Crib Chatter

In June 2009, we chattered about the massive developer price cuts in the new construction building R+D659 at 659 W. Randolph in the West Loop.

Someone who went to the sales center the weekend after the price cuts were announced called it a “madhouse” and they apparently had 35 contracts the first weekend.

See our prior chatter here.

The 05 tier, which was a 1-bedroom plus den with two baths unit, had the following reductions:

Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, North facing

• Old Price: $409,000-$421,000
• New Price: $293,000-$301,000
• Parking included
• Assesments of $370 a month

Flash forward a little over 2 years later and one of the 05 units on the 14th floor is back on the market. 

From what I can tell, it was originally listed at $377,000 in May 2008 (that might not have included the parking) and then was reduced in the developer price reductions in June 2009 and sold in August 2009 for $332,382 (included the parking.)

The listing says it has “tons of upgrades”.

The kitchen has white cabinets, stainless steel appliances and black counter tops. There are also dark hardwood floors.

The unit has central air and in-unit washer/dryer. Parking is included in the price.

There was a LOT of chatter on these price cuts on the old post which is fascinating to read now. Many of you thought the lower prices could be the “floor.” Many of you thought the prices weren’t bad for a new construction west loop 2 bedroom. Some of the bulls actually mocked Bob for saying that a 1-bedroom with parking in the West Loop would someday be just $200k.

JPS said:

“These prices are decent for where the market is *right now*. The problem is that the market is nowhere near the bottom yet. So if you don’t have to buy *right now* you are better off waiting. Buying now is still knife catching.”

Jason E said:

“In terms of inventory, there will be no buildings built non rental for five years or more in that area. There is no better time to buy new construction at the right price. I feel it is the right price. My purchase is valid. If I am wrong I will pay the price. But that is the game. I just called over there and spoke to my guy.”

And then he followed up with:

“It is a solid buy. I won’t think much about it for the first two years. The real growth will happen in years 2-5. But if I had to get out, I think I could clean with some profit in 1.5-2.”

Unit #1405 has been reduced $16,000 since March 2011. It is now listed for about $33,000 under the 2009 purchase price.

It appears several 2/2s are under contract in the building and those are currently listed under their 2009 purchase prices as well. We’ll have to see what they close for.

What does everyone think 2 1/2 years later about the 2009 “deals” in this building?

What will this 1-bedroom plus den end up selling for in 2011/2012?

David Bovyn at Kale Realty has the listing. See the pictures here.

Unit #1405: 1 bedroom, 2 baths, den, 988 square feet

• Listed in May 2008 for $377,000
• Reduced in the developer price cuts in June 2009
• Sold in August 2009 for $332,382 (included the parking)
• Originally listed in March 2011 for $318,000
• Reduced
• Currently listed at $299,000 (includes the parking)
• Assessments of $427 a month (includes heat, gas, doorman, cable, pool, exercise room)
• Taxes of $1974
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×11
• Den: 10×9

This 3-bedroom in The Regatta at 420 E. Waterside Drive in the Lakeshore East development of the Loop (also known as the the “new east side”) recently came on the market.

The listing says it has both Lake and Chicago River views.

It is a rare 3 bedroom which also has 3 bathrooms (instead of 2 baths).

At 1887 square feet, the listing says it has had some upgrades including a marble entryway. The kitchen has cherry cabinets, stainless steel appliances and granite counter tops. The listing says the bathrooms are “designer.”

The Regatta is a full service building with doorman, pool, and exercise rooom.

This unit was listed just $32,000 above the 2007 purchase price (if you include the parking).

LakeShore East now has a combination of rental high rises and condo buildings with a few townhouses.

Can this unit command the 2007 price?

Ronald Provenzano at Conlon has the listing. See the pictures here.

