Crib Chatter

We’ve chattered about this 5-bedroom single family home at 2035 W. Hutchinson in North Center several times over the past few years as it went back to the bank in 2010 and then came back on the market.

See our August 2011 chatter here.

It was built during the Great Recession and never found an original buyer.

The house went back to the bank in 2010.

According to the Redfin agents who saw the house when it was bank owned, there was water damage and mold.

Originally listed by the bank for $1.25 million, it finally sold in September 2011 for just $660,000.

It returned to the market last December and the listing says the house has been completely rehabbed.

Built on a 29×117 lot, it has 4600 square feet and a 2-car garage.

Three of the bedrooms are on the second floor and the other two are in the lower level.

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

The house has other upscale finishes including extensive millwork, a limestone fireplace and whole house audio.

The listing says it is in the Coonley school district.

What will this house sell for this time around?

Stephen Porter at iTown Realty now has the listing. See the pictures here.

2035 W. Hutchinson: 5 bedrooms, 3.5 baths, 2 car garage, 4600 square feet

• Sold in September 2005 for $495,000
• Originally listed in October 2008 (I couldn’t find an original list price)
• Lis pendens filed in July 2009
• Bank owned in May 2010
• Originally listed by the bank in July 2010 for $1.25 million
• Reduced
• Was listed in August 2010 for $1.095 million
• Reduced
• Was listed in August 2011 for $750,000
• Sold in September 2011 for $660,00
• Re-listed in December 2011 for $1.299 million
• Reduced
• Currently listed at $1.249 million
• Taxes of $19,802
• Central Air
• Bedroom #1: 17×15 (second floor)
• Bedroom #2: 15×10 (second floor)
• Bedroom #3: 15×11 (second floor)
• Bedroom #4: 14×11 (lower level)
• Bedroom #5: 14×10 (lower level)
• Family room: 21×10 (main level)

This 5-bedroom single family home at 1738 N. Winchester in Bucktown was unofficially placed in the Crib Chatter Hall of Fame last year.

See our September 2011 chatter here.

Not only did it have one of the best listing descriptions in the history of Crib Chatter ( “IF YOU ARE READY TO ACT BUYER, BUCKLE UP BECAUSE YOUR ANTICIPATION IS GETTING READY TO SURGE INTO THE RED ZONE.”), but it also had interior amenities (the, um, lower level, aka “dungeon”) which made it a favorite.

Originally a short sale, the house now has a new listing agent and it says it’s being sold “as-is.”

It looks to be bank owned, although the public record does not yet show a recording of a deed.

But the interior shows the hallmarks of a house that is now bank owned. The kitchen and bathrooms are missing (as well as many of the cannister lights in the ceiling.)

But for those of you who were fans of the, um, bricked lower level with 8 person hot tub, that level appears to be intact. Hooray!

At 6000 square feet, the house is on a 24×125 lot and has a 2-car garage.

The house also has an elevator and central air.

The listing now says: “THE HOME HAS BEEN DAMAGED AND NEEDS A TOTAL REHAB BUT POTENTIAL IS THERE.”

The house has now been reduced to $819,900.

Is this even cheap enough to attract a rehabber?

Any guesses on what this will finally sell for?

Coya Smith at Smith Partners & Associates has the listing. See the pictures here.

And if you want to see what it looked like before everything was stripped out, see the video here.

1738 N. Winchester: 5 bedrooms, 4.5 baths, 6200 square feet, 2 car garage

• Sold in March 2003 for $375,000(old property)
• Originally listed in May 2008
• On and off the market since then
• Lis pendens foreclosure filed in February 2009
• Was listed in July 2010 for $1,799,900
• Reduced
• Was listed in September 2010 as a “short sale” for $1,699,900
• Reduced
• Was listed in September 2011 as a “short sale” for $1,199,900
• Now being sold “as-is”
• Reduced
• Currently listed at $819,900
• Taxes of $22,500
• Central Air
• Bedroom #1: 17×16 (2nd floor)
• Bedroom #2: 16×13 (3rd floor)
• Bedroom #3: 13×12 (3rd floor)
• Bedroom #4: 15×12 (4th floor)
• Bedroom #5: 19×17 (4th floor)

The 3-bedroom condo unit is a hot commodity. But this one at 3038 N. Leavitt in North Center has been on the market since March 2012 and has been reduced $5,500.

