We’ve chattered about this 4-bedroom Queen Anne at 6239 N. Lundy in the Old Edgebrook neighborhood of Forest Glen several times in the 21 months it has been on the market.
See our July 2011 chatter here.
Since our last chatter in July 2011, it has again been reduced, this time another $60,000, to $799,000.
Many of you consider old historic Edgebrook to be one of your “dream” neighborhoods and you watch the real estate transactions there closely. The Old Edgebrook historic district was created in 1894 and designed to be houses of various styles. It was designated a landmark district in 1988. There is only one road into the neighborhood and one road out.
It is literally in the middle of a forest preserve. There are walking paths that wind through the neighborhood which go through the forest preserve.
This Queen Anne was built in 1896. It still has many of its vintage features including its oak staircase, lead and stained glass and pocket doors.
The kitchen has a stainless steel refrigerator and dishwasher as well as granite counter tops and white cabinets. It has a front turret, a double parlor and a finished basement. There is a 3-car garage and central air.
The houses in the district are on larger lots and this one is no exception- having been built on a 111×164×65×158 lot.
Is this house getting closer to the right price?
Irene Yungerman at Baird and Warner still has the listing. See the pictures here.
6239 N. Lundy: 4 bedrooms, 3 baths, 3 car garage, 3510 square feet
- Sold in March 1986
- Sold in December 1989 for $492,000
- Originally listed in February 2010 for $998,000
- Reduced in May 2010
- Was listed in October 2010 for $949,000
- Reduced
- Was listed in July 2011 at $859,000
- Reduced
- Currently listed at $799,000
- Taxes of $12,588
- Central Air
- Bedroom #1: 15×14 (second floor)
- Bedroom #2: 17×12 (second floor)
- Bedroom #3: 13×12 (second floor)
- Bedroom #4: 14×14 (third floor)
November 11th, 2011 | Posted in Forest Glen, Historic Properties, Old Edgebrook, Single family homes | 50 Comments
We last chattered about this 5-bedroom rehab mansion at 2216 W. Grace in North Center in February 2011.
See our prior chatter here.
This house was the subject of much chatter due to its extreme size for the neighborhood (at 8,000 square feet) and that it used to be a 6-flat apartment building.
Back then it was listed for $2.995 million.
It is now bank owned and the price has been reduced $880,000 to $2.115 million.
Back in February it had 4 bedrooms but now it has 5. The house still has 9 baths and 3 half baths on a 125×30 lot however. There is a 2.5 car garage and a rooftop terrace with a hot tub. To get around all those levels easily you can take the custom staircase or the elevator.
Yes, it is in the Bell School District.
There is also a custom kitchen with white cabinets, stainless steel appliances including a SubZero refrigerator, and what looks to be marble counter tops. In addition to the 5 bedrooms, there is a “custom design allowance” to finish the exercise room, library, and a media room.
Is this house now realistically priced?
Jeff Lowe at Prudential Rubloff now has the listing. See the pictures here.
2216 W. Grace: 5 bedrooms, 9 baths, 3 half baths, 2.5 car garage, 8000 square feet
- Sold as a multi-unit building in January 1999 for $550,000
- Sold as a multi-unit building in May 2007 for $1.02 million
- Was listed in February 2011 for $2.995 million
- Bank owned
- Currently listed for $2.115 million
- Taxes of $14,717
- Central Air
- Elevator
- 3 fireplaces
- Rooftop terrace with hot tub and kitchen
- Bedroom #1: 22×15 (fourth floor)
- Bedroom #2: 22×13 (third floor)
- Bedroom #3: 15×11 (third floor)
- Bedroom #4: 15×13 (third floor)
- Kitchen: 29×15 (second floor)
- Living room: 22×17 (second floor)
- Second kitchen: 8×5
- Office: 17×15 (fourth floor)
- Sitting room: 14×11 (fourth floor)
- Exercise room: 19×9 (main floor)
- Theater room: 25×11 (main floor)
- Maid’s room: 9×7 (main floor)
November 11th, 2011 | Posted in Foreclosures, North Center, Single family homes | 80 Comments
We’ve chattered about this 2-bedroom at 1525 W. George in Lakeview several times.
