Crib Chatter

This 2-bedroom at the Mandel Bros. Lofts at 811 W. Aldine in Lakeview just came on the market.

It is a Fannie Mae Homepath property which allows the purchaser to buy it for just 3% down.

At 1400 square feet, it has exposed brick walls and timber ceilings.

I can’t tell if it’s on one level or multiple levels. It appears to have a sizable 10×16 deck (maybe a roofdeck?)

It also appears from the pictures that the kitchen and baths are intact.

The kitchen has white cabinets, granite counter tops and stainless steel appliances (although it looks like the refrigerator is missing.)

The listing says it doesn’t have central air and it doesn’t say anything about washer/dryer- but other units in the building that we chattered about in prior years had both of those things. Sometimes the distress listings are not completely accurate.

The listing also lists 2-car parking and then in another location says parking is not included.

It’s come on the market just 3% below the last purchase in 2004.

Is this even a deal or is the 2001 price a more likely selling price?

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

Unit #5NF: 2 bedrooms, 2 baths, 1400 square feet

• Sold in June 2001 for $362,000
• Sold in September 2002 for $388,000
• Sold in June 2003 for $401,000
• Sold in July 2004 for $421,500
• Lis pendens foreclosure filed in March 2011
• Currently listed as a “Fannie Mae Homepath” property at $408,900
• Assessments of $333 a month
• Taxes of $7126
• No central air???
• Washer/Dryer not mentioned
• Possibly 2-car parking (???)
• Bedroom #1: 13×16
• Bedroom #2: 10×13
• Deck: 10×16 (third floor?)

We last chattered about this top floor 3-bedroom at 448 W. Wrightwood in East Lincoln Park in June 2012.

See our chatter here.

Back then, the sellers were trying to get a 15.5% premium over the 2009 price.

Listed at $699,000, some of you thought if they got an offer for $660,000, which is what Unit #1, a 3/2 with 2100 square feet sold for in June 2011, that they should take it and run.

The unit was recently reduced $24,000 to $675,000.

If you recall, it has many vintage features including original woodwork, french doors, coffered ceilings, and original built-ins.

It has two outdoor spaces, one overlooking the front of the building and a deck in the back.

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

The unit has all the other features that buyers look for including central air, washer/dryer in the unit and garage parking.

Is the reduction on this unit a sign that the market isn’t quite as hot as everyone thought?

Kris Mork at Coldwell Banker still has the listing. See the pictures here.

Unit #3E: 3 bedrooms, 2 baths, no square footage listed, garage

• Sold in December 1994 for $332,000
• Sold in August 2000 for $570,000
• Sold in November 2006 for $558,000
• Sold in April 2009 for $590,000
• Was listed in June 2012 for $699,000
• Reduced
• Currently listed at $675,000
• Assessments of $375 a month
• Taxes of $9339
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 14×10
• Bedroom #3: 11×9
• Family room: 15×14
• Laundry room: 4×4

This 2-bedroom duplex at 925 W. Wolcott in West Town recently came on the market but it might seem familiar to long time Crib Chatter readers as we chattered about it back in July 2009.

See our prior chatter here.

Back in 2009, it was a 3-bedroom, but many thought it was really a 2-bedroom (and it’s now being marketed as a 2-bedroom.)

Many also thought it was overpriced at $565,000 and some actually thought it would sell in the $300,000s.

It ended up selling in September 2009 for $515,000.

If you recall this is a set of Studio Dwell and Ranquist developed buildings set next to each other on Wolcott.

This building has 9 units.

The unit has upscale finishes including Arclinea cabinets in the kitchen along with Meile and SubZero appliances.

There is a rain show in one of the baths.

The duplex has a 20-foot wall of windows that overlooks a private, landscaped 32×15 terrace.

One bedroom and a den are on the second floor while the second bedroom is on the main floor.

It has garage parking, central air and in-unit washer/dryer.

The unit came out of the gate listed $16,000 under the 2009 price.

Will it sell close to ask this time around?

Ian Schwartz at Coldwell Banker has the listing. See the pictures here.

OR you can go to the Open House on Sunday July 22 from 1 PM to 3 PM.

Unit #104: 3 bedrooms, 2 baths, duplex, no square footage listed

• Sold in July 2004 for $470,000
• Was listed in December 2008 for $579,800 (plus $19,800 for parking)
• Reduced
• Was listed in July 2009 for $544,800 (plus $19,800 for parking)
• Sold in September 2009 for $515,000 (included the parking)
• Currently listed at $499,000  (includes the parking)
• Assessments now $324 a month (they were $187 a month in 2009)
• Taxes now $7256 (they were $5,855 in 2009)
• Central Air
• Washer/Dryer in the unit
• Private terrace: 32×15
• Bedroom #1: 14×14 (second floor)
• Bedroom #2:11×10 (main floor)
• Office: 16×11 (second floor)

If you’re a buyer you have a choice between not just one distress property but two in 935 W. Dakin, a 6 unit midrise, in Lakeview.

