Crib Chatter

We last chattered about this 2-bedroom at 3515 N. Lakewood in the Southport neighborhood of Lakeview a year ago- in September 2010.

See our prior chatter here.

At that time, it was listed $11,000 under the 2003 purchase price at $270,000.

One of you thought it would sell closer to $225,000.

In the last year, it has been reduced again and is now listed not only under the 2003 price but also $22,100 under the 2001 price at $229,900.

If you recall, it has central air but no in-unit washer/dryer or parking.

The kitchen has white cabinets and appliances.

Given what we’ve seen other 2/1s sell for in Lakeview with more of the features buyers are looking for, how low will this go?

Steven Samuels at Bear Kaufman Realty now has the listing. See the pictures here.

Unit #2: 2 bedrooms, 1 bath, no square footage listed

• Sold in March 1994 for $129,500
• Sold in February 1995 for $136,000
• Sold in September 2001 for $252,000
• Sold in July 2003 for $281,000
• Originally listed in August 2009 for $306,000
• Reduced several times
• Was listed in February 2010 for $299,925
• Reduced
• Was listed in September 2010 for $270,000
• Reduced
• Currently listed at $229,900
• Assessments of $257 a month
• Taxes of $3900
• Central Air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 12×12
• Bedroom #2:13×9

This 3-bedroom “French Normandy lannon stone castle” at 5861 N. Forest Glen in the Sauganash neighborhood of Forest Glen has been on the market since January 2011.

In that time, it has been reduced $80,000 to $699,000.

Built in 1939 on an oversized Chicago lot measuring 60×266.4×71.61×227.4, it has an attached 2-car garage.

The house has french doors and windows and coved ceilings in the main living area.

The listing describes the kitchen as “gourmet”. It has white cabinets, stainless steel appliances, stone counter tops and 2 sinks, including one on the island.

All 3 bedrooms are on the second floor.

It has central air, skylights, a finished basement and a sprinkler system.

Last purchased in 1987, how long will this seller have to wait to find a GenX or GenY buyer in this market?

Sheila Tomey at Coldwell Banker has the listing. See the pictures here.

5861 N. Forest Glen: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed

• Sold in October 1987 (no price listed)
• Originally listed in January 2011 for $779,000
• Reduced
• Currently listed at $699,000
• Taxes of $9990
• Central Air
• Bedroom #1: 21×16 (second floor)
• Bedroom #2: 16×13 (second floor)
• Bedroom #3: 13×12 (second floor)
• Finished basement

This 3-bedroom 3-story townhouse at 344 W. Dickens in East Lincoln Park came on the market in August 2011.

It has already reduced $50,000 to $399,000.

Built in 1962, the complex consists of 10 townhouses.

There is no monthly association fee but simply a once a year payment of $215 for snow removal and other outside maintenance.

The townhouse has central air, a lower level laundry room and a parking space.

The 3 bedrooms are all on the second floor with the main living area on the main floor.

There is a lower level recreation room and a 10×20 private fenced outdoor patio.

The unit has exposed brick and a spiral staircase.

Another townhouse, Unit #6, is also on the market. That listing, also 3-bedrooms on 3 levels, says it is 1479 square feet.

It is listed at $419,000.

Is this townhouse a deal for the location?

Lisa Campobasso at Re/Max Vision 212 has the listing. See the pictures here.

Unit #9: 3 bedrooms, 1.5 baths, no square footage, 1 car parking

• Sold in June 1993 for $220,000
• Sold in September 1999 for $288,000
• Originally listed in early August 2011 for $449,000
• Reduced
• Currently listed at $399,000
• Once a year assessment of $215
• Taxes of $6705
• Central Air
• Bedroom #1: 16×10 (second floor)
• Bedroom #2: 12×10 (second floor)
• Bedroom #3: 12×9 (second floor)
• Family room: 24×12 (lower level)
• Laundry room: 10×8 (lower level)

The August 2011 home sales data is out from the Illinois Association of Realtors.

Once again, sales rebounded from August of 2010 but remember, last year’s sales data was especially low due to the expiration of the first time homebuyers tax credit at the end of June which had pulled forward sales by several months.

In the city of Chicago, August 2011 home sales (single family and condominiums) totaled 1,787, up 20.3 percent from 1,486 homes sold in August 2010. The city of Chicago median home sale price for single family and condominiums in August 2011 was $192,500, down 3.8 percent compared to August 2010 when it was $200,000.

Here is the data for the last 5 years:

• August 2007: 2923 sales
• August 2008: 2078 sales
• August 2009: 1927 sales
• August 2010: 1486 sales
• August 2011: 1787 sales

Median home prices over the last 5 years:

• August 2007: $305,000
• August 2008: $297,500
• August 2009: $229,900
• August 2010: $200,000
• August 2011: $192,500

For the first time in several months, the median condo price was NOT separated out from the rest of the data. I wonder why?

