Crib Chatter

We’ve already chattered, briefly, in various comments about the two multi-million dollar condos that just came on the market in Chicago.

They are the most expensive condos to ever be listed- let alone to sell (IF they do so.)

The first is the $32 million penthouse at Trump Tower.

The second is the $18.4 million penthouse at The Palmolive at 159 E. Walton in the Gold Coast. This is Vince Vaughn’s Chicago penthouse which he bought in 2006 for $12 million (and which, back then, was the most expensive condo ever sold in Chicago.)

But Chicago isn’t alone in seeing luxury listing prices surpassing those of the housing boom.

In other major cities, these properties are actually selling and with multiple offers. In just the last week, there were three articles about luxury real estate in various major media publications

From Brooklyn:

“It is amazing,” said Jill Seligson Braver, an associate broker at Brown Harris Stevens. “It is a level of activity I have not seen since 2006-2007. There are so many people looking for brownstone buildings, and there is just no supply.”

Ms. Braver said that when it comes to brownstones, good bones can mean many things: striking period details, ornate moldings, gracious floor plans. But always, they offer a sense of solidity. “Brownstones signify stability,” she said. “Putting roots down in a neighborhood for the long haul.”

It is not uncommon for dozens of people to jam open houses or for bidding wars to leave the listing price in the dust. With so few single-family homes available, buyers have also been eagerly snatching up two- and three-family homes with the goal of converting them to single-family residences.

“There is a lot of money out there,” said Trish Martin, the director of sales in Brooklyn for Halstead Property. But people are cautious, looking to invest in areas that held their value even when times were tough. “We would love to point people to other burgeoning neighborhoods,” she said, “but people have it set in their head that they want a specific neighborhood.”

Brooklyn’s Gold Rush [New York Times, Marc Santora, June 1, 2012]

From the San Francisco Bay Area:

After several months of house-hunting in and around Cupertino, Sury and Suhasini Balasubramanian became disheartened.

“We were outbid quite a few times,” said Sury Balasubramanian. “They were all-cash deals with no contingencies, way over our budget.”

They decided to get aggressive.

“We realized that our budget of $600,000 would not cut the mustard,” he said. They found a three-bedroom Sunnyvale townhome listed at $649,000 and beat out 14 other buyers with a $725,000 bid.

Their experience is the story of the day in the Bay Area real estate market, especially in the tech-fueled swath from San Francisco to San Jose.

Buyers are battling over tight inventory, with for-sale homes in such short supply that they sell up to twice as fast as a year ago and draw multiple offers. In many areas, asking prices and sale prices are up significantly from this time last year.

The combination signals a shift to stability for the once-plummeting housing sector, experts say.

“The market has clearly turned,” said Christopher Thornberg, principal at Beacon Economics. “The question is: How high a bounce? Will it be a basketball or a bowling ball? The answer is more on the bowling ball end. While things have clearly (improved), it’s not like the problems are finished.”

Number of new homes on market down as prices pick up [San Francisco Chronicle, Carolyn Said, June 3, 2012]

From Beverly Hills:

Bidding wars are breaking out for luxury homes in such wealthy enclaves as Brentwood, Beverly Hills, and Bel Air as an increasing number of buyers bet on rising home prices and investors return to the market. Even properties in need of extensive renovation are being fought over by shoppers who expect to resell them for more after a remodel or rebuild. “The percentage of people who think prices are only going to go up is the greatest I have ever seen in my career,” says Syd Leibovitch, president of Rodeo Realty in Beverly Hills.

Bidding wars are back for Los Angeles luxury homes [Bloomberg Businessweek, Nadja Brandt, May 24, 2012]

From Chicago?

When will we see the media articles about how great the Chicago luxury market is?

And what are the odds that there isn’t just one buyer, but two, for these two trophy properties?

Chezi Rafaeli at Coldwell Banker has the Trump Tower listing. See the interior pics here.

