Crib Chatter

We last chattered about this 2-bedroom on the Boulevard at 2808 W. Logan Boulevard in Logan Square in May 2011.

See our prior chatter here.

Back then, it was listed for $45,000 under the 2006 price at $265,000.

Since then, it has reduced its price another $16,000 to $249,000.

In our last chatter, someone guessed it would probably sell around $250,000

If you recall, it has some unique features such as exposed brick along a hallway wall.

The unit also has a separate dining room and den.

It has hardwood floors and a fireplace.

The kitchen has white appliances with a stainless steel microwave.

While there is no central air (only window units), it does have the much sought after deeded parking and a washer/dryer in the unit.

We’ve seen some properties sell quickly on the Boulevard in the last year.

Are only the renovated and “new” properties selling fast?

Ron Knoll at Saffron Realty still has the listing. See more pictures here.

Unit #2E: 2 bedrooms, 2 baths, den, no square footage listed

• Sold in September 1998 for $126,000
• Sold in October 2001 for $200,000
• Sold in April 2006 for $310,000
• Listed in May 2011 for $265,000
• Reduced
• Currently listed for $249,000
• Under Contract
• Assessments of $343 a month (includes heat)
• Taxes of $3019
• No central air (window units)
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 14×10
• Bedroom #2: 16×10
• Den: 11×10
• Living room: 19×13
• Dining room: 11×9
• Kitchen: 18×8

I saw the movie “The Vow” over the weekend. It is set in Chicago (and actually uses quite a few Chicago scene-scapes.)

Whatever you might think about the actual movie- how could you not fall in love with the loft-style house the main characters live in somewhere on the “north side”? (yes- I know it’s not “real” and they use a set.)

I wondered: are there any properties like it on the market right now?

This 3-bedroom former storefront at 2116 N. Leavitt in Bucktown is the closest I could find to their house.

This single family home has similar tall ceilings and exposed brick with an open floor plan.

Just swap out the current furniture with bohemian style furniture, paint colors and artwork and viola- you have “The Vow.”

This house in Bucktown also has a 20 foot glass ceiling in the main living area and a roof terrace.

The kitchen is fancier than the “bohemian” style one in the movie. It has granite counter tops and what looks like a huge 8-burner professional stainless steel stove.

The house has central air but no parking and is on a smaller than standard 24×100 lot.

Listed since September 2011, it has been reduced $50,000.

Will buyers be inspired by the movie to check out this out-of-the-ordinary property?

Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.

2116 N. Leavitt: 3 bedrooms, 2.5 baths, 3500 square feet

• Sold in June 1997 for $320,000
• Sold in October 2002 for $577,000
• Originally listed in September 2011 for $985,000
• Reduced
• Currently listed for $935,000
• Taxes of $8586
• Central Air
• No parking
• Bedroom #1: 18×16 (second floor)
• Bedroom #2: 12×11 (main floor)
• Bedroom #3: 10×10 (main floor)

Forget the 3-bedroom condo. Buy this bank owned 3-bedroom single family house at 1115 W. Roscoe in Lakeview for just $349,900  instead.

What’s the catch?

It’s on a very small 22×50 lot, with no backyard.

It DOES have a 1-car garage (which you can see on the alley in the picture below.)

The house has hardwood floors and its kitchen and bathrooms appear to be intact.

The kitchen has maple cabinets and granite counter tops. The appliances are missing, however.

The house has central air and a full, unfinished basement.

This house is directly across the street from 1114 W. Roscoe another bank owned property we chattered about a year ago- but that house was ON the El line and was a 3-flat that needed work. See our chatter on that property here.

It sold for $305,000 in January 2011, was renovated and re-sold for $675,000 in November 2011.

Will there be a bidding war on this house?

Any guesses on a selling price?

Jason Reiner at Solid Source Realty has the listing. See the pictures here.

