Crib Chatter

How long does it take to go from a regular listing to a distressed property to bank owned to being back on the market from the bank?

In the case of this 2-bedroom loft at 1528 S. Wabash in the South Loop- it has been 3 years.

And if the loft looks familiar it’s because we chattered about it over the years as a “regular” listing and in June 2010 when it was a short sale.

See our 2010 chatter here.

Back in 2010 there was a special assessment.

Liz Sheeran, the realtor for the 2010 listing, clarified what was happening:

“To all those blogging about this unit: I am the listing agent and want to set the record straight. There is a special assessment on the building for roof work, a new parapet wall, tuckpointing and balcony repair. For this unit it will be slighty under 20K. The association is not dipping into the reserves at all for the repairs leaving the reserves at a decent amount. This is a top floor corner unit with south and east exposures. It is 4 floors above the freight line to the south and the farthest unit to the east of the El. It is roughly 1150 sq. ft and is all useable sq footage. All the newer construction 2/2 condos in the South Loop are all around 900 sq. ft with terrible layouts.”

Now it is bank owned.

From the listing pictures, the kitchen and baths still look to be intact. The kitchen has stainless steel appliances and granite counter tops.

The loft is a corner unit with exposed brick and 11 foot ceilings and has concrete ceilings. The bedrooms also have full floor to ceiling walls, which is rare for lofts.

The loft has the features buyers look for including central air, washer/dryer in the unit and deeded parking is now included.

Originally listed by the bank for $229,000 it was recently reduced $59,100.

Will this finally sell after 3 years of trying?

Pamela Martin at Realty Services Consortium now has the listing. See the pictures here.

Unit#608: 2 bedrooms, 2 baths, 1200 square feet

• Sold in January 2004 for $268,000
• Originally listed in October 2008 for $299,900 (parking is extra)
• Reduced
• Was listed in February 2009 for $284,900 (parking is $34,000 extra)
• Reduced several times
• Was listed in May 2009 for $261,900 (parking is $28,000 extra)
• Withdrawn
• Listed in April 2010 for $289,900
• Reduced
• Currently listed as a “short sale” for $214,900 (plus $25,000 for parking)
• Withdrawn
• Bank owned
• Originally listed in October 2011 for $229,000 (included the parking)
• Reduced
• Currently listed for $169,900 (includes the parking)
• Assessments of $433 a month (includes heat, gas and cable)
• Taxes of $3656
• Washer/Dryer in the unit
• Central Air
• Bedroom #1: 14×12
• Bedroom #2: 12×11
• Living room: 14×18
• Kitchen: 14×9

We’ve chattered about this 3-bedroom Victorian storefront at 2075 N. Oakley in Bucktown several times.

See our June 2011 chatter here.

Back then, it had been reduced another $50,000 to $649,000. Most of you, no surprise, thought it was still overpriced. Some guessed $550k. Some guessed $599k. One said $399k.

Since the summer, the unit has been reduced another $100,000 to $549,000.

This unique unit is located in what was a Victorian storefront and appears to still have the original tin ceiling.

The kitchen has marble counter tops and stainless steel appliances.

2 out of the 3 bedrooms are on the main floor with the third in the lower level.

There is also a lower level family room with marble floors.

The side yard is private to the unit and there is an attached garage.

Is this getting closer to the correct sales price? Or is it headed below the 2002 price of $462, 500?

Jennifer Mills at Koenig & Strey still has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, 2600 square feet, duplex down, 1 car parking

• Sold in April 1999 for $320,000
• Sold in January 2002 for $462,500
• Sold in July 2006 for $731,500
• Was listed in January 2010 for $824,900
• Reduced numerous times
• Was listed in November 2010 for $699,000
• Reduced
• Was listed in June 2011 for $649,000
• Reduced
• Currently listed at $549,000
• Assessments of $259 a month (includes cable)
• Taxes of $6614
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×10 (main level)
• Bedroom #2: 18×12 (main level)
• Bedroom #3: 14×11 (lower level)
• Family room: 21×19 (lower level)

This 3-bedroom single family home at 2225 W. Charleston in Bucktown (it IS east of Western) just came on the market.

