Crib Chatter

We last chattered about this new construction 3-unit building at 1022 W. Diversey in January 2012 (where we were hoping for snow which never came!)

See our January 2012 chatter here.

At that time, just the second floor 2/2 was on the market and it was listed for $474,900.

At least one of you didn’t see how it would sell for over $350,000 given the square footage. Others thought that it would probably sell around $450,000 because it was new.

Since then, both the second and third floor units have sold.

1. Unit #2: 2/2 originally listed for $474,900 and SOLD on April 4 for $435,000.
2. Unit #3: 2/2 listed for $550,000 and SOLD on April 16 for $535,000.

That leaves Unit #1, the large 4 bedroom duplex down, as the last remaining unit still available.

If you recall, this building is located directly across the street from the Lincoln Park Athletic Club and just half a block from the Diversey El stop.

Are these sales another sign that new construction is returning at full throttle?

John McNaughton at Prudential Rubloff has the listing. See the listing  here (no interior pics).

Unit #1: 4 bedrooms, 2.5 baths, duplex down, no square footage listed, parking included

• Currently listed for $750,000
• Central Air
• Washer/Dryer in the unit
• Assessments of $197 a month
• Taxes are “new”
• Not sure where the bedrooms are located as the listing lists them all on the main floor

This 3-bedroom penthouse at 3144 N. Lincoln in Lakeview just came on the market.

It has 2350 square feet on one level.

The unit has Brazilian cherry floors and extensive millwork.

The kitchen has walnut cabinets, limestone counter tops and upgraded appliances by Miele and Dacor.

The unit has a full-sized side-by-side washer/dryer.

The stairs you see in the pictures lead to the private 23×99 rooftop deck.

There’s central air and garage parking.

The unit came on the market listed 19% under the 2007 purchase price at $589,000.

Is this property priced to sell?

Judi Newbold at Koenig & Strey Real Living has the listing. See the pictures here.

Unit PH: 3 bedrooms, 2.5 baths, 2350 square feet, garage parking

• Sold in February 2004 for $615,000
• Sold in October 2007 for $725,000
• Currently listed for $589,000
• Assessments of $208 a month
• Taxes of $11026
• Central Air
• Full sized side-by-side washer/dryer
• Bedroom #1: 23×18 (main level)
• Bedroom #2: 12×12 (main level)
• Bedroom #3: 13×13 (main level)
• Rooftop deck: 23×99

We’ve chattered about this 2-flat greystone at 1524 W. Byron in the Southport neighborhood of Lakeview several times over the last couple of years.

See our January 2010 chatter here.

It actually originally came on the market nearly 5 years ago in June 2007.

The 2-flat has been on and off the market every year since then.

Recently it returned to try it’s luck once again.

If you recall, the units have separate utilities, including central air, and hardwood floors.

The listing says they have “updated kitchens.”

There is coin laundry in the basement.

Last summer, the old listing said “rent currently low. too be increased soon.”

You can see what the new rents are in the current listing:

1. Unit #1: 2 bedrooms, 1 bath, rented for $1275 (was rented in 2010 for $1200 a month)
2. Unit #2: 2 bedrooms, 1 bath, rented for $1275 (was rented in 2010 for $1195 a month)

There is no parking. The listing says the building is “land locked.” 

There is an auto repair business next door that is adjacent to Ashland.

Since July 2008, the property has reduced $69,100 to $429,900.

The listing says it is “priced to sell.”

Does this 2-flat finally make sense for an investor?

Greg Viti at Prudential Rubloff still has the listing. See the pictures here.

1524 W. Byron: 4 bedrooms, 2 baths, 2-flat, no parking

• Sold in 1995 for $209,000
• Originally listed in June 2007
• Was listed in July 2008 for $499,900
• Withdrawn
• Was still listed in January 2010 for $499,900
• Reduced
• Was listed in April 2011 for $449,000
• Reduced
• Currently listed at $429,900
• Taxes of $9973 (were $9452 in January 2010)
• Rental income: $30,600
• Separate central air/heat
• No parking

This 3-bedroom brick bungalow at 844 N. Damen in West Town just came on the market listed at $178,900.

It is a Freddie Mac Homesteps property.

The listing says “property needs repairs.”

Built in 1900, it is on a smaller than standard 25×104 lot. It doesn’t have a garage but the listing says there are parking spaces.

All 3 bedrooms are on the second floor.

There is an unfinished basement.

The listing has no pictures of the kitchen and/or baths (which I’m sure is obvious once you look at the other pictures.)

Is this a deal for the location for someone who is willing to renovate?

