Crib Chatter

We last chattered about this vintage 3-bedroom single family home at 4838 N. Seeley in Lincoln Square in February 2011.

See our February chatter here.

Since that time, it has been reduced $23,000.

On the market for the first time in 14 years, the house has professional landscaping as well as a large back deck.

Built in 1884 on a 25×125 lot, the listing says it has 1280 square feet.

The house has hardwood floors and a claw foot tub in one of the bathrooms.

2 of the 3 bedrooms are on the second floor with the third on the main level.

The kitchen has a stainless steel refrigerator but a white stove.

The house has some of the features home buyers look for such as a 2-car garage and central air however there’s no basement.

What price will it take to sell this property in this kind of market?

Mark Mielnicki at KP&G Enterprises still has the listing. See the pictures here.

4838 N. Seeley: 3 bedrooms, 2 baths, 1280 square feet, 2 car garage

• Sold in October 1997 for $148,000
• Was listed in February 2011 for $389,900
• Reduced
• Currently listed at $366,900
• Taxes of $5660
• Central Air
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 10×8 (main floor)
• Living room: 21×14
• Dining room: 14×11
• Kitchen: 12×7

This 7-bedroom new construction single family home at 2662 N. Geneva Terrace in Lincoln Park is in an enclave of mansion homes called “Geneva Terrace”.

The listing says this is a bank owned house (as is its neighbor across the courtyard at 2659 N. Geneva Terrace which is listed for $3.25 million.)

Geneva Terrace appears to be an enclave of 5 or 6 new construction mansion homes constructed on an alley (which the city named Geneva Terrace.)

I had to walk down the alley to access the inner courtyard of these homes. Their front doors do NOT face out onto any street.

The listings say they were built by builder Stuart Rose.

The listing for 2662 N. Geneva Terrace says it is 90% complete- and that the buyer would just have to put on its personal touches such as new carpet and other finishes.

4 of the bedrooms are on the second level.

It has custom cabinets and oak hardwood floors throughout.

Built on a 37.5×134 lot, it has a 3-car garage.

There is also a common area monthly assessment for lawn care, scavenger and snow removal.

How hard will it be to sell TWO $3 million bank owned single family homes in this unique enclave?

Daniel Glick at @Properties has both listings.

See the pictures for 2662 N. Geneva Terrace here.

2662 N. Geneva Terrace: 7 bedrooms, 5.5 baths, 3 car garage, 7800 square feet

• I couldn’t find any public information on this property
• The listing says it is bank owned
• Was listed in April 2011 for $3.25 million
• Reduced
• Currently listed at $3.15 million
• Taxes of $57,546
• Assessments of $300 a month (includes lawn care)
• Bedroom #1: 22×17 (second floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 12×17 (second floor)
• Bedroom #4: 12×14 (second floor)

We’ve chattered about the 2-bedroom single family home at 1722 W. Wellington in Lakeview several times over the last 2 years.

In February of 2011, I asked if 2011 would finally be the year the house would sell.

We now know the answer was “yes.”

See our February 2011 chatter here.

By that time, it had been reduced about $150,000 from its original April 2009 list price and was $35,000 under the 2004 purchase price.

It finally recently sold for $530,000– which was around the price several of you had guessed it would sell at when we first chattered about it in 2009.

That was also $80,000 under the 2004 purchase price.

If you recall, the house was somewhat unusual in that it had an 1880 vintage facade but inside it had been updated with a contemporary interior including timber beamed ceilings and slate floors in both bathrooms.

It also had an updated kitchen with stainless steel appliances and calacatta marble counter tops on an oversized kitchen island.

Over the prior 2 years, the house also saw some changes such as replacing the sprial staircase (which many of you thought in 2009 was impractical, especially with children) with a conventional one.

The house, on a 25×125 lot, had a deck, a 2-car garage and central air.

Did the buyer get a deal?

Monique Crossan at Koenig & Strey Real Living had the listing.

