Crib Chatter

This top floor 3-bedroom at 1038 W. Byron in Lakeview came on the market in May 2011.

It had previously been a bank owned property in 2008.

Back then, it was a 3-bedroom, 1.5 bath unit with an older kitchen with older appliances.

You can see the old listing pictures here.

Now, the unit has 2 full baths and it looks like the washer/dryer has been moved out of one of the bathrooms into its own closet.

The listing says it has been “newly renovated”.

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

There is a skylight and a wood burning fireplace.

It has central air and an assigned parking space behind the building.

Originally listed for $389,000, it has been reduced $40,000.

Depending on which source you believe the seller paid either $238,000 or $283,000 in 2008.

Is buying a foreclosure on the cheap the only way to make money in this market?

Danny McGovern at Re/Max Properties Northwest has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, 1500 square feet

• Sold in February 1995 (no price given)
• Lis pendens filed in March 2005
• Bank owned in December 2007
• Sold in June 2008 for $238,000 (per the public record- although the various old listings all say it sold for $283,000.)
• Originally listed in May 2011 for $389,000
• Reduced several times
• Currently listed at $349,000
• Assessments of $317 a month
• Taxes of $5076
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 15×10
• Bedroom #2: 12×11
• Bedroom #3: 13×11

We last chattered about this 3-bedroom single family home at 3134 N. Oakley in North Center in August 2011.

See our prior chatter here.

If you remember, this house had been bank owned earlier this year and sold in July for $285,000.

Just weeks later it returned to the market listed for $134,000 more than the previous sale at $419,000.

It doesn’t appear, however, that this is a full rehab as we’ve seen with many other bank owned homes.

The listing just says: “Fresh paint throughout. Refinished hardwood flooring.”

It also mentions “updated electric” and that the “interior feels and smells new.”

The kitchen has the same cherry cabinets, stainless steel appliances and granite counter tops as when it was bank owned.

The living room curtains even appear to be the same ones from when the house was previously on the market.

The house was built in 1902 on a 26×120 lot (per the prior listing.)

It has central air but only a one car garage.

2 of the 3 bedrooms are on the second floor with the third one on the main level.

The house has now been reduced $40,000 from its original list price.

In our last chatter, some of you thought this would sell around $350,000. It is listed for $379,000.

Is this now the “best deal” in Roscoe Village/North Center?

You can see the prior pictures when it was bank owned here.

Tom Witt of Executive Realty Consultants still has the listing. See the current pictures here.

3134 N. Oakley: 3 bedrooms, 2.5 baths, 1861 square feet

• Sold in June 2001 for $220,000
• Sold in March 2003 for $390,500
• Sold in April 2006 for $583,000
• Lis pendens foreclosure filed in January 2010
• Bank owned in March 2011
• Listed in June 2011 for $245,000
• Sold in June/July 2011 for $285,000 (I can’t tell which month for sure it sold in)
• Re-listed on Aug 2, 2011 for $419,000
• Reduced
• Was listed in August 2011 for $399,000
• Reduced
• Currently listed for $379,000
• Taxes of $6767
• Central Air
• 1-car garage
• Bedroom #1: 13×12 (second level)
• Bedroom #2: 13×12 (second level)
• Bedroom #3: 12×10 (main level)
• Living room: 15×12
• Dining room: 19×15
• Kitchen: 13×12
• Family room: 20×15 (lower level)

This 3-bedroom Italianate mansion at 3558 S. Artesian in McKinley Park has been on the market since June 2010.

In that time it has been reduced $150,900 to $199,000.

Built in 1875, it was the mansion for the Chicago based agent of DuPont gunpowder.

The house apparently has been moved a block and a half from its original location and is now located on a 50×125 lot with a 2 car garage.

The seller (who is also the listing agent) purchased the house in 2002 with the intention of restoring it. Some work has been done but the recession got in the way.

It has dual parlors and 3 fireplaces.

All 3 bedrooms are on the second floor.

You can learn more about the history of the house (and why everyone moves on May 1st)- in this May 2011 WTTW segment. (The history of the house is the second segment in the show.)

Curbed Chicago also did a nice post on the house in March 2011 with a lot of pictures and a discussion with the seller about what has already been done to the house. See that here.

Do you have the vision to save this house?

Oscar Campos at Su Familia Real Estate has the listing. See more pictures here.

