Crib Chatter

We last chattered about this 5-bedroom Queen Anne at 1935 N. Lincoln in Lincoln Park in August 2011.

See our prior chatter here.

Off and on the market for 6 years (!) it had been reduced about $1 million from its original 2005 list price of $2.229 million. It was also listed for $555,000 under the 2003 price and the listing called it “positively the best deal” in Old Town/Lincoln Park.

Most of you thought it was a deal even though it was on busy Lincoln and near some bars.

Apparently, someone else did as well as it finally sold in October 2011 for $1.15 million.

If you recall, the listing said the house had been renovated. The kitchen had custom cabinets, granite counter tops and stainless steel appliances.

It had 12 foot ceilings and a rooftop deck. 3 bedrooms and a den were on the second floor with the master bedroom on the 3rd floor.

The home also had skylights and 2 fireplaces.

Built on a 24×125 lot, it had central air and a 2-car garage.

Todd Trawinski at Prudential Rubloff had the listing. You can still see the interior pictures here.

1935 N. Lincoln Avenue: 5 bedrooms, 3.5 baths, 4000 square feet

• Sold in October 1997 for $520,000
• Sold in April 1999 for $525,000
• Sold in May 2003 for $1.85 million
• Originally listed in August 2005 for $2.299 million
• Reduced several times
• Withdrawn
• Was listed in March 2010 for $1.995 million
• Reduced
• Was listed in May 2011 for $1.395 million
• Reduced
• Was listed in August 2011 at $1.295 million
• Sold in October 2011 for $1.15 million
• Taxes of $19,660
• Central Air
• Bedroom #1: 18×14 (third floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 17×11 (second floor)
• Bedroom #4: 12×11 (second floor)
• Bedroom #5: 20×17 (second floor)

We last chattered about this 3-bedroom single family home at 2722 N. Wilton in Lincoln Park in August 2011.

See our prior chatter here.

The house was listed at just $500,000.

What was the catch?

The El ran directly behind the house (where there was also 4-car parking.)

Built on a 25×75 lot, the 2800 square foot house otherwise had the features buyers look for including central air and a 1-car garage.

The kitchen had white cabinets and stainless steel appliances. It had a fully finished basement with a wine fridge.

All 3 bedrooms were on the second floor with a den or office on the main level.

It went under contract almost immediately and just sold for $492,500.

John Vossoughi at @Properties had the listing.

2722 N. Wilton: 3 bedrooms, 3 baths, 2800 square feet, 1 car garage

• Sold in September 1996 for $165,000
• Sold in August 1997 for $330,000
• Sold in June 2005 for $525,000
• Was listed in August 2011 for $500,000
• Sold in November 2011 for $492,500
• Taxes of $9985
• Central Air
• Bedroom #1: 20×18 (third floor)
• Bedroom #2: 11×12 (third floor)
• Bedroom #3: 10×9 (third floor)
• Den/office: 7×14 (main floor)

We chattered about this 3-bedroom short sale at 434 W. Oakdale in East Lakeview several times.

See our April 2011 chatter here.

Many of you might remember this unit because the kitchen had pale green cabinets.

But the unit had many of its vintage features intact including a beamed ceiling in the dining room and vintage wood moldings.

The listing agent conceded that the kitchen and one of the baths needed updating.

However, the propertywas still 2300 square feet with central air, washer/dryer in the unit and covered parking in a popular East Lakeview location.

It sold on October 7, 2011 for just $410,000, or $10,000 above the 1996 purchase price.

Did someone get a deal?

Anne Laughlin at @Properties had the listing. You can still see the pictures here.

Unit #2: 3 bedrooms, 2 baths, 2300 square feet, covered parking

• Sold in May 1989 for $275,000
• Sold in May 1991
• Sold in September 1996 for $400,000
• Sold in September 2005 for $675,000
• Originally listed in April 2010 for $699,900
• Reduced
• Was listed in March 2011 as a “short sale” for $525,000
• Reduced
• Was listed in April 2011 for $499,900
• Sold in October 2011 for $410,000
• Assessments of $389 a month
• Taxes of $9794
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 15×10
• Bedroom #3: 13×13
• Sun room: 18×10

This 3-bedroom single family home at 3902 N. Central Park in the Independence Park neighborhood of Irving Park has been on the market over 2 years.

It has been reduced $200,000 in that time and is now listed about 23% under the 2006 purchase price.

The house was built in 1914 and is on a double lot measuring 50×124.

2 of the 3 bedrooms are on the second floor with the third in the lower level along with an office and a great room. The bedrooms also have ensuite baths.

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

The house has central air and a 2-car garage.

What will it take to finally sell this house?

Elizabeth Bleeker at Prudential Rubloff has the listing. See the pictures here.