The listing says it’s the highest residence in the Western Hemisphere. (higher than the top floors of the Hancock???) The new buyer will have to finish the interior.

401 N. Wabash #PH89A: 5 bedrooms, 7 baths, 2 half baths, 14,260 square feet

• Never sold from the developer
• Currently listed at $32 million
• Assessments of $12,150 a month
• Taxes are “new”
• Central Air
• Will have to finish out the interior

Susan Miner at Premier Relocation Inc. has the Palmolive listing. See the listing here (sorry all you lookie-loos- NO interior pics).

The penthouse is on the top 3 floors. It has a gameroom and a terrace as well as Hefner’s “restored” Playboy office.

159 E. Walton #PH: 5 bedrooms, 6 baths, 3 floors, 12,000 square feet

• Sold in September 2006 for $12 million
• Currently listed for $18.4 million
• Assessments of $11,595 a month
• Taxes of $42,772
• Central Air
• 3 car parking

This top floor 2-bedroom at 518 W. Surf in East Lakeview came on the market in February 2012.

It’s a short sale.

The building was constructed in 1917 so the unit has many vintage features including crown molding, a fireplace and a separate dining room.

There’s a Bosch washer/dryer in the kitchen, but no central air or parking (it is rental in the neighborhood.)

The kitchen has granite counter tops and stainless steel appliances.

The unit has been reduced $25,100 since it was first listed in February.

It is now about $50,000 under the 2006 purchase price.

At $349,900, it is only $9,900 above the 2000 price.

Compared to other similar properties we’ve chattered about in the neighborhood (some with parking and some without) is this even much of a deal?

JoEllen Davis at @Properties has the listing. See the pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1750 square feet

• Sold in June 1989 for $190,000
• Sold in May 1992 for $200,000
• Sold in April 1996 for $180,000
• Sold in July 2000 for $340,000
• Sold in October 2002 for $402,000
• Sold in January 2006 for $400,500
• Lis pendens foreclosure filed in February 2011
• Originally listed in February 2011 for $375,000
• Reduced
• Currently listed as a short sale for $349,900
• Assessments of $435 a month (includes heat)
• Taxes of $5114
• No central air- window units only
• Washer/Dryer in the unit
• No parking- rental in the  neighborhood
• Bedroom #1: 16×12
• Bedroom #2: 15×9
• Den: 12×6

This 3-bedroom single family home at 2154 W. Cullom in North Center recently came on the market.

I figured I’d better post on it before it went under contract- as most houses in this price range in this neighborhood seem to be doing.

Built in 1910 on a 25×124 lot, the listing says it has been rehabbed. I apparently has “newer” electrical, plumbing, heat, windows and roof.

The listing also says the kitchen is “gourmet” with white cabinets and white appliances.

Two of the three bedrooms are on the second floor with the third in the newly renovated lower level, along with a wine cellar and study.

There is also a master suite with its own bath, which you don’t normally see in a house built in this era unless it was added later.

At 2000 square feet, it is close to the size of most duplex downs in this same price range.

Is this house a good duplex down alternative?

Donald Tomaska at Baird & Warner has the listing. See the pictures here.

2154 W. Cullom: 3 bedrooms, 2.5 baths, 2000 square feet, 2 car garage

• Sold in March 2000 for $339,000
• Originally listed in May 2012 for $664,900
• Currently still listed for $664,900
• Taxes of $6812
• Central Air
• Bedroom #1: 15×10 (second floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 13×10 (lower level)
• Family room: 10×10 (main level)

This 3-bedroom at Prairie Pointe at 1600 S. Prairie in the South Loop has been on the market since February 2012.

It is a short sale.

At 2492 square feet, the listing says it has floor to ceiling windows with lake and city views.

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

The unit also has a unique feature of a see-through fireplace.

This building was constructed in 2006. We’ve chattered about other distress sales in it over the years.

Since February, this unit has been reduced $90,000 to $479,900.

2-car parking is also $50,000 extra.

