Crib Chatter

This 2-bedroom corner loft in the Westgate Lofts at 331 S. Peoria in the West Loop has been on the market since August 2011.

It is a brick and timber loft with high ceilings but it also has the privacy of 2 fully enclosed bedrooms.

The listing says both bathrooms have been redone. The second bath has a custom vanity and onyx vessel sink.

The kitchen has maple cabinets, stainless steel appliances and what looks like granite or stone counter tops (but I can’t tell for sure from the pics.)

The loft has central air, washer/dryer in the unit but it doesn’t have deeded parking. However, transferable parking is available next door for $175 a month.

This property is listed about $4,000 under the 2005 price.

Is this attractively priced considering it has been updated?

(A lot of the original West Loop lofts, those converted in the late 1980s/early 1990s, have NOT been updated.)

Christina DelGreco at Coldwell Banker has the listing. See the pictures here (click on the link for the virtual tour).

Unit #204: 2 bedrooms, 2 baths, 1250 square feet

• Sold in November 1992 for $124,000
• Sold in August 1998 for $163,000
• Sold in June 2001 for $255,000
• Sold in March 2005 for $309,000
• Originally listed in August 2011 for $304,900
• Currently listed for $304,900
• Assessments of $303 a month (includes cable)
• Taxes of $3848
• Central Air
• Washer/Dryer in the unit
• No parking- transferable parking next door for $175 a month
• Bedroom #1: 13×12
• Bedroom #2: 12×11

We’ve chattered about this 1-bedroom coach house at 2011 N. Kenmore several times since it came on the market in March 2010.

See our last chatter, in June 2011, here.

Originally listed all the way back in March 2010 (nearly 2 years ago now!) for $349,000, it was reduced to $315,000 in March 2011.

And there’s it’s stayed. There’s been no other price reductions.

If you recall, it is a duplex loft-like unit with skylights, exposed brick and exposed pinewood ceilings.

The kitchen is newer and has white cabinets, stainless steel appliances and black limestone countertops.

The listing says a new half bath was added and that the master bathroom has been completely renovated with a new rain shower.

The Groove thinks it is one of the “coolest quirkiest listings on cribchatter” and he especially likes its Battlestar Galactica vibe.

It has central air but no parking. The garage in the picture is for the building on the other side of the coach house.

In the last chatter, all of you thought that it would take a “2” in front of the list price to sell this unit.

What will be the fate of this property?

John Krueger at Koenig & Strey Real Living now has the listing. See the pictures and a virtual tour here.

2011 N. Kenmore: 1 bedroom, 1.5 baths, no parking

• Sold in June 2000 for $169,000
• Sold in July 2003 for $241,000
• Sold in May 2007 for $295,000
• Was listed in March 2010 for $349,000
• Reduced
• Has been listed for $315,000 since March 2011
• Assessments of $110 a month
• Taxes of $2970
• Central Air
• Washer/Dryer
• Bedroom: 21×18
• Living room: 24×13
• Kitchen: 13×9

If you saw the recent episode of House Hunters with the Chicago couple looking for a 2/2 with a $400,000 budget, you would have recognized this loft building at 2750 N. Wayne in Lincoln Park.

The 2/2 on the episode actually just sold on December 1, but there is another 2/2 still listed, Unit L.

It is also a duplex up with the master bedroom on the second floor along with an 18×18 private deck.

The unit has concrete ceilings.

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

The loft has all the features buyers are looking for including central air and washer/dryer in the unit. 1 car indoor parking is included in the price and a second spot is available for an extra $25,000.

The loft featured on the House Hunters episode sold for $365,000. It was a short sale.

You can see the interiors in the video here.  

The loft currently on the market, Unit L, is listed $25,000 above the 2002 price also at $365,000.

Is this a decent deal for a 2/2 with parking in this location or is this selling for under the 2002 price?

Stephanie Cutter at Coldwell Banker has the listing. See the pictures here.

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

• Sold in April 2000 for $274,500
• Sold in April 2002 for $340,000
• Originally listed in October 2011 for $375,000
• Reduced
• Currently listed at $365,000 (includes one parking space; second available for an extra $25,000)
• Assessments of $274 a month
• Taxes of $5406
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11 (second floor)
• Bedroom #2: 14×12 (main floor)
• Deck: 18×18 (second floor)

This 4-bedroom “castle” at 6721 S. Bennett in the Jackson Park Highlands neighborhood of South Shore on the South Side has been on and off the market since March 2008.

It has now been reduced about 45% from its 2008 list price and is being sold “as-is.”

The house was built in 1929 on an oversized 50×135 lot.

It has central air and a 2-car garage.

The house has a bunch of its original vintage character including mahogany beamed ceilings, limestone interior, arched doorways, wood paneled rooms, large original stone fireplaces and the original slate roof.

