Crib Chatter

This 2-bedroom vintage unit at 2912 N. Commonwealth in East Lakeview has been on and off the market since August 2008.

The building was built in 1926, so the unit has many of the pre-war vintage features like large room sizes, a formal foyer, 9 foot ceilings and crown molding.

It also has the original living room fireplace.

But it has some features you don’t always find in the pre-war buildings such as central air and in-unit washer/dryer.

Garage parking is also available for $150 a month- and is valet.

The unit has been reduced $185,000 since 2008 and is listed for $27,000 under the 2004 purchase price.

Is this property now attractively priced for the location and square footage?

Carla Farris-Benedetti at Cathy Epstein & Associates has the listing. See the pictures here.

Unit #5B: 2 bedrooms, 2 bath, 1750 square feet

• Sold in March 2004 for $357,000
• Originally listed in August 2008 for $515,000
• Reduced numerous times
• Currently listed at $330,000
• Assessments of $864 a month (includes heat, gas, cable)
• Taxes of $4901
• Central Air
• In-unit washer/dryer
• Rental parking at $150 a month
• Bedroom #1: 17×13
• Bedroom #2: 17×12
• Dining room: 18×14
• Living room: 22×15
• Kitchen: 13×10

We last chattered about the new construction high rise The Mondial at 910 W. Huron in River West in June 2010 when the developer cut prices on units by 10% to 30%.

See our June 2010 chatter and pictures here.

Several of you had gone to check out these units after the price cuts.

They started construction on this 141-unit high rise in 2007.

It had 47 units under contract by 2009. But then the recession hit hard and the developer then ripped up those contracts to convert the building into apartments.

By this summer, that plan was squashed and the developer went back to condos. The prices were then cut 10% to 30%.

8 out of the original 47 contracts ended up buying anyway.

Since the price cuts, according to Crain’s, another 17 units have sold for a total of 25 units.

The stats of the building are the following (out of 141 units):

• Sold 8 units out of the original contracts
• Sold 17 units since the June price cuts (or about 3 a month)
• Need 30 sold units in order for the building to qualify for Fannie and Freddie financing

According to Crain’s, the developer is considering more price cuts.

Mr. Berger is considering another round of price cuts to spark interest in the 15-story building, which is west of the East Bank Club and features views of downtown.

“The market is just brutal,” he says.

The pace of sales must increase quickly if Mr. Berger is going to pay off a big construction loan that comes due in 18 months.

The next cuts probably would target the Mondial’s least-expensive condos and would not be as big as the reductions in June, says Michael Golden, co-founder of Chicago-based @properties, which was brought in this year to market the project.

“We’re willing to be aggressive to get deals done right now,” Mr. Golden says.

Messrs. Berger and Golden decline to disclose the new prices being considered. In June, Mr. Berger cut one-bedroom units to $189,000 and three-bedroom units to $460,000.

After those cuts, the project averaged three sales per month. But the development must more than double that pace, to roughly six sales a month, to sell out before a $38-million construction loan matures in June 2012.

Here were the original price reductions:

1. Lofts: Were at $249,000 and are now starting at $189,900
2. 1 bedroom/1 bath: Were $329,900 and now starting at $219,900
3. 2 bedrooms/2 baths: Were at $429,000 and now starting at $329,900
4. There are also one bedroom plus den and 3-bedrooms available but no word on prices (and reductions) on those although the article states the 3-bedrooms are now priced at $460,000

Parking is available for $9,000 extra.

(The pictures below are of the model 1-bedroom and 2-bedroom units.)

See Mondial’s web site for more information [The Mondial in River West]

How low will prices have to go to sell these units?

River West condo project mulls more price cuts [Crain’s Chicago Business,  Andrew Schroedter, December 2, 2010]

We last chattered about this 3-bedroom single family home at 1040 N. Wolcott in the East Village neighborhood of West Town in June 2010.

See our prior chatter and pictures here.

The house was built in 2000 so it’s newer construction.

In June, many of you liked it and wished you could afford to buy it.

Someone commented on the snowy backyard picture (which was then updated with a nice summer green one- ah the power of Crib Chatter).

Many of you were also intrigued by the garage door that appears to open into the yard.

The house is still available 6 months later and has been reduced another $30,000.

The listing says it has hardwood floors throughout.

The family room is located on the second level and there are 2 wood burning fireplaces.

It has central air and a 2-car garage on a standard 25×125 lot.

You are also just a block to the restaurants of Division Street and the listing touts the local Lasalle II magnet school.

What will it take to sell this house?

Jason Vondrachek at Quest Realty still has the listing. See more pictures here.

