Crib Chatter

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

This 6-bedroom vintage single family home at 3418 W. Adams recently came on the market.

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

However, there is also a lis pendens foreclosure filed against the property.

Built in 1881, the house appears to be on an oversized lot (but I can’t tell the size from the listing) as it has a 4 car garage.

Many of the vintage features remain including the original oak wood foyer, walls and ceiling as well as the double stairway.

It has pocket doors, stained glass windows and 4 fireplaces.

From the listing pictures, there appears to be a lot of carpeting.

There’s also no central air.

Will someone restore this home to its former glory?

And at what price?

Eloise Beard at Realty Associates has the listing. See the pictures here.

3418 W. Adams: 6 bedrooms, 4 baths, 3839 square feet, 4 car garage

• Last sold before 1990
• Lis pendens foreclosure filed in June 2012
• Currently listed as an estate sale and being sold “as-is” for $205,000
• Taxes of $1242
• No central air
• 4 fireplaces
• Crystal chandeliers
• Bedroom #1: 14×20 (second floor)
• Bedroom #2: 10×13 (second floor)
• Bedroom #3: 11×14 (second floor)
• Bedroom #4: 12×14 (second floor)
• Bedroom #5: 10×11 (second floor)
• Bedroom #6: 12×14 (third floor)
• Family room: 12×15 (main floor)
• Library: 12×15 (main floor)

We’ve chattered about this 1-bedroom coach house at 2011 N. Kenmore in Lincoln Park several times over the last few years.

Check out our last chatter, in April 2012, here.

After originally listing for $349,000 in 2010, in April, the price had finally been reduced under $300,000 and some of you still thought that it was priced too high.

One guessed not more than $250,000. Another said $199,000.

It finally sold at the end of October 2012 for $260,000.

If you recall, it was a unique property. It was a duplex loft-like unit with skylights, exposed brick and exposed pinewood ceilings.

The last listing said it “feels like Aspen.”

The kitchen was newer and had white cabinets, stainless steel appliances and black limestone countertops.

The listing said a new half bath was added and that the master bathroom had been completely renovated with a new rain shower.

A couple of years ago, the Groove thought it was one of the “coolest quirkiest listings on cribchatter” and he especially liked its Battlestar Galactica vibe.

It had central air but no parking. The garage in the picture is for the building on the other side of the coach house.

This unit still sold over the 2003 purchase price.

Does this sale make you re-think the Lincoln Park market- even for 1-bedrooms?

Jennifer Mills at Koenig & Strey Real Living had the listing. You can still see the interior pictures here.

2011 N. Kenmore: 1 bedroom, 1.5 baths, no square footage listed

• Sold in June 2000 for $169,000
• Sold in July 2003 for $241,000
• Sold in May 2007 for $295,000
• Was listed in March 2010 for $349,000
• Reduced
• Had been listed for $315,000 since March 2011
• Reduced to $309,900 in March 2012
• Reduced
• Was listed in April 2012 at $285,000
• Sold on October 31, 2012 for $260,000
• Assessments of $110 a month
• Taxes of $3358
• Central Air
• Washer/Dryer
• No parking
• Bedroom: 21×18
• Living room: 24×13
• Kitchen: 13×9

We last chattered about this 4-bedroom vintage rowhouse at 1919 N. Lincoln Park West in East Lincoln Park in September 2012.

See our prior chatter here.

We’ve chattered about this rowhouse several times, including the last time it sold in 2010.

If you recall, it came back on the market in September 2012 with a new, modern kitchen.

It now has modern custom brown cabinets with quartz counter tops. The 6-burner Wolf range looks to be the same one from the prior kitchen, however.

The rowhouse was built in 1888 and has many vintage features including amazing crown molding and ceiling details on the main level. It also has 3 fireplaces, including one in the third floor master suite.

Most of you loved the location and vintage character but the rowhouse is located on a lot which is just 19×72.

There is 2-car “secure” parking on the property but no garage.  

The  master bedroom is on the top floor while two other bedrooms are on the second floor and the fourth bedroom is in the lower level along with the family room.

In September, the property came on much higher than the 2010 price.

It has now been reduced $101,000.

It’s still listed $149,000 above the 2010 price.

Will it take the 2010 price to actually sell this property?

(Remember, the furniture and artwork will NOT be there when you move in.)

Kevin Wood at @Properties still has the listing. See the pictures here.

Or you can see it in person at the Open House on Sunday, November 18 from 2:30 to 4:30.

