Crib Chatter

We last chattered about this 3-bedroom penthouse duplex up at 800 W. Cornelia in Lakeview in December 2009.

See our prior chatter here.

Some of you may remember this unit because the realtor chimed in wondering if Groove, Jon and Sonies were paid by CribChatter (um…safe to say the answer to that would be “no.”)

But he did clear up the story behind the third bedroom which used to be a den but was closed off and has a closet so it now qualifies as a bedroom (was 9×8 in 2009 and is now 10×7.)

If you recall, the main living areas are on the first floor along with two of the bedrooms.

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

The master bedroom and family room are on the second level along with a 26×15 terrace with city views.

There’s also a wet bar and the unit has 12 foot ceilings.

It’s an elevator building and it comes with the highly coveted 2-car garage parking.

It came on the market in September 2012 at $40,000 above the 2010 purchase price, or $695,000, but has since been reduced to $639,000.

Back in 2009, some of you thought it would sell in the high $500,000s or the low $600,000s.

Are you sticking by your predictions the second time around?

Or has the market changed your outlook even further since 2009-2010?

Kevin Tatum at @Properties again has the listing (be kind to him.) You can see the pictures here.

Unit #408: 3 bedrooms, 2.5 baths, there’s no square footage listed this time but in 2009 it was 1825 square feet

• Sold in November 2004 for $614,000
• Listed in October 2009 for $699,000
• Sold in May 2010 for $655,000
• Listed in September 2012 for $695,000
• Reduced several times
• Currently listed at $639,000
• Assessments are now $509 a month (they were $476 a month in December 2009) (includes cable)
• Taxes are now $9914 (they were $10,359 in 2009)
• Central Air
• Washer/Dryer in the unit
• Fireplace
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 12×11 (main floor)
• Bedroom #3: 10×7 (main floor- was 9×8 in prior listing in 2009)
• Family room: 16×13 (second floor)
• Terrace: 26×15

It’s been awhile since we chattered about the lofts in the Union Lofts at 3500 S. Sangamon in Bridgeport.

This 2-bedroom, Unit #316, with exposed brick and timber ceilings has been on and off the market since July 2012.

The listing says “bank approved price.”

It’s the cheapest of the 2/2s that are currently on the market.

It has maple cabinets and stainless steel appliances in the kitchen.

The loft has hardwood floors throughout the main living area.

There is central air, washer/dryer hook-ups in the unit and 1-car deeded parking is included.

There are 10 units out of the 71 units in the building currently on the market.

Several of the other units on the market are either short sales or already bank owned.

What price will it take to sell this loft?

Chris Yonke at Exit Realty has the listing. See the pictures here.

Unit #316: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 2004 for $265,000
• Sold in July 2005 for $285,000
• Originally listed in July 2012 for $149,900
• Prices have been all over the place
• Was re-listed in January 2013 for $174,900
• Reduced
• Currently listed at the “bank approved” price of $144,900
• Assessments of $440 a month (includes heat and gas)
• Taxes of $2898
• Central Air
• Washer/Dryer hook-ups in the unit
• Parking included
• Bedroom #1: 10×21
• Bedroom #2: 17×12

Inventory is almost non-existent everywhere in the GreenZone except in the townhouse development called The Pointe at the intersection of Armitage and Lincoln in Lincoln Park.

There appears to currently be 5 townhomes on the market ranging in price from $699,000 to $1.1 million.

This 3-bedroom townhouse at 418 W. Armitage is one of the more expensive ones, listed at $990,000.

It doesn’t have any unit above or below it, as some of the less expensive townhouses do.

At 2500 square feet, it has the preferred layout of having all three bedrooms on the second floor.

The family room is on the top floor with the living/dining/kitchen on the main floor. There is also a massive 28×33 third level deck.

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

The townhouse has a 2-car garage.

The development was built in 1996. The listing says that the $90,000 special assessment, which was mentioned by people in previous chatter about The Pointe, has been paid in full.

It also says it’s in the Lincoln school district.

It is listed at $25,000 over the 2006 price at $990,000.

What price will sell this townhouse?

Katherine Malkin at Baird & Warner has the listing. See the pictures here.

418 W. Armitage: 3 bedrooms, 2.5 baths, 2500 square feet, 2 car parking

• Sold in April 2006 for $965,000
• Originally listed in August 2012 for $990,000
• Currently still listed at $990,000
• Assessments of $641 a month (includes scavenger, snow removal)
• Special assessment of $90,000 paid
• Taxes of $13,873
• Central Air
• Bedroom #1: 17×13 (second level)
• Bedroom #2: 12×10 (second level)
• Bedroom #3: 11×10 (second level)
• Family room: 15×19 (third level)
• Deck: 28×33 (third level)

I’ve been watching this vintage 2-bedroom at 433 W. Aldine in East Lakeview for months. It went on the market originally in June 2011.

