Crib Chatter

We’ve chattered about this 3-bedroom at 919 W. Wisconin in Lincoln Park several times over the last few years.

Our last chatter was almost a year ago, in March 2011. Read it here.

The property hasn’t been reduced since then. But, if you’ll recall, several lis pendens foreclosures were filed on the property in 2010.

Remember, the average time for the bank to take possession in Cook County is about 18 months.

This property has a unique outdoor space with multiple decks, a green house and gardens totaling 1144 square feet.

It also has 3356 square feet of living space on two levels, including a lower level recreation room.

The kitchen has stainless steel appliances. There are atill no pictures of the bathrooms in the listing.

Built on a 25×73 lot, the property has windows on 3 sides, central air and 1-car garage parking with a parking pad for a second car.

There are listings like this one (i.e. properties on the market for 4 or 5 years) in neighborhoods all over the city.

Is this just another example of all that is wrong (or right- depending on your point of view) in the Chicago real estate market? 

Jennifer Ames at Coldwell Banker still has the listing. See the pictures and a floor plan here.

919 W. Wisconsin: 3 bedrooms, 2.5 baths, 3356 square feet, 1 car garage

• I couldn’t find a prior sales price but looks like it sold before 1989
• Originally listed in October 2007 for $1.25 million
• Reduced several times
• Was listed in December 2008 at $999,970
• Reduced
• Lis pendens foreclosure filed in July 2009
• Was listed in December 2009 at $935,000
• Reduced
• Lis pendens foreclosure filed in May 2010
• Lis pendens foreclosure filed in June 2010
• Currentlystill  listed at $900,000
• Assessment of $182 a month
• Taxes of $3808
• Central Air
• Greenhouse
• Multiple decks – including a walkway that leads over the walled in garden
• Bedroom #1: 11×18 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 10×12 (second floor)
• Family room: 18×15 (lower level)

This 1-bedroom at 1414 N. Wells in Old Town just came on the market.

It is listed for $369,000 plus $30,000 for the parking or $399,000.

At 1100 square feet, it has 10 foot ceilings.

The listing says the kitchen was “completely redone”. It now has maple cabinets, granite counter tops and stainless steel appliances.

The unit has a 25×8 deck which faces west (i.e. it doesn’t face the Wells Street action.)

The unit has central air and a 5×7 laundry room.

We’ve chattered recently about renting v. owning and that the equation is now in favor, for the most part, with those who want to own.

How does this unit stack up against rentals in the immediate area- including the new midrise building going up just a few blocks to the south of this location?

Does being on Wells Street give this unit a cache not found in other parts of Old Town which justifies the price per square foot?

Or is Wells Street just that hot?

Lisa Reznick at @Properties has the listing. See the pictures here.

Unit #212: 1 bedroom, 1 bath, 1100 square feet

• Sold in August 1995 for $168,500 (with the parking spot)
• Sold in May 2001 for $289,000 (with the parking spot)
• Currently listed at $369,000 (parking is $30,000 extra)
• Assessments of $375 a month (includes cable)
• Taxes of $5442
• Central Air
• Washer/Dryer
• Bedroom: 15×11

This 2-bedroom cottage house at 1505 W. Victoria in Edgewater recently came on the market.

Built in 1886 on a smaller than standard Chicago lot of 25×115, it does have a 2-car garage.

The listing doesn’t list the square footage.

But we know that there are two bedrooms upstairs, plus a 9×8 office, and a living/dining room and kitchen on the main floor.

There doesn’t appear to be any basement.

The kitchen is a galley style and has white cabinets and stainless steel appliances.

The house does have central air.

The house is listed at $64,000 over the 2004 purchase price.

Are single family homes (versus a condo in the same neighborhood) that much more in demand that this property will sell for a premium?

Paul Ahlatis at Dream Town has the listing. See the pictures here.

1505 W. Victoria: 2 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in May 1995 for $145,000
• Sold in March 2004 for $415,000
• Currently listed for $479,000
• Taxes of $4691
• Central Air
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 11×9 (second floor)
• Office: 9×8 (second floor)
• Living room: 17×13
• Dining room: 13×13
• Kitchen: 13×7

This 3-flat at 1615 W. Barry in Lakeview has been on and off the market since 2009.

In that time it has been reduced $220,000.

It was recently dropped to $375,000 and has gone under contract (again)- as the property had been under contract in December 2011.

Normally I don’t like to chatter about properties under contract, but since people were recently talking about multi-unit properties and this one has fallen out of contract before, I thought it was worth highlighting.

Built in 1890 on an irregular lot of 21x125x15x125, it is on the alley but has a fenced in back yard and a 2-car garage.

It is across the street from the Burley School.

The listing says there is new electrical and each unit has separate utilities.

However, it doesn’t say anything about the cost of insurance, water etc.

