Crib Chatter

If you’re looking for a single family home in the historic Lakewood Balmoral district in Andersonville, you’re not in much luck right now.

This 5-bedroom home at 5457 N. Wayne is one of just 2 houses currently available.

Built on a 29×123 corner lot, it has features that buyers look for including four of the five bedrooms on one level (the second floor). The fifth is in the basement.

The listing says it has a “luxury” kitchen with cherry cabinets, granite counter tops and what looks to be Viking and SubZero stainless steel appliances.

The house has a full walk-out basement with a family room and the fifth bedroom.

It has a 2-car garage, central air and 2 decks.

Originally listed in March 2012 at $320,000 over the 2007 purchase price, it has been reduced $80,000.

But it is still listed $240,000 above the 2007 price.

Will this house get the premium simply because of the lack of inventory in the neighborhood?

Bob Satawake at Jameson Sotheby’s has the listing. See the pictures here.

5457 N. Wayne: 5 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in March 1988 for $110,000
• Sold in July 2005 for $588,000
• Sold in June 2007 for $1.25 million
• Originally listed in March 2012 for $1.57 million
• Reduced
• Currently listed at $1.49 million
• Taxes of $14207
• Central Air
• Bedroom #1: 16×14 (second floor)
• Bedroom #2: 21×15 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 12×11 (second floor)
• Bedroom #5: 12×11 (in walk-out basement)
• Family room: 23×14 (in walk-out basement)

Developers are still having trouble finding buyers for new construction condos in downtown Chicago as luxury rentals and distressed sales of cheaper, older units are proving to be tough competition.

From Crain’s:

Developers sold 182 downtown condos in the second quarter, up from 113 in the first quarter but down from 196 a year earlier, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.

“There are not only rental alternatives, there are excellent rental alternatives, newly finished with all the bells and whistles,” said Appraisal Research Vice-president Gail Lissner. “Anybody buying a residence right now really needs to want to stay there for a long time.”

Another drag may be level of distress driving the market, with 22 percent of all second-quarter downtown condo sales being sold by a lender or as a short sale, where a property trades for less than its level of debt, according to Appraisal Research. Distressed deals are more common in the resale market and drag down prices of neighboring properties, Ms. Lissner said.

The good news is that inventory is at its lowest in 12 years. It peaked in 2007 at nearly 6,000 units. Many of those have been converted to rental units.

In one encouraging sign, the supply of unsold new condos continues to shrink, to 1,529 units in the second quarter, down from 1,670 in the first quarter and 1,828 in the fourth quarter of 2011. Nearly 500 of those units are concentrated in three failed South Loop towers that will resume marketing next year.

Leading all projects in sales was 200 N. Dearborn St., a condo conversion that sold 37 units in the second quarter, said developer Nick Gouletas of American Invsco Corp. Aided by several price cuts and a discount for cash buyers, the project has particularly appealed to parents of students attending the downtown campus of Loyola University Chicago, Mr. Gouletas said.

Other sales leaders include CMK Development Corp., which sold 18 units in the 714-unit building at 235 W. Van Buren St., and Hinsdale-based Foxford City LLC, which sold 18 units at the Van Buren Lofts, 1224 W. Van Buren St., after buying 52 unsold condos in the struggling project last year and cutting prices.

The number of sales will be inflated in the second half of 2012 as the luxury Ritz Carlton begins closings on its units. I’m waiting to see how many of those actually close as, in some cases, contracts were signed many years ago.

We’ve seen new construction units flying off the shelf in some neighborhoods like Lakeview and Lincoln Park but that was in small and mid-rise buildings.

Are all the luxury rental buildings, where the finishes and amenities are similar to actually buying the condo, just too much to competition for developers downtown?

Why save for a down payment when you can get the same thing with just a few thousand down in a security deposit?

Downtown condo sales dip in the second quarter [Crain’s Chicago Business, David Lee Matthews, Aug 14, 2012]

We’ve chattered about this 4-bedroom mediterranean style home nicknamed the “Tuscan Villa” at 2965 N. Sheridan in East Lakeview several times over the years.

