Crib Chatter

We’ve chattered about this 2-bedroom at 1525 W. George in Lakeview several times.

See our August 2011 chatter here.

Some of you thought the owner should just rent it out. Others thought it would ultimately sell between $240,000 and $260,000.

It has reduced again and is now $48,000 under the 2001 purchase price.

If you recall, it has 1200 square feet on one level with a south facing deck off the master bedroom or from the unit. It has diagonal hardwood floors in the main living areas (sorry Sonies!).

The unit has a wood burning fireplace and a master suite with shower/tub combo. The kitchen has black appliances and stone counter tops.

The unit has the amenities buyer look for with central air, in-unit washer/dryer and deeded parking.

The listing now says: “Bargain Hunters? Huge $60,000 price reduction!”

Would this seller be better off pulling it from the market and coming back on in the spring?

Bob Kinsloe at Portola Real Estate still has the listing. See the pictures here.

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

• Sold in November 1995 for $200,000
• Sold in September 1999 (no price listed)
• Sold in June 2001 for $338,000
• Originally listed in January 2011 for $370,000
• Reduced
• Was listed in May 2011 for $325,000
• Reduced
• Was listed in July 2011 for $300,000
• Reduced $100
• Was listed in August 2011 for $299,900 (parking included)
• Reduced
• Currently listed for $290,000 (parking included)
• Assessments of $88 a month
• Taxes of $5343
• Central Air
• In-unit Washer/Dryer
• Bedroom #1: 12×12
• Bedroom #2: 12×10

This 2-bedroom at 345 W. Fullerton Parkway (I believe one of the buildings is also 357 W. Fullerton) in Lincoln Park has been on the market since September 2011.

It has had some updates including a kitchen with stainless steel appliances and quartz counter tops. There are hardwood floors throughout the main living area.

The unit is south facing but the listing says it has “city, park and lake” views. The listing says the master bedroom has a view of the John Hancock building.

The unit has central air and there is leased parking available. It doesn’t have the in-unit washer/dryer however.

This is not the cheapest unit in the 2 buildings, as some of the other unrenovated 2/2s are listed for less. But another rehabbed 2-bedroom, Unit #1707 which also had a new kitchen with granite counter tops, sold on Oct 26, 2011 for $300,000.

Are the renovated 2-bedrooms in these twin buildings a deal at this price point?

Stephen Hnatow at @Properties has the listing. See the pictures here.

Unit #1605: 2 bedrooms, 2 baths, 1150 square feet

• Sold in March 1993 for $152,500
• Sold in January 1996 for $161,500
• Sold in May 1999 for $225,000
• Originally listed in September 2011 for $300,000
• Reduced
• Currently listed for $299,000
• Assessments of $720 a month (includes heat, a/c, doorman, cable)
• Taxes of $4662
• Central Air
• No in-unit washer/dryer
• Parking is leased for $170 to $210 a month
• Bedroom #1: 14×11
• Bedroom #2: 11×10

We last chattered about this 2-bedroom at 2757 N. Lincoln on the border of Lincoln Park and Lakeview in July 2011.

See our prior chatter here.

Back then, the unit was a short sale and listed at $429,000. That was 18% below the prior 2007 purchase price.

Some of you thought this would sell for around $425,000.

4 months later, the unit has been reduced to $369,000.

If you recall, the unit has upscale finishes including Wolf, Subzero, Bosch and Dacor stainless appliances.

The master bedroom has a spa bath.

There is a fireplace, crown molding, hardwood floors throughout and 2 outdoor spaces.

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

Why isn’t this selling?

James Roth at Conlon has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2007 for $520,000
• Originally listed in June 2011 for $479,000
• Reduced
• Was listed in July 2011 as a “short sale” for $429,000 (garage parking included)
• Reduced
• Currently listed at $369,000
• Assessments of $251 a month
• Taxes of $7750
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 14×11

Crain’s is reporting that Belgravia is under contract on lots in the 1500 block of West Montana in West Lincoln Park.

The developer plans to build 14 four bedroom rowhomes on the properties and price them at just under $1 million each.

A year or two ago, bank owned 2-bedroom units in prime neighborhoods would sell fairly quickly.

Not anymore.

This 2 bedroom in the newer construction high rise at 200 W. Grand in River North has been on the market since August 2011.

It has also been reduced $30,100 to $339,900 and still there are no takers.

From the pictures, it appears the kitchen and bathrooms are intact.

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

There are hardwood floors in the main living area.

The unit has newer construction features like central air, washer/dryer in the unit and deeded parking included.