1115 W. Roscoe: 3 bedrooms, 2.5 baths, 1756 square feet, 1 car garage

• I couldn’t find any prior selling info because the PIN appears to be for the building next door. Not sure what the correct address is on this property.
• Redfin and Zillow both say it sold in August 2004 for $578,000
• It is a Fannie Mae Homepath property.
• Currently listed for $349,900
• Taxes of $8328
• Central Air
• Bedroom #1: 19×10 (second floor)
• Bedroom #2: 13×13 (second floor)
• Bedroom #3: 12×13 (second floor)

We last chattered about this 3-bedroom single family home at 3134 N. Oakley in North Center in September 2011.

See our prior chatter here.

This is one of those “renovation/flips”.

If you remember, this house had been bank owned earlier in 2011 and sold in July 2011 for $285,000.

Just weeks later it returned to the market listed for $134,000 more than the previous sale at $419,000.

But it had been reduced numerous times.

It finally sold in January 2012 for just $325,000.

It didn’t appear, however, that this was a full rehab as we’ve seen with many other bank owned homes.

The listing just said: “Fresh paint throughout. Refinished hardwood flooring.”

It also mentioned “updated electric” and that the “interior feels and smells new.”

The kitchen had the same cherry cabinets, stainless steel appliances and granite counter tops as when it was bank owned.

The living room curtains even appeared to be the same ones from when the house was previously on the market.

The house was built in 1902 and was on a smaller than standard 26×120 lot (per the prior listing.)

It had central air but only a one car garage.

2 of the 3 bedrooms were on the second floor with the third one on the main level.

Did this renovator make any money off this deal?

You can see the prior pictures when it was bank owned here.

Tom Witt of Executive Realty Consultants had the listing. You can still see interior pictures here.

3134 N. Oakley: 3 bedrooms, 2.5 baths, 1861 square feet

• Sold in June 2001 for $220,000
• Sold in March 2003 for $390,500
• Sold in April 2006 for $583,000
• Lis pendens foreclosure filed in January 2010
• Bank owned in March 2011
• Listed in June 2011 for $245,000
• Sold in June/July 2011 for $285,000 (I can’t tell which month for sure it sold in)
• Re-listed on Aug 2, 2011 for $419,000
• Reduced
• Was listed in August 2011 for $399,000
• Reduced
• Was listed in September 2011 for $379,000
• Sold in January 2012 for $325,000
• Taxes of $6767
• Central Air
• 1-car garage
• Bedroom #1: 13×12 (second level)
• Bedroom #2: 13×12 (second level)
• Bedroom #3: 12×10 (main level)
• Living room: 15×12
• Dining room: 19×15
• Kitchen: 13×12
• Family room: 20×15 (lower level)

This 3-bedroom top floor unit at 820 W. Webster in Lincoln Park just came on the market about a week ago.

It is in a 6-unit building that was built in 1892 and still retains many of its vintage features including hardwood floors, an older fireplace and crown molding.

But it also has the modern conveniences that many buyers are looking for including central air, a washer/dryer in the unit and parking.

There is a private deck off the back of the unit and also a communal rooftop deck with city views.

The kitchen has dark cabinets and stainless steel appliances.

The third bedroom is currently being used as a den.

A lis pendens foreclosure was filed on this property last August.

It is currently listed $44,900 above the 2004 purchase price.

Will it be able to get a premium to the 2004 price because of its Lincoln Park location?

David Nimick at Keller Williams Preferred has the listing. See the pictures here.

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

• Sold in March 2000 for $360,000
• Sold in March 2004 for $425,000
• Originally listed in May 2010 for $510,000
• Removed in October 2010 at the list of $499,000
• Lis pendens foreclosure filed in August 2011
• Re-listed in February 2011 for $469,900
• Assessments of $218 a month
• Taxes of $6740
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 13×12
• Bedroom #2: 14×11
• Bedroom #3: 12×12

I’ve been watching this 2-bedroom duplex down at 1034 W. Armitage in Lincoln Park for months.

I was originally going to post on it last summer when it was bank owned but the realtor never put any interior pictures up with the listing.

And try as hard as I could to find a past listing, which would at least give us some sort of idea what it looked like inside, I couldn’t find anything in the public domain.

