Crib Chatter

We’ve chattered about this 5-bedroom single family home on a double lot at 3625 N. Springfield in the historic Villa neighborhood of Irving Park several times.

See our June 2012 chatter here.

Last June, after it had reduced to $899,900, some of you thought it should list anywhere from $750,000 to the lower $800,000s in order to get a sale, despite having the massive lot.

Since then, it has reduced another $50,000 to $849,000.

The Villa is a landmark historic district established in 1907 just north of Addison and east of Pulaski in Irving Park.

It is distinctive for its architecture, its wide lot sizes, and medians running down the middle of two of the streets- Harding and Avers.

The neighborhood has 126 homes and a very active community organization.

With this house, there is a large deck and above ground pool as well as a 2-car garage.

Built on a 105×120 lot, the listing says that 55×120 of it is a “buildable” side lot.

The eat-in kitchen has stainless steel appliances and maple cabinets.

Three of the five bedrooms are on the second floor with the fourth on the third floor and the fifth in the lower level.

There is central air and a fireplace.

Will the chatterati prove to be right on the final selling price on this house?

Read more about The Villa neighborhood here.

Kieran Conlon at Conlon still has the listing. See the pictures here.

3625 N. Springfield: 5 bedrooms, 3.5 baths, no square footage listed, 2 car garage

• Sold in June 1999 for $535,000
• Was listed in September 2011 for $1.199 million
• Reduced
• Was listed in December 2011 for $1.050 million
• Reduced
• Was listed in June 2012 at $899,900
• Reduced
• Currently listed at $849,000
• Taxes of $9917
• Central Air
• Above ground pool
• Bedroom #1: 17×15 (second floor)
• Bedroom #2: 12×13 (second floor)
• Bedroom #3: 14×11 (second floor)
• Bedroom #4: 42×19 (third floor)
• Bedroom #5: 13×12 (lower level)

This 3-bedroom single family home at 3929 N. Tripp in Old Irving Park has been on the market for 2 years.

It is a short sale.

This was new construction. The listing says it was built in 2005.

There are no interior pictures of the house.

The listing says there is a full basement and hardwood floors throughout.

All three bedrooms are on the second floor.

There are also 3 fireplaces and a 3 car garage on a larger than standard Chicago lot of 33×166.

Originally listed in August 2010 for $1.515 million, it was reduced 11 months later to $900,000 which is where it sits.

The bank filed a lis pendens 34 months ago.

How long will it be before houses like this are taken out of the inventory? 

2013?

2014?

2015?

Ewa Marchut at K&L Realty has the listing. See the listing here (no interior pictures).

3919 N. Tripp: 3 bedrooms, 2.5 baths, 3754 square feet, 3 car garage

• Sold in August 2005 for $500,000 (prior house)
• Lis pendens filed in October 2009
• Originally listed in August 2010 for $1.515 million
• Reduced in July 2011 to $900,000
• Currently still listed at $900,000
• Taxes of $12,200
• Central Air
• 3 fireplaces
• Bedroom #1: 22×16 (second floor)
• Bedroom #2: 18×13 (second floor)
• Bedroom #3: 15×12 (second floor)

This top floor 3-bedroom unit at 3934 N. Janssen in the Southport neighborhood of Lakeview just came on the market.

The building was built in 2002.

The building next to it that you can see in the picture above looks like townhouses.

It has 2500 square feet on one level which includes a family room.

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

The unit also has a 1500 square foot roof deck with a canopy. The building also has a common area basketball court.

It has central air, washer/dryer in the unit and one car garage parking.

Listed at $989,000, or $396 a square foot, does the price reflect the Southport (and Blaine school) premium?

Karina Caulfield at Conlon has the listing. See the pictures here.

Unit #4: 3 bedrooms, 2.5 baths, 2500 square feet

• Sold in December 2002 for $630,000
• Currently listed at $989,000 (parking included)
• Assessments of $283 a month
• Taxes of $11,053
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12
• Bedroom #2: 12×12
• Bedroom #3: 12×12
• Family room: 21×19

We last chattered about this 4-bedroom single family home at 6924 N. Tonty in the Wildwood neighborhood of Forest Glen in May 2012.

See our prior chatter here.

We had a lively discussion on whether this part of the city is really “the city”.

As far as the house goes, several of you had been in it over the two years it was listed and said it had a strong cigarette smell.

But after being reduced about $200,000 to $498,000, some of you thought it wasn’t too far off the correct price.

The house finally sold in July 2012 for $448,000.

If you recall, the house was built in 1940 and is on an oversized lot of 45×151.

For those of you not familiar with Wildwood, it is in the Northwest corner of the city and has winding streets without curbs. A metra stop is nearby for the commute downtown.

The house had hardwood floors on the main floor along with arched doorways and a woodburning fireplace in the living room.

All four bedrooms were on the second floor.

There was also a lower level recreation room and a main floor family room.

The house had central air and a 1-car garage.

The kitchen had white appliances and what looks like original cabinets.

Is the final sales price of this property surprising given that homebuyers mainly want “new” and move-in ready?

