Crib Chatter

This 5-bedroom new construction home at 2030 W. Leland in Lincoln Square was first listed for sale in April 2007.

It was on the market, and under contract at least once, until 2010 when it vanished without ever selling.

I took the picture in this post in August 2010 before it was boarded up. I just happened to be walking by one day and noticed a lockbox on the house, newspapers piling up on the front stoop, bushes that hadn’t been trimmed- all which led to my CribChatter senses tingling.  “Something” was going on with the property.

The house just came back on the market in the last few days as a short sale.

The listing says it’s sold “as is” and is “unfinished and boarded up.”

The boarded up windows didn’t stop someone from being interested, apparently, as it is already under contract.

The house was built on an oversized 37.5×120 lot and has a 2-car garage.

4 of the 5 bedrooms are on the second floor.

First listed for $1.789 million in 2007, it had been as low as $1.359 million before being withdrawn from the market in 2010.

What will this ultimately sell for?

Is someone buying for the land?

Kirby Pearson at Pearson Realty has the listing. See the listing here (no interior pictures).

2030 W. Leland: 5 bedrooms, 4.5 baths, 3500 square feet, 2 car garage

• Sold in October 2005 for $590,000 (prior house)
• Originally priced in April 2007 for $1.789 million
• Reduced
• Was listed “as-is” with a “motivated seller” in May 2009 for $1.399 million
• Reduced in 2010 to $1.359 million
• Withdrawn
• Lis pendens foreclosure filed in May 2010
• Currently re-listed as a “short sale” and “unfinished and boarded up” for $1.49 million
• Under contract
• Taxes of $7028
• “Classically constructed”

This 2-bedroom re-sale in The Silver, the newer construction tower at 303 W. Ohio in River North, just came on the market.

There haven’t been many resales in the building, which the listing now says is 100% sold.

Purchased 3 years ago for $399,500, it is currently listed for $400,000.

At 1080 square feet, it has southern exposure and a split floor plan.

There were some upgrades in the unit including 1.25 inch granite counter tops in the kitchen.

It has the standard new construction amenities including central air, washer/dryer in the unit and parking (which is included in the price.)

With other 2-bedrooms in nearby buildings now listed for under $300,000, how will these sellers make out?

Garry Nusinow at Sandcastle Management has the listing. See the pictures here.

Unit #1806: 2 bedrooms, 2 baths, 1080 square feet

• Sold in July 2009 for $399,500 (parking included)
• Currently listed for $400,000 (parking included)
• Assessments of $441 a month (includes gas, doorman, cable)
• Taxes of $5802
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×14
• Bedroom #2: 11×11
• Living room: 14×16
• Kitchen: 8×10

We’ve been following this 3-bedroom duplex up vintage gem in The Eddystone at 421 W. Melrose in Lakeview since 2008.

In that time, the price has been reduced $1,191,000 to $699,000.

We last chattered about it in August 2010 when it had been reduced to $999,000. See that chatter here.

Back in 2010, Laura chimed in that she didn’t think it would sell for over $700,000, especially with the high assessments.

If you recall, the unit has amazing vintage details from wood paneled walls, plaster ceilings, leaded and stained glass, and original moldings.

There is a limestone fireplace and paneled first floor study.

This is detail work usually found only in the most luxurious of properties.

You can see more details of the craftsmanship in a post from Craigslist here.

Remember, the kitchen was also recently added. It has maple cabinets, granite counter tops and stainless steel appliances.

This unit does not have central air and does not have parking (but that is available for lease next door for $200 a month.)

The unit DOES have an in-unit washer/dryer and pets are allowed.

Will this go back to the 1999 price?

This is a condo (not a co-op) so taxes are NOT included in the assessment.

Paul Gorney at Prudential Rubloff now has the listing. See the pictures here. 

Unit #14-15C: 3 bedrooms, 4 baths, no square footage listed (but craigslist ad says 4,000 square feet)

• Sold in February 1999 for $450,000
• Was listed in November 2008 for $1.89 million
• Reduced
• Withdrawn
• Re-listed in July 2010 for $1.1 million
• Reduced
• Was listed in August 2010 at $999,000
• Reduced
• Currently listed at $699,000
• Taxes of $12201
• Assessments of $2,878 a month (includes heat, electric, gas, doorman, cable)
• No central air- window units only
• Parking is leased next door for $200 a month
• Washer/Dryer now in the unit
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 16×11 (second floor)
• Bedroom #3: 16×13 (main floor)
• Library: 15×13 (second floor)
• Laundry room: 5×5 (second floor)

This 3-bedroom cottage at 2225 W. Shakespeare in Bucktown has been on the market since September 2011.

In that time it has been reduced $24,000 to $575,000.