Here are the details on the units:

1. Unit #1: 1 bedroom, 1 bath with rent of $800 a month
2. Unit #2: 2 bedrooms, 1 bath with rent of $875 a month
3. Unit #3: 2 bedrooms, 1 bath with rent of $950 a month

This 3-flat was last sold near the top of the investment property frenzy.

It is currently listed $125,000 under the 2007 purchase price of $500,000.

Does this 3-flat now make sense as an investment at this price? Or is someone going to buy it for the land?

The listing says it is zoned Rs-3.

Mary Kato at Chicago Fine Properties, Inc. has the listing. See the listing here.

The current listing does have any interior pictures but one of the older listings did. See some interior pics here.

1615 W. Barry: 3-flat, 6 bedrooms, 3 baths, 2 car garage

• Sold in October 1987 (I don’t have a price)
• Sold in July 1991 for $160,000
• Sold in February 2007 for $500,000
• Originally listed in February 2009 for $595,000
• Reduced numerous times
• Was listed in April 2010 for $469,000
• Reduced some more
• Was under contract in December 2011
• Re-listed
• Currently listed for $375,000
• Under contract
• Taxes of $8136
• Individual utilities

This 4-bedroom single family home at 7017 S. Euclid in the Jackson Park Highlands neighborhood of the South Shore has been on and off the market since October 2009.

That is 27 months without a buyer.

In that time, the house has only had one price reduction, in August of 2011, for about $50,000.

Like most of this historic neighborhood, the house was built in 1929 on an oversized 50×135 lot.

It has a wood burning fireplace and a 20×10 sun room.

The baths have porcelain tile flooring. The kitchen has maple cabinets, granite counter tops and what looks like black appliances.

It appears the main level is carpeted.

The house has a 1-car attached garage and no central air but it is just a few steps away from the Bryn Mawr Metra stop for easy commuting.

What will it take to finally sell this house?

And is it a microcosm of the Chicago housing market right now: with a stand off between the sellers and their pricing and buyers and their expectations?

Monard Lee at @Properties has the listing. See the pictures here.

7017 S. Euclid: 4 bedrooms, 2 baths, no square footage listed, 1 car parking

• Bought before 1993
• Originally listed in October 2009 for $549,500
• Reduced in August 2011 to $499,000
• Currently still listed at $499,000
• Taxes of $4347
• No central air- window units only
• Bedroom #1: 16×13 (main floor)
• Bedroom #2: 20×12 (second floor)
• Bedroom #3: 13×11 (second floor)
•  Bedroom #4: 14×13 (second floor)

This 1-bedroom loft in the China Club Lofts at 616 W. Fulton in the West Loop recently came on the market.

It has authentic loft features including 16-foot high timber ceilings and exposed brick.

The large windows are south facing with an attached balcony.

The kitchen has maple cabinets, granite counter tops and black appliances.

The loft also has a sizable 10×14 bonus room that could be used as an office.

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

With the parking included, it is listed at $275,000, or $11,000 under the 2005 purchase price.

Before you all start complaining about the price, we actually chattered about Unit #513, directly below it, exactly one year ago.

Unit #513 sold in April 2011 for $265,000 (including the parking.)

You can see our interesting chatter on that unit here.

There was a long debate about rental parity of the unit. Clio believed a possible buyer would put down the $55,000 downpayment needed to get to rental parity while many, including Homedelete, thought “no way.”

The buyer of #513 appears to have put down a $54,000 downpayment, so Clio appears to have been right (gasp!) that there ARE buyers of one bedrooms with large enough downpayments still out there.

Given the history of Unit #513, even though it’s a year later, is #613 priced to sell fairly quickly?

Chris McComas at @Properties has the listing. See more pictures here.

OR you can see it in person at the Open House: Sunday, January 29 from 12-2 PM.

Unit #613: 1 bedroom, 1.5 baths, 1000 square feet

• Sold in April 1997 for $153,000
• Sold in June 2005 for $286,000
• Currently listed for $250,000 (plus $25,000 for parking) = $275,000
• Assessments of $328 a month (includes Direct tv and Internet)
• Taxes of $4132
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×11
• Bonus room: 10×14

We last chattered about this 2-bedroom cottage at 3911 N. Hermitage in Lakeview in November 2011.

See our prior chatter here.

It had gone under contract in just a month after being listed for $339,000.

Some of you were surprised it went under contract so quickly as it wasn’t much bigger than many condos in the neighborhood but the homeowner would be on the hook for all the maintenance and upkeep (instead of an association.)

What is better, the small condo or the small house?

One buyer apparently thought a house was better as it sold in early January for $329,700.

If you recall, there was a catch.

There was no parking and little outdoor space as the house was on a 25×49 lot. The 2-bedrooms were also split with the master on the second floor and the second bedroom, at just 10×8, on the main level.

There was, however, an unfinished basement and the house did have central air.

Scott Zelkin at @Properties had the listing. You can still see the interior pictures here.

