Crib Chatter

This 3-bedroom at 705 W. Wrightwood in Lincoln Park has been on the market since July 2011.

We’ve chattered a lot about how the 1 and 2 bedroom condos in the GreenZone are getting beat up badly in this housing downturn.

But some of you have argued that the 3-bedrooms are “holding up” better, in terms of keeping their value, because a family might actually live in a 3 bedroom versus a singleton or newly married couple moving into a 1 or 2 bedroom unit for just a few years.

This 3-bedroom has 2000 square feet and the features home buyers are looking for.

It has 10 foot ceilings and the kitchen has cherry cabinets, stainless steel appliances and granite counter tops.

It’s a true 3-bedrom with enough space for a dining room. One of the bedrooms appears to be used as an office which the listing calls a “trimline custom office.”

The unit has central air, washer/dryer in the unit and parking (although I can’t tell if it is an outdoor space or garage parking.)

Originally listed over the 2006 purchase price back in July, it has been reduced so that it is now $26,000 under the 2006 price but also $6,000 under the 2004 purchase price.

Are 3-bedroom units really holding their value “better” than the smaller condos?

And is this now a deal at under the 2004 price for the square footage and location?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

Unit #3E: 3 bedrooms, 2 baths, 2000 square feet

• Sold in November 2000 for $489,000
• Sold in May 2004 for $585,000
• Sold in November 2006 for $605,000
• Originally listed for $629,000
• Reduced
• Currently listed for $579,000 (includes parking)
• Assessments of $214 a month
• Taxes of $7794
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×13
• Bedroom #2: 10×15
• Bedroom #3: 12×10
• Gallery: 7×15

We last chattered about this 4-bedroom Sheperd’s Cottage at 2235 W. Homer in Bucktown in February 2011.

See our February chatter here.

We’ve chattered about this house several times, especially when there was another Sheperd’s Cottage on the market on the same block, at 2233 W. Homer, in 2011.

The other house was a 3-bedroom (not a 4-bedroom) and it sold in October 2011 for $615,000.

See our chatter and pictures on that house here.

In our prior chatter on this house, many of you simply believed it was overpriced and that $650,000 would get it done.

In the 18 months its been on the market, it has only reduced to $775,000.

Built in 1878, 3 of the 4 bedrooms are on the second floor which has cathedral ceilings.

The fourth bedroom and a family room are in the finished walk-out lower level.

Some of the vintage features have been preserved including original stained glass, crown moldings and mahogany inlay in the dining room.

The kitchen has stainless steel appliances and granite counter tops.

Built on a 24×100 lot, the house has a 2 car garage and central air.

What will it take to finally sell this property in 2012?

Robert John Anderson at Baird & Warner still has the listing. See more pictures here.

2235 W. Homer: 4 bedrooms, 4 baths, 2 car garage, no square footage listed

• Sold in June 2001 for $250,000
• Sold in May 2005 for $648,500
• Sold in July 2008 for $831,500
• Was listed in July 2010 for $850,000
• Reduced
• Was listed in November 2010 for $829,900
• Reduced
• Was listed in February 2011 for $799,900
• Reduced
• Currently listed for $775,000
• Taxes of $8394
• Central Air
• Bedroom #1: 19×16 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 12×7 (second floor)
• Bedroom #4: 16×11 (lower level)

We last chattered about this 3-bedroom at 1400 W. Byron in the Southport neighborhood of Lakeview in March 2011.

See our prior chatter here.

Our March 2011 chatter was interesting.

Many of you thought this wasn’t a bad deal priced $5k below the 2003 purchase price of $390,000 even though it is a slightly below grade unit (i.e. a “garden” apartment.)

Homedelete was preaching doom and gloom, however, and others attacked him as simply being too pessimistic. At least one thought the market would bottom later that year. We again also chattered about the rent v. own equation.

JJJ guessed this would ultimately sell for $365,000.

But it still sits on the market and has now been reduced another $45,000 to $339,900.

If you recall, the unit is entirely on one floor and has 3 exposures, including south.

The kitchen has granite counter tops and 42 inch maple cabinets and white appliances.

The master bath is marble with a double vanity.

Built in 1999, it has central air, in-unit washer/dryer and parking is included.

What price will it take to finally sell this property in 2012?

[And yes- the Redfin 2003 sales price of $260,000 is WRONG.]

Dana DiPasquale at @Properties still has the listing. See the pictures here.

Unit #1E: 3 bedrooms, 2 baths, no square footage listed

• Sold in February 1999 for $245,000
• Sold in April 2003 for $390,000
• Originally listed in July 2008 for $434,500
• Reduced
• Withdrawn in November 2009 at $429,500
• Was listed in March 2011 at $385,000
• Reduced
• Currently listed for $339,990 (parking included)
• Assessments of $130 a month
• Taxes of $4395
• Central Air
• In-unit washer/dryer
• Bedroom #1: 14×14
• Bedroom #2: 12×10
• Bedroom #3: 12×10
• Living room: 29×18
• Kitchen: 15×10

We last chattered about this 4-bedroom single family home at 304 W. Willow in the heart of Old Town in May 2011.