See our last chatter, in April 2011, here.

If you recall, the house has some unique features, including an interior atrium and a solarium.

Built on a 23×151 lot, all 4 bedrooms are on the second floor.

The kitchen has luxury appliances including Subzero and Bosch.

There is also central air and a 2-car garage.

It has been on the market since November 2007- which is almost FIVE YEARS.

Not only that, but the bank filed a lis pendens foreclosure 25 months ago.

Since we last chattered about the house in April 2011 the price still remains stuck at $2.35 million.

Anyone care to guess when the bank will actually take this house back?

And how long after that it will come back on the market at a reduced price?

How many other houses are like this one all over the city of Chicago (waiting for the bank to take it back- sometimes for years?)

Brent Rosenbower at Prudential Rubloff still has the listing. See the pictures here.

2965 N. Sheridan: 4 bedrooms, 4.5 baths, 4600 square feet, 2.5 car garage

• I couldn’t find an original sales price
• Listed in November 2007 for $2.8 million
• Reducedand re-listed
• Was listed in August 2008 for $2.28 million
• Lis Pendens filed in September 2008
• Was listed in October 2008 for $2.28 million
• Lis pendens foreclosure filed in July 2010
• Was listed in April 2011 for $2.35 million
• Currently still listed for $2.35 million
• Taxes now $9931 (they were $9348)
• Central Air
• Bedroom #1: 43×20 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 20×10 (second floor)
• Bedroom #4: 23×20 (second floor)

This 4-bedroom Queen Anne at 2238 N. Geneva Terrace in East Lincoln Park came on the market in June 2012.

Built in 1880 on a 25×127 lot, it has a 2 car garage and space pac cooling.

It has some of its vintage features including stained glass windows.

There is an unfinished basement.

It has the preferred layout buyers look for with all four bedrooms and two baths on the second floor.

There is a half bath on the main level.

The listing says it is “well kept and ready for your updating.”

Originally listed at $1.55 million in June 2012, it was quickly reduced just days later to $1.39 million where it currently still sits.

Compared to other properties in the neighborhood, is this a deal?

Michael Zuker at @Properties has the listing. See the pictures here.

2238 N. Geneva Terrace: 4 bedrooms, 2.5 baths, no square footage listed, 2.5 car garage

• It sold sometime before 1987
• Originally listed in June 2012 for $1.55 million
• Reduced within days
• Was listed in June 2012 to $1.39 million
• Currently still listed at $1.39 million
• Taxes of $17,626
• Space pac cooling
• Bedroom #1: 21×16 (second floor)
• Bedroom #2: 12×9 (second floor)
• Bedroom #3: 14×10 (second floor)
• Bedroom #4: 13×10 (second floor)
• Unfinished basement

Remember the greystone 2-flat that was next to the Enterprise Rental Car at 2910 N. Sheffield in Lakeview?

It sold in 2011 for $490,000, was torn down, and is now a 4-story 3 flat with 2 duplex units.

See our prior chatter about the greystone here.

Here’s a picture of the old greystone.

You can see the Enterprise rental car lot on the left. The building directly behind the cars on the left is the side of 1010 W. George, a church converted into a single family home that used to be owned by R. Kelly.

We chattered about that property several times. Check out our chatter here (where you can also see the Enterprise building.)

What strikes me about the new 3-unit building is that the top floor clearly looks down on the massive rooftop deck of the 1010 W. George house.

I wish I had taken a picture of it from across the street to show you what I mean.

But there’s not going to be that much privacy on that rooftop now.

But let’s get to this new building.

Thanks to “H” for posting about 2 out of the 3 units apparently already being under contract.

I, too, saw the sign in front of the building that said “just one left.”

The building is being done by Studio Dwell Architects. You can see the floorplans and more info here.

