Crib Chatter

I get lots of requests for houses in Historic Old Edgebrook, the quirky, and exclusive, neighborhood next to a golf course and forest preserve in Edgebrook.

There is plenty of choice right now including this 4-bedroom colonial at 6312 N. Louise which just came on the market.

Built in 1963, it has 2840 square feet and a 2.5-car garage.

All four bedrooms are on the second level. The master suite has vaulted ceilings and his and her walk-in closets.

There is also a second floor laundry.

There’s central air but no basement.

Yes, those are pink counter tops in the kitchen.

The elementary school is Edgebrook Elementary.

But with a list price of $529,900, this house is the cheapest currently listed in the neighborhood.

Is this a deal for the area?

Jami Brenner at @Properties has the listing. See the pictures here.

6312 N. Louise: 4 bedrooms, 2.5 baths, 2840 square feet, 2.5 car garage

• Sold sometime before 1985
• Currently listed for $529,900
• Taxes of $9515
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 12×11 (second floor)

This 3-bedroom duplex down at 3709 N. Ashland in Lakeview came on the market in March 2012.

At 2800 square feet, it is larger than many townhouses in this price point in the neighborhood.

It has upgrades such as Brazilian cherry floors on the main level.

The kitchen is described as a “chef’s kitchen” with a Dacor oven/range and granite counter tops.

There is a lower level family room with 9 foot ceilings and 2 decks, including one over the garage.

Yes, it’s in the Blaine school district.

This unit last sold just 2 1/2 years ago.

It is listed $60,000 above the 2009 purchase price.

Will this seller be able to command a premium to the 2009 price?

Anne Rossley at Prudential Rubloff has the listing. See the pictures here.

Unit #1S: 3 bedrooms, 3 baths, 2800 square feet, duplex down, 1 car garage parking

• Sold in December 2009 for $480,000
• Originally listed in March 2012 for $540,000
• Currently still listed at $540,000
• Assessments of $244 a month
• Taxes of $9298
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13 (main level)
• Bedroom #2: 15×11 (main level)
• Bedroom #3: 16×13 (lower level)
• Family room: 30×16 (lower level)

This 1-bedroom at 626 W. Waveland in East Lakeview has been on the market since September 2011.

It is bank owned.

In that time it has been reduced $37,000.

But it also appears to have been under contract at least twice- in February 2012 and in March 2012.

The listing says “This one will go fast.”

At 750 square feet, it has a wood burning fireplace and hardwood floors.

From the pictures, the kitchen appears intact and has white appliances and cherry cabinets.

It has in-unit washer/dryer but no central air and no parking (it is rental in the neighborhood.)

For an investor, is this now a deal?

Cynthia Gaffney at @Properties has the listing. See the pictures here.

Unit #2D: 1 bedroom, 1 bath, 750 square feet

• Sold in November 1993 for $70,500
• Sold in January 1999 for $98,500
• Sold in May 2004 for $175,000
• Sold in November 2006 for $195,500
• Lis pendens foreclosure filed in March 2010
• Bank owned in July 2011
• Originally listed in September 2011 for $139,900
• Reduced numerous times
• Under contract in February 2012
• Under contract in March 2012
• Reduced
• Currently listed at $102,900
• Assessments of $299 a month (includes heat and cable)
• Taxes of $2697
• No central air – window units only
• In-unit washer/dryer
• No deeded parking- rental in the neighborhood
• Bedroom: 15×12

We’ve been chattering a lot lately about the price differences between renting and owning.

This 2-bedroom at 1245 W. George in Lakeview recently came on the market.

It is 1100 square feet with high ceilings, exposed brick and hardwood floors.

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

It has the features buyers (and renters) look for including central air and washer/dryer in the unit.

The unit also has a highly coveted garage parking space (a plus in the winter.)

It is listed at just $275,000, which is the lowest priced 2-bedroom currently on the market in the building. The other units are listed at:

1. Unit #303: $299,900
2. Unit #403: $298,000

This unit has been available to rent for $2000 a month (according to an old rental listing.)

Is it a better deal to simply buy now instead of renting?

John Vossoughi at @Properties has the listing. See more pictures here.

