Crib Chatter

This 3-bedroom single family home at 2023 W. Cortland in Bucktown came on the market in February 2012.

Built on a smaller than average Chicago lot of 24×100, it has 4 outdoor spaces including a walled in front terrace.

The house has an open floor plan.

The listing describes the kitchen as a “chef’s kitchen” which has upscale stainless steel appliances and granite counter tops.

The master bedroom is on the third floor with the other two bedrooms on the second floor along with a family room.

It has central air and an attached 2-car garage.

The house last sold in December 2008 and seems to sell every three or four years.

It is currently listed $4,000 over the 2008 purchase price.

What’s the market for a 2400 square foot single family home in this part of Bucktown at this price?

Ryan Gehris has the listing. See the pictures here.

2023 W. Cortland: 3 bedrooms, 2.5 baths, 2400 square feet, 2 car garage

• Sold in May 1997 for $265,000
• Sold in December 1998 for $642,500
• Sold in August 2002 for $755,000
• Sold in February 2004 for $789,000
• Sold in December 2008 for $795,000
• Originally listed in February 2012 for $849,900
• Reduced
• Currently listed at $799,900
• Taxes of $10,240
• Central Air
• Bedroom #1: 21×19 (third floor)
• Bedroom #2: 15×9 (second floor)
• Bedroom #3: 15×9 (second floor)
• Family room: 16×19 (second floor)

We’ve chattered about several properties that have taken months or even years to come back on the market once they are bank owned.

This is considered to be part of the “shadow inventory.”

Crain’s has details from CoreLogic on the Chicago-area foreclosure rate in February which was nearly double the national rate.

The foreclosure rate on Chicago-area home loans was 6.28 percent in February, down from 6.35 percent in January but up from a 5.82 percent in February 2011, according to Santa Ana, Calif.-based data provider CoreLogic Inc. The national foreclosure rate was 3.41 percent in February, according to CoreLogic.

Of course, this is for the 8 county Chicagoland area (and not just Chicago or Cook County alone.)

More interesting is what may be coming down the pike as mortgage delinquency rates remain in the double digits.

The local mortgage delinquency rate also increased from a year earlier, as 10.68 percent of area mortgages were at least 90 days past due vs. 10.69 percent in January and 10.42 percent a year earlier.

How big is Chicago’s shadow inventory?

What affect will it have on home prices going forward even as the housing market starts to show some life?

Chicago area foreclosure rate up in Feb. from last year [Crain’s Chicago Business, David Lee Matthews, April 26, 2011]

We last chattered about this 4-bedroom home at 3526 N. Marshfield in Lakeview in March 2012

See our prior chatter here.

I thought this house might sell quickly given its price and location.

However, after 48 days on the market it has reduced $11,000.

If you recall, the house was built in 1889. It is on an irregular lot measuring 27.2×73.5x60x51.5 (I think???).

The listing says the house is being sold “as-is.”

All four bedrooms are on the second level and there is a family room in the basement.

The kitchen has dark cabinets and white appliances as well as a kitchen island.

The listing also says there are “ornately carved faces” on the exterior brick and “underground tunnels.” Alas, there are still NO pictures of the tunnels in the listing.

The house has central air and 1-car parking (I don’t know if it’s a parking spot or a garage).

What price will it take for this house to find a buyer?

David Bovyn at Kale Realty has the listing. See the pictures here.

3526 N. Marshfield: 4 bedrooms, 2.5 baths, 2500 square feet, 1 car parking

• Sold in July 1991 for $160,500
• Sold in February 1994 for $176,000
• Was listed in March 2012 “as-is” for $550,000
• Reduced
• Currently listed at $539,000
• Taxes of $7958
• Central Air
• Bedroom #1: 20×12 (second floor)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 16×12 (second floor)
• Bedroom #4: 9×12 (second floor)
• Family room: 30×17 (lower level)

This 4-bedroom on the 14th floor at 399 W. Fullerton in East Lincoln Park just came on the market.

The co-op building was built in 1927 and is on the National Historic Register.

There are 32 units with the elevator opening to two units per floor.

The building has two tiers of units, the East Tier and the West Tier- both have north and south facing views as well.

The East Tier is 300 square foot larger, with units at 3300 square feet. The West Tier units are 3000 square feet.

This East Tier unit has been restored to its vintage glory with an attention to detail that includes antique doorknobs, built-ins, custom door hinges and marble window sills.

