Crib Chatter

It’s common wisdom that those who bought property during the boom and are now trying to sell it are usually in for financial pain when doing so.

But what about those who bought after the bust? (and I’m not talking about flippers/renovators who bought beaten down properties.)

This 4-bedroom English Tudor at 6121 N. Forest Glen in the Sauganash neighborhood of Forest Glen has been on the market since August 2011.

It was last purchased just 2 years ago, in June 2010.

Originally listed $29,000 more than the 2010 purchase price, it has since been reduced $80,000.

All four of the bedrooms are on the second floor with the fifth called a “guest suite” in the lower level. There is also a lower level recreation room.

Built in 1947, it is on a larger than normal Chicago lot measuring 40×140.

It has space pac cooling and a 2-car garage.

The kitchen has cherry cabinets, granite counter tops but white appliances.

The house is now listed 7% below the 2010 purchase price.

The Sauganash neighborhood has always been popular.

How much has the market changed in just 2 years?

What will this tudor ultimately sell for?

Danielle Olsen at Coldwell Banker has the listing. See the pictures here.

You can also see it in person at the Open House on Sunday, June 3 from 1- 3 PM.

6121 N. Forest Glen: 4 bedrooms, 2.5 baths, 2250 square feet, 2 car garage

• Sold in January 1994 for $305,000
• Sold in June 1995 for $528,750
• Sold in June 1998 for $430,000
• Sold in June 2004 for $750,000
• Sold in June 2010 for $720,000
• Originally listed in August 2011 for $749,000
• Reduced several times
• Currently listed at $669,000
• Taxes of $9380
• Space pac cooling
• Bedroom #1: 19×15 (second floor)
• Bedroom #2: 13×13 (second floor)
• Bedroom #3: 14×13 (second floor)
• Bedroom #4: 10×8 (lower level)
• Bedroom #5: 11×9 (second floor)
• Recreation room: 31×14 (lower level)

We actually didn’t chatter about this 2-bedroom rowhouse at 1818 N. Lincoln Avenue in Lincoln Park the last time it was on the market in 2010.

I don’t know why we didn’t, but who can forget a vintage rowhouse where the listing says it was in “Martha Stewart’s Blueprint magazine”?

According to the listing, this was a gut rehab 5 years ago.

It now has top of the line appliances in the kitchen including Subzero, Miele and Thermador.

The bathrooms were renovated but kept the vintage look and features.

Both bedrooms are upstairs and there is a 22×15 family room with beamed ceiling in the lower level.

The house has the original 1879 fireplace and walnut staircase.

There is central air and a back deck but NO parking. It is rental nearby.

The current listing doesn’t have the square footage but Zillow lists it at 1020 square feet (I don’t know if that is an estimate or from an older listing.)

Originally listed in March 2010 for $765,000, it was lowered to $725,000 before being removed.

It has come back on the market at $675,000.

Given the “new” interior and the location, will this sell quickly at this new price?

Michelle Orton Loftus sat Dream Town Realty has the listing. See the pictures here.

1818 N. Lincoln: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 1994 for $187,500
• Sold in July 2001 for $480,000
• Sold in April 2003 for $493,000
• Originally listed in March 2010 for $765,000
• Reduced to $725,000
• Withdrawn in August 2010
• Currently listed at $675,000
• Fee simple townhouse
• Taxes of $11,701
• Central Air
• No parking – rental nearby
• Bedroom #1: 15×11 (second floor)
• Bedroom #2: 11×10 (second floor)
• Family room: 22×15 (lower level)

They sure knew how to build them in the 1920s.

This 4-bedroom on the 7th floor of 442 W. Wellington in East Lakeview has been on and off the market since March 2008.

The building was built in 1926 and has 23 units.

The unit still has the original hardwood floors, a wood burning fireplace, crown molding and wide open living spaces.

Where else can you get  bedrooms this size? You won’t see a 10×12 bedroom in this unit.

It also has an 18×8 foyer and a 6×36 gallery.

