Crib Chatter

This 4-bedroom vintage Victorian single family home at 5227 N. Christiana in North Park has been on the market for a year.

In that time it has been reduced $85,000 to $359,000.

Built in 1911 on a 124.3×37.5 oversized Chicago lot, the house has 1600 square feet.

There’s no garage, but there are two parking spaces (so presumably a garage could be built.)

The listing says there is an updated kitchen and baths.

3 of the 4 bedrooms are on the second floor with a 3 room master suite consisting of a bedroom an office and a full bath.

The house has maple floors and central air along with a full basement.

This property is now listed $30,000 under the 2005 purchase price but is still $109,000 over the 2001 price.

What will this house sell ultimately sell for?

Shai Wolkowicki at Shai Town Realty Group has the listing. See the pictures here.

5227 N. Christiana: 4 bedrooms, 2 baths, 1600 square feet, 2 parking spaces

• Sold in April 1989 for $100,000
• Sold in July 2001 for $250,000
• Sold in April 2005 for $389,000
• Originally listed in February 2011 for $444,000
• Reduced several times
• Currently listed at $359,000
• Taxes of $4315
• Central Air
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 12×10 (second floor)
• Bedroom #4: 10×10 (main floor)
• Full basement

We chattered about this vintage 2-bedroom at 5203 N. Magnolia in the Lakewood Balmoral historic district of Andersonville several times over the past year.

See our September 2011 chatter here.

At that time, it had just been reduced to $224,000.

Many of you thought it would sell around that price and were surprised it wasn’t moving.

The unit recently closed for $215,000.

If you recall, the building was in the arts and crafts style.

The property still had many of its vintage features including crown moldings and built-ins.

The unit had a unique carved fireplace in the living room as well as stained glass.

The kitchen was a mixture of black and white appliances and 42 inch cabinets.

The unit had central air but no washer/dryer in the unit (but there was one in the building.  It also had no deeded parking.

Also in our prior chatter, the agent filled us in on more details of the unit:

There is a new roof, new water service to the street, new common area windows. The W/D is in a common area as is a bike room and storage. This unit has newly redone hardwood floors and a half bath that could be converted to an in unit laundry if someone didn’t want to walk down one flight of stairs. Also, the huge master bedroom used to be two rooms and could easily be changed back if someone wanted a 3 bedroom unit.

Maureen Murnane at @Properties had the listing.

Unit #2N: 2 bedrooms, 1.5 baths, 1250 square feet

• Sold in March 1993 for $124,000
• Originally listed in June 2011 for $249,000
• Reduced
• Was listed in September 2011 for $224,000
• Sold in February 2012 for $215,000
• Assessments of $234 a month
• Taxes of $3065
• Central Air
• Washer/Dryer in the building
• No parking
• Bedroom #1: 19×10
• Bedroom #2: 10×10
• Sunroom: 9×8

How long does it take to close on a short sale?

This 3-bedroom duplex down at 323 W. Schiller in Old Town went under contract last August and was just put back on the market again. That’s 6 months under contract without a closing.

The unit has been listed since June 2010 when a lis pendens was also filed against the property.

It appears to be a duplex down although I’m not sure of the floor plan.

Two bedrooms are on the second floor and one is on the main floor.

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

In the agent’s comments on Redfin, an agent noted that the owners spent $10,000 on custom windows to minimize the nearby El noise.

It has all the other features buyers look for including central air, washer/dryer in the unit and parking.

Is this a deal for a 3/3 in this neighborhood?

Or is a buyer better off waiting until the bank takes possession and re-lists it?

Tammy Brody at Dwell One has the listing. See the pictures here.

Unit #1E: 3 bedrooms, 3 baths, 1800 square feet, duplex

• Sold in July 1996 for $200,000
• Sold in December 1998 for $250,000
• Sold in November 2000 for $339,000
• Sold in June 2006 for $472,500
• Lis pendens filed in June 2010
• Originally listed in June 2010 for $589,900
• Reduced numerous times
• Went under contract in August 2011 with a list of $394,000
• Re-listed in February 2012 as a “short sale” for $415,000
• Listing says “bank approved”
• Assessments of $200 a month
• Taxes of $8184
• Central Air
• Washer/Dryer in the unit
• Parking
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 10×10 (second floor)
• Bedroom #3: 10×10 (main floor)

This 2-bedroom vintage unit at 2340 N. Lincoln Park West in Lincoln Park just came on the market.

It is located across the street from Lincoln Park and just minutes from the Conservatory.

Built in 1913, the building has 7 units.

It does have prime garage parking behind the building.

But the unit doesn’t have either central air or in-unit washer/dryer.

However, it does have some original moldings.

From the look of the one kitchen picture, it also appears to have a vintage kitchen of some sort.

Both bedrooms are generously sized and it has south, east and west tree top views.

Does the location make up for the missing amenities with this unit?

Shannon Raglin Cecola at Coldwell Banker has the listing. See the pictures here.