See our prior chatter here.

Many of you thought the taxes were too high (looks like they have been reassessed since then as they’re now $7,000 lower) and that the price was too high.

Some of you thought this would sell around $1.2 million. It is now listed at $1.219 million.

If you recall, the house was built in 1874 on a 30×78 lot and is located in the “real” Old Town triangle neighborhood.

It also has the rare feature in the triangle of off street parking. And not just for 1 car- but for 3 cars- in the side driveway.

3 out of the 4 bedrooms are on the second level with the 4th in the lower level – along with a den.

The kitchen has stainless steel appliances and granite counter tops as well as woodmode maple cabinets and a farm sink.

The master bathroom has marble and tile.

At 2700 square feet and WITH the 3-car parking, what price will it take to finally get this sold?

Phyllis Hall at Koenig & Strey Real Living still has the listing. See the pictures here.

304 W. Willow: 4 bedrooms, 3.5 baths, 2700 square feet, 3 car parking on the side drive

• Sold in December 1989 for $475,000(but I think this is a typo when you see the mortgage amount. Was probably $275,000)
• Sold in December 2000 for $425,000
• Sold in May 2001 for $565,000
• Sold in April 2007 for $1.44 million
• Originally listed in October 2010 for $1.38 million
• Reduced
• Was listed in May 2011 at $1.33 million
• Reduced
• Currently listed at $1.219 million
• Taxes are now $13,000 (was $20129 in May)
• Central Air
• Bedroom #1: 17×14 (second level)
• Bedroom #2: 17×9 (second level)
• Bedroom #3: 10×10 (second level)
• Bedroom #4: 15×11 (lower level)
• Den: 17×20 (lower level)

This 3-bedroom duplex up at 1348 W. Addison in the Southport neighborhood of Lakeview has been on the market since August 2011.

It is the perfect property for the person who loves their outdoor space.

The listing says it has 5 outdoor decks including one terrace measuring 20×25 and a private rooftop deck measuring 1400 square feet complete with a jacuzzi and a custom Tikki Bar.

The kitchen has espresso cabinets and upscale stainless steel appliances. It also has 2 inch concrete counter tops (instead of the standard granite counter tops.)

There are 2 master suites and a home theater in the 2400 square feet.

It has all the other features condo buyers look for including central air and washer/dryer in the unit. It also comes with a coveted 2-parking spaces which will be helpful given the unit’s location down the street from Wrigley Field.

Since August, it has been reduced just $10,000 and is still listed $89,000 above the 2007 purchase price.

Unit #1W, a 3/3 duplex down on the first floor, is currently on the market for $625,000 or $95,000 under the 2008 price of $720,000 (but it doesn’t have 5 outdoor decks).

Can this property command a premium to the 2007 price?

Richard Kasper at Conlon has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 3.5 baths, 2400 square feet, 2 car parking

• Sold in November 2007 for $800,000
• Originally listed in August 2011 for $899,000
• Reduced
• Currently listed at $889,000
• Assessments of $330 a month
• Taxes of $11,684
• Central Air
• Washer/Dryer in the unit
• 1400 square foot rooftop deck
• 5 decks total
• Bedroom #1: 16×13 (third level)
• Bedroom #2: 13×10 (third level)
• Bedroom #3: 16×16 (fourth level)
• Family room: 21×16 (fourth level)

The increase in REOs and short sales was a hot topic of conversation leading into 2011.

Yet here we are another 12 months later and, if anything, it has seemed to have gotten worse.

The outer neighborhoods of the city have been ravaged by REOs and short sales for several years now. But the pace seems to be quickening in the GreenZone.

If you recall from the data that G provided for the November sales data, the percentage of REOs/short sales is climbing.

November Chicago sfh/condo/th sales and median
1997 1,363 $125,500
1998 1,660 $142,995
1999 1,743 $155,000
2000 1,743 $175,000
2001 1,659 $185,000
2002 1,900 $209,900
2003 2,210 $230,950
2004 2,692 $255,650
2005 2,613 $274,900
2006 2,232 $282,542
2007 1,859 $289,900
2008 1,093 $222,500 16% (short/REO sales)
2009 1,905 $215,000 29% (short/REO sales)
2010 1,185 $180,000 39% (short/REO sales)
2011 1,379 $160,000 43% (short/REO sales)

But it’s not just a citywide problem. It has invaded even the most prestigious neighborhoods.

The percentage is up in Lakeview (for the month of November):

2010 58 12% (short/REO sales)
2011 63 19% (short/REO sales)

And Lincoln Park (for the month of November):

2009 59 10% (short/REO sales)
2010 38 11% (short/REO sales)
2011 46 17% (short/REO sales)

And in the Loop (for the month of November):

2009 62 13% (short/REO sales)
2010 40 23% (short/REO sales)
2011 48 44% (short/REO sales)

Will 2012 be the year when REOs and short sales become the norm?

