Crib Chatter

We last chattered about this 4-bedroom vintage co-op at 3500 N. Lake Shore Drive in Lakeview in May 2009.

See our prior chatter here.

It sold for just $293,000 in 2008. In May 2009, the unit had just come back on the market after a major rehab and was listed for $849,900. You can see the “before” and “after” pictures in the prior post.

Most of you thought the rehab was nice but that the unit might have been priced too high despite the sale of Unit #8C, which had also been renovated, in February 2008 for $915,000.

2 1/2 years later, the unit is still on the market and has now been reduced about $350,000 to just $499,000.

Yes, the assessment is now $2733 a month.  That includes heat, gas, doorman, and cable. The listing states that is only $0.78/ft per month.

Parking is available next door for $250 to $275 per month.

If you recall, the unit has been completely restored. It now has a new kitchen with limestone countertops, custom cabinets, SubZero, Wolf and Kitchen Aid appliances. The butler’s pantry was renovated with mahogany countertops.

The third bathroom is new but the other two were left intact with new lighting and reglazed tubs and tiles.

The entire apartment was re-wired with 150 amp electrical. A washer/dryer was installed along with the space pac cooling system.

The millwork was replaced and all the walls skim coated.

Additionally, the common foyer outside the door got new millwork and marble flooring.

Is this now a deal?

Steve Acoba at Keller Williams still has the listing. See the property website with floorplan here.

Unit #2C: 4 bedrooms, 3 baths, 3500 square feet

• I couldn’t find an original price
• Was listed in May 2008 for $315,000
• Sold in August 2008 for $293,000 (per Redfin)
• Originally listed in May 2009 at $849,900
• Withdrawn
• Re-listed in April 2010 for $660,000
• Reduced
• Currently listed at $499,000
• Assessments of $2733 a month (was $2309 a month in May 2009)- includes heat, gas, doorman, cable
• Taxes of $5718 (was $7896 in May 2009)
• Co-op
• Now has space pac
• Now has in-unit washer/dryer
• Rental parking for $250 to $275 a month
• Bedroom #1: 23×13
• Bedroom #2: 19×12
• Bedroom #3: 19×13
• Bedroom #4: 16×9

This 2-bedroom cottage at 3911 N. Hermitage in Lakeview was listed in October 2011 and went under contract before I had a chance to even do a post about it (within a month of the listing.)

Listed at just $339,000, it’s in the highly coveted Blaine school district.

It seems like a no brainer at the list price.

What’s the catch?

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

There is, however, an unfinished basement and the house does have central air.

Was this an example of pricing it “right” for a quick sell?

How much does parking matter in this location and price point?

Scott Zelkin at @Properties has the listing. See the 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
• 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

We last chattered about this 5-bedroom Queen Anne at 1935 N. Lincoln in Lincoln Park in August 2011.

See our prior chatter here.

Off and on the market for 6 years (!) it had been reduced about $1 million from its original 2005 list price of $2.229 million. It was also listed for $555,000 under the 2003 price and the listing called it “positively the best deal” in Old Town/Lincoln Park.

Most of you thought it was a deal even though it was on busy Lincoln and near some bars.

Apparently, someone else did as well as it finally sold in October 2011 for $1.15 million.

If you recall, the listing said the house had been renovated. The kitchen had custom cabinets, granite counter tops and stainless steel appliances.

It had 12 foot ceilings and a rooftop deck. 3 bedrooms and a den were on the second floor with the master bedroom on the 3rd floor.

The home also had skylights and 2 fireplaces.

Built on a 24×125 lot, it had central air and a 2-car garage.

Todd Trawinski at Prudential Rubloff had the listing. You can still see the interior pictures here.

1935 N. Lincoln Avenue: 5 bedrooms, 3.5 baths, 4000 square feet

• Sold in October 1997 for $520,000
• Sold in April 1999 for $525,000
• Sold in May 2003 for $1.85 million
• Originally listed in August 2005 for $2.299 million
• Reduced several times
• Withdrawn
• Was listed in March 2010 for $1.995 million
• Reduced
• Was listed in May 2011 for $1.395 million
• Reduced
• Was listed in August 2011 at $1.295 million
• Sold in October 2011 for $1.15 million
• Taxes of $19,660
• Central Air
• Bedroom #1: 18×14 (third floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 17×11 (second floor)
• Bedroom #4: 12×11 (second floor)
• Bedroom #5: 20×17 (second floor)

We last chattered about this 3-bedroom single family home at 2722 N. Wilton in Lincoln Park in August 2011.

