Crib Chatter

This 2-bedroom duplex up in the converted church at 1021 W. Barry in Lakeview has been on the market for 11 months.

In that time, it has been reduced $139,100.

Unlike some of the converted church units we’ve chattered about over the years, this church unit actually has some of its original church features intact including large, arched windows.

There are 22-foot ceilings in the main living space and exposed brick.

The listing calls the kitchen a “chef’s kitchen”. It has stainless steel appliances and quartz counter tops.

While there is central air and 2 car garage parking, the unit also has a euro-style washer/dryer combo in the kitchen (which you can partially see in one of the pictures of the kitchen.)

The bedrooms are also split with one on the main level and one on the second level. One of the notes left by the Redfin agent on the property says that there are no windows in the main floor bedroom.

The unit is now listed $70,100 under the 2008 purchase price at $349,900.

Is this a deal for 1500 square feet in this neighborhood?

Guy LeMenec at Coldwell Banker has the listing. See the pictures here.

Or you can see it in person at the Open House on Sunday, February 19: 1:00 to 2:30 PM.

Unit #1W: 2 bedrooms, 2 baths, office, 1500 square feet

• Sold in March 2005 for $370,000
• Sold in November 2008 for $420,000
• Originally listed in March 2011 for $489,000
• Reduced numerous times
• Currently listed for $349,900
• Assessments of $340 a month
• Taxes of $6410
• Central Air
• Washer/Dryer in the unit
• 2 car parking included
• Bedroom #1: 12×10 (main level)
• Bedroom #2: 11×11 (second floor)
• Office: 11×7 (second floor)

Crain’s is reporting that sales of new downtown condos reached a new 3 year low in 2011.

According to the Appraisal Research Counselors, sales fell 54% year over year.

• 2011: 770 sales
• 2010: 1682 sales
• 2009: 1891 sales

With new rental high rises that were either built as condo building originally (and converted to rentals) or which have the amenities and features of condo buildings, many people are choosing simply to rent instead.

Uncertainty still reigns in the minds of would-be buyers, who are opting to play it safe renting than invest in a condo, says Gail Lissner, Appraisal Research vice president. Surging downtown rents are a deterrent, but Ms. Lissner says tough mortgage requirements and dismal resale potential are keeping many on the sidelines.

“They have the burden of owning a unit and miss out on some of that flexibility — being able to move,” she says. “People talk about the cost to own being very attractive. It is attractive, but you need that down payment, you need that unblemished credit score, and those can be tough things.”

In good news for condo developers, inventories, however, continue to fall as units are sold and/or converted into rentals.

• As of the fourth quarter of 2011: 2378 units available
• As of the fourth quarter of 2010: 4293 units available
• As of the fourth quarter of 2009: 6735 units available

It shouldn’t be surprising which buildings were the top sellers.

Top sellers in the fourth quarter included the Parkside at Old Town, 511 W. Division St., with 21 closed sales; a project at 235 W. Van Buren St., with 16, and the Trump International Hotel & Tower, with 10.

Value and location still drive buyers, Ms. Lissner says. She doesn’t expect sales to pick up this year unless developers “make some dramatic changes” to their marketing.

“Properties that did reduce prices comprise most of the properties getting good sales velocity,” Ms. Lissner says. “There used to be all sorts of gimmicks, but I think we ran through them.”

Though high apartment rents may push some downtown denizens into the condo market, Ms. Delrahim doesn’t expect condos to be the preferred housing choice anytime soon.

“I’d say three to five years,” she says. “At some point supply probably won’t equal demand, and that’s when the sales are going to return.”

Will it take a whole new generation of buyers before the condo market recovers from this bust?

Downtown condo sales drop as buyers hold off [Crain’s Chicago Business, Dave Matthews, February 16, 2012]

This 3-bedroom duplex in a converted church at 1243 N. Wolcott in Wicker Park just came on the market.

We’ve chattered about a lot of church units in the past.