So I didn’t post anything on it.

The unit was bank owned and originally listed by the bank at $325,000 in July 2011.

At 1800 square feet, it was a duplex down with central air, washer/dryer and parking just down the street from the Brown line El.

Yet no one jumped on it even after several price reductions. All I could surmise was that there was a reason the agent put NO interior pictures up in the listing.

How bad was it?

It ended up selling for $250,000 in November 2011.

Lo and behold it has come back on the market just over 2 months later as a newly renovated unit.

It now has a new kitchen with the requisite dark cabinets, granite counter tops and stainless steel appliances.

The listing says there are new hardwood floors on the lower level, the loft and stairs. It also says there is an all new guest bath.

The two bedrooms are on the main level with the living area and kitchen on the lower level.

The unit also has cathedral ceilings.

It has come back on the market listed at $409,900 which is essentially what the property sold for in 2005.

Will the renovator get it?

Lance Kirschner at @Properties has the listing. See the pictures here.

You can also see it in person at the Open House on Sunday February 19: 12-2 PM.

Unit #A: 2 bedrooms, 2.5 baths, 1800 square feet, duplex down

• Sold in September 1995 for $342,500
• Sold in August 2001 for $366,000
• Sold in January 2005 for $410,500
• Lis pendens foreclosure filed in January 2010
• Bank owned in February 2011
• Originally listed in July 2011 for $325,000
• Reduced several times
• Sold in November 2011 for $250,000
• Just re-listed for $409,900 (outdoor parking space included)
• Assessments of $436 a month
• Taxes of $8398
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×12 (main level)
• Bedroom #2: 12×12 (main level)
• Loft: 9×10
• Living room/Kitchen: on the lower level

This 2 bedroom penthouse at 3750 N. Lake Shore Drive in Lakeview just came on the market.

I am always insanely curious about the penthouses in these big pre-war buildings along Lake Shore Drive because they were built for the truly rich. (And they rarely come on the market.)

So they must be unique- right?

This penthouse is a duplex with not just one, but two, private 25×12 terraces on the main level.

Enclosed with brick, these are the kinds of terraces you see in the movies.

The kitchen has an atrium along with maple cabinets, stainless steel appliances and granite counter tops.

There is a wine cellar and two fireplaces.

The unit also has central air and a washer/dryer in the unit. Parking, however, is not in the building but is available next door.

At 3350 square feet, the penthouse also has a lower level “gym”.

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

For the square footage and amenities, is this priced to sell at under $900,000?

Janet Owen at Prudential Rubloff has the listing. See the pictures here.

Unit #17PH: 2 bedrooms, 2.5 baths, 3350 square feet

• It’s a co-op so I don’t have a prior purchase price
• Currently listed at $895,000
• Assessments of $2823 a month (includes heat, cable, doorman, pool)
• Taxes of $8140
• Building accepts 80% financing
• Central Air
• Washer/Dryer in the unit
• No parking – available next door
• 2 fireplaces
• Wine cellar
• 2 private terraces:25×12 each
• Bedroom #1: 18×18 (lower level)
• Bedroom #2: 15×12 (main level)
• Gym: 12×11 (lower level)
• Kitchen: 19×14 (main level)

This 4-bedroom contemporary single family home at 1943 N. Maud in Lincoln Park recently came on the market.

The listing says it was designed by Krueck & Sexton.

It was built in 1989 on a 23×100 lot.

It has a 2-story entryway and an open floor plan.

The listing says there is a new gourmet kitchen with white cabinets, black granite counter tops and upscale appliances by SubZero, Dacor and Miele.

The house has several outdoor spaces, including a deck on top of the 2-car garage.

The bedrooms are split, with the master on the third floor, two bedrooms on the second floor and the fourth in the lower level.

With all the vintage-era housing in Lincoln Park, is it tough being a contemporary lover?

Carol Duran at Prudential Rubloff has the listing. See more pictures here.

Or see it in person at the Open House: Sunday, February 12 from 11:30 to 1:30.

