Crib Chatter

We last chattered about this newer construction 2-bedroom at 2145 N. Racine in Lincoln Park in March 2011.

See our prior chatter here.

At that time, the unit was listed for $549,000 and we discussed whether the market could support a $550,000 2/2.

Most of you thought it should be listed at $499,000 (though someone thought it would sell at $475,000).

Since that time, the unit has been reduced to $499,000.

 Built in 2006, the building is on an extra wide 28×125 lot.

The unit has a unique 250 square foot front porch with a blue stone floor.

The kitchen appliances have been upgraded to Viking and Bosch. It also has cherry cabinets and granite counter tops.

There is central air and one car parking.

After being on the market 15 months, is this unit finally priced to sell?

Kristin Ellwein Jaman at Baird & Warner still has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1500 square feet, 1 car parking

• Sold in April 2006 for $575,000
• Originally listed in April 2010 for $599,000
• Reduced several times
• Was listed in March 2011 for $549,500
• Reduced
• Currently listed for $499,000
• Assessments of $152 a month
• Taxes of $10,102
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 15×10

This 2-bedroom in the Signature Lofts at 1750 N. Wolcott in Bucktown just came on the market.

It is an authentic loft with timber ceilings and exposed brick.

The kitchen has stainless steel appliances and granite countertops and is open to the living space.

The bedrooms are fully enclosed for added privacy.

The loft is a corner unit and has a wraparound terrace on two sides of the unit.

On one side the terrace runs 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 other side of the terrace is in the back of the building. 

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

Unit #104, also a 2/2 on the same floor in the building, is currently under contract at the price of $399,000 (includes parking) but it doesn’t have the wrap-around terrace.

This unit last sold 10 years ago for $351,500.

Will they be able to sell for over $100,000 more in 2011?

Wesley Walker at Jameson Sotheby’s has the listing. See the pictures here.

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

• Sold in August 2001 for $351,500
• Currently listed for $459,000 (includes parking)
• 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

We last chattered about this top floor 2-bedroom at 632 W. Wrightwood in Lincoln Park in November 2010.

[This picture is actually of the sister building to 632 W. Wrightwood which is 2 buildings east down the street and is identical looking. For some reason I didn’t have a pic of 632 itself.]

See our prior chatter here.

If you recall, the listing said it was “Nate Berkus designed” and we debated whether that mattered to a buyer or not. (We concluded – “not”.)

After another reduction in November, when the unit was listed as a short sale, we also chattered whether the price would go back to the 2000 price which was $498,000.

Some of you thought the 2000 price would be about right compared to other units in the neighborhood.

The unit just sold as a short sale for $480,000, or $18,000 under the 2000 price.

The top floor unit had vaulted ceilings, skylights and private deck.

It was an elevator building, so there was no concern about hauling groceries up five levels of stairs.

The kitchen had white cabinets and appliances along with granite counter tops.

At 1800 square feet, it also had 2 parking spaces included, which is rare in East Lincoln Park at this price point.

It sold for about 24% under the 2005 purchase price.

Did someone get a deal?

Sophia Worden at Prudential Rubloff had the listing. You can still see interior pictures here.

Unit #5W: 2 bedrooms, 2 baths, 1800 square feet, 2 car parking

• Sold in April 1996 for $320,000
• Sold in June 1999 for $435,000
• Sold in June 2000 for $498,000
• Sold in May 2005 for $630,000
• Originally listed in October 2008
• Was listed in May 2010 for $599,000
• Reduced
• Was listed in November 2010 as a “short sale” for $550,000
• Sold in July 2011 for $480,000
• Assessments of $310 a month
• Taxes of $6084
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×13
• Bedroom #2: 13×11

This vintage 4-bedroom penthouse in Benjamin Marshall’s 1200 N. Lake Shore Drive in the Gold Coast has been on the market since March 2011.

In that time, it has been reduced $275,000.

Built in 1912 with 10 full floor apartments, the first two floors of the 12-story building were used for servants and the top floor for playrooms and extra maid rooms.

The original units had 5 servant rooms in each apartment- including a separate servants corridor.

Over the years, they were carved into smaller units.

The building is a condo and not a cooperative.

This penthouse unit was put together by combining 3 separate units into 4000 square feet.

The room with the east facing curved windows is the L’Orangerie in the original floorplan (all of which was in French.) To the right of the L’Orangerie was the Grand Salon which is now the living room.

There is central air and in-unit washer/dryer along with high ceilings.

There isn’t a picture of the kitchen or baths, so we don’t know what those look like.