Built in 1891 on a smaller than standard Chicago lot measuring 24×100, it has a new 2-car garage.

Two of the three bedrooms are on the second floor with the third on the main level.

The master suite is large and has skylights.

There is a partially finished basement with storage.

The listing says the kitchen is “new” and has stainless steel appliances.

The house has central air.

Is this house a good townhouse alternative?

Cindy Wilson at Koenig & Strey Real Living has the listing. See the pictures here.

2225 W. Shakespeare: 3 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in April 1988 for $74,000
• Sold in October 1993 for $205,000
• Originally listed in September 2011 for $599,000
• Reduced
• Currently listed at $575,000
• Taxes of $7093
• Central Air
• Bedroom #1: 23×14 (second floor)
• Bedroom #2: 12×9 (second floor)
• Bedroom #3: 11×7 (main floor)
• Partially finished basement

Realty Trac is reporting that Cook County foreclosures soared 51% in February compared to February of a year ago.

“In Cook County last month, 3,106 mortgage holders were notified that their properties had fallen into default and foreclosure proceedings had begun. Another 1,894 properties were scheduled for court-supervised auction while 2,045 became bank-owned. That level of activity was a drop of 17 percent from January but 51 percent greater than February 2011.”

Cook County includes more than just Chicago, of course. But Realty Trac doesn’t parse out the city versus the other towns in the county so we’ll have to go with the county data.

Last year, there was a delay in foreclosure filings due to the robosigning debacle and negotiations between the banks and various state attorney generals.

Realty Trac and other analysts have been warning that foreclosures would pick up again in 2012.

REOs and short sales made up just more than half the sales in Chicago in February.

Can you have a market “bottom” when REOs/short sales make up such a big percentage of sales?

Chicago-area foreclosures jump 42% in February [Chicago Tribune, Mary Ellen Podmolik, March 15, 2012]

This 2-bedroom in The Bristol at 57 E. Delaware in the Gold Coast has been on the market since March 2010.

Purchased in June 2009- after the Great Recession began-  for $615,000, it is now listed about 10% under the 2009 purchase price at $559,900.

At 1500 square feet, it isn’t one of the smaller 1200 square foot 2/2s that dot River North and Streeterville.

It has a “renovated kitchen” with 2 inch granite and Viking stainless steel appliances.

It has a marble master bath and hardwood floors throughout.

The unit has central air, washer/dryer in the unit and parking is included.

The Bristol is a full service building with an indoor pool and doorman.

The unit faces North and East.

How low will this go?

Sandra Black at Re/Max Signature has the listing. See the pictures here.

Unit #1103: 2 bedrooms, 2 baths, 1500 square feet

• Sold in January 2000 for $337,500
• Sold in March 2002 for $535,000
• Sold in April 2005 for $599,000
• Sold in November 2006 for $575,000
• Sold in June 2009 for $615,000
• Originally listed in March 2010
• Reduced
• Currently listed at $559,900 (parking included)
• Assessments of $668 a month (includes doorman, pool, cable)
• Taxes of $6582
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×13
• Bedroom #2: 13×11

When you think of Old Norwood Park, you may think of a house like this American Four Square at 5820 N. Newark.

Built in 1890 on an oversized 78×193 lot, it has retained much of its vintage details including stained glass, crown molding and wood doors.

Yet it also has modern conveniences like central air and a wine refrigerator.

The kitchen is described as a “chef’s kitchen” with Viking stainless steel appliances.

4 of the 5 bedrooms are on the second floor with the 5th on the main floor.

 The listing also describes the house as having new air conditioning, furnace, electrical, water tank and boiler.

Originally listed in September 2011, it has been reduced $45,000 to $820,000.

The house has a 2-car garage but only 1.5 baths.

Will this house be able to command a price over $800,000?

Lisa Sanders at Baird & Warner has the listing. See the pictures here.

5820 N. Newark: 5 bedrooms, 1.5 baths, no square footage listed, 2 car garage

• I couldn’t find a prior sales price
• Originally listed in September 2011 for $865,000
• Reduced
• Currently listed for $820,000
• Taxes of $8081
• Central Air
• 1 fireplace
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 14×9 (second floor)
• Bedroom #4: 12×10 (second floor)
• Bedroom #5: 12×10 (main floor)

This 3 bedroom penthouse in Royalton Towers at 1444 N. Orleans in Old Town has been on and off the market since September 2010.

It is a north east corner unit with 33 foot cathedral ceilings in the living room.

Two of the bedrooms are on the main floor with the third on the second floor.

At 2200 square feet, the unit also has a family room and an office.

The kitchen has cherry cabinets and stainless steel appliances.

It has central air, washer/dryer in the unit and not just one, but two, coveted parking spaces.

