Crib Chatter

This 4-bedroom rowhouse at 640 E. Oakwood in the Grand Boulevard neighborhood on the South Side recently came on the market.

Built in 1882 on a 17×125 lot, the rowhouse has been renovated.

Unfortunately, none of the interior vintage features remain but that’s not the fault of the current renovator.

This rowhouse was bank owned in 2010 and sold for $30,000.

But you can see why it sold for so little from these interior photos. The old listing said it was a “great opportunity to start from the beginning.”

See the prior listing pictures here.

The kitchen now has espressor shaker cabinets, granite counter tops and stainless steel appliances.

The baths are mosaic, stone and porcelain tile. There is also a master suite with a spa bath.

The lower level has been finished. One of the four bedrooms is in the lower level along with a family room.

The house has central air, a 1-car garage and a parking pad.

Given that it’s “new”, is over $300,000 the going rate for a rehab in this neighborhood?

Michelle Browne at Prudential Rubloff has the listing. See the pictures here.

640 E. Oakwood Boulevard: 4 bedrooms, 3.5 baths, 1 car garage, no square footage listed

• Sold in April 2007 for $300,000
• Lis pendens foreclosure filed in March 2009
• Bank owned in July 2010
• Sold in October 2010 for $30,000
• Recently re-listed for $320,000
• Taxes of $2871
• Central Air
• Bedroom #1: 12×15 (second floor)
• Bedroom #2: 12×14 (second floor)
• Bedroom #3: 13×14 (second floor)
• Bedroom #4: 14×13 (lower level)
• Family room: 12×16 (lower level)

I don’t know how many of you are paying attention to what is happening in Washington with the discussion over extending  the payroll tax cut.

The latest is a 2 month extension mainly so that Congress can get home for the holidays and then continue fighting about it in 2012.

A 2-month extension of the payroll tax cut would cost $33 billion.

How are they going to pay for that?

Apparently, by taxing Fannie, Freddie and FHA mortgages and refinances.

The new fee increase would amount to about $15 a month more for a $200,000 mortgage, according to a senior Democratic official.  

That’s $180 a year, or $360 a year for a $400,000 mortgage. Homeowners would have the fee hike built into their loan — the mortgage provider would then send that extra revenue to the Treasury. 

The idea behind the fee is to encourage more homeowners to get into the private market, as opposed to seeking loans backed by troubled entities like Fannie and Freddie. 

“Taxpayers are losing every quarter on Fannie and Freddie,” a senior Senate Democratic aide said. “We want to lessen the burden on the taxpayers (who are on the hook for failed government-backed loans).” 

The aide added, “This is an incentive to go to the private-sector mortgage market.” 

But at the moment, about 90% of all mortgages are made through Fannie, Freddie or FHA. There is virtually NO private-sector mortgage market for middle class home buyers.

The extended payroll tax cut will give someone making $50,000 a year an extra $165 for those 2 months.

It will also take Fannie, Freddie and FHA about 10-years to pay for the $33 billion extension.

Does it sound like Washington is planning on getting rid of Fannnie and Freddie or ratcheting down FHA any time soon?

Will these new fees just put another nail into the housing market or will homebuyers simply not really notice?

Mortgage fees would rise under payroll tax cut deal [Fox News, December 17, 2011]

We’ve chattered about this 3-bedroom house at 3352 N. Marshfield in Lakeview several times since it came on the market in March 2011.

See our July 1, 2011 chatter here.

In July, the house had reduced $30,000 to $469,900 but most of you thought it was still overpriced.

Most of the guesses were around $375,000 being the actual selling point.

Since then, the house has reduced another $20,000 to $449,900.

If you recall, the house is steps to the Whole Foods, Wishbone and assorted other restaurants, bars and activities in the neighborhood.

The listing describes the property as a “unique 2-story contemporary” with an open loft like first floor layout.

The second story was added 19 years ago and that’s where all 3 bedrooms are located.

There are skylights.

One bathroom is on the first floor and one on the second.

Built on a 71×25×58 lot, it has a 1-car attached garage and central air.

Is everyone still sticking with $375,000?

James Miller at Direct Broker still has the listing. See the pictures here.

3352 N. Marshfield: 3 bedrooms, 2 baths, 1927 square feet, 1 car garage

• Sold in May 1992 for $98,500
• Was listed in March 2011 for $499,900
• Reduced
• Was listed in July 2011 at $469,900
• Reduced
• Currently listed at $449,900
• Taxes of $7861
• Central Air
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 10×8 (second floor)

This large 1-bedroom in The Bristol at 57 E. Delaware in the Gold Coast has been on and off the market since March 2010.

