Crib Chatter

We’ve chattered about this 2 bedroom at 2757 N. Lincoln in the north end of Lincoln Park twice in the last year and a half.

See our November 2011 chatter here.

Back then, the unit was listed as a short sale and had just done a $60,000 drama price reduction (which evidently didn’t work- because the bank took it back.)

But our chatter was interesting as we debated how much lower prices could go and whether or not there would be some type of mortgage forgiveness. (And wow- were we GLOOMY in 2011.)

Back in November 2011, this property had been reduced to $369,000 but most of you thought that still wasn’t low enough.

Some of you actually thought it would sell under $300,000 but others thought $350,000 to $360,000 was more realistic.

It has now come back on the market from Fannie Mae listed at $399,900.

If you recall, the unit has upscale finishes including Wolf, Subzero, Bosch and Dacor stainless appliances.

From the pictures, it appears that the kitchen is still intact except for one vacant lower level cabinet.

In the pictures, the refrigerator, dishwasher and stove are still there- so what was the big empty hole in the cabinets? Bonus points to anyone who knows the answer.

The master bedroom has a spa bath.

There is a fireplace, crown molding, hardwood floors throughout and 2 outdoor spaces.

The unit has central air, washer/dryer in the unit and garage parking is included.

Will this 2/2 sell for closer to $400,000 than the $300,000 some of you guessed in 2011?

Benjamin Beaty at Jameson Sotheby’s has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2007 for $520,000
• Originally listed in June 2011 for $479,000
• Reduced
• Was listed in July 2011 as a “short sale” for $429,000 (garage parking included)
• Reduced
• Lis pendens foreclosure filed in October 2011
• Was listed as a short sale in November 2011 at $369,000 (garage parking included)
• Withdrawn
• Now owned by Fannie Mae
• Currently listed at $399,900 (includes the parking)
• Assessments now $264 a month (they were $251 a month in November 2011)
• Taxes now $8060 (they were $7750 in 2011)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 14×11

After a one day delay (since the IAR released the data late yesterday)- it’s finally time to check in on the December 2012 sales.

December continued the trend of 2012 which was rising sales with a rise in the median price (and we all know how the median price can be affected by the mix.)

The city of Chicago saw a 14.6 percent year-over-year home sales increase in December 2012 with 1,806 sales, up from 1,576 in December 2011. The year-end 2012 home sales totaled 22,333, up 22.4 percent from 18,250 home sales in 2011. The condo market in the city of Chicago showed a sales increase of 17.7 percent to 1,037 units sold in December 2012.

The median price of a home in the city of Chicago in December 2012 was $185,000 up 19.4 percent compared to December 2011 when it was $155,000. The year-end 2012 median price reached $185,000, up 5.7 percent from $175,000 in 2011.

1. December 2004: 3,719 sales and median price of $267,000
2. December 2005: 2,847 sales and median price of $283,000
3. December 2006: 2,241 sales and median price of $279,000
4. December 2007: 1,629 sales and median price of $287,000
5. December 2008: 1,263 sales and median price of $235,000
6. December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
7. December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
8. December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
9. December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)

For Condos/Townhouses:

1. December 2009: 1,024 sales and median price of $279,700
2. December 2010: 827 sales and median price of $222,000
3. December 2011: 841 sales and median price of $182,500
4. December 2012: 1037 sales

“December showed positive indicators across the board at the height of the holiday season, which is typically a quiet time for home sales,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “In addition, the 18.9 percent decrease in market time from the same time in 2011 shows a continued clearing of inventory, of both single-family homes and condominiums, which should prompt action among buyers and sellers and continue to promote home price stabilization.”

“Positive signs for the housing market continue with the comparative advantage of ownership versus rental generating a significant opportunity for increased housing sales in 2013,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “The housing market is likely to experience some bumpiness in the first quarter of the year until there is resolution of the fiscal challenges in Washington and Springfield. Declining consumer confidence reflects the uncertainties; consumers are unlikely to explore major purchases, especially of houses, when tax rates, mortgage interest deductions and pension obligations remain unresolved.”

The big story doesn’t seem to be the increase in sales and median prices. It is the lack of inventory.

Check out Gary’s recent analysis of the low inventory for 2 bedroom condos in the city here.

Illinois sees home sales increase in December; 2012 notches 22.9 percent sales gain over 2011 [Illinois Association of Realtors, Press Release, January 22, 2013]

This 2-flat at 1454 W. Wellington in West Lakeview just came on the market.

It appears to be bank owned.

If you’re interested, you have until Friday, January 25 at 5 PM central time to make your “highest and best” offer.

There will be showings on 1/23 from 6:00 to 7:30 PM and on 1/24 from 6:00 to 7:00 PM.

