Crib Chatter

We’ve been chattering about where you can “raise your kids” in the GreenZone in a 3-bedroom for under $500,000.

This 3-bedroom townhouse at 2610 N. Orchard in Lincoln Park fits the bill.

Built in 1978, the listing says it has a “new kitchen”, complete with stainless steel appliances, and “remodeled” baths.

Two bedrooms are on the third floor with the third bedroom on the second floor along with a family room. The main living areas on the main floor.

It has central air and an assigned parking space.

The listing says it’s in the Alcott school district.

Off and on the market for nearly 2 years the price has been both lowered and raised in that time period.

We even chattered about it in October 2010 when the price was lowered to $449k. 

Our last chatter was very interesting and once again, it is telling how far prices have fallen in just the last year. Back in October 2010 many thought this townhouse wasn’t priced too far off the selling price at $449k.

It’s now a  year later- and here we are with it listed for sale again.

See our prior chatter here.

Is this townhouse a good single family home alternative for someone who wants to stay in this neighborhood?

Sonya Lea at Koenig & Strey Real Living has the listing. See the pictures here.

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

• Sold in September 1995 for $203,000
• Sold in April 1998 for $269,000
• Originally listed in February 2010 for $479,900
• Reduced to $449,900 in October 2010
• Withdrawn
• Re-listed for $479,000
• Assessments aren’t listed but there appears to be a monthly HOA
• Taxes of $7777
• Central Air
• Assigned parking included (looks to be outdoor)
• Bedroom #1: 14×13 (third floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 13×12 (third floor)
• Family room: 16×10 (second floor)

How many years will it be before the distress sales are finished in Millennium Center at 33 W. Ontario in River North?

They are still occuring on a pretty regular basis.

This 2/2 on the 38th floor is the latest listing to hit the market. It is a Fannie Mae property.

The listing says there is new carpeting in the bedrooms and the unit has been professionally painted.

From the pictures, it also appears the kitchen and bathrooms are intact. The kitchen has cherry cabinets, black appliances and granite counter tops. The bathrooms are white.

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

It is listed $75,000 under the 2007 purchase price.

In October, a 1325 square foot 2/2 on the 54th floor sold for $339,900 but it didn’t include the parking.

Is this a deal?

Angel Aguilar at Re/Max Platinum has the listing. See the pictures here.

Unit #38F: 2 bedrooms, 2 baths, 1225 square feet

• Sold in January 2004 for $445,000 (included the parking)
• Sold in November 2007 for $425,000 (included the parking)
• Lis pendens filed in January 2010
• Fannie Mae owned in September 2011
• Currently listed for $349,900 (includes the parking)
• Assessments of $709 a month (includes heat, a/c, gas, doorman, pool, exercise room, cable)
• Taxes of $4833
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 12×11

A few years ago, I used to get e-mails from first time homebuyers desperate to buy a 2/2 for under $300,000 anywhere in Lakeview.

Flash forward, and now buyers can get a 1700 square foot top floor 2/2 like this one at 521 W. Surf in East Lakeview for under $300,000.

It has all the features buyers look for (and which are rare in vintage units, especially in East Lakeview), including central air, washer/dryer in the unit and not just one but two parking spots (it sounds like it is an especially long space that can fit two cars tandem.)

The building was built in 1906 and has 26 units.

The unit still has some of its vintage features including built-ins, a wood burning fireplace, a beamed dining room ceiling and a pier mirror in the foyer.

The kitchen is eat-in and has white cabinets and appliances.

Originally listed for $395,000 in April 2011, it has been reduced $96,000 to $299,000.

That is also $76,000 under the 2001 purchase price which was $375,000.

Is this a deal for the square footage and location or just another sign of the times?

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

Unit #3: 2 bedrooms, 2 baths, 1700 square feet

• Sold in January 1993 for $174,000
• Sold in December 1994 for $225,000
• Sold in September 1997 for $253,500
• Sold in July 2001 for $375,000
• Originally listed in April 2011 for $395,000
• Reduced several times
• Lis pendens foreclosure filed in September 2011
• Currently listed at $299,000 (includes the parking)
• Assessments of $477 a month (includes heat, cable)
• Taxes of $4982
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 13×12

We chattered about this top floor 2-bedroom in The Cambridge at 3145 N. Cambridge in Lakeview several times over the last year.

See our May 2011 chatter here.

When it was priced in the $300,000s in 2010, some of you were surprised it hadn’t sold even though it didn’t have central air or parking.

The hot topic by May 2011 was the nearly $400 a month assessment and what you get for that in a mid-rise vintage building compared to a highrise.

