Crib Chatter

Crain’s reported last week that the 8-bedroom vintage mansion and coach house at 1432 N. State Parkway in the Gold Coast has finally found a buyer.

We last chattered about the house in September 2010.

See our prior chatter here.

Developer Steven Fifield is moving back to Chicago, agreeing to pay $5 million for a Gold Coast mansion owned by a prominent lawyer.

Mr. Fifield moved to California in 2007, paying $24 million for a five-acre estate in Brentwood, a wealthy enclave of Los Angeles. He has been trying to sell that property since February 2009, most recently asking just under $29 million for the 10-bedroom mansion with a vineyard, a swimming pool and a tennis court.

Mr. Fifield took the California mansion off the market in December. Sources say he may have a deal in place to sell it.

Even though many sellers have lowered their prices, it’s still a challenge to find buyers for some of the older historic homes along State Parkway, says Douglas Smith of Prudential Rubloff Properties, which is marketing a home at 1521 N. State Parkway that’s listed for $4.9 million.

“A lot of these homes need updating,” he says. “It’s a unique buyer that wants to pay millions for a house and then pay more to restore it.”

Built in 1883 by Chicago architect A. M. F. Colton, the exterior of Mr. Tetzlaff’s property was featured in the 1980s sitcom “Webster.” It couldn’t be determined how much he paid for the property, which includes a three-story main residence of 7,600 square feet with seven bedrooms, six full bathrooms and three fireplaces, and a separate carriage house.

Developer to pay $5 million for lawyer’s Gold Coast home [Crain’s Chicago Business, Andrew Schroedter, March 17, 2011]

The house was an a 50×132 lot with a unique side drive.

Many of the vintage features had been preserved including wood moldings and 3 fireplaces.

Mary Bennett at Koenig & Strey had the listing.

1432 N. State Parkway: 8 bedrooms, 6.5 baths,  9600 square feet, 2.5 car parking

• I couldn’t find a prior sales price going back to the 1980s
• Was listed in October 2008 for $7.25 million
• Reduced
• Was listed in September 2010 for $5.9 million
• Sold in March 2011 for $5 million (according to Crain’s)
• Taxes of $50,655
• Space pac cooling
• Coach house: 3 bedrooms, 1 bath

We last chattered about this 2-bedroom townhouse at 1437 W. Altgeld in Lincoln Park in December 2010 as comparison to the gut rehab townhouse at 1814 N. Bissell that had the El running right next to the backyard. 

See our December 2010 chatter here.

At the time they were both priced at $449,000. The one on Bissell went on to sell for $425,000.

This one is still for sale and has now been reduced another $40,000 and is now listed for $409,000.

It has 12 foot ceilings and the listing indicates that it used to be a 3-bedroom but one of the rooms was opened to create a family room.

That has now left the bedrooms on the top floor and in the lower level.

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

There is a small back yard, a third floor deck and a 1-car garage.

Will this ultimately sell around the 2001 price?

Monique Pieron at Prudential Rubloff still 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
• Was listed in December 2010 for $449,000
• Reduced
• Currently listed for $409,000
• 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)

This 3-bedroom triplex loft in the Tower Lofts at 1601 W. School in Lakeview just came on the market.

This building was a former Wieboldt’s department store so the loft has authentic features including exposed brick, big windows and tall ceilings.

This triplex top floor unit, has a spiral staircase leading to the second and third levels.

The three bedrooms are all on separate floors with one on the first floor, one on the second and one on the third.

The listing says the buyer can entertain his/her friends in this unit, as it has a private rooftop deck with downtown views and an outdoor grill.

There aren’t any good pictures of the kitchen, but it looks like there might be stainless steel appliances.

The loft also apparently has TWO washer/dryers in the unit.

Is this a deal for the square footage and location?

Laura Veeneman at Rerthoffer Realty has the listing. See the pictures here.

Unit #701: 3 bedrooms, 3 baths, 1800 square feet

• Sold in January 1996 for $219,000
• Currently listed for $450,000 plus $25,000 for parking
• Assessments of $428 a month
• Taxes of $6799
• Central Air
• 2 washer/dryers in the unit
• Private 16×24 rooftop deck
• Bedroom #1: 12×15 (second floor)
• Bedroom #2: 12×15 (main floor)
• Bedroom #3: 17×12 (third floor)

We’ve chattered about the distress sales in The New York Residences at 3660 N. Lake Shore Drive in Lakeview before.

The building was an apartment to condo conversion in 2004/2005.

This 2-bedroom on the 13th floor is currently listed for about 52% under the 2004 price.

Yes, it is bank owned.

It has been on the market since November 2010 and, in that time, has been reduced $52,450.