This 3-bedroom duplex down at 2715 N. Southport in Lincoln Park has been on the market since September 2010.

In those 14 months it has been reduced $65,000 to $559,900.

Originally built in 2000, it has hardwood floors and custom crown molding throughout.

2 out of the 3 bedrooms are on the main floor with the third in the lower level along with a large family room.

The master suite has a marble bath.

The listing describes the kitchen as “gourmet.” It has maple cabinets, granite counter tops and stainless steel appliances.

It has central air, washer/dryer in the unit and 2-car parking.

The unit is listed about $100,000 above the 2000 purchase price.

The listing says it is now “priced right”.

Is it?

Will this seller make any money after 12 years of home ownership?

Chaz Walters at Coldwell Banker now has the listing. See the pictures here.

Unit #1S: 3 bedrooms, 3 baths, 2400 square feet, 2 car parking

• Sold in July 2000 for $459,000
• Originally listed in September 2010 in $624,900
• Reduced several times
• Currently listed at $559,900
• Assessments of $210 a month
• Taxes of $8151
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13 (main level)
• Bedroom #2: 13×11 (main level)
• Bedroom #3: 14×12 (lower level)
• Family room: 28×20 (lower level)

This 2-bedroom at 1515 N. Wells in the heart of Old Town just came on the market.

Out of the gate, it has been listed for $56,500 less than the 2004 purchase price and just $16,000 over the 2001 price.

Built in 2001, the unit has the standard features of the era including wood floors and a fireplace.

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

There is central air and garage parking included. This unit is a little unusual in that it actually has a laundry room, measuring 5×6, instead of simply a laundry closet.

Old Town has been a hot neighborhood, even during the bust.

Is this a deal for this location and with these amenities (parking, c/a, w/d)?

Or will it go even lower and sell under the 2001 price?

Paula Susman at @Properties has the listing. See the pictures here.

• Sold in June 2001 for $370,000 (included the parking)
• Sold in April 2004 for $442,500 (included the parking)
• Currently listed for $386,000 (includes the parking)
• Assessments of $417 a month (includes cable)
• Taxes of $6048
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 10×10

2011 marked the first year in over 15 years that there were no new closings on high rise condo units.

But that will change in 2012 when two luxury buildings finish construction.

Lincoln Park 2520 at 2520 N. Lakeview on Lincoln Park and The Ritz  Carlton Residences at 664 N. Michigan on the Mag Mile will start closings as soon as the first quarter of 2012.

As of June 2011, the Ritz, which has 88 units, was 50% “sold”- but apparently many of those sales were the smaller units. The building’s smallest unit is a 1370 square feet 1-bedroom starting at $1.25 million.

Lincoln Park 2520 is a bigger building. It will have 228 tower residences and 19 townhouses. There are 50 floorplans but the smallest unit appears to be a 1/1.5 at 1164 square feet.

As of September 2011, 40% of the units were under contract.

The big question is: How many of those that are “pre-sold” will actually close?

And is it really a success if half or less of the units sell?

How long will it take the market to absorb all of this new inventory?

The Ritz Carlton Residences [website]

Lincoln Park 2520 [website]

Lincoln Park 2520 also has a blog with various pictures (including some of the construction). See that here.

We last chattered about this 4-bedroom single family home at 3625 N. Springfield in the historic Villa neighborhood of Irving Park in September 2011.

See our prior chatter here.

Back then, we chattered about whether a house in the Villa neighborhood could command over $1 million.

Since then, the house has reduced $149,000 to $1,050,000.

If you recall, the Villa is a landmark historic district established in 1907 just north of Addison and east of Pulaski in Irving Park.

It is distinctive for its architecture, its wide lot sizes, and medians running down the middle of two of the streets- Harding and Avers.

The neighborhood has 126 homes and a very active community organization.

This house was built in 1916 and is on a huge 105×120 lot.

There is a large deck and above ground pool as well as a 2-car garage.

The eat-in kitchen has stainless steel appliances and maple cabinets.

Two of the four bedrooms are on the second floor with the 3rd on the lower level and the fourth on the third floor.

There is central air and a fireplace.

Most of you thought this would ultimately sell for below $1 million (especially with the above the ground pool in the equation).

Homedelete thought it should sell for the 1999 price (like many properties are now doing around the city) even though it is on 4 city lots.

Will this house find a buyer in 2012?

Read more about The Villa neighborhood here.

Kieran Conlon at Conlon has the listing. See the pictures here.

• Sold in June 1999 for $535,000
• Was listed in September 2011 for $1.199 million
• Reduced
• Currently listed for $1.050 million
• Taxes of about $11,500 (combining all the PINs)
• Central Air
• Above ground pool
• Bedroom #1: 17×15 (second floor)
• Bedroom #2: 12×13 (lower level)
• Bedroom #3: 14×11 (second floor)
• Bedroom #4: 42×19 (third floor)
• Family room: 23×17 (lower level)