See our August 2011 chatter here.
Some of you thought the owner should just rent it out. Others thought it would ultimately sell between $240,000 and $260,000.
It has reduced again and is now $48,000 under the 2001 purchase price.
If you recall, it has 1200 square feet on one level with a south facing deck off the master bedroom or from the unit. It has diagonal hardwood floors in the main living areas (sorry Sonies!).
The unit has a wood burning fireplace and a master suite with shower/tub combo. The kitchen has black appliances and stone counter tops.
The unit has the amenities buyer look for with central air, in-unit washer/dryer and deeded parking.
The listing now says: “Bargain Hunters? Huge $60,000 price reduction!”
Would this seller be better off pulling it from the market and coming back on in the spring?
Bob Kinsloe at Portola Real Estate still has the listing. See the pictures here.
Unit #2: 2 bedrooms, 2 baths, 1200 square feet
- Sold in November 1995 for $200,000
- Sold in September 1999 (no price listed)
- Sold in June 2001 for $338,000
- Originally listed in January 2011 for $370,000
- Reduced
- Was listed in May 2011 for $325,000
- Reduced
- Was listed in July 2011 for $300,000
- Reduced $100
- Was listed in August 2011 for $299,900 (parking included)
- Reduced
- Currently listed for $290,000 (parking included)
- Assessments of $88 a month
- Taxes of $5343
- Central Air
- In-unit Washer/Dryer
- Bedroom #1: 12×12
- Bedroom #2: 12×10
November 10th, 2011 | Posted in Lakeview | 15 Comments
This 2-bedroom at 345 W. Fullerton Parkway (I believe one of the buildings is also 357 W. Fullerton) in Lincoln Park has been on the market since September 2011.
It has had some updates including a kitchen with stainless steel appliances and quartz counter tops. There are hardwood floors throughout the main living area.
The unit is south facing but the listing says it has “city, park and lake” views. The listing says the master bedroom has a view of the John Hancock building.
The unit has central air and there is leased parking available. It doesn’t have the in-unit washer/dryer however.
This is not the cheapest unit in the 2 buildings, as some of the other unrenovated 2/2s are listed for less. But another rehabbed 2-bedroom, Unit #1707 which also had a new kitchen with granite counter tops, sold on Oct 26, 2011 for $300,000.
Are the renovated 2-bedrooms in these twin buildings a deal at this price point?
Stephen Hnatow at @Properties has the listing. See the pictures here.
Unit #1605: 2 bedrooms, 2 baths, 1150 square feet
- Sold in March 1993 for $152,500
- Sold in January 1996 for $161,500
- Sold in May 1999 for $225,000
- Originally listed in September 2011 for $300,000
- Reduced
- Currently listed for $299,000
- Assessments of $720 a month (includes heat, a/c, doorman, cable)
- Taxes of $4662
- Central Air
- No in-unit washer/dryer
- Parking is leased for $170 to $210 a month
- Bedroom #1: 14×11
- Bedroom #2: 11×10
November 10th, 2011 | Posted in Lincoln Park | 12 Comments
We last chattered about this 2-bedroom at 2757 N. Lincoln on the border of Lincoln Park and Lakeview in July 2011.
See our prior chatter here.
Back then, the unit was a short sale and listed at $429,000. That was 18% below the prior 2007 purchase price.
Some of you thought this would sell for around $425,000.
4 months later, the unit has been reduced to $369,000.
If you recall, the unit has upscale finishes including Wolf, Subzero, Bosch and Dacor stainless appliances.
The master bedroom has a spa bath.
There is a fireplace, crown molding, hardwood floors throughout and 2 outdoor spaces.
The unit has central air, washer/dryer in the unit and garage parking.
Why isn’t this selling?
James Roth at Conlon has the listing. See the pictures here.
