Crib Chatter

We’ve chattered about this 3-bedroom duplex down at 848 W. Roscoe in Lakeview several times over the last 9 months.

See our April 2011 chatter here.

In April, after another price reduction to $559,900, one of you guessed that the unit would sell for just $425,000 ultimately.

Some of you scoffed but were looking at a duplex down comp at 3635 N. Wilton #1 listed at $499,000 that had gone under contract (and which subsequently never sold and is now re-listed at $529,000.)

So some of you did think it might sell under $500,000.

The unit has been reduced again to $529,900.

Built in 2003, two of the three bedrooms are on the main floor with the third in the lower level.

It also has a 18×17 family room in the lower level.

It has two outdoor spaces with a south facing patio as well as a rear deck. The unit also has a garage with a heated driveway.

The kitchen has stainless steel appliances and granite counter tops.

What will it take to finally sell this unit?

Keith Goad at Prudential Rubloff still has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, duplex down, no square footage listed

• Sold in September 2003 for $540,000
• Originally listed in September 2008 for $715,000
• Reduced many times
• Was listed in December 2010 for $576,900 (parking included)
• Reduced
• Was listed in April 2011 for $559,900 (parking included)
• Reduced
• Currently listed for $529,900
• Assessments of $228 a month
• Taxes of $8507
• Bedroom #1: 13×12 (main level)
• Bedroom #2: 12×10 (main level)
• Bedroom #3: 13×10 (lower level)

This rehabbed 4-bedroom vintage brick bungalow at 4879 N. Mason in Jefferson Park came back on the market in July 2011.

It had been bank owned the summer before.

Built in 1922, the bungalow has been completely rehabbed from a 5-bedroom home into a 4-bedroom home with a finished basement.

The second story, which previously had only been the master bedroom, was raised and now houses not only the master bedroom but a complete “spa master suite” alongside 2 other bedrooms.

There is new electric, plumbing and HVAC.

The house now has 2 air conditioning units and 2 furnaces.

The walkout basement is completely finished.

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

Built on a 30×125 lot, it has a 2 car garage.

Listed in mid-July for $439,000 it has been reduced $39,100 to $399,900.

Can a Jefferson Park rehab command a $400,000 price tag?

Regina Faktorovich at Century 21 M.B. Real Estate has the listing. See the pictures here.

You can also see a YouTube video of the property here.

I couldn’t find any pictures of the property’s interior from the bank owned listing- or “pre”-rehab.

4879 N. Mason: 4 bedrooms, 3 baths, about 3000 square feet, 2 car garage

• Sold in January 1993 for $152,500
• Sold in June 2000 for $236,000
• Lis pendens foreclosure filed in December 2009
• Bank owned in May 2010
• Sold in July 2010 for $135,000
• Originally listed in July 2011 for $439,000
• Reduced
• Currently listed for $399,900
• Taxes of $3637
• Central Air
• Bedroom #1: 19×14 (second floor)
• Bedroom #2: 15×11 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 16×9 (main floor)
• Family room: 26×54 (walk out basement)

We last chattered about this 6-bedroom 2007 construction mansion at 2461 N. Geneva Terrace in Lincoln Park in May 2009 when the seller was trying to sell it for $6.2 million OR rent it out for $18,000 a month.

See our prior chatter here.

Since that time, a lis pendens foreclosure was filed against the property.

The house has since been re-listed for $2.75 million and is now under contract.

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

The house has a limestone facade and according to the listing, “only the best materials and construction methods were employed during the four year building process of this home.”

The listing also says the house was designed by a European architect for himself.

The listing says the lot size is 4000 square feet.

4 of the 6 bedrooms are on the second floor with the other two in the lower level.

There is also 4-car parking.

Is it a sign that we’re getting close to the bottom when some of the higher priced properties that have been on the market for years are coming back down to earth and now selling?

Ayoub Rabah at Great Street Properties has the listing.

Because it’s already under contract, and hard to see the pictures unless registered, check out the interior in this old listing- when it was still on the market as a rental. See the pictures here.