3902 N. Central Park: 3 bedrooms, 3.5 baths, 3370 square feet, 2 car garage

• Sold in October 1988 for $70,000
• Sold in June 1998 for $222,000
• Sold in December 2006 for $850,000
• Originally listed in September 2009 for $849,900
• Reduced numerous times
• Currently listed at $650,000
• Taxes of $4661
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 12×9 (lower level)
• Office: 11×11 (lower level)
• Great room: 18×12 (lower level)

Several of you were chattering about this 2-bedroom duplex “rowhouse condo” at 319 W. Webster in Lincoln Park on another thread.

It is just half a block from Lincoln Park, “steps” to the zoo, and near the restaurants and amenities on Clark.

The 2 bedrooms are on the main level with the living areas on the upper levels.

The kitchen has upscale finishes including a Viking stove and Miele dishwasher as well as granite counter tops. The listing says it also has solid oak doors and a balcony.

The unit has the features that buyers look for including in-unit washer/dryer, central air and a coveted parking space.

Although it doesn’t have the full 2 bathrooms (just 1.5 baths), will this unit still command over $400,000 because of its location?

Sharon Glickman at Baird & Warner has the listing. See the pictures here.

Unit #1: 2 bedrooms, 1.5 baths, no square footage listed, duplex up

• Sold in September 1999 for $340,000
• Sold in March 2004 for $399,000
• Listed in October 2011 for $449,000
• Currently still listed at $449,000 (includes parking)
• Assessments of $327 a month
• Taxes of $3349
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 10×16 (main level)
• Bedroom #2: 15×11 (main level)

They’re back!

According to Crain’s, condo developers are starting to build again- mainly 6 and 8 flats in the neighborhoods.

From Crain’s:

This 6-unit building at 1310-1312 W. Webster is under construction in Lincoln Park and some of the units are already on the market.

Crain’s also talked to the developer of this building.

Developers also face stricter lender guidelines, with banks requiring that 70% of the units in a development be under contract before buyers can move in, said Padraic Heneghan of GLM Developers, who is building a six-unit project on the 1300 block of West Webster Avenue in Lincoln Park.

“That was always the case, but banks didn’t seem to enforce it,” he said. “If buyers are applying for loan, now they enforce it in case the developer goes bust.”

Mr. Heneghan said mortgage availability for buyers is still a concern, so he’ll often take a good contract — one where a buyer can put 30% down, for example — over the highest bidder on a particular unit.

“It’s not all about the price, it’s about the contract,” he said.

Mr. Heneghan previously built single-family homes further west of his current project, in neighborhoods such as Albany Park and Avondale. He’s now focusing only on condos, in Lincoln Park and Lakeview — neighborhoods that are still relatively strong, he said. Since 2008, he has built almost three dozen condo units in eight buildings, he said.

“I never sat on one longer than two or three months,” he said. “I still think there’s still a market here.

Here are the list prices for the three units at 1312 W. Webster:

• #1W: 4 bedrooms, 2.5 baths: $875,000
• #2W: 3 bedrooms, 2 baths: $599,000
• #3W: 3 bedrooms, 2 baths: $699,000

The units have upscale finishes and millwork. You can see the pictures here (interior pics are from one of the developers other buildings.)

We have seen new construction single family homes selling well.

But with so many other townhouses and condos on the market at this similar price point, or cheaper, can new condo construction still triumph over “used”?

Condo builders tiptoe out of the woodwork [Crain’s Chicago Business, Mary E. Morrison, November 22, 2011]

This 3-bedroom duplex up penthouse at 2520 N. Lincoln in Lincoln Park just came on the market.

All 3 bedrooms are on the second floor. The unit also has skylights and 2 balconies.

This building was built in 1970 and appears to have been converted in the 2005-2007 period.  The finishes reflect that era including cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.

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

It is listed $11,000 under the 2005 purchase price at $349,000.

Is this a deal for a 3-bedroom with those amenities and located in the heart of Lincoln Park?

Correna Malyon at Jameson Sotheby’s has the listing. See the pictures here.

Unit #404: 3 bedrooms, 2.5 baths, no square footage listed, duplex up

• Sold in April 2005 for $360,000 (included the parking)
• Currently listed for $349,000 (includes the parking)
• Assessments of $195 a month
• Taxes of $6007 
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×11 (second floor)
• Bedroom #2: 11×11 (second floor)
• Bedroom #3: 10×9 (second floor)

This 1894 corner building at 840 W. Wrightwood is so quintessential Lincoln Park that Hollywood decided to use it as a backdrop in the movie The Little Fockers.

You can see the building for about a half a second in this trailer (seen near the end.)

The listing also fills you in that it is a famous location- in case you never saw the movie.

This 2 bedroom unit has all the things that buyers are looking for including central air, washer/dryer in the unit and parking.

But, like a lot of vintage units, it has just one bathroom.

The unit has hardwood floors and exposed brick. The kitchen has cherry cabinets, stainless steel appliances and granite counter tops and an island which is open to the living space.

Since it came on the market in mid-October, it has already been reduced $55,000.

However, it is still priced $34,900 over the 2007 purchase price.

