Crib Chatter

We last chattered about this 6-bedroom single family home at 1402 W. George in Lakeview in November 2010.

See our prior chatter here.

At that time, it had recently been reduced and was listed $80,000 under the 2004 purchase price.

It sold in May 2011, after 11 months on the market, for $170,000 under the 2004 purchase price.

If you recall, the house had apparently been converted from a 2-unit plus garden apartment into a single family home before the 2004 sale.

It had 11-foot ceilings and Brazilian cherry floors.

The kitchen had granite counter tops, double ovens and SubZero.

5 out of the 6 bedrooms were on the second and third floors.

There was a family room on the main level and a basement.

The house was on a 25×125 lot with a 2-car garage.

The listing says it was located in the Burley school district.

Does a house now have to have a special something to sell for over $1 million?

Kathy Murphy at Baird & Warner had the listing.

1402 W. George: 6 bedrooms, 4.5 baths, no square footage listed, 2 car garage

• Sold in May 2002 for $510,000
• Sold in January 2004 for $1,070,000
• Listed in June 2010 for $1.2 million
• Reduced several times
• Was listed in November 2010 for $990,000
• Sold in May 2011 for $900,000
• Taxes of $17,952
• Central Air
• Bedroom #1: 20×14 (second floor)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 12×9 (second floor)
• Bedroom #4: 12×15 (third floor)
• Bedroom #5: 10×15 (third floor)
• Bedroom #6: 17×10 (lower level)
• Family room: 20×18 (main level)

This 1-bedroom in a vintage courtyard building at 1104 W. Montana in Lincoln Park recently came on the market.

It is listed as a short sale.

But those of you who have been a Crib Chatter regular for a few years might recognize it from our chatter in 2008.

Back in May 2008, the listing said the sale was due to a “job relocation out of state” and that the 1-bedroom unit, listed for $256,000, had appraised at $270,000 in October 2007.

The listing said: “seller’s loss is your gain.”

See our May 2008 chatter and pictures of the interior of the unit here.

8 months later- it was still on the market and reduced further.

By then a Craigslist ad said the seller was considering all offers and that a short sale was possible.

See our December 2008 chatter here.

At that time, some of you thought it would probably sell for around $225k- except for Homedelete (who was taken to task for not understanding the prestige of living in Lincoln Park.)

Here’s homedelete’s guess:

“Regardless, this is a rental: No parking, no central a.c., no washer-dryer and radiator heat (I hate radiator heat). It ain’t worth no $250k and probably not even $200k in the whole scheme of things.”

The unit was then withdrawn from the market.

What happened to it from December 2008 to June 2011 when it returned to the market as a “real” short sale?

I’m assuming it was rented out.

This unit is yet another example of Chicago’s “shadow inventory”- or inventory that will, at some point, come back onto the market.

The Medill Reports recently reported on this phenomena:

Take Nikkie Hartmann, whose Albany Park condo is now worth $80,000, 44 percent less than the $143,000 she paid for it in 2006. She carries a mortgage for 100 percent of the purchase price.  

“I am so underwater in my loan that I don’t believe I will be able to sell it for many years,” Hartmann said. She is renting out the property for $850 per month. 

In fact, Illinois has the third-largest shadow inventory in the nation, following Florida and California, with 121,266 properties waiting to be sold, according to the National Association of Realtors in a March report.  

Standard & Poor’s Corp. estimated that at the end of the first quarter, Chicago had a 65-month supply of such homes, meaning it would take more than five years to clear the shadow inventory. That compares with an average 52-month supply for the entire U.S. 

Foreclosure-related sales accounted for almost 30 percent of all Illinois home transactions in the first quarter of 2011, according to a report released last week by RealtyTrac, the online listing firm for distressed properties. Illinois had 5,529 foreclosure-related sales in the first quarter, down from about 38 percent in the first quarter last year and about six percent lower than in the fourth quarter.  

RealtyTrac said earlier this month that Illinois home foreclosure activity fell about 17 percent in April compared to the previous month. But it pointed out that most of the slowdown can be attributed to delays in processing foreclosures, which implies there are more properties yet to hit the market. 

