Crib Chatter

This 3-bedroom duplex down at 1408 N. Artesian in the East Humboldt Park neighborhood of West Town (although someone once told me this was “West Bucktown”- but that was pre-housing bust) has been on the market since December 2011.

Yes- it’s west of Western.

It is a short sale and is now listed at about 56% under the 2006 purchase price at just $169,000.

The listing doesn’t say if the short sale has been approved, however. A lis pendens foreclosure was filed in March 2011.

Built in 2001, the master bedroom is on the main level with the two other bedrooms on the lower level.

The kitchen has maple cabinets and granite counter tops but is missing the appliances.

There is central air, washer/dryer hook-up in the unit and rear, gated parking.

Short sales of newer construction condos dot the streets in this neighborhood.

Is this even a deal?

Jenny Caviedes at Re/Max has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2.5 baths, no square footage listed, duplex down

• Sold in May 2002 for $293,000
• Sold in December 2003 for $320,000
• Sold in May 2006 for $384,000
• Lis pendens foreclosure filed in March 2011
• Originally listed in December 2011 for $208,000
• Reduced numerous times
• Currently listed at $169,000
• Assessments of $150 a month
• Taxes of $5481
• Central Air
• Washer/Dryer hook-ups
• Outdoor gated rear parking
• Bedroom #1: 10×13 (main level)
• Bedroom #2: 10×10 (lower level)
• Bedroom #3: 9×10 (lower level)

As we were discussing in another thread yesterday, Crain’s is out with an article describing a select group of homeowners who bought a condo or other property in the city in their younger years, got married, had kids and now, because of housing declines, can not sell and move to the suburbs.

These are NOT people who have decided to buy a house in the GreenZone with the intent of staying in the city and sending their kids to the local schools.

These are people who otherwise would have moved to the suburbs (most likely those in the $250k to $400k price range – who are priced out of buying a single family home or even a townhouse in the GreenZone neighborhoods with “acceptable” schools.)

When Jill and Paul Syftestad’s oldest daughter was ready to start school four years ago, they put their South Loop townhouse on the market and planned to move to the suburbs.

One offer fell through at the last minute and a second was well below their asking price. “We had our hearts set on moving,” says Ms. Syftestad, an IT project manager at a nursing association. “We were devastated. We pulled it off the market and decided to stay.”

The recession dramatically slowed the number of people making the trek to the suburbs for bigger houses, safer neighborhoods and better schools. Unable or unwilling to leave the city, a small but growing group of middle-class families are turning to Chicago’s public and private schools, a development that holds both potential and peril for Mayor Rahm Emanuel and his efforts to improve the school system.

“I’ve had lots of clients who thought they would be able to sell their condo and can’t. So they are now trying to make it work” in city schools, says Christine Whitley, an education consultant who helps families through the Chicago Public Schools selection process. “They bought their condo way before they had kids and didn’t really factor schools into the equation. They figured they could sell and move to a better neighborhood or move to the suburbs. Now they can’t sell it, so they’re trying to figure out options” in the city.

“People are trapped,” says Tina Feldstein, a broker at Southport Sotheby’s International Realty in Chicago and president of the Prairie District Neighborhood Alliance, a South Loop association. “If they sell, they’ll take a major loss. They’re not in a position to do it. Everyone’s saying, ‘Next year, it will improve. Prices will get better.’ In the meantime, they’re forced to become involved in CPS schools.”

There’s no doubt that parental involvement is huge and has really boosted the prospects of some north side schools in recent years.

We’ve chattered about Nate Berkus’ 3-bedroom at 1325 N. Astor in the Gold Coast several times since it came on the market 14 months ago.

See our October 2011 chatter here.

But the Tribune is now reporting that it has been reduced again, so I figure we’d chatter on it again (since some of you were posting about it in the comments of the old thread.)

The unit has now been reduced a total of $655,000 to $1.995 million.

In our last chatter, some of you thought this might move around $1.75 million.

If you recall, Berkus renovated it but kept the original St. Charles metal cabinets in the kitchen and the Samuel Marx paneling.

According to the listing, there are new hardwood floors, a rehabbed master bath with custom English tub and a reconfigured master suite.

It also has two-zone air conditioning and new electrical.

The unit has an in-unit washer/dryer and a coveted deeded parking spot.

It also has competition, not just within the neighborhood, but even in the same building.

As someone pointed out in October, Unit #7 is also on the market.

It is also a 3-bedroom with 4270 square feet. It also has a highly coveted parking space within the building.

It is still listed at $2.65 million. See the pictures here.

Is it a deal compared with the other unit on the market in the building?

Or will this go back to the 2003 price?

Katherine Chez at Coldwell Banker still has the listing. See the listing here.

