Crib Chatter

This 5-bedroom American 4-Square at 1225 W. Pratt in Rogers Park has been on and off the market since August 2009.

In that time it has been reduced $114,000.

Built in 1903, it has a much sought after double lot measuring 50×139.

While it has hardwood floors throughout, none of the original vintage features remain.

The kitchen has been updated with granite counter tops and stainless steel appliances.

4 of the 5 bedrooms are on the second floor with the 5th on the 3rd floor.

The house has a full basement and “partial” air conditioning- (not sure what that means).

What price will it take to finally sell this house?

Mark Zipperer at Re/Max Edge has the listing. See more pictures here.

1225 W. Pratt: 5 bedrooms, 2 baths, 2 car garage, no square footage listed

• Sold in June 1997 for $185,000
• Originally listed in August 2009 for $599,000
• Withdrawn in November 2009
• Re-listed in January 2010 for $639,000
• Reduced numerous times
• Currently listed at $525,000
• Taxes of $8935
• Partial central air
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 15×11 (second floor)
• Bedroom #3: 14×12 (second floor)
• Bedroom #4: 11×10 (second floor)
• Bedroom #5: 29×17 (third floor)

There was a lot of chatter about this 2-bedroom house at 631 W. Belden in Lincoln Park.

See our prior chatter in February 2011 here.

Some of you thought it wouldn’t sell for more than $550,000.

At least one of you (mariposa) allegedly attempted to buy it but backed out after getting the inspection report. 

Originally listed for $699,000 and then reduced to $649,000, the house recently sold for $570,000.

If you recall, the house was built in 1887 on an irregluar Chicago lot measuring 27x95x65.

It did not have a garage, but did have a backyard parking pad.

The kitchen had white cabinets, granite counter tops and white appliances.

Both bedrooms were upstairs and it had an unfinished partial basement.

Anna Robertson at Jameson Sotheby’s had the listing.

631 W. Belden: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 1993 for $217,000
• Sold in October 1994 for $377,000
• Originally listed in December 2010 for $699,000
• Reduced
• Was listed at $649,000
• Sold in April 2011 for $570,000
• Taxes of $10,106
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 12×15 (second floor)
• Living room: 15×12
• Dining room: 13×12
• Family room: 14×8 (main floor)
• Kitchen: 12×11

Over the weekend, the Chicago Tribune reported on the Chicago area housing market using CoreLogic’s data for over 200 zip codes.

As we’ve been chattering about the last few months, it appears that the Chicago housing market has taken a turn for the worse since the beginning of this year.

“The prospects are dim in the near and medium-term,” said Sam Khater, senior economist at CoreLogic. “The bigger factor is the state of the consumer. The shadow inventory (of distressed properties) will clear. The more fundamental question is the economic security of the consumer.”

With home affordability strong and 30-year, fixed-rate mortgage interest rates at 4.8 percent last week, it remains a buyer’s market, but a lot of consumers still have a bunker mentality, said John Carlson, branch manager of Coldwell Banker’s Downers Grove office.

“My office should be like a deli counter with people taking numbers,” Carlson said. ” I would say people are in a wait-and-see mode. I think there’s a recovery path here.”

In Homer Glen, Steve Brown is waiting for that one special buyer to emerge from his or her bunker. Brown tried to sell his custom-built home last fall, but the only offer he was received was for $370,000, more than $70,000 less than his listing price for the well-appointed home with its own private pond.

Now he’s trying again, dropping the price by $6,000, to $436,500. “People are starting to inquire again,” Brown said. “I know I can sell it easily if I reduce the price to $400,000. My gut reaction is we’ve hit bottom, but I’m not willing to give it away.”

The real estate agents around the Chicagoland area see some areas of hope but they’re still realistic.

Betty Cunningham, a real estate agent in Schaumburg, doesn’t feel any more positive about the market, despite having one listing that sold in two days. “I’ve got brand new listings in Schaumburg that are rehabbed and beautiful,” said Cunningham, a Coldwell Banker agent. “I can’t get a showing. They see the area and they see it’s going down.”

“I’m not seeing price increases but I am seeing stability on the lower end,” said Gary Christensen, an agent at N.W. Village Realty Inc. in Elk Grove Village, where price declines in the 60007 ZIP code have moderated since October and in February rose 1.76 percent, according to CoreLogic.

“If the home is nice, it does move if the seller isn’t greedy,” Christensen said. “If we can price it based on where the market is, we’re OK. If we have to price it because we need a (certain) number, those don’t move.”

Within the city of Chicago, the article specifically mentions the big 20% year over year price decline in zip code 60646 which includes the tony enclaves of Edgebrook and Sauganash.

But do you think your zip code is immune?

CoreLogic’s data is made from repeat sales of homes selling for between $10,000 and $10 million.

It does NOT include multifamily residential, new construction, non-arm’s length transactions, and those corporate owned properties sold at auction. It DOES include bank owned sales and short sales.

Here’s a smattering of some of the popular zip codes. Remember, the data is year-over-year price changes.