It has exposed brick, bamboo floors and skylights.

The listing says it has a chef’s kitchen with granite counter tops and stainless steel appliances.

The unit has a private balcony but it also has roof rights in case you want to build your dream deck.

Two of the three bedrooms are on the second floor with the third on the main level with the living/dining/kitchen.

The property has all the other features buyers look for including central air, in-unit washer dryer and heated garage parking.

It is listed $20,000 under the 2005 price at $499,900.

It is one of the rare 3/3s (instead of 3/2s).

Is this an attractive price for 2000 square feet in this neighborhood?

Jenna Smith at Redfin has the listing. See the pictures here.

You can also see it in person at the Open House on Sunday, February 19: 11 AM to 1 PM.

Unit #3: 3 bedrooms, 3 baths, 2000 square feet

• Sold in September 2001 for $427,000
• Sold in July 2005 for $520,000
• Currently listed at $499,900
• Assessments of $267 a month
• Taxes of $6618
• Central Air
• Washer/Dryer in the unit
• Has roof rights
• Bedroom #1: 22×11 (second floor)
• Bedroom #2: 19×10 (second floor)
• Bedroom #3: 14×10 (main level)

Thanks to the Groove for pointing out that this 4-bedroom Holabird and Roche single family home at 1258 N. Lake Shore Drive in the Gold Coast recently reduced its price…again.

We first chattered about it all the way back in July 2008, when Crib Chatter was still in its infancy and Lehman Brothers still existed.

See our 2008 chatter here.

Yes, it is still on the market.

And it is still one of the few single family homes built directly on Lake Shore Drive.

Built in 1895, the lot measures 20x64x20.

The property has one car parking.

There are no pictures with the listing anymore because a buyer will re-do the interior. The house does have a rooftop terrace.

But if you want to see what the “bones” of the house look like- check out our prior chatter which has the interior pics.

After nearly 4 years on the market and a $2.8 million reduction, is this house getting close to an actual realistic selling price?

Marie Campbell at Koenig & Strey has the listing. See the listing here.

1258 N. Lake Shore Drive: 4 bedrooms, 5.5 baths, 5162 square feet, 1 car parking

• Sold sometime before 1988
• Was listed in July 2008 for $5.8 million
• Several reductions
• Was listed in March 2011 for $3.95 million
• Reduced
• Currently listed for $3 million
• Taxes of $21,733
• Central Air
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 16×16 (fourth floor)
• Bedroom #4: 18×16 (main level)

We’ve chattered about this 3-bedroom loft triplex at 1601 W. School in Lakeview several times over the past 11 months.

See our October 2011 chatter here.

First listed in March 2011 for $450,000, it has been slowly reduced $155,000 to just $295,000.

In our first chatter, some of you thought it might sell for around $350,000 but back in October, none of you even tried to guess.

Several of you commented on the awkward layout with all the bedrooms open to the living space (which means it can’t be occupied by roommates.)

If you recall, this building was a former Wieboldt’s department store so the loft has authentic features including exposed brick, big windows and tall ceilings.

This is a top floor unit. It has a spiral staircase leading to the second and third levels.

All 3 bedrooms are on separate floors.

The listing no longer says the buyer can entertain his/her friends in this unit. But it still does have a  private rooftop deck with north views and an outdoor grill.

There still aren’t any good pictures of the kitchen, but it looks like there are stainless steel appliances.

The loft also has a rare feature of TWO washer/dryers in the unit.

Would this make a good bachelor pad?

And how low will the price ultimately go? All the way back to 1996?

Laura Veeneman at Rerthoffer Realty still has the listing. See the pictures here.