The two units are configured as follows:

• Unit #1: 2 bedrooms, 1 bath, central air, 1-car garage parking, currently not rented
• Unit #2: 2 bedrooms, 2 baths duplex up with “updated” white kitchen and baths, 1-car garage parking, currently rented for $2100 a month

The property is built on a 25×125 lot and the listing says it’s in the Burley school district.

It also says it’s “rarely available” although the 2-flat has been on and off the market for the past 2 years.

The property is currently listed $20,100 under the 2003 purchase price.

Those who have lived in the San Francisco Bay Area know the “best and highest offer” sales tactic well.

Will it work to get a contract on this 2-flat this week?

Kirby Pearson at Pearson Realty Group has the listing. See the pictures here.

1454 W. Wellington: 2-flat, 4 bedrooms, 3 baths, 2 car garage

• Sold in January 1990 for $253,000
• Sold in September 1991 for $196,000
• Sold in April 1997 for $399,000
• Sold in July 2003 for $550,000
• Originally listed in January 2011 for $700,000
• Reduced several times
• Was listed in July 2012 for $599,999
• Withdrawn
• Bank owned (?) in October 2012
• Currently on the market for $529,900
• Offers due by 5:00 PM central time on 1/25
• Taxes of $10,418
• Central Air in the units
• Storage in the basement

Aw shucks. A girl goes on vacation only to find out when she returns that we won’t have Nate Berkus’ Gold Coast apartment at 1325 N. Astor to chatter about anymore.

Thanks to those who posted on the sale.

If you recall, we discussed this 3-bedroom vintage unit several times over the past couple of years.

See our March 2012 chatter here.

Originally listed 2 years ago for $2.65 million, some of you thought in 2011 that it might sell for around $1.75 million.

The unit recently sold for $1.6 million, or just $100,000 over the 2003 purchase price.

Berkus renovated the unit but kept the original St. Charles metal cabinets in the kitchen and the Samuel Marx paneling.

According to the listing, there were new hardwood floors, a rehabbed master bath with custom English tub and a reconfigured master suite.

It also had two-zone air conditioning and new electrical.

The unit had an in-unit washer/dryer and a coveted deeded parking spot.

After several years on the market, does the sale (and selling price) of this unit really say much about the upper bracket of the market?

Katherine Chez at Coldwell Banker had the listing. You can still see the interior pictures here in Elle Decor.

And you can also see the listing here.

Unit #8: 3 bedrooms, 4 baths, 3980 square feet, 1 car parking

• Sold in June 2003 for $1.5 million
• Originally listed in January 2011 for $2.65 million
• Reduced
• Was listed in March 2011 at $2.399 million
• Reduced
• Was listed in August 2011 at $2.15 million
• Reduced
• Was listed in March 2012 at $1.995 million
• Sold in January 2013 for $1.6 million
• Assessments of $3816 a month (includes heat and doorman)
• Taxes of $30425
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×20
• Bedroom #2: 14×11
• Bedroom #3: 17×12

This 6 bedroom vintage mansion at 2333 N. Cleveland in East Lincoln Park has been on the market since September 2011.

Built in 1893, it is on an extra large 40x175x195 lot and has a 3-car garage (with space for a fourth car.)

It has many of its vintage features including crown molding, pocket doors, high ceilings and 6 fireplaces.

5 of the 6 bedrooms are on the third level with the 6th bedroom on the second level.

There’s also a library and a partially finished lower level.

The kitchen has white cabinets and SubZero appliances.

The house has been reduced 5%, or $200,000, in the last 16 months.

Will this house finally sell in 2013?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.

2333 N. Cleveland: 6 bedrooms, 7 baths, 8668 square feet, 3 car garage

• First time on the market in 25 years
• Originally listed in September 2011 for $4 million
• Reduced
• Currently listed at $3.8 million
• Taxes of $43,772
• Central Air
• Bedroom #1: 14×22 (second floor)
• Bedroom #2: 13×15 (third floor)
• Bedroom #3: 12×14 (third floor)
• Bedroom #4: 14×14 (third floor)
• Bedroom #5: 11×6 (third floor)
• Bedroom #6: 12×21 (third floor)
• Library: 14×21 (second floor)

If you thought most properties on Wells Street in Old Town were smaller 1 and 2-bedroom units, think again.

This 5-bedroom south facing penthouse at 1515 N. Wells came on the market in November 2012.

At 3600 square feet, it has hardwood floors throughout along with an unusual “staff quarters” with a full bathroom and a separate entrance.

The kitchen has stainless steel appliances, with two ovens, and granite counter tops.

It also has custom finishes such as Tre Piu doors, Bisazza & Sicis tile, Marvin triple pane windows and custom drapery rods.

Parking won’t be a problem as the unit has 3 heated parking spaces.

Stairs won’t be a problem either as it’s all on one level.

What’s the market for a large unit in the middle of the Old Town restaurant and social scene?

Charles Heaver at Prudential Rubloff has the listing. See the pictures here.