Unit #302: 2 bedrooms, 2 baths, no square footage listed
- Sold in May 2007 for $520,000
- Originally listed in June 2011 for $479,000
- Reduced
- Was listed in July 2011 as a “short sale” for $429,000 (garage parking included)
- Reduced
- Currently listed at $369,000
- Assessments of $251 a month
- Taxes of $7750
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 14×11
November 10th, 2011 | Posted in Lincoln Park, Short Sales | 72 Comments
Crain’s is reporting that Belgravia is under contract on lots in the 1500 block of West Montana in West Lincoln Park.
The developer plans to build 14 four bedroom rowhomes on the properties and price them at just under $1 million each.
Belgravia Group Ltd. last week signed a contract to buy 14 vacant lots on the 1500 block of West Montana Street for about $3.6 million, or just under $260,000 per lot, says Belgravia founder David “Buzz” Ruttenberg.
The seller, a venture managed by real estate investor Robert Birkmeyer, was hit with a foreclosure suit over the lots in December by BMO Harris Bank.
Belgravia Group plans to build attached, single-family row homes on the lots, with four bedrooms, two-car garages and 45-foot private yards, pending approval from a community group, Mr. Ruttenberg said. He expects to list the homes for just under $1 million.
“We think there’s a niche play for 14 of those,” he said.
The lots had been for sale for more than two years and had been marketed individually, with a 25-foot-wide lot listed for $539,000 and a 50-foot lot offered for more than $1 million, said listing agent James Kramer of Koenig & Strey Real Living.
“It’s one of the few spots where you can get so many lots together,” Mr. Kramer said. “The location is good, but we’re working with a not-great economy.”
In the past, many of you have derided the West Lincoln Park location as not “real” Lincoln Park.
Mr. Lowe said there’s “a real market” for row homes in the neighborhood. New freestanding single-family homes in the area run from $1.4 million to $3 million or more, making row homes an attractive alternative, he said.
“People don’t mind attached housing if it gives them a yard and two-car garage,” he said.
The location, near the intersection of Fullerton and Ashland avenues, is desirable because of its proximity to Wrightwood Park, Mr. Lowe said. On the downside, the lots are “a little bit of a walk” to public transportation and retail locations, he said.
The lots were a tough sell individually because buyers don’t like to purchase without knowing what will eventually surround them, said Dusanka Verschuur, a broker with Coldwell Banker Residential Brokerage who was not involved with the sale but who had considered the lots for clients.
“You need a developer to buy all that because no individual is going to buy not knowing who their neighbors are going to be,” she said.
Belgravia would need a zoning change from the city to move forward with the project. The developer would then build a sales model and begin marketing the homes, building them as it sells them, Mr. Ruttenberg said.
With buyers seemingly willing to buy nearly any “new” single family home- will row houses be equally as popular despite the location?
Is this development the first sign of a housing recovery?
Row homes planned for distressed Lincoln Park lots [Crain’s Chicago Business, Mary E. Morrison, November 8, 2011]
November 9th, 2011 | Posted in Lincoln Park, Market Conditions | 32 Comments
A year or two ago, bank owned 2-bedroom units in prime neighborhoods would sell fairly quickly.
Not anymore.
This 2 bedroom in the newer construction high rise at 200 W. Grand in River North has been on the market since August 2011.
It has also been reduced $30,100 to $339,900 and still there are no takers.
From the pictures, it appears the kitchen and bathrooms are intact.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
There are hardwood floors in the main living area.
The unit has newer construction features like central air, washer/dryer in the unit and deeded parking included.
Will this go to $300,000 before finding a buyer?
Coya Smith at Smith Partners & Associates has the listing. See the pictures here.
Unit #1004: 2 bedrooms, 2 baths, no square footage listed
- Sold in June 2006 for $412,000 (parking included)
- Lis pendens filed in March 2007
- Bank owned in December 2010
- Originally listed in August 2011 for $370,000
- Reduced
- Currently listed at $339,900 (includes the parking)
- Assessments of $620 a month (includes doorman)
- Taxes are not listed
- Bedroom #1: 12×12
- Bedroom #2: 13×10
November 9th, 2011 | Posted in Foreclosures, River North | 15 Comments
Zillow is reporting that 46% of single family homes with a mortgage in the Chicago area (not only the city) were underwater in the third quarter.