The listing also says that parking is available just “5 steps away.”

There was also apparently a special assessment as the listing states:  “Please note that seller paid $288,000 special assessment for complete exterior renovation.”

Janet Owen at Prudential Rubloff has the listing. You can see the pictures and a handy floorplan here.

Unit #1201 PH: 4 bedrooms, 5 baths, 4000 square feet

• I couldn’t find a prior sales price
• Originally listed in March 2011 for $3.175 million
• Reduced
• Currently listed at $2.9 million
• Assessments of $4225 a month (includes heat, doorman, cable)
• Taxes of $29,567
• Central Air
• Washer/Dryer in the unit
• Parking is “5 steps away” – but I don’t know if that means rental in the neighborhood or what
• Bedroom #1: 21×14
• Bedroom #2: 21×12
• Bedroom #3: 15×15
• Bedroom #4: 14×13
• Family room: 21×14

This 1000 square foot 1-bedroom plus den in the Neapolitan at 1212 N. Wells in Old Town came on the market in May 2011 as a short sale.

It is currently listed at $74,100 under the 2001 purchase price.

The unit has an east facing balcony and other features buyers look for today including central air, washer/dryer in the unit and deeded parking.

The kitchen has maple cabinets, black appliances and granite counter tops.

There is a marble bath.

This building is located across the street from one of the many new rental apartment buildings that are currently being built.

At this price, is this a much better deal than renting in the neighborhood?

Peter Breitlander at Krain has the listing. See the pictures here.

Unit #1102: 1 bedroom, 1 bath, 1000 square feet

• Sold in July 2001 for $299,000
• Sold in August 2003 for $328,000
• Originally listed in May 2011 for $254,900
• Reduced
• Currently listed as a “short sale” at $224,900 (includes the parking)
• Assessments of $442 a month (includes doorman)
• Taxes of $4304
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Den: 9×9

We last chattered about this bank owned 3-bedroom at 190 E. Walton in the Gold Coast in February 2011.

See our prior chatter here.

The chatter evolved into a discussion about using videos to market upscale properties- as Joe Zekas from YoChicago did a video on this property last winter.

Some of you (myself included) thought it would be just as effective to cut the price to make the sale (instead of doing the video).

In February, the property was listed at $1.25 million. Some of you thought it would sell around $900,000.

It has since been reduced about $100,000 to $1.149 million.

If you recall, the 3000 square foot unit has hardwood floors throughout and custom built-ins.

The kitchen has granite counter tops and a stainless steel breakfast bar.

There are marble baths and a 8×22 terrace.

Parking is included.

This building is a mid-rise which doesn’t have a doorman or any other amenities.

The bank has already owned this property for 10 months.

How long will the bank have to be the owner?

Tina Culver at Sergio & Banks still has the listing. See the pictures here.

Unit #501: 3 bedrooms, 3 baths, 3000 square feet, 1 car parking

• Sold in October 1998 for $765,000
• Sold in September 2005 for $1.575 million
• Lis pendens foreclosure filed in September 2009
• Bank owned in October 2010
• Originally listed in October 2010 for $1.395 million
• Reduced
• Was listed in February 2011 at $1.25 million
• Reduced
• Currently listed at $1.149 million
• Assessments of $919 a month (includes water, building maintenance)
• Taxes of $17,162
• Central Air
• Bedroom #1: 14×13
• Bedroom #2: 10×12
• Bedroom #3: 11×13
• Family room: 14×20

We last chattered about this bank owned 2-bedroom at 930 N. Wood in the East Village neighborhood of West Town in June 2011.

See our prior chatter here.

At that time, it had finally gone under contract after 5 months on the market and several price reductions.

Some of you thought for the amenities (parking, C/A, washer/dryer) that the price wasn’t too bad.

It recently sold for $2,000 over the last list price and just $7,000 above the 2001 purchase price at $236,000.

If you recall, the unit was just 991 square feet.

The building was constructed in 2001 and had hardwood floors in the main living area.

From the pictures, the kitchen appeared intact. It had black appliances and granite counter tops.

It was just a few blocks from the shops and restaurants of Division Street.

Jack Lewitz at IL Real Estate Specialists has the listing. You can still see the interior pictures here.