Built in 2004, Unit #1W, a 3/3 duplex down, is already a Freddie Mac Homesteps property.

From the pictures, the kitchen and baths appear to be intact.

The unit has garage parking, central air and washer/dryer in the unit. Originally listed for $368,500, it has been reduced to just $269,000.

The second unit, Unit #3E, is a top floor duplex up with 16 foot ceilings.

The listing says it’s a “preforeclosure”.

There appears to be water damage in the unit and the listing says “cash buyer only.”

From the pictures, it appears the kitchen is intact. Originally listed for $399,900 in January, it has been reduced to just $224,900.

How low will these go before they find a buyer?

How risky is it to buy in a smaller building with multiple units in distress?

Gerard Lewis at Better Homes for America has the listing for Unit #1W. See the pictures here.

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

• Sold in February 2006 for $450,000
• Lis pendens foreclosure filed in February 2011
• Bank owned in November 2011
• Originally listed in March 2012 for $368,500
• Reduced several times
• Currently listed at $269,900
• Assessments of $180 a month
• Taxes of $7291
• Central Air
• Washer/Dryer in the unit

Roman Zuyagelsky at Exit Strategy Realty has the listing for Unit #3E. See the pictures here.

Unit #3E: 3 bedrooms, 3 baths, 2300 square feet, duplex up, 1 car parking

• Sold in March 2004 for $555,000
• Originally listed in January 2012 for $399,900
• Reduced numerous times
• Currently listed as “cash only” at $224,900
• Assessments of $205 a month
• Taxes of $8359
• Central Air
• Washer/Dryer in the unit

We’ve chattered about many duplex downs over the years like this 3-bedroom at 1050 W. Diversey in Lakeview which just came on the market.

This one has many features of a townhouse, however, including a lower level family room with 9 foot ceilings.

Two bedrooms and two baths are on the main level with the third on the lower level.

There is also a full sized laundry room.

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

It has a garage, two outdoor spaces and central air.

The unit also has a desireable location just a block from the Diversey Brown Line stop.

It’s listed $24,500 under the 2005 purchase price.

Is this a good townhouse replacement?

Todd Szwajkowski at Dream Town Realty has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, 2163 square feet, 1 car garage

• Sold in December 2000 for $409,000
• Sold in June 2005 for $524,500
• Currently listed for $500,000
• Assessments of $135 a month
• Taxes of $7297
• Central Air
• Laundry room
• Bedroom #1: 15×11 (main floor)
• Bedroom #2: 15×11 (main floor)
• Bedroom #3: 14×11 (lower level)
• Family room: 27×14 (lower level)

This 3-bedroom vintage rowhouse at 474 W. Deming in East Lincoln Park just came on the market.

It is just a block from Lincoln Park and also just steps away from the shops and restaurants on Clark.

It seems to have everything buyers are looking for.

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.

Is this a deal at under $1 million for the location?

Mario Greco at Prudential Rubloff 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)

It’s that time of the month again to evaluate just how “hot” the Chicago housing market is.

From the Illinois Association of Realtors:

In the city of Chicago, June 2012 home sales (single family and condominiums) totaled 2,246, up 22.0 percent from 1,841 homes sold in June 2011. The city of Chicago median home sale price for June 2012 was $216,700, up 4.7 percent compared to June 2011 when it was $207,000.

We’re coming off of very low levels in 2011 so any gain would be “good.” But if you look at prior year sales data, the number doesn’t seem all that impressive.

Here is the prior sales data (thanks to G for the older historical data):

• June 2012: 2246 – up 22%
• June 2011: 1841- down 27.1% yoy
• June 2010: 2526 sales (tax credit sales)
• June 2009: 1981 sales
• June 2008: 2282 sales
• June 2007: 3,127 sales
• June 2006: 3,557 sales
• June 2005: 3,850 sales
• June 2004: 3,752 sales
• June 2003: 2,891 sales
• June 2002: 2,590 sales
• June 2001: 2,451 sales
• June 2000: 2,513 sales
• June 1999:  2,435 sales
• June 1998:  2,214 sales
• June 1997: 1,817 sales

Here is the monthly median price data:

• June 2012: $216,700- up 4.7%
• June 2011: $207,000- down 11.6% yoy
• June 2010: $234,250
• June 2009: $242,050
• June 2008: $309,945

“Compelling interest rates and motivated sellers are helping move the market,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “With both affordable and high-end properties attracting offers across the spectrum, we are seeing more buyers come off the fence and make decisions today about their investment in homeownership. We will continue to monitor closely the impact of distressed properties as well as continue to service our clients in the return of multiple offers in home buying.”