It is bank owned and listed at just $229,900.

Built in 1887, the listing says it is on a standard Chicago lot of 25×125 and has a 2-car garage.

So what’s the catch?

Check out the interior pictures to find out.

There are lots of requirements to follow if you’re going to make an offer:

“Days 1-7: Offers will not be reviewed, Days 8-12: Offers ONLY from NSP buyers, Municipalities, Non-profit organizations and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers.”

Will this sell fast given the price and the location?

Will there be a bidding war that pushes the price well above the ask?

What’s the price of land worth in this location?

[You’ll also notice the bank has been holding onto this property for nearly a year.]

Samuel Tarara at Koenig & Strey Real Living has the listing. See the pictures here.

2225 W. Charleston: 3 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in September 1988 for $113,500
• Sold in July 1990 for $122,500
• Sold in January 2001 for $360,000
• Sold in June 2004 for $455,000
• Lis pendens filed in October 2008
• Bank owned in January 2011
• Currently listed for $229,900
• Taxes of $10,796
• Central Air
• Bedroom #1: on the second level
• Bedroom #2: on the second level
• Bedroom #3: on the lower level

This 2-bedroom at 2029 N. Racine in Lincoln Park has been on the market over two and a half years.

It is now a short sale and is listed $25,500 under the 2000 purchase price.

At 1600 square feet, it has a separate dining room with pocket doors. It also has 11 foot ceilings and a bay window.

The kitchen has white cabinets and appliances.

The unit has some of the features buyers look for such as central air and in-unit washer/dryer but there is no parking.

According to the November sales data that G provided in the October market conditions thread, distress sales were on the rise in Lincoln Park for the month.

Lincoln Park November condo/th sales:
1988 70
1989 64
1990 44
1991 54
1992 69
1993 100
1994 68
1995 76
1996 65
1997 67
1998 85
1999 76
2000 83
2001 75
2002 70
2003 83
2004 94
2005 123
2006 91
2007 64
2008 30
2009 59 10% (short/REO sales)
2010 38 11% (short/REO sales)
2011 46 17% (short/REO sales)

Is this a trend that is worrisome for those who believe the market has bottomed?

What price will it take to finally sell this property?

Terry Smith at Prudential American Heritage has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 1 bath, 1600 square feet

• Sold in May 1990 for $147,000
• Sold in June 1991 for $162,000
• Sold in April 1996 for $177,000
• Sold in August 2000 for $270,000
• Sold in April 2003 for $324,500
• Sold in April 2008 for $360,000
• Originally listed in April 2009 for $369,900
• Reduced many, many times
• Now is a “short sale” at $244,500
• Assessmentes of $281 a month
• Taxes of $4654
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 11×10
• Bedroom #2: 11×11 

We recently chattered about a 3-bedroom 1930s tudor at 1717 N. Normandy in Galewood that was just a block north of North Avenue and the Oak Park border that was listed at $390,000.

See our prior chatter here.

Some of you commented that you might as well live in Oak Park.  But Russ said:

“Looks like a solid house. Needs a little updating, but appears to have good bones. That house would probably be in the mid to upper 600s in Oak Park.”

This 4-bedroom vintage English style house at 1217 N. Coumbian in Oak Park is currently on the market just 2 blocks south of the Normandy house.

It is listed as a short sale at $519,000.

The house is finally under contract after first coming on the market in May 2011. (Usually I don’t like to chatter about houses under contract but I had a picture of this one and it’s still an interesting contrast to the one on Normandy given its location.)

It also has a turret entryway.

The living room has a beamed ceiling and there are hardwood floors throughout, including the bedrooms. 3 out of the 4 bedrooms are on the second floor with the fourth on the main level.

It has both a family room on the main level and a lower level finished basement with a bar.