Here are the particulars about the units:

1. Unit #101: 4 bedroom, 3 baths, duplex down, 2800 square feet, $725,000
2. Unit #201: 2 bedrooms, 2 baths, 1350 square feet, $450,000
3. Unit #301: 4 bedrooms, 3 baths, duplex up, 2900 square feet, private roof deck, $850,000

It looks like Unit #201, the 2/2, is under contract. Supposedly a second unit is also under contract. I can’t tell which one.

There are single family homes nearby listed for around a similar price as the duplexes in this building (specifically 3015 N. Seminary. See those pictures here.)

What’s the market for a 4-bedroom condo at $850,000 in Lakeview?

With these selling quickly, is it yet another indication that developers should be building everywhere they can in the GreenZone?

With everyone on their last summer flings before the kids have to return to school, so no one is paying much attention to real estate, I thought we’d revisit some properties from the past.

In case you were wondering, Billy Corgan’s 2-bedroom vintate unit in the historic Patterson-McCormick Mansion at 1500 N. Astor in the Gold Coast is still for sale.

It was first listed in September 2008.

For those of you keeping track of what was going on in the economy then, that was the month that Lehman Brothers filed bankruptcy.

We first chattered about this property in August 2011.

See our prior chatter here.

Checking in a year later, it is still listed at the same price as August 2011 of $2.85 million.

But if you recall, it has been reduced nearly 50% from its original list price in 2008 of $5.5 million.

Built in 1893, the unit has 4 wood burning fireplaces, all with their original detailed mantels, and 12-foot ceilings.

There is a wood paneled living room as well as an oak panel David Adler dining room with walnut herringbone floors.

The kitchen has granite counter tops and stainless steel appliances.

It has 2 terraces, including one that measures 22×11.

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

Is the lack of a third bedroom at this price point really what is hurting this property?

Will we still be chattering about it in August 2013?

Marla Nyberg at Koenig & Strey Real Living still has the listing. See the pictures here.

Unit #6: 2 bedrooms, 2.5 baths, 3700 square feet, parking

• Sold in March 2002 for $2.95 million
• Originally listed in September 2008 for $5.5 million
• Reduced several times
• Was listed in June 2011 for $3.55 million
• Reduced
• Was listed in August 2011 for $2.85 million
• Currently still listed at $2.85 million
• Assessments of $2227 a month
• Taxes of  $21,336 (they were $20,474 last year)
• Central Air
• Washer/Dryer in the unit
• 4 wood burning fireplaces
• Bedroom #1: 18×20
• Bedroom #2: 16×17
• Library: 20×12

This 3-bedroom duplex penthouse at 1555 W. Pearson in West Town has been on the market since February 2012.

The building was built in the contemporary style in 2007.

It has 6 units along with an elevator and a garage.

The building is located just east of Ashland.

The unit has cherry floors throughout and 14 foot ceilings.

The kitchen has cherry cabinets and a huge island that seats 5. It also has luxury appliances by SubZero, Wolf and Bosch.

Outdoor space is not a problem as the unit boasts 2 decks totaling 1000 square feet.

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

Since February, this listing has been reduced $24,900.

It is listed $34,000 under the 2007 price at $665,000.

What price will it take to move this property?

(And yes, I took this picture of the side of the building so there will be maintenance costs in dealing with this graffiti clean-up. There is also other graffiti pictured in the listing pictures. Is this a turn-off for buyers or is it just city-living?)

Rusty Schluchter at @Properties has the listing. See the pictures here.

Unit #E: 3 bedrooms, 2.5 baths, 2500 square feet, duplex

• Sold in June 2007 for $699,000
• Originally listed in February 2012 for $689,900
• Reduced
• Currently listed at $665,000 (includes the garage parking)
• Assessments of $450 a month
• Taxes of $9566
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×15 (second floor)
• Bedroom #2: 16×12 (main floor)
• Bedroom #3: 13×10 (main floor)
• Den: 12×11 (second floor)

Several of you have e-mailed me about this 5 bedroom duplex down at 416 W.  Briar in East Lakeview.

Built in 1918, the four unit building is on an oversized 50×125 lot.

It has 4200 square feet in total space with 3200 square feet on the first floor and a 1000 square feet on the lower level.