3911 N. Hermitage: 2 bedrooms, 2 baths, no square footage listed

• Sold in March 1989 (no price listed)
• Sold in April 1995 for $115,000
• Sold in October 2003 for $275,000
• Originally listed inmid-October 2011 for $339,000
• Under contract by mid-November 2011
• Sold in January 2012 for $329,700
• Taxes of $5950
• Central Air
• No parking
• Unfinished basement
• Bedroom #1: 29×12 (second floor)
• Bedroom #2: 10×8 (main floor)
• Living room: 13×12
• Dining room: 14×11
• Kitchen: 11×9
• Den: 15×6

This 4-bedroom single family home at 3833 N. Ravenswood in Lakeview has been on the market since August 2011. (The Koenig sign is for the lot next door which  no longer appears to be on the market.)

In that time, the price has not been reduced.

Built in 1907 on a smaller than average lot of 25×108, it actually still does have space for a 2-car garage.

3 of the 4 bedrooms are on the second floor with the fourth in the lower level along with a family room and laundry room.

There are 3 bathrooms, with one on each of the floors.

The kitchen has cherry cabinets, stainless steel appliances and what looks like stone (granite?) counter tops.

The house has central air.

Yes, those are the Metra tracks across the street. But it is just a block from the Trader Joe’s and is a little over 2 blocks to the Brown Line El stop at Irving Park.

The house is listed $65,000 over the 2007 purchase price at $640,000.

Will this house be able to get a premium to the 2007 price?

And compared to duplex downs or townhouses in the neighborhood, is this a better deal?

Jayne Alofs at Jameson Sothebys has the listing. See the pictures here.

3833 N. Ravenswood: 4 bedrooms, 3 baths, 2 car garage, no square footage listed

• Sold in August 1988 for $150,000
• Sold in October 1998 (no price listed)
• Sold in November 2007 for $575,000
• Originally listed in August 2011 for $640,000
• Currently still listed for $640,000
• Taxes of $7497
• Central Air
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 10×9 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 11×11 (lower level)
• Family room: 19×18 (lower level)

We last chattered about this bank owned 2-bedroom at 3516 N. Sheffield just a half a block away from Wrigley Field in Lakeview in June 2011.

See our prior chatter here.

It has been on the market for 10 months and still there’s been no sale.

Back in June, some of you thought this wasn’t an awful price but since it was on the fourth floor of a non-elevator building and lacked parking, you thought it would work best as an investment.

The unit was recently under contract, but it fell out and returned to the market at the same price, $199,000, that it has been listed at since June of 2011.

If you recall, it is a top floor unit with east and west views as well as skylights.

From the pictures, the kitchen is intact and has stainless steel appliances and granite counter tops.

The listing says the bathroom is marble.

The unit has hardwood floors, central air and in-unit washer/dryer.

The listing says it needs some minor maintenance like painting but is otherwise in move-in condition.

The unit is currently listed at $17,500 under the 1998 purchase price, which is when the building was originally converted from a church into condos.

The 1998 purchase, however, also included parking- and from what I can tell from the listing and the public record- the current unit does not. Parking is going for $25,000 in the building.

Last time I asked if this was a steal, but since it’s still on the market we already have the answer to that.

How low will this have to go to finally sell?

Eric Janssen at Chicago Real Estate Resources has the listing. See the pictures here.

Unit #4RS: 2 bedrooms, 1 bath, 1150 square feet

• Sold in January 1998 for $216,500 (included parking)
• Sold in April 1999 for $227,500 (included parking)
• Sold in May 2000 for $264,000 (included parking)
• Sold in September 2004 for $307,500 (did NOT include parking)
• Lis pendens filed November 2008
• Lis pendens filed March 2010
• Bank owned in January 2011
• Originally listed in March 2011 for $230,000
• Reduced
• Was listed in June 2011 at $199,000
• Was Under Contract in January 2012
• Fell out of contract
• Re-listed in January 2012 at $199,000
• Assessments of $262 a month
• Taxes of $5387
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 13×11
• Bedroom #2: 12×11

This 2-bedroom brick bungalow at 2500 W. Berteau in North Center recently came on the market.

Built in 1921 on a 30×125 corner lot, it is being sold “as-is.”

Yes, there are hardwood floors under the green shag carpet.

The listing says it has a full unfinished basement and a walk-up attic.

The house has no central air but it does have a 2-car garage.

Yes, it is west of Western but it is near the Riverfront Nature Trail.

For someone willing to do a rehab, is this a deal for the location?

Pamela Pekoc at Baird & Warner has the listing. See the pictures here.

2500 W. Berteau: 2 bedrooms, 1 bath, no square footage listed

• Sold in June 1990 (no price available)
• Currently listed at $369,000
• Taxes of $866
• No central air
• Bedroom #1: 12×10
• Bedroom #2: 11×9