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

• Last purchased before 1987 (no price given)
• Currently listed for $549,000
• Assessment of $963 a month (includes heat and gas)
• Taxes of $3200
• No central air (window units only)
• No in-unit washer/dryer
• Parking included
• Bedroom #1: 18×15
• Bedroom #2: 17×16

This 2-bedroom vintage bungalow at 5214 N. Larned in Jefferson Park recently came on the market.

It is bank owned and listed at just $154,900.

Built in 1924, it has hardwood floors and a full finished basement but only 1184 square feet.

There is also central air and a 2-car garage. However, the listing doesn’t give the lot size.

It is located just a few blocks from the Forest Glen Metra stop.

The price is nearly $50,000 under the 2000 purchase price.

Is this a deal for someone looking for a condo alternative?

[Also notice that this is a Fannie Mae Homepath property. It has taken 20 months to come back on the market.]

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

5214 N. Larned: 2 bedrooms, 1 bath, 1184 square feet, 2 car garage

• Sold in July 1990 for $124,000
• Sold in August 2000 for $200,000
• Sold in March 2007 for $330,000
• Lis pendens foreclosure filed in June 2009
• Bank owned in May 2010
• Currently listed for $154,900
• Taxes of $4422
• Central Air
• Fannie Mae Homepath property
• Bedroom #1: 12×10 (main level)
• Bedroom #2: 10×10 (main level)

We last chattered about Unit #3W in 504 W. Barry in East Lakeview in April 2011.

See our chatter here.

The 10-unit building was built in 1927. The old listing described it as a “gothic jewel.”

Alas, those words have been removed from the listing.

At 2200 square feet, the unit has some of its vintage features intact such as a woodburning fireplace and crown molding.

It also has the modern amenities buyers look for with space pac a/c and side-by-side in-unit washer/dryer.

Parking is a premium in the neighborhood, but the unit comes with parking as well as guest parking, a rare bonus.

The listing describes the kitchen as a “chef’s kitchen”. It has stainless steel appliances.

The property also comes with a large balcony- which is somewhat unusual for this type of vintage building.

Last April, the unit was listed $29,900 over the prior purchase price.

Since then, it has been reduced several times and is now $50,100 under the 2007 price.

Back then, many of you thought this would sell in the low $600,000s given the assessments and taxes.

Do you stand by your price predictions?

Richard Cohn still has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 3 baths, 2200 square feet

• Sold in August 2000 for $427,500
• Sold in May 2007 for $750,000
• Was listed in April 2011 for $779,900
• Reduced
• Currently listed at $699,900
• Assessments of $744 a month (includes heat)
• Taxes of $9295
• Space Pac A/C
• In-unit washer/dryer
• Parking included
• Bedroom #1: 17×12
• Bedroom #2: 16×13
• Bedroom #3: 12×12

This 1-bedroom authentic loft in the Lakeview Lofts at 3201 N. Seminary in Lakeview just came on the market.

A lis pendens foreclosure was filed in April 2010 so I’m not sure why it has only just come on the market.

At 920 square feet, it has exposed brick and tall timber ceilings.

The bedroom looks to be lofted slightly and has only partial walls.

The kitchen has white cabinets and appliances with a kitchen island.

The loft does have other features buyers look for such as central air, in-unit washer/dryer and parking.

It is also close to the Belmont El stop.

It is currently listed at the 1999 purchase price of $195,000.

Is this a deal?

Or should buyers just wait until it comes back on the market owned by the bank?

Cynthia Gaffrey at @Properties has the listing. See the pictures here.

Unit #202: 1 bedroom, 1 bath, 920 square feet

• Sold in February 1998 for $142,000
• Sold in October 1999 for $195,000
• Sold in December 2000 for $204,000
• Sold in May 2005 for $290,000
• Lis pendens foreclosure filed in April 2010
• Listed for $195,000 (includes the parking)
• Assessments of $190 a month
• Taxes of $3741
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×12

This 4-bedroom greystone at 1944 W. Farragut in the Bowmanville neighborhood of Lincoln Square has been on the market since May 2011.

The listing indicates it was formerly a two flat that was converted into a single family home.

The house has 3 fireplaces, crown molding and a box ceiling in the living and dining room.

Four of the six bedrooms are on the second level, with the remaining two in the lower level where there is also a recreation room.

The rear of the house has also been updated to have a wall of windows, which the listing indicates is from the basement to the second floor.

There are also $23,000 in custom window treatments included with the house.

It has an updated kitchen with stainless steel appliances, a large island and stone counter tops.

The house is on a 125×29 lot, has a 2-car garage and 2 decks, including one on the roof of the house and one on the roof of the garage.

Originally listed in May 2011 for $1.349 million, it has been reduced $100,000 in that time.

It is currently the most expensive single family home on the market in the immediate neighborhood.

Can a single family home command this price in this neighborhood?

Mary Foley at Conlon has the listing. See the pictures here.

You can also see a video presentation here.