Unit #302: 2 bedrooms, 1 bath, 1100 square feet

• Sold in December 1998 for $222,000
• Sold in September 2001 for $286,000
• Sold in September 2006 for $355,000
• Currently listed for $275,000 (garage parking included)
• (It has been available to rent for $2000 a month)
• Assessments of $295 a month
• Taxes of $5265
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 11×9

If the housing market is improving, don’t tell that to downtown new condo developers.

According to Appraisal Research Counselors sales fell 40% in the first quarter of 2012 from a year ago. They were also down 27% from the fourth quarter of 2011.

From Crain’s:

Developers sold just 113 downtown condos in the first three months of 2012, down from 156 in the fourth quarter and 189 in the first quarter a year earlier, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.

While many homebuyers have started to take advantage of record-low interest rates and falling home prices, the numbers suggest that has yet to happen in any meaningful way at new downtown projects. Many would-be owners remain on the sidelines as renters, waiting for prices to stabilize before making a purchase.

“There hasn’t been a great feeling of urgency to buy,” says Gail Lissner, vice president at Appraisal Research.

The condominium conversion at 1400 N. Lake Shore Drive led all downtown projects in the quarter, selling 20 units to an investor. Otherwise, projects targeting the wealthy or first-time homebuyer fared the best. Sales leaders included CMK Development Corp., which sold 12 condos in the 714-unit building at 235 W. Van Buren St., where prices range from $193,900 to $539,900.

Other top sellers included American Invsco’s 200 N. Dearborn St., with nine sales, and Donald Trump’s Trump International Hotel & Tower, with seven sales.

Buyers who aren’t “price-sensitive” or aren’t burdened by another home to sell continue to drive activity, Ms. Lissner says.

Inventory, however, continues to drop as condo buildings are converted into rental apartments.

But the luxury Ritz-Carlton is about to begin closings and will add another 89 units back on the market – at least in the upper price bracket. (Some are under contract.)

If Trump had 7 sales over 3 months to start the year, how long will it take to sell out the new Ritz on Michigan Avenue?

Downtown sales drop in the first quarter [Crain’s, David Lee Matthews, May 15, 2012]

This 3-bedroom at 1449 W. Summerdale in the Andersonville neighborhood of Edgewater came on the market in April 2012.

This 8-unit building was converted into condos in 2005.

It appears from the property’s sale history that it might have been flipped by the original buyer in 2005 (remember those days? Ah…memories.)

This is a large vintage apartment with a fireplace (gas logs) and built-ins in the living room.

The kitchen is described as a “cook’s kitchen” with a granite island, tile backsplash and stainless steel appliances.

The bathrooms are stone and have custom wood vanities.

It has central air, washer/dryer in the unit and the rare 2-car parking.

This unit is just a short stroll to all the shops and restaurants of Andersonville.

Is this property a good single family home alternative in the neighborhood?

Gregory Desmond at Prudential Rubloff has the listing. See the pictures here.

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

• Sold in June 2005 for $460,000
• Sold in September 2005 for $520,000
• Originally listed in April 2012 for $479,000
• Currently still listed at $479,000
• Assessments of $240 a month
• Taxes of $6418
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 11×10
• Bedroom #3: 10×9

I know many of you are big Wildwood fans.

This 4-bedroom house at 6924 N. Tonty in the Wildwood neighborhood of Forest Glen first came on the market in May 2010.

In those 2 years, it has been reduced $191,900.

The house was built in 1940 and is on an oversized lot of 45×151.

For those of you not familiar with Wildwood, it is in the Northwest corner of the city and has winding streets without curbs. A metra stop is nearby for the commute downtown.

The house has hardwood floors on the main floor along with arched doorways and a woodburning fireplace in the living room.

All four bedrooms are on the second floor.

There is also a lower level recreation room and a main floor family room.

The house has central air and a 1-car garage.

The kitchen has white appliances and what looks like original cabinets.

With homebuyers wanting “new”- what price will it take to finally sell this house?

Kathleen Nettleton at Re/Max 1st has the listing. See the pictures here.