2461 N. Geneva Terrace: 6 bedrooms, 5.5 baths, 4985 square feet, 4 car parking

• Old house sold in February 2004 for $975,000
• Lis pendens filed in March 2009
• Was listed in May 2009 for $6.25 million
• Or you could rent it for $18,000 a month
• Lis pendens foreclosure filed in February 2011
• Deed changed hands with the bank in June 2011
• Re-listed in August 2011 for $2.75 million
• Under contract
• Taxes of $36,452
• Central Air
• Bedroom #1: 22×15 (second floor)
• Bedroom #2: 12×13 (second floor)
• Bedroom #3: 16×13 (second floor)
• Bedroom #4: 17×12 (second floor)
• Bedroom #5: 12×12 (lower level)
• Bedroom #6: 12×8 (lower level)

This top floor 3-bedroom unit at 1118 W. Fulton in heart of the Fulton Market District in the West Loop has been on the market since April 2011.

Now listed as a short sale, it has been reduced $169,000 in that time.

The 3000 square foot unit has a second floor loft and 3 outdoor spaces including a private rooftop deck.

The listing describes the kitchen as “gourmet” with European style cabinets,  a 60′ range and Subzero appliances.

It also has central air, a massive 17×13 laundry room and 1 car garage parking.

Is this a deal for a large unit in a neighborhood that was once marketed by loft developers the “meatpacking district of Chicago”?

Josie Arena-Wissinger at Century 21 Pro-Team has the listing. See the pictures here.

Unit #503: 3 bedrooms, 2.5 baths, 3000 square feet

• Sold in May 1999 for $530,000
• Lis pendens foreclosure filed in May 2010
• Originally listed in April 2011 for $854,900
• Reduced
• Currently listed as a “short sale” at $685,900 (includes parking)
• Assessments of $813 a month
• Taxes of $12131
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 28×18
• Bedroom #2: 15×13
• Bedroom #3: 13×9
• Laundry room: 17×13
• Loft: 20×15 (second level)

This 1-bedroom Sandburg Village Artist Loft at 1535 N. Sandburg Village in the Gold Coast recently came on the market.

It lives like a townhouse or rowhouse with a private front door entrance.

Built in 1978 along with the rest of Sandburg Village, the glass living room ceiling is the unit’s most unique feature.

The kitchen and living room are on the main floor with the bedroom and bathroom on the second floor.

The artist loft also has a private, brick enclosed 17×14 terrace.

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

Parking is available nearby for rent.

Who has the vision to transform this space into a stunning home?

Pamela Rueve at Coldwell Banker has the listing. See the pictures here.

1535 N. Sandburg Terrace: 1 bedroom, 1 bath, no square footage listed

• Sold in May 1988 for $87,000
• Sold in September 1996 for $160,000
• Currently listed for $199,000
• Assessments of $140 a month
• Taxes of $3464
• Central Air
• Washer/Dryer in the unit
• Rental parking nearby
• Bedroom: 14×11
• Living room: 17×14
• Kitchen: 10×6
• Terrace: 17×14

Crain’s must be reading our minds as many of us have recently been wondering, “how many units are still available in those new construction buildings?”

As many have reported from the “lights on in the building at night” test, it appears that sales definitely are slow at many of the new high rise condo buildings.

Twenty-eight downtown projects still had 20 or more unsold new condos at the end of the second quarter, and seven had more than 100, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.

Here’s a list of some of the buildings with the fewest closings:

One Museum Park West at 1201 S. Prairie:

•  Closed 22% or 65 out of 298

Museum Park Place South at 1901 S. Calumet:

• Closed 43% or 125 out of 288

The Legacy at 60 E. Monroe:

• Closed 49% or 174 out of 355

235 Van Buren in the Loop:

• Closed 52% or 371 out of 714

Trump Tower:

• Closed 65% or 316 out of 486

Those of you waiting for a deal at some of these buildings- may be waiting for awhile.