The penthouse is listed $81,000 under the 2006 purchase price but is still listed for more than the 2004 price.

What price will it take to sell this unit?

Andy Salemi at Regal Realtors has the listing. See the pictures here.

Unit 9I: 3 bedrooms, 2 baths, 2 car parking, 2200 square feet

• Sold in August 2004 for $550,000
• Sold in October 2006 for $750,000
• Originally listed in September 2010
• Currently listed at $669,000 (parking included)
• Assessments of $618 a month (includes doorman)
• Taxes of $10604
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×11 (second floor)
• Bedroom #2: 12×12 (main floor)
• Bedroom #3: 10×10 (main floor)
• Family room: 12×11 (main floor)
• Office: 12×11 (second floor)

We last chattered about this 4-bedroom rowhouse at 4143 N. Damen in North Center 2 years ago.

See the March 2010 chatter here.

At that time, the rowhouse had been on the market since August 2009 and was listed for $799,900.

It was withdrawn from the market without a sale.

If you recall, the rowhouse was built in 2005 on a 18.6×125 lot.

It is all brick construction on three levels and a two car garage.

It also has custom built-ins, marble baths, and commercial grade appliances in the kitchen along with granite counter tops.

The last time we chattered about it, it was a 3-bedroom rowhouse with 2 bedrooms on the second floor and one in the lower level.

The old listing said that second floor bedrooms could be split into three easily. Apparently, the seller just went ahead and did it.

The rowhouse is now four bedrooms with three bedrooms on the second floor and the fourth in the basement.

The backyard is also landscaped with a brick patio.

The rowhouse is listed for essentially the same amount as 2 years ago.

With a hotter housing market, and four bedrooms, will this property quickly find a buyer?

Jeff Lowe at Prudential Rubloff once again has the listing. See more pictures here.

4143 N. Damen: 4 bedrooms, 3.5 baths, no square footage listed, 2 car garage

• Sold in 2005 for somewhere between $780,000 and $800,000 (the public records are really messed up)
• Originally listed in August 2009
• Was listed in March 2010 for $799,900
• Withdrawn
• Currently listed for $799,000
• Taxes of $13143 (was $12,310)
• Central Air
• Bedroom #1: 18×17 (second level)
• Bedroom #2: 14×9 (second level)
• Bedroom #3: 12×10 (second level)
• Bedroom #4: 16×11 (lower level)
• Office: 14×10 (lower level)
• Family room: 25×18 (main level)

I couldn’t hardly believe my eyes when I saw the new listings this morning.

507 W. Aldine #2B in East Lakeview is back on the market after having been listed for years as a distressed property.

It finally sold from the bank 11 months ago.

See our April 2011 chatter here.

I thought we were done with it. But no!

It has returned with, what looks like, no renovations from the prior listing.

It truly represents the full circle of the housing bust.

We saw it go from:

1. Normal sale
2. to Short sale
3. Into foreclosure and bank owned
4. Then listed from the bank
5. Finally it sold for 32% under the 2007 purchase price
6. NOW- it returns to the market just 11 months later listed $44,000 over the 2011 price.

The vintage unit has a washer/dryerin the unit and parking but no central air.

The kitchen has granite counter tops and stainless steel appliances.

The unit has some of its vintage features intact including crown molding  and a wood burning fireplace.

What will be the result of the sale THIS time?

Will the 2011 buyer make anything?

Brad Lippitz at Prudential Rubloff has the listing (didn’t he have it years ago when it was a “normal” sale???). See the pictures here.

Unit#2B: 2 bedrooms, 2 baths, dining room, 1400 square feet

• Sold in May 1995 for $154,000
• Sold in June 1998 for $199,000
• Sold in April 2000 for $243,000
• Sold in March 2007 for $379,000
• Was listed in February 2009 for $410,000 (included the parking)
• Reduced
• Was listed in March 2009 for $399,900 (included the parking)
• Reduced
• Was listed in May 2009 for $375,000 (included the parking)
• Reduced
• Was listed as a short sale in June 2009 for $339,000
• Under contract
• Re-listed in September 2009 for $339,000
• Under contract
• Lis pendens foreclosure filed in December 2009
• Re-listed in May 2010 for $325,000
• Withdrawn in July 2010
• Bank owned in September 2010
• Was listed in December 2010 for $276,500
• Reduced
• Was listed in February 2011 for $254,900
• SOLD in April 2011 for $255,000
• Re-listed for $299,000 (parking included)
• Assessments of $362 a month (includes heat)
• Taxes now $1939 (it was $5365 in the old listing)
• No central air- only window units
• In-unit Washer/Dryer
• Wood-burning fireplace
• Deeded parking included
• Bedroom #1: 14×12
• Bedroom #2: 12×11