Unit #1901, in the same tier and also a 3/3, is currently under contract listed at $559,000.

Unit #802, a 3/2 with 1900 square feet, sold in April for $499,000.

Given the square footage, is this a deal?

Phillip Buoscio at Better Living Realty has the listing. See the pictures here.

Unit #2101: 3 bedrooms, 3 baths, 2492 square feet

• I couldn’t find it in the public records- but Redfin says it last sold in October 2006 for $795,000
• Originally listed in February 2012 for $569,900
• Reduced numerous times
• Currently listed as a “short sale” at $479,900 (plus $50,000 for 2 parking spots)
• Assessments of $1017 a month (includes heat, gas, doorman, cable)
• Taxes of $11863
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 22×15
• Bedroom #2: 14×14
• Bedroom #3: 14×11

This top floor 3-bedroom in a vintage greystone at 626 W. Belden in Lincoln Park just came on the market.

It has 10 foot ceilings and hardwood floors.

There are 2 wood burning fireplaces including one in the master suite.

The kitchen has granite counter tops and stainless steel appliances.

It also has the amenities that buyers are looking for including central air, washer/dryer in the unit and garage parking.

The unit is listed $21,000 under the 2006 purchase price at $499,000.

With everyone wanting a 3-bedroom, and this one being a rare East Lincoln Park location, will this sell close to ask?

John Bitting at @Properties has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, no square footage listed, 1 car parking

• Sold in September 1997 for $345,000
• Sold in March 2006 for $520,000
• Currently listed for $499,000
• Assessments of $300 a month
• Taxes of $7247
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×21
• Bedroom #2: 9×11
• Bedroom #3: 14×12

This 3-bedroom penthouse in the Urban Sandbox at 1615 N. Wolcott in Bucktown recently came on the market.

The Urban Sandbox is an 8-unit mid-rise modern building originally marketed in 2007.

The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.

See the architect’s website here.

We last chattered about the building in February 2012 when a 3/2 on the second floor came on the market for $699,000. (It appears it has since been withdrawn from the market.)

This penthouse is a whole other story.

It is 70 feet wide and has a 490 square foot wrap around terrace as well as a 500 square foot rooftop deck with hot tub and sauna.

It has 10 foot ceilings and floor to ceiling windows.

The finishes aren’t included in the listing, but the other units in the building have kitchens with Arclinea cabinets and SubZero, Miele etc.

It previously sold in 2009 for $1.1 million.

Now listed at $1.2 million, will it get the premium to the 2009 price?

Douglas Horwich at Prudential Rubloff has the listing. See the pictures here.

Unit #402: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage parking

• Sold in August 2009 for $1.1 million
• Currently listed at $1.2 million
• Assessments of $379 a month
• Taxes of $17,522
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×19
• Bedroom #2: 11×15
• Bedroom #3: 11×10

This 3-bedroom top floor “penthouse” unit at 1122 N. Dearborn in the Gold Coast just came on the market.

Because it is the top floor unit, it has 12 foot ceilings and large windows.

There are hardwood floors throughout.

The kitchen has SubZero, Viking and Miele appliances, granite counter tops and cherry cabinets.

The unit has central air. It doesn’t say anything about washer/dryer in the unit (or in the building) but other units in the building have it in the unit.

It also has the rare 2-car parking, which is included in the price.

Another penthouse unit, #27I, is also on the market. It is a 2/2.5 but WAS a 3-bedroom. Apparently, the third bedroom was converted into a master bathroom (!). That one is listed at $744,000 but 2-car parking is $50,000 extra.

At $799,000, is this 3-bedroom a good deal?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

Unit #27J: 3 bedrooms, 2.5 baths, no square footage listed, 2 car parking

• Sold in August 2004 for $867,500
• Currently listed for $799,000 (includes the parking)
• Assessments of $1113 a month (includes a/c, gas, doorman, cable, heat)
• Taxes of $8580
• Central Air
• Washer/Dryer in the unit (?)
• Bedroom #1: 16×13
• Bedroom #2: 12×15
• Bedroom #3: 13×15

We last chattered about this top floor 2-bedroom at 744 W. Fullerton in November 2011.