[By the way- the last filed lis pendens in the public record was in April 2009. Anyone in the neighborhood know how long this house has been empty and boarded up? Has it been 2 or 3 years?]

Gerard Lewis at Better Homes for America LLC has the listing.  See the pictures here.

844 N. Damen: 3 bedrooms, 2 baths, 1800 square feet

• Sold in May 2005 for $350,000
• Sold in August 2005 for $425,000
• Lis pendens filed in November 2008
• Lis pendens filed in April 2009
• Recently came on the market as a Freddie Mac Homesteps property at $178,900
• Taxes of $6269
• No central air
• Bedroom #1: 12×14 (second floor)
• Bedroom #2: 12×8 (second floor)
• Bedroom #3: 10×7 (second floor)

This 2-bedroom duplex in Kennelly Square at 1749 N. Wells in Old Town recently came on the market.

The listing says it has a brand new kitchen with dark cabinets, stainless steel appliances, granite counter tops and a wine fridge.

The first level has hardwood floors while the second level has berber carpeting.

Both bedrooms and a den are on the second floor, connected to the first by a spiral staircase.

The bathrooms have what look to be granite counter tops and dark vanities.

The unit has central air and parking is rental in the building for $165 a month.

I don’t know about an in-unit washer/dryer as the listing doesn’t list one at all (either in the unit OR the building.) But the other units in the building that are on the market do NOT have in-unit laundry. It is coin laundry in the building.

Is this a deal for the square footage and prime Old Town location?

Brian Ruff at D’Aprile Properties has the listing. See the pictures here.

Unit #614: 2 bedrooms, 2 baths, duplex, no square footage listed

• Sold in September 1988 for $112,500
• Sold in April 2000 for $225,000
• Sold in May 2005 for $272,000
• Currently listed for $375,000
• Assessments of $624 a month (includes heat, a/c, doorman, cable, pool)
• Taxes of $4585
• Parking is $165 a month in the building
• Central Air
• Washer/Dryer not listed in the listing (???)
• Bedroom #1: 19×12 (second floor)
• Bedroom #2: 17×15 (second floor)
• Office: 8×8 (second floor)

This 3-bedroom duplex down at 536 W. Oakdale in East Lakeview came on the market in February 2012.

Since then, it has been reduced $15,000 to $674,000.

The listing says it has 2 living rooms with a living room on the main level and a family room on the lower level.

The kitchen has upgraded finishes include Viking and Bosch along with granite counter tops.

There are cherry hardwood floors throughout.

The unit has a private front patio and garage parking.

It is listed $6,000 over the 2008 purchase price.

Does this unit appeal to those who would otherwise buy a single family home in another neighborhood? (since there aren’t any SFHs in THIS neighborhood in this price range.)

Michael Zucker at @Properties has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, no square footage listed, duplex down

• Sold in April 2008 at $668,500
• Originally listed in February 2012 for $689,000
• Reduced
• Currently listed at $674,000
• Assessments of $250 a month
• Taxes of $9623
• Central Air
• Washer/Dryer in the unit
• Garage parking included
• Bedroom #1: 16×12 (main level)
• Bedroom #2: 14×12 (main level)
• Bedroom #3: 11x1o (lower level)
• Family room: 21×14 (lower level)

I couldn’t get to the IAR monthly home sales report when it came out yesterday (sorry!) but here it is for what I’m sure will be a lively Friday discussion.

As we’ve already been chattering about for some time, sales rose in March year over year. Median price also rose.

In the city of Chicago, March 2012 home sales (single family and condominiums) totaled 1,626, up 12.1 percent from 1,450 homes sold in March 2011. The city of Chicago median home sale price for March 2012 was $171,750, up 5.2 percent compared to March 2011 when it was $163,200.

However, when compared to prior yearly data, sales continue to be rather anemic.

Here’s the sales data going back to the 1990s (thanks G!):

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%

“There are encouraging signs in the market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “Sales volumes are up, time-on-the-market levels are down significantly from a year ago and prices appear to be stabilizing in Illinois although continuing to fall in Chicago. Further, in the last month there was a more even spread of sales prices compared to previous months where homes sold for less than $200,000 dominated the market.”

“REALTORS® are continuing to see an increase in the number of buyers looking to buy a home today, as rents are going up and interest rates are at an all-time low,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and Broker/Owner of Bob Floss and Son Realty. “While we are still closely monitoring the impact of distressed properties now and those that may enter the market in the coming year, continued stabilization of the market will ultimately come from buyers looking to make a long-term investment in a community with the dollars they invest today.”

Inventories are much lower than a year ago. Many people are reporting multiple-bid situations on properties (and not just on the distressed ones either.)

