Crib Chatter

We recently chattered about the listing of the Theurer-Wrigley Mansion at 2466 N. Lakeview in Lincoln Park and several people mentioned the possibility of the house being split into condos because it might have a better chance of selling.

See that chatter here.

That is apparently exactly what has happened to the Meeker Mansion at 3030 N. Lake Shore Drive in Lakeview.

Built in 1913 for Arthur Meeker, the head of the Armour Meat Company, this house, similarly to the Theurer-Wrigley Mansion, is also on a corner lot with Lincoln Park frontage.

Dennis Rodkin at Chicago Magazine’s Deal Estate got the scoop back in 2008:

“Last week, Emily Sachs Wong, the Koenig & Strey GMAC agent who for several months had been trying to sell the mansion as a single-family home priced at $4.5 million, told me that the owner (whom she would not identify) was going to take it off the market if it didn’t sell by Good Friday (March 21st). The plan, she said, was to install condos in the mansion. As Good Friday approached and I called with more questions, Wong did not respond.”

Sure enough, it is now what looks to be 4 condos. Only one, Unit #202, currently remains on the market.

It is a 4-bedroom duplex up with a terrace.

All of the vintage features have been stripped out of it, however. There is no crown molding, wood paneling, stained glass or period fireplaces.

It now has a modern kitchen with Subzero and Gaggenau appliances with Arclinea wood cabinets.

3 of the 4 bedrooms are on the second floor.

The unit also has 2-car tandem garage parking.

This unit has been reduced $301,000 since it was first listed in August 2009.

The other 3 units have apparently already sold. I could only find sales prices for two of them:

1. Unit #401: Sold in May 2010 for $2.3 million
2. Unit #201: Sold in May 2010 for $1.675 million

Will this be the fate of the Theurer-Wrigley Mansion?

Emily Sachs Wong at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #202: 4 bedrooms, 3.5 baths, 2964 square feet, duplex up

• Originally listed in August 2009 for $1.85 million
• Reduced several times
• Currently listed at $1.549 million
• Assessments of $733 a month (there appears to be an elevator on the property)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• 2-car tandem parking for $75,000 extra
• Bedroom #1: 17×12 (third floor)
• Bedroom #2: 13×11 (third floor)
• Bedroom #3: 13×11 (third floor)
• Bedroom #4: 12×10 (second floor)

We chattered about this 1-bedroom at 546 W. Surf in East Lakeview several times because it was originally bank owned, sold, and then came back on the market completely renovated.

See our August 2011 chatter about the rehab here.

On the market a little over 3 months, the unit recently sold for $145,000 (according to public records) or $24,900 under the original list price of $169,900.

The rehabber recently checked in with the following post on the old Crib Chatter thread:

“Hi- I am the developer who rehabbed this unit. We just closed last week. I found all of your comments helpful and they will guide me as I continue to look for other area opportunities.

We closed on the unit at $140k. We had offers- and believe we would have sold it in the $160ks- if not for the fact that building non-owner occupancy went above 50% after we closed above the unit. That meant more than 20% buyer equity, which dramatically cut into the pool of people who could buy our unit.

The feedback we got was that this issue was more important than any of the other issues, such as no parking, no laundry in the unit or no “built-in” air conditioning.

Ultimately, the buyer was an investor, who said that he intended to rent it.

Incidentally, we are looking for more opportunities like this one. While we have an agent checking the MLS for us, I would like to hear about any properties that are not MLS listed. Please feel free to contact me at schiller@sshomes.com“

In the prior chatter, most of you had complained about the lack of parking, in-unit washer/dryer and air conditioning. But apparently investor buyers don’t care about such things.

Also, several of you guessed the $145,000 sales price on this unit. Congrats!

Does this sale tell us anything about the market given the financing issues that were encountered with it?

How many buyers have 20% downpayment for a 1-bedroom condo?

If you  have to put down 20% to move in, is renting better than buying?

Lance Kirshner at @Properties had the listing.

If you want to see what it looked like before the renovation (kind of) – look here.