At 235 W. Van Buren, the project’s developer, CMK Development Corp., earlier this summer promoted an incentive package with free condo assessments for a year and a $5,000 closing-cost credit, but CMK has not offered steep discounts, said Appraisal Research Vice-president Gail Lissner.

Demand for new downtown condos remains weak, with developers on pace to sell fewer than 600 condos for the fourth straight year. The good news is that the supply of unsold condos dropped to 1,911 units in the second quarter, down from nearly 7,000 four years earlier, according to Appraisal Research. The glut has shrunk in part because many condos have been converted to rental units.

Still, progress has been slow at many big projects. At Trump, a 486-unit tower at 401 N. Wabash Ave., buyers have closed on just 316 condos, with about 10 closings a quarter over the past year, according to Appraisal Research. At that rate, it will take more than four years for the development to sell out.

The slow sales and high inventory at some projects will test the patience of lenders waiting for their construction loans to be paid off. Some will push price cuts to accelerate the process. The key for developers is to create a sense of urgency among buyers, says Garry Benson, CEO-president of Garrison Partners, a Chicago-based residential marketing firm. That will happen if buyers feel like they are getting a good value.

Some other buildings didn’t make this list including 65 E. Monroe and Aqua.

Also- two new construction luxury high rises are currently under construction- the Ritz on Michigan Avenue and 2520 Lincoln Park.

Many of these buildings are in the “luxury” category.

Will developers ultimately cut prices as even more inventory comes on the market?

Glut persists at some downtown projects [Crain’s Chicago Business, Mary E. Morrison, September 8, 2011]

We have chattered about this 2-bedroom duplex up at 1654 W. Berwyn in Andersonville several times over the past six months.

See our June 2011 chatter here.

It has reduced another $15,900 and is now listed at $330,000.

In June, some of you thought it would sell around $325,000 but others thought a number under $300,000 would get the sale done.

In June 2011, Unit #2W in the building sold for $342,000.

If you recall, it has a split floor plan with the first floor consisting of the living room, dining room, kitchen and power room.

The second floor, or the duplex up, has the 2 bedrooms and 2 full baths.

The listing says the unit has 3 exposures, north, south and west, and 27 windows in which to soak up the sunshine.

The kitchen has stainless steel appliances and granite counter tops.

It also has a 6×5 laundry room, central air and heated garage parking.

How low will this go?

George Just at @Properties still has the listing. See the pictures here.

Unit #1WA: 2 bedrooms, 2.5 baths, 1600 square feet, duplex up

• Sold in January 2000 for $269,000
• Sold in March 2004 for $347,500
• Sold in December 2007 for $401,000
• Originally listed in February 2011 for $399,000
• Reduced
• Was listed in June 2011 at $345,900
• Reduced
• Currently listed at $330,000 (parking included)
• Assessments of $200 a month
• Taxes of $4336
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 14×11 (second floor)
• Laundry room: 6×5

This 2-bedroom duplex-up condo at 1408 W. Belden in Lincoln Park has been on the market since June 2011.

The building was constructed in 1881.

The first floor has 12 foot ceilings with two living rooms (one of which is being used as a family room) and exposed brick.

The second floor has ten foot ceilings.

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

Both bedrooms are on the second floor.

The master bedroom has a large marble master bath with steam shower that was redone in 2008.

It has central air, washer/dryer in the unit and the garage parking is in the 1881 carriage house.

The yard is fenced, if you have a dog, and there is a private deck off the living room.

There is even a private 10×12 storage closet in the basement.

The unit has been reduced $41,000 since June.

It is now listed $64,500 under the 2007 purchase price.

Is this unit a good townhouse alternative for this price and location?

Jennie Deckert at @Properties has the listing. See more pictures here.

Or you can see it in person at the Open House this Sunday, September 11 at 12 – 2 pm.

