This 3-bedroom at 508 W. Melrose in East Lakeview came on the market in early February 2013.

Some long time readers might recognize this building as we chattered about it several times in 2008 when distress sales were happening in the building.

Built in 2004, the units were originally sold at the height of the boom.

It has 22 units and an elevator.

This unit has a back deck with views of Wrigley Field.

It has a master suite, central air and washer/dryer in the unit.

The kitchen is a “chef’s kitchen” with granite counter tops and stainless steel appliances.

The unit has a 1-car garage with an option for a second spot.

This unit was originally listed on February 2 for $549,000 and then withdrawn two days later and re-listed for $575,000.

That is just $33,000 under the 2006 purchase price.

With the hotter market, will this unit get the higher price?

Laura Renaldo at TRD Property Group has the listing. See the pictures here.

Unit #6B: 3 bedrooms, 2 baths, 1732 square feet

• Sold in February 2006 for $609,000 (per Zillow- for some reason the ccrd couldn’t find the property)
• Sold in July 2008 for $485,000 (per Zillow)
• Originally listed on February 2, 2013 for $549,900
• Withdrawn on February 4
• Re-listed February 11, 2013 for $575,000
• Assessments of $400 a month
• Taxes of $6452
• Central Air
• Washer/Dryer in the unit
• Garage parking included (option for second space)
• Bedroom #1: 18×13
• Bedroom #2: 15×12
• Bedroom #3: 13×9

We last chattered about this 3-bedroom unit in a vintage carriage house at 29 W. Chestnut in the Gold Coast all the way back in August 2008 (when Crib Chatter was first getting started!).

See our 2008 chatter here.

The triplex unit never sold and was on and off the market the last 5 years.

The property came back on the market in January 2013 to try again.

Despite it being nearly 5 years later, the listing sounded basically the same.

The carriage house was built in 1889 and has 5 units.

It still has a “newly remodeled kitchen designed by award-winning architect: John Vinci” with stainless steel appliances and stainless looking cabinets.

2 of the 3 bedrooms are on the third floor with the third on the main floor. The living/dining and kitchen are on the second floor.

It has 12.5 feet ceilings, central air and a private attached garage.

Both the listing from 2008 and the one from 2013 point out that the property is just 3 blocks from the Water Tower.

When we  last chattered about it in 2008 it was listed at $849,000.

It came on the market in January 2013 for $795,000 and was just recently reduced to $785,000.

Will this finally sell in 2013 and at what price?

Marlene St. George at Baird & Warner still has the listing. See the pictures here.

Unit #5A: 3 bedrooms, 2.5 baths, 2000 square feet, triplex, attached 1-car garage

• Sold in January 1997 for $265,000
• Sold in November 2001 for $440,000
• Was listed in August 2008 for $849,000
• Withdrawn in February 2009
• Re-listed in January 2013 for $795,000
• Reduced
• Currently listed at $785,000
• Assessments of $122 a month (they were $183 a month in 2008)
• Taxes of $3900 (they were $5469 in 2008)
• Central Air
• Bedroom #1: 13×18 (third level)
• Bedroom #2: 11×10 (third level)
• Bedroom #3: 10×10 (main level)

This 1-bedroom in 1300 N. Astor in the Gold Coast has been on and off the market since June of 2012.

The unit has been reduced $10,000 since June to $190,000.

The building was designed by Bertrand Goldberg in 1963.

The unit has a south west corner view.

From the pictures in the listing, it appears the original kitchen, and possibly bath, are still in the unit.

The listing calls the kitchen “retro.” The cabinets appears to be yellow metal and match the yellow stove.

The bathroom has the best hollywood lights mirror I’ve ever seen and a yellow toilet (is the bath tub yellow too?).

The unit has carpeting throughout and 10 foot floor to ceiling windows.

It has central air but there’s no washer/dryer in the unit and parking is leased in the building for $175 to $250 a month.

Would it be worth it to keep this 1960s kitchen and bath?

If retro is just not your style- how much do you think you could sell the kitchen cabinets for to a collector?

Sophia Klopas at Koenig & Strey Real Living has the listing. Check out those kitchen pictures here.

Unit #8D: 1 bedroom, 1 bath, 750 square feet

• Sold in August 1989 for $49,000
• Sold in July 1998 for $70,000
• Originally listed in June 2012 for $200,000
• Reduced
• Currently listed at $190,000
• Assessments of $662 a month (includes cable, a/c, heat, doorman)
• Taxes of $2546
• Central Air
• No washer/dryer in the unit
• Parking is leased for $175 to $250 a month
• Bedroom: 14×12

We last chattered about this 2-bedroom duplex up at 39 E. Schiller in the Gold Coast in April 2010.

See our prior chatter here.

Back then, it was listed as a short sale for $550,000.

The building was built in 1980 and many of you thought the unit looked like something out of suburbia.

It never sold.

The bank finally took it back just over 3 years after it filed the lis pendens foreclosure (and everyone is wondering why the housing market isn’t totally “healed” yet.)

It has come back on the market for $399,900.

If you recall, it has a fireplace and two balconies. There are hardwood floors in the main living space.