Unit #3N: 1 bedroom, 1 bath, 750 square feet

• Sold in March 2006 for $216,000(looks like there is an error in the data as there are 2 sales recorded in 2006)
• Lis pendens foreclosure filed in September 2009
• Bank owned in January 2011
• Originally listed on Apr 12, 2011 for $129,900
• Reduced
• Was listed in April 2011 for $72,500
• Reduced
• Was listed in May 2011 for $69,900
• Sold in July 2011 for $77,400
• Re-listed in August 2011 for $169,900
• Sold in November 2011 for $145,000
• Assessments of $202 a month
• Taxes of $3037
• No central air
• No in-unit washer/dryer (looks like its free in the building)
• No parking
• Bedroom #1: 14×10
• Living room: 16×13
• Kitchen: 7×13

This 3-bedroom duplex down at 1803 W. Thomas in the East Village neighborhood of West Town recently came on the market.

It last sold less than 2 years ago, in January 2010.

It is a rare 3 bedroom that also has 3 baths (which have heated floors).

2 of the bedrooms are on the main level with the third in the lower level along with the family room.

The main level has 10 foot ceilings and hardwood floors.

The kitchen has cherry cabinets, stainless steel appliances and a large island with granite counter tops.

The unit has central air, in-unit washer/dryer and parking is included. There is also a common roof top deck.

This unit was originally listed in early October for $549,900 and has been reduced $14,900.

But this is still $83,000 over the 2010 purchase price.

I couldn’t find any indication that the unit was renovated in between the two sales. Will this property command a premium over the 2010 price?

Michael Vesole at @Properties has the listing. See the pictures here.

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

• I couldn’t find an original sales price from 2005- when the building was first sold as condos
• Originally listed for sale in May 2009 for $649,000
• Numerous reductions
• Sold in January 2010 for $452,000
• Originally listed in October 2011 for $549,900
• Reduced
• Currently listed for $535,000
• Assessments of $223 a month
• Taxes of $10,391
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 13×15 (main level)
• Bedroom #2: 9×11 (main level)
• Bedroom #3: 9×11 (lower level)

The Theurrer-Wrigley House at 2466 N. Lakeview in Lincoln Park just came on the market.

Located directly on Lincoln Park on the corner of Lakeview and Arlington, the mansion was built in 1894 for brewery baron Joseph Theurer in the Italian Renaissance style.

According to Wikipedia, he sold it to the Wrigley family in 1911 but they largely abandoned the property in the 1930s. Apparently, during the Great Depression, according to Wikipedia, many mansions became subject to burglaries and kidnapings, such as that of the Lindbergh baby.

It was listed on the National Register of Historic Places in 1980.

The house last sold in 2004 for $9 million.

It has much of the features of a mansion built in 1894 including original cherry and mahoghany wood paneling and staircases. It has crown molding and 5 fireplaces.

The main house has 9-bedrooms in 15,000 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

There is also a coach house on the 85×120 property with 5-car parking.

There is only one picture of the kitchen which shows cherry looking cabinets and stone counter tops (marble?) and just one picture of a vintage bathroom with a white clawfoot tub. It also appears there may be no central air (just window units.)

The house is in foreclosure proceedings with a lis pendens foreclosure filed in May 2011. That usually means anywhere from 18 months to 2 years before the bank takes possession.

Is there any market for this house?

The upper bracket has been more active in 2011 with several houses selling for over $4 million.

Mary Bennett at Koenig & Strey Real Living has the listing. See the virtual tour and numerous pictures here.

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 15,000 square feet in the main house, coach house, 5 car parking

• Sold in April 2004 for $9 million
• Lis pendens foreclosure filed in May 2011
• Currently listed for $9.5 million
• Taxes of $118,395
• No central air?  Looks like window units only
• 2 apartments in coach house for staff
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 18×12 (second floor)
• Bedroom #3: 14×12 (second floor)
• Bedroom #4: 20×13 (second floor)
• Bedroom #5: 15×12 (second floor)
• Bedroom #6: 18×13 (third floor)
• Bedroom #7: 19×16 (third floor)
• Bedroom #8: 11×10 (third floor)
• Bedroom #9: 15×12 (lower level)

We last chattered about this 5-bedroom new construction single family home at 1542 W. Nelson in West Lakeview in August 2011.

See our prior chatter here.

At that time, the house had been reduced from $2.5 million to $1.999 million.

Many of you liked the house except for the fact that it was on an alley- that was also backed up to by restaurants with their dumpsters.

Some of you guessed it would sell at $1.8 million except for JJJ who guessed the correct sales price of $1.65 million.