1722 W. Wellington: 2 bedrooms, 2 baths, 2100 square feet, 2 car garage, backyard

• Sold in May 1994 for $84,000
• Sold in February 1995 for $113,000
• Sold in July 1998 for $310,000
• Sold in June 2004 for $610,000
• Was listed in April 2009 for $724,900
• Reduced
• Was listed in June 2009 for $699,500
• Withdrawn
• Was listed in July 2010 for $624,000
• Reduced
• Was listed in February 2011 for $575,000
• Sold in May 2011 for $530,000
• Taxes of $9724
• Central Air
• Skylights
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 19×14 (second floor)
• Office: 10×13 (second floor)

This 2-bedroom top floor unit in a former church at 3516 N. Sheffield just a half a block away from Wrigley Field in Lakeview has been on the market since March 2011.

It is bank owned.

In that time, it has been reduced $31,000.

It is not only listed $108,500 under its 2004 purchase price but also $17,500 under the 1998 purchase price, when the building was originally converted from a church into condos.

The 1998 purchase, however, also included parking- and from what I can tell from the listing and the public record- the current unit does not. Parking is going for $25,000 in the building.

It is a top floor unit with east and west views as well as skylights.

From the pictures, the kitchen is intact and has stainless steel appliances and granite counter tops.

The listing says the bathroom is marble.

The unit has hardwood floors, central air and in-unit washer/dryer.

The listing says it needs some minor maintenance like painting but is otherwise in move-in condition.

Is this a steal?

[You’ll notice the bank didn’t hold onto this one very long before re-listing it.]

Eric Janssen at Chicago Real Estate Resources has the listing. See the pictures here.

Unit #4RS: 2 bedrooms, 1 bath, 1150 square feet

• Sold in January 1998 for $216,500 (included parking)
• Sold in April 1999 for $227,500 (included parking)
• Sold in May 2000 for $264,000 (included parking)
• Sold in September 2004 for $307,500 (did NOT include parking)
• Lis pendens filed November 2008
• Lis pendens filed March 2010
• Bank owned in January 2011
• Originally listed in March 2011 for $230,000
• Reduced
• Currently listed at $199,000
• Assessments of $262 a month
• Taxes of $5387
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 13×11
• Bedroom #2: 12×11

When things were looking bleak in real estate in early 2008, we chattered about this 2-bedroom unit at 562 W. Arlington in Lincoln Park to remind ourselves why we loved Chicago real estate.

See the February 2008 chatter with interior pictures here.

Our 2008 chatter is very illuminative of the market just 3 years ago.

When we chattered about the unit, it was listed at $699,000 and several of you thought that was a fair price given the location and finishes.

No surprise, but “G” didn’t think so.

“I’m with you, Tipster. The responses here indicate why some prices will be very sticky on the way down.

But down they will go. Anyone who buys anywhere near 2005 prices will learn this all too well.”

One of you also posted many months later saying that the turn of events throughout 2008 (the recession and near economic collapse) changed your viewpoint on real estate and the pricing of this unit.

The 2008 buyer didn’t just buy “near” the 2005 price, they bought above it by $25,000.

The building is on the quintessential East Lincoln Park  street- with its greystones and leafy trees.

Renovated in 2005, all the units have upscale finishes.

Unit #2 has both a front and back porch as well as gated parking.

The kitchen has granite counter tops, stainless steel appliances and a wine cooler.

Unit #2 is currently listed $30,000 under the 2008 purchase price at $595,000.

Unit #3 is also on the market but has gone under contract with a list price of $609,900.

In the 2008 chatter, one of you said:

“In contrast, areas like Lincoln Park and Hyde Park–stable, not particularly overbuilt–were certainly not immune from the bubble, but I do think that they weren’t as inflated. If they didn’t go up as much, they shouldn’t come down as much. Which is why I think a place like this–asking $700K on a street where virtually all of its neighbors are 1.5 million and above–as not an unreasonable price.

I guess we’ll see in five years.”

It is only 3 years later, and not five, but the verdict is?

Mary Ann Genellie at Prudential Rubloff has the listing. See the pictures here.

Or you can see it in person at the Open House on Sunday, June 5 from 2 – 4 pm.