This is up 9% from the second quarter and also up from the third quarter of 2010.
From the Chicago Tribune:
“I didn’t think this was a particularly bad housing report,” said Stan Humphries, Zillow’s chief economist. “We are much closer to the end of the housing recession than the beginning. I still think of Chicago being more of an average case of housing recession. It’s nowhere in the league of Phoenix and Vegas.”
Zillow’s report also showed that 43.4 percent of all homes sold in the Chicago area in the third quarter sold for a loss, compared to 34.4 percent nationally.
But the pricing pain was worse in some communities more than others. For instance, 64 percent of Antioch’s homes sold for a loss, compared with 30 percent in Downers Grove, and 50 percent in Lansing. Within the city of Chicago, 42 percent of residential properties sold for a loss.
Zillow also found that third-quarter home values in the Chicago area were down 9 percent year-over-year, to a level last seen in December 2000. That’s a worse reading than the most recent S&P/Case-Shiller home price index, which pegged the year-over-year price decline at 5.8 percent in the Chicago area, based on August data.
A lot of homeowners are finding themselves without refinancing options as well.
Pete Schultz bought his Jefferson Park bungalow 20 years ago. When he went to refinance, he found out he was underwater.
“I was extremely surprised,” Schultz said. “When they came out and did the estimate, I thought it can’t be right.”
Schultz said refinancing would raise his monthly payments. He hopes the housing market improves and banks ease requirements for homeowners like him.
“I wish the bank would loosen up so I can refinance. I only make more money for them. I’m still a customer,” Schultz said. “It seems like the government is doing a lot for them and they’re not doing anything for anybody else.”
Is this the worst we’re going to see or is the bottom still to come?
Nearly half of all mortgages in Chicago area underwater [Chicago Tribune, Mary Ellen Podmolik, November 8, 2011]
Chicago homeowners apparently drowning in debt [ABC7Chicago.com, Leah Hope, November 8, 2011]
November 9th, 2011 | Posted in Market Conditions | 74 Comments
In case you haven’t noticed, the new web site has launched.
Whoo-hoo!
I took many of your criticisms and complaints to heart when putting it together. But keep in mind there will be glitches and some kinks that still need to be worked out.
Don’t like something? Or find that it’s not easy to use?
Please let me know. I will be making tweeks and changes to it in the next few days.
The twitter feed should be operational- and you’ll be able to tweet posts and “like” things on your facebook page. I also will get a facebook page for Crib Chatter up and running this week.
For the comments: there IS threading (your wish has been answered!). No more cutting and pasting the person’s comment you want to respond to.
And the site is much easier to search- as you can search by neighborhood or property type as well as use the search bar to search for a specific property by address.
Again- please let me know what you like and don’t like.
Welcome to the “new” Crib Chatter!
November 8th, 2011 | Posted in general information | 85 Comments
This 1-bedroom loft in the Filmwork Lofts at 1322 S. Wabash in the South Loop has been on the market since March 2011.
In that time, it has been reduced $96,000 to $179,000.
The loft has 11-foot high ceilings and exposed brick.
It also has south and west exposures and a 12×11 “den”.
The kitchen has stainless steel appliances.
It has all the amenities that buyers look for including air conditioning, washer/dryer in the unit and deeded parking.
(Yes, that would be the El running right behind the building.)
Is this a deal for the square footage?
Jeanette Gregg at Koenig & Strey Real Living has the listing. See the pictures here (scroll down and click on the virtual tour if you can’t see the pictures on the main page.)
Unit #304: 1 bedroom, 1 bath, den, 1200 square feet
- Sold in June 1995 for $86,500
- Originally listed in March 2011 for $275,000
- Reduced numerous times
- Currently listed at $179,000 (includes the parking)
- Assessments of $243 a month (includes cable)
- Taxes of $1209
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Den: 12×11
November 8th, 2011 | Posted in Lofts, South Loop | 39 Comments