Unit #8: 3 bedrooms, 4 baths, 3980 square feet, 1 car parking

• Sold in June 2003 for $1.5 million
• Originally listed in January 2011 for $2.65 million
• Reduced
• Was listed in March 2011 at $2.399 million
• Reduced
• Was listed in August 2011 at $2.15 million
• Reduced
• Currently listed at $1.995 million
• Assessments of $3816 a month (includes heat and doorman)
• Taxes of $30425
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×20
• Bedroom #2: 14×11
• Bedroom #3: 17×12

This 3-bedroom duplex down at 2731 N. Whipple in Logan Square has sold 2 times in the past 7 years and is now on the market for the third time.

At 2100 square feet, the listing says the unit had a full rehab in 2005.

The kitchen has granite counter tops, a tile backsplash and stainless steel appliances.

The master bedroom and family room are on the lower level with the two other bedrooms on the main level.

It has central air, washer/dryer in the unit, security and a garage parking space plus one outdoor parking space.

The property is close to the El and the shops/restaurants of booming Logan Square.

This unit has sold for less than the previous purchase price the last two times and is set to do so again as it’s already listed $59,000 under its 2010 purchase price.

That is about 15% under the selling price of just 20 months ago.

Is this now a deal for this square footage and location?

Or is the falling price simply another sign of the times with more to come?

Rebecca Meiselman at Conlon has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2 baths, 2100 square feet

• Sold in March 2006 for $431,000
• Sold in May 2010 for $399,000
• Currently listed for $340,000 (came on the market in March 2012)
• Assessments of $249 a month
• Taxes of $5229
• Central Air
• Washer/Dryer in the unit
• Security
• 1 car garage parking plus 1 outdoor space
• Bedroom #1: 15×14 (lower level)
• Bedroom #2: 11×17 (main level)
• Bedroom #3: 9×11 (main level)
• Family room: 13×12 (lower level)

We chattered about this 2-bedroom duplex up at 1449 W. Lexington in the Taylor Street neighborhood on the near west side several times since it was first listed in 2010, including last September when it was re-listed.

See our September 2011 chatter here.

Several of you loved the neighborhood and thought the unit was cute, but, you also thought it was still priced a little high at $339,000.

The unit finally sold in February 2012 for $310,000, or $14,000 under the 2008 purchase price.

If you recall, it had ebony stained hardwood floors throughout and a travertine fireplace.

The kitchen had stainless steel appliances, granite counter tops and a glass tile backsplash.

It also had the amenities buyers look for including central air, washer/dryer in the unit and garage parking.

Nicholas Skidmore at Starting Point Realty had the listing.

Unit #A: 2 bedrooms, 1.5 baths, duplex up, 1400 square feet

• Looks like it sold in 1988
• Sold in August 2008 for $324,000
• Was listed in August 2010 for $374,900(parking included)
• Withdrawn in January 2011
• Re-listed in July 2011 for $344,900
• Reduced
• Was listed in September 2011 at $339,900 (garage space included)
• Sold in February 2012 for $310,000
• Assessments of $178 a month
• Taxes of $5285
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×10 (second floor)
• Bedroom #2: 11×12 (second floor)

This 2-bedroom plus den at 1601 S. Halsted in Pilsen has been on the market since August 2011.

Built in 2000/2001 as “Pilsen Gateway” it is just steps from the Metra stop on Halsted and within easy walking distance of both University Village shops/restaurants and Pilsen’s shops and restaurants.

The building has 32 units.

At 1600 square feet, the unit has a skyline view from the balcony.

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

As was true with new construction in the last decade, it has the amenities buyers look for including central air, washer/dryer in the unit and parking.

It has been reduced $55,000 since August 2011 and is now listed at $265,000.

Is this a deal for the square footage and amenities?

Neha Dhuper at Conlon has the listing. See the pictures here.

Unit #402: 2 bedrooms, 2 baths, den, 1600 square feet

• Sold in April 2003 for $320,000 (included the parking)
• Originally listed in August 2011 for $320,000
• Reduced
• Currently listed at $265,000 (includes the parking)
• Assessments of $420 a month (includes cable)
• Taxes of $5860
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×13
• Bedroom #2: 13×10
• Den: 13×10

We last chattered about this corner 2-bedroom loft in The Edge at 210 S. Des Plaines in the West Loop in August 2011.

See our prior chatter here.

At that time, we wondered if the seller would be able to command over $400,000 for this former developer’s model.

It’s 10 months later and the loft is now priced at $400,000.

The Edge consists of a brick base, which was converted into lofts, and a high rise tower that sits on top of the brick building.

The loft has northeast views, tall ceilings and exposed brick with city views.

The master suite has full walls but the second bedroom has only partials.

The kitchen has the finishes you would expect from 2005/2006 construction including 42 inch cabinets, stainless steel appliances and granite counter tops.

Back in August, some of you thought this would likely sell around $375,000.

But with the market allegedly improving, does it make sense to hold out at the higher price?

Jean Metzler at Conlon still has the listing. See the pictures here.