Unit #2214: 3 bedrooms, 3 baths, 1887 square feet

• Sold in February 2007 for $893,000
• Currently listed at $875,000 plus $50,000 for parking
• Assessments of $843 a month (includes cable, heat, a/c, doorman, pool, exercise room)
• Taxes of $10,725
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×16
• Bedroom #2: 13×13
• Bedroom #3: 11×13

This 4-bedroom Victorian at 4620 N. Winchester in the Ravenswood/Lincoln Square neighborhood recently came on the market.

Built in 1891 on a 25×152 lot, it has a front yard and porch, with a swing.

The house has a double parlor and a formal dining room alongside some period details like stained glass windows. The kitchen has white cabinets, stainless steel appliances and granite counter tops.

All 4 bedrooms are on the second floor and there is a family room in the lower level.

The listing says there is an expandable attic which currently houses a yoga studio.

The house has central air and a 2 car garage. It is within a block of the Damen brown line stop.

And if you’re concerned about schools, the Lycee Francais (or the French International School- whichever you prefer) is set to build a new 700-student, primary, middle and high school just steps away with groundbreaking expected in 2013/2014 for the 2015 school year.

Will this be one of the properties that sells “quickly”?

Deborah Hess at Conlon has the listing. See more pictures here.

4620 N. Winchester: 4 bedrooms, 2.5 baths, 3200 square feet, 2 car garage

• Sold in May 1991 for $164,000
• Sold in March 1997 for $274,000
• Sold in March 2002 for $505,000
• Currently listed for $749,900
• Taxes of $9582
• Central Air
• Bedroom #1: 20×13 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 10×9 (second floor)
• Bedroom #4: 12×10 (second floor)
• Family room: 25×18 (lower level)

The “official” October sales data is out today. I cannot be near a computer this morning to post the actual data from the Illinois Association of Realtors.

So I will post G’s data for October from the past 14 years- which is always very similar to the IAR’s numbers- and provides a pretty clear picture of where the market stands so you all can discuss it (and I’m sure Gary and others will link to blog posts analyzing the data.)

I will fill in the post with some of IAR’s excellent commentary from their press release later today. I wouldn’t want you all to miss out on discussing the sales report in a timely manner.

As always, the median price can be misleading because it depends on the mix of what is selling. Right now, the distress properties, according to G, were 44% of October sales. You can bet that is having a major impact on the overall median selling price.

Here are G’s numbers (including for various neighborhoods- which the IAR never breaks out for us in their press release.):

October Chicago sfh/condo/th sales and median
1997 1,731 $129,900
1998 1,855 $138,000
1999 1,978 $159,500
2000 2,106 $174,710
2001 2,177 $200,000
2002 2,503 $215,000
2003 2,996 $236,000
2004 2,651 $241,000
2005 2,846 $268,500
2006 2,630 $278,000
2007 2,007 $285,000
2008 1,564 $261,000
2009 2,068 $215,000
2010 1,225 $183,000
2011 1,324 $162,000 (44% short/REO sales)

Lake View October condo/th sales:
1988 78
1989 86
1990 75
1991 64
1992 88
1993 101
1994 81
1995 127
1996 106
1997 131
1998 125
1999 111
2000 159
2001 131
2002 169
2003 180
2004 169
2005 207
2006 163
2007 147
2008 98
2009 124
2010 61
2011 70 (17% short/REO sales)

Lincoln Park October condo/th sales:
1988 78
1989 82
1990 78
1991 78
1992 85
1993 108
1994 92
1995 87
1996 94
1997 112
1998 76
1999 104
2000 94
2001 91
2002 97
2003 112
2004 131
2005 154
2006 98
2007 84
2008 62
2009 61
2010 37
2011 39 (15% short/REO sales)

Near North October condo/th sales:
1997 146
1998 152
1999 203
2000 196
2001 161
2002 260
2003 418
2004 238
2005 236
2006 215
2007 260
2008 150
2009 200
2010 124
2011 142 (26% short/REO sales)

Loop October condo/th sales:
2005 68
2006 268
2007 113
2008 53
2009 67
2010 34
2011 37 (24% short/REO sales)

Near South October condo/th sales:
2005 62
2006 139
2007 68
2008 78
2009 57
2010 33
2011 24 (63% short/REO sales)

Finally- as promised- here’s the data and statements from the IAR:

In the city of Chicago, October 2011 home sales (single family and condominiums) totaled 1,312, up 7.9 percent from 1,216 homes sold in October 2010. The city of Chicago median home sale price for October 2011 was $162,000, down 11.5 percent compared to October 2010 when it was $183,000.