6924 N. Tonty: 4 bedrooms, 2.5 baths, 2262 square feet, 1 car garage

• Sold before 1986
• Originally listed in May 2010 for $689,900
• Reduced numerous times
• Currently listed at $498,000
• Taxes of $5546
• Central Air
• Bedroom #1: 18×15 (second floor)
• Bedroom #2: 15×15 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 11×10 (second floor)
• Recreation room: 22×14 (lower level)

This 4-bedroom vintage bungalow at 4050 N. Mango just came on the market in Portage Park.

Built in 1921 on an oversized 33×125 lot, it is just 2 blocks from the park.

It is an estate sale and being sold as is.

The listing says there are hardwood floors under the carpets on the main floor in the living and dining room.

There is a full unfinished basement.

Two of the bedrooms are on the main floor and two are on the second floor with what looks like an enormous closet.

The house has central air and a 2-car garage.

Is this a deal for a starter home in this neighborhood?

Cindy Weinreb at Coldwell Banker has the listing. See the pictures here.

4050 N. Mango: 4 bedrooms, 2 baths, no square footage listed, 2 car garage

• I couldn’t find any prior sales history
• Estate sale
• Currently listed for $259,000
• Taxes of $5197
• Central Air
• Bedroom #1: 13×10 (main level)
• Bedroom #2: 11×9 (main level)
• Bedroom #3: 14×12 (second level)
• Bedroom #4: 17×12 (second level)

This 2-bedroom vintage cottage at 2421 N. New England in Montclare just came on the market.

It is bank owned.

The listing says it is “eligible under Freddie Mac First Look Initiative until 5/25/2012.”

Built in 1916, it is just 835 square feet.

There is no lot size listed but it has a big enough back yard for a deck off the sliding glass doors and a 1-car garage.

It has hardwood floors, arched doorways and an enclosed front porch.

There is a partial picture of the kitchen, which shows a stove and some cabinets. There are no pictures of the bathroom.

The house is just a short distance from the Brickyard Shopping Mall and two metra stops.

This house is listed about $11,000 below the 1994 price at $92,020.

There is another 850 square foot 2/1 cottage under contract just up the street at 2427 N. New England listed for $69,999 that is pending. That one is a short sale.

Is this kind of pricing the new reality for these small homes outside the GreenZone?

Is nearly 20 years of home appreciation being wiped out in some parts of the city?

Patti Furman at Coldwell Banker has the listing. See the pictures here.

2421 N. New England: 2 bedrooms, 1 bath, 835 square feet, 1 car garage

• Sold in June 1994 for $103,000
• Sold in August 2005 for $232,000
• Lis pendens foreclosure filed in December 2010
• Bank owned in April 2012
• Currently listed at $92,020
• Freddie Mac First Look Initiative until 5/25/2012
• Taxes of $3113
• No central air
• Bedroom #1: 11×9
• Bedroom #2: 10×9
• Living room: 12×12
• Dining room: 12×14
• Kitchen: 12×12

We last chattered about this 2-bedroom single family home at 1308 W. Addison in the Southport neighborhood of Lakeview in June 2009 when it was listed at $499,000.

It sold just a few months later, in August 2009, for $470,000.

See our prior chatter here.

Most of you thought someone would be crazy to buy in this location (just down the street from Wrigley Field). Some of you also thought it was only good as a rental.

If you recall, the house was built in 1893 on a standard 25×125 lot. It has a 2-car garage.

In the prior listing, there was a lot of discussion about the lovely landscaped backyard but this one just says “beautiful backyard” and doesn’t show any pictures.

The house has vaulted ceilings on the first floor, skylights and a partially finished basement which appears to be used as a family room.

Both bedrooms are on the second floor.

The kitchen has white cabinets and stainless steel appliances.

There is central air.

Is this house still a condo/townhouse alternative at this price 3 years later?

Phil Byers at @Properties has the listing. See the pictures here.

1308 W. Addison: 2 bedrooms, 1.5 baths, no square footage listed, 2 car garage

• Sold in April 1998 for $314,500
• Was listed in June 2009 for $499,000
• Sold in August 2009 for $470,000
• Currently listed for $499,900
• Taxes now $10035 (they were $7975 in 2009)
• Central Air
• Living room: 23×19
• Dining room: 15×11
• Kitchen: 11×8
• Bedroom #1: 14×12
• Bedroom #2: 13×12
• Partially finished basement