We were recently chattering about million dollar custom homes on the North Side that have been built during the last 2 years, even amidst the worst decline in housing prices in Chicago’s history, that presumably were built on spec.
This 6-bedroom new construction mansion at 2038 N. Mohawk in Lincoln Park first came on the market in September of 2010.
(This picture was taken just as they were finishing construction.)
At 6700 square feet and on a standard Chicago lot of 25×125, it has a limestone facade.
The house also has luxury finishes such as rift sawn white oak floors, 8 foot walnut doors and Ann Sacks tile.
The kitchen has white cabinets (white is “in” again!) and stainless steel appliances.
2 bedrooms are on the second floor, 3 are on the third floor and 1 is in the lower level.
There is also a lower level media room.
The garage is heated and attached.
How long will it take to sell this new house?
(Keep in mind that several $4 million+ homes HAVE sold in Lincoln Park already this year, including former news anchor Diane Burns’ house.)
Jennifer Ames at Coldwell Banker has the listing. See the pictures here.
2038 N. Mohawk: 6 bedrooms, 5.5 baths, 6700 square feet, attached garage
- New Construction
- Originally listed in September 2010 for $4.25 million
- Currently still listed at $4.25 million
- Taxes are “new”
- Central Air
- Bedroom #1: 19×16 (second floor)
- Bedroom #2: 19×17 (second floor)
- Bedroom #3: 19×18 (third floor)
- Bedroom #4: 19×16 (third floor)
- Bedroom #5: 10×14 (third floor)
- Bedroom #6: 16×16 (lower level)
- Media room: 19×17 (lower level)
June 2nd, 2011 | Posted in Lincoln Park, Single family homes | 64 Comments
We’ve been chattering about this 2-bedroom penthouse unit in Contemporaine at 201 W. Grand in River North since I first started Crib Chatter in September 2007.
On and off the market for that entire time period, the pricing has also reflected the changes in the economy during that time.
Originally listed in September 2007 for $3.95 million, 2 years and one financial crisis later, it had been reduced by about a million dollars to $2.99 million before being withdrawn from the market.
It was also available to rent for $15,000 a month.
See our September 2009 chatter here.
This unit is best known for the 3000 square foot patio landscaped as a Japanese garden with 12 foot tall Bonsai trees.
In 2009, the actual interior of the unit was also 3000 square feet but was not a 2-bedroom but was a 1 bedroom plus den. Currently, it is listed as a 2-bedroom with no square footage listed.
It has 2-story windows in the living room overlooking the garden.
The kitchen has modern cabinetry with stainless steel appliances.
2 car parking is included.
Has the upper bracket market improved enough to finally sell this unit?
Is someone willing to pay more than the 2009 list price for it?
Debra Dobbs at Koenig & Strey Real Living now has the listing. See the pictures here.
Unit PH2: 2 bedrooms, 2.5 baths, 2 parking spaces included, 3000 square foot terrace, no square footage of the interior listed
- Sold in April 2004 for $1,700,000
- Was listed in September 2007 for $3.95 million
- Withdrawn from the market
- Was listed in April 2008 for $3.79 million (2 parking spaces still included)
- Reduced
- Was listed in July 2008 for $3.59 million (2 parking spaces still included)
- Reduced
- Was listed in September 2009 for $2.999 million (2 parking spaces still included)
- Withdrawn
- Re-listed in April 2011 for $3.4 million
- Currently still listed at $3.4 million
- Assessments of $2000 a month (includes cable and water)
- Taxes of $28,725
- Bedroom #1: 23×20
- Bedroom #2: 13×10
June 1st, 2011 | Posted in River North | 64 Comments
We’ve often chattered about churches being converted into condo units such as this 3-bedroom on the market at 1547 N. Leavitt in Wicker Park.
This one has loft-like features including exposed brick.
On the “high first floor” it has hardwood floors throughout.
The kitchen has maple cabinets, granite counter tops and upscale stainless steel appliances by SubZero and Viking.
The master bathroom is marble.
Bought in 2008 for $509,000, the unit is currently listed at about the same price.
Will someone pay a premium for this church loft?
Susan Lind Hoffman at Keller Williams Gold Coast has the listing. See the pictures here.
Unit #1N: 3 bedrooms, 2 baths, no square footage listed
- Sold in August 2003 for $401,000
- Sold in September 2008 for $509,000
- Originally listed in April 2011 for $509,900 (parking included)
- Still listed at $509,900 (parking included)
- Assessments of $230 a month
- Taxes of $5947
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×11
- Bedroom #3: 12×10
June 1st, 2011 | Posted in Churches, Lofts, Wicker Park | 37 Comments
We chattered about this 4-bedroom single family home at 1019 W. George in Lakeview several times in the last 6 months.
