Crib Chatter

We last chattered about this 3-bedroom single family home at 3729 N. Hermitage in Lakeview in December of 2008.

See our prior chatter and the old pictures here.

Back then, we chattered about whether the house, listed at $699,000, was “affordable” given the prices of other single family homes in the neighborhood.

Many of you thought it was still too expensive though some of you thought it would sell somewhere in the $500,000s.

Remember, this was December 2008, which was in the midst of the financial crisis.

The house never sold. It was rented for several years (previous rental asking price was $3,000 a month.)

It has come back on the market listed $80,000 under the 2008 list price.

It also has some new paint and staging.

At 3100 square feet, the house is on a smaller than standard 25×108 lot.

There is no garage, but one could be built.

The kitchen has granite counter tops and stainless steel appliances.

It has a partially finished basement, as you can see from the pictures.

2 out of 3 bedrooms are on the second floor with the third one on the main level. There is also an open loft space on the second level.

In December 2008, realtor Eric Rojas commented:

“They should have taken it off when the melt-down hit in October (if possible) and bring it back in February at $629K with some touch-ups and it should fly out the door.

This is a move-in quality home in a nice location. Regardless of comparables that help it’s list price (which show a teardown/gut rehab property selling for $450K on the street this summer) this house will sell for over $600K, especially with favorable financing rates hanging around. Great spot, nice condition, great deck. If it has any yard at all, then it should get over $600K.”

2 1/2 years later- what will this house sell for now?

Mitch Gordon at Baird & Warner has the listing. See more pictures here.

Or you can see it in person at the Open House on May 29: 11- 1 PM.

3729 N. Hermitage: 3 bedrooms, 2 baths, 3100 square feet

• Sold in November 1990 for $126,000
• Sold in September 2000 for $380,000
• Originally listed in June 2008 for $774,900
• Reduced several times
• Was listed in December 2008 at $699,000
• Withdrawn and Rented
• Currently listed at $619,000
• Taxes of $8972
• Central Air
• No garage
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×13 (second floor)
• Bedroom #3: 10×10 (main floor)
• Loft: 13×12 (second floor)
• Partially finished basement

We last chattered about this vintage 2-bedroom in the historic Eddystone at 421 W. Melrose in Lakeview in December 2010.

See our prior chatter here.

It had been Fannie Mae owned since May 2010.

After a few months on the market as a traditional listing, the unit then went to auction.

From the original pictures- it appeared that the kitchen and bathrooms were intact.

The kitchen had white appliances.

There were hardwood floors throughout and crown molding.

However, the unit did not have central air, in-unit washer/dryer or deeded parking.

It finally closed at $127,250 under the 2004 purchase price at $215,250.

Did someone get a deal?

Rakesh Parikh at Keller Williams Lincoln Park had the listing.

Unit #8C: 2 bedrooms, 2 baths, 1600 square feet

• Sold in November 2004 for $342,500
• Fannie Mae owned in May 2010
• Was listed in October 2010 for $256,500
• Reduced
• Was listed in early December 2010 for $230,900
• Currently listed with an “unknown” price as it’s going to auction in January 2011
• Sold in May 2011 for $215,250
• Assessments of $1043 a month (includes heat, gas, cable, doorman)
• Taxes of $4496
• No central air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 16×12
• Bedroom #2: 16×13

Some of you may have seen last weekend’s special promotion for the remaining developer units at 550 N. St. Clair in Streeterville.

This is a newer construction high rise. I was told the unsold units had been rented out previously.

There are 15 units available (not all of which are on the MLS). They are the following:

1. 5 studios
2. 4 one-bedrooms
3. 3 two-bedrooms
4. 3 three-bedrooms

The promotion is 10% off all the units.

AND- if you buy a 2 or 3 bedroom unit you get a free Smart Car.

The weather was so bad last weekend they decided to extend the offer through to a second weekend.  (Aka, few people turned out for the promotion).

The new price points are as follows:

• Studios from $197,100 to $227,700
• 1 bedroom/1 baths from $312,300 to $423,000
• 2 bedroom/2 baths from $490,500 to $1,001,700
• 3 bedroom/3 baths-4 baths from $1,123,200 to $1,379,700

It’s been awhile since we’ve seen any developers doing special promotions.