“The increase in units sold in the city of Chicago continues to show the absorption of distressed properties in the market,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “Prospective buyers in the market are making investments that make sense long-term. Those who haven’t considered buying are encouraged to work with a REALTOR® to assess their individual buying power in today’s market and plan how they may make a purchase given historically low interest rates and their own financial ability.”

“Foreclosure and short sale inventories are working though the market, and buyers in the market are favoring lower-priced homes with close to 70 percent of homes sold in October priced below $200,000 statewide,” said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® and broker-owner of Century 21 Alonzo & Associates in La Grange Park.

Illinois Home Sales Continue Gains in October, Up 15.3 Percent [Illinois Association of Realtors, Press Release, November 21, 2011]

We’ve been chattering about the recent spate of modern single family homes being built, especially in the West Town neighborhood, but this 5-bedroom new construction single family home at 1529 W. Wolfram is in Lakeview.

The house is 5000 square feet on a standard Chicago lot of 25×125.

It has custom millwork and a coffered ceiling as well as heated floors on the entire lower level.

The kitchen is custom with upscale appliances like SubZero. There is a theater room, a 200 bottle wine cellar and a rooftop deck.

3 of the bedrooms are on the second floor with the other 2 in the lower level.

The listing is being handled by Sergio & Banks, which also handled the sale on some of the modern homes in West Town. Sergio is a client of YoChicago.

Back in late August/early September when this house first came on the market, YoChicago did a sponsored post with a video. You can see the video here.

The house was apparently hot back then as the sponsored post recounts:

“Although the home had been on the market less than a week at the time of my visit Melanie had already shown it half a dozen times, including two second showings, and had 7 showings scheduled for Saturday.”

It appears the house was under contract at least one time since then. But it remains on the market. The price has been lowered $1,000 in that time.

We’ve chattered about several new construction homes in West Lakeview recently.

Is that the new “hot” neighborhood for million dollar homes?

Melanie Giglio at Sergio & Banks has the listing. See the pictures here.

1529 W. Wolfram: 5 bedrooms, 3 baths, 2 half baths, 5000 square feet, 2 car garage

• Sold in December 1998 for $395,000 (prior property- a 3-bedroom 2 story SFH)
• Sold in July 2001 for $539,000
• Sold in February 2005 for $620,000
• Lis pendens filed in November 2008
• Bank owned in December 2009
• Sold in April 2010 for $405,000
• New construction- Originally listed in August 2011 for $1,599,900
• Reduced
• Currently listed for $1,598,900
• Taxes of $13,275
• Central Air
• Bedroom #1: 18×16 (second floor)
• Bedroom #2: 18×16 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 15×10 (lower level)
• Bedroom #5: 18×12 (lower level)

The Vetro, at 611 S. Wells, in the South Loop became famous in Chicago real estate lore for being the first of the new construction high rises to 1) sell units at an auction and then 2) to slash prices dramatically to move the rest of the inventory during the height of the financial crisis.

Many buyers in 2009, as recounted in press accounts from the auction, believed they were getting a “deal” as unit sold for anywhere from 20% to 35% off the developer’s boom time prices.

You can re-live those days through our chatter about the auction, including info from people who were actually there.

But what happens when those buyers go to re-sell a couple of years later?

Unit #703, a 2 bedroom plus den on the terrace level, recently came on the market. 

It last sold in May 2009, just 2 months after the auction.

At 1667 square feet, it has north, east and west exposure plus a 18×19 terrace and a balcony.