1919 N. Lincoln Park: 4 bedrooms, 3.5 baths, 2 car parking, no square footage listed

• Sold in June 1999 for $437,500
• Sold in November 2003 for $810,000
• Originally listed in August 2008 for $1.075 million
• Withdrawn in January 2009 at $999,000
• Came back on the market in December 2009 at $899,000
• Sold in February 2010 for $850,000
• Was listed in September 2012 at $1.1 million
• Reduced
• Currently listed at $999,000
• Taxes are now $13,773 (they were $14,539 in December 2009)
• Central Air
• Bedroom #1: 20×17 (third level)
• Bedroom #2: 18×12 (second level)
• Bedroom #3: 11×11 (second level)
• Bedroom #4: 12×10 (lower level)
• Family room: 20×17 (lower level)

We last chattered about this 4-bedroom duplex penthouse in the Park Edgewater at 6101 N. Sheridan in Edgewater all the way back in July 2010.

See our prior chatter here.

At that time it was a short sale listed for $799,000.

Over 2 years later, it is still listed and is still a short sale only the price is now down to $399,000.

It is also now under contract. It has been under contract for nearly 5 months.

Built in 1930, the unit has 3 of its 4 bedrooms on the second floor, or duplex up. It also has a sunroom.

The listing says that the kitchen is “original” but that the baths had been renovated to spa caliber.

There is also a sauna and steam room.

The unit doesn’t disappoint in its penthouse status, either, as it has a 3100 square foot private roof deck with views of the city and the lake.

The property has central air and an in-unit washer/dryer.

Parking is available for rent in the building.

A lis pendens was filed on this property in May 2009. That is about 3 1/2 years ago.

And still, the bank has not taken possession of this property.

Are the banks the real problem in this lackluster housing recovery?

A lot of the distressed inventory is sitting on the sidelines for years and years.

Wouldn’t it be better for the entire market to finally move some of these older properties off the books?

Why has this unit, for instance, been listed for sale for years?

Lumi Boldovici at Real Estate International Investment now has the listing. See the pictures here.

Unit #15I: 4 bedrooms, 3 baths, sunroom, 3300 square feet

• Sold in March 1989 for $265,000
• Sold in October 2005 for $675,000
• Lis pendens filed in May 2009
• Was listed in May 2010 as a “short sale” for $799,000
• Reduced numerous times
• Currently listed as a short sale at $399,000
• Under contract
• Assessments now $890 a month (they were $860 a month in May 2010) (includes heat, gas)
• Taxes now $4624 (they were $4257 in May 2010)
• Parking is rental for $150-$250 a month
• Central Air
• Washer/Dryer in the unit
• Private rooftop deck
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 18×11 (second floor)
• Bedroom #4: 11×10 (main floor)
• Sunroom: 18×12

Downtown condo sales continue to be completely dead as third quarter sales fell sharply compared to the third quarter of 2011. 

Developers sold 154 units downtown in the third quarter, down from 182 sales in the second quarter and 229 in the third quarter last year, according to Chicago-based consulting firm Appraisal Research Counselors.

Downtown developers were sitting on 1,478 condos at the end of the quarter, down from 1,828 at the end of last year and nearly 6,000 near the market peak in 2007, according to Appraisal Research. Many developers have taken their condos off the market by renting them out, reducing the supply.

While that’s good news for the market, the lack of supply also may be inhibiting sales of new condos. Developers have sold 449 new condos through three quarters this year, down from 614 through three quarters in 2011, according to Appraisal Research.

The lack of inventory has led to a bifurcated market favoring lower-priced buildings and luxury towers with hotel service such as Aqua and the Trump International Hotel & Tower. CMK Development Corp.’s 714-unit building at 235 W. Van Buren St., which targets entry-level buyers, led all projects, with 26 sales in the third quarter, closing deals at an average price of $310 a square foot.

Other sales leaders in the third quarter included a condo conversion at 200 N. Dearborn St., with 22 sales, and Trump, with 21.

There are also about 500 units in the three Museum Park towers that aren’t yet on the market but will be in 2013 with a new marketing campaign.

As the article points out, in some neighborhoods, such as Streeterville, there are NO new condo units available to buy at all.

Would buyers appear if the real estate industry actually built some new condo high rises that weren’t luxury high rises (ala Trump or the Ritz) downtown?

How much slower can it get in the new construction condo market?

Downtown condo sales fall in the third quarter [Crain’s Chicago Business, David Lee Matthews, November 13, 2012]

We’ve chattered about this 4-bedroom duplex down at 1928 W. Diversey in West Lakeview several times over the past 3 years most recently in January 2011.

See our prior chatter here.

Back then, the unit was in a short sale but time was of the “essence” because:

“MOLD IN LOWER LEVEL DUE TO RECENT WATER DAMAGE FROM SHORTED PUMP. NEW PUMP HAS BEEN INSTALLED. REMIDIATION ESTIMATE AVAILABLE. DAMAGE IS VERY RECENT.”

The unit never sold and went back to the bank in April 2012.

It was then sold in August 2012 for just $211,000.

You can see pictures of what the interiors looked like at the August sale here.

After a “full gut rehab” it has come back on the market listed at $399,900.

The cherry floors are no more. Everything is new.

The kitchen now has white cabinets, carrera marble counter tops, Bosch stainless steel appliances and a wine fridge in the island.

There is a spa master bath with body sprays.