See our April 2011 chatter here.
Formerly a million dollar home, it was in “pre-foreclosure” and originally listed at $399,900. The listing said it was a cash only transaction.
The house went under contract within days the first time it was listed, only to fall out of contract and come back on the market at an even more reduced price.
The pictures portrayed extensive interior damage to the house.
In our last chatter, many of you thought the lot alone was worth at least $500,000 and that the now reduced $349,900 list price made it a steal.
Many of you also thought it would never sell for $349,900- since it was “pre-foreclosure” and it was thought unlikely that the bank would agree to a price that low.
At least one of you thought the house would eventually end up as a REO because the bank would never entertain any offers while it was pre-foreclosure.
The house actually DID sell.
Final price of $250,000.
Yes- it was a standard Chicago lot of 25×125.
No- there was no El tracks, police or fire station, gas station or school next door.
What’s a lot worth in Lakeview these days?
George Cuevas at Exit Strategy Realty had the listing.
1019 W. George: 4 bedrooms, 3.5 baths, 4200 square feet, 2 car garage
- Sold in May 1991 for $450,000
- Sold in August 2004 for $1.18 million
- Sold in July 2007 for $1.23 million
- Originally listed in August 2008 for $1.299 million
- Reduced several times
- Was listed in October 2009 for $979,000
- Withdrawn
- Was listed in February 2011 as a “pre-foreclosure” at $399,900
- Under Contract the first day it was listed
- Fell out of contract
- Reduced
- Re-listed on April 14, 2011 as a “pre-foreclosure” for $349,900
- Under Contract
- Sold in May 2011 as a “short sale” for $250,000
- Cash Only
- Subject to 3rd party approval
- Taxes of $16,117
- Central Air
- Bedroom #1: 18×13 (second floor)
- Bedroom #2: 18×14 (second floor)
- Bedroom #3: 15×13 (second floor)
- Bedroom #4: 16×11 (lower level)
June 1st, 2011 | Posted in Lakeview, Short Sales, Single family homes | 92 Comments
It’s been awhile since we chattered about the Locomobile Lofts at 2000 S. Michigan in the Motor Row neighborhood of the South Loop.
This 1-bedroom loft recently came on the market for just $94,900.
It is bank owned.
The loft is listed $98,600 under the 2004 purchase price and is the cheapest 1-bedroom currently listed in the building.
The unit has central air and a washer/dryer hook-up.
There are no interior pictures so we don’t know if the kitchen and bathroom is intact.
That price DOES include a parking space.
The listing also states: “Seller’s payment of IL Condo Act 94-1049 dues is negotiable.”
Is this a deal?
[By the way- for those keeping track of such things- this came back on the market from the bank about 2-years from when the lis pendens foreclosure was originally filed.]
Les Robinson at Baird & Warner has the listing. See the listing here (no interior pics- sorry!).
Unit #205: 1 bedroom, 1 bath, 800 square feet
- Sold in October 2004 for $193,500
- Originally listed in September 2008
- On and off the market
- Lis pendens foreclosure filed in June 2009
- Bank owned in October 2010
- Currently listed for $94,900
- Assessments of $252 a month
- Taxes of $3540
- Central Air
- Washer/Dryer hook-up in the unit
- Parking is included
- Bedroom: 12×10
May 31st, 2011 | Posted in Foreclosures, Lofts, Motor Row, South Loop | 62 Comments
This 4-bedroom single family home at 4128 N. Oakley in North Center recently came on the market.
Built in 1998 on a standard Chicago lot of 25×125, you can sip lemonade from your porch swing all summer long.
3 of the 4 bedrooms are on the second level with the fourth bedroom in the lower level.
The house has 2 family rooms- one off the kitchen and one in the lower level.
It also has a 2 car garage, a back deck and air conditioning.
The kitchen has not been upgraded with the usual features. It has white appliances and doesn’t have granite counter tops.
Will the lack of stainless steel appliances in the kitchen at this price point hurt this home’s resale value?
Joanne Wise at Prudential Rubloff has the listing. See more pictures and a virtual tour here.
4128 N. Oakley: 4 bedrooms, 3.5 baths, 2.5 car garage, no square footage listed
- Sold in February 1998 for $425,000
- Sold in September 2002 for $650,000
- Currently listed for $870,000
- Taxes of $12,583
- Central Air
- Bedroom #1: 18×14 (second floor)
- Bedroom #2: 16×11 (second floor)
- Bedroom #3: 12×9 (second floor)
- Bedroom #4: 13×11 (lower level)
- Family room: 17×29 (lower level)
May 31st, 2011 | Posted in North Center, Single family homes | 183 Comments
We chattered about this church at 2558 W. Cortez in West Town several times over the last year.