• Sold in June 2005 for $600,000
• Sold in August 2008 for $625,000
• Currently listed for $595,000
• Assessments of $200 a month
• Taxes of $8623
• Central Air
• Washer/Dryer in the unit
• Gated parking included
• Bedroom #1: 15×11
• Bedroom #2: 13×11

Thanks to miumiu who pointed out that this newer construction 6-bedroom mansion at 1728 N. Cleveland in Lincoln Park had sold in January 2011.  (I missed this sale.)

We chattered about this house several times as it came on the market less than 2 years after its original sale and was asking $464,000 more than the 2008 purchase price.

See our May 2010 chatter here.

It ended up selling for $405,500 under the 2008 purchase price.

The 6,500 square foot home had a limestone facade and in-ground watering system.

5 out of the 6 bedrooms were upstairs.

It also had all the upgrades you would expect from a new construction mansion home with a wine cellar and electric shades.

There was also a 2.5 car garage.

Jennifer Ames at Coldwell Banker had the listing.

1728 N. Cleveland: 6 bedrooms, 5.5 baths, 2.5 garage, 6500 square feet

• Sold in August 2008 for $3,331,000
• Was listed in February 2010 for $3,795,000
• Reduced
• Was listed in May 2010 for $3,595,000
• Sold in January 2011 for $2,925,500
• Taxes of $3394
• Central Air

This 3-bedroom single family home at 2730 N. Fairfield in Logan Square just came on the market.

It is listed $35,000 under the 2005 purchase price.

Built in 2005 on a standard 25×125 lot, the house has an attractive layout with all 3 bedrooms located on the second floor.

It has Brazilian cherry hardwood floors throughout the first level and a finished lower level family and rec room.

The kitchen has the finishes you would expect from 2005 new construction including maple cabinets, granite counter tops and stainless steel appliances.

The house also has central air and a 2-car garage.

Located just 2 blocks north of the Boulevard, given that it’s new(er) construction, is this a deal in this neighborhood?

Michelle Liffick at Dream Town Realty has the listing. See more pictures, a virtual tour and a floorplan here.

OR- see it in person at the Open House on Sunday, June 5 from 11 am to 1 pm.

2730 N. Fairfield: 3 bedrooms, 3.5 baths, 3000 square feet, 2 car garage

• Sold in November 2002 for $92,000
• Sold in August 2005 for $660,000 (new construction home)
• Currently listed for $625,000
• Taxes of $6249
• Central Air
• Bedroom #1: 21×18 (second floor)
• Bedroom #2: 19×18 (second floor)
• Bedroom #3: 11×10 (second floor)
• Family Room: 18×18 (lower level)

We chattered about this renovated 1-bedroom at 1450 N. Dearborn in the Gold Coast several times over the last 2 years.

See our February 2011 chatter here.

The kitchen and bathroom had been renovated since the 2004 sale.

Even with the renovations, the unit sold for just $5,000 over the 2004 purchase price at $305,000.

In our last chatter, some of you thought it would sell in the high $200,000s.

The kitchen had a Fisher Paykel dishwasher and refrigerator and a european style in-unit washer/dryer.

The bathroom was renovated with a Jado faucet and Duravit sink.

The unit was built in 1877 and had elegant vintage bones with high ceilings, moldings and a fireplace.

According to the listing, it had also been featured in the New York Times “Great Homes & Destinations” section.

However, there was no central air (window units only) and no parking (it was, however, available to rent in the neighborhood.)

Is the era of the $400,000 1-bedroom walk-up unit gone for good?

Emily Sachs Wong at Koenig & Strey had the listing.

Unit #3A: 1 bedroom, 1 bath, 1000 square feet

• Sold in April 1989 for $135,000
• Sold in September 1999 for $219,000
• Sold in October 2004 for $300,000
• Was listed in July 2009 for $399,000
• Reduced
• Was listed in April 2010 for $379,000
• Reduced
• Was listed in February 2011 for $339,900
• Sold in May 2011 for $305,000
• Assessments of $340 a month (includes heat and water)
• Taxes of $5039
• Washer/Dryer in the unit
• No central air- window units
• No parking (rental next door for $205 a month)
• Bedroom: 15×15
• Living room: 24×17
• Kitchen: 13×10
• Other: 10×7

Crain’s is reporting that the Andersonville zip code in Uptown saw the largest price appreciation for single family homes from the fourth quarter of 2000 to the fourth quarter of 2010 out of 225 Chicago area zip codes.