Two of the bedrooms are on the main floor and two are on the lower level.

There is also a family room on the lower level.

It has central air, an in-unit washer/dryer and 2 car tandem parking is available for $20,000 extra.

Will this sell quickly since everything is “new”?

Lance Kirshner at @Properties now has the listing. See more pictures here.

OR you can see it in person at the Open House this Saturday November 17 from 11 am to 2 pm.

Unit #1W: 4 bedrooms, 3 baths, duplex down, 2200 square feet

• Sold in September 2006 for $515,000
• Lis pendens foreclosure filed in November 2009
• Originally listed in February 2010 for $474,000
• Reduced several times
• Was listed in March 2010 as a short sale for $439,900
• Reduced
• Was listed as a short sale in January 2011 at $324,000
• Burst pipe and mold in January 2011– remediation estimate available
• Bank owned in April 2012
• Sold in August 2012 for $211,000
• Currently listed at $399,900 (plus $20,000 for 2-car tandem parking)
• Assessments now $315 a month– the seller will pay assessments for 12 months
• Taxes now $8164 (were $7697 in January 2011)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12 (main level)
• Bedroom #2: 15×11 (main level)
• Bedroom #3: 12×11 (lower level)
• Bedroom #4: 14×10 (lower level)

Bloomberg reports that Chicago’s luxury new construction housing market appears to be recovering.

Belgravia Group Ltd., which started construction about a month ago on a Chicago row-house development, is charging almost $1 million for each of the 14 Lincoln Park homes as buyer demand surges in the neighborhood.

The three-story properties will have high-end features such as granite countertops, Sub-Zero refrigerators, Wolf ovens and Bosch dishwashers. The first floors of the 3,200-square-foot (300-square-meter) homes in the development, known as Montana Row, will have 10-foot (3-meter) ceilings and red-oak flooring in the kitchens and living and dining rooms.

“In the good neighborhoods in the city, there’s pent-up demand,” Alan Lev, chief executive officer of Chicago-based Belgravia, said in a telephone interview. “It’s like the stock market and the investment arena — it’s a flight to quality.”

The city is coming off of very low new construction numbers in 2011.  

Developers began construction on 90 units of for-sale housing in Chicago this year through September, and the total for all of 2012 will probably be about 150, said Chris Huecksteadt, a director at housing-research firm Metrostudy in Elgin, Illinois. That’s more non-rental housing starts than in the past two years combined.

“It has started to pick up a little bit,” he said. “It’s just going to be a long, slow recovery.”

For-sale housing starts in the city of 2.7 million fell last year to 38 units, the lowest in data going back to 2004, according to Huecksteadt. In 2006, construction starts on single-family homes, townhouses and condominium units totaled 11,485, the highest for years tracked by Huecksteadt.

Here is more data:

This year through Sept. 15, 258 Chicago condominiums sold for $1 million or more, a 34 percent increase from a year earlier, boosted by sales at Lincoln Park 2550, a tower that opened earlier in 2012, said Jim Kinney, a broker at Baird & Warner Real Estate in Chicago.

“It’s one of the largest residential projects Chicago has seen in years,” John Murphy said. “We’re doing very well,” he said, declining to disclose how many units have sold in the building. (Mr. Murphy’s the developer.)

And what about the existing home stock?

“The for-sale market is still uncertain,” Smith said. “You don’t know if the market has really hit a bottom yet.”

Are these luxury new construction housing starts really that great or is this just a selective way to look at so-so data?

Chicago luxury homes rebound as foreclosures plague the southside [Bloomberg, Brian Louis, November 13, 2012]

We last chattered about this 3-bedroom vintage rowhouse at 474 W. Deming in East Lincoln Park in July 2012.

See our prior chatter here.

Listed at $949,000, some of you thought that the two outdoor parking spaces were a detriment to a sale at that price.

A price under $900,000 seemed the more common guess of a sales price.

But 5 months later the rowhouse is still available.

The price was only just reduced this week however, down to $924,500.

If you recall, the rowhouse is just a block from Lincoln Park and also just steps away from the shops and restaurants on Clark.

Built in 1884 on a 20×74 lot, it still has some of its vintage features such as stained glass, the original wood staircase and crown molding.

Yet it also has central air, a lower level family room and 2-deeded parking spaces directly behind the rowhouse.

All 3 bedrooms are on the second floor along with 2 baths.

With inventory being low, does this rowhouse have a better chance of selling in the winter than it did in the summer?

Mario Greco at Prudential Rubloff still has the listing. See the pictures here.

474 W. Deming: 3 bedrooms, 3.5 baths, no square footage listed, 2 deeded parking spaces behind the rowhouse

• Sold in January 1993 for $266,000
• Sold in April 1995 for $307,500
• Sold in February 2001 for $640,000
• Currently listed at $949,000
• Taxes of $14,852
• Central Air
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 12×11 (second floor)
• Family room: 30×19 (lower level)