Built in 1937 on an oversized 66×124 lot, it also has a 2-car garage and central air (like the house on Normandy.)

The kitchen has stainless steel appliances and white cabinets.

Is Oak Park the better buy right now, especially if you’re concerned about the schools?

Michelle Orton Loftus at Dream Town has the listing. See the pictures here.

1217 N. Columbian: 4 bedrooms, 3 baths, 2900 square feet, 2 car garage

• Sold in October 2003 for $643,000
• Lis pendens filed in March 2011
• Originally listed in May 2011 for $700,000
• Reduced numerous times
• Currently listed as a “short sale” at $519,000
• Under contract
• Taxes of $16,919
• Central Air
• Bedroom #1: 14×16 (second floor)
• Bedroom #2: 11×16 (second floor)
• Bedroom #3: 11×15 (second floor)
• Bedroom #4: 9×12 (main floor)
• Family room: 10×15 (main floor)
• Recreation room: 38×16 (lower level)

This 3-bedroom in the Prairie House at 1515 S. Prairie in the South Loop recently came back on the market.

This 11th floor unit had originally been listed 2 years ago at $735,000 and has been reduced $235,500 over that time to $499,500.

The unit right underneath it, Unit #1006, also came back on the market recently. But it’s a bank owned unit.

Listed on November 8 for $499,000, including 2 parking spots, it is already under contract.

Unit #1106 was apparently the original developer model.

It is a southeast corner unit with protected lake and city views.

The unit also has hardwood floors, 2 balconies, central air, washer/dryer in the unit and one parking space included with a second available for $29,000.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances. There are marble baths.

The listing says a wall for the den has been removed to allow for a more open living/dining space.

Unit #1006 (the bank owned unit) last sold for $650,500 in 2005. Unit #1106 last sold for $637,000 in 2006.

Are these units now a deal for the square footage and location?

Mario Greco at Prudential Rubloff now has the listing on #1106. See the pictures here.

Unit #1106: 3 bedrooms, 3 baths, 2138 square feet

• Sold in July 2006 for $637,000
• Originally listed in December 2009 for $735,000
• Reduced numerous times
• Was $529,000 in August 2011
• Withdrawn
• Re-listed at $499,500 (includes one parking spot and a second is available for $29,000)
• Assessments of $893 a month (includes heat, doorman, cable)
• Taxes of $7365
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×18
• Bedroom #2: 14×11
• Bedroom #3: 12×10

This 3-bedroom tudor at 1707 N. Normandy in the Galewood neighborhood of Austin has been on and off the market since August 2010.

It has a turret entry and arched doorways.

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

All 3 bedrooms are on the second floor. There is a lower level living room. The house appears to have carpet, and not hardwood, throughout.

Built in 1939 on a larger than normal Chicago lot of 40×125, the house also has central air and a 2-car garage.

Just a block north of the Oak Park border, the house has been reduced just $15,000 to $390,000 since April 2011.

What will it take to sell this house?

Alfred Marino at Park Place Real Estate Services has the listing. See the pictures here.

1707 N. Normandy: 3 bedrooms, 2.5 baths, 2400 square feet, 2 car garage

• Sold in October 1988 for $160,000
• Originally listed in August 2010 (I couldn’t find an original list price)
• Was listed in April 2011 for $405,000
• Reduced
• Currently listed at $390,000
• Taxes of $4100
• Central Air
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 12×14 (second floor)
• Bedroom #3: 12×11 (second floor)
• Family room: 18×18 (lower level)

Crain’s is reporting that new Cubs GM Theo Epstein and his wife purchased a new construction home at 3618 N. Greenview in the Southport neighborhood of Lakeview for $3.25 million in November.

The house had been on the market a year and was listed at $2.999 million. Crain’s is reporting that the Epsteins paid 8.3% over list.

The 5-bedroom house was built on an extra wide Chicago lot measuring 37.5×123.7 and had a rare 4-car garage.

