Crib Chatter

This large 1-bedroom at 73 E. Elm in the Gold Coast came on the market in June 2012.

This isn’t a run of the mill white box 1-bedroom unit.

This pre-war apartment has a  barrel vaulted entry which leads to a 12×5 gallery.

The living room has a fireplace with small bookcases built-in on either side.

There is a large library or dining space along with a galley kitchen with white cabinets, granite counter tops and stainless steel appliances.

The unit has a new slate bathroom.

It has central air but no washer/dryer in the unit. It also doesn’t have parking.

Originally listed at $419,000 it has been reduced $7,000 to $412,000.

There are two other similarly large 1-bedrooms in the building also on the market. Unit #14D is listed at $410,000 and Unit #4C at $390,000.

Is $400,000 the going price for large vintage 1-bedrooms in this location?

Thomas Gorman at Baird & Warner has the listing. See the pictures here.

Unit #8D: 1 bedroom, 1 bath, no square footage listed

• Sold in September 1989 for $149,000
• Sold in July 2004 for $254,000
• Originally listed in June 2012 for $419,000
• Reduced
• Currently listed at $412,000
• Assessments of $1064 a month (includes heat, doorman, cable)
• Taxes of $4668
• Central Air
• No in-unit washer/dryer
• No parking
• Bedroom: 15×12
• Library/Den: 17×12
• Gallery: 12×5

We last chattered about this 3-bedroom vintage unit at 322 W. Belden in East Lincoln Park in July 2012.

See our prior chatter here.

The unit does not have a parking space. We debated whether deeded parking mattered or not.

The consensus was that it did. Most of the chatterati also thought that the price was simply too high given the small size of the third bedroom and the lack of parking.

Benjamon9 even predicted it would go under the 2003 price which was $640,000.

It’s six months later and the price was recently reduced to $649,900.

If you recall, the building was built in 1914 and the unit retains much of its vintage charm including wood paneling, built-ins, crown molding and french doors.

At 2200 square feet, the south facing unit has a full size dining room.

The kitchen has cherry cabinets, stainless steel appliances and what look to be stone counter tops.

2 of the 3 bedrooms have ensuite bathrooms.

There is space pac cooling and washer/dryer in the unit.

Is this now accurately priced or is the lack of deeded parking still an issue at this price point?

Craig Isacson at @Properties still has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 2 baths, 2200 square feet

• Sold in May 1994 for $315,000
• Sold in May 2003 for $640,000
• Originally listed in June 2012 at $675,000
• Reduced
• Currently listed at $649,900
• Assessments of $861 a month (includes heat)
• Taxes of $9809
• Space pac cooling
• Washer/Dryer in the unit
• No parking- but available for rent in the neighborhood
• Bedroom #1: 16×11
• Bedroom #2: 12×12
• Bedroom #3: 15×7

This newer construction 3-bedroom single family home at 5719 N. New Hampshire in Old Norwood Park has been on the market since June 2012.

Built in 2007 on an oversized lot measuring 50×161, it has some unique features such as a heated 3-car garage and heated sidewalks.

It even has a full sized elevator.

The house has a main floor family room which overlooks a “gourmet chef’s kitchen” with stainless steel appliances and an enormous eat-at granite kitchen island.

The 3 bedrooms are all on the second floor and there is a furnished recreation room with 12 foot ceilings and a bathroom.

Since June, the house has been reduced $200,000 to $999,000.

There are only two other houses on the market in the Old Norwood Park neighborhood and both are listed under $500,000.

With no competition, will this house end up selling close to this asking price?

Dympna Fay-Hart at Century 21 McMullen has the listing. See the pictures here.

5719 N. New Hampshire: 3 bedrooms, 5.5 baths, 5000 square feet, 3 car heated garage

• Old house sold in June 2005 for $440,000
• Originally listed in June 2012 for $1.199 million
• Reduced
• Currently listed at $999,000
• Taxes of $11,655
• Central Air
• Elevator
• Heated sidewalks
• Radiant floors
• Bedroom #1: 14×22 (second floor)
• Bedroom #2: 15×15 (second floor)
• Bedroom #3: 16×12 (second floor)
• Family room: 26×18 (main floor)

We last chattered about this true penthouse at 6 N. Michigan across from Millennium Park in the loop in October 2012.

See our prior chatter here.

Originally listed at $7 million back in 2010, it had been reduced to $3 million.