A few years ago, these kinds of deals used to cause excitement (remember the Vetro auction?)

But what about in 2011?

Will giving away a car get buyers in the door in this market?

Weichert Realtors is handling the sales. See more details on the promotion on the building’s website here.

We last chattered about this 3-bedroom single family home at 2255 W. Montrose on the border of North Center/Lincoln Square in March 2011.

See our prior chatter here.

Many of you thought the house should just be torn down.

Some of you said it made you sad.

Those who guessed about the selling price estimated between $250k and $275k.

Since our March chatter, the price has been reduced $70,000.

It is now listed $20,000 under the 2005 purchase price at $329,000.

If you recall, while it is a 3 bedroom, all 3 bedrooms are in the lower level.

Located across from Welles Park, the listing says it was recently “remodeled” and has new appliances, floors, walls, ceilings, bathrooms and has not been occupied since completion of the remodel.

The kitchen has stainless steel appliances, white counters and white cabinets.

Built on a 24×125 lot, the brick “step ranch” appears to have at least a 1-car garage. But the house does not have central air.

The listing says it is NOT a short sale or a foreclosure.

How low will this go before it finds a buyer?

Or WILL it even find one?

Valdir Barion at @Properties still has the listing. See the pictures here.

2255 W. Montrose: 3 bedrooms, 2 baths, 1350 square feet, 1 car garage

• Sold in September 2005 for $349,000
• Originally listed in February 2011 for $399,900
• Was listed in March 2011 for $399,900
• Reduced several times
• Currently listed for $329,000
• Taxes of $5006
• No central air (window units only)
• Bedroom #1: 9×12 (lower level)
• Bedroom #2: 10×9 (lower level)
• Bedroom #3: 10×9 (lower level)
• Family room: 11×15 (lower level)
• Laundry room: 6×12 (lower level)

This 4-bedroom single family home at 304 W. Willow in Old Town can’t be missed when driving or walking down the street with its bright yellow facade.

On the market since October 2010, it has been reduced $50,000.

It is now listed $110,000 under the 2007 purchase price.

Built in 1874 on a 30×78 lot, the house is located in the “real” Old Town triangle neighborhood.

It also has the rare feature in the triangle of off street parking. And not just for 1 car- but for 3 cars- in the side driveway.

3 out of the 4 bedrooms are on the second level with the 4th in the lower level – along with a den.

The kitchen has stainless steel appliances and granite counter tops as well as woodmode maple cabinets and a farm sink.

The master bathroom has marble and tile.

At 2700 square feet and WITH the 3-car parking, is this a deal for the heart of Old Town?

Phyllis Hall at Koenig & Strey Real Living has the listing. See the pictures here.

304 W. Willow: 4 bedrooms, 3.5 baths, 2700 square feet, 3 car parking on the side drive

• Sold in December 1989 for $475,000 (but I think this is a typo when you see the mortgage amount. Was probably $275,000)
• Sold in December 2000 for $425,000
• Sold in May 2001 for $565,000
• Sold in April 2007 for $1.44 million
• Originally listed in October 2010 for $1.38 million
• Reduced
• Currently listed at $1.33 million
• Taxes of $20129
• Central Air
• Bedroom #1: 17×14 (second level)
• Bedroom #2: 17×9 (second level)
• Bedroom #3: 10×10 (second level)
• Bedroom #4: 15×11 (lower level)
• Den: 17×20 (lower level)

The data for April home sales is out.  Remember, last year was still influenced by the tax credit. Buyers had to be under contract by the end of April (but didn’t have to close until June.)

The IAR is, for the second month in a row, choosing to separate out some of the Chicago condo data when it has not normally done that (in this case- the median price.)

From the Illinois Association of Realtors:

In the city of Chicago, April home sales (single family and condominiums) totaled 1,464, up 1.0 percent from 1,450 sales in the previous month and down 26.2 percent from 1,984 homes sold in April 2010.

The city of Chicago median price for single family and condominiums in April 2011 was $205,500 up 7.6 percent compared to $191,000 in March 2011 and down 8.7 percent from a year ago in April when it was $225,000. For condominiums specifically, the median price reached $290,000 in April 2011, up 4.3 percent year-over-year from $278,012 in April 2010. 