3558 S. Artesian: 3 bedrooms, 4.5 baths, 4332 square feet, 2 car garage

• Sold in August 1998 for $140,000
• Sold in April 2002 for $160,000
• Originally listed in June 2010 for $349,900
• Reduced many times
• Currently listed at $199,000
• Taxes of $1790
• No heat or central air
• 50×125 lot
• 3 fireplaces
• Skylights

We  have chattered previously about the expiration of the higher limits on FHA, Fannie and Freddie backed mortgages that is effective as of October 1.

The limits were raised in expensive locations, mainly on the East and West coasts, in the original stimulus bill.

In the high cost areas, the cap will fall from $729,750 to $625,500.

Chicago was NOT a high cost area. Its Fannie and Freddie cap remains at $417,000.

However, the maximum for an FHA-backed loan in Chicago WILL fall to $335,350. Many downtown high rises in the past few years have touted that they were FHA approved.

There have been several bills put forth, by both Republican and Democratic representatives, to extend the cap another 2 years. So far, nothing has passed so it is set to expire on October 1.

This is a statement released yesterday from Congresswoman Lois Capps of California’s 23rd District:

“Strengthening our local housing market is critical to creating jobs and stimulating economic growth. Since 2008, these elevated loan limits have helped make homeownership a reality for thousands of local residents, simultaneously strengthening the housing market and creating jobs. Allowing these limits to expire will be a huge blow to our local economy, forcing over 30,000 homebuyers in California to pay more for their mortgages. This is simply the wrong move at a time when the housing market and economy continue to struggle. I will not stop fighting for this critical extension and other proven solutions to strengthen our local housing market and economy.”

Will the end of the higher FHA cap have any impact on the Chicago market?

We last chattered about this 2-bedroom in the 1920 Beaux Art style mid-rise at 3314 N. Lake Shore Drive in Lakeview in January 2011.

See our prior chatter here.

Described in the previous listing as a little piece of Paris, it was listed at $375,000.

It’s almost eerie how accurate some of the comments were in January.

Jfmiii said the unit was at least $100,000 overpriced. Chichow said that some of the furniture should be removed from the listing photos.

Homedelete said it would sell for $200k. Wherein Clio countered with: “hd – you are crazy. You know that it is going to sell for over 300k. Why would you even put something that ridiculous out there?”

10 months later, the new listing pictures show that the kitchen has been painted from red to a neutral tone and the furnishings removed and replaced with virtual staging in the listing photos.

And the price has been reduced $91,000 to $284,000.

If you recall, it has many vintage features including a 37×5 gallery.

The hallways have arches and there are coved ceilings.

The living room has paneling and millwork along with a woodburning fireplace.

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

The listing doesn’t say there are lake views. In the prior chatter some of you thought the unit faced the back of the building.

It does have central air, but no washer/dryer in the unit.

Is this property now priced to sell?

Daniel Otto at Southport Sotheby’s has the listing. See the pictures here. (You can see the “old” listing photos in the January chatter.)

Unit #7C: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 1996 for $158,000
• Sold in December 2001 for $280,000
• Sold in January 2004 for $385,000
• Originally listed in July 2010 for $449,000
• Reduced
• Was listed in January 2011 at $375,000
• Reduced
• Currently listed at $284,000
• Assessments of $1098 a month (includes heat, a/c, cable)
• Taxes of $4313
• Central Air
• No in-unit washer/dryer
• Is parking included? I cannot tell
• Bedroom #1: 18×13
• Bedroom #2: 16×13
• Dining room: 11×8
• Living room: 18×15
• Kitchen: 13×8

This 2-bedroom at 530 N. Lake Shore Drive in Streeterville has been on the market since April 2011.

In that time it has been reduced $124,000.

It is now listed $35,000 under the 2009 purchase price.

This is no typical downtown 1200 square foot 2/2.

At 1490 square feet, it is much larger with a master bedroom measuring 18×13.

The southeast facing unit also has a balcony that has both city and some lake views (although- don’t forget- the new high rise that was to be the Peshtigo condominiums but is now going to be a luxury rental high rise is going up at 500 N. Lake Shore Drive across the street.)

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

There is new carpet in the bedrooms.

The listing says the unit can be purchased with the furniture.

It also has washer/dryer in the unit, central air and parking is $50,000 extra.

Is this a deal?

Susan Miner at Premier Relocation Inc. has the listing. See the pictures here.