“This high level of housing market activity was last seen in the first half of 2010 promoted in large part by the homebuyer’s tax credit,” noted Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The current market seems to be operating more normally with perhaps some effects of the significant number of foreclosed properties that are for sale.”

June sales were still below the juiced 2010 tax credit sales.

With all the talk about how “hot” the market is, is that the reality or is it simply influenced by low inventory in the GZ?

June home sales in Illinois up 18.0 percent from a year ago; Median prices also post year-over-year increases [Illinois Association of Realtors, Press Release, July 19, 2012]

We last chattered about this 2-bedroom at 1304 W. Cornelia in the Southport neighborhood of Lakeview in September 2011.

See our prior chatter here.

At that time, it was on the market just 14 months after the prior sale and was trying to get a $25,000 premium over the $350,000 purchase price.

Many of you thought it would sell for around 10% under its 2010 price while some of you thought it would sell for under $300,000 as it was a 2/1.5 and too much like a rental apartment.

The unit was de-listed in November and has now returned with a reduced price of $339,000.

If you recall, the second floor unit has the amenities buyers are looking for including central air, washer/dryer in the unit and garage parking.

The vintage unit has hardwood floors throughout and a built-in hutch in the dining room.

The kitchen has granite counter tops, stainless steel appliances and 42 inch cabinets.

The property is in a prime Southport location. It is within close walking distance to the shops and restaurants on Southport as well as the Southport Brown Line stop.

It couldn’t get the premium in 2011 but with inventory low and the market picking up, will it manage to sell over $300k?

Ben Osbun at Chicago Home Estates still has the listing. See the pictures here.

Unit #2: 2 bedrooms, 1.5 baths, 1200 square feet

• Sold in September 2006 for $360,000
• Sold in July 2010 for $350,000
• Originally listed on September 5, 2011 for $374,250
• Price was changed on September 13, 2011 to $349,250 (now with $25,000 for the parking which is still $374,250)
• Delisted in November 2011
• Currently listed at $339,000 (parking included)
• Assessments of $150 a month
• Taxes of $5098
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×10
• Bedroom #2: 10×9

This 4-bedroom Prairie style single family home at 1310 W. Glenlake in the Edgewater Glen neighborhood of Edgewater just came on the market.

Built in 1916 on a 31×124.6 lot, it has a large front porch with a porch swing.

It also has the features buyers look for including 3 bedrooms on one level, central air and a garage (only a 1 car garage however.)

The listing says there are new Marvin windows.

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

This house is just a a block and a half from the Granville red line stop.

Are the $700,000s the reality for a move-in ready house in this neighborhood?

Alley Ballard at @Properties has the listing. See more pictures here.

OR you can see the house at the Open House this Sunday, July 22 from 1 PM to 3 PM.

1310 W. Glenlake: 4 bedrooms, 2 baths, 3200 square feet, 1 car garage

• Sold in January 1995 for $235,000
• Sold in August 2007 for $665,000
• Currently listed at $729,000
• Taxes of $8301
• Central Air
• Bedroom #1: 21×12 (second floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 13×10 (second floor)
• Bedroom #4: 15×14 (third floor)
• Family room: 14×12 (lower level)

We chattered about this 1-bedroom which was then marketed as a 2-bedroom at 840 N. Lake Shore Drive in the Gold Coast several times.

See our May 2012 chatter here.

Originally listed just above $1 million, the 1800 square foot 1-bedroom was marketed as a “little piece of Paris.”

It was then withdrawn from the market and re-listed as a 2-bedroom (with the dining room, presumably, the area that would be converted into a bedroom.)

The listing also said piping was in place to convert the half bath into a full bath.

Most of you mocked the listing and said you’d rather buy in Trump if you were spending that much on a 1-bedroom.

But lo and behold, the unit recently sold for $790,000.

I can’t tell from the listing if parking was included. It looks like it might be (originally it was $80,000 extra.)

A couple of these luxury 1-bedrooms have sold for over $500,000 in the last few months.

Is the upper bracket recovering faster than the rest of the market?

Kathleen Malone at @Properties had the listing. You can still see the pictures here.

Unit #202: 2 bedrooms, 1.5 baths, 1800 square feet

• I couldn’t find a prior sales price- could still be developer owned
• Was listed in May 2011 for $995,000 (plus $80,000 for 2-car tandem parking)
• Reduced
• Was listed as a 2-bedroom in May 2012 for  $899,900 (2-car tandem parking extra)
• Sold in July 2012 for $790,000 (I can’t tell if parking was included- but it looks like it might have been.)
• Assessments of $1501 a month (includes heat, air conditioning, doorman, parking)
• Taxes of $9244
• Central Air
• In-unit washer/dryer
• Bedroom: 13×12
• Living room: 22×19
• Kitchen: 14×13
• Old listing- Dining room: 14×13
• Current listing- Bedroom: 13×14