It’s now a short sale.

At 1350 square feet, it has a dining room and french doors.

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

The unit has in-unit washer/dryer but no central air. It DOES have an attached garage, which is somewhat rare for the neighborhood.

But it sat and sat.

Recently listed for $299,899, it was just reduced to $275,000 and went under contract almost immediately.

Why has this property been sitting on the market for months?

Was it because it was a short sale or did it need a drama price reduction to get noticed?

Joseph Marella at Keller Williams Realty Partners has the listing. See the pictures here.

Unit #14: 2 bedrooms, 2 baths, 1350 square feet

• Sold in December 1999 for $290,000 (per Zillow)
• Sold in November 2001 for $331,000 (per Zillow)
• Sold in March 2007 for $357,000 (per Zillow)
• Originally listed in June 2011 (couldn’t find a list price)
• Was listed in May 2012 for $329,000
• Reduced numerous times
• Was listed at $299,899
• Reduced
• Was listed as a short sale at $275,000
• Under contract
• Assessments of $442 a month
• Taxes of $4190
• No central air- window units only
• Washer/Dryer in the unit
• Attached garage (see the picture)
• Bedroom #1: 16×11
• Bedroom #2: 14×11

This top floor 3-bedroom in Crilly Court at 1708 N. Wells in Old Town just came on the market.

Over the last few years, owners in Crilly Court have been some of the few that have either made money or broke even on their 2007 purchases. (The buildings were converted into condos in 2007.)

At 1507 square feet, this unit has two fireplaces but none of the other original historic features.

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

It has a balcony that faces the internal courtyard.

The unit has central air, washer/dryer in the unit but NO parking.

The property has come on the market for $78,000 above the 2007 price at $539,000.

Will Crilly Court have the magic touch again?

Can this location command over $500,000 for 1507 square feet without a parking space?

Mira Kovacevic at Coldwell Banker has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, 1507 square feet

• Sold in July 2007 for $461,000
• Currently listed at $539,000
• Assessments of $310 a month
• Taxes of $4750
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 12×17
• Bedroom #2: 11×13
• Bedroom #3: 10×15

This 3 bedroom loft at 1248 W. Fullerton in Lincoln Park was on the market in 2010 and 2011 but didn’t sell. It recently came back on the market on January 17 and was under contract within days.

The duplex loft has 13 feet timber ceilings and exposed brick with a spiral staircase.

It has a private entrance and a garage.

The living room and kitchen are on the main level and the bedrooms on the second level.

The bedrooms have floor to ceiling walls.

The kitchen has white cabinets and stainless steel appliances.

When it didn’t sell in 2011, it was rented for $2600 a month.

In 2010-2011, it was listed for more than its 2008 sale. This time, it came on the market $15,100 under the 2008 list price.

Is this another example of how properties will sell quickly if they’re priced right?

Jenny Spiggos at Prudential Rubloff has the listing. See the pictures here.

Unit #1A: 3 bedrooms, 2.5 baths, no square footage listed, duplex up

• Sold in November 1988 for $180,000
• Sold in October 1993 for $202,500
• Sold in September 1996 for $212,500
• Sold in September 2000 for $329,000
• Sold in May 2003 for $367,000
• Sold in August 2008 for $460,000
• Originally listed in May 2010
• Unlisted in 2011
• Rented in 2011 for $2600 a month
• Originally listed in January 2013 for $444,900
• Under contract within days
• Assessments of $376 a month (includes cable)
• Taxes of $5697
• Central Air
• Washer/Dryer
• Parking included
• Bedroom #1: 19×11 (second floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 15×10 (second floor)

This 3-bedroom triplex in The Citadel at 2300 W. Armitage in Bucktown came on the market in December 2012.

Two of the bedrooms are on the second floor, along with the laundry room, with the third bedroom or office on the third floor.

There is also a third floor family room along with a private roof deck.

They are all connected by a glass and steel staircase.

The kitchen has white Italian cabinets and quartz counter tops along with SubZero and Bosch appliances and a DCS cooktop.

The unit has central air, washer/dryer in the unit and 1 car garage parking.

It came listed out of the gate at $60,100 under the 2003 purchase price.

Will this sell for close to ask?

Anne Rodia 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 January 27 from 1:00 to 3:00 pm.

Unit #4: 3 bedrooms, 3.5 baths, 2400 square feet, triplex, 1 car garage

• Sold in October 2001 for $512,500
• Sold in October 2003 for $585,000
• Originally listed in December 2012 for $524,900
• Currently still listed at $524,900
• Assessments of $262 a month
• Taxes of $8358
• Central Air
• Washer/Dryer in the unit
• Private roof deck
• Bedroom #1: 20×14 (second floor)
• Bedroom #2: 12×10 (second floor)
• Bedroom #3: 12×10 (third floor)
• Family room: 15×13 (third floor)
• Laundry room: 8×8 (second floor)

This 3-bedroom duplex down at 5617 N. Wayne in Andersonville has been on the market since May 2012.