Lakeview (60657)

• February 2011: down 12.87%
• January 2011: down 9.35%
• December 2010: down 6.28%
• November 2010: down 6.81%
• October 2010: down 8.75%

Lakeview/Wrigleyville (60613)

• February 2011: down 13.15%
• January 2011: down 14.74%
• December 2010: down 13.44%
• November 2010: down 12.32%
• October 2010: down 11.94%

Roscoe Village/North Center (60618)

• February 2011: down 12.66%
• January 2011: down 10.98%
• December 2010: down 9.63%
• November 2010: down 8.46%
• October 2010: down 8.06%

Lincoln Park (60614)

• February 2011: down 6.11%
• January 2011: down 5.51%
• December 2010: down 1.16%
• November 2010: up 0.46%
• October 2010: up 0.28%

River North/Gold Coast/Streeterville (60610)

• February 2011: down 11.57%
• January 2011: down 9.87%
• December 2010: down 8.59%
• November 2010: down 7.32%
• October 2010: down 5.76%

Uptown/Andersonville (60640)

• February 2011: down 14.42%
• January 2011: down 9.94%
• December 2010: down 5.79%
• November 2010: down 5.11%
• October 2010: down 3.89%

Bucktown (60647)

• February 2011: down 11.79%
• January 2011: down 10.14%
• December 2010: down 7.66%
• November 2010: down 5.68%
• October 2010: down 5.08%

East Village (60622)

• February 2011: down 11.79%
• January 2011: down 10.14%
• December 2010: down 7.66%
• November 2010: down 7.55%
• October 2010: down 5.68%

South Loop (60616)

• February 2011: down 13.38%
• January 2011: down 11.72%
• December 2010: down 7.43%
• November 2010: down 6.23%
• October 2010: down 4.23%

If homebuying is psychological- what do these continued price declines mean for sales in the coming months?

By zip code: Little growth in home prices [Chicago Tribune, Mary Ellen Podmolik, Apr 24, 2011]

By popular request for Roma, this 2-bedroom at 1945 W. Schiller in Wicker Park recently came on the market.

Roma thought these were always apartments.

Now’s your chance Roma!

Located directly on the park, the vintage unit has 12 foot ceilings and crown molding.

There is a new kitchen with stainless steel appliances and the contemporary aesthetic.

The listing also says there are new baths.

It doesn’t have parking, or central air or an in-unit washer/dryer.

Will the location sell this property?

Renate Martin at @Properties has the listing. See the pictures here.

Unit #1: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in October 2002 for $80,000
• Currently listed for $320,000
• Assessments of $246 a month
• Taxes of $1290
• No central air- window units only
• No in-unit washer/dryer
• No parking
• Bedroom #1: 17×7
• Bedroom #2: 13×7

This 2-bedroom loft in the Skybox Lofts at 920 W. Sheridan in Lakeview has been on the market since December 2010.

It is a short sale and in that time it has been reduced $35,000.

It has tons of authentic loft features including exposed brick walls, 20 foot timber ceilings, exposed joints and large windows.

At 1600 square feet, the kitchen has white appliances and maple cabinets.

It also has a side-by-side washer/dryer and central air.

Including the parking, it is listed just $1,000 above the 2003 purchase price.

Is this a deal?

James Buczynski at Jameson Sotheby’s has the listing. See the pictures here.

Unit #304: 2 bedrooms, 2 baths, 1600 square feet

• Sold in September 1998 for $241,000
• Sold in May 1999 for $282,000
• Sold in March 2003 for $339,000
• Sold in August 2007 for $416,000
• Originally listed in December 2010 for $350,000
• Reduced several times
• Currently listed as a “short sale” for $315,000 (parking is $25,000 extra)
• Assessment of $191 a month
• Taxes of $4849
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×11
• Bedroom #2: 22×12

We’ve been chattering about this 2-bedroom at 507 W. Aldine in Lakeview for years.

You can see interior pictures of the unit in our May 2009 chatter here.

It represents the full circle of the housing bust.

We saw it go from:

1. Normal sale
2. to Short sale
3. Into foreclosure and bank owned
4. Then listed from the bank
5. Finally sells for 32% under the 2007 purchase price

The vintage unit had washer/dryer and parking but no central air.

The kitchen and baths were intact but there appeared to be some TLC that needed to be done.

Saul Zenkevicius at Goodwill Realty Group had the listing.