(By the way- is this Roscoe Village? It is a few blocks south of Belmont.)

This building was pre-bubble construction as it was built in 1998.

The top floor unit has cathedral ceilings in the living room as well as skylights.

Two of the three bedrooms, including the master, are on the main floor. There is a second floor family room along with the third bedroom.

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

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

It’s now listed $76,000 under the 2006 purchase price of $495,000.

Is this a deal?

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

Unit #3: 3 bedrooms, 3 baths, 2200 square feet, duplex up

• Sold in June 1998 for $320,000
• Sold in November 2000 for $357,000
• Sold in October 2002 for $387,500
• Sold in December 2006 for $495,000
• Originally listed in March 2012 for $424,500
• Reduced
• Currently listed at $419,000
• Assessments of $175 a month
• Taxes of $7491
• Central Air
• Washer/Dryer in the unit
• Garage parking included
• Bedroom #1: 15×12 (main floor)
• Bedroom #2: 13×10 (main floor)
• Bedroom #3: 15×14 (second floor)
• Family room: 20×18 (second floor)

This 7000 square foot unit in 3400 N. Lake Shore Drive in Lakeview came on the market in April 2012.

It looks to be 3 separate units that are being sold as one large unit. The listing says: “Combine three contiguous apartments into the original fabulous floorplan or redesign according to your personal needs and tastes.”

Combined- it has 8 bedrooms and 7 baths.

The unit also has lake views with french outdoor balconies.

It has the high ceilings and vintage detailing that was common in 1922.

But it also has modern amenities of central air, washer/dryer in the unit and 3 car parking.

What kind of buyer would be interested in a unit of this size and location?

Would the seller be better off just selling it as three different units?

Bard Lippitz at Prudential Rubloff has the listing. See the pictures here.

Unit #1ABC: 8 bedrooms, 7 baths, 7000 square feet, 3 car parking

• Unit #1A last sold in March 2011 for $507,000
• Unit #1B last sold in September 1997 for $427,000
• Unit #1C last sold in July 2004 for $569,000
• Originally listed in April 2012 for $1.795 million
• Currently still listed at $1.795 million
• Assessments of $5583 a month (includes heat, doorman, cable)
• Taxes of $37,475
• Central Air
• Washer/Dryer

Crain’s recently reported on a recent bulk buy of condos in 757 N. Orleans in River North to an investor.

Not surprisingly, the investor is going to wait out the downturn by renting the units.

A Florida investor with foreign capital is diving into the Chicago condominium market, paying nearly $11 million for 39 unsold units in a River North tower.

A venture by led Aventura, Fla.-based Gamla Cedron Group is paying $252 a square foot for the 39 unsold condos at 757 N. Orleans St., a 198-unit tower finished in 2008, sources said. The new owner plans to rent out the units for the time being.

The deal marks an exit for the project’s developer, La Grange-based Gammonley Group, which turned to a bulk offering amid slow sales, a common move among developers and banks in today’s distressed condo market.

Yet it’s unclear whether the sale will generate enough money to allow Gammonley to pay off the remaining principal on its construction loan. The developer originally borrowed $46.3 million.

It is the Gamla Cedron Group’s first foray into the Chicago market.

Mr. Mishal says he was drawn to units in the building that include balconies, floor-to-ceiling windows and other features “you don’t see in the rental community.” He plans to rent the units for “no less than the marketplace,” or around $2.60 per square foot, until the condo market improves, allowing for resales.