“August home sales prices in the city of Chicago continue to show positive signs for condo and single family homes,” said Mabel Guzman, president of the Chicago Association of REALTORS®. “With the number of condo units up 22.1 percent over sales from August 2010 and an increase of 17.8 percent of single family homes, respectively, we are seeing increased activity and more buyers making decisions to buy in a competitive market with historically low interest rates and compelling pricing.”

“A strong buyer’s market continues in the Illinois housing market with record low mortgage interest rates and lower home prices although job worries and overall economic uncertainty are holding many back,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, e-PRO, president of the Illinois Association of REALTORS® and a managing broker for Traders Realty in Peoria. “In some local markets prices are firming as homes are selling due to high affordability conditions and pent-up demand; 8.5 percent more homes sold statewide in August compared to the previous month of July.”

Adds Hewings: “Once again the debate has been joined about the appropriate response from the federal government to the lagging economy—attention to the deficit or a second stimulus package—but increasingly consumers are signaling frustration with Washington politics. The uncertainties and lack of a clearly articulated economic recovery strategy combine to dampen prospects for a sustained housing recovery.”

Does this data tell us anything new about Chicago’s housing market?

Or is it just more of the same?

August Illinois Home Sales Up 25.9 Percent from a Year Ago; Statewide Median Price at $149,000 [Illinois Association of Realtors, Press Release, September 21, 2011]

We last chattered about this 2-bedroom brick and timber loft in the Signature Lofts at 1750 N. Wolcott in Bucktown in July 2011.

See our prior chatter here.

Listed for $459,000, or $107,500 above its 2001 purchase price, no one had a guess on what it would sell for. One of you did predict it would sell quickly- which it did.

The loft recently sold for $82,000 above the 2001 price at $433,500.

If you recall, the loft was a corner unit with a wraparound terrace on two sides of the unit.

On one side, the terrace ran alongside the concrete wall of the Bloomingdale trail- which was formerly a 2.7 mile rail line.

You can watch a video on this unique future city park here. (I can’t wait for this to open!)

The kitchen had stainless steel appliances and granite countertops and was open to the living space.

The bedrooms were fully enclosed for added privacy.

The loft had central air, washer/dryer in the unit and heated garage parking (along with a second space available for another $10,000.)

What does this sale say about the $400,000 priced Bucktown loft?

Wesley Walker at Jameson Sotheby’s had the listing. You can still see the interior pictures here.

Unit #105: 2 bedrooms, 2 baths, 1300 square feet

• Sold in August 2001 for $351,500
• Was listed in July 2011 for $459,000 (includes parking)
• Sold in September 2011 for $433,500
• Assessments of $302 a month
• Taxes of $4613
• Central Air
• Washer/Dryer in the unit
• 2nd parking space available for $10K
• Bedroom #1: 14×13
• Bedroom #2: 11×10

This 4-bedroom 2-flat at 1329 W. 111th in Morgan Park just came on the market.

It is bank owned.

The listing describes it as a “LOVELY 4BED/2BATH HOME WITH SPACIOUS ROOMS. GREAT BUY FOR BEGINNING INVESTOR OR LARGE FAMILY. ”

Be sure to check out the listing pictures.

The kitchen appears to have some of its cabinets and nothing else. There is a bathtub in one of the bathrooms but nothing else.

It appears to be a 2-flat with a 2/1 unit on each floor even though the listing keeps referring to it as if it’s a single family home.

The listing indicates that one of the units is rented on a month to month basis for $1178. (????)

Built in 1919, it is on a standard 25×125 Chicago lot.

Originally listed for $115,000, the listing was corrected that day to read “$11,500” instead.

Normally, I might think it was a mistake by the realtor in putting in the price but there is a house just a few blocks away at 11203 S. Aberdeen that is under contract and listed for $7,000 so $11,500 doesn’t seem out of the question

What are the prospects for a property like this?

John Staib at @Properties has the listing. See the pictures here.

1329 W. 111th Street: 4 bedrooms, 2 baths, 2-flat, 2 car garage

• Sold in November 1994 for $13,500
• Sold in June 1995 for $82,500
• Sold in July 1998 for $25,000
• Sold in December 1998 for $87,000
• Sold in July 2001 – no price listed but there was a mortgage for $37,825
• Lis pendens foreclosure filed in October 2010
• Bank owned in June 2011
• Currently listed for $11,500
• Taxes of $3334
• No central air

We last chattered about 504 W. Barry in Lakeview back in April 2011.

See our prior chatter here.

Back then, we chattered about Unit #3W, described as a “gothic jewel.”

But in May 2011, Unit #2W, right below it, came on the market.

The listing describes it as “Paris in Lakeview.”

Built in 1927, the unit has large room sizes and a wood burning fireplace.

It has side-by-side laundry and space pac cooling as well as 1 car parking and guest parking available (which can be vital in this very dense neighborhood.)

The listing describes the kitchen as a “chef’s kitchen” complete with stainless steel appliances.

It also has a back deck which is rare for a building of this era.

Originally listed at $749,900, this unit has been reduced $39,900 to $710,000.

Unit #3W, that we previously chattered about, is also still available. It has been reduced to $734,900.

Back in April 2011, several of you thought that #3W would sell in the $600,000s.