See our December 2010 chatter here.
In that time, the church had been reduced several times.
Many of you thought, given the location and the rehab necessary, that it would sell for much, much less than the December 2010 list price of $699,000.
Additionally, several of you pointed out the difficulty in getting a loan on a property like this (that it would probably have to be a commercial loan which was difficult to obtain in 2010.)
Bob actually thought it would go into foreclosure.
The church recently sold for $600,000.
If you recall, the church was on a double Chicago lot of 55×125.
It had 39 foot ceilings and majestic windows.
It also had pine floors, the original oak staircases, and a bi-level bell tower.
Any guesses on if this comes back on the market in a year or two as condos? Or will it be torn down?
Thyra Decicco at @Properties still had the listing.
2558 W. Cortez: 2 bedrooms, 1 bath, 4000 square feet
- Sold in January 1994 for $172,500
- Originally listed in June 2009 for $970,000
- Reduced
- Was listed in October 2009 at $890,000
- Reduced
- Was listed in August 2010 for $749,900
- Reduced
- Was listed in December 2010 for $699,900
- Sold in May 2011 for $600,000
- Taxes of $3359
- No central air
- 2 car parking onsite
- Bedroom #1: 14×12
- Bedroom #2: 12×12
- Bedroom #3: 10×10
- Living room: 65×47
- Kitchen: 10×24
May 31st, 2011 | Posted in Churches, West Town | 17 Comments
The Case Shiller index for March was just released.
The 20 city index fell 3.6% year over year. It was the lowest reading since March 2003.
Here’s some quick statistics for Chicago:
- Chicago fell 2.4% month over month
- It was also down 7.6% year over year
We can take solace that Chicago was NOT the worst in the index in March. Minneapolis was down 3.7% month to month and 10% year over year.
Yikes.
David Blitzer, the chairman of the committee, was just on CNBC saying that 2011 is already lost and that they are “keeping fingers crossed for 2012.”
May 31st, 2011 | Posted in Market Conditions | 151 Comments
This 2-bedroom in the Ambassador House at 1325 N. State Parkway in the Gold Coast came on the market in April 2011.
It had sold the prior year and is now back on the market “better than new” with a complete renovation.
The building was constructed in 1969.
The unit now has dark hardwood floors and crown molding.
The kitchen has been opened to the living space and has custom cabinets, stainless steel appliances and carrera marble counter tops.
The bathrooms also have marble as well as Grohe, Toto and Kohler.
The unit has central air, and a washer/dryer was installed (the building DOES allow them- although it looks like the half bath was sacrificed for it in this renovation.)
Parking is available to rent in the building.
This unit is a corner B-tier unit with Lake, North and West views.
There are 2 other B-tier units currently on the market.
- Unit #15B: listed at $400,000
- Unit #9B: listed at $350,000
Will this renovated unit get a premium price for being “new”?
Ruth Ann Alexander at Jameson Sotheby’s has the listing. See the pictures here.
Unit #21B: 2 bedrooms, 2 baths, 1675 square feet
- Sold in March 2010 for $350,000
- Originally listed in April 2011 for $649,000
- Reduced
- Currently listed for $630,000
- Assessments of $1158 a month (includes heat, a/c, doorman, cable, pool)
- Taxes of $6109
- Parking is rental in the building for $130 a month
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×16
- Bedroom #2: 14×14
May 31st, 2011 | Posted in Gold Coast | 21 Comments
Two years ago, we chattered about these unique pool side “cabanas” at Park Place Tower at 655 W. Irving Park in Lakeview.
See our June 2009 chatter here.
Back then, Cabana CO-26 was on the market for $42,000. I can’t find any record that it ever sold.
Right now, Cabana CO-11 is on the market and listed for $25,000.
The cabanas allow you pool and barbeque rights even if you don’t live in the building.
They have a small kitchenette with a refrigerator and a bath with a shower.
No- you can’t live in one of them.
Assessments are $14 a month which includes water, electricity and, of course, the pool.
Taxes are $69.80.
Before you say anything about the price you should know that one of the cabanas, CO-16, just sold for $22,000.
With CO-11 listed at more than double the 2006 purchase price, are these cabanas among the few properties actually showing appreciation?
Donald Hughes at Koenig & Strey Real Living has the listing. See the pictures here (yes- there are some interiors of the cabana).
Cabana CO-11: 1 bath
- Sold in June 2006 for $11,500
- Originally listed in April 2011 for $25,000
- Currently still listed for $25,000
- Assessments of $14 a month (includes water, electric and pool)
- Taxes of $69.80
- Bath with shower
- Refrigerator
May 27th, 2011 | Posted in Lakeview | 18 Comments