1408 W. Belden: 2 bedrooms, 2.5 baths, duplex up, no square footage listed

• Sold in May 1991 for $258,000
• Sold in August 1994 for $265,000
• Sold in February 1997 for $282,000
• Sold in August 2003 for $469,500
• Sold in September 2007 for $573,500
• Originally listed in June 2011 for $550,000
• Reduced
• Currently listed for $509,000
• Assessments of $209 a month
• Taxes of $7445
• Central Air
• Washer/Dryer in the unit
• Wood burning fireplace
• Garage parking included in 1881 carriage house
• Bedroom #1: 14×16 (second floor)
• Bedroom #2: 10×13 (second floor)
• Living room: 31×22 (main floor)
• Family room: 15×15 (main floor)
• Kitchen: 15×15 (main floor)

We last chattered about this contemporary Studio Dwell designed 4-bedroom single family home at 915 N. Wolcott in the East Village in June 2011.

See our prior chatter here.

Most of you loved this house. But we still debated about whether this home would sell for under its 2005 price of $1.38 million (and whether a buyer would ever take the bus(!) to work).

It recently closed for $130,000 under the 2005 price at $1.25 million.

You’ll recall, at 4700 square feet, it had the modern aesthetic found in Studio Dwell properties.

The kitchen had what looked to be a wall of glass, also had modern white and stainless steel cabinetry and what looked like might be concrete counter tops.

3 out of the 4 bedrooms were on the second floor with the master bedroom on the third floor.

There was also a 18×13 home theater in the lower level.

The house hds several outdoor spaces including a stone patio off the kitchen and a rooftop deck of some kind.

Did someone get a deal?

Stephen Somogyi at North Clybourn Group had the listing. You can still see the interior pictures here.

915 N. Wolcott: 4 bedrooms, 3.5 baths, 4700 square feet, 2 car garage

• Sold in May 2005 for $1.38 million
• Originally listed in April 2011 for $1.65 million
• Reduced
• Was listed in June 2011 at $1.45 million
• Sold in September 2011 for $1.25 million
• Taxes of $12,810
• Central Air
• Bedroom #1: 27×23 (third floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 12×10 (second floor)
• Bedroom #4: 15×10 (second floor)
• Theater room: 18×13 (lower level)

This 3-bedroom 67th floor unit in Trump Tower at 401 N. Wabash in River North just came on the market.

Crain’s recently had a tidbit about it in its Chicago Real Estate Daily because the seller only bought it 10 months ago – in December 2010.

Two doctors put their condo in the Trump International Hotel & Tower on the market this week for just under $2.68 million after buying the unit in December for $2.05 million. The 3,100-square-foot unit on the 67th floor has three bedrooms, a den, four bathrooms, and views to the south, east and west, according to the listing. The sellers, Kern and Richa Singh, made significant upgrades, including electronic shades, built-ins, decorator finishes and custom painting but decided they wanted more space, said listing agent Tricia Fox of Keller Williams Gold Coast Realtors.

The kitchen has cherry Snaidero cabinets, luxury stainless steel appliances by SubZero, Miele and Wolf and granite counter tops.

The bathrooms are marble and limestone.

It has 2 fireplaces and a unique feature of an 8×10 storage unit on the same floor (you’re lucky to even GET a storage locker anymore let alone an 8×10 sized one.)

Of course it has central air, washer/dryer in the unit and the amenities of the hotel are available, including room service.

The Crain’s article talks about the upgrades that were done to the unit including electronic shades.

Will the sellers be able to get a $625,000 premium just 10 months later?

Check out the Crain’s Chicago Real Estate Daily post here.

Tricia Fox at Keller Williams Gold Coast has the listing. See the pictures here.

Unit #67E: 3 bedrooms, 4 baths, 3102 square feet

• Sold in August 2009 for $1.967 million
• Sold in December 2010 for $2.05 million
• Currently listed for $2.675 million
• Assessments of $2254 a month (includes a/c, gas, doorman, pool)
• Taxes are “new”
• Parking is $65,000 extra
• Central Air
• Washer/Dryer in the unit
• 2 fireplaces
• 8×10 storage unit on the same floor
• Bedroom #1: 19×16
• Bedroom #2: 16×12
• Bedroom #3: 16×15