The two bedrooms are on different floors with the master bedroom on the second level.

From the listing pictures, the kitchen appears intact with white appliances and a white sink.

There are also listing pictures of the 3 1/2 baths and they also appear intact.

It has central air and an in-unit washer/dryer but it doesn’t have deeded parking.

The unit is listed about 44% under the 2005 purchase price.

Is this now a deal?

Frankie Scibior at Illinois Real Estate Partners has the listing. See the pictures here.

Unit #1W: 2 bedrooms, 3.5 baths, 2400 square feet, duplex

• Sold in May 1999 for $510,000
• Sold in August 2002 for $662,500
• Sold in March 2005 for $710,000
• Originally listed in October 2009 for $680,000
• Lis pendens foreclosure filed in November 2009
• Reduced several times
• Was listed in April 2010 for $550,000
• Withdrawn
• Bank owned in December 2012
• Currently listed at $399,900
• Assessments now $804 a month (they were $875 a month in April 2010) (includes cable and did include special assessment in 2010)
• Taxes now $4471 (they were $7196 in April 2010)
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 26×14 (second level)
• Bedroom #2: 20×14 (main level)
• Family room: 13×12 (main level)

Some of you might remember this 3-bedroom coach house at 1845 N. Halsted in Lincoln Park from when it was on the market in 2010 and 2011.

It’s actually a unique property which is more like a vintage townhouse than your typical coach house.

The coach house is in the back of the property but there’s a side drive which gives it more of a townhouse/single family home feel. (You can see the coach house just to the right of the main building in the picture above.)

This property is on three levels.

The first floor is the living room and dining room with an open kitchen with cherry cabinets, granite counter tops and stainless steel appliances.

The family room, third bedroom and a new bathroom are in the lower level.

The master bedroom and the second bedroom is on the second floor.

It has central air and a parking space.

In 2010 it was listed for $590,000 and sold for $549,000 in April 2011.

This time it is listed for $579,000 but the market has improved since 2011.

Will it get the premium this time out?

Robert Safranski at @Properties has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, no square footage listed, 1 parking space

• Sold in September 1988 for $182,000
• Sold in September 1999 for $345,000
• Sold in October 2002 for $407,500
• Sold in December 2007 for $560,000
• Sold in April 2011 for $549,000
• Currently listed for $579,000
• Assessments of $231 a month
• Taxes of $7297
• Central Air
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 17×11 (second floor)
• Bedroom #3: 13×9 (lower level)
• Family room: 16×15 (lower level)

This 2-bedroom at 807 W. Lill in Lincoln Park recently came on the market.

It’s a Freddie Mac Homesteps property.

This building, at the corner of Lill and Halsted, was converted to condos at the height of the market in 2005.

This unit has an exposed brick wall, a fireplace and hardwood floors in the main living area. The bedrooms have carpeting.

At 1000 square feet, it has washer/dryer in the unit but the listing doesn’t say anything about central air.

There doesn’t appear to be any parking.

From the pictures in the listing, it appears that the kitchen and baths are intact. The kitchen has stainless steel appliances and what looks like granite counter tops.

The unit has come on the market for 18% under the 2005 sales price.

Is this even much of a deal?

Gerard Lewis at Homes for America has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1000 square feet

• Sold in September 2005 for $345,000
• Lis pendens foreclosure filed in April 2010
• Bank owned in August 2012
• Currently listed as a Freddie Mac Homesteps for $284,900
• Assessments of $162 a month
• Taxes of $4594
• Central Air (?)
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 11×11
• Bedroom #2: 13×9

This 3-bedroom garden unit in the Barry Quad at 864 W. Barry in Lakeview has been on the market since October 2012.

At 1600 square feet, it has a galley kitchen with white cabinets, granite counter tops and stainless steel appliances.

There is a brick fireplace.

The listing says the bathrooms are new.

The unit has a laundry room and central air but no parking (that is available for rent across the street for $170 a month.)

The Barry Quad is one of the few courtyard buildings in Lakeview that has high rise amenities such as a work out room, a pool and a sundeck.

The notes left by the Redfin agent indicate that this garden unit is just a few steps under ground.

If people are willing to buy duplex downs for nearly a million dollars, is this a deal at $300,000?

Andrew Gersten at Prudential Rubloff has the listing. See the pictures here.

Unit #G: 3 bedrooms, 2 baths, 1600 square feet

• Sold in July 1988 for $89,000
• Sold in April 1994 for $114,000
• Sold in September 2000 for $241,000
• Sold in August 2006 for $375,000
• Sold in March 2010 for $345,000
• Originally listed in October 2012 for $329,000
• Reduced
• Currently listed at $300,000
• Assessments of $435 a month (includes cable, pool)
• Taxes of $5522
• Central Air
• Washer/Dryer in the unit
• Parking is rental across the street for $170 a month
• Bedroom #1: 12×12
• Bedroom #2: 14×14
• Bedroom #3: 17×11

Many of you have been chattering about when Related would list some of the South Loop condos it bought from the bank in 2012.

Wonder no more.

Related just listed a bunch of units in Harbor View at 1901 S. Calumet.