Here are the sales statistics for April since 2007:

• 2011: 1464 sales
• 2010: 1984 sales
• 2009: 1407 sales
• 2008: 1886 sales
• 2007: 2419 sales

Here are the median prices:

• 2011: $205,500
• 2010: $225,000
• 2009: $218,000
• 2008: $300,000
• 2007: $289,800

“An incentivized market helped move more units last spring, however a competitive distressed market this year has led to an increase in the condo median homes sales price to $290,000 in the city of Chicago. Housing values are still on the lower side of the market but the value of housing and homeownership is motivating buyers to purchase homes while they can still get lower interest rates and more home within their budget,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago

“While we are seeing brisk activity in lower price ranges, the housing market will really gain some solid traction when move-up buyers stop waiting and take advantage of this very affordable time to buy,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. “This really is the moment both for buyers and those who want to sell and move on because later this year the cost of homeownership will go up. Interest rates are expected to rise above their historic lows and the cost to borrow will rise, too, with changes proposed in the lending market such as higher down payment requirements.”

Adds Whitehurst: “Market forces are steadily improving and factors for rising home sales are developing.”

As for the IAR’s data, I have noticed that the data for the year ago month (in this case April 2010) is always slightly off in the current press release compared to last year’s press release. How could that be? Isn’t the data simply the data?

For example, last year’s April 2010 sales was 1985 (in last year’s press release) but in today’s press release it says it was 1984. That is only off 1 sale, but I have seen it off more in other months. 

Outside of the data, this press release is painting a rosy picture about the next several months.

“Promising signs continue in both the housing market and in the economy. Our sales forecast shows that the housing sales volume will continue to increase for the next two months, with a monthly growth of 11 to 16 percent for Illinois and a monthly growth of 8 to 17 percent for Chicago. The forecasts indicate that the housing market will reach its 2011 peak in June,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The economy is moving in a positive direction. Both the national and the state job market continue to show solid gains of economic recovery.”

Adds Hewings: “The forecasted year-over-year sales rate in Illinois will turn positive in July, which means the effect of the homebuyer tax credit will fade out during the summer. The median prices for May, June and July are expected to be higher than April in both Chicago and Illinois.”

Will median price really rise from here over the next several months?

April Illinois Home Sales and Median Prices Tick Up from March [Illinois Association of Realtors, Press Release, May 19, 2011]

We last chattered about this 3-bedroom “lofty townhouse” at 2222 N. Racine in Lincoln Park in February 2011.

See our prior chatter here.

Originally listed in June 2009, it had been reduced $90,000 to $599,000 by the time we chattered about it.

At least one poster had a story of a client who made an offer on the property years before at $525,000 which was never countered.

The townhouse finally sold after nearly 2-years on the market for $565,000.

If you recall, the unit was not your cookie cutter townhouse.

At 2100 square feet, it had 16-foot high ceilings in the living room along with exposed brick and some timber ceilings.

The custom kitchen had soapstone counter tops and stainless steel appliances.

There were 2 master suites with the top floor bedroom leading to the roofdeck.

Some of you thought the layout, with the three bedrooms all on different floors, narrowed the list of potential buyers.

The townhouse had a 2 car attached garage, central air and a roof deck.

Ivona Kutermankiewicz at Koenig & Strey Real Living had the listing.

Unit #13: 3 bedrooms, 2.5 baths, 2100 square feet, 2 car parking

• Sold in May 1992 for $274,000
• Sold in April 1995 for $325,000
• Sold in June 1998 for $380,000
• Sold in May 2002 for $485,000
• Originally listed in June 2009 for $689,000
• Reduced
• Was listed in January 2011 for $615,000
• Reduced
• Was listed in February 2011 for $599,000
• Sold in May 2011 for $565,000
• Assessments of $281 a month (includes cable)
• Taxes of $5120
• Central Air
• Washer/Dryer
• Bedroom #1: 17×13 (third floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 14×9 (main)

We last chattered about this 2-bedroom at 3535 N. Reta in Lakeview in October 2010.

See our prior chatter here.