The data includes the recent price declines.

Here’s the top ten list:

1. Uptown/Andersonville (60640): 39.3%
2. Lincoln Square/Ravenswood (60625): 38.2%
3. Irving Park/Belmont Gardens (60618): 37.9%
4. Garfield Park (60612): 35.9%
5. Pilsen (60608): 35.6%
6. Rogers Park (60660): 34.5%
7. West Town (60622): 33.8%
8. Old Town/Gold Coast (60610): 33.2%
9. Downers Grove (60515): 32.5%
10. Bucktown (60647): 32%

In Downers Grove, that zip code is on the north side of the city near the train stations and the shops/restaurants of downtown.

“So many more families are wanting to stay in the city, and prices in those areas have gotten astronomically high,” says Thaddeus Wong, co-founder of local residential brokerage @properties.

Indeed, neighborhoods like Andersonville and Lincoln Square are a lot less affordable now than they were in 2000. Lincoln Square’s 60625 zip code had the 13th-highest median home price among Chicago-area zip codes, $548,000, while 60640 (Uptown/Andersonville) ranked 14th, at $540,000. The highest: Glencoe’s 60022, at $952,000, followed by the 60614 zip-code in Lincoln Park, at $945,000.

“People that were priced out of neighborhoods (like Bucktown and Wicker Park) were seeing Uptown as a sort of fringe — probably a similar dynamic was going on in Garfield Park,” says Philip Ashton, an assistant professor of urban planning and policy at the University of Illinois at Chicago. “In a lot of cases, demand exceeded supply in a lot of targeted neighborhoods.”

The influx of young professionals, meanwhile, attracted retailers, further boosting the appeal of the neighborhoods.

“With all the more commercial (development), it makes the neighborhood more desirable to live in,” says Jeanne Carava, a broker with Prudential Rubloff Properties who’s had listings near Andersonville for 15 years. “When the first Starbucks went in (in Andersonville), there was just a lot more confidence.”

Mr. Ashton of UIC expects prices to continue their slide, predicting that some neighborhoods like Pilsen and Garfield Park may even fall below 2001 levels.

“We still got a long way to go for some areas in the city,” he says.

What happens to the neighborhoods like Andersonville and Lincoln Square now that prices have soared and the area is now among the MOST expensive (and is no longer considered “affordable”)?

Will they become like Lincoln Park- which actually has seen little appreciation over the last 10 years, even before the bust, because it was already a “mature” neighborhood?

What neighborhood will people move to next to get “bargains”?

Uptown sees decade’s biggest uptick in home prices [Crain’s Chicago Business, Frank Kalman, June 2, 2011]

I know many of you are lovers of the contemporary style.

I didn’t move fast enough to post on this newer construction contemporary 5-bedroom home at 1532 W. Wellington in West Lakeview because it has already gone under contract in less than a month.

But I wanted to chatter about it anyway.

The listing says there is a “serious seller”.

The house came on the market $161,000 under the 2007 purchase price.

Built on a standard Chicago lot of 25×125, it has a 3-story atrium, 3 private decks and bamboo flooring throughout.

4 of the 5 bedrooms are on the second floor with the fifth in the lower level.

It also has a library/office with vaulted ceilings and a private deck on the top floor.

The kitchen has Poggenpohl cabinets and stainless steel appliances.

There aren’t many contemporary homes in Lakeview.

Did the house’s uniqueness for the neighborhood get it the quick contract?

Anne Connolly Rief at @Properties has the listing. See the pictures here.

1532 W. Wellington: 5 bedrooms, 4.5 baths, 4600 square feet

• Sold in December 2005 for $622,500
• Sold in April 2007 for $1.56 million
• Originally listed in May 2011 for $1.399 million
• Under Contract
• Taxes of $14941
• Central Air
• Bedroom #1: 20×17 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 11×15 (second floor)
• Bedroom #4: 13×15 (second floor)
• Bedroom #5: 11×12 (lower level)
• Library/office: 13×14 (third floor)