Is this the price bottom?

March home sales in Illinois best in four years; median prices show signs of stabilizing [Illinois Association of Realtors, Press Release, April 19, 2012]

We’ve chattered about this 1-bedroom coach house at 2011 N. Kenmore in Lincoln Park several times over the last year.

See our December 2011 chatter here.

Until March 2012, the price hadn’t seen a reduction in a year. The sellers were sticking with $315,000.

In December, most of you thought it had to be listed under $300,000.

It has now been reduced and is priced at $285,000.

If you recall, it is a duplex loft-like unit with skylights, exposed brick and exposed pinewood ceilings.

The kitchen is newer and has white cabinets, stainless steel appliances and black limestone countertops.

The listing says a new half bath was added and that the master bathroom has been completely renovated with a new rain shower.

Last year, the Groove thought it was one of the “coolest quirkiest listings on cribchatter” and he especially liked its Battlestar Galactica vibe.

It has central air but no parking. The garage in the picture is for the building on the other side of the coach house.

Is this property finally priced to sell?

Jennifer Mills at Koenig & Strey Real Living now has the listing. See the pictures and a virtual tour here.

2011 N. Kenmore: 1 bedroom, 1.5 baths, no square footage listed

• Sold in June 2000 for $169,000
• Sold in July 2003 for $241,000
• Sold in May 2007 for $295,000
• Was listed in March 2010 for $349,000
• Reduced
• Had been listed for $315,000 since March 2011
• Reduced to $309,900 in March 2012
• Reduced
• Currently listed at $285,000
• Assessments of $110 a month
• Taxes of $3358
• Central Air
• Washer/Dryer
• No parking
• Bedroom: 21×18
• Living room: 24×13
• Kitchen: 13×9

This 2-bedroom in the Cordova at 1427 N. Dearborn in the Gold Coast has been on and off the market since July 2010.

It recently came back on the market significantly reduced from its prior list price.

The third floor vintage unit has 1700 square feet and some of its vintage features like a wood burning fireplace.

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

The listing says there are “upgraded bathrooms.”

It has central air and a washer/dryer in the unit but no deeded parking. Parking is available next door for $275 a month.

The unit is now priced about 23% under the 2008 purchase price at $485,000.

That’s nearly at the 2002 price of $463,000.

Is this a deal?

Lauren Leonardi at @Properties has the listing. See the pictures here.

Unit #3S: 2 bedrooms, 2 baths, 1700 square feet

• Sold in July 1999 for $390,000
• Sold in April 2002 for $463,000
• Sold in June 2005 for $617,500
• Sold in June 2008 for $635,000
• Originally listed in July 2010 for $659,000
• Reduced
• Was listed in June 2011 at $626,000
• Withdrawn
• Recently re-listed at $485,000
• Assessments of $400 a month
• Taxes of $8796
• Central Air
• Washer/Dryer in the unit
• No parking- rental available nearby for $275 a month
• Bedroom #1: 14×12
• Bedroom #2: 12×12
• Office: 15×9

We last chattered about this 2-bedroom contemporary coach house at 337 W. Armitage in Lincoln Park in November 2011.

See our prior chatter here.

At the time, it was listed at $500,000. Not surprisingly, most of you thought that was too high. Most thought $400,000 was more likely to see a sale.

Since November, it has been reduced $70,000 to $430,000.

If you recall, it does not have the vintage feel of most coach houses. Instead, it has contemporary styling.

The kitchen has modern cabinets, a stainless steel island and luxury appliances by SubZero, Miele and Bosch.

One of the 2 bedrooms is on the second floor with the other in the lower level.

Built on a 22×35 lot, there is a patio and central air but there doesn’t appear to be parking (although the listing says it has it.)

Now listed $10,000 under the 2004 purchase price, is this new price going to get the job done?

Berg Properties still has the listing. See the pictures here.

337 W. Armitage: 2 bedrooms, 2 baths, 1400 square feet

• Sold in August 1990 for $193,000
• Sold in October 2002 for $145,000
• Sold in June 2004 for $440,000
• Originally listed in 2007/2008- never sold
• Re-listed in June 2011 for $500,000
• Was listed in November 2011 for $500,000
• Reduced
• Currently listed at $430,000
• Assessments of $145 a month
• Taxes of $2164
• Central Air
• Washer/Dryer in the unit
• No parking (?) Pictures don’t seem to indicate that it has it.
• Bedroom #1: 17×17 (second floor)
• Bedroom #2: 18×11 (lower level)
• Living/dining combo: 17×9 (main level)
• Kitchen: 17×8 (main level)