Gammonley first offered 52 condos in February, but some of those units since sold to individuals, says Susan Lawson of Apartment Realty Advisors Inc., which brokered the bulk sale. Individual sales averaged $313 per square foot during the first quarter, according to real estate consulting firm Appraisal Research Counselors.

Investor buys 39 units in River North condo tower [Crain’s Chicago Business, David Lee Matthews, May 24, 2012]

Meanwhile, Zillow is reporting that 41.1% of Chicago-area homes have “negative equity”- up from 39.2% in the fourth quarter of last year.

Also, 12.7% of local mortgage borrowers were at least 90 days past-due in their mortgage payments in the first quarter (more shadow inventory waiting to come on the market?).

Zillow doesn’t say what it means by the “Chicago-area.” The IAR uses a 9-county definition.

You can do a search by zip code on Zillow’s interactive negative equity map here.

How far underwater are homes in your neighborhood?

Price cut to $7.9 million on Pinnacle listing [Crain’s Chicago Business, David Lee Matthews, May 24, 2012]

We last chattered about this 2-bedroom single family home at 1275 N. Hermitage in Wicker Park in October 2011.

See our prior chatter here.

Some of you were concerned that the El was just a little too close for comfort. Others of you were obsessed by a picture of a naked man in one of the photos (yes, it’s still in the listing.)

Back in October it was listed at $435,000 and most of you thought it was overpriced (what a surprise!).

It has come back on the market listed at $439,900 this time.

If you recall, the house is more like a loft than your typical single family home.

Built in 1881 on a 37x15x25x39 lot, it has exposed brick and ductwork common in most lofts.

At 2000 square feet, the master suite is located on the second level, along with an office.

The second bedroom is in the lower level with a full bath.

The house has 2 outdoor spaces including a 13×9 deck off the main level and a 360 degree panoramic rooftop deck.

The kitchen has cherry cabinets and Wolf and Subzero appliances.

While the house has central air, it doesn’t have any parking. There is apparently 2-car leased parking nearby.

Will it have more luck in the spring market than last fall?

Jenna Smith at Redfin still has the listing. See the pictures here.

1275 N. Hermitage: 2 bedrooms, 2.5 baths, 2000 square feet

• Sold in June 1989 for $23,500
• Sold in July 1990 for $55,000
• Sold in December 1995 for $150,000
• Sold in December 1999 for $215,000
• Sold in December 2003 for $330,000
• Sold in June 2008 for $482,000
• Originally listed in August 2011 (I couldn’t find an original list price)
• Was listed in September 2011 for $449,900
• Reduced
• Was listed in October 2011 at $435,000
• Withdrawn in October 2011
• Currently listed at $439,900
• Taxes of $6617
• Central Air
• No parking- 2 car leased parking available nearby
• Bedroom #1: 19×14 (second level)
• Bedroom #2: 23×14 (lower level)
• Office: 23×11 (second level)

This 3-bedroom duplex down in Victorian Lane, a gated complext at 754 W. California Terrace in Lakeview came on the market in April 2012.

It is a short sale.

Two of the bedrooms are on the main floor with the third, and a family room, on the lower level.

The listing says the spiral staircase to the lower level has been replaced with a regular staircase.

The kitchen has maple cabinets and a mix of black and white appliances.

The listing doesn’t say anything about parking nor a washer/dryer in the unit.

This unit is listed $14,000 under the 2004 price.

Is this even a deal?

Jared Dunn at Dream Town has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2 baths, duplex down, 1450 square feet

• Sold in April 1994 for $113,500
• Sold in September 1997 for $154,000
• Sold in July 2004 for $277,000
• Sold in September 2006 for $330,000
• Lis pendens foreclosure filed in April 2012
• Originally listed in April 2012 for $299,000
• Reduced
• Currently listed as a “short sale” for $264,000
• Assessments of $435 a month
• Taxes of $4194
• Central Air
• Not sure about washer/dryer
• Parking not listed
• Bedroom #1: 12×11 (main level)
• Bedroom #2: 17×11 (lower level)
• Bedroom #3: 9×7 (main level)
• Family room: 18×12 (lower level)

This 2-bedroom at 235 W. Eugenie in Old Town just came on the market.

