Crib Chatter

One of the biggest stories in 2011 have been the investors who have been buying foreclosed properties, especially single family homes, fixing them up and reselling for big profits.

This 3-bedroom home vintage home at 1710 N. Rutherford in Galewood was bank owned in December 2010 and is now back on the market.

Built in 1942 on an oversized 40×135 lot, this tudor home has a distinctive turret and a rare front garage in addition to a 2-car detached garage in the back.

The listing says the house has a “complete new kitchen” including stainless steel appliances and what looks like granite counter tops.

It also has new first and second floor bathrooms.

Some of the vintage features remain such as the original wet bar and built in wood cabinets in the basement.

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

If you’re thinking that this is far west Chicago, you would be right.

This house is just a block from the border of Oak Park which the listing touts saying “feel like you’re living in Oak Park w/o paying high taxes.”

Bought from the bank in December 2010, the house is now listed $125,500 over the 2010 purchase price.

Will the new kitchen and baths make the sale?

Michael Torresso at Realty Connection has the listing. See the pictures here.

1710 N. Rutherford: 3 bedrooms, 1.5 baths, 1734 square feet, 1 car attached and 2 car detached garage

• Sold in April 1988 for $125,000
• Sold in September 1994 for $190,000
• Sold in January 2003 for $275,000
• Lis penden filed in October 2007
• Lis penden filed in October 2008
• Bank owned in March 2010
• Listed in September 2010 for $172,900
• Sold in December 2010 for $173,500
• Listed in April 2011 for $339,000
• Reduced
• Currently listed at $299,000
• Taxes of $4989
• Central Air
• Bedroom #1: 14×15 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×13 (main floor)
• Family room: 25×12 (basement)

We’ve chattered about this bank owned 2-bedroom unit in The Barry at 3100 N. Sheridan in Lakeview several times.

See our January 2011 chatter here.

It has been bank owned since June 2010.

The bank first listed it in September 2010 and has been lowering it since then but there still haven’t been any takers.

In January 2011, HD thought it would sell between $150,000-$160,000 (or just over the 1997 price.)

Gesco thought it would sell around $240k. Laura thought it would go for $236k.

As of March 2011, it had been listed $31,100 under the 2001 purchase price, at $204,900.

Then the bank apparently gave up and is now offering it for auction.

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

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

The listing says there is 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.”

What price will finally sell this property?

Coya Smith at Smith Partners & Associates still has the listing. See the 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
• Now listed for auction
• 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

We last chattered about this vintage 3-bedroom cottage at 1848 W. Cortland in Bucktown in early April 2011.

See our prior chatter here.

It provoked a long discussion about paying $500,000 for 1870s worker’s cottages.

Since that time, it has been reduced $55,000 to $485,000.

If you recall, it has 11 foot ceilings on the first floor along with a separate dining room.

The kitchen has maple cabinets, granite counter tops and black appliances and also has an 11×9 breakfast room.

All 3 bedrooms are on the second floor.

Built on a 26.5×118 lot, it has both a front and a back deck along with a 2-car garage.

The house also has central air.

Given the prices of 3-bedroom townhouses (or condos, for that matter) in the neighborhood, is this getting closer to a selling price?

Randie Shapiro at Koenig & Strey Real Living has the listing. See the pictures and the floor plan here.

1848 W. Cortland: 3 bedrooms, 2 baths, 2 car garage, no square footage listed

• Sold in May 1988 for $86,000
• Sold in January 1991 for $95,000
• Sold in March 1995 for $215,000
• Sold in August 1999 for $318,000
• Sold in February 2004 for $505,000
• Originally listed in November 2010 for $625,000
• Reduced
• Was listed in April 2011 for $535,000
• Reduced
• Currently listed for $485,000
• Taxes of $8300
• Central Air
• Bedroom #1: 12×12 (second floor)
• Bedroom #2: 13×11 (second floor)
• Bedroom #3: 14×12 (second floor)
• Living room: 14×13
• Dining room: 13×12
• Kitchen: 13×13
• Breakfast room: 11×9
• Office: 13×7

We last chattered about this 2-bedroom at 1525 W. George in Lakeview in February 2011.

See our prior chatter here.

It was an example of someone trying to sell 10 years later.

Would they make money?

HD thought the seller should lower the price $5,000 every 10 days to drum up interest until it sold.

At that time, it was listed $32,000 over the 2001 purchase price at $370,000.

The unit was recently reduced and is now listed $12,000 under the 2001 purchase price at $325,000.

If you recall, it has 1200 square feet on one level with a south facing deck off the master bedroom or from the unit.

It has diagonal hardwood floors in the main living areas.

The unit has a wood burning fireplace and a master suite with shower/tub combo.

The kitchen has black appliances and stone counter tops.

The unit has the amenities buyer look for with central air, in-unit washer/dryer and deeded parking.

The listing asks: “Bargain Hunters? Huge $45,000 price reduction!”