The Lakeview home has four fireplaces, a master bedroom with two large dressing rooms, a four-car attached garage, a deck and a patio, according to a listing. The first floor features 12-foot ceilings, and finishes include herringbone-design wood floors, eight-foot doors and custom paneling and millwork, said Sabina Kontos, the listing agent and owner of PLD Homes.

Ms. Kontos, a broker with Jameson Sotheby’s International Realty, declined to comment on the transaction or the buyer.

The home almost went to another big name in Chicago sports: Chicago Blackhawk Patrick Sharp, who had a signed contract to pay $2.9 million for the property in October, according to county records. But that deal fell through and Mr. Sharp gave up any claim in early November.

This purchase brings up several questions:

1. Should the Epsteins, being new to a city, have rented first?

We have chattered about how if you have a long term time horizon then buying could be a good option right now. Mr. Epstein worked in his last job in Boston for 9 years.

There are several nearby new construction luxury homes for rent anywhere from $7500 to $10,000 a month if they wanted to get a feel for the neighborhood before putting down roots.

2. Is this the most expensive home sale EVER in Southport?

Remember from G’s data- through November of this year, only 78 properties in the entire Chicago metro area have sold for over $3 million. That data includes the most exclusive addresses in Lake Forest, Hinsdale, Lincoln Park etc. Only 7 sold in the month of November, including this house.

From researching the public records, I could only find 2 homes in the Southport neighborhood in the last 3 years that even came close to this price.

1. 3537 N. Greenview: Sold in December 2008 for $2.69 million (also new construction)
2. 3743 N. Greenview: Sold in December 2010 for $2.7 million (also new construction)

3. First Rosie O’Donnell buys in this neighborhood (for $2.25 million) and now Mr. Epstein. 

This 3-bedroom townhouse at 3012 N. Waterloo in East Lakeview came on the market in October 2011.

It’s had the same owner for the last 21 years.

Built in 1974, the listing says it has a “new kitchen” with oak cabinets, granite counter tops and stainless steel appliances.

The bathrooms have also been updated and now have granite counter tops. There are wood ceilings on the first floor, exposed brick and refinished wood floors.

Two of the bedrooms are on the third floor with the second bedroom and a family room on the second floor.

The townhouse has central air, an outdoor patio, and an assigned parking space. The listing says it’s in the Nettelhorst school district.

For the family that wants to stay in East Lakeview, is this an alternative to one of the large, vintage condos in the neighborhood?

Judith Kolar at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #10: 3 bedrooms, 2 baths, no square footage listed

• Sold in June 1988 for $158,000
• Sold in August 1990 for $215,000
• Originally listed in October 2011 for $449,000
• Currently still listed for $449,000
• Assessments of $229 a month (includes cable)
• Taxes of $5356
• Central Air
• Bedroom #1: 15×14 (third floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 15×11 (third floor)
• Family room: 15×11 (second floor)

This 3-bedroom townhouse at 1125 W. Newport in Lakeview is on the market for the first time in 15 years.

The fee simple townhouse is a highly coveted corner unit (more windows!) with a private one car garage.

The listing says it is the “first resale by the original owners.” It has a new roof, master bath, windows and kitchen. The kitchen has black appliances.

Two of the bedrooms are on the third floor with the third on the main (and garage) level.) The rest of the living area is on the second level.

The listing also says the townhouse is in the Nettelhorst school district and is NOT on the El.

Originally listed in October 2011, it has been reduced $11,900 to $450,000.

Is this an attractive single family home alternative for the location and square footage?

Rose Leversha at @Properties has the listing. See the pictures here.

Unit #E: 3 bedrooms, 2.5 baths, 1995 square feet, 1 car garage

• Sold in March 1996 for $259,000
• Originally listed in October 2011 for $461,900
• Reduced
• Currently listed for $450,000
• Assessments of $155 a month (includes water and snow removal)
• Taxes of $5126
• Central Air
• Bedroom #1: 14×12 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 13×13 (main floor)