Crib Chatter

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)

We last chattered about this vintage 2-bedroom at 3052 W. Logan Boulevard in Logan Square in April 2011.

See our prior chatter here.

Most of you liked this property but had no idea what prices were doing in Logan Square, which appears to be one of the “it” neighborhoods of the moment.

The unit was first listed in March 2011 and sold at the end of May 2011 for $10,000 under the 2006 purchase price.

If you recall, the 1450 square foot unit hds hardwood floors and a new eat-in kitchen with stainless steel appliances.

The listing said the bathrooms were redone but some of the vintage features were left intact, including a clawfoot bathtub in one of the baths.

There was a washer/dryer in the unit and parking included but it didn’t have central air.

If Lakeview 2-bedroom prices are back to 2002, does this sale mean Logan Square is holding up better than Lakeview?

Robert Safranski at Saffron Realty Group had the listing.

Unit #2W: 2 bedrooms, 2 baths, 1450 square feet

• Sold in September 2000 for $205,000
• Sold in October 2006 for $290,000
• Was listed in April 2011 for $299,900 (parking included)
• Sold in May 2011 for $280,000 (parking included)
• Assessments of $268 a month (includes heat)
• Taxes of $3079
• No central air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 12×11

We’ve had a lot of chatter recently about how the foreclosures and short sales seem confined to the areas of the city that are NOT the Green Zone (aka, the neighborhoods encompassing the South Loop, the Loop, River North, Streeterville, the Gold Coast, Lincoln Park, Lakeview, Bucktown, Wicker Park, Lincoln Square, Ravenswood and North Center- to name a few).

Some believe that foreclosures will not have much impact in the Green Zone neighborhoods so therefore prices won’t drop further.

Crain’s recently reported on a foreclosure lawsuit filed on a 31-unit development called Sheffield Condo Living at 3808 – 3816 N. Sheffield in Wrigleyville.

Only 8 of the 31 units have sold.

The Lakeview condo market has been slow, with distressed properties selling far below average market value, said Gary Reidy, a broker associate with Chicago-based brokerage Conlon who was not involved with Sheffield Condo Living.

In the last four to six months, a lot of foreclosures and shorts sales have crept into this neighborhood,” says Mr. Reidy, who lives less than a block from the project. “We thought we were immune to it, but obviously not.”

Only condos that are priced right are selling now, Mr. Reidy says.

And when I say the right price, I mean 2002 values,” he says.

Are the distress sales really a non-factor in the Green Zone- or are they just starting to heat up?

Spire veteran named in lakeview foreclosure suit [Crain’s Chicago Business, Mary Morrison, July 26, 2011]

This 2-bedroom loft at 2111 W. Churchill in Bucktown has been on the market since April 2011.

In that time it has been reduced $10,000.

The penthouse loft has 15-foot timber ceilings and exposed brick.

Both bedrooms are on the second level.

There are also several outdoor spaces including a rooftop deck with views of downtown.

The kitchen has granite counter tops and stainless steel appliances. The baths are natural stone.

With the parking, this loft is listed $50,000 under the 2007 purchase price.

Is this a deal for the location and square footage?

David Wolf at @Properties has the listing. See the pictures here.

Unit #312: 2 bedrooms, 2.5 baths, duplex, 1650 square feet

• Sold in August 2002 for $416,000
• Sold in June 2007 for $550,000
• Originally listed in April 2011 for $495,000
• Reduced
• Currently listed at $485,000 (plus $15,000 for parking)
• Assessments of $419 a month (includes cable)
• Taxes of $7208
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×18 (second floor)
• Bedroom #2: 11×13 (second floor)

You can’t miss 1325 N. Dearborn in the Gold Coast when you walk or drive by because it has very distinctive architecture with yellow brick and keyhole windows.

This 3-bedroom duplex down has been listed since May 2011.

In that time, it has been reduced $151,000.

The unit has 11-foot vaulted ceiling on the main floor with two fireplaces: in the living and dining rooms.

It does, of course, have the stained glass keyhole windows.

The listing says there’s a chef’s kitchen.

At 2800 square feet, 2 out of the 3 bedrooms are on the lower level.

It has an in-unit washer/dryer, central air and 2-car parking.

The unit is now listed $41,000 under the 2005 purchase price.

Is this a deal or the new market reality?

Leslie Ann Bodell at Prudential Rubloff has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2.5 baths, duplex down, 2800 square feet

• Sold in January 1991 for $202,000
• Sold in July 2005 for $940,000
• Originally listed in May 2011 for $1.05 million
• Reduced several times
• Currently listed at $899,000
• Assessments of $300 a month
• Taxes of $9948
• Central Air
• Washer/Dryer in the unit
• 2-car parking included
• Bedroom #1: 22×20 (main level)
• Bedroom #2: 21×13 (lower level)
• Bedroom #3: 15×9 (lower level)
• Library: 8×19 (main level)

We chattered about this 2-bedroom in The Barry at 3100 N. Sheridan in Lakeview several times over the last few years.