Built on an oversized 35.8×124 lot, it had 4 bedrooms on the second floor, 1 bedroom on the third floor and 1 bedroom in the lower level.

All bedrooms had ensuite baths.

It had 4 terraces and a 3 car garage.

The kitchen had white cabinets and granite counter tops with stainless steel appliances.

The house had details expected at the luxury level including crown molding, built-ins and wainscotting. There was also a lower level family room and media room.

Why do developers continue to build $1 million+ single family homes in Lakeview and North Center?

Because they aren’t having any trouble selling them.

Dusanka Verschuur at Coldwell Banker had the listing. You can still see the interior pictures here.

1542 W. Nelson: 6 bedrooms, 5 full baths, 2 half baths, no square footage listed, 3 car garage

• Old frame house being sold for the land value originally listed in September 2008 for $745,000
• Reduced numerous times
• Sold in January 2010 for $480,000
• New construction home listed in May 2011 for $2.25 million
• Reduced
• Was listed in August 2011 at $1.999 million
• Sold in November 2011 at $1.65 million
• Taxes are “new”
• Central Air
• Bedroom #1: 18×18 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 14×13 (second floor)
• Bedroom #4: 12×12 (second floor)
• Bedroom #5: 21×15 (third floor)
• Bedroom #6: 18×15 (lower level)
• Media room: 15×12 (lower level)
• Recreation room: 28×18 (lower level)

We last chattered about this 2-bedroom at 350 W. Belden in East Lincoln Park in June 2011.

See our prior chatter here.

5 months later, it is still available and has been reduced another $26,000. If you include the parking, it is now listed $96,100 under the 2007 purchase price.

This unit appears to meet the “unicorn criteria” put together by anonny for units in East Lincoln Park.

The south facing duplex has both bedrooms on the second floor reached by a spiral staircase.

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

The bathrooms are marble and there are hardwood floors throughout.

The unit also has a private terrace, central air, washer/dryer in the unit and parking is available for $30,000 extra.

Back in June, some of you thought it would sell within 5% of that list price which was $399,000 but others thought $360k- $370k was more likely.

We’re at the later price now and still no sale.

How low will this go?

Debbie Maue at Jameson still has the listing. See the pictures here.

Unit #610: 2 bedrooms, 2 baths, no square footage listed, duplex

• Sold in November 2004 for $544,000
• Sold in April 2007 for $470,000
• Originally listed in March 2011 for $429,900
• Reduced
• Was listed in June 2011 for $369,900 (parking is $30,000 extra)
• Reduced
• Currently listed for $343,900 (plus $30,000 for parking)
• Asessments of $480 a month (includes heat and a/c)
• Taxes of $6546
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×15 (second floor)
• Bedroom #2: 13×11 (second floor)

We’ve chattered about this renovated 2-bedroom in the John Hancock Center at 175 E. Delaware in the Gold Coast several times in 2011.

See our last chatter in July 2011 here.

This 2-bedroom has been completely renovated with contemporary kitchen and bath finishes to bring it up to today’s standards.

You can see the before and after pictures of the renovation in our April 2011 chatter here.

Many consider the Hancock to be an icon and a lot of you liked this renovation.

The oak herringbone floors are among the only original features remaining.

The kitchen has brown and white euro-style cabinets with Wolf and Subzero appliances.

This unit has a sky terrace (a built-in “terrace”) measuring 8×9 and several windows that actually open.

While there is no central air, there are wall units. Until a few years ago, in-unit washer/dryers were not allowed but this unit now has the hook-ups.

Parking is leased in the building.

Buyers want “new” especially in a building that was built in 1968.

The unit has been reduced $89,000 to $560,770.

Would this unit make a good in-town at this price?

Andrew Glatz at Crown Heights Realty still has the listing. See more pictures here.

Unit #6910: 2 bedrooms, 2 baths, 1500 square feet

• Bought in May 1987 (no sales price listed)
• Lis pendens filed in February 2008
• Bank owned in January 2009
• Sold in August 2010 for $390,000
• Originally listed in March 2011 for $649,770
• Was still listed in April 2011 for $649,770
• Reduced
• Was listed in July 2011 at $599,770
• Reduced
• Currently listed at $560,770
• Assessments of $1117 a month (includes doorman)
• Taxes of $6423
• No central air- wall units
• Washer/Dryer hook-ups in the unit
• Parking is leased
• Bedroom #1: 12×22
• Bedroom #2: 14×11
• Sky terrace: 8×9

This 2-flat vintage row house at 358 W. Wisconsin in East Lincoln Park has been on the market since July 2011.