Or you can see it in person at the open house this Sunday, December 5, from 11:00- 1 PM.

1040 N. Wolcott: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed

• Sold in November 2001 for $525,000
• Sold in May 2007 for $765,000
• Originally listed in April 2010 for $779,900
• Reduced
• Was listed in June 2010 for $749,900
• Reduced
• Currently listed at $719,900
• Taxes of $11,741
• Central Air
• Bedroom #1: 18×12 (second floor)
• Bedroom #2: 14×14 (third floor)
• Bedroom #3: 13×10 (third floor)

The Sexton, at 360 W. Illinois, is one of River North’s most popular loft buildings.

Located across from the East Bank Club, the building has both a timber portion and a concrete tower portion.

This 2-bedroom on the 8th floor of the tower has been listed on and off since 2008.

The listing says it is price for a “quick sale.”

This is no small sized 2-bedroom unit.

At 1670 square feet, it has 11 foot high finished ceilings (not timber) but is missing the exposed brick found in many other units in the building.

While it is a corner unit, only 1 of the 2 bedrooms appears to have windows.

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

This loft has been reduced $89,100 since September 2008.

It is also listed $33,600 under the 2004 purchase price (including the parking in the current list price.)

This is only $7,400 over the 2001 purchase price.

Is this loft a deal?

Or is the 2001 price now the current market in the Sexton?

Kathleen Krist-Krueger at Krist-Krueger Realty has the listing. See the pictures here.

Unit #8F: 2 bedrooms, 2 baths, 1670 square feet

• Sold in February 2001 for $450,000
• Sold in June 2004 for $491,000
• Originally listed in September 2008 for $509,000 (parking may have been extra)
• De-listed
• Re-listed in October 2010 for $429,900 (parking extra)
• Reduced
• Currently listed for $419,900 (parking $37,500 extra)
• Assessments of $685 a month (includes doorman)
• Taxes of $7178
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 11×11
• Living room: 24×25

This 2-bedroom unit at 3100 W. Berteau in Irving Park (or is it Albany Park? Redfin calls it Irving Park) recently came on the market.

It is a short sale and is listed 51% under the 2006 purchase price.

The midrise vintage building, constructed in 1927, was a 13 unit conversion in 2006. It is 6 blocks from Horner Park.

The unit has all the new construction finishes including cherry wood floors, granite counter tops in the kitchen, stainless steel appliances and a marble bath.

There is central air, a washer/dryer in the unit and gated parking.

Is this a deal for the neighborhood and square footage?

Cynara Baines at Exchange Realty Partners has the listing. See the pictures here.

Unit #2: 2 bedrooms, 1 bath, no square footage listed

• Sold in May 2006 for $264,500
• Lis pendens filed in December 2009
• Originally listed in September 2010 for a week at $195,000
• De-listed
• Currently listed for $129,900
• Assessments of $180 a month
• Taxes of $3618
• Central Air
• Washer/Dryer in the unit
• Gated parking
• Bedroom #1: 13×11
• Bedroom #2: 10×10

This 2-bedroom unit at 1400 N. Lake Shore Drive in the Gold Coast has been on the market since February 2010.

It has been reduced $115,400 in that time.

The unit is now listed $140,500 under the 2007 purchase price.

The listing says it is NOT a short sale but simply a “really, really, really good deal.”

The listing also urges: “Make Us an Offer!”

The building was constructed in 1927 and has nearly 400 units. It used to be apartments but was converted to condos in 2007.

This unit has direct lake and Navy Pier views.

The listing says there are new floors and walls in the unit.

The kitchen has stainless steel appliances but those are, I believe, the original cabinets.

There is no central air (only window units), no in-unit washer/dryer and no parking (it is leased nearby.)

It is also being sold furnished.

Is this a deal?

Tina Houpy at Baird and Warner has the listing. See the pictures here.

Unit #11G: 2 bedrooms, 1 bath, about 704 square feet (per the 2007 listing)

• Sold in August 2007 for $325,000
• Originally listed in February 2010 for $299,900
• Reduced several times
• Currently listed for $184,500
• Listing says it is not a short sale
• Assessments of $391 a month
• Taxes of $4163
• No central air
• No in-unit washer/dryer
• No deeded parking- leased nearby
• Bedroom #1: 10×14
• Bedroom #2: 9×13
• Kitchen: 6×7
• Living room: 9×13

We were chattering about a Lincoln Park townhouse at 1814 N. Bissell with the El directly behind it and some were wondering where you could get a similar townhouse in Lincoln Park without the El.