Many of you still felt it was too expensive given its location and that it had to be built out.

If you recall, it was 6500 square feet of raw space but included beautiful original arched windows in a 35×35 great room with views of the Park and Lake Michigan.

The penthouse just sold for only $1.9 million.

Was this the deal of the year for some lucky buyer?

Anthony Madonia at @Properties had the listing. You can see more pictures of the great room windows here.

Unit #1901: 5 bedrooms, 6.5 baths, 6500 square feet

• Originally listed in 2010 for $7 million (but was 8000 square feet)
• Was listed in July 2012 for $4.5 million
• Reduced
• Was listed in October 2012 for $3 million
• Sold in December 2012 for $1.9 million
• Assessments of $6101 a month
• Taxes are “new” – but there is an 8 year historic tax freeze on the building
• 2 car parking was included in the sale

We last chattered about the Horton Mansion at 10200 S. Longwood Drive in Beverly in July 2012.

See our prior chatter here.

The house is known as the Horton Mansion because, according to Curbed Chicago, it was built for Horace Horton, the founder of Chicago Bridge & Iron, in 1890.

If you recall it sits on a huge lot of about a half an acre on top of the hill measuring 102.87x260x99.69×236.6.

The house has a lot of its vintage features intact, including crown molding and wood work. It also has 4 wood burning fireplaces, including one in the master bedroom.

5 of the 7 bedrooms are on the second floor with the other two on the third floor.

It also has features you would expect in a mansion including a first floor library.

Modern amenities including an updated kitchen with stainless steel appliances and central air.

Originally listed at $1.1 million, it had been reduced to just under a million at $999,999.

But it has been sitting at that price over 6 months.

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

Darya Lisserman at Jameson Sotheby’s still has the listing. See the pictures here.

10200 S. Longwood: 7 bedrooms, 4.5 baths, 2 car garage, 9200 square feet

• Last sold in January 1987 (I couldn’t determine a price)
• Originally listed in April 2012 for $1.1 million
• Reduced
• Was listed in July 2012 at $999,999
• Currently still listed at $999,999
• Taxes of $10,168
• Central Air
• Bedroom #1: 21×31 (second floor)
• Bedroom #2: 16×16 (second floor)
• Bedroom #3: 17×24 (second floor)
• Bedroom #4: 18×16 (second floor)
• Bedroom #5: 12×20 (second floor)
• Bedroom #6: 15×18 (third floor)
• Bedroom #7: 15×20 (third floor)
• Library: 20×16 (main floor)
• Family room: 19×12 (main floor)

Some of you have been commenting that it’s not the inventory that is bad it is that buyers are being too picky.

We last chattered about this 3-bedroom duplex at 2131 N. Clark in East Lincoln Park just before Thanksgiving.

See our prior chatter here.

I thought that it might go quickly given its location and that it has a parking space.

But it’s been listed for nearly 50 days and is still listed at the price of $375,000.

If you recall, 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.

Someone must have been reading Crib Chatter because there are now pictures of the kitchen and one of the baths.

Is this still on the market because buyers want “new” and are being too picky?

Emily Jeffries at Re/Max Properties still 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’ve been chattering about large pre-war vintage units like this 3-bedroom at 2440 N. Lakeview in Lincoln Park.

The building is a co-op building built in 1927 and there are 2-units per floor.

The listing says this building has an east and west views- including views of Lincoln Park.

At 2200 square feet, it has 3 bedrooms, including 2 with ensuite bathrooms.

The kitchen has white cabinets and a stainless steel refrigerator.

While there appears to be 1-car parking with the unit, it doesn’t have central air or in-unit washer/dryer.

The building allows 80% financing.

On the market since March 2012, it has been reduced $25,000 to $475,000.

Is this a deal for the location?

Jill Peet Saponaro at Coldwell Banker has the listing. See the pictures here.

Unit #3E: 3 bedrooms, 2.5 baths, 2200 square feet

• It’s a co-op so I couldn’t find a prior sales price
• Originally listed in March 2012 for $500,000
• Reduced
• Currently listed at $475,000
• Assessments of $2200 a month (includes heat, doorman, cable)
• Taxes of $3030
• No central air
• No washer/dryer in the unit
• Parking appears to be included
• Bedroom #1: 18×14
• Bedroom #2: 19×14
• Bedroom #3: 11×9
• Dining room: 20×14

The biggest home buying problem I’m hearing from buyers right now isn’t qualifying for the mortgage, it’s finding a property to buy.