Unit #701: 3 bedrooms, 3 baths, 1800 square feet

• Sold in January 1996 for $219,000
• Was listed in March 2011 for $450,000 plus $25,000 for parking
• Reduced
• Was listed in October 2011 at $350,000 plus $25,000 for parking
• Reduced
• Currently listed at $295,000 (I can’t tell if parking is still extra or if it is now included)
• Assessments of $428 a month
• Taxes of $5086
• Central Air
• 2 washer/dryers in the unit
• Private 16×24 rooftop deck
• Bedroom #1: 12×15 (second floor)
• Bedroom #2: 12×15 (main floor)
• Bedroom #3: 17×12 (third floor)

This 3-bedroom in the Mies Van Der Rohe high rise the Commonwealth Plaza at 340 W. Diversey Parkway in Lakeview just came on the market.

Built in 1957, the unit has North and East views which means you get city (but no downtown views) and the lake.

The listing says it has 100 feet of floor to ceiling windows facing the lake.

This unit was originally 2 units but has been combined.

That’s why there are 2 master suites and 4 bathrooms. It also has an office and an exercise room in 2500 square feet.

The kitchen also apparently has 2 refrigerators and 2 dishwashers.

The unit does have a washer/dryer in the unit and it does have central air. Parking is leased in the building.

This is a full service building with a doorman and a pool.

Given the square footage, location and views, is this a good candidate for the buyer who is trading in the suburban single family home for city living?

Justin Paul at Baird & Warner has the listing. See the pictures here.

Unit #1920: 3 bedrooms, 4 baths, 2500 square feet

• It looks like it last sold before 1985? (or maybe some kind of change in ownership in 2002???)
• Currently listed for $714,900
• Assessments of $1628 a month (includes heat, a/c, gas, cable, doorman, pool)
• Taxes of $8854
• Parking is rental for $150 to $205
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×17
• Bedroom #2: 18×11
• Bedroom #3: 17×11
• Office: 14×11
• Exercise Room: 13×11

This 2-bedroom in the mid-rise at 1430 S. Michigan in the South Loop just came on the market.

Built in 2001, it is a “soft loft” type unit with exposed duct work and concrete ceilings.

The listing says, however, that the bedrooms have full ceiling height (which some soft lofts do not.)

There are hardwood floors and the kitchen has maple cabinets, white appliances and granite counter tops.

The unit does have the amenities buyers look for in terms of central air, washer/dryer in the unit and deeded parking is available for $30,000.

The unit is listed for $7600 under the 2001 price (if you don’t buy the parking.)

Is this a deal?

[Also, from the sales history it appears this unit was originally bought pre-construction and flipped just months after closing for $50,000 in profit. Remember those days? Ah…memories…]

Thomas Klahn at Quest Realty Group has the listing. See the pictures here.

Unit #506: 2 bedrooms, 2 baths, 1200 square feet

• Sold in January 2001 for $202,500
• Sold in March 2001 for $252,500
• Sold in June 2005 for $316,500
• Currently listed for $244,900 (plus $30,000 for parking)
• Assessments of $448 a month (includes cable)
• Taxes of $4274
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 11×10

Mrs. O’Leary’s cow didn’t burn down this 4-bedroom Victorian at 2029 N. Seminary in Lincoln Park.

Built in 1861 on a 25×124 lot, the house pre-dates the Chicago fire (making it among the oldest houses we’ve ever chattered about) and the oldest in West Lincoln Park.

The listing says it was originally a farmhouse.

With 3 fireplaces it still has its antique mantles and leaded glass.

It also has the modern amenities of central air and a 2-car garage.

The extensive listing says it was last renovated in 1992 (when it also last sold.)

The kitchen has white cabinets and black appliances.

The house has been on the market 20 months and has been reduced $174,100 in that time.

On the listing page on Coldwell Banker, it says this property has been viewed 2,690 times (and that’s before all you chatterers took a look.)

Clearly it’s garnered publicity in the past.

What kind of price will it take to finally get this property sold in today’s market?

Jennifer Ames at Coldwell Banker has the listing. See the pictures and floorplan here.