Unit #2408: 2 bedrooms, 2 baths, 1490 square feet

• Sold in August 2005 for $663,000
• Sold in November 2009 for $560,000
• Originally listed in April 2011 for $599,000
• Reduced several times
• Currently listed for $475,000 (plus $50,000 for parking)
• Assessments of $767 a month (includes doorman)
• Taxes of $7884
• Central Air
• In-unit washer/dryer
• Bedroom #1: 18×13
• Bedroom #2: 14×11

This 3-bedroom brick bungalow at 3037 W. Belden in Logan Square has been on the market since January 2010.

In that time it has been reduced $175,000 and is now a short sale.

Built in 1890, it has a rare double lot measuring 50×140.

It also has not just 1 but 2 kitchens, with the second one in the recently finished basement.

There is one big bedroom in the attic with 2 smaller bedrooms on the main level.

The listing also says the roof, electrical, heating and cooling have all been replaced.

It has central air and a 2 car garage.

Is this house a good starter home candidate for this neighborhood?

Leigh Marcus at @Properties has the listing. See more pictures here.

3037 W. Belden: 3 bedrooms, 2 baths, 1381 square feet, 2 car garage

• Sold in March 1992 for $6,000
• Sold in April 2005 for $110,000
• Sold in April 2006 for $350,000
• Originally listed in January 2010 for $550,000
• Reduced numerous times
• Currently listed as a “short sale” for $375,000
• Taxes of $4435
• Central Air
• Double lot of 50×140
• Bedroom #1: 19×14 (attic)
• Bedroom #2: 12×8 (main level)
• Bedroom #3: 7×7 (main level)
• Kitchen: 14×12 (main level)
• Kitchen #2: 10×8 (lower level)

This 3-bedroom at 3763 N. Wilton in Lakeview came on the market in May 2011 just 18 months after it had previously sold.

The building was built in 2008 and units sold in both 2009 and 2010.

All 10 units did sell. This is the first resale however.

The building has an elevator.

The 1800 square feet unit is a rare property that has both 3 bedrooms and 3 baths.  

It has upscale finishes including crown molding and millwork.

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

The bathrooms are natural stone and marble.

There is a 5×22 front balcony (where I’m sure you can hear the roars of the crowd from Wrigley Field).

The unit also has central air, washer/dryer and parking.

Bought in 2009 for $529,000 and currently listed for $579,000, will this unit command a premium to its 2009 price?

Bethanie Williams at @Properties has the listing. See the pictures here.

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

• Originally listed in October 2008 for $629,000
• Sold in December 2009 for $529,000
• Originally listed in May 2011 for $579,000
• Currently still listed for $579,000 (parking included)
• Assessments of $184 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 11×10
• Bedroom #3: 13×11

This 2-bedroom at 101 W. Superior in River North has been on the market since May 2011.

In that time it has been reduced $36,000.

This building was new construction in 2004.

It has the finishes of that era including cherry cabinets, granite and stainless steel in the kitchen.

This is a southeast corner unit which has 2 balconies.

It also has custom closets and window treatments.

The unit is now listed $111,000 under the 2005 purchase price.

Would this make a good in-town at this price?

Elizabeth August at @Properties has the listing. See the pictures here.

Unit #905: 2 bedrooms, 2 baths, 1200 square feet

• Sold in June 2004 for $482,000
• Sold in August 2005 for $525,000
• Originally listed in May 2011 for $435,000
• Reduced
• Currently listed at $399,000 (plus $15,000 for parking)
• Assessments of $721 a month (includes doorman and cable- there are only 48 units in the building)
• Taxes of $6294
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 10×10

This 2-bedroom single family home at 1719 W. Wabansia in Bucktown has been on and off the market for nearly a year.

Originally listed at $799,000 in October 2010, it has been reduced $100,000 in that time.

Built in 1987 on an oversized lot of 37×125, it has side and rear gardens and a 2-car garage.

Both bedrooms are on the second level but the listing says that the lower level has been set up as a third bedroom with a full bath.

The listing also says the kitchen has new stainless steel appliances (but the pictures show the old white appliances) and there are no granite counter tops.

The house has central air and skylights.

Is the lack of a “real” 3rd bedroom at this price point what is hurting the sale of this house?

Gail Missner at Baird & Warner has the listing. See the pictures here.

1719 W. Wabansia: 2 bedrooms, 2.5 baths, 2800 square feet, 2 car garage

• Sold in June 1991 for $270,000
• Originally listed in October 2010 for $799,000
• Reduced in January 2011 to $699,000
• Currently still listed at $699,000
• Taxes of $11228
• Central Air
• Bedroom #1: 14×18 (second floor)
• Bedroom #2: 11×18 (second floor)
• Family room: 21×16 (lower level)