In November, inventory in Chicago was 42% below what it was just a year ago. Yes, it’s the slow time of the year, but it was also the slow time of the year in 2011 and the years before that.

According to Gary Lucido, who has been documenting the inventory over the last several years on his Getting Real blog, condo inventory as of October has plunged to just 4.5 months of supply. 6 months is considered a “normal” market. Anything under 6 months is a seller’s market.

Check out Gary’s great graphs with contract activity, inventory and distressed property sales here.

To add to the pain, there is literally almost nothing new coming on the market.

Where are all those sellers eager to move on? Apparently they’re not eager to take a loss so they’re sitting on the sidelines.

But February begins Chicago’s busy spring buying season. New properties should start coming on the market in the next 4 weeks.

Will the low inventory mean buyers face higher prices in 2013?

This vintage 2-bedroom in 4300 N. Marine Drive in the Buena Park neighborhood of Uptown recently came on the market.

At 2160 square feet, it’s like having a home in the sky.

The listing says it has lake, harbor and city views.

Built in 1930, there are only 2-units on this floor and the listing says there are new windows.

It has high ceilings, crown moldings and other millwork.

The kitchen has white cabinets, granite counter tops and custom Viking and Thermador appliances.

There are 2 ensuite marble baths.

Unlike some vintage units, this one has modern amenities including central air and an in-unit washer/dryer. There is also rental parking available in the building for $100 to $200 a month.

It is listed $31,000 under the 2006 purchase price at $499,000 but that also still makes it the most expensive unit currently on the market in the building.

There are some non-renovated units on the market for much cheaper, including Unit #304, which has a similar floor plan and views, except on a lower floor, and is listed at $229,900.

See pictures of that unit here.

Buyers love “new” however, and most don’t want to take on any renovation projects.

Can this buyer command the higher price for the already renovated property?

Daniel Otto at Conlon has the listing. See the pictures here.

Unit #1404: 2 bedrooms, 2.5 baths, 2160 square feet

• Sold in October 1988 for $232,500
• Sold in September 1995 for $252,000
• Sold in May 2004 for $565,000
• Sold in March 2006 for $530,000
• Currently listed for $499,000
• Assessments of $1247 a month (includes cable, doorman)
• Taxes of $4813
• Parking available for $100 to $200 per month
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×17
• Bedroom #2: 17×17
• Family room: 15×14
• Dining room: 15×14
• Breakfast nook: 11×8

I know some of you wanted to chatter about Bowmanville, but the level of activity there doesn’t come close to what is happening in East Humboldt Park.

By “East Humboldt Park”, I’m talking about the area that is west of Western Avenue- all the way west to Humboldt Boulevard.

It is north of Division and south of Armitage.

Yes- I am making up these boundaries. They are NOT official realtor boundaries. Some of it is “officially” in West Town and some of it is Logan Square.

But there are a bunch of foreclosures being bought and renovated and/or houses are being torn down and new construction homes are being built in the $350,000 to $600,000 price range.

Consider the 4-bedroom home that has been renovated at 1512 N. Talman in West Town. This is just east of Humboldt Park.

It was formerly a bank owned 2-flat.

The interior has been completely gutted and it has a new kitchen with ebony shaker cabinets, granite counter tops, a full backsplash and stainless steel appliances.

3 out of the 4 bedrooms are on the second floor. The fourth is on the main floor along with the laundry room.

There’s no basement but there is a 2-car garage on a 25×124 lot.

The 2600 square foot house came on the market in November listed at $399,000.

How many of you are thinking about forgoing the condo for that starter home in East Humboldt Park in 2013 instead?

Karen Biazar at North Clybourn Group has the listing. See the pictures here.

You can also still see pictures of it as a bank owned 2-flat here.

1512 N. Talman: 4 bedrooms, 3 baths, 2600 square feet, 2 car garage

• Sold in December 1998 for $165,000
• Sold in June 2005 for $355,000
• Lis pendens foreclosure filed in January 2011
• Bank owned in December 2011
• Sold in March 2012 for $88,500
• Renovated and relisted in November 2012 for $399,000
• Currently still listed at $399,000
• Taxes of $4767
• Central Air
• Bedroom #1: 18×14 (second floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 13×11 (second floor)
• Bedroom #4: 12×8 (main floor)