It is a HUD property and is listed for just $150,000.

The listing says FHA financing is available and it is eligible for 203k (which is the FHA renovation loan.)

There are no interior pictures of the unit so we have no idea what it looks like.

235 W. Eugenie is a mid-century modern building designed by Chicago architect Harry Weese (who also designed DC’s metro system.)

At 1300 square feet, it doesn’t have central air (only wall units) but it does come with one parking space.

This unit is listed $32,500 under the 1997 purchase price.

Even though we can’t see what the interior looks like, given the location, is this a deal?

[Also notice that it took over 2 1/2 years for this unit to go through the foreclosure process.]

Andre Bennett at Crest Realty has the listing. See the listing here.

To see interior pictures of a different unit that we have chattered about over the years- click here.

Unit #G5: 2 bedrooms, 2 baths, 1300 square feet, 1 car parking

• Sold in May 1992 for $118,000
• Sold in May 1997 for $182,500
• Lis pendens foreclosure filed in September 2009
• HUD owned in May 2012
• Currently listed for $150,000
• Assessments aren’t listed
• Taxes of $3331
• No central air- wall units
• Bedroom #1: 13×14
• Bedroom #2: 10×13

This 2-bedroom at 474 N. Lake Shore Drive in Streeterville has been on the market as a short sale since April 2012.

In that time, it has been reduced $11,000.

It is being sold “as-is”.

The unit has hardwood floors.

The kitchen has black granite counter tops and black appliances.

It has a washer/dryer in the unit, central air and a highly coveted 2 car parking (which is included.)

It is the “skyline” model.

The property is now listed about 33% under the 2007 purchase price at $439,000.

Is this a deal with the two parking spaces included?

Matthew Ohlsen at Jameson Sotheby’s has the listing. See the pictures here.

Unit #6002: 2 bedrooms, 2 baths, 1257 square feet

• Sold in January 2007 for $660,500 (2 car parking included)
• Lis pendens foreclosure filed in February 2011
• Originally listed as a short sale in April 2012 for $450,000 (2 car parking included)
• Reduced
• Currently listed at $439,000 (2 car parking included)
• Assessments of $980 a month (includes heat, a/c, gas, cable, pool)
• Taxes of $8272
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 11×12

We’ve chattered about this 3-bedroom vintage unit at 504 W. Barry in Lakeview several times.

See our February 2012 chatter here.

It’s now been on the market for 13 months.

It’s been reduced $100,000 in that time period.

If you recall, the 10-unit building was built in 1927. The old listing described it as a “gothic jewel.”

At 2200 square feet, the unit has some of its vintage features intact such as a woodburning fireplace and crown molding.

It also has the modern amenities buyers look for with space pac a/c and side-by-side in-unit washer/dryer.

Parking is a premium in the neighborhood, but the unit comes with parking as well as guest parking, a rare bonus.

The listing describes the kitchen as a “chef’s kitchen”. It has stainless steel appliances.

The property also comes with a large balcony- which is somewhat unusual for this type of vintage building.

In February, some of you thought this wouldn’t sell until it was priced in the $500,000s (with some of you even guessing the $400,000s.)

The market has picked up since then.

Is this unit getting closer to a selling price?

Richard Cohn still has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 3 baths, 2200 square feet

• Sold in August 2000 for $427,500
• Sold in May 2007 for $750,000
• Was listed in April 2011 for $779,900
• Reduced
• Was listed in February 2012 for $699,900
• Reduced
• Currently listed at $679,900
• Assessments of $744 a month (includes heat)
• Taxes of $9295
• Space Pac A/C
• In-unit washer/dryer
• Parking included
• Bedroom #1: 17×12
• Bedroom #2: 16×13
• Bedroom #3: 12×12