An internal staircase connects the two floors but the lower level has a kitchen and a living room along with one bedroom and one bath.

That leaves 4 bedrooms and 2 baths on the main floor.

The unit appears to have some of its vintage features including a beamed ceiling on the first floor.

The main kitchen has white cabinets and appliances.

The listing says “Needs work throughout.”

There is no central air (window units only) but there is in-unit washer/dryer and there is a 35.5×9 deeded tandem parking space.

Originally listed in June 2012 for $450,000 it has recently been raised $44,000 to $494,000.

In a market where everyone wants “new”, will this property be able to snag a buyer?

John Coleman at Baird & Warner has the listing. See the pictures here.

Unit #1: 5 bedrooms, 3 baths, 4200 square feet, duplex down, 2 car tandem parking

• Sold in May 1995 for $179,500
• Originally listed in June 2012 for $450,000
• Raised
• Currently listed at $494,000
• Assessments of $792 a month
• Taxes of $8956
• No Central Air – window units only
• Washer/Dryer in the unit
• Bedroom #1: 13×16 (main floor)
• Bedroom #2: 13×17 (main floor)
• Bedroom #3: 12×13 (main floor)
• Bedroom #4: 9×12 (main floor)
• Bedroom #5: 18×10 (lower level)

Last March, we chattered about a 3-bedroom duplex in a converted synagogue at 1243 N. Wolcott in Wicker Park which had been bought in 2009 and then rehabbed by an HGTV designer.

See our prior chatter here.

Back in March, some of you thought it was over-rehabbed and would appeal to too small a niche of buyers. A few others thought the rehab was great but the price too high.

The unit has since reduced $75,100.

If you recall, this 3-bedroom last sold in December 2009.

It always had exposed brick and high ceilings.

But now it also has built-ins, crown molding, gothic arches and a new kitchen with custom walnut cabinets, granite counter tops and upscale stainless steel appliances.

One of the bathrooms has a log as the sink (make sure you check out ALL the pics.)

In March, someone said that this would sell in the $500,000s.

Is this new price closer to reality?

You can see the pictures from the prior sale here.

Daniel Otto at Conlon Real Estate has the listing. See the pictures of the rehabbed unit here.

Unit #4: 3 bedrooms, 3 baths, 2000 square feet, 1 car parking

• Sold in April 2005 for $507,000
• Sold in December 2009 for $470,000
• Was listed in March 2012 for $695,000
• Reduced
• Currently listed at $619,900
• Assessments of $280 a month
• Taxes of $7700
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 22×11 (second floor)
• Bedroom #2: 18×10 (second floor)
• Bedroom #3: 12×10 (main floor)

This 3-flat at 825 W. Newport in Lakeview recently came on the market.

A lis pendens foreclosure was filed on it in April 2011.

I can’t tell from the public record if it’s already bank owned but the listing says “offer now digitally accepted” and has the type of pictures associated with a bank owned property (the date on the far right corner, for example.)

It has the following units:

1. Unit #1: 2 bedrooms, 2 baths
2. Unit #2: 2 bedrooms, 2 baths
3. Unit #3: 2 bedrooms, 2 baths, in-unit washer/dryer

There is a 3-car parking pad in the back.

There is also coin laundry and storage in the basement.

The units have updated kitchens with white appliances, sunrooms and central air.

There are no rental rates provided, as it appears the apartments are empty.

This building is listed $165,100 under the 2005 purchase price.

It’s also just $25,900 above the 2002 price.

Given what we know about rents and the hot rental market, is this a steal?

Sandra Griggs at Atlantic & Pacific Real Estate has the listing. See the pictures here.

825 W. Newport: 3-flat, 6 bedrooms, 6 baths, 3-car parking

• Sold in May 1996 for $410,000
• Sold in October 2002 for $759,000
• Sold in March 2005 for $950,000
• Lis pendens foreclosure filed in April 2011
• Currently listed at $784,900
• Taxes of $14,914
• No rental rates provided
• Each tenant pays electric