Crib Chatter

This 2-bedroom at 630 N. Franklin in River North just came on the market listed at $299,900.

It appears to include a parking space (though I can’t tell 100% for sure.)

The unit has 1200 square feet with sunny south facing views.

It has concrete walls and ceilings as well as new hardwood floors.

I appears that only one of the bedrooms has windows.

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

This unit also has a 10×5 office.

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

If you don’t want to buy it, it looks like you can also rent it for $2250 a month (including the parking).

You can see the rental ad here.

With some 1-bedrooms selling for around $300,000 in River North, is this a great deal for a 2/2?

Ted Guarnero at Baird & Warner has the listing. See the pictures here.

Unit #805: 2 bedrooms, 2 baths, 1200 square feet

• Sold in November 2005 for $314,000
• It was listed in May 2012 for $334,900
• Withdrawn
• Currently listed for $299,900
• Assessments of $351 a month (includes heat)
• Taxes of $4727
• Or you can rent it for $2250 a month (includes parking)
• Central Air
• Washer/Dryer in the unit
• Parking included???
• Bedroom #1: 14×11
• Bedroom #2: 12×11
• Office: 10×5

This 2-bedroom in 319 W. Erie in River North has been on the market since July 2012.

The 7-unit boutique building was built in 1888 and was converted into condos in 2006.

This unit has 2296 square feet in an open floor plan and is a half floor unit.

It has Snaidero cabinets in the kitchen with luxury appliances such as SubZero.

There is wenge millwork and custom lacquer built-ins.

The unit has central air, washer/dryer in the unit and 2-car parking.

What’s the market for boutique versus views in River North?

Todd Siegel at MLS Connect has the listing. It is broker owned. See the pictures here.

Unit #1W: 2 bedrooms, 2.5 baths, 2296 square feet, 2 car parking

• Sold in August 2006 for $950,000
• Originally listed in July 2012 for $1.379 million
• Currently still listed at $1.379 million
• Assessments of $803 a month
• Taxes of $5110
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×14 (listing says second floor)
• Bedroom #2: 11×12 (main floor)
• Office: 14×11 (main floor)

We last chattered about this true penthouse at 6 N. Michigan in the Loop directly across from Millennium Park in March 2010.

See our prior chatter here.

Back then, the property was 8,000 square feet and was listed for $7 million. (The Groove was playing the Mega-ball that night in order to come up with the cash to buy it.)

Now, it is 6500 square feet and has just been reduced to $3 million.

There’s still time to try for the lottery again.

The tall ceilings and wonderful arched windows remain.

You’ll have to build it out- but who wouldn’t want everything exactly to their specifications anyway?

Is this unit now a deal at just $3 million for the square footage and views?

Patrick Ryan at @Properties still has the listing. See a few more pictures of the beautiful arches 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
• Currently listed for $3 million
• Assessments of $6101 a month
• Taxes are “new” – but there is an 8 year historic tax freeze on the building
• 2 car parking available for $60,000

This 35th floor 2-bedroom at 235 W. Van Buren in the loop came on the market in June 2012.

If you recall, developed by CMK in the modern style, the building was completed during the Great Recession and has about 714 units.

It has still not sold out its units.

The listing for this unit says it is the largest 2-bedroom floorplan in the building at 1327 square feet (although the developer is also trying to sell Unit #2601 and that unit has square footage of just 1292.)

But it is much bigger than the 1000 square foot two bedrooms that seem to be more common in the building.

It has North and East views.

The unit has exposed concrete ceilings and hardwood floors.

The kitchen has granite counter tops and stainless steel appliances.

This unit is apparently currently rented. The listing calls it an “amazing investment” as the tenants are paying $3150 a month.

The listing says it is “priced well below market value.”

It is currently listed $37,100 under the 2009 purchase price (if you include the $50,000 tandem parking) at $449,900.

Unit #2601 from the developer is listed, with the parking, at $463,800 (not sure if that’s the tandem parking or not.)

Is this property a bargain?

And is it an “amazing investment”?

Blake Golden at Coldwell Banker has the listing. See the pictures here.

Unit #3501: 2 bedrooms, 2 baths, 1327 square feet

• Sold in November 2009 for $487,000 (included the parking)
• Originally listed in June 2012 for $399,900 (including $50,000 for the parking) or $449,900
• Currently still listed at $449,900
• Assessments of $443 a month (includes heat, a/c, gas, doorman)
• Taxes of $6128
• Unit currently rented for $3150 a month
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×12
• Bedroom #2: 11×16

This 4-bedroom Victorian at 1726 N. Richmond in West Town just came on the market after a total rehab.

If you’re wondering about the location, so did I.