When we last checked in on it in May 2011, it was bank owned but no one was buying it so it was going to auction.

See our May 2011 chatter here.

It was then listed at $204,000. Several of you thought it wouldn’t sell for much more than $150,000.

The unit just sold for $157,500 or about 53% under the 2007 purchase price of $336,500.

If you recall, the unit had dark hardwood floors throughout, french doors and some crown molding.

There was no in-unit washer/dryer, parking or central air (window units only.)

The listing said there was a new kitchen and bath and the pictures indicate that the stainless steel appliances are still in the kitchen along with granite counter tops.

Several years ago, when it originally came on the market, it was called a “maisonnette in Paris.”

You’ll notice that the bank actually owned this property for 13 months.

Coya Smith at Smith Partners & Associates had the listing. You can still see the interior pictures here.

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

• Sold in September 1995 for $114,500
• Sold in September 1997 for $131,000
• Sold in May 2001 for $236,000
• Sold in January 2003 for $245,000
• Sold in March 2006 for $309,000
• Sold in May 2006 for $325,000
• Sold in July 2007 for $336,500
• Lis pendens filed in August 2008
• Was listed in October 2008 for $389,000
• Lis pendens filed in August 2009
• Bank owned in June 2010
• Was listed in September 2010 for $296,900
• Reduced
• Was listed in January 2011 for $252,500
• Reduced
• Was listed in March 2011 for $204,900
• Was listed in May 2011 for auction
• Sold in July 2011 for $157,500
• Assessments of $691 a month (includes gas, heat, cable)
• Taxes of $3158
• No central air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 15×11
• Bedroom #2: 15×9

This 2 bedroom at 440 N. Wabash in River North – just down the street from Trump Tower- recently came on the market.

It is the cheapest 2-bedroom available in the building at $236,000.

The listing says it is a “multiple offer situation.”

Offers were due by July 22, but so far, from public records, it is not listed as being under contract (but perhaps that will change shortly.)

The building was built in 1992.

The unit has white carpeting along with white kitchen and bathrooms.

It does have amenities many buyers are looking for, however, including central air, in-unit washer/dryer and parking.

The building has a pool and a doorman.

A 1-bedroom short sale in the building, also with the original kitchen and bath, recently closed on the 39th floor for $180,000.

Is this a bargain at the price?

And will it GET multiple offers?

Makeda Smith at Royal Service Realty Chicago Metro has the listing. See the pictures here.

Unit #2509: 2 bedrooms, 2 baths, 1120 square feet

• Sold in January 2005 for $463,500 (included the parking)
• Lis pendens filed in December 2008
• No record that it is bank owned but the listing says: “This property is eligible for Freddie Mac First Look Initiative thru 08/04/11”
• Currently listed for $236,000 (parking included)
• Assessments of $568 a month (includes heat, a/c, doorman, pool)
• Taxes of $3858
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×11
• Bedroom #2: 14×11 

This 3-bedroom at 432 W. Oakdale in Lakeview has been on the market since July 2010.

In that time, it has been reduced $125,000.

It appears to have most of the features buyers look for including a washer/dryer in the unit, garage parking and space pak central air.

The kitchen has cherry cabinets but does not have stainless steel appliances (they are black) or granite counter tops.

But there is a 500 square foot private deck and a separate wood paneled vintage family room.

Last on the market in 1999, what will it take to sell this unit in 2011?

Zoe Carne at Prudential Rubloff has the listing. See the pictures here.

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

• Sold in May 1997 for $319,000 (appears to be a mix-up in the public records on the PINs?)
• Sold in July 1999 for $425,000 (appears to be a mix-up in the public records on the PINs?)
• Originally listed in July 2010 for $750,000
• Reduced
• Currently listed for $625,000
• Assessments of $380 a month (includes heat)
• Taxes of $8275
• Space pak cooling system
• 500 square foot private deck
• In-unit washer/dryer
• Bedroom #1: 14×12
• Bedroom #2: 12×12
• Bedroom #3: 12×10
• Family room: 21×15

This 2-bedroom at 2757 N. Lincoln in Lincoln Park on the border of Lincoln Park and Lakeview has been on the market since mid-June 2011.

It is a short sale.

In that time, it has been reduced $50,000 and is now listed about 18% under the 2007 purchase price of $520,000.

2757 N. Lincoln is a 14-unit elevator building that was built in 2007.

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.

Is this a deal for the finishes and location?

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
• Currently listed as a “short sale” for $429,000 (garage parking included)
• Assessments of $251 a month
• Taxes of $7750
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 14×11