This unit also has modern amenities that buyers look for including 2 car parking, an in-unit washer/dryer and central air.

It is a co-op building with a 24 hour doorman.

The assessment is $3668 a month. The listing says that includes “Oper/Capital, Tax assess separate.”

What will it take to finally sell this property in 2012?

It isn’t the only unit for sale in the building. Unit #5W is also on the market. It is also listed at $699,000.

Charles Heaver at Prudential Rubloff has the listing. See the pictures here.

Unit #7W: 4 bedrooms, 4.5 baths, 3700 square feet, 2 car parking

• I don’t have an original sales price (co-op)
• Originally listed in March 2008
• Was listed in July 2009 for $745,000
• Reduced
• Was listed in October 2011 for $719,000
• Reduced
• Currently listed at $699,000
• Assessments of $3668 a month (includes parking, doorman, cable)
• Taxes of $9900
• Central Air
• In-unit washer/dryer
• Bedroom #1: 24×14
• Bedroom #2: 19×18
• Bedroom #3: 18×14
• Bedroom #4: 18×14
• Foyer: 18×8
• Gallery: 6×36

As we’ve already chattered about, April sales surged 19.4% compared to last year but was still under the tax goosed 2010 number.

From the Illinois Association of Realtors:

In the city of Chicago, April 2012 home sales (single family and condominiums) totaled 1,750, up 19.4 percent from 1,466 homes sold in April 2011. The city of Chicago median home sale price for April 2012 was $184,800, up 9.3 percent compared to April 2011 when it was $169,000.

2010 was when one of the tax credits was in play. You had to be under contract by the end of April (however, you didn’t have to close until the end of June.) Still, the tax credit in 2010 helped juice sales.

The median price data also appears to be messed up to me. I don’t have a median price of $169,000 for April of last year. I have $205,000- which means the median price fell, not rose, as the press release indicates.  Or was this part of the messed up IAR data before they “fixed” it?

Does everyone else’s data match that of IAR?

Here are the sales statistics for April since 2007:

• 2012: 1,750 sales
• 2011: 1466 sales
• 2010: 1984 sales
• 2009: 1407 sales
• 2008: 1886 sales
• 2007: 2419 sales

Here are the median prices:

• 2012: $184,400
• 2011: $205,500 (??- IAR press release says it was $169,000 last year- but that’s not what I have from last year’s press release)
• 2010: $225,000
• 2009: $218,000
• 2008: $300,000
• 2007: $289,800

The realtors and housing experts quoted in the press release, however, don’t sound as “rah-rah” as I thought they might this month.

What gives?

“In the city of Chicago, a more than 19 percent increase in condo sales through April 2012 over the same time period last year is positive,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and Managing Broker/Owner of Bob Floss and Son Realty. “With rents in the city of Chicago increasing, paired with a limited supply of rentals available, renters are reviewing their options. Historically low interest rates and great opportunities in the market are compelling to both first-time and move-up buyers looking to spend their dollars wisely and own their own home.”

“The latest employment and housing data for April provide significant evidence of the close relationship between the recovery of the economy and the housing market,” noted Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “The good first quarter in the housing market paralleled the significant job growth in the economy; the disappointing economic performance in April is reflected in a less optimistic forecast for the housing market through the summer. However, house prices do seem to be stabilizing.”

April home sales in Illinois up 15.7% from a year ago; median prices stable across state [Illinois Association of Realtors, Press Release, May 22, 2012]

We’ve chattered about 1720 S. Michigan in the South Loop many times over the past several years.

But this 2-bedroom penthouse on the 33rd floor just came on the market as a short sale.

It is listed about 37% under the 2008 purchase price.

There are no pictures with the unit so we can’t see the 16-foot high ceilings or the 205 square foot terrace. (Why aren’t there pics???)

It has a west facing view.

The kitchen has granite counter tops and stainless steel appliances.

From the floorplan that is provided in the listing, it appears the second bedroom doesn’t have windows.