A lot of Lincoln Park 2/1 units don’t have all the features of this unit (especially the parking.)

Will that allow this unit to get a premium to the 2007 price?

And does a buyer care that Little Fockers was filmed in front of the building?

Frank Christiano at Skydan Real Estate Sales has the listing. See the pictures here.

Unit #3: 2 bedrooms, 1 bath, 1300 square feet

• Sold in July 1988 for $145,000
• Sold in April 1991 for $154,000
• Sold in September 1994 for $164,000
• Sold in October 1999 for $277,000
• Sold in July 2007 for $340,000
• Originally listed in October 2011 for $429,900
• Reduced twice
• Currently listed at $374,900 (parking included)
• Assessments of $232 a month (includes cable)
• Taxes of $4629
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 22×18 ? (same size as living room- so this looks wrong)
• Bedroom #2: 16×14

In June 2009, we chattered about the massive developer price cuts in the new construction building R+D659 at 659 W. Randolph in the West Loop.

Someone who went to the sales center the weekend after the price cuts were announced called it a “madhouse” and they apparently had 35 contracts the first weekend.

See our prior chatter here.

The 05 tier, which was a 1-bedroom plus den with two baths unit, had the following reductions:

Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, North facing

• Old Price: $409,000-$421,000
• New Price: $293,000-$301,000
• Parking included
• Assesments of $370 a month

Flash forward a little over 2 years later and one of the 05 units on the 14th floor is back on the market. 

From what I can tell, it was originally listed at $377,000 in May 2008 (that might not have included the parking) and then was reduced in the developer price reductions in June 2009 and sold in August 2009 for $332,382 (included the parking.)

The listing says it has “tons of upgrades”.

The kitchen has white cabinets, stainless steel appliances and black counter tops. There are also dark hardwood floors.

The unit has central air and in-unit washer/dryer. Parking is included in the price.

There was a LOT of chatter on these price cuts on the old post which is fascinating to read now. Many of you thought the lower prices could be the “floor.” Many of you thought the prices weren’t bad for a new construction west loop 2 bedroom. Some of the bulls actually mocked Bob for saying that a 1-bedroom with parking in the West Loop would someday be just $200k.

JPS said:

“These prices are decent for where the market is *right now*. The problem is that the market is nowhere near the bottom yet. So if you don’t have to buy *right now* you are better off waiting. Buying now is still knife catching.”

Jason E said:

“In terms of inventory, there will be no buildings built non rental for five years or more in that area. There is no better time to buy new construction at the right price. I feel it is the right price. My purchase is valid. If I am wrong I will pay the price. But that is the game. I just called over there and spoke to my guy.”

And then he followed up with:

“It is a solid buy. I won’t think much about it for the first two years. The real growth will happen in years 2-5. But if I had to get out, I think I could clean with some profit in 1.5-2.”

Unit #1405 has been reduced $16,000 since March 2011. It is now listed for about $33,000 under the 2009 purchase price.

It appears several 2/2s are under contract in the building and those are currently listed under their 2009 purchase prices as well. We’ll have to see what they close for.

What does everyone think 2 1/2 years later about the 2009 “deals” in this building?

What will this 1-bedroom plus den end up selling for in 2011/2012?

David Bovyn at Kale Realty has the listing. See the pictures here.

Unit #1405: 1 bedroom, 2 baths, den, 988 square feet

• Listed in May 2008 for $377,000
• Reduced in the developer price cuts in June 2009
• Sold in August 2009 for $332,382 (included the parking)
• Originally listed in March 2011 for $318,000
• Reduced
• Currently listed at $299,000 (includes the parking)
• Assessments of $427 a month (includes heat, gas, doorman, cable, pool, exercise room)
• Taxes of $1974
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×11
• Den: 10×9

This 3-bedroom in The Regatta at 420 E. Waterside Drive in the Lakeshore East development of the Loop (also known as the the “new east side”) recently came on the market.

The listing says it has both Lake and Chicago River views.

It is a rare 3 bedroom which also has 3 bathrooms (instead of 2 baths).

At 1887 square feet, the listing says it has had some upgrades including a marble entryway. The kitchen has cherry cabinets, stainless steel appliances and granite counter tops. The listing says the bathrooms are “designer.”

The Regatta is a full service building with doorman, pool, and exercise rooom.

This unit was listed just $32,000 above the 2007 purchase price (if you include the parking).

LakeShore East now has a combination of rental high rises and condo buildings with a few townhouses.

Can this unit command the 2007 price?

Ronald Provenzano at Conlon has the listing. See the pictures here.

Unit #2214: 3 bedrooms, 3 baths, 1887 square feet

• Sold in February 2007 for $893,000
• Currently listed at $875,000 plus $50,000 for parking
• Assessments of $843 a month (includes cable, heat, a/c, doorman, pool, exercise room)
• Taxes of $10,725
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×16
• Bedroom #2: 13×13
• Bedroom #3: 11×13