Unit #507: 2 bedrooms, 2 baths, 1520 square feet

• Sold in December 2005 for $460,000 (included parking)
• Originally listed in May 2011 for $420,000 (includes parking)
• Was still listed in August 2011 at $420,000 (includes parking)
• Reduced
• Currently listed at $400,000 (includes the parking)
• Assessments of $594 a month (includes heat, a/c, gas, doorman, cable)
• Taxes of $5438
• Central Air
• In-unit washer/dryer
• Bedroom #1: 15×14
• Bedroom #2: 10×12

This 3-bedroom vintage unit in 2130 N. Lincoln Park West in Lincoln Park came on the market in January 2012.

It has nearly all the features buyers look for, but can rarely find, in a vintage unit.

It has a washer/dryer in the unit and attached heated garage parking. The one amenity it is missing is central air.

The unit even has a private elevator entry and a private 660 square foot terrace, which is unique for these pre-war buildings.

Built in 1927, the unit has a 38 foot barrel vaulted gallery and oak floors.

The listing says the kitchen is 3 years old. It has white cabinets, granite counter tops and stainless steel appliances.

The listing also says the bathrooms are “new.”

Located directly across from Lincoln Park, is this the perfect vintage property under a million dollars in this location?

Jennifer Lea at Dream Town has the listing. See the pictures, the virtual tour and the floorplan here.

Unit #2S: 3 bedrooms, 3 baths, 2400 square feet

• Sold in February 2000 for $480,000
• Originally listed in January 2012 for $895,000
• Reduced
• Currently listed at $849,500
• Assessments of $1443 a month (includes heat, parking, cable)
• Taxes of $10640
• No central air- window units only
• Washer/Dryer in the unit
• Garage parking included
• 600 square foot private terrace
• Bedroom #1: 16×14
• Bedroom #2: 16×11
• Bedroom #3: 10×10
• Gallery: 38×7

We last chattered about this 4-bedroom rehabbed single family home at 4112 N. St. Louis in Irving Park in November 2011.

See our prior chatter here.

Originally bank owned, it was bought, rehabbed and then came on the market in August 2011.

In our November chatter, when the house was listed for $409,000, many of you thought that was too high and that it would likely sell for $370,000 or $375,000.

It is still on the market and has now been reduced to $384,900.

You can still see a few pictures from the prior bank owned listing here.

Originally built in 1896, it  is now a 4-bedroom with 4 bathrooms. The master bedroom now has a master bathroom complete with a jacuzzi tub. There is a bathroom on every floor, including in the lower level, which is also where the recreation room is located.

The house has a custom built eat-in kitchen with granite counter tops and stainless steel appliances.

Built on a standard Chicago lot of 25×125, it has a two car garage and 2 decks, with one off the kitchen and one off the second story master bedroom. The house also has central air.

Is this price getting closer to the market in this neighborhood?

Jonathan Gil at Resurrecting Real Estate still has the listing. See the pictures here.

4112 N. St. Louis: 4 bedrooms, 4 baths, 3000 square feet, 2 car garage

• Sold in December 2006 for $299,000
• Sold in December 2007 for $410,000
• Lis pendens filed in August 2009
• Bank owned in August 2010
• Sold in January 2011 for $98,000
• Originally listed in August 2011 for $449,900
• Reduced
• Was listed in November 2011 for $409,000
• Reduced
• Currently listed for $384,900
• Taxes of $5408
• Central Air
• Bedroom #1: 12×14 (second floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 9×13 (main floor) (is this really the dining room?)
• Bedroom #4: 11×10 (lower level)
• Family room: 9×21 (lower level)

We last chattered about this 3-bedroom top floor unit at 2817 N. Orchard in Lakeview in November 2011.

See our prior chatter here.

At that time, it was listed at $429,000 and we chattered about whether it would sell for over $400,000.

It has now been reduced to $400,000 so the answer appears to be “no.”

If you recall, this is a rare 3-bedroom vintage unit that also has 2 full baths (usually they have just 1 bath.)

Some of its vintage features remain including crown molding, an antique fireplace mantle and built-ins in the dining room.

This was a 2007 conversion so it has all the newer finishes.  The kitchen has granite counter tops and stainless steel appliances with newer cherry cabinets.

The unit also has central air, washer/dryer in the unit, a balcony and an outdoor parking space.

Back in November, most of you thought mid-$300,000s got the deal done. Does that still hold 4 months later?  

Craig Easly at @Properties still has the listing. See the pictures here.

Or you can watch the YouTube video here (warning- music!)

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

• Sold in May 2007 for $445,000
• Was listed in November 2011 for $429,900
• Reduced
• Currently listed at $400,000
• Assessments of $299 a month
• Taxes of $5613
• Central Air
• Washer/Dryer in the unit
• Outdoor parking space included
• Bedroom #1: 12×12
• Bedroom #2: 12×11
• Bedroom #3: 10×9