The kitchen has granite counter tops and stainless steel appliances. There are cherry floors throughout and exposed concrete ceilings. It has a marble master bath.

It has all the new construction finishes like central air, washer/dryer in the unit and deeded parking, which is included in the price.

The unit is listed $89,900 over the 2009 purchase price.

Will this unit command a premium just over 2 years later?

Judy Howard at Prudential Rubloff has the listing. See the pictures here.

Unit #703: 2 bedrooms, 2.5 baths, 1667 square feet

• Sold in May 2009 for $410,000 (included the parking)
• Currently listed for $499,900 (includes the parking)
• Assessments of $670 a month (includes gas, doorman, cable)
• Taxes of $6,900
• Central Air
• Washer/Dryer in the unit
• Terrace: 18×19
• Bedroom #1: 11×15
• Bedroom #2: 10×14
• Den: 10×18

Crain’s is reporting that William Wrigley Jr. has buyers for both his Lake Forest home and 2 out of the 3 multi-million dollar units he had listed as raw space in 65 E. Goethe in the Gold Coast.

He is taking a loss on the Lake Forest home.

The 11,000-square-foot Lake Forest home on Lake Road had been listed most recently at $6.9 million and had a sale pending as of Oct. 31. The seven-bedroom, nine-bathroom home, which Mr. Wrigley bought in 2003 for $9.9 million, was officially listed in 2009 for $14.5 million and had three subsequent price reductions. The listing agent, Edward Skae of Coldwell Banker Residential, did not return a phone call.

Designed by architect Howard Van Doren Shaw and built in 1908, the property has 16 rooms, a five-car attached garage, a pool and a private beach, according to the listing.

It looks like he might come out ahead on the Gold Coast properties as it has been easier for him to sell the space as 3 different units instead of one massive 13,000 square foot unit.

The Gold Coast condos are part of the penthouse at 65 E. Goethe St. that Mr. Wrigley bought in 2002 from the building’s developer, Chicago-based Fordham Co., for just under $9.13 million, according to county records. In 2009, Mr. Wrigley put the 13,200-square-foot raw space, which has never been finished, on the market for $14 million, but he later split the floor into three separate units.

He put two of the three units up for sale in June 2010, with the west unit listed at $6 million and the north unit for $5 million. Most recently, the west unit was listed at $4 million and the north unit at $4.5 million. The north unit has a sale pending as of this week, according to Midwest Real Estate Data LLC, and the unlisted unit also has a sale pending, sources say. The listing agent, Jim Kinney of Baird & Warner, declined to identify the buyer.

We don’t yet know the closing prices on the Gold Coast units, but they will join a list of several other high end condo sales in the Gold Coast this year.

The sale is indicative of how the Lake Forest high-end market has picked up in the past six months, said Mona Hellinga of Koenig & Strey Real Living, citing the $7.2-million sale of the Sara Wood Armour estate in September.

 “Our high end is really moving now,” said Ms. Hellinga, who was not involved in the sale of the Wrigley home. “We’re past the bottom and luxury buyers are jumping into the market.”

With sales starting to perk up, does this signal that the worst is over for the upper bracket properties?

William Wrigley Jr. finds buyers for Lake Forest mansion, Gold Coast penthouses [Crain’s Chicago Business, Mary E. Morrison, November 17, 2011]

My picture of this 4-flat at 3908 N. Kedvale doesn’t do the gardens out front any justice as I’m sure you have to see them in full bloom to really appreciate them (see the listing photos for better pics.)

This is a unique multi-family property on a large 62.6×173.6 property.  Given the lot size, there is a lot of outdoor space, including multiple decks off the back as well as a gazebo.

Each unit is individually metered and there is a 4 car garage. There is also an unfinished basement which has a washer/dryer.