The listing says the building is 52% rented. It has nearly 500 units.

We’ve been talking about short sales and foreclosures in this building for several years now.

How long will it take the REOs/short sales to cycle through the building?

Is this even much of a deal? Or will buyers simply wait until it is bank owned?

Thomas Tyszka at T. Nicholas Realty has the listing. See the pictures here.

Unit #3308: 2 bedrooms, 2 baths, 1145 square feet, 1 car parking included

• I couldn’t find a prior sale price in the CCRD. Redfin says it sold in March 2008 for $457,000
• Lis pendens foreclosure filed in April 2012
• Originally listed in the first week of May 2012 at $299,900
• Reduced
• Currently listed as a “short sale” at $289,900
• Assessments of $500 a month (includes heat, a/c, gas, doorman)
• Taxes of $5395
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×13
• Bedroom #2: 10×10

This top floor 3-bedroom at 612 W. Surf in Lakeview has been on the market since March 2012.

It recently reduced $14,000.

It appears to have all the features buyers look for including central air, a side-by-side washer/dryer and parking (not a garage, but it does have a space.)

The unit has 10 foot ceilings and hardwood floors in the living/dining room.

It has a rare kitchen that is at the front of the unit (instead of the middle) and a decorative fireplace.

The unit also has a 27×8 back deck that is accessed through a separate hall and NOT apparently through one of the bedrooms.

Many buyers also want to be on the top floor, as this unit is.

But it appears that there is no elevator in the 8-unit building.

Unit #4A, the sister unit across the hall, is also on the market. It doesn’t list an elevator in the listing either.

Unit #4B is listed $30,000 under the 2006 price at $435,000.

Is not having an elevator impacting the sale of this unit? Does having an elevator matter?

Nancy Finley at Keller Williams Preferred has the listing. See the pictures here.

Unit #4B: 3 bedrooms, 2 baths, no square footage listed, 1 parking space

• Sold in July 1993 for $177,500
• Sold in May 1998 for $217,500
• Sold in August 2003 for $389,000
• Sold in June 2006 for $465,000
• Originally listed in March 2012 for $449,000
• Reduced
• Currently listed at $435,000
• Assessments of $297 a month (includes gas, heat)
• Taxes of $5793
• Central Air
• Washer/Dryer in the unit
• Second parking space available for $75 a month
• Bedroom #1: 17×13
• Bedroom #2: 14×12
• Bedroom #3: 13×12

This 1-bedroom duplex in the ParkView at 505 N. McClurg in Streeterville just came on the market.

It is a unique property because it is one of only a few townhouse-like duplexes separate from the high rise portion of the building that overlook the 2-acre park and the swimming pool.

It has 20 foot ceilings and 2 decks.

The bedroom is on the second floor.

The kitchen has all the new construction features including stainless steel appliances and granite counter tops.

The listing says the unit also has custom paint.

It last sold just 8 months ago in September 2011.

The unit is now listed $89,500 more than the 2011 purchase price.

Is the market hot enough to support a price increase in just 8 months for this property?

Gerald Murphy at Jameson Sotheby’s has the listing. See the pictures here.

Unit #206: 1 bedroom, 1.5 baths, 1204 square feet

• Sold in September 2011 for $415,500 (looks like there was NOT parking included)
• Currently listed at $505,000 (no parking included)
• Assessments of $544 a month (includes heat, a/c, gas, cable, doorman, pool)
• Taxes of $1,842
• Central Air
• Washer/Dryer in the unit
• Bedroom: 16×12 (second floor)

This 3-bedroom single family home at 4332 N. Bell in North Center (as it’s just south of Montrose) just came on the market.

I don’t have a picture of it yet but I thought I’d better cover it since it might get snapped up by a developer quickly.

It is bank owned.

It is listed $2600 under the 1999 price at just $349,900.

Built in 1891, it is on a standard 25×125 lot and has a 2-car garage.

The listing says it’s only 1400 square feet.

It has 2 bedrooms on the main floor and one big master bedroom on the second floor.