Kathleen Nettleton at Re/Max 1st had the listing. You can still see the interior pictures here.  

6924 N. Tonty: 4 bedrooms, 2.5 baths, 2262 square feet, 1 car garage

• Sold before 1986
• Originally listed in May 2010 for $689,900
• Reduced numerous times
• Was listed in May 2012 at $498,000
• Sold in July 2012 for $448,000
• Taxes of $5546
• Central Air
• Bedroom #1: 18×15 (second floor)
• Bedroom #2: 15×15 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 11×10 (second floor)
• Recreation room: 22×14 (lower level)

This 1-bedroom at 3110 N. Sheridan in East Lakeview has been on the market since November 2011.

Bank owned in 2009, it has been totally rehabbed with some interesting finishes we normally don’t see in one bedroom condos.

It has heated slate floors.

The kitchen has a Bosch dishwasher, a Monogram oven and a Traulsen refrigerator.

Granite counter tops? Nah. It has concrete counter tops and a subway tile backsplash.

The bathroom is also unique with marble floors and an oversized walk-in shower (there’s no tub).

There’s no central air, just wall units. There is also no in-unit washer/dryer.

There’s parking available in the building for $15,000.

This unit was originally listed for $110,000 more than the 2009 purchase price, at $210,000.

It has been reduced to $164,000.

Another 1-bedroom in the building with new granite counter tops and kitchen cabinets but white appliances, Unit #802, is under contract at $155,000.

Is this unit now a deal given the finishes?

Thomas McCarey at @Properties has the listing (it also appears to be agent owned.)  See the pictures here.

Unit #1104: 1 bedroom, 1 bath, 750 square feet

• Sold in February 1997 for $60,000
• Sold in July 2000 for $111,000
• Sold in January 2003 for $155,000
• Sold in July 2006 for $200,000
• Lis pendens filed in June 2008
• Bank owned in March 2009
• Sold in August 2009 for $100,000
• Originally listed in November 2011 for $210,000
• Reduced numerous times
• Currently listed at $164,000
• Assessments of $450 a month (includes cable, roof top pool)
• Taxes of $2711
• No central air (wall units only)
• No in-unit washer/dryer
• Parking is $15,000 extra
• Bedroom: 17×12

We’ve all heard the stories of the Russians buying up trophy properties on the coasts. There have also been reports of the Chinese being big buyers in Vancouver.

According to a survey taken in June by the National Association of Realtors, foreign national buyers made up 8.9%, or $82.5 billion, of the $928 billion spent on U.S. residential real estate from April 2011 to March 2012.

That’s up sharply from the year before when it was just $66.4 billion.

Not surprisingly, more than 50% of those sales took place in just 5 states: Florida, California, Texas, Arizona and New York.

But that doesn’t mean Chicago is chopped liver.

According to the Forbes article, it is the Canadians who are buying up everything in our fair city.

“If the Chinese are the second-largest foreign buyers of U.S. homes, who’s No. 1? Our neighbors to the north in Canada. Canadians accounted for 24% of sales to foreigners in the year to March, according to NAR. And it’s not likely to let up: Realtor.com says Canadians account for the most international search activity on the listing site every month in nearly all of major U.S. metro areas.

Canadians have been a dominant purchasing force in hard-hit Sunbelt states like Arizona and Florida. A relatively weak greenback coupled with low home prices represents an opportunity to scoop up a home that could be used for vacations now and retirement later.

Canadians have also been buying in the Midwest, including Chicago. “Close proximity to Canada makes it an easy place for Canadians to invest money,” says Bob Krawitz of RE/MAX Signature in Chicago. He says interest runs along all price points, from distressed properties that can be fixed up and rented out to seven-figure mansions along Lakeshore Drive.”

Over the years, we’ve made fun of all the articles that said that foreigners would keep the market elevated. Remember the Spire and its global marketing plan?

But has that now changed?

Will an influx of foreign money put a floor under Chicago housing prices?

Real Estate Tourism: Who’s Really Buying America’s Homes? [Forbes, Morgan Brennan, August 10, 2012]

This 2-bedroom in Welbourn Row at 2143 W. Wellington in the Hamlin Park neighborhood of North Center came on the market in July 2012.

At 1300 square feet, it has a lot of the features buyers look for including both bedrooms having completely enclosed walls and windows.

The unit has central air, washer/dryer in the unit and garage parking is available for $25,000 extra.

The kitchen has stainless steel appliances and granite counter tops.

The building was constructed in 2005 and has 24 units.

It is located just one block from Hamlin Park.

Originally listed at $285,000, the unit has been reduced $35,000.

Is this a deal?

Jason Stratton at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #403: 2 bedrooms, 2 baths, 1300 square feet

• Sold in April 2005 for $282,500
• Originally listed in July 2012 for $285,000
• Reduced
• Currently listed at $250,000 (plus $25,000 for parking)
• Assessments of $264 a month
• Taxes of $3789
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 13×10

We last chattered about this unique 3-bedroom penthouse at 221 E. Walton in the Gold Coast in November 2011.