Will this go to $300,000 before finding a buyer?

Coya Smith at Smith Partners & Associates has the listing. See the pictures here.

Unit #1004: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 2006 for $412,000 (parking included)
• Lis pendens filed in March 2007
• Bank owned in December 2010
• Originally listed in August 2011 for $370,000
• Reduced
• Currently listed at $339,900 (includes the parking)
• Assessments of $620 a month (includes doorman)
• Taxes are not listed
• Bedroom #1: 12×12
• Bedroom #2: 13×10

Zillow is reporting that 46% of single family homes with a mortgage in the Chicago area (not only the city) were underwater in the third quarter.

This is up 9% from the second quarter and also up from the third quarter of 2010.

From the Chicago Tribune:

“I didn’t think this was a particularly bad housing report,” said Stan Humphries, Zillow’s chief economist. “We are much closer to the end of the housing recession than the beginning. I still think of Chicago being more of an average case of housing recession. It’s nowhere in the league of Phoenix and Vegas.”

Zillow’s report also showed that 43.4 percent of all homes sold in the Chicago area in the third quarter sold for a loss, compared to 34.4 percent nationally.

But the pricing pain was worse in some communities more than others. For instance, 64 percent of Antioch’s homes sold for a loss, compared with 30 percent in Downers Grove, and 50 percent in Lansing. Within the city of Chicago, 42 percent of residential properties sold for a loss.

Zillow also found that third-quarter home values in the Chicago area were down 9 percent year-over-year, to a level last seen in December 2000. That’s a worse reading than the most recent S&P/Case-Shiller home price index, which pegged the year-over-year price decline at 5.8 percent in the Chicago area, based on August data.

A lot of homeowners are finding themselves without refinancing options as well.

Pete Schultz bought his Jefferson Park bungalow 20 years ago. When he went to refinance, he found out he was underwater.

“I was extremely surprised,” Schultz said. “When they came out and did the estimate, I thought it can’t be right.”

Schultz said refinancing would raise his monthly payments. He hopes the housing market improves and banks ease requirements for homeowners like him.

“I wish the bank would loosen up so I can refinance. I only make more money for them. I’m still a customer,” Schultz said. “It seems like the government is doing a lot for them and they’re not doing anything for anybody else.”

Is this the worst we’re going to see or is the bottom still to come?

Nearly half of all mortgages in Chicago area underwater [Chicago Tribune, Mary Ellen Podmolik, November 8, 2011]

Chicago homeowners apparently drowning in debt [ABC7Chicago.com, Leah Hope, November 8, 2011]

In case you  haven’t noticed, the new web site has launched.

Whoo-hoo!

I took many of your criticisms and complaints to heart when putting it together.  But keep in mind there will be glitches and some kinks that still need to be worked out.

Don’t like something?  Or find that it’s not easy to use?

Please let me know. I will be making tweeks and changes to it in the next few days.

The twitter feed should be operational- and you’ll be able to tweet posts and “like” things on your facebook page. I also will get a facebook page for Crib Chatter up and running this week.

For the comments: there IS threading (your wish has been answered!). No more cutting and pasting the person’s comment you want to respond to.  

And the site is much easier to search- as you can search by neighborhood or property type as well as use the search bar to search for a specific property by address.

Again- please let me know what you like and don’t like.

Welcome to the “new” Crib Chatter!

This 1-bedroom loft in the Filmwork Lofts at 1322 S. Wabash in the South Loop has been on the market since March 2011.

In that time, it has been reduced $96,000 to $179,000.

The loft has 11-foot high ceilings and exposed brick.

It also has south and west exposures and a 12×11 “den”.

The kitchen has stainless steel appliances.

It has all the amenities that buyers look for including air conditioning, washer/dryer in the unit and deeded parking.

(Yes, that would be the El running right behind the building.)

Is this a deal for the square footage?

Jeanette Gregg at Koenig & Strey Real Living has the listing. See the pictures here (scroll down and click on the virtual tour if you can’t see the pictures on the main page.)

Unit #304: 1 bedroom, 1 bath, den, 1200 square feet

• Sold in June 1995 for $86,500
• Originally listed in March 2011 for $275,000
• Reduced numerous times
• Currently listed at $179,000 (includes the parking)
• Assessments of $243 a month (includes cable)
• Taxes of $1209
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Den: 12×11

We recently chattered about the listing of the Theurer-Wrigley Mansion at 2466 N. Lakeview in Lincoln Park and several people mentioned the possibility of the house being split into condos because it might have a better chance of selling.

See that chatter here.