Is this now a deal?

Bob Kinsloe at Portola Real Estate still has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1200 square feet

• Sold in November 1995 for $200,000
• Sold in September 1999 (no price listed)
• Sold in June 2001 for $338,000
• Originally listed in January 2011 for $370,000
• Was listed in February 2011 for $370,000
• Reduced
• Currently listed for $325,000
• Assessments of $88 a month
• Taxes of $5343
• Central Air
• In-unit Washer/Dryer
• Garage space included
• Bedroom #1: 12×12
• Bedroom #2: 12×10

We last chattered about this 2-bedroom authentic duplex loft in the Filmworks Lofts at 1322 S. Wabash in the South Loop all the way back in October 2008.

See our prior chatter and pictures here.

At that time, it was listed at $429,000.

Bob actually believed it might sell for around $400,000.  (My how things have changed!)

Instead, it has returned to the market listed $89,100 under that 2008 listing price at $349,900.

Back in 2008, G also shared some insights about the building:

“Another problem with this unit is the parking security gate going up and down just off your terrace. The entrance is between the terrace and the Filmworks II bldg seen on the left of the terrace pic. The lot entrance/exit makes a hard turn under the terrace as well, so hopefully your neighbors do not have squeaky brakes and low power steering fluid. The tight fit of the entrance means the gate must rise up, so it might be seen as well as heard. I don’t know how many times a day it opens/closes, but there are probably 100+ garage/pkg spaces using this lone entrance.”

 The loft has exposed brick and timber ceilings.

One out of the 2 bedrooms is on the second floor.

The kitchen has stainless steel appliances.

The listing says the private bricked in terrace was professionally landscaped by Sprout Home.

The loft is now listed $32,600 under the 2004 purchase price.

Is this a deal?

Eve Kronen at Coldwell Banker again has the listing. See the pictures here.

Unit #C: 2 bedrooms, 1.5 baths, duplex, 1700 square feet

• Sold in August 1995 for $157,000
• Sold in October 1999 for $249,000
• Sold in April 2001 for $292,500
• Sold in September 2004 for $382,500
• Was listed in October 2008 for $429,000 (parking was $10k extra)
• Withdrawn
• Recently re-listed at $349,900 (parking included)
• Assessments are now $460 a month (includes cable)
• Taxes of $4,849
• Central air
• Washer/Dryer in the unit
• Private walled terrace
• Bedroom #1: 15×15 (second floor)
• Bedroom #2: 13×11 (main floor)
• Living room: 27×27
• Kitchen: 16×9

We’ve been chattering about this 2-bedroom at 3014 N. Sheffield in Lakeview since October 2010.

See our last chatter in February 2011 here.

It is bank owned and the bank has slowly been lowering the price over the last few months.

It finally went to auction and sold for about 55% under the 2006 purchase price for $227,500.

At least one of you guessed it would finally sell between $225k and $250k. One of you thought it would sell for under $200k next year.

If you recall, this was a new construction building in 2006. The kitchen appeared to be intact with granite counter tops and stainless steel appliances.

It had one car deeded parking, central air and washer/dryer hook-up.

Meanwhile, 3 other units are for sale in nearby identical buildings (all built in the same time period.) 2 of those are bank owned.

1. 3014 N. Sheffield Unit #3S: bank owned 2/2, appliances missing, now listed at $280,000
2. 3020 N. Sheffield Unit #3S: bank owned 2/2, kitchen intact, listed at $276,210
3. 3010 N. Sheffield Unit #3N: 1500 square foot 2/2, listed at $520,000

Also, for those long time readers, this grouping of condos is the same one mentioned in the March 2008 article about housing deals that G asked me to bookmark as buyers catching falling knives. The unit in that article was in 3024 N. Sheffield and the buyer paid $480,000 and thought it was a deal.

See the March 2008 chatter on knife catching here.

Are the foreclosures setting the comps on this block?

Jason Shapiro at Rising Realty LLC had the listing.

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

• Sold in October 2006 for $499,000
• Lis pendens foreclosure in July 2009
• Bank owned by Bank of America in August 2010
• Was listed in October 2010 for $366,300
• Reduced
• Was listed in November 2010 for $330,600
• Reduced several times
• Was listed in January 2011 for $289,900
• Reduced
• Was listed in February 2011 for $275,405
• Sold in May 2011 for $227,500
• Assessments of $140 a month
• Taxes of $7110
• Central Air
• Doesn’t list washer/dryer but there should be a hook-up in the unit
• Included parking
• Bedroom #1: 16×15
• Bedroom #2: 12×11

This 1-bedroom at 40 E. Delaware in the Gold Coast has been on the market since July 2010.

In that time, it has been reduced $109,100.

It is now listed just $24,900 over the 1997 purchase price.

Yes, it’s a short sale.

The unit has amenities buyers look for such as in-unit washer/dryer and central air.

Parking is rental across the street.