The kitchen has white cabinets and granite/wood counter tops with SubZero and Wolf appliances along with a butler’s pantry.

This unit actually has all the features buyers look for, which is rare for vintage of this era. There is one garage parking space, central air and laundry in the unit.

This unit is listed for $455 a square foot.

Meanwhile, up the street, a 3500 square foot 3-bedroom in the new construction Lincoln Park 2520 is listed at $747 a square foot (or at $2.67 million.)

Is this unit a deal compared to the new construction units soon to come on the market at Lincoln Park 2520?

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

Unit #14E: 4 bedrooms, 3.5 baths, 3300 square feet, 1 car parking

• I couldn’t find a prior sales price because it is a co-op
• Currently listed at $1.5 million
• $100,000 credit to the buyer to cover special assessment
• Assessment of $2610 a month (includes heat, a/c, doorman, cable)
• Taxes of $7950
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×19
• Bedroom #2: 12×13
• Bedroom #3: 9×14
• Bedroom #4: 12×18
• Family room: 12×18
• Laundry Room: 6×11
• Study: 12×14

This 2-bedroom loft in the Meter Building at 835 N. Wood in West Town has gotten its fair share of publicity as it was recently featured in the New York Times for homes under $500,000.

It came on the market in December 2011 at $495,000 and has not had any price reductions.

The south facing corner loft has the authentic features loft lovers like such as exposed brick and timber ceilings.

The unit has upscale finishes in the kitchen and baths.

The kitchen has a Viking stove and black walnut and limestone counters. Ann Sacks tiles complete the bathroom.

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

There’s a picture of a rooftop deck but the listing doesn’t indicate that it is private to the unit.

This loft is listed $70,000 more than the 2006 price.

Will it command a premium?

Robert John Anderson at Baird & Warner has the listing. See the pictures here.

Unit #304: 2 bedrooms, 2 baths, 1794 square feet, 2 car parking

• Sold in October 1998 for $200,000
• Sold in July 2006 for $425,000
• Originally listed in December 2011 for $495,000
• Currently still listed for $495,000
• Assessments of $356 a month
• Taxes of $5829
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×12
• Bedroom #2: 8×12

This 3-bedroom top floor unit at 3823 N. Ashland in Lakeview came on the market 10 months ago.

This building was completed in 2008 and has an elevator.

This unit does NOT face Ashland but has a city and Wrigley Field view.

It has two outdoor spaces including a terrace off the family room and a rooftop deck.

The unit has crown molding and millwork in the living/dining room.

The kitchen has upscale finishes with Subzero and Wolf appliances, cherry cabinets and granite counter tops.

The unit has 2-car heated garage parking (although it appears that the second space is available for $15k extra.)

Has the market improved enough to see the sale of this upper bracket condo close to 2008 price?

Richard Kasper at Conlon has the listing. See the pictures here.

Unit #503: 3 bedrooms, 2 baths, 2000 square feet, 2 car parking

• Sold in August 2008 for $725,000
• Originally listed in June 2011 for $725,000
• Reduced
• Currently listed at $699,000 (parking included but $15k for 2nd spot)
• Assessments of $314 a month
• Taxes of $7335
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×15
• Bedroom #2: 11×15
• Bedroom #3: 12×15

This 3-bedroom single family home at 712 N. Throop in the Noble Square neighborhood of West Town came on the market in February 2012.

The house has a lot of features buyers look for.

Built in 1999 on a 25×100 lot, it has a 2 car garage attached garage and central air.

The master suite and the two other bedrooms are all on the second floor.

There is a finished lower level with a family room and a full bath.

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

First listed in February for $549,000, it has been reduced $20,000.

That’s $29,000 over the 2009 purchase price of $500,000.

Will this house be able to command a premium to the 2009 price in this hot(ter) market?

Marina Jacobson at Koenig & Strey Real Living has the listing. See the pictures here.

712 N. Throop: 3 bedrooms, 3.5 baths, no square footage listed, 2 car garage

• Sold in February 1997 for $75,500 (prior house)
• Sold in May 2000 for $358,000
• Sold in November 2006 for $525,000
• Sold in August 2009 for $500,000
• Originally listed in February 2012 for $549,000
• Reduced
• Currently listed at $529,000
• Taxes of $10,359
• Central Air
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 15×17 (second floor)
• Bedroom #3: 10×10 (second floor)
• Family room: 29×15 (lower level)

We last chattered about this 2-bedroom top floor unit at 2657 N. Burling in East Lincoln Park in January 2011.