However, the list prices on these units aren’t that far off the most recent comp in the building.

Unit #4W sold in September 2010 for $727,500. It was also described as “paris in lakeview.” You can see those pictures here.

Has the market changed that much in a year for the units in this building?

Pearce Lashmett at Koenig & Strey Real Living has the listing. See the pictures here. (Koenig’s website isn’t working for some reason- so I’m linking to the pictures on Redfin.)

Unit #2W: 3 bedrooms, 3 baths, no square footage listed but #3W is 2200 square feet

• Sold in August 1994 for $292,500
• Sold in January 1999 for $341,000
• Sold in July 2001 for $485,000
• Sold in January 2004 for $495,000
• Originally listed in May 2011 for $749,900
• Reduced
• Currently listed at $710,000
• Assessments of $774 a month (includes heat and cable)
• Taxes of $7137
• Space pac cooling
• Washer/Dryer in the unit
• Parking included (plus guest parking available)
• Bedroom #1: 17×12
• Bedroom #2: 16×13
• Bedroom #3: 12×8

We last chattered about this short sale 3-bedroom at 2341 N. Commonwealth in Lincoln Park in May 2011.

See our prior chatter here.

Back then, it was priced 20% below the 2002 price at $329,900. But some of you thought it was a bait and switch of some kind and that there was no way the bank would accept a price that low.

4 months later, the unit finally sold for 25% under the 2002 price at $305,000.

If you’ll recall, the big issue with this unit is that it didn’t have any of the features most buyers look for- including central air, washer/dryer in the unit OR parking.

BUT- it did have its tremendous east Lincoln Park location and many vintage features including crown molding, french doors and big room sizes.

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

Did someone get a steal for the neighborhood?

Violet Sudler at Coldwell Banker had the listing. You can still see the interior pictures here.

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

• Sold in December 1995 for $205,000
• Sold in January 2002 for $408,000
• Originally listed in October 2009 for $524,900
• Reduced numerous times
• Lis pendens foreclosure filed in February 2011
• Re-listed as a “short sale” in March 2011 for $349,000
• Reduced
• Was listed in May 2011 at $329,900
• Sold in September 2011 for $305,000
• Assessments of $533 a month (includes heat, cable)
• Taxes of $5934
• No central air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 14×14
• Bedroom #2: 15×8
• Bedroom #3: 10×7

This 3-bedroom at the Vines of Ravenswood at 3001 W. Wilson in the Ravenswood Manor neighborhood of Albany Park came on the market in August 2011.

That is just over 3 years since it last sold in July of 2008.

The unit has a vintage layout with a full-size dining room as well as a sunroom.

The eat-in kitchen has stainless steel appliances.

While there is a washer/dryer in the unit, there is no central air and no parking.

However, the unit is less than 2 blocks from the Francisco brown line stop.

It has been reduced $10,000 since August 2011 and is now listed for $100 under the 2008 purchase price.

What price will it take to re-sell this unit 3 years later?

Karen Holt at @Properties has the listing. See the pictures here.

Unit #2: 3 bedrooms, 1 bath, no square footage listed

• Sold in March 1995 for $141,000
• Sold in September 1998 for $155,000
• Sold in April 2006 for $255,000
• Sold in July 2008 for $230,000
• Originally listed in August 2011 for $239,900
• Reduced
• Currently listed for $229,900
• Assessments of $479 a month (includes heat and exercise room)
• Taxes of $3294
• Washer/Dryer in the unit
• No central air- window units only
• No parking
• Bedroom #1: 12×10
• Bedroom #2: 11×10
• Bedroom #3: 10×9
• Living room: 16×12
• Dining room: 17×12
• Kitchen: 13×11
• Sunroom: 8×10

This 2-bedroom in the vintage co-op at 3750 N. Lake Shore Drive in Lakeview has been  on the market since April 2011.

It is a short sale and is now listed for just $144,000.

The building was built in 1926 and has the large room sizes and vintage features of its era including hardwood floors and crown molding.

This unit doesn’t have central air or in-unit washer/dryer- but both can be added.

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

Since this is a co-op, the assessment includes taxes and just about everything else including electric, heat, cable, the doorman and the indoor pool and exercise room.

Parking is available for rent next door.

Since April, the unit has been reduced $71,000.

It is now listed at just $88 a square foot.

On a price-per-square footage basis and the location, is this a deal?

Kevin Van Eck at @Properties has the listing. See the pictures here.

Unit #13G: 2 bedrooms, 1.5 baths, 1636 square feet

• I don’t have a prior sales price (since it’s a co-op)
• Originally listed in April 2011 for $215,000
• Reduced numerous times
• Currently listed as a “short sale” for $144,000
• Assessments of $1531 a month (which includes just about everything including the taxes, cable, heat, electric, doorman, pool)
• Taxes of $4922
• No central air- window units
• No in-unit washer/dryer (but can be added)
• Parking available for rent next door for $175 to $275 per month
• Bedroom #1: 19×13
• Bedroom #2: 19×13
• Dining room: 18×14