1943 N. Maud: 4 bedrooms, 4.5 baths, 4000 square feet, 2 car garage

• Sold in June 1993 for $795,000
• Sold in May 1998 for $690,000
• Currently listed for $1.295 million
• Taxes of $17,209
• Central Air
• Bedroom #1: 20×19 (third floor)
• Bedroom #2: 17×12 (second floor)
• Bedroom #3: 17×12 (second floor)
• Bedroom #4: 12×11 (lower level)

Crain’s is reporting that the developers of The Legacy, at 60 E. Monroe, across from Millennium Park, were able to secure refinancing.

A venture led by Chicago-based Mesa Development LLC borrowed the money last month from U.S. Bank and PrivateBank & Trust to refinance the Legacy at Millennium Park, a 355-unit project at 60 E. Monroe St. The $60.6 million loan allows Mesa to maintain control of the project in a market where so many developers have been cast aside by lenders trying to collect on unpaid loans.

But the building remains only 50% sold.

Since it is enormous, with 355 units, that means they still have to sell another 175 units (give or take).

“Buyers in 2012 are very sophisticated, they’re doing a lot more due diligence upfront, looking at building sponsorship and buying into a building on strong financial footing,” says Mesa principal James Hanson. “This gives us the term and flexibility we need to completely sell out the building.”

Mr. Hanson declines to disclose terms of the mortgage other than to say it is “long term.”

The loan could be a good sign for a condo market still struggling to get on its feet, though it may say more about the Legacy than it does about the market.

“Buildings with the best locations are impacted least and recover first,” says Gail Lissner, vice president of Chicago-based consulting firm Appraisal Research Counselors. “This could be a play by the banks, expecting that when the market conditions do return, the Legacy will be at the forefront of that wave.”

As we’ve seen with some of the other luxury high downtown high rises that are not sold out- there are no plans to sharply lower prices. The prices are, what the prices are.

The remaining units in the Legacy range from a one-bedroom condo listed at $358,800 to $5.5 million penthouses. Michael Golden, @properties co-founder, says the new brokerage “made some adjustments in pricing,” but not cuts across the board. The Legacy’s listing price per square foot averaged $600 since the second quarter of 2008, according to Appraisal Research.

“They were able to successfully sell at the pricing they’re at and, we feel, (are) priced appropriately,” Mr. Golden says.

An improved economy would help sales, helping to change the pessimism prevailing among buyers today.

“Most of the people we sell to, I don’t think they’re worried about losing their job,” says Mesa founder Richard A. Hanson. “It’s a question of confidence.”

How many years will it take to finally sell out this building?

Does this location command a premium for buyers versus, say, buying in Aqua, 10 E. Delaware, the Ritz or 2520 Lincoln Park (all newish construction as well)?

Legacy’s Luck: Luxury tower refinances with $60 million loan [Crain’s Chicago Business, Dave Matthews, February 8, 2012]

This 1-bedroom at 1 E. Scott in the Gold Coast just returned to the market after being listed in 2010.

It is a southwest corner unit with floor-to-ceiling windows.

It has hardwood floors in the main living area.

The listing says it has an upgraded kitchen and bath.

The kitchen has maple cabinets and a mixture of white/black appliances.

The unit has central air but no in-unit washer/dryer. There is rental parking in the building.

1 E. Scott is a full service building with a doorman and a rooftop pool.

This unit is listed $30,000 under the 2004 purchase price.

Is it priced to sell for this location?

Mark Miles at Dream Town has the listing. See the pictures here.

Unit #1509: 1 bedroom, 1 bath, no square footage listed

• Sold in November 1992 for $65,500
• Sold in June 2004 for $230,000
• Sold in October 2006 for $240,000
• Was listed in September 2010 for $234,000
• Withdrawn in January 2011
• Re-listed in February 2012 for $200,000
• Assessments of $500 a month (includes heat, a/c, gas, cable, pool, doorman)
• Taxes of $3270
• Parking is rental
• Central Air
• No in-unit washer/dryer
• Bedroom: 14×10