See our prior chatter here.

At that time, it had 9 of the 13 “unicorn criteria” that anonny was looking for for his condo dream home in East Lincoln Park.

Listed for $364,000, many of you believed it would sell for the low $300,000s.

The Groove was one who actually “called” it:

“i call 317k w/parking. write this down because I WILL BE CORRECT”

Since then, the property has been reduced to $349,500 with the parking included.

If you recall, the unit has hardwood floors and a wood burning fireplace.

The kitchen has white cabinets, granite counter tops and a mixture of appliances (white and black.)

It has the features buyers look for such as central air, washer/dryer in the unit and deeded parking (although it is outdoor.)

Will The Groove turn out to be correct in the final sales price of this unit?

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

Unit #3: 2 bedrooms, 2 baths, 1300 square feet

• Sold in August 1994 for $182,500
• Sold in August 1998 for $256,500
• Sold in June 2003 for $351,500
• Sold in June 2005 for $400,000
• Sold in May 2007 for $412,500
• Originally listed in July 2010 for $399,000
• Reduced
• Listed in November 2010 for $364,000 (plus $20,000 for parking)
• Was still listed in January 2011 at $364,000 (plus $20,000 for parking)
• Withdrawn in January 2011
• Re-listed in March 2012 for $374,500
• Reduced
• Currently listed at $349,500 (includes the parking)
• Assessments of $155 a month
• Taxes of $5984
• Central Air
• Washer/Dryer in the unit
• Wood burning fireplace
• Bedroom #1: 13×13
• Bedroom #2: 13×10

We last chattered about this 3-bedroom vintage bungalow at 4054 N. Lawler in Portage Park in August 2011.

See our prior chatter here.

No surprise, but most of you thought the house was overpriced for a property that still needed some work (especially going up against rehabbed foreclosures with everything “new.”) Many thought it should sell around $250,000.

Also, some of you thought for the price you might as well buy in Oak Park instead.

Since August 2011, it has been reduced another $19,000 to $345,000.

If you recall, the house was built in 1921 on a 40×125 corner lot.

At 1707 square feet, all 3 bedrooms are on the main level.

It also has a large 28×14 attic space.

The house has some of its vintage features including french doors in the living room, built-in bookcases and natural woodwork around the windows and the doorframes.

However it doesn’t have central air and the listing says it has “some” newer windows.

The kitchen also does not have granite counter tops or stainless steel appliances- instead it has regular counter tops and white appliances.

Does this house still suffer from in-between-itis (not a “deal” as a short sale/foreclosure but not renovated up to the standards of the rehabs?)

Janet Robertson at Century 21 McMullen still has the listing. See the pictures here.

4054 N. Lawler: 3 bedrooms, 1.5 baths, 1707 square feet, 2 car garage

• Prior sale before 1988
• Sold in June 2006 for $380,000
• Originally listed in March 2011 for $374,900
• Reduced numerous times
• Was listed in August 2011 at $364,000
• Reduced
• Currently listed at $345,000
• Taxes of $4253
• No central air- window units only
• Bedroom #1: 14×11 (main level)
• Bedroom #2: 14×11 (main level)
• Bedroom #3: 12×9 (main level)
• Attic: 28×14

This 4-bedroom Victorian at 1805 W. Cornelia in Roscoe Village in North Center just came on the market.

It is built on a double Chicago lot of 50×125.

The house has a koi pond, a pergola with fire pit and a dog run.

However, there doesn’t appear to be a garage or any off street parking.

Two of the four bedrooms are on the second floor with two on the main floor.

The house has a cathedral beamed great room with skylights.

The listing says there is hardwood floors under the carpet on the main floor.

It also has a partially finished basement and central air.

Will the double lot trump the lack of parking? 

Kenneth Marier at Prudential Rubloff has the listing. See the pictures here.

1805 W. Cornelia: 4 bedrooms, 3.5 baths, no square footage, no parking

• Sold in September 1995 for $93,500
• Sold in April 2002 for $335,000
• Currently listed for $899,000
• Taxes of $9965
• Central Air
• Bedroom #1: 17×25 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 8×12 (main floor)
• Bedroom #4: 11×11 (main floor)