‘Shadow inventory’ weighs on Chicago housing market [Medill Reports, Annie Chung, June 1, 2011]

The 1-bedroom at 1104 W. Montana is now listed $7100 under the 2001 purchase price.

Back in 2008, many of you thought it wasn’t badly priced. (My how pricing expectations have changed!)

It has hardwood floors throughout and some built-ins.

It has a separate dining room but does not have in-unit washer/dryer, central air or deeded parking.

The kitchen has granite counter tops and white appliances.

What will this 1-bedroom now ultimately sell for?

Katharine Dolan at Exit Strategy Realty has the listing. See the pictures here.

Unit #2: 1 bedroom, 1 bath, no square footage listed, dining room

• Sold in September 1996 for $116,000
• Sold in August 2001 for $177,000
• Sold in July 2006 for $250,000
• Was listed in May 2008 for $256,000
• Lis pendens filed in August 2008
• Reduced
• Was listed in December 2008 for $244,000
• Withdrawn
• Returned to the market as a “short sale” in June 2011 for $174,000
• Reduced
• Currently listed at $169,900
• Assessments of $246 a month (includes heat)
• Taxes of $3035
• No central air
• No in-unit washer/dryer (its in the building though)
• No parking 
• Bedroom: 14×11
• Livingroom: 19 x 11
• Dining room: 11 x 10

This 4-bedroom new construction single family home at 3935 N. Paulina on the edge of Lakeview and North Center came on the market in May 2011.

The property/lot has an interesting history.

A 3-bedroom, 1 bath small frame house was originally on the property.

In 2007, it came on the market and was being marketed as a “development opportunity.”

It had been in the “same family for 90 years” and was being sold “as-is.”

It sold for the asking price of $539,000 but 3 years later, it was bank owned and came back on the market for 50% under the 2007 purchase price.

In 2010, it was marketed for its location but the listing warned it “needed complete rehab.”

It went under contract within a week and sold for $20,100 above the asking price at $275,000.

Less than one year later, the frame house is no more and this brand new home now stands in its place.

Built on a standard Chicago lot of 25×125, the 4300 square foot home has all the luxury features you would expect at this price point.

It has 3 fireplaces and custom built ins.

The kitchen has white cabinets (white is “in” again!) and even the custom matching built-in white refrigerator (instead of stainless). Stainless is “out”- the blending in appliances is “in.”

3 out of the 4 bedrooms are on the second floor with the 4th in the lower level.

There is a main floor family room and also a lower level recreation room.

The listing says it is in the Blaine school district.

First listed in May 2011, it has been reduced $50,000.

Will this sell quickly given its location and that buyers want “new”?

Tricia Ponicki at Coldwell Banker has the listing. See the pictures here.

3935 N. Paulina: 4 bedrooms, 3.5 baths, 4300 square feet, 2 car garage

• In the same family for 90 years
• Sold in June 2007 for $539,000
• Lis pendens foreclosure filed in February 2009
• Bank owned
• Listed in May 2010 for $254,900
• Sold in June 2010 for $275,000
• Originally listed in May 2011 for $1.345 million
• Reduced
• Currently listed for $1.295 million
• Taxes of $7493
• Central Air
• Bedroom #1: 18×16 (second floor)
• Bedroom #2: 12×18 (second floor)
• Bedroom #3: 11×13 (second floor)
• Bedroom #4: 11×13 (lower level)
• Family room: 16×16 (main level)
• Recreation room: 16×18 (lower level)

We have chattered about the 5-bedroom home at 3945 N. Tripp, also known as the “Race House” in Old Irving Park several times since May 2009.

See our October 2010 chatter here.

It has been on and off the market since August 2007.

Back in October, most of you were in love with the renovation done on the house.

Steve said he would be a buyer at $750,000.

The house has been reduced again is now listed at $799,000.

Built for Stephen Race, one of the members of the founding family of Irving Park, the Victorian Italianate house was designated a Chicago landmark in 1988.

According to Wikipedia, the house originally cost $12,000 to build in 1873.