In that time period, it has been reduced $120,500 to $429,000.

Luxury 1-bedroom units over 1000 square feet in downtown high rises were all the rage during the housing boom.

This one has 1135 square feet and a powder room.

It has south and west views and because it’s on the 40th floor, the listing says the views clear nearby buildings.

The listing says it is a penthouse and that the floor only has 3 units, but there is a $6 million listing just one floor higher which is clearly the buildings penthouse.

The unit has new floors and paint. The kitchen has maple cabinets, granite counter tops and white appliances.

It has central air, washer/dryer in the unit and parking is included in the price.

Is this a deal at this price for the square footage?

Brenda Mauldin at Baird & Warner has the listing. See the pictures here.

Unit #4001: 1 bedroom, 1.5 baths, 1135 square feet

• Sold in November 2000 for $463,000 (included the parking)
• Originally listed in March 2010 for $549,500
• Reduced numerous times
• Currently listed at $429,000 (includes the parking)
• Assessments of $852 a month (includes doorman, pool)
• Taxes of $8345
• Central Air
• Full size washer/dryer in the unit
• Bedroom: 14×13

This 3-bedroom townhouse at 1619 S. Indiana in the South Loop has been on the market since February 2011.

It is a short sale and has been reduced $65,000 in that time. It was also under contract in July but then fell out.

It is a fee simple townhouse with an attached 1-car garage.

All 3 bedrooms are on the third floor.

The kitchen has granite counter tops and black appliances.

A lis pendens foreclosure was filed on this property 22-months ago.

At this point does it make sense for an interested buyer to simply wait until the bank owns it?

Listed just $24,900 over the 2000 price, will it eventually sell for less?

Peter Perisin at D’Aprile Properties has the listing. See the pictures here.

1619 S. Indiana: 3 bedrooms, 2.5 baths, 2000 square feet, 1 car garage

• Sold in January1997 for $271,500
• Sold in February 2000 for $400,000
• Sold in June 2006 for $550,000
• Lis pendens foreclosure filed in February 2010
• Originally listed in February 2011 for $489,900
• Was under contract in July 2011
• Fell out of contract
• Currently listed as a “short sale” for $424,900
• Assessments of $302 a month
• Taxes of $6925
• Central Air
• Bedroom #1: 14×13 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 10×10 (third floor)
• Family room: 17×22 (second floor)

This 2-bedroom triplex up penthouse at 2216 N. Lincoln in Lincoln Park has been on and off the market since August of 2008.

The building is an old bakery. It is now an elevator building with 6 units.

This penthouse has a private 20×16 roofdeck that overlooks Oz Park.

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

There is central air, washer/dryer in the unit and 1-car garage parking.

I couldn’t find an original 2008 list price but as of June 2010 it was still listed at $774,900.

It has since been reduced to $599,850.

Is price the only thing holding this property back?

Anton Ursini at Prudential Rubloff now has the listing. See the pictures here.

Unit #E: 2 bedrooms, 2.5 baths, den, 2200 square feet, triplex up

• Sold in June 1998 for $425,000
• Originally listed in August 2008 (I couldn’t find an original list price)
• Was listed in June 2010 for $774,900
• Reduced
• Currently listed at $599,850 (parking included)
• Assessments of $395 a month (includes cable)
• Taxes of $8231
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 21×14 (second floor)
• Bedroom #2: 15×14 (second floor)
• Office: 8×8

We last chattered about this 3-bedroom in the silver-leed certified building at 1322 N. Clybourn on the Near North Side (near a soon to be new Target, apparently) in April 2011.

See our prior chatter here (but I’m almost scared to link to the old thread- given the discussion about pizza, among other things).

In April 2011 it was listed at $474,900.

8 months later, it is still listed at $474,900.

If you recall, it has 10 foot ceilings, floor to ceiling windows and bamboo floors.

The kitchen has granite counter tops and stainless steel appliances.

The master bath has onyx counter tops.

This unit is currentlystill listed for about $100,000 under the 2007 purchase price.

Is this property a microcosm of the larger market- where properties are sitting and sitting, sometimes for years, with few or no price reductions?

Scott Rife at Prudential Rubloff has the listing. See the pictures here.