Here are the specifics on each unit:

1. Unit #1: 3 bedrooms, 1.5 bath, central air (owner’s unit)
2. Unit #2: 3 bedrooms, 2 baths, central air and washer/dryer (
3. Unit #3: 2 bedrooms, 1 bath, rents for $950
4. Unit #4: 2 bedrooms, 1 bath

The listing says the total rental income is $11,400.

All units have oak floors and eat-in kitchens. There are also some vintage features with 10.5 foot ceilings, pocket doors and fireplaces. The two 3-bedroom units also have skylights.

The property is a stone’s throw from the Irving Park Metra stop. With the leaves off the tree- you can literally see the stop from the second floor of this property.

Originally listed for $750,000, it has been reduced $51,000.

The listing says you could live in the owners unit “practically rent free.”

Is this a good investment at this price?

Terry Philips at Coldwell Banker has the listing. See the pictures here.

3908 N. Kedvale: 4-flat, 10 bedrooms, 5.5 baths, 4 car parking

• Sold in April 1985 for $90,000
• Sold in August 1989 for $220,000
• Originally listed in August 2011 for $750,000
• Reduced
• Currently listed for $699,000
• Taxes of $8262
• Rental income of $11,400
• Individually metered

This 3-bedroom at 221 E. Walton in the Gold Coast is among the most unique penthouses on the market right now.

The triplex unit has a two story living room with an 18 foot wall of windows overlooking Lake Michigan.

But if you long for city views, it has a third floor terrace with hot tub overlooking the city lights.

It has dentil and crown molding as well as custom built-ins.

2 of the three bedrooms are on the second floor with the third on the main level. From the floorplan, it appears that the master bedroom is the room open to the living room and that the second bedroom has been turned into a master bedroom closet.

The kitchen has stainless steel appliances and granite counter tops.

The unit also has 12 skylights.

It has washer/dryer in the unit and deeded parking (with a second space available for $50,000) but it looks like no central air. It is wall unit cooling. The building was constructed in 1981.

Originally listed in March 2011 for $1.499 million, it has been reduced $100,000.

Who’s the buyer for this unique property?

Eudice Fogel at Prudential Rubloff has the listing. See the pictures and the floorplan here.

Unit #20PE: 3 bedrooms, 2 baths, 2355 square feet

• Sold in May 2001 for $1.375 million
• Sold in September 2002 for $1.2 million
• Originally listed in March 2011 for $1.499 million
• Reduced
• Currently listed at $1.399 million (includes one parking space)
• Assessments of $1471 a month (includes doorman, cable)
• Taxes of $6821
• Wall unit air conditioning
• In-unit washer/dryer
• Can purchase second parking space for $50,000
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 20×12 (second floor)
• Bedroom #3: 13×12 (main floor)

This 2-bedroom loft in the Sexton Lofts at 360 W. Illinois has been on the market since September 2011.

It is bank owned and the bank has been lowering the price every two weeks.

The loft is in the concrete side of the building, which many loft buyers prefer over the timber because there are fewer noise issues.

It has high ceilings and exposed brick. The listing says it is a corner unit and it appears at least one bedroom may have walls that go to the ceiling for privacy.

The kitchen appears intact, with stainless steel appliances and granite counter tops. The baths also seem to be intact and are marble.

The unit has central air, a rare side-by-side in-unit washer/dryer and deeded parking is included.

At 1754 square feet, this is not your typical 1200 square foot 2/2.

The loft is now listed $156,000 under the 2006 purchase price.

Is this going back to the 2000 price?

[By the way- public records show that the bank took this over more than 2 years ago. If true…wow.]

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

Unit #2A: 2 bedrooms, 2 baths, 1754 square feet

• Sold in August 2000 for $354,500
• Sold in August 2006 for $545,000
• Lis pendens filed in June 2008
• Bank owned in September 2009
• Originally listed in September 2011 for $419,900
• Reduced several times
• Currently listed for $389,900 (includes parking)
• Assessments of $658 a month (includes doorman)
• Taxes of $7519
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×14
• Bedroom #2: 13×12