The 7 unit building was built in 1906.

The unit has high coffered ceilings and crown moldings.

It has a fireplace in the living room and a fireplace in the dining room along with a built-in hutch.

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

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

The unit has been reduced $79,001 since it was originally listed in May 2012.

It is now listed $5001 under the 2004 price.

What price will it take to sell this property in 2013?

Grace Gaughan at Koenig & Strey Real Living has the listing. See the pictures here.

Unti #1: 3 bedrooms, 2.5 baths, 2200 square feet, 1 car garage

• Sold in April 2004 for $405,000
• Sold in January 2010 for $430,000
• Originally listed in May 2012 for $479,000
• Reduced several times
• Currently listed at $399,999
• Assessments of $248 a month
• Taxes of $6904
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13 (main level)
• Bedroom #2: 14×10 (lower level)
• Bedroom #3: 13×10 (lower level)
• Family room: 21×19 (lower level)

There’s a bunch of new construction right now going up on Seminary in Lakeview like this 3-flat at 3321 N. Seminary.

The buildings all look similar with brick and front decks.

This is a top floor unit with a private roof deck and a patio off the front of the building.

It has custom millwork including wainscotting.

It also has 54″ cabinets and SubZero and Wolf appliances in the kitchen.

The master bathroom has body sprays.

The listing says the building and garage are all brick and there is concrete soundproofing between units.

I know many of you don’t find chattering about these new construction units exciting (sorry- inventory is low right now).

But they ARE being built and they ARE selling.

Did you ever think you’d see 2/2s in Lakeview being listed for nearly $600,000 again so soon after the bust?

Timothy Sheahan at Conlon has the listing. See the pictures here (they are of another property completed by the developer).

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

• New construction
• Currently listed at $579,900
• Assessments of $100 a month
• Taxes are “new”
• Top floor
• Private roofdeck
• Bedroom #1: 13×12
• Bedroom #2: 12×10
• Living room/dining room combo: 17×17
• Kitchen: 10×9

We’ve chattered about this 2-bedroom in the 4-unit vintage building at 562 W. Arlington in Lincoln Park twice before.

The building was converted into upscale condos in 2005 with custom finishes.

The kitchen is described as a “gourmet wraparound” with Viking and SubZero appliances.

There is a spa like bath in the master bath, central air, washer dryer in the unit and gated secure parking.

Back in 2008, it was originally listed at $699,000 and many of you thought that was reasonable for the location.

See our February 2008 chatter here.

But G tried to talk some sense into you.

“I’m with you, Tipster. The responses here indicate why some prices will be very sticky on the way down.

But down they will go. Anyone who buys anywhere near 2005 prices will learn this all too well.”

Kenworthey, an early poster on this site, was doubtful that Lincoln Park prices would fall below the 2005 price of $600,000.

“I’m not trying to sound like the NAR here, but there is SOMETHING to be said for the idea that real estate is at least sometimes local. When I think of Chicago’s bubble, I think of downtown and its immediate environs (Streeterville, South Loop, River North, Gold Coast) with a frenzy of overbuilding purchased by speculators. I also think of the sketchier far-out neighborhoods (like Englewood, Rogers Park, Bronzeville, Humbolt Park) being inflated by lax and often fraudulent lending.

In contrast, areas like Lincoln Park and Hyde Park–stable, not particularly overbuilt–were certainly not immune from the bubble, but I do think that they weren’t as inflated. If they didn’t go up as much, they shouldn’t come down as much. Which is why I think a place like this–asking $700K on a street where virtually all of its neighbors are 1.5 million and above–as not an unreasonable price.

I guess we’ll see in five years.”

In June of 2011, it came on the market again, listed at $595,000 but it never sold.

It’s now 5 years later.

The unit came on the market at $559,000, or $66,000 under the 2008 price,  and $41,000 under the 2005 price, and almost immediately went under contract.

Some have e-mailed me and said, “wow, look how hot the market is. This vintage apartment went under contract almost instantly.”

Is it truly “hot” or was it simply finally priced right?

And has G been vindicated in his belief that prices everywhere- even in Lincoln Park- would keep falling?

Mary Ann Genellie at Prudential Rubloff has the listing again. See the pictures here.

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

• Sold in June 2005 for $600,000
• Was listed in February 2008 for $699,000
• Sold in August 2008 for $625,000
• Was listed in June 2011 for $595,000
• Withdrawn
• Re-listed in January 2013 at $559,000
• Under contract within days
• Assessments still $200 a month
• Taxes now $9091 (they were $8623 in June 2011)
• Central Air
• Washer/Dryer in the unit
• Gated parking included
• 2 decks- one on the front and one on the back
• Bedroom #1: 15×11
• Bedroom #2: 13×11