Unit #2N: 3 bedrooms, 2 baths, 1800 square feet

• Sold in December 2007 for $575,000
• Was listed in April 2011 for $474,900
• Currently still listed at $474,900
• Assessments of $340 a month
• Taxes of $6465
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×12
• Bedroom #2: 13×11
• Bedroom #3: 12×11

Four years after first being listed on the market this 3-bedroom true penthouse at 220 E. Walton in the Gold Coast has finally sold.

We chattered about this property numerous times over those 4 years.

See our May 2011 chatter here.

In our last chatter, not many people talked about the price- although, as usual, the high assessments were discussed.

We also chattered about the square footage. According to the latest listing, the interior space was 3900 square feet and the terrace was an extra 2145 square feet- so the square footage did NOT include the terrace.

The old listing said it was the first time on the market- and the building was built in 1919.

While it had space pak cooling, it didn’t appear to have a washer/dryer in the unit and there was no parking.

It also had a private elevator entrance with a private vestible.

Listed in October 2007 for $3.25 million, it sold for 72% off that list price at $900,000.

Did someone get a deal?

Kathleen Malone at @Properties had the listing. You can still see interior pictures here.

220 E. Walton #11E: 3 bedrooms, 3.5 baths, 3900 square feet (plus a 2145 square foot terrace)

• I couldn’t find any original sales price – since it is the first time it’s been on the market in decades
• Was listed in October 2007 at $3.25 million
• Reduced
• Was listed in August 2008 at $2.9 million (no parking)
• Reduced
• Was listed in July 2009 for $2.65 million (no parking)
• Reduced
• Was listed in May 2011 for $1.5 million (no parking)
• Sold in December 2011 for $900,000
• Taxes of $25,192
• Assessments of $3,624 a month (includes heat and doorman)
• Space pak cooling
• No in-unit washer/dryer
• Bedroom #1: 35×16
• Bedroom #2: 12×10
• Bedroom #3: 15×8

The listing for this 5-bedroom at 3180 N. Lake Shore Drive in Lakeview says it has never been on the market before.

The building was built in 1953.

There are no pictures of the kitchen or bathrooms because the listing says you have to “make it your own.”

It does, however, have new windows and tree top views.

The listing also says that you can add central air and laundry. There is rental parking in the building.

For someone who wants a lot of bedrooms on one level, is this a good deal?

Robin Miner at @Properties has the listing. See the pictures here.

Unit #3H: 5 bedrooms, 3.5 baths, 2400 square feet

• I can’t find an original sales price since it has never been on the market
• Currently listed for $430,000
• Assessments of $1650 a month (includes heat, A/C, gas, doorman, cable)
• Taxes of $5501
• No central air (but can be added)
• No washer/dryer (but can be added)
• Parking is leased for $165 a month
• No pets
• Bedroom #1: 17×14
• Bedroom #2: 17×12
• Bedroom #3: 12×13
• Bedroom #4: 13×12
• Bedroom #5: 13×11

We last chattered about this 2-bedroom authentic loft in the Studebaker Lofts at 1619 S. Michigan in the South Loop in July 2010.

See our prior chatter here.

The loft has a massive New York-style open layout with 17 foot ceilings, exposed brick walls, and a refurbished tin ceiling.

Since it’s a top floor unit, it has a private rooftop deck, supposedly with an outdoor shower that is NEVER depicted in the pictures (grr…) and skylights.

The loft also has another unique feature in the master bedroom: a large walk-in cedar closet.

The kitchen has white cabinets and stainless steel appliances.

There is central air, a washer/dryer in the unit, and deeded parking.

The price has been slashed nearly in half since we last chattered about it. 

The loft is now a short sale and is listed just $50,000 above the 1998 purchase price.

What will this unique space end up selling for?

Once again, I don’t have a direct picture of this property. But it’s the brown brick building on the far left of the picture below.

Nancy Gaspadarek at @Properties has the listing. See the pictures here.

Unit #312: 2 bedrooms, 2 baths, 2800 square feet (per the old listing)

• Sold in May 1998 for $294,000
• Was listed in July 2010 for $638,000 (plus $40,000 for parking)
• Reduced
• Lis pendens filed in September 2010
• Currently listed as a “short sale” for $329,000 (plus $20,000 for parking)
• Assessments of $330 a month
• Taxes are now $7242
• Central Air
• Washer/Dryer in the unit
• Private roof top deck with shower
• Bedroom #1: 17×15
• Bedroom #2: 10×12