The listing has it as West Town but in the actual description it says it is a “gorgeous Logan Square gut rehab.”

You can’t be both West Town and Logan Square as those are two separate designations. The other properties on the street also have been or are designated as West Town. But if you cross north of Bloomingdale, the next street north of this house, it switches to Logan Square.

You’re also just 2 blocks north of Humboldt Park. If you go two blocks directly west, crossing over Humboldt Boulevard, you’re then in the Humboldt Park designation.

So let’s just say this house is on the edge of three districts: Humboldt Park, Logan Square and West Town- but it appears West Town is its official designation.

It’s similar to the other rehabs we’ve seen going on all over the city but this one went from a 2-flat to a single family home.

The house had previously been bank owned and was sold in June 2012.

According to the listing, everything is “new.”

You can see the pictures from the previous listing- when it was bank owned here.

Built on a standard 25×125, it has a 2 car garage and central air.

The house now has dark hardwood floors, crown molding and wainscotting.

The kitchen has white modern cabinets (IKEA or European in style) with granite counter tops and stainless steel appliances and a mosaic tile backsplash.

There is a finished basement with a lower level family room and one of the 4 bedrooms is also in the lower level.

While buyers love “new”, can this neighborhood support an almost $400,000 price tag?

Tina Culver at Sergio & Banks has the listing. See the pictures here.

1726 N. Richmond: 4 bedrooms, 3.5 baths, 3000 square feet, 2 car garage

• Sold in September 1996 for $94,000
• Sold in February 2008 for $370,000
• Lis pendens filed in November 2009
• Bank owned in January 2011
• 2-flat originally listed in January 2012 for $69,900
• Sold in June 2012 for $85,000
• Currently listed as a SFH at $399,900
• Taxes of $5205
• Central Air
• Bedroom #1: 16×16 (second floor)
• Bedroom #2: 10×11 (second floor)
• Bedroom #3: 10×11 (second floor)
• Bedroom #4: 11×9 (lower level)
• Family room: 19×18 (lower leve)

A lot of you have sent me questions over the years about the historic brick bungalows in the Ukranian Village like this 4-bedroom at 2034 W. Thomas.

Built in 1897 on a 24×120 lot, it has been renovated and now has a more open floorplan. It doesn’t appear much of its vintage character remains on the interior however.

3 of the 4 bedrooms are on the second floor and it now has a master suite with an oversized tub. The fourth bedroom is in the lower level and has heated floors.

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

The house has central air and a 2-car garage.

It is located just 2 blocks from all the shops and restaurants of Division. The listing says it is a “landmarked” home.

Originally listed in March 2012 for $917,777, it has been reduced $18,777 to $899,000.

There have only been 2 other single family home sales on this block in the last 3 years. The most expensive, 2025 W. Thomas, sold in April 2011 for $627,000.

This neighborhood is popular with buyers. Will this home be able to command a price in the $800,000s?

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

2034 W. Thomas: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in April 2004 for $500,000
• Originally listed in March 2012 for $917,777
• Withdrawn in June 2012
• Re-listed in September 2012 for $899,000
• Currently still listed at $899,000
• Taxes of $8199
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 16×10 (second floor)
• Bedroom #3: 13×13 (second floor)
• Bedroom #4: 11×10 (lower level)
• Office: 18×8 (second floor)

This 2-bedroom vintage unit at 1719 N. North Park in Old Town just came on the market.

But we previously chattered about it just 2 years ago (yes- during the winter).

See our prior chatter in December 2010 here.

If you recall, this unit is located in a 1886 vintage walk-up and has a large 18×8 New Orleans style porch off the back.

It has three exposures and a wood burning fireplace with a marble mantel.

The kitchen is the same as the last sale with white cabinets and white appliances. There are still no granite counter tops.

The unit has modern amenities, such as central air and in-unit washer/dryer. But as is typical in Old Town, there is no deeded parking.

The last time we chattered about it, it was listed at $389,000. Those of you who commented were bullish and thought it would sell in the $200,000s.

But Old Town was, and is, popular.  It finally sold in July 2011 for $357,000.

The unit has come back on the market listed for $379,000.

Will it get a premium to the 2011 price?

James Gramata at @Properties has the listing. See the pictures here.

You can see the pictures of the old unit here.

Unit #2: 2 bedrooms, 1 bath, 1200 square feet

• Sold in October 1992 for $185,500
• Sold in March 1995 for $168,000
• Sold in May 1997 for $202,500
• Sold in August 2002 for $336,000
• Originally listed in October 2010 for $389,000
• Was listed in December 2010 for $389,000
• Sold in July 2011 for $357,000
• Currently listed at $379,900
• Assessments are $386 a month (they were $381 a month in December 2010) (includes heat)
• Taxes now $5067 (they were $3748)
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 13×10
• Bedroom #2: 12×10

We haven’t chattered about what is going on in The Legacy at 60 E. Monroe across from Millennium Park in the Loop for awhile.