It has french doors leading to the master bedroom and an all-white kitchen (including appliances) and bath.

The unit has no views as it faces north and is now blocked by the Elysian.

But it does have the same location as the 1-bedrooms  in the newly built 10 E. Delaware which have been selling over $500,000 (yes, they’re bigger and have parking.)

Is this a screaming deal for someone looking for a weekend place in the Gold Coast?

Evelyn Fred at Jameson has the listing. See the pictures here.

Unit #404: 1 bedroom, 1 bath, no square footage listed

• Sold in January 1997 for $105,000
• Sold in February 2001 for $168,000
• Sold in September 2001 for $185,000
• Sold in December 2003 for $170,000
• Sold in March 2005 for $194,500
• Originally listed in July 2010 for $239,000
• Reduced numerous times
• Was listed in March 2011 for $169,900
• Currently listed as a “short sale” for $129,900
• Assessments of $481 a month (includes doorman, cable)
• Taxes of $2639
• Central Air
• Washer/Dryer in the unit
• Rental parking nearby
• Bedroom #1: 11×13
• Living room: 19×17
• Kitchen: 10×7

This 2-bedroom at 2808 W. Logan Boulevard in Logan Square recently came on the market.

It is listed $45,000 under the 2006 purchase price.

It has some unique features such as exposed brick along a hallway wall.

The unit also has a separate dining room and den.

It has hardwood floors and a fireplace.

The kitchen has white appliances with a stainless steel microwave.

While there is no central air (window units), there is deeded parking.

The listing doesn’t say anything about an in-unit washer/dryer so I’m assuming it does not have one.

Given the unit’s size and the location, is this a deal?

Ron Knoll at Saffron Realty has the listing. See more pictures here.

Unit #2E: 2 bedrooms, 2 baths, den, no square footage listed

• Sold in September 1998 for $126,000
• Sold in October 2001 for $200,000
• Sold in April 2006 for $310,000
• Assessments of $343 a month (includes heat)
• Taxes of $3019
• No central air (window units)
• No in-unit washer dryer
• Parking included
• Bedroom #1: 14×10
• Bedroom #2: 16×10
• Den: 11×10
• Living room: 19×13
• Dining room: 11×9
• Kitchen: 18×8

Nope, this million dollar 1-bedroom condo is not in Trump Tower, the Elysian or other similarly well known buildings.

It’s in 840 N. Lake Shore Drive in the Gold Coast.

The listing calls it a “little piece of Paris” as it has a balcony that overlooks the park and Lake Shore Drive/the lake.

It is not one of the small 1-bedrooms you usually see at 800 square feet but at 1800 square feet, it has a full sized dining space.

Located on the second floor, it has dark hardwood floors and a kitchen that is open to the living/dining spaces.

The kitchen has what looks like upscale stainless steel appliances (such as a Viking stove.)

I couldn’t find a prior sales price as I believe this is still developer owned.

The seller is offering a $2500 gift card to the agent who brings a buyer.

What is the market for a 1-bedroom at this price point and location?

Lisa McGuirt at Baird & Warner has the listing. See the pictures here.

Unit #202: 1 bedrooms, 1.5 baths, 1800 square feet

• I couldn’t find a prior sales price- could still be developer owned
• Currently listed for $995,000 (plus $80,000 for 2-car tandem parking)
• Assessments of $1501 a month (includes heat, air conditioning, doorman, parking)
• Taxes of $9244
• Central Air
• In-unit washer/dryer
• Bedroom: 13×12
• Living room: 22×19
• Kitchen: 14×13
• Dining room: 14×13

This 2-bedroom townhouse at 1732 N. Mohawk in the Old Town neighborhood of Lincoln Park has been on and off the market since November 2009.

In that time, it has been reduced $84,000.

It is now listed $64,000 under the 2006 purchase price.

The townhouse has the living/kitchen area on the main floor, 2 bedrooms on the second level and then a den on the third level with skylights.

It also has a 300 square foot private rooftop deck on the third level.

There are hardwood floors on the main level and both bedrooms have new carpet.

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

Built in 1988, it has central air and 2-car tandem parking.

Is this a steal for the location?

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

Unit #C: 2 bedrooms, 2.5 baths, den, 1500 square feet

• Sold in September 1992 for $208,500
• Sold in June 1994 for $218,500
• Sold in May 2000 for $306,000
• Sold in October 2002 for $377,500
• Sold in August 2005 for $499,000
• Sold in April 2006 for $499,000
• Originally listed in November 2009 for $519,000
• Reduced
• Was listed in April 2011 for $439,000
• Reduced
• Currently listed for $435,000 (includes 2-car tandem parking)
• Assessments of $100 a month
• Taxes of $6435
• Central Air
• Private Roof Deck: 18×17
• Bedroom #1: 15×12 (second level)
• Bedroom #2: 11×10 (second level)
• Den: 11×10 (third level)