At that time, the price had been aggressively dropped on the unit and it was listed for $65,100 under the 2006 purchase price.

It then went under contract that November, but 6 months later it fell out of contract and now has come back on the market at the same asking price as October.

If you remember, the unit has upgraded finishes you may not find in a typical north side 2 bedroom unit including crown molding, a tray ceiling, and solid core doors.

The kitchen also doesn’t have just any stainless steel appliances, it has upgraded appliances including Subzero and Bosch plus a wine fridge.

The unit also has natural stone baths with a steam shower.

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

Will this unit be able to command a $400,000 price point in this market?

Matt Garrison at Coldwell Banker still has the listing. See more pictures and a floorplan here.

Unit #2: 2 bedrooms, 2 baths, 1 car parking, no square footage listed

• Sold in May 2006 for $480,000
• Originally listed in January 2010 for $475,000
• Reduced
• Was listed in June 2010 for $439,900 (parking included)
• Reduced
• Was listed in August 2010 for $429,900 (parking included)
• Reduced
• Was listed in October 2010 for $414,900 (parking included)
• Under contract in November 2010
• Fell out of contract in May 2011
• Re-listed for $414,900 (parking included)
• Assessments of $150 a month
• Taxes of $6757
• Central Air
• Washer/Dryer in the unit
• 2 plasma tvs included
• Bedroom #1: 17×12
• Bedroom #2: 12×12

Roma recently pointed out a 6-bedroom Lakewood Balmoral home at 5459 N. Lakewood in Andersonville listed at $1.3 million that went under contract in a day.

But this 5-bedroom Queen Anne, just a block away, at 5344 N. Lakewood has been on the market 9 months.

It has been reduced $225,000 in that time.

It is now listed for $225,000 under the 2008 purchase price.

The listing says the house was featured in Better Homes & Gardens.

It has many of its vintage features, including hardwood floors, wood moldings and fireplaces.

The kitchen is an eat-in kitchen with sitting nook. It has white cabinets and appliances.

It’s unclear from all the listing info, but either 2 or 3 of the bedrooms are on the second level, a bedroom is also on the third level (along with a family room) and one bedroom is in the lower level.

It has a front sunroom and a back veranda that overlooks an oversized Chicago lot of 37.5×123.

It has central air and a 2-car garage.

Located just a few blocks from the restaurants/shops of Andersonville in a historic area, what will this house ultimatly sell for?

India Tougne at @Properties has the listing. See the pictures here.

5344 N. Lakewood: 5 bedrooms, 4 baths, no square footage listed, 2 car garage

• Sold in September 1992 for $320,000
• Sold in September 2008 for $1.2 million
• Originally listed in September 2010 for $1.2 million
• Reduced several times
• Currently listed for $975,000
• Taxes of $18,092
• Central Air
• Bedroom #1: 18×10 (second floor)
• Bedroom #2: 13×13 (second floor)
• Bedroom #3: 11×11 (second or third floor?)
• Bedroom #4: 17×10 (lower level)
• Bedroom #5: 11×10 (attic? or third floor?)

We last chattered about this 2-bedroom unit in Village Pointe at 845 N. Kingsbury in River North in July 2010.

See our prior chatter here.

At that time, it wasn’t yet listed as a short sale.

It finally sold after 11 months on the market, as a short sale, for $92,500 under the 2007 purchase price.

The floor plan is the largest in the building- and is actually in the part of the building that IS the pointe.

At 1700 square feet, it had an actual walk-in laundry room and a 20×7 deck.

It had floor to ceiling windows, dark hardwood floors and concrete ceilings.

The kitchen had all the new construction finishes including granite counter tops and stainless steel appliances.

The building is near Japonais and across the street from Groupon’s headquarters.

Did someone get a deal?

Amanda Pasicznyk at Quest Realty Group had the listing.

Unit #201: 2 bedrooms, 2 baths, den, 1700 square feet

• Sold in June 2007 for $437,500 (included the parking)
• Was listed in July 2010 for $439,900 (plus $30,000 for the parking)
• Reduced numerous times
• Sold as a “short sale” in May 2011 for $345,000 (looks like parking was included)
• Assessments of $618 a month (includes doorman)
• Taxes of $4990
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 13×11
• Den: 10×9