The unit finally sold in October 2011 for $275,000.

If you recall, it had 9-foot ceilings, a decorative fireplace and crown moldings.

The kitchen had been updated with 42 inch maple cabinets, granite counter tops and stainless steel appliances.

Given current prices on some other properties in the neighborhood, which have central air and parking, was this even much of a deal?

Jeff Lowe at Prudential Rubloff had the listing. You can still see the interior pictures here.

Unit #3: 2 bedrooms, 2 baths, 1300 square feet

• Sold in March 1992 for $147,000
• Sold in February 2007 for $340,000
• Originally listed in April 2009
• Withdrawn
• Re-listed for $329,000 in February 2010
• Reduced
• Was listed in July 2010 for $319,000
• Reduced
• Was listed in December 2010 for $299,000
• Withdrawn
• Was listed in May 2011 at $279,000
• Sold in October 2011 for $275,000
• Assessments of $397 a month (includes heat)
• Taxes of $3757
• No central air- window units
• In-unit washer/dryer
• No Parking
• Bedroom #1: 14×12
• Bedroom #2: 13×8
• Dining room: 13×17

We last chattered about this 2-bedroom short sale in 2020 N. Lincoln Park West in Lincoln Park in early August 2011.

See our prior chatter here.

Clio had pointed out the unit in a prior chatter as being a “deal” as it was listed $106,000 under the 2007 purchase price.

3 weeks after we chattered about it, the unit DID go under contract.

But it fell out of contract and is now back on the market with another $14,000 reduction to $315,000.

The listing now says “Short sale approved at $315K- Close Quick!”

If you recall, the corner unit has a “rehabbed” kitchen with cherry cabinets, granite counter tops and stainless steel appliances.

It has central air but there is no washer/dryer in the unit. The lack of a washer/dryer was a major sticking point for many of you back in August.

The unit also doesn’t have lake views, but faces west. This was also a sticking point back in August.

There is rental parking for $170 a month available in the building.

Is this even a deal?

George Patrick at Koenig & Strey Real Living still has the listing. See the pictures here.

Unit #15M: 2 bedrooms, 2 baths, 1500 square feet

• Sold in April 1992 for $125,000
• Sold in June 1996 for $158,000
• Sold in March 2002 for $300,000
• Sold in July 2007 for $435,000
• Originally listed in July 2011 as a “short sale” for $329,000
• Under Contract in late August 2011
• Reduced
• Re-listed in December 2011 for $315,000
• Updated listing now says “Short sale approved at $315K – Quick Close!”
• Assessments of $706 a month(includes heat, a/c, doorman, pool, cable)
• Taxes of $5917
• Parking is rental for $170 a month
• Central Air
• No washer/dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 13×11

This corner 2-bedroom at 474 N. Lake Shore Drive in Streeterville has been on and off the market for over 3 years.

It finally came back on the market in November as a short sale and is now listed $101,000 under the 2006 purchase price.

The high rise, built in 1991, was a very popular rental building before it was converted to condos at the peak of the housing bubble.

It is a full service building with an exercise room, doorman and pool.

This unit has diagonal hardwood floors (Sonies favorite!). The kitchen has granite counter tops and GE profile stainless steel appliances.

It also has the features buyers are looking for like central air and a side-by-side in-unit washer/dryer. Parking is not included but I believe you can still purchase it for $30k and/or rent it in the building.

The unit also has direct views of the Lake.

It is not the only short sale in the building. Unit #6002, a penthouse 2/2, is listed about $50,000 more at $449,900 but it also includes the parking. However, from the listing pictures, it looks like it doesn’t have a direct lake view but looks north instead.

Is the lower floor unit a deal?

Katrina Schmitt at Streeterville Properties has the listing. See the pictures here.

Unit #1805: 2 bedrooms, 2 baths, 1257 square feet

• Sold in December 2006 for $499,000
• Listed in September 2008 for $599,000
• Lis pendens filed in March 2009
• Withdrawn
• Re-listed in April 2011 for $499,000
• Withdrawn
• Re-listed in November 2011 as a “short sale” for $405,000
• Reduced
• Currently listed as a “short sale” at $398,000
• Assessments of $746 a month (includes heat, a/c, doorman, cable, pool)
• Taxes of $5757
• Central Air
• Washer/Dryer in the unit
• Parking not included- but probably available
• Bedroom #1: 12×15
• Bedroom #2: 11×12

This 2-bedroom loft in the Soda Pop Factory at 1001 W. Altgeld in Lincoln Park has been on the market since August 2011.