It was recently reduced about $50,000.

The row house is on a corner 20×100 lot.

It has a 3-bedroom owners unit on the second and third floor with a first floor 1-bedroom rental.

There is a 2-car garage with a deck over the garage.

The owner’s unit has some of the features of its era including high ceilings and 3 fireplaces.

It also appears to have central air- but it looks like the 1-bedroom rental has only window units.

Given today’s competitive market where buyers want it to be move-in ready, what price will it take to move this property?

Linda Broznowski at @Properties has the listing (it is agent owned.) See the pictures here.

358 W. Wisconsin: 2-flat, 4 bedrooms, 2.5 baths, 2 car garage

• Sold in August 1994 for $312,000
• Sold in January 1997 for $380,000
• Originally listed in July 2011 for $950,000
• Reduced
• Currently listed at $899,900
• Taxes of $10,877
• No rental rates given for 1-bedroom rental
• Central air in the owners unit
• 3 fireplaces
• Bedroom #1: 16×15 (third floor)
• Bedroom #2: 13×11 (third floor)
• Bedroom #3: 9×7 (third floor)
• Bedroom #4: 12×15 (main level)

We last chattered about this 2-bedroom bank owned unit at 1228 W. Monroe in August 2011.

See our prior chatter here.

At that time, it was listed at $239,900 with the parking included. That was $81,000 under the 2006 purchase price.

The unit recently sold for just $192,000.

If you recall, the unit was just 1008 square feet. But it had 2 bedrooms and 2 full baths.

From the pictures, it appeared that the kitchen and bathrooms were intact.

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

The unit, which was built in 2006, had central air, washer/dryer in the unit and parking included.

The listing indicated that it had to be a cash only transaction.

Did someone get a deal?

Henry Jones at Jones Realty Corporation had the listing.

Unit #402: 2 bedrooms, 2 baths, 1008 square feet

• Sold in August 2006 for $321,000
• Lis pendens foreclosure filed in November 2009
• Bank owned in April 2011
• Originally listed in June 2011 for $249,900
• Reduced
• Was listed in August 2011 at $239,900 (parking included)
• Sold in October 2011 for $192,000 (parking included)
• Assessments of $261 a month
• Taxes of $4373
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 13×10

We have chattered about this 3-bedroom contemporary single family home at 1509 N. Paulina in Wicker Park several times before.

See our August 2011 chatter here.

If you recall, this was the house where the agent was running a contest to guess the price.

Many of you submitted your “guesses” right here on Crib Chatter but we now know that nearly all of you were actually too high.  You would have “overbid” as the Price Is Right rules go.

 Bob, however, was among the lowest guessers as he used the case shiller index to guess that it would sell for $613,400.

After several reductions, the house is now listed at $649,900.

The house has an interesting past.  It was formerly owned by David Draiman, lead singler for the band Disturbed (the original listing had a reference to “rock and roll”.)

It has soaring ceilings in the living room and skylights.

2 out of the 3 bedrooms are on the second floor with the master bedroom on the third level.

The master bathroom is slate, with body sprays and a Japanese soaking tub.

The second bathroom is not without its own luxury, as it has a steam shower with 8 body sprays.

The kitchen has Viking, Bosch and SubZero appliances.

Built on a 25×125 lot, there is a 500 square foot deck with a hot tub over the 2 car garage.

Is this house now a deal?

Evan Kane at RGC Realty still has the listing. See more pictures here.

1509 N. Paulina: 3 bedrooms, 2.5 baths, 2435 square feet, 2 car garage

• Sold in November 1988 for $35,000
• Sold in December 1998 for $320,000
• Sold in September 2005 for $849,000
• Originally listed in June 2008 for $899,000
• Sold in July 2009 for $695,000
• Originally listed in May 2011 for $774,900
• Reduced several times
• Was listed in May 2011 for $674,900
• Reduced
• Currently listed for $649,900
• Taxes of $9364
• Central Air
• Bedroom #1: 18×14 (third floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 11×10 (second floor)