Look no further than this 2-bedroom at 1437 W. Altgeld.

It is priced nearly exactly the same as the Bissell townhouse: $449,000.

In fact, the floorplan and style of the townhouses are very similar.

The Altgeld property was apparently a 3-bedroom that was converted into a 2-bedroom with family room. The listing indicates that the bedrooms are now on the third floor and lower level, with the family room on the second floor.

It has 12-foot ceilings.

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

There is a small backyard and a third floor deck.

But no El to speak of and it has a third bath.

There is also an attached 1-car garage.

Is this the better deal?

See our chatter on 1814 N. Bissell here.

Monique Pieron at Prudential Rubloff has the listing. See the pictures here.

1437 N. Altgeld: 2 bedrooms, 3 baths, 1 car parking

• Sold in May 1993 for $345,000
• Sold in May 1999 for $325,000
• Sold in August 2001 for $380,000
• Originally listed in September 2010 for $449,000
• Currently still listed for $449,000
• Assessments of $125 a month
• Taxes of $6417
• Central Air
• Bedroom #1: 15×15 (third level)
• Bedroom #2: 14×10 (lower level)
• Family room: 18×10 (second floor)

Last spring we chattered about a 3-bedroom contemporary penthouse at 919 N. Wolcott in West Town with luxurious finishes.

The modern unit sold not long after our chatter.

See our prior chatter and pictures here.

If you missed out on that one, you’re in luck, as the “sister” penthouse unit, Unit #302, is currently on the market and has similar finishes and features.

This one has been converted from a 3-bedroom to a 2-bedroom but it also has two outdoor spaces including a private 9×15 terrace off the master bedroom and a large 11×26 terrace off the great room.

It has a top of the line Arclinea kitchen with Miele and Gaggeneu appliances. The massive kitchen island also has a modern stainless steel counter top.

There is, of course, central air, an in-unit washer/dryer and parking.

Unit #301 had been listed in March for $700,000 and sold for $675,000 in May 2010.

Robert John Anderson at Baird & Warner has the current listing. See the pictures here.

Or see it in person at the Open House: December 5, 1:00-3:00 pm

Unit #302: 2 bedrooms, 2 baths, 2 car parking

• Sold in March 2004 for $430,000
• Sold in July 2008 for $707,500 (included the parking)
• Originally listed in August 2010 for $700,000
• Reduced
• Currently listed for $689,000 (plus $18,000 for parking)
• Assessments of $284 a month (includes water)
• Taxes of $6096
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 10×12
• Family room: 10×11

This 2-bedroom unit at 1658 W. Belmont has been on the market for 10 months.

Listed in February 2010, it has been reduced $14,900.

It is also now listed $5,000 under its 2008 purchase price.

The vintage building appears to have been converted into condos in 2006-2007.

It is a rare vintage 2-bedroom unit which also has a second bathroom.

The kitchen has the new construction finishes with granite counter tops and stainless steel appliances.

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

Jeremiah Fisher at Keller Williams Lincoln Park has the listing. See the pictures and floorplan here.

Unit #3E: 2 bedrooms, 2 baths, no square footage listed

• Sold in March 2008 for $315,000
• Originally listed in February 2010 for $324,900
• Reduced
• Currently listed for $310,000
• Assessments of $185 a month
• Taxes of $4590
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 12×11
• Bedroom #2: 10×9

This 2-bedroom townhouse at 1814 N. Bissell in Lincoln Park recently came on the market.

It was bank owned in June 2010 and sold for $19,720 under the 1999 sales price.

5 months later, it has come on the market as a gut rehab with a new kitchen and baths.

The kitchen now has white appliances, granite counter tops and stainless steel appliances.

The listing describes the bathrooms as having a modern “clean” look.

There is a small outdoor space on the first floor (leading to a shared garage) along with a back deck off the master bedroom.

The two bedrooms are not on the same floor. The master bedroom is on the top floor and the second bedroom one floor down, on the third level.

Yes, that’s the El brown/purple line running directly behind the townhouse.

Will this renovator get close to this asking price?

Brian Grossman at @Properties has the listing. See the pictures here.

1814 N. Bissell: 2 bedrooms, 2 baths, 1 car parking, no square footage listed

• Sold in April 1989 for $182,500
• Sold in December 1999 for $239,720
• Lis pendens filed in April 2006
• Bank owned in May 2009
• Sold in June 2010 for $220,000
• Currently listed for $449,900
• Assessments of $100 a month
• Taxes of $4405
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13 (fourth floor)
• Bedroom #2: 16×10 (third floor)
• Family room: 16×16 (lower level)