Unit #6E: 5 bedrooms, 3.5 baths, 3600 square feet, 3 car parking

• I couldn’t find a prior sales price. The building was built in 2001.
• Originally listed in November 2012 for $1.995 million
• Currently still listed at $1.995 million
• Assessments of $1151 a month
• Taxes of $17,714
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×18
• Bedroom #2: 10×14
• Bedroom #3: 10×14
• Bedroom #4: 11×14
• Bedroom #5: 15×10

The Frances J. Dawes Mansion at 503 W. Wrightwood in Lincoln Park has been on the market since March 2011.

The French Provincial mansion was built in 1896 and is on an oversized 80×134 lot.

The listing says it has been restored to “perfection” by Botti Studio of Architectural Arts.

It is on the National Register of Historic Places.

Its vintage features include wood ceilings, stained glass and numerous fireplaces.

At $9.9 million its among the most expensive homes on the market in Chicago.

What kind of buyer will ultimately end up with this mansion?

And at what price?

Mary Bennett at Koenig & Strey Real Living has the listing. See the pictures here.

503 W. Wrightwood: 7 bedrooms, 7 baths, 2 half baths, 12000 square feet, 4 car garage

• Sold in March 1997 for $1.66 million
• Sold in April 2001 for $1.316 million
• Bank owned in August 2004 (???)
• Originally listed in March 2011 for $9.9 million
• Currently still listed at $9.9 million
• Taxes of $26,322
• Space pak central air
• Bedroom #1: 40×30 (third floor)
• Bedroom #2: 26×16 (second floor)
• Bedroom #3: 20×15 (second floor)
• Bedroom #4: 20×17 (second floor)
• Bedroom #5: 17×15 (second floor)
• Bedroom #6: 20×10 (lower level)
• Bedroom #7: 12×12 (third floor)

This 3-bedroom penthouse at The Pinnacle at 21 E. Huron in River North came on the market in May 2012.

It is a full floor unit and has two 1000 square foot terraces and multiple balconies with city views.

The listing says it has exotic woods along with a 1500 bottle wine cellar.

The unit also has 3 garage spaces.

At $7.9 million, it is among the top 10 most expensive properties for sale in the city.

It is listed $2.804 million above the 2005 purchase price.

Will it get the premium over the 2005 price?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

Unit #4501: 3 bedrooms, 3.5 baths, 6000 square feet

• Sold in March 2005 for $5.096 million
• Originally listed in May 2012 for $7.9 million
• Currently still listed at $7.9 million
• Assessments of $5208 a month (includes pool and doorman)
• Taxes of $57724
• Central Air
• Bedroom #1: 20×16
• Bedroom #2: 18×14
• Bedroom #3: 20×13

This 2-bedroom single family home with a turret at 614 W. Surf in East Lakeview came on the market in September 2012.

Built in 1889 on an irregular 131×20 lot, it has a 2-car garage and a third parking space.

It has exposed brick and skylights along with 3 wood burning fireplaces.

While it has 2 bedrooms on the second floor, it also has a loft den/office.

The kitchen is described as “gourmet” with white cabinets and Sub-Zero appliances.

There aren’t a lot of single family homes in this location.

What’s the market for a 2-bedroom single family home listed over $1 million?

Leila Keene at Baird & Warner has the listing. See the pictures here.

614 W. Surf: 2 bedrooms, 3 baths, no square footage listed, 2 car garage

• Looks like it sold in 1997 but I couldn’t find a previous price
• Lis pendens foreclosure filed in June 2011
• Originally listed in September 2012 for $1.39 million
• Reduced
• Currently listed at $1.299 million
• Taxes of $10,955
• Central Air
• Bedroom #1: 30×14 (second floor)
• Bedroom #2: 15×15 (second floor)
• Den/loft: 9×9 (second floor)

This 3-bedroom top-floor vintage unit in 432 W. Oakdale in East Lakeview just came on the market.

It appears to be a 3-unit building.

The property has crown molding and hardwood floors throughout.

It also has a private rooftop deck.

The listing says it has a new kitchen and baths. The kitchen has maple cabinets, granite counter tops and stainless steel appliances.

The unit has a south facing sunroom and a large family room.

It has all the bells and whistles that buyers look for, and which are unusual in vintage units, including central air, in-unit washer/dryer and garage parking.

It’s listed $129,000 above the 2006 price.

Will it be able to command the premium?

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

Unit #4: 3 bedrooms, 2 baths, 2500 square feet, 1 car garage

• Sold in January 1996 for $175,000 (per Zillow as I couldn’t find the public record for this property)
• Sold in January 2006 for $590,000 (per Zillow)
• Currently listed for $719,000
• Assessments of $380 a month
• Taxes of $9233
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×14
• Bedroom #2: 9×12
• Bedroom #3: 13×12
• Family room: 22×15
• Sunroom: 12×8