In that time, it has reduced $41,000 to $359,000.

The loft has 12 foot ceilings and exposed brick.

The listing says the unit has had a “complete renovation”. The kitchen has 42 inch cabinets, stainless steel, and granite counter tops.

The master bedroom has a “spa-like” master bath.

The loft has all the amenities buyers look for including central air, washer/dryer in the unit and parking. It’s also just 2 blocks to the El and various shopping/restaurants.

This loft is now listed $10,000 under the 2004 purchase price.

Is this a deal for the location?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

You can also watch a YouTube video here that has a smartfloorplan. (warning- music!)

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

• Sold in September 1992 for $194,000
• Sold in July 2000 for $338,000
• Sold in April 2004 for $369,000
• Sold in December 2007 for $425,000
• Originally listed in August 2011 for $400,000
• Reduced
• Currently listed at $359,000 (includes the parking)
• Assessments of $293 a month (includes cable)
• Taxes of $4739
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×13
• Bedroom #2: 13×12

Crain’s is reporting that the percentage of FHA loans fell 36% in 2010 from the year before in the Chicago area as lending standards tightened.

In 2010, 12% of all Chicago-area home loans were FHA which was down from 18% in 2009. This is still a dramatic increase from the bubble years when FHA loans accounted for only 2% of all loans.

(And no- I don’t know why we are only now talking about 2010 data when it is nearly the end of 2011.)

We’ve chattered about this 2-bedroom townhouse at 1732 N. Mohawk in Old Town several times this year.

See our August 2011 chatter here.

The townhouse has actually been on the market for 2 years. It was recently reduced another $25,000.

Back in August, a couple of you thought it would probably sell around $370,ooo to $375,000.

It is now listed at $375,000 which is $2,500 under the 2002 price.

You’ll recall that the townhouse, which is at the back of the property, has the living/kitchen area on the main floor, 2 bedrooms on the second level and then a den on the third level with skylights.

It also has a 300 square foot private rooftop deck on the third level.

There are hardwood floors on the main level and both bedrooms have new carpet.

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

Built in 1988, it has central air and 2-car tandem parking.

The seller is now offering $5,000 credit to a buyer for a pre-12/30/2011 closing.

Will this property finally sell in 2011?

Scott Berg at Berg Properties has the listing. See more pictures here.

Unit #C: 2 bedrooms, 2.5 baths, den, 1500 square feet

• Sold in September 1992 for $208,500
• Sold in June 1994 for $218,500
• Sold in May 2000 for $306,000
• Sold in October 2002 for $377,500
• Sold in August 2005 for $499,000
• Sold in April 2006 for $499,000
• Originally listed in November 2009 for $519,000
• Reduced
• Was listed in April 2011 for $439,000
• Reduced
• Was listed in May 2011 for $435,000 (includes 2-car tandem parking)
• Reduced
• Was listed in August 2011 for $400,000 (includes 2-car tandem parking)
• Reduced
• Currently listed for $375,000 (includes 2-car tandem parking)
• Assessments of $100 a month
• Taxes of $6435
• Central Air
• Private Roof Deck: 18×17
• Bedroom #1: 15×12 (second level)
• Bedroom #2: 11×10 (second level)
• Den: 11×10 (third level)

This 4-bedroom single family home at 4043 N. Kenneth has been on the market nearly 2 years.

First listed in January 2010 for $450,000, it has been reduced $75,000 and is now listed as a “short sale.”

Built in 1920 on a larger than normal 33×125 Chicago lot, the bungalow has some vintage features like wainscotting.

The 4-bedrooms are split with 2 bedrooms on the second floor and 2 bedrooms on the main floor.

There is no bathroom on the second floor, however, as the the 2 baths are on the main floor and in the basement.

There is an eat-in kitchen with white cabinets, stainless steel appliances and butcher block counter tops.

The house has the other features buyers look for including central air and a 2-car garage.

After nearly 2 years on the market, is this house an example of the gridlock between sellers and buyers?

Scott Graden at @Properties has the listing. See the pictures here.

Or you can watch the YouTube video here. (warning- music!)

4043 N. Kenneth: 4 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in August 1987 (no price listed in the public records but Zillow says it sold for $70,000)
• Sold in August 2001 for $292,000
• Sold in September 2006 for $375,000
• Originally listed in January 2010 for $450,000
• Reduced
• Currently listed as a “short sale” for $375,000
• Taxes of $3639
• Central Air
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 11×10 (second floor)
• Bedroom #3: 12×11 (main level)
• Bedroom #4: 12×11 (main level)
• Family room: 25×18 (lower level)