Unit#2B: 2 bedrooms, 2 baths, dining room, 1400 square feet

• Sold in May 1995 for $154,000
• Sold in June 1998 for $199,000
• Sold in April 2000 for $243,000
• Sold in March 2007 for $379,000
• Was listed in February 2009 for $410,000 (included the parking)
• Reduced
• Was listed in March 2009 for $399,900 (included the parking)
• Reduced
• Was listed in May 2009 for $375,000 (included the parking)
• Reduced
• Was listed as a short sale in June 2009 for $339,000
• Under contract
• Re-listed in September 2009 for $339,000
• Under contract
• Lis pendens foreclosure filed in December 2009
• Re-listed in May 2010 for $325,000
• Withdrawn in July 2010
• Bank owned in September 2010
• Was listed in December 2010 for $276,500
• Reduced
• Was listed in February 2011 for $254,900
• SOLD in April 2011 for $255,000
• Assessments of $362 a month (includes heat)
• Taxes of $5365
• No central air- only window units
• In-unit Washer/Dryer
• Wood-burning fireplace
• Deeded parking included
• Bedroom #1: 14×12
• Bedroom #2: 12×11

We last chattered about this 5-bedroom single family homeat 522 N. Ada in West Town in July 2009.

See our prior chatter here.

After 21 months on the market, it finally sold for $600,000 under the original list price.

Built on a 25×169 lot, the house was unique as it had an indoor pool, spa and covered lanai.

This house is just down the street from the $2.9 million house at 1424 W. Ohio we chattered about in March 2011. See that chatter here.

Mary Haight at @Properties had the listing.

522 N. Ada: 5 bedrooms, 3.5 baths, no square footage listed, 2 car parking

• Sold in February 2001 for $265,000
• Built the current house in 2004
• Originally listed in July 2009 for $1.65 million
• Reduced
• Was listed in March 2011 for $1.249 million
• Sold in April 2011 for $1.05 million
• Taxes of $12,533
• Indoor pool

This 3-bedroom rowhouse at 554 W. Fullerton Parkway in Lincoln Park first came on the market in February 2011.

In that time, it has been reduced $251,000.

Built in 1900 on a 20×101 lot, it has maintained many of its vintage features while also being renovated for today’s living.

The listing says it has a new kitchen with white cabinets and Subzero, Bosch and Viking appliances.

There are 3 new marble baths.

The rowhouse has 12 foot ceilings, crown molding, 2 original stone fireplaces and the original mahogany front door and staircase.

All 3 bedrooms are on the upper floor.

It also has a front garden and a private rear patio.

The listing says there is “onsite parking” (but I’m not sure what that means.)

Cynthia Wilson at Koenig & Strey Real Living has the listing. See the pictures here.

554 W. Fullerton: 3 bedrooms, 2.5 baths, 3000 square feet

• Sold in April 1992 for $350,000
• Sold in November 2005 for $899,000
• Originally listed in February 2011 for $1.25 million
• Reduced
• Currently listed for $999,000
• Taxes of $11,991
• Central Air
• Parking is “onsite”
• Bedroom #1: 14×12 (third floor)
• Bedroom #2: 14×12 (third floor)
• Bedroom #3: 8×7 (third floor)

This 3-bedroom at 4704 N. Sawyer in Albany Park came on the market in March 2011.

It is listed $31,600 under the 2005 purchase price.

According to the listing, the building was converted into condos in 2001.

This top floor unit has a sunroom and an eat-in kitchen in 1600 square feet.

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

There are hardwood floors throughout.

The master bedroom has a marble bath.

It has all the amenities buyers look for such as central air, in-unit washer/dryer and parking.

The unit is just steps from the Kedzie Brown Line stop and the shops/restaurants on Kedzie.

Is this a good starter condo?

Deborah Hess at Conlon has the listing. See more pictures here.

Unit #3S: 3 bedrooms, 2 baths, 1600 square feet

• Sold in October 2001 for $251,000
• Sold in August 2005 for $311,500
• Originally listed in March 2011 for $299,900
• Reduced
• Currently listed for $279,900 (parking included)
• Assessments of $239 a month
• Taxes of $4117
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 12×12
• Bedroom #3: 12×12
• Sunroom: 10×9

We chattered about this 2-bedroom unit in Elm Tower at 1155 N. Dearborn in the Gold Coast several times over the last few years.

See our November 2010 chatter here.

The unit originally sold in 2002 for $621,000.

In November, it was bank owned and listed for $399,000.

One of you thought it would have to be in the $200s to sell. Another one of you thought it wouldn’t sell under $300,000.

It sold for $283,000.

The unit appeared to  have its kitchen and bathrooms intact.

But it seemed to have no view- looking into the building behind the building.

Did someone get a deal for the location and square footage?

James Poulos at REO Plus Inc. had the listing.

Unit #502: 2 bedrooms, 2 baths, 1487 square feet

• Sold in December 2002 for $621,000
• Originally listed in September 2007 for $699,000
• Reduced several times
• Was listed in October 2008 for $499,000 (parking is $38,000 extra)
• Lis pendens foreclosure filed in January 2009
• Bank owned in August 2010
• Originally listed in September 2010 for $399,900
• Reduced twice
• Was listed in November 2010 for $349,900 (is parking included or extra???)
• Reduced
• Sold in April 2011 for $283,000 (looks like the parking spot was included but I’m still not 100% sure.)
• Assessments of $910 a month (includes heat, a/c, doorman)
• Taxes of $8055
• Central Air
• Washer/Dryer hook-up in the unit
• Bedroom #1: 17×16
• Bedroom #2: 11×11