Check out more of the interior in this 2009 listing video of the property.

The house has been under contract twice in the last year but was recently reduced to $369,000. That is nearly $70,000 under the 1997 purchase price.

Is this house a deal?

Sheila Wilkinson-Sanders at Supreme Manor Real Estate has the listing. See the pictures here.

6721 S. Bennett: 4 bedrooms, 2.5 baths, 2876 square feet, 2 car garage

• Sold in May 1997 for $430,000
• Originally listed in March 2008 (I couldn’t find an original list price)
• Lis pendens filed in May 2008
• Was listed in October 2008 for $650,000
• Reduced numerous times
• Under contract at least twice
• Is currently listed “as-is” for $369,000
• Taxes of $8959
• Central Air
• Bedroom #1: 22×13 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 16×12 (second floor)
• Bedroom #4: 24×24 (third floor)
• Family room: 33×20 (lower level)

It’s that time of the month again. The Illinois Association of Realtors is out with the November sales data. Hooray! Something to chatter about at the slow time of the year.

As we already know from G posting the data a few weeks ago, sales rebounded but the median price continues to plunge as short/REO properties make up more of the sales.

From the IAR:

In the city of Chicago, November 2011 home sales (single family and condominiums) totaled 1,377, up 20.4 percent from 1,144 homes sold in November 2010. The city of Chicago median home sale price for November 2011 was $160,000, down 12.3 percent compared to November 2010 when it was $182,500.

Here is the November data for the past 5 years (post boom)  Thanks to G for the short/REO data:

1. November 2007: 1859 sales and median price of $290,000
2. November 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
3. November 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
4. November 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
5. November 2011: 1377 sales and median price of $160,000 (43% short/REO sales)

Here is the condo data from the last 2 years (thanks G!):

1. November 2010: 651 sales and median price of $225,000
2. November 2011: 742 sales and median price of $189,900

 It’s all about the distressed sales at this point. They continue to crush prices.

“Little by little, there is some accumulating evidence that there may be some measure of recovery in the housing market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The positive trends in both Illinois and the Chicago PMSA housing markets stem in large part from the fact that the housing inventory levels are low and the pending home sales indices are high. The month’s supply of homes on the market is 10.3 and 10.4, respectively, for the state and the Chicago PMSA, and are the lowest since January 2010.”

Adds Hewings: “Factors working against the housing recovery are the stock of distressed properties and unemployment hovering in the 9 to 10 percent range.”

“The market is being stimulated by buyers who are doing their homework and buying at the most compelling price they can, while sellers are working aggressively with their REALTORS® to price their homes to sell,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “Chicago is seeing a combination of unit absorption paired with distressed homes that are still pushing down sale prices. Low interest rates and smart opportunities to buy make for favorable market conditions for both buyers and sellers looking to right-size to their lifestyle.”

Anyone want to take a guess on which month we’ll see short/REO sales top 50% of all sales?

Illinois home sales up 14.2% in November [Illinois Association of Realtors, Press Release, December 21, 2011]

We last chattered about this 3-bedroom historic rowhouse on the popular “street of 40 doors” at 3814 N. Alta Vista Terrace in Lakeview in August 2011.

See our prior chatter here.

Back then, many of you thought this was a deal as it was listed out of the gate at $63,000 under the 2004 purchase price. Some of you thought they listed it TOO LOW (gasp) and one said the seller should have “tested” the market at a higher price point.

Either way- most of you thought it was a lovely property that would sell close to the asking price of $635,000.

The rowhouse recently sold for $590,000.

If you recall, the rowhouse was built in 1904 on a 24×40 lot. All 3 bedrooms and a sunroom were on the second level.

The rowhouse also had a lower level family room.

The kitchen had cherry cabinets and tile counter tops.

It had central air and the listing said it had a parking space (which is rare for this street.)

Did someone get a deal?

Karen Stierwalt at Coldwell Banker had the listing. (It was agent owned.) You can still see the interior pictures here.

3814 N. Alta Vista Terrace: 3 bedrooms, 2 baths, 2100 square feet, 1 car parking

• Sold in May 1994 for $260,000
• Sold in April 2001 for $582,500
• Sold in November 2004 for $698,000
• Was listed in August 2011 for $635,000
• Sold in December 2011 for $590,000
• Taxes of $9668
• Central Air
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 12×14 (second floor)
• Bedroom #3: 11×10 (second floor)
• Family room: 18×17 (lower level)
• Sunroom: 19×8 (second level)

We last chattered about this vintage 2-bedroom at 549 W. Belden in Lincoln Park in September 2007.

See our prior chatter here.

At that time, Crib Chatter was brand new and prices had just started to soften- even in Lincoln Park.

Listed for $359,000 in September 2007 it ended up selling in February 2008 for $333,000.