It has been fully renovated and now has a chef kitchen with double oven and custom cabinets.

There is a full english basement and a 3000 bottle wine cellar.

Built on a 50×75 lot, it has central air and 2-car parking- looks like on a side driveway.

Since January 2009, it has been reduced $400,000.

Will Steve be a buyer at $750,000?

Heather Lange at Koenig & Strey Real Living still has the listing. See the pictures and floorplan here.

3945 N. Tripp: 5 bedrooms, 4 baths, 2 half baths, 5800 square feet, 2 car parking

• Sold in November 1997 for $285,000
• Sold in January 2002 for $639,500
• Originally listed in August 2007
• Was listed in January 2009 for $1.199 million
• Reduced
• Was listed in October 2010 for $947,000
• Reduced
• Currently listed at $799,000
• Taxes of $3881
• Central Air
• Bedroom #1: 30×18 (third floor)
• Bedroom #2: 16×15 (second floor)
• Bedroom #3: 17×14 (second floor)
• Bedroom #4: 17×10 (second floor)

We first chattered about this 3-bedroom at 2910 N. Pine Grove in Lakeview all the way back in December 2008.

See the December 2008 chatter here.

Even back then, many of you thought the $599,000 list price for the 2000 square foot vintage unit was way too high.

Laura and several others believed $400k to $450k would get it sold.

After being on and off the market for 2 1/2 years, the unit finally sold for $390,000.

If you recall it had a restored limestone fireplace and a domed ceiling foyer.

The listing says the kitchen and baths were “newer” and the kitchen had Viking stainless steel appliances.

While it had in-unit washer/dryer is did not have central air nor deeded parking (it was leased in the neighborhood.)

Pam Lynch at @Properties had the listing.

Unit #2: 3 bedrooms, 2 baths, 2000 square feet

• Sold in March 1995 for $210,000
• Sold in August 2003 for $376,000
• Was listed in December 2008 for $599,000
• Reduced
• Was listed in February 2009 for $574,900
• Reduced
• Was listed in April 2009 for $549,000
• Withdrawn from the market
• Re-listed in December 2009 for $530,000
• Was listed in January 2010 at $530,000
• Reduced
• Was listed in August 2010 at $469,000
• Sold in June 2011 for $390,000
• Assessments of $523 a month
• Taxes of $5,444
• No central air – window units
• Rental parking nearby

This 2-bedroom duplex at 350 W. Belden in Lincoln Park came on the market in March 2011.

In that time, it has been reduced $60,000.

It is now listed about $100,000 under its 2007 purchase price.

The south facing duplex has both bedrooms on the second floor.

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

The bathrooms are marble and there are hardwood floors throughout.

The unit also has a private terrace.

It has central air, washer/dryer in the unit and parking is available.

What price will it take to sell this property?

Debbie Maue at Jameson has the listing. See the pictures here.

Unit #610: 2 bedrooms, 2 baths, no square footage listed, duplex

• Sold in November 2004 for $544,000
• Sold in April 2007 for $470,000
• Originally listed in March 2011 for $429,900
• Reduced
• Currently listed for $369,900 (parking is $30,000 extra)
• Asessments of $480 a month (includes heat and a/c)
• Taxes of $6546
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×15 (second floor)
• Bedroom #2: 13×11 (second floor)

This 3-bedroom duplex up at 3822 N. Clark in the Wrigleyville neighborhood of Lakeview has more space than many single family homes in the neighborhood.

At 2800 square feet, two of the bedrooms are on the main level with the third on the second level along with a family room.

The kitchen has granite counter tops and upgraded stainless steel appliances.

The unit also has a 2-story dining room and a private rooftop deck that runs the length of the building.

It has central air, washer/dryer in the unit, one car parking and marble baths.

Originally listed in September 2010 for $785,000, it has been reduced $135,000.

It is now listed $75,000 under the 2005 purchase price.

What’s the market for a large duplex up unit?

James Flanders at Alliance Properties has the listing. See the pictures here.