See our prior chatter here.

At that time, the unit was listed 38% under its previous sale price at just $360,000.

It was a short sale and had been under contract several times.

It still hasn’t sold but it’s come back on the market priced higher- at $420,000.

The building was constructed in 2007. It has upscale finishes including Viking kitchen appliances and the master bath has a separate shower with Grohe body sprays.

The unit also has a private rooftop terrace with southeast views.

There is parking included, central air and a washer/dryer in the unit.

The listing now says: ” Ideal for in-town condo or to rent. Close to DePaul & El-easy to rent. Last tenant paid $3000/mo.”

If you really could get that rent for it, does that make this a no-brainer investment?

Dennis Meunier at Conlon still has the listing. There are double the number of pictures now (maybe someone was reading Crib Chatter back in November!). See the pictures here.

Unit #504: 2 bedrooms, 2 baths, 1500 square feet

• Sold in October 2007 for $584,500
• Originally listed in February 2010 for $589,900
• Reduced numerous times
• Lis pendens foreclosure filed in January 2011
• Was listed in June 2011 as a “short sale” for $360,000
• Under contract
• Re-listed in October 2011 for $360,000
• Reduced to $355,000 in December 2011
• Withdrawn
• Currently listed as a “short sale” for $420,000
• Assessments of $240 a month
• Taxes of $5743
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×13
• Bedroom #2: 11×10

We haven’t chattered about homes in Schorsch Village in the Dunning neighborhood in awhile because the inventories, like everywhere, have been low.

But this 3-bedroom brick English cottage at 3338 N. Rutherford has been on the market since July 2009.

Built in 1940 on a 30×125 lot, it has a 2-car garage.

The first floor has hardwood floors and a wood burning fireplace.

The kitchen has white appliances.

There isn’t central air but there is a full, finished basement.

Two of the three bedrooms are on the main floor with the third on the second level.

The listing says there is new electric.

The house has been reduced $77,000 since 2009 to $247,900.

What are these vintage homes selling for in these non-GZ neighborhoods?

Will this one finally find a buyer in 2012?

Colleen Duffey at Century 21 McMullen has the listing. See the pictures here.

3338 N. Rutherford: 3 bedrooms, 2 baths, no square footage listed, 2 car garage

• Bought before 1991
• Originally listed in July 2009 for $324,900
• Reduced many times
• Currently listed at $247,900
• Taxes of $4140
• No central air- window units
• Wood burning fireplace
• Bedroom #1: 12×15 (main floor)
• Bedroom #2: 11×12 (main floor)
• Bedroom #3: 11×23 (second floor)
• Finished basement

This 1-bedroom loft in the Locomobile Lofts at 2000 S. Michigan in the South Loop has been on the market since February 2012.

It is bank owned.

In that time it has been reduced $25,000 to just $99,900.

It has tall ceilings and big windows with a loft space above the bedroom which could be used as an office space.

The loft also has exposed brick.

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

The bathroom isn’t pictured.

The loft has central air and garage parking is included. It doesn’t list a w/d but the other units in the building have them in the unit so I’m assuming there are hook-ups.

Is this a deal?

If so, why isn’t it selling at $99,900?

Alexander Chaparro at @Properties has the listing. See the pictures here.

Unit #211: 1 bedroom, 1 bath, no square footage listed

• Sold in September 2004 for $211,000
• Bank owned in January 2012
• Originally listed in February 2012 for $124,900
• Reduced several times
• Currently listed at $99,900 (parking included)
• Assessments of $309 a month
• Taxes of $2971
• Central Air
• Doesn’t say w/d in the unit but other units have it so it probably has the hook-ups
• Bedroom: 12×9
• Livingroom: 21×11