The most expensive appears to be Unit #2501, a 3-bedroom with 1580 square feet. It is listed at $509,000. (I can’t tell if that includes the parking or not.)

The “Signature” units have 9 foot ceilings.

The kitchens have Snaidero cabinets, quartez counters, and Bosch stainless steel appliances.

The baths are stone and porcelain.

If you’re just itching for the excitement of a newly opened sales center, you can check out the open houses this weekend on all of these units from 11-4 pm on both Saturday and Sunday.

Will the addition of the Snaidero cabinets and quartz counter tops (which separates them from the cherry/granite combo which is prevalent in the South Loop) help spur sales?

And if inventory is really just 100 units in the South Loop- is Related positioned to sell these quickly?

David Wolf at Related has the listings. See the pictures here.

Unit #2501: 3 bedrooms, 2 baths, 1580 square feet

• Currently listed at $509,000
• Not sure if that includes the parking
• Assessments of $568 a month (includes heat, doorman, a/c, pool)
• Taxes of $7645
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 11×12
• Bedroom #3: 15×10

This 3-bedroom in 1210 N. Astor in the Gold Coast just came on the market.

The Holabird & Roche designed building was constructed in 1897 for John McConnell, who had recently purchased the corner lot.

Called the McConnell Apartments, there were 2 units per floor in the 8 story structure. According to Neil Harris’ Chicago Apartments, the units were rented by socially prominent families with the top floor housing the servants quarters.

According to Harris, the red-brick, limestone and terra-cotta structure is supported by a steel frame, similar to some of the early Loop high rises.

The building is now 14 condominium units. Masonry facade work was done on its 100th birthday- in 1997.

The building also has the original European style elevator.

Take a look at the massive original plaster crown molding in the living and dining rooms. That must measure about 12 inches deep!

It also has 10.5 foot ceilings, curved walls in the living room and 3 fireplaces.

There’s also a family room and a library in the 2850 square foot apartment.

The kitchen has white cabinets and appliances along with tile counter tops.

The unit does have central air but there is no washer/dryer in the unit. And parking is available next door.

The apartment is listed $95,000 under the 2006 purchase price.

Is this a deal for this much space in this location?

Louise Study at Baird & Warner has the listing. See the pictures here.

Unit #3A: 3 bedrooms, 3.5 baths, 2850 square feet

• Sold in October 1988 for $365,000
• Sold in May 1992 for $515,000
• Sold in May 2003 for $925,000
• Sold in August 2006 for $1.04 million
• Currently listed at $945,000
• Assessments of $2071 a month (includes heat)
• Taxes of $15,000
• Central Air
• No washer/dryer in the unit
• Parking available next door
• 3 fireplaces
• Bedroom #1: 17×13
• Bedroom #2: 17×11
• Bedroom #3: 13×11
• Family room: 15×13
• Library: 18×13

At the height of the condo boom in Chicago, there were developers building buildings of all shapes and sizes who only several years before were in a completely different profession and who has little experience in the real estate industry.

Is speculation ramping up again?

Crain’s reports on the surge of plans for new apartment buildings in the GreenZone:

Two more developers are joining in the fun, one who wants to build a 15-story, 198-unit apartment building in the West Loop and another who plans a 16-story, 240-unit project in River West and a 51-unit building in River North. They are getting in on a development boom that’s expected to add about 4,700 apartments to the downtown market by the end of 2014, and possibly many more after that.

The question is whether construction lenders will let the party get out of control — like they did during the condominium boom — or whether they’ll take away the taps at the right time. Many apartment developers and investors continue to express faith in the ability of lenders to stay disciplined, financing only the most worthy projects and preventing a potential glut.

“Even if we’re not concerned, the lenders are concerned,” said Jay Javors, president of Midwest Property Group Ltd., a Chicago developer.

But there are some new players on the scene who have little to no history of building apartment or condo buildings in the city.

Dan Moceri, co-founder and CEO of Convergint Technologies LLC, a Schaumburg-based firm that specializes in security and fire systems integration and was ranked 37th on the Crain’s 2012 list of the 50 fastest-growing Chicago-area companies.

Last fall, KRG Capital Partners, a Denver-based private-equity firm, invested an undisclosed sum in Convergint, presumably freeing up money for Mr. Moceri to plow into other investments.

A venture led by Mr. Moceri agreed to buy a property at 601 W. Jackson Blvd. in the West Loop, with plans to build a 198-unit apartment building there, according to a source familiar with his plans. Mr. Moceri was traveling Tuesday and not available for comment.

Developers of some apartment buildings also seem willing to convert them into condos if the condo market were to heat up more than it has.

Developers have flocked to apartments as rising rents, occupancies and property values offer the potential for tantalizing investment returns relative to other assets. But the condo market is coming back, too, and Mr. Breheny has designed his projects with the option of converting them to condos if that makes sense, either before or after they are finished.

“Everything we’re building, we’re building with that in mind,” he said. “It could go either way.”

Is the apartment building frenzy sending up red flags?

Building bash: More developers plan downtown apartments [Crain’s Chicago Business, Alby Gallun, February 6, 2013]