See our prior chatter here.

The house was listed at just $500,000.

What was the catch?

The El ran directly behind the house (where there was also 4-car parking.)

Built on a 25×75 lot, the 2800 square foot house otherwise had the features buyers look for including central air and a 1-car garage.

The kitchen had white cabinets and stainless steel appliances. It had a fully finished basement with a wine fridge.

All 3 bedrooms were on the second floor with a den or office on the main level.

It went under contract almost immediately and just sold for $492,500.

John Vossoughi at @Properties had the listing.

2722 N. Wilton: 3 bedrooms, 3 baths, 2800 square feet, 1 car garage

• Sold in September 1996 for $165,000
• Sold in August 1997 for $330,000
• Sold in June 2005 for $525,000
• Was listed in August 2011 for $500,000
• Sold in November 2011 for $492,500
• Taxes of $9985
• Central Air
• Bedroom #1: 20×18 (third floor)
• Bedroom #2: 11×12 (third floor)
• Bedroom #3: 10×9 (third floor)
• Den/office: 7×14 (main floor)

We chattered about this 3-bedroom short sale at 434 W. Oakdale in East Lakeview several times.

See our April 2011 chatter here.

Many of you might remember this unit because the kitchen had pale green cabinets.

But the unit had many of its vintage features intact including a beamed ceiling in the dining room and vintage wood moldings.

The listing agent conceded that the kitchen and one of the baths needed updating.

However, the propertywas still 2300 square feet with central air, washer/dryer in the unit and covered parking in a popular East Lakeview location.

It sold on October 7, 2011 for just $410,000, or $10,000 above the 1996 purchase price.

Did someone get a deal?

Anne Laughlin at @Properties had the listing. You can still see the pictures here.

Unit #2: 3 bedrooms, 2 baths, 2300 square feet, covered parking

• Sold in May 1989 for $275,000
• Sold in May 1991
• Sold in September 1996 for $400,000
• Sold in September 2005 for $675,000
• Originally listed in April 2010 for $699,900
• Reduced
• Was listed in March 2011 as a “short sale” for $525,000
• Reduced
• Was listed in April 2011 for $499,900
• Sold in October 2011 for $410,000
• Assessments of $389 a month
• Taxes of $9794
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 15×10
• Bedroom #3: 13×13
• Sun room: 18×10

This 3-bedroom single family home at 3902 N. Central Park in the Independence Park neighborhood of Irving Park has been on the market over 2 years.

It has been reduced $200,000 in that time and is now listed about 23% under the 2006 purchase price.

The house was built in 1914 and is on a double lot measuring 50×124.

2 of the 3 bedrooms are on the second floor with the third in the lower level along with an office and a great room. The bedrooms also have ensuite baths.

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

The house has central air and a 2-car garage.

What will it take to finally sell this house?

Elizabeth Bleeker at Prudential Rubloff has the listing. See the pictures here.

3902 N. Central Park: 3 bedrooms, 3.5 baths, 3370 square feet, 2 car garage

• Sold in October 1988 for $70,000
• Sold in June 1998 for $222,000
• Sold in December 2006 for $850,000
• Originally listed in September 2009 for $849,900
• Reduced numerous times
• Currently listed at $650,000
• Taxes of $4661
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 12×9 (lower level)
• Office: 11×11 (lower level)
• Great room: 18×12 (lower level)

Several of you were chattering about this 2-bedroom duplex “rowhouse condo” at 319 W. Webster in Lincoln Park on another thread.

It is just half a block from Lincoln Park, “steps” to the zoo, and near the restaurants and amenities on Clark.

The 2 bedrooms are on the main level with the living areas on the upper levels.

The kitchen has upscale finishes including a Viking stove and Miele dishwasher as well as granite counter tops. The listing says it also has solid oak doors and a balcony.

The unit has the features that buyers look for including in-unit washer/dryer, central air and a coveted parking space.

Although it doesn’t have the full 2 bathrooms (just 1.5 baths), will this unit still command over $400,000 because of its location?

Sharon Glickman at Baird & Warner has the listing. See the pictures here.

Unit #1: 2 bedrooms, 1.5 baths, no square footage listed, duplex up

• Sold in September 1999 for $340,000
• Sold in March 2004 for $399,000
• Listed in October 2011 for $449,000
• Currently still listed at $449,000 (includes parking)
• Assessments of $327 a month
• Taxes of $3349
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 10×16 (main level)
• Bedroom #2: 15×11 (main level)

They’re back!