Unit #3: 3 bedrooms, 3 baths, 2800 square feet, 1 car parking

• Sold in February 2002 for $575,000
• Sold in May 2005 for $725,000
• Originally listed in September 2010 for $785,000
• Reduced several times
• Currently listed at $650,000
• Assessments of $325 a month
• Taxes of $10,136
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 16×12 (main floor)
• Bedroom #3: 10×10 (main floor)
• Family room: 16×19 (second floor)

This 2-bedroom at 200 W. Grand in River North has one feature many downtown city dwellers yearn for: private outdoor space.

The unit boasts an 1100 square foot private terrace which isn’t simply a slab of concrete as we so often see in these buildings.

This terrace has been professionally landscaped, has sprinklers and is wired for sound.

The building was constructed in 2003/2004 so the unit has the other finishes typical for this time period including granite counter tops and stainless steel appliances in the kitchen.

The unit has central air and a full-size stackable washer/dryer.

1 deeded parking spot and deed storage is also included in the price. 

The unit came on the market in April and in that time it has been reduced $10,000.

It is also listed $52,500 under the 2007 purchase price.

Is this a deal if you include the large outdoor space?

Scott Berg at Berg Properties has the listing. See the pictures here.

Unit #603: 2 bedrooms, 2 baths, 1250 square feet, 1100 square foot terrace

• Sold in June 2004 for $486,000 (included the parking)
• Sold in November 2007 for $601,500 (included the parking)
• Originally listed in April 2011 for $559,000 (included the parking)
• Reduced
• Currently listed for $549,000 (includes the parking)
• Assessments of $783 a month (includes heat, a/c, gas, doorman, cable)
• Taxes of $3693
• Central Air
• In-unit washer/dryer
• Bedroom #1: 13×12
• Bedroom #2: 13×10

We last chattered about this 4000 square feet of raw loft space at 152 W. Huron in River North in November 2010.

See our prior chatter here.

At that time, it was listed $171,000 under the 2003 purchase price.

Many of you thought it was a great deal since you got to design the space with your own vision.

One realtor posted that the seller turned down a $450,000 all cash offer.

It recently sold for $640,000– also apparently all cash.

You’ll recall that the loft was 45 feet across and had south, north and eastern views. There was also an elevator that opens directly into the unit.

There was a south facing balcony and a common roofdeck. It also included one garage parking space.

Sam Shaffer at Chicago Properties Inc. had the listing.

Unit #4: 4000 square feet of raw space, 1 garage parking space

• Sold in July 2003 for $870,000
• Originally listed in July 2010
• Was listed in November 2010 for $699,000
• Sold in May 2011 for $640,000
• Assessments of $1566 a month (includes heat and gas)
• Taxes of $15,433
• Central Air

This 2-bedroom at 512 N. McClurg in Streeterville just came on the market.

However, it sold only a month ago in a foreclosure auction for $80,000 under the 2002 purchase price.

It has come back on the market for $174,000 above the foreclosure price paid in May.

Has it been renovated (as we’ve seen with other foreclosure sales that are then put back on the market)?

The new listing simply says it has new paint and carpet. There are no pictures from the foreclosure listing to determine if anything else was done.

The kitchen currently has granite counter tops and black appliances.

The bathrooms are marble.

It has central air, in-unit washer/dryer and parking is available for rent in the building.

It also is a corner unit with East, North and West views.

This unit is currently the cheapest 2/2 for sale in the building.

Is this really just a flip?

And what will a new buyer ultimately pay for it?

Brett Hall at Jameson Commercial has the listing. See the pictures here.

Unit #4101: 2 bedrooms, 2 baths, 1400 square feet

• Sold in February 2002 for $391,000
• Sold in February 2005 for $523,000
• Lis pendens foreclosure in June 2009
• Sold in foreclosure in May 2011 for $311,000
• Currently listed for $485,000
• Assessments of $551 a month (includes heat, ac, doorman, cable)
• Taxes of $6457
• Central Air
• Washer/Dryer in the unit
• No parking- leased in the building
• Bedroom #1: 18×14
• Bedroom #2: 11×14