This 2-bedroom re-sale has been on the market since April 2012.

The building, if you recall, was completed just as the Great Recession hit in 2008/2009. It still hasn’t sold out.

This unit has north and east views and is on the 27th floor.

It has the usual newer construction luxury finishes of SubZero and Bosch appliances, granite counter tops and cherry cabinets in the kitchen.

There is a marble bath.

It has central air, washer/dryer in the unit and parking is available for $40,000 extra.

This 2-bedroom has been reduced $51,900 since April.

If you include the parking, it is now listed $72,000 under the 2009 purchase price and well below developer-owned “08” tier units currently on the market.  #1908, for instance, is listed for $658,000 and that is not including the parking.

Is this unit a deal?

Sheldon Salnick at Prudential Rubloff has the listing. See the pictures here.

Unit #2708: 2 bedrooms, 2 baths, 1342 square feet

• Sold in December 2009 for $710,000 (parking included)
• Originally listed in April 2012 for $649,900
• Reduced
• Currently listed at $598,000 (parking is $40,000 extra)
• Assessments of $561 a month (includes doorman, heat, a/c)
• Taxes of $10,523
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12
• Bedroom #2: 10×11

We’ve chattered about many condo units in former churches as well as churches that were converted into single family homes before.

This 4-bedroom church at 3232 W. Wrightwood in Logan Square is one of the single family home types. (Thanks to Chris M, our Logan Square neighborhood expert, for the picture.)

The listing says it was formerly the Logan Square Baptist Church.

It has many of its original features includes wood work, windows and cathedral, beamed ceilings in what is now the living room.

The church has some unique features like 2 full kitchens.

Two of the bedrooms are on the second floor with the other two on the main level.

Built on a larger than normal residential lot of 39×160, it also has a 2-car garage and central air.

Originally listed in September 2012 for $1.429 million, it has been reduced $79,000.

Will this be a hard sell at this price point in this location or will the uniqueness close the deal?

Jamie Connor at Conlon has the listing. See the pictures here.

3232 W. Wrightwood: 4 bedrooms, 3.5 baths, 6000 square feet, 2 car garage

• Sold in July 1995 (but there’s no price listed)
• Originally listed in September 2012 for $1.429 million
• Reduced
• Currently listed at $1.35 million
• Taxes of $11,523
• Central Air
• Bedroom #1: 22×12 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 15×12 (main level)
• Bedroom #4: 12×10 (main level)
• Family room: 25×21

It’s that time of the month when we get the sales update from the Illinois Association of Realtors. As many of you predicted, the year over year housing data continues to show improvement.

From the Illinois Association of Realtors:

The city of Chicago saw a 23.2 percent year-over-year home sales increase in September 2012 with 1,845 sales, up from 1,498 in September 2011. The condo market in the city of Chicago showed a sales increase of 32.2 percent, going from 855 units sold in September 2011 to 1,130 sales in September 2012.

The median price of a home in the city of Chicago in September 2012 was $188,900, off 0.6 percent compared to September 2011 when it was $190,000.

September sales for the last 5 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales

Median prices for the last 5 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900

Thanks to G we also have a longer history of the September condo/townhouse sales. While sales were up year over year, they still trail the Great Recession years of 2008 and 2009:

Year/Sales/Median

1996 757 $127,000
1997 959 $142,900
1998 1,158 $158,950
1999 1,195 $180,000
2000 1,255 $219,900
2001 1,249 $223,000
2002 1,621 $245,000
2003 2,114 $255,500
2004 1,960 $269,450
2005 2,344 $276,538
2006 2,006 $285,000
2007 1,650 $310,200
2008 1,188 $311,750
2009 1,159 $270,000
2010 820 $240,000
2011 863 $234,600
2012 1130 (don’t have median price data)

“On one hand we’re having great success because we’re seeing many more sales come to close, but the price points are lagging behind where we’d like to see them,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “Prices are in line with the amount of distressed product that’s still out there; we have to work through that inventory. We should continue to try to stabilize the lower half of the market, particularly the condo market in the city, which to a large extent is a function of consumer confidence and jobs.”

Median price is stuck (but, as we know, that is a result of the sales mix). Sales, while up, still lag prior years.

Is this a good- but not great- report?

Sales, median prices show gains in September in Illinois [Illinois Association of Realtors Press Release, October 19, 2012]