According to Crain’s, condo developers are starting to build again- mainly 6 and 8 flats in the neighborhoods.

From Crain’s:

This 6-unit building at 1310-1312 W. Webster is under construction in Lincoln Park and some of the units are already on the market.

Crain’s also talked to the developer of this building.

Developers also face stricter lender guidelines, with banks requiring that 70% of the units in a development be under contract before buyers can move in, said Padraic Heneghan of GLM Developers, who is building a six-unit project on the 1300 block of West Webster Avenue in Lincoln Park.

“That was always the case, but banks didn’t seem to enforce it,” he said. “If buyers are applying for loan, now they enforce it in case the developer goes bust.”

Mr. Heneghan said mortgage availability for buyers is still a concern, so he’ll often take a good contract — one where a buyer can put 30% down, for example — over the highest bidder on a particular unit.

“It’s not all about the price, it’s about the contract,” he said.

Mr. Heneghan previously built single-family homes further west of his current project, in neighborhoods such as Albany Park and Avondale. He’s now focusing only on condos, in Lincoln Park and Lakeview — neighborhoods that are still relatively strong, he said. Since 2008, he has built almost three dozen condo units in eight buildings, he said.

“I never sat on one longer than two or three months,” he said. “I still think there’s still a market here.

Here are the list prices for the three units at 1312 W. Webster:

• #1W: 4 bedrooms, 2.5 baths: $875,000
• #2W: 3 bedrooms, 2 baths: $599,000
• #3W: 3 bedrooms, 2 baths: $699,000

The units have upscale finishes and millwork. You can see the pictures here (interior pics are from one of the developers other buildings.)

We have seen new construction single family homes selling well.

But with so many other townhouses and condos on the market at this similar price point, or cheaper, can new condo construction still triumph over “used”?

Condo builders tiptoe out of the woodwork [Crain’s Chicago Business, Mary E. Morrison, November 22, 2011]

This 3-bedroom duplex up penthouse at 2520 N. Lincoln in Lincoln Park just came on the market.

All 3 bedrooms are on the second floor. The unit also has skylights and 2 balconies.

This building was built in 1970 and appears to have been converted in the 2005-2007 period.  The finishes reflect that era including cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.

The unit has the features buyers look for including central air, washer/dryer in the unit and parking is included.

It is listed $11,000 under the 2005 purchase price at $349,000.

Is this a deal for a 3-bedroom with those amenities and located in the heart of Lincoln Park?

Correna Malyon at Jameson Sotheby’s has the listing. See the pictures here.

Unit #404: 3 bedrooms, 2.5 baths, no square footage listed, duplex up

• Sold in April 2005 for $360,000 (included the parking)
• Currently listed for $349,000 (includes the parking)
• Assessments of $195 a month
• Taxes of $6007 
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×11 (second floor)
• Bedroom #2: 11×11 (second floor)
• Bedroom #3: 10×9 (second floor)

This 1894 corner building at 840 W. Wrightwood is so quintessential Lincoln Park that Hollywood decided to use it as a backdrop in the movie The Little Fockers.

You can see the building for about a half a second in this trailer (seen near the end.)

The listing also fills you in that it is a famous location- in case you never saw the movie.

This 2 bedroom unit has all the things that buyers are looking for including central air, washer/dryer in the unit and parking.

But, like a lot of vintage units, it has just one bathroom.

The unit has hardwood floors and exposed brick. The kitchen has cherry cabinets, stainless steel appliances and granite counter tops and an island which is open to the living space.

Since it came on the market in mid-October, it has already been reduced $55,000.

However, it is still priced $34,900 over the 2007 purchase price.

A lot of Lincoln Park 2/1 units don’t have all the features of this unit (especially the parking.)

Will that allow this unit to get a premium to the 2007 price?

And does a buyer care that Little Fockers was filmed in front of the building?

Frank Christiano at Skydan Real Estate Sales has the listing. See the pictures here.

Unit #3: 2 bedrooms, 1 bath, 1300 square feet

• Sold in July 1988 for $145,000
• Sold in April 1991 for $154,000
• Sold in September 1994 for $164,000
• Sold in October 1999 for $277,000
• Sold in July 2007 for $340,000
• Originally listed in October 2011 for $429,900
• Reduced twice
• Currently listed at $374,900 (parking included)
• Assessments of $232 a month (includes cable)
• Taxes of $4629
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 22×18 ? (same size as living room- so this looks wrong)
• Bedroom #2: 16×14