Unit #2: 2 bedrooms, 2 baths, 991 square feet

• Sold in January 2001 for $229,000
• Sold in April 2002 for $266,900
• Sold in April 2005 for $322,500
• Lis pendens foreclosure filed in February 2009
• Was listed in September 2010 for $450,000
• Bank owned in October 2010
• Originally listed in February 2011 for $289,900
• Reduced several times
• Was listed in June 2011 for $234,900
• Sold in July 2011 for $236,000
• Assessments of $119 a month
• Taxes of $4833
• Central Air
• Washer/Dryer in the unit
• Parking space included
• Bedroom #1: 12×17
• Bedroom #2: 10×12

We know that it is taking anywhere from 12 months to 24 months from the filing of the lis pendens to the bank taking possession in Cook County.

In some cases, some of you have been living in properties for years without the bank even taking possession- not to mention those where the bank is now the owner but has not bothered to re-list the property for sale.

From the Chicago Tribune: 

Minnesota-based TCF Financial, which has retail banking operations in eight states, said the Chicago area is its weakest market in terms of the quality of its loans and other assets on its books. It’s “even weaker than Michigan,” the bank said in an earnings conference call Thursday.

TCF, which has 201 TCF bank branches in Illinois, partly blames the prolonged foreclosure process in the Chicago area, making it difficult to get bad loans tied to commercial and residential properties off of its books.

“They think they are doing a good thing, but they’re not,” Chief Executive William Cooper said of the legal process that banks must go through to dispose of foreclosed property in the Chicago area. “It takes us longer to get a house through the system (in Chicago), and to get it sold takes us longer there than anywhere else.”

Nonetheless, TCF is seeing credit-quality trends “improve slightly” in the Chicago area, and the bank is interested in acquisitions in one of the nation’s biggest U.S. markets.

Is the drawn out foreclosure process actually hurting the Chicago housing market more than it’s helping?

TCF calls Chicago its weakest market [Chicago Tribune, Becky Yerak, July 25, 2011]

I’ve been watching this new construction 7-bedroom single family home at 1111 W. Wrightwood in Lincoln Park for some time.

It has been on and off the market since March 2008 and is now listed as a short sale.

In that time, it has been reduced $499,000.

Built in 2010 on a 29×131 lot, the house has a rare 3-car garage and an elevator.

The listing says it has a “top of the line” kitchen with stainless steel appliances and stone counter tops.

There is a full floor master suite on the 3rd floor with 4 bedrooms on the second floor and the remaining 2 bedrooms on the lower level.

What will it take to finally sell this house?

Lindsay Pitcher at Kinzie Real Estate Group has the listing. See the pictures here.

1111 W. Wrightwood: 7 bedrooms, 6 baths, 6160 square feet, 3 car garage

• Sold in January 2006 for $1.1 million
• Originally listed in March 2008 for $2.899 million
• Reduced
• Lis pendens filed in April 2009
• Currently listed as a “short sale” for $2.4 million
• Taxes of $27,776
• Central Air
• Elevator
• Bedroom #1: 21×16 (third floor)
• Bedroom #2: 13×13 (second floor)
• Bedroom #3: 13×11 (second floor)
• Bedroom #4: 13×10 (second floor)
• Bedroom #5: 12×10 (second floor)
• Bedroom #6: 14×10 (lower level)
• Bedroom #7: 17×12 (lower level)

We last chattered about this 4-bedroom vintage Queen Anne at 6239 N. Lundy in the Old Edgebrook neighborhood of Forest Glen in October 2010.

See our prior chatter here.

Since that time, the property has been reduced another $90,000.

Many of you loved this house and considered Old Edgebrook to be one of your “dream” neighborhoods.

The Old Edgebrook historic district was created in 1894 and designed to be houses of various styles. It was designated a landmark district in 1988.

There is only one road in to the neighborhood and one road out.

It is literally in the middle of a forest preserve.

There are walking paths that wind through the neighborhood which go through the forest preserve.

This Queen Anne was built in 1896. It still has many of its vintage features including its oak staircase, lead and stained glass and pocket doors.

The kitchen has a stainless steel refrigerator and dishwasher as well as granite counter tops and white cabinets.

It has a front turret, a double parlor and a finished basement.

There is a 3-car garage and central air.

The houses in the district are on larger lots and this one is no exception- having been built on a 111×164×65×158 lot.

This is the only house currently on the market in Old Edgebrook.

Is this a deal at this price for the neighborhood?

Irene Yungerman at Baird and Warner still has the listing. See the pictures here.

6239 N. Lundy: 4 bedrooms, 3 baths, 3 car garage, 3510 square feet

• Sold in March 1986
• Sold in December 1989 for $492,000
• Originally listed in February 2010 for $998,000
• Reduced in May 2010
• Was listed in October 2010 for $949,000
• Reduced
• Currently listed at $859,000
• Taxes of $12,588
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 17×12 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 14×14 (third floor)