That is apparently exactly what has happened to the Meeker Mansion at 3030 N. Lake Shore Drive in Lakeview.

Built in 1913 for Arthur Meeker, the head of the Armour Meat Company, this house, similarly to the Theurer-Wrigley Mansion, is also on a corner lot with Lincoln Park frontage.

Dennis Rodkin at Chicago Magazine’s Deal Estate got the scoop back in 2008:

“Last week, Emily Sachs Wong, the Koenig & Strey GMAC agent who for several months had been trying to sell the mansion as a single-family home priced at $4.5 million, told me that the owner (whom she would not identify) was going to take it off the market if it didn’t sell by Good Friday (March 21st). The plan, she said, was to install condos in the mansion. As Good Friday approached and I called with more questions, Wong did not respond.”

Sure enough, it is now what looks to be 4 condos. Only one, Unit #202, currently remains on the market.

It is a 4-bedroom duplex up with a terrace.

All of the vintage features have been stripped out of it, however. There is no crown molding, wood paneling, stained glass or period fireplaces.

It now has a modern kitchen with Subzero and Gaggenau appliances with Arclinea wood cabinets.

3 of the 4 bedrooms are on the second floor.

The unit also has 2-car tandem garage parking.

This unit has been reduced $301,000 since it was first listed in August 2009.

The other 3 units have apparently already sold. I could only find sales prices for two of them:

1. Unit #401: Sold in May 2010 for $2.3 million
2. Unit #201: Sold in May 2010 for $1.675 million

Will this be the fate of the Theurer-Wrigley Mansion?

Emily Sachs Wong at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #202: 4 bedrooms, 3.5 baths, 2964 square feet, duplex up

• Originally listed in August 2009 for $1.85 million
• Reduced several times
• Currently listed at $1.549 million
• Assessments of $733 a month (there appears to be an elevator on the property)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• 2-car tandem parking for $75,000 extra
• Bedroom #1: 17×12 (third floor)
• Bedroom #2: 13×11 (third floor)
• Bedroom #3: 13×11 (third floor)
• Bedroom #4: 12×10 (second floor)

We chattered about this 1-bedroom at 546 W. Surf in East Lakeview several times because it was originally bank owned, sold, and then came back on the market completely renovated.

See our August 2011 chatter about the rehab here.

On the market a little over 3 months, the unit recently sold for $145,000 (according to public records) or $24,900 under the original list price of $169,900.

The rehabber recently checked in with the following post on the old Crib Chatter thread:

“Hi- I am the developer who rehabbed this unit. We just closed last week. I found all of your comments helpful and they will guide me as I continue to look for other area opportunities.

We closed on the unit at $140k. We had offers- and believe we would have sold it in the $160ks- if not for the fact that building non-owner occupancy went above 50% after we closed above the unit. That meant more than 20% buyer equity, which dramatically cut into the pool of people who could buy our unit.

The feedback we got was that this issue was more important than any of the other issues, such as no parking, no laundry in the unit or no “built-in” air conditioning.

Ultimately, the buyer was an investor, who said that he intended to rent it.

Incidentally, we are looking for more opportunities like this one. While we have an agent checking the MLS for us, I would like to hear about any properties that are not MLS listed. Please feel free to contact me at schiller@sshomes.com“

In the prior chatter, most of you had complained about the lack of parking, in-unit washer/dryer and air conditioning. But apparently investor buyers don’t care about such things.

Also, several of you guessed the $145,000 sales price on this unit. Congrats!

Does this sale tell us anything about the market given the financing issues that were encountered with it?

How many buyers have 20% downpayment for a 1-bedroom condo?

If you  have to put down 20% to move in, is renting better than buying?

Lance Kirshner at @Properties had the listing.

If you want to see what it looked like before the renovation (kind of) – look here.

Unit #3N: 1 bedroom, 1 bath, 750 square feet

• Sold in March 2006 for $216,000(looks like there is an error in the data as there are 2 sales recorded in 2006)
• Lis pendens foreclosure filed in September 2009
• Bank owned in January 2011
• Originally listed on Apr 12, 2011 for $129,900
• Reduced
• Was listed in April 2011 for $72,500
• Reduced
• Was listed in May 2011 for $69,900
• Sold in July 2011 for $77,400
• Re-listed in August 2011 for $169,900
• Sold in November 2011 for $145,000
• Assessments of $202 a month
• Taxes of $3037
• No central air
• No in-unit washer/dryer (looks like its free in the building)
• No parking
• Bedroom #1: 14×10
• Living room: 16×13
• Kitchen: 7×13