1944 W. Farragut: 6 bedrooms, 3.5 bathrooms, 4500 square feet, 2 car garage

• Sold in March 1995 for $168,000
• Sold in December 2001 for $417,000
• Originally listed in May 2011 for $1.349 million
• Reduced
• Currently listed at $1.249 million
• Taxes of $9800
• Central Air
• 3 fireplaces
• Bedroom #1: 14×23 (second floor)
• Bedroom #2: 11×13 (second floor)
• Bedroom #3: 13×13 (second floor)
• Bedroom #4: 9×7 (second floor)
• Bedroom #5: 13×13 (lower level)
• Bedroom #6: 12×11 (lower level)
• Family room: 23×15 (main level)
• Recreation room: 21×23 (lower level)

The Chicago Tribune is reporting on a phenomena that many have chattered about here on Crib Chatter: that some areas are seeing more sales than years past and decent, affordably priced properties are also selling quickly.

Yet, the article says the improvements are coming in just 14 zip codes out of the entire Chicagoland area.

And no- one of the zip codes is NOT Oak Brook.

Still, there are pockets, small pockets, where at least in the fourth quarter of 2011 the housing market looked better than it did a year ago. The telltale signs: an increase in median sales prices, an increase in the number of closed sales and a decrease in the number of days on market.

There is no guarantee that the positive signs will continue in the more than a dozen ZIP codes that showed improvement in all three areas, and experts want to see another three months of statistics before they label an area as recovering. A rash of distressed properties also will send the market downward. But given five years of bad headlines about the housing market, even the smallest inkling of positive news may be welcome for homeowners and industry watchers.

“Real estate has become a spectator sport because of the Internet,” said Russ Bergeron, CEO of Midwest Real Estate Data LLC, the local multiple listing service provider. People “want to know what’s going on in their neighborhood. The (greater) number of units means stuff is at least moving. If you can string together six to nine months (of good numbers), then you’ve really got something to be excited about.”

You can click on a map in the Tribune article with more info about the individual zip codes, but those zip codes seeing improvement were located in:

1. Deerfield
2. Highland Park
3. Johnsburg (McHenry)
4. Johnsburg (Lake)
5. Mundelein
6. Park Ridge
7. Wood Dale
8. Lockport
9. Lisle
10. Aurora
11. Naperville
12. Western Springs
13. Chicago (Hyde Park)
14. Chicago (Ravenswood)

Nope. No Lincoln Park or Lakeview zip codes among them.

The mild winter certainly has helped showings and buyer interest, said Erene Panos of Re/Max Action. Panos still has conversations weekly with sellers about pricing, but list prices aren’t being dropped as quickly as they were a year ago.

“We aren’t getting as saturated by the foreclosures as before, and that’s definitely helping the resale market,” Panos said. “And if you have a home that has been very well taken care of, it’s not going to be there that long.”

Michael and Ilana Sherman made an offer on a Highland Park home the day after it came on the market, before Michael had even seen it. The couple sold their Lincoln Square condo at a loss in 2010 and began renting in Wilmette while they began watching the residential markets along the North Shore, waiting for the right opportunity. After walking away from one offer and losing out to a higher bid on another, the couple went under contract on a four-bedroom split-level a few hours after Ilana toured it, at the list price of $325,000.

“We kind of expected going into it that we would be able to take our time,” Michael Sherman said. “But the reality is, the houses that are priced accordingly to their real value and that are in structurally good shape go very fast. When you see it, and we’d been looking for a while, if you want to own your own home, then you have to react fast.”

Alan Meyerowitz, an @properties agent, said the Shermans are not alone. He’s talked with other renters who’ve bided their time and are now ready to move forward with a purchase.

“They’re all coming back and they’re ready to buy,” he said. “They’ve saved up.”

Now that the Super Bowl has passed, the traditional “Spring Buying Season” is on.

Will a lot of sellers jump in and list now that there are small signs of the possibility of a market bottom?

Can sellers genuinely “move up” as this article seems to indicate? Or is it just more realtor speak?

Pockets of hope in housing despair [Chicago Tribune, Mary Ellen Podmolik, February 5, 2012]

This new construction mid-rise with an elevator at 2753 N. Lakewood (at the corner of Lakewood and Diversey) in Lincoln Park was recently completed.

It has 6 three-bedroom units each with indoor parking.

The model currently on the market is 1480 square feet on one level.

It has luxury finishes including a tray ceiling.

The kitchen has white cabinets, stainless steel appliances (a Viking stove?) and stone counter tops (but I can’t tell what kind of stone those are from the pictures.)

Listed at $549,000, is there a market for higher priced new construction when within just a block or two of this building there are 3-bedroom units listed in the $300,000s?

Or will buyers still simply buy the “new”?

Fern Krause at FK Real Estate has the listing. See the pictures here. (warning! Music)

Unit #2E: 3 bedrooms, 2 baths, 1480 square feet, 1 car parking

• New construction
• Listed in December 2011 for $549,000
• Currently still listed at $549,000
• Assessments of $260 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 13×10
• Bedroom #3: 11×10
• Living room: 21×15
• Kitchen: 15×9