2029 N. Seminary: 4 bedrooms, 3.5 baths, no square footage listed, 2 car garage

• Sold in May 1992 for $560,000
• Originally listed in June 2010 for $1,749,000
• Reduced
• Currently listed at $1,574,900
• Taxes of $16573
• Central Air
• Bedroom #1: 15×19 (second floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 13×15 (lower level)
• Recreation Room: 19×14 (lower level)

We first started chattering about this modern new construction single family home, being marketed by North Clybourn Group, at 1214 N. Rockwell in the East Humboldt Park neighborhood, in November 2010.

See our prior chatter here.

Back then, some of you were into it. After all it was a new construction house that was listed for anywhere from $350,000 to $450,000 (depending on location.)

That’s the price of a condo in most areas and this was a HOUSE.

The developers have been buying up foreclosed properties in West Town, Logan Square, Avondale and Humboldt Park neighborhoods and building new.

One of these houses was even featured on an episode of House Hunters and despite the buyers wanting to be close to restaurants and shops, they couldn’t resist purchasing it in a neighborhood that wasn’t their first choice, because it was a HOUSE.

Since November 2010, there have been many more of these built.

But recently, I’ve seen even more of them around town.

Here’s a few:

1807 W. Wabansia in the heart of Bucktown

•  I couldn’t even find an old listing for this one. Perhaps it wasn’t ever listed.
• But it looks like it sold in July 2011 for $550,000 (among the most expensive price points I’ve seen.)

2026 N. Point in Logan Square: The listing says it sold “before print.” 

• Sold in November 2011 for $439,426
• On an irregular 80x105x70 lot (see above)
• I wish I would have taken a better picture- but due to the lot size, the front is long and rectangular (I only have half of the front in the picture above.)

2028 N. Point in Logan Square: Curently pending but being used as a “model” for others in the neighborhood

• Listed at $419,000

2120 N. Bingham in Logan Square: Just two blocks east of the North Point street houses.

• Currently listed for $399,000
• There look to be two lots here- so maybe two houses?
• Obviously under construction
• See the pictures here (although they use the same pictures for every house)

2967 W. Nelson in Avondale

• Was listed in August 2011 for $349,000
• Just pulled off the market
• See the pictures here

2965 W. Nelson in Avondale

• Was listed for $339,000
• Now off the market

Is it good, or bad, for these neighborhoods to have what is, essentially, the same house being built over and over again on multiple nearby blocks (sometimes right next to each other)?

Is this akin to the building of the bungalows, all of which looked similar and served a purpose as starter homes, in the last century?

There is clearly demand for single family homes that are “new” in these neighborhoods. Why aren’t other developers doing it?

Bonus points to whomever can list the most addresses with this same house. I’m sure there are a bunch more out there currently on the market.

This 3-bedroom in the mid-rise condo building of the Urban Sandbox development at 1615 N. Wolcott in Bucktown just came on the market.

This 8-unit building was originally marketed in 2007 but this unit didn’t sell until February 2010.

The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.

See the architect’s website here.

It has 10 foot ceilings and floor to ceiling windows.

The finishes are all luxury and read like a who’s who of an interior design magazine with Arclinea cabinets in the kitchen along with SubZero, Miele, Ann Sacks, Hansgrohe and Duravit.

The unit has central air, washer/dryer in the unit and garage parking for an extra $19,900.

This unit has had interesting pricing over the years.

It was originally listed at $719,800 but was significantly reduced before finally selling in February 2010 for $550,000, which included the parking.

Now priced at $699,000, with the parking at $19,900, it is essentially the same price as the original list back in 2007.

Has the market improved enough to command a premium to the 2010 price?

Mimi Collins at Prospect Equities has the listing. See the pictures here.

Unit #201: 3 bedrooms, 2 baths, no square footage listed

• Originally listed in November 2007 for $719,800
• Reduced several times
• Sold in February 2010 for $550,000 (included the parking)
• Currently listed for $699,000 (plus $19,900 for parking)
• Assessments of $211 a month
• Taxes of $8327
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 10×11
• Bedroom #3: 9×11