There is central air and an unfinished basement.

The listing pictures indicate that most of the kitchen has been ripped out. There is a picture of one of the bathrooms, which appears to be intact.

The lis pendens foreclosure was filed in August 2009 on this house. That was nearly 3 years ago!

How quickly will a million dollar house get built on this site?

Or will someone actually buy it as a starter home?

Michael Scola at Re/Max Partners has the listing. See the pictures here.

4332 N. Bell: 3 bedrooms, 1.5 baths, 1400 square feet, 2 car garage

• Sold in May 1996 for $214,000
• Sold in August 1999 for $352,500
• Lis pendens foreclosure filed in August 2009
• Bank owned (but no date listed)
• Currently on the market for $349,900
• Taxes of $7278
• Central Air
• Bedroom #1: 22×11 (second floor)
• Bedroom #2: 9×9 (main floor)
• Bedroom #3: 9×9 (main floor)

We’re still chattering about this renovated 2-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast.

Last February, you’ll recall, the price was actually RAISED by $100,000 even though the unit had been on the market about a year already.

See our February 2012 chatter here.

But never fear, it is now back down to where it was before the price increase and the listing says, “seller wants an offer this month.”

If you recall, this 2-bedroom has been completely renovated with contemporary kitchen and bath finishes to bring it up to today’s standards.

You can see the before and after pictures of the renovation in our April 2011 chatter here.

Many consider the Hancock to be an icon and a lot of you have liked this renovation.

The oak herringbone floors are among the only original features remaining.

The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.

This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.

While there is no central air, there are wall units. Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.

Parking is leased in the building.

What price will really get this sold?

Andrew Glatz at Crown Heights Realty still has the listing. See more pictures here.

Unit #6910: 2 bedrooms, 2 baths, 1500 square feet

• Bought in May 1987 (no sales price listed)
• Lis pendens filed in February 2008
• Bank owned in January 2009
• Sold in August 2010 for $390,000
• Originally listed in March 2011 for $649,770
• Was still listed in April 2011 for $649,770
• Reduced
• Was listed in July 2011 at $599,770
• Reduced
• Was listed in November 2011 at $560,770
• Reduced
• Was listed in December 2011 at $525,770
• Under contract
• Re-listed in mid-January 2012 for $627,770
• Reduced
• Was listed in February 2012 at $620,770
• Reduced
• Currently listed at $527,770
• Assessments of $1117 a month (includes doorman and pool)
• Taxes of $6423
• No central air- wall units
• Washer/Dryer hook-ups in the unit
• Parking is leased
• Bedroom #1: 12×22
• Bedroom #2: 14×11
• Sky terrace: 8×9

This 2-flat at 1614 W. Roscoe in Lakeview has been on and off the market since July 2006.

I actually took the picture above about 2 years ago but just never wrote on the property.

But it has remained on the market and has just reduced again to $359,000 so I thought I’d finally cover it.

Built in 1914 on a 25×99 lot, it has a 2-car garage.

Yes- that’s the El directly behind the building.

The units have newer kitchens with new appliances. There are refinished antique tubs in the bathrooms.

There is shared laundry in the basement.

Here are the two units:

1. Unit #1: 2 bedrooms, 1 bath at $1100 a month
2. Unit #2: 2 bedrooms, 1 bath at $1350 a month

The listing says to “make an offer.”

Does this building now make sense as an investment?

Sean Glascott at Prudential Rubloff has the listing. See the pictures here.

1614 W. Roscoe: 2-flat, 4 bedrooms, 2 baths, 2 car garage, no square footage listed

• I couldn’t find a prior sales price. Sometime before 1987.
• Originally listed in July 2006
• On and off the market ever since
• Was listed in June 2010 for $484,000
• Reduced numerous times
• Currently listed at $359,000
• Taxes of $8616
• Rental income: $28,800
• No central air
• Unit #1: 2 bedrooms/1 bath
• Unit #2: 2 bedrooms/1 bath