It returned to the market over the summer, listed at $334,900 and has now been reduced to $329,900.

At 900 square feet- the high first floor unit has 11 foot ceilings.

The listing says it has a “new granite and stainless steel kitchen” – but it looks remarkably similar to the one in the unit in 2007 (see the old chatter for the pics. And no- the main picture of this building was NOT taken by me. That is an agent’s picture from 2007.)

While there is central air, there is no in-unit washer/dryer and there is no deeded parking. Parking is rental across the street for $220 a month.

What will this unit sell for this time around?

Stephanie Wesson at Dream Town has the listing. See the pictures here.

Unit #1RE: 2 bedrooms, 2 baths, 900 square feet

• Sold in March 1998 for $174,000
• Sold in March 2000 for $220,000
• Sold in January 2005 for $343,000
• Was listed in September 2007 for $359,000
• Sold in February 2008 for $333,000
• Returned to the market in July 2011 listed at $334,900
• Reduced
• Currently listed at $329,900
• Assessments of $204 a month
• Taxes of $4012
• Central Air
• No in-unit washer/dryer
• No deeded parking. Parking available to rent across the street for $220 a month
• Bedroom #1: 13×11
• Bedroom #2: 13×10

This 3-bedroom single family home at 2917 N. Rockwell in Avondale just came on the market.

The listing said it was renovated in 2006.

Built on a standard Chicago lot of 25×125, it has central air and a 2-car garage.

All three bedrooms are upstairs. There is also a main level family room and a lower level office.

The kitchen has white modern cabinets, stanless steel appliances and a butcher block island.

The baths have Toto, Grohe and Duravit fixtures.

The house is listed for $32,500 more than the 2005 purchase price.

But given the 2006 renovation, will this house get a premium to the 2005 price?

Maria Casciaro at @Properties has the listing. See the pictures here.

2917 N. Rockwell: 3 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in June 1995 for $118,000
• Sold in May 2005 for $306,500
• Currently listed for $339,000
• Taxes of $5304
• Central Air
• Bedroom #1: 13×11 (second floor)
• Bedroom #2: 11×9 (second floor)
• Bedroom #3: 11×8 (second floor)
• Office: 15×9 (lower level)
• Family room: 20×13 (main level)

This top floor 2-bedroom in the Park Newberry at 55 W. Delaware in the Gold Coast has been on the market since August 2011.

In that time it has been reduced $35,000.

At 1384 square feet, it has a renovated galley kitchen with granite counter tops and stainless steel appliances.

It has the features buyers look for including central air, washer/dryer in the unit and deeded parking included. It also has a south facing terrace with city views.

The building is located just across the street from Washington Square Park.

This unit is also available to rent.

After accounting for assessments and taxes, is renting it a better deal?

Terry Petit at Baird & Warner has the listing. See the pictures here.

Unit #1112: 2 bedrooms, 2 baths, 1384 square feet

• Sold in August 1998 for $284,500
• Sold in June 2001 for $525,000 (included the parking)
• Originally listed in August 2011 for $610,000
• Reduced
• Currently listed at $575,000 (includes the parking)
• OR you can rent it for $3000 a month (includes the parking)
• Assessments of $752 a month (includes water, gas, doorman, cable)
• Taxes of $8558
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 14×12

This top floor 2-bedroom at 104 W. Oak in the Gold Coast recently returned to the market after being under contract since October.

Off and on the market nearly 3 years, it is now a short sale.

104 W. Oak was converted into condos at the height of the housing boom.

The elevator building kept some of its vintage features. This unit has 2 wood burning fireplaces, crown molding and stained glass.

The kitchen has been updated, with cherry cabinets, granite counter tops and stained glass.

The southeast corner unit also has easy access to the rooftop deck (but the listing doesn’t say if this is a private deck or is common to all the units.)

The unit has central air, washer/dryer in the unit and the listing says “deeded parking is available”- but I don’t think it is within the building.

At about $116,000 under the 2005 purchase price, is this an attractive property for buyers looking for a property outside of the standard high rise white box in this neighborhood?

Patricia Anderson at Weichert Realtors- Frankel & Giles has the listing. See the pictures here.

Unit #6E: 2 bedrooms, 2 baths, 1200 square feet

• Sold in March 2005 for $465,000
• Originally listed in February 2009 for $525,000
• Reduced many times
• Lis pendens filed in July 2008
• Was listed in March 2011 for $380,000
• Lis pendens foreclosure filed in May 2011
• Reduced and a “short sale” at $349,500
• Was under contract in October 2011
• Re-listed in December 2011 as a “short sale” at $349,500
• Taxes of $6067
• Central Air
• Washer/Dryer in the unit
• “Deeded parking available”- but unclear if it’s in the building or not
• Bedroom #1: 14×18
• Bedroom #2: 10×11