See our November 2011 chatter here.

Many of loved the unit with its 18 foot wall of windows overlooking Lake Michigan. But you felt that the layout limited the number of buyers and that it would need some updating.

Listed at that time at $1.399 million, some of you guessed that it would sell around $1 million to $1.1 million.

10 months later, the penthouse is still available and is still listed at $1.399 million.

If you recall, the unit has dentil and crown molding as well as custom built-ins.

2 of the three bedrooms are on the second floor with the third on the main level. From the floorplan, it appears that the master bedroom is the room open to the living room and that the second bedroom has been turned into a master bedroom closet.

The kitchen has stainless steel appliances and granite counter tops.

The unit also has 12 skylights.

You also get outdoor space, and city views, from the third floor terrace. How many other Gold Coast penthouses have their own private hot tub?

It has washer/dryer in the unit and deeded parking (with a second space available for $50,000) but it looks like no central air. It is wall unit cooling. The building was constructed in 1981.

What will it take to sell this property in 2012?

Eudice Fogel at Prudential Rubloff still has the listing. See the pictures and the floorplan here.

Unit #20PE: 3 bedrooms, 2 baths, 2355 square feet

• Sold in May 2001 for $1.375 million
• Sold in September 2002 for $1.2 million
• Originally listed in March 2011 for $1.499 million
• Reduced
• Was listed in November 2011 at $1.399 million (includes one parking space)
• Currently still listed at $1.399 million (includes one parking space)
• Assessments of $1471 a month (includes doorman, cable)
• Taxes  now $7295 (they were $6821 in November 2011)
• Wall unit air conditioning
• In-unit washer/dryer
• Can purchase second parking space for $50,000
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 20×12 (second floor)
• Bedroom #3: 13×12 (main floor)

This 3-bedroom townhouse at 642 W. Armour in West Town recently came on the market.

It is a Fannie Mae Homepath property and can be purchased for just 3% down.

It has 2 bedrooms on the second floor and a 3rd bedroom on the top floor.

The kitchen looks intact with white cabinets but the appliances are missing.

It also appears from the listing pictures that the bathrooms are intact.

There are hardwood floors in the living room.

The listing says there’s no central air. But there is an attached 1-car garage.

Fannie Mae has listed this for $9900 more than the 2003 list price.

Will it get the premium?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

642 W. Armour: 3 bedrooms, 2.5 baths, listing says 1120 square feet, one attached garage

• Sold in May 1996 for $198,000
• Sold in September 2003 for $365,000
• Lis pendens foreclosure filed in June 2011
• Fannie Mae Homepath property
• Currently listed for $374,900
• Taxes of $4488
• No central air (?)
• Bedroom #1: 17×13 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 14×10 (third floor)

Talk about a microcosm of the market.

This 2-bedroom townhouse at 820 N. Dearborn in the Gold Coast has gone from a foreclosure in 2009, to being rehabbed in 2010, to being rented out in 2011 and now it is listed for sale once again.

We’ve actually chattered about it several times over the years- when it was both bank owned and after the rehab.

See our last chatter about it, in March 2011, here.

At that time, it was listed at $530,000 and several of you thought it would sell for just under $499,000 (or within 10% or so of that price.)

In August 2011, it was reduced even further, and was listed at $499,900, before being withdrawn from the market. It looks like it was put up for rent at $3700 a month. (I don’t know what it ultimately rented for- but if someone has the info from the MLS, for instance, please share.)

A year later, it has come back to test the market again and is priced at $500,000.

If you recall, the kitchen has been renovated with cherry cabinets, stainless steel appliances and granite counter tops.

The bathrooms have marble floors.

The top floor space is now a family room (with a full-sized bath and wet bar) with a private deck and skylights.

The two bedrooms are on the second floor.

It has one car parking and a parking pad.

There are four units in the complex.

Will this seller be rewarded for his patience (by renting it out) with a sale in 2012?

Todd Mackay at Dream Town has the listing. See the pictures here.

Unit #B: 2 bedrooms, 2.5 baths, 1800 square feet, 1 car parking plus second space in parking pad

• Sold in January 1996 for $230,000
• Sold in June 2005 for $477,500
• Sold in May 2007 for $750,000
• Lis pendens in April 2008
• Bank owned as of May 2009
• Originally listed in June 2009 for $589,900
• Reduced
• Was listed in July 2009 for $539,900
• Sold in November 2009 for $415,000
• Originally listed in June 2010 for $550,000
• Reduced
• Was listed in March 2011 for $530,000
• Reduced
• Was listed in August 2011 for $499,900
• Withdrawn
• On the rental market in August 2011 for $3700 a month
• Has come back on the market in August 2012 at $500,000
• (Looks like it was also listed on Craigslist in July 2012  for $4000 a month)
• Assessments of $146 a month
• Taxes now $7932 (they were $10,291 in March 2011)
• Central Air
• Skylights
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 12×11 (second floor)
• Kitchen: 8×9
• Family room: 16×13 (third floor)