From the pictures, it appears that the kitchen and one of the bathrooms are intact (there are no pics of the second bathroom.)

The kitchen has white cabinets and appliances and granite counter tops.

The unit also has carpet.

There is no in-unit washer/dryer, but it does have central air and deeded parking is included.

This unit is currently the cheapest 2/2 for sale in the building.

How low will this go?

(You’ll also notice, the bank has owned this property for nearly a year now.)

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

Unit #1301: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 2004 for $487,500 (parking included)
• Lis pendens filed in June 2008
• Bank owned in April 2009
• Originally listed in November 2010 for $282,450
• Reduced several times
• Currently listed for $230,000 (parking included)
• Assessments of $654 a month (includes heat, ac, cable)
• Taxes of $5029
• Central Air
• No in-unit washer/dryer
• Bedroom #1: 15×10
• Bedroom #2: 13×12
• Living/dining: 16×13
• Kitchen: 8×7

This 1-bedroom in the Acquitania at 5000 N. Marine Drive in Uptown has been on the market since February 2010.

In that time, it has been reduced $29,900.

The Acquitania was built in 1923 and was converted to a co-op in 1949. It is on both the Chicago and National Register of Historic Places.

This 1000 square foot 1-bedroom has lake views.

The kitchen/dining room are in an open concept- so I don’t know if a wall was removed as that would not have been the norm in 1923.

The kitchen has white cabinets and appliances.

There is no central air an no deeded parking, but apparently rental parking is available.

The unit does have some vintage features like the big foyer, tall ceilings and crown molding.

The building will accept 80% financing (20% downpayment).

Now listed for just $50,000, how low will this go?

Ginger Bonneau has the listing. See the pictures here.

Unit #8E: 1 bedroom, 1 bath, 1000 square feet

• I couldn’t locate a prior sales price due to it being a co-op
• Originally listed in February 2010 for $79,900
• Reduced several times
• Currently listed for $50,000
• Assessments of $936 a month (includes heat, gas, cable, doorman)
• Taxes of $536
• No central air
• No in-unit washer/dryer
• Rental parking only- $125 to $250 a month
• Bedroom: 16×13

This 3-bedroom brick house at 2255 W. Montrose on the border of Lincoln Square and North Center recently came on the market listed for $399,900.

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, it appears to have at least a 1-car garage. But the house does not have central air.

Additionally, all 3 bedrooms, along with a family room, are located in the lower level.

The listing indicates this house is a good condo alternative.

Is it?

Valdir Barion at @Properties 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
• Currently still listed for $399,900
• 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 3-bedroom unit at 2120 N. Lincoln Park West in Lincoln Park has been on and off the market since September 2009.

Since August of 2010, the list price has been reduced $374,900.

It is also now a short sale.

On a street known for some of its vintage buildings, this 11 unit building was constructed relatively recently-  in 2000.

The building is directly on Lincoln Park and has lake and city views.

The full floor unit has its own private elevator entrance.

It has 2 east facing balconies and 2-car garage parking.

The kitchen has stainless steel appliances and granite counter tops.

The listing calls this a “rare, amazing opportunity.”

The last sale in the building was Unit #8 in June 2010. It was also a 3/3.5 and sold for $2.6 million.

You can see pictures of Unit #8 here.

Given that price, is Unit #12 a deal?

Katherine Dolan at Jameson Sotheby’s has the listing. See the pictures here.

Unit #12: 3 bedrooms, 3.5 baths, 3200 square feet

• Sold in February 2000 for $1.285 million
• Originally listed in September 2009
• Was listed in August 2010 for $2,299,900
• Reduced
• Currently listed as a “short sale” for $1.925 million
• Assessments of $2826 a month (includes heat, a/c, gas)
• Taxes of $34,592
• Central Air
• Washer/Dryer in the Unit
• 2-car garage parking included
• Bedroom #1: 15×14
• Bedroom #2: 14×12
• Bedroom #3: 15×12
• Library: 18×15

This 3-bedroom vintage single family home at 1320 W. Grace in the Southport neighborhood of Lakeview recently came on the market.

Built in 1892, the listing says it has been “gutted to perfection.”

It has a custom designed kitchen with white cabinets, granite counter tops and stainless steel appliances along with an eat-in breakfast area and wine fridge.

All 3 bedrooms are on the second floor.

The basement is finished with a family room and storage.

Built on an irregular 41.5×47.3 lot, it has 2 car parking on the driveway and central air.

It’s also just a quick stroll to the neighborhood Dairy Queen.

Is this the going rate for a gutted vintage SFH in the Blaine school district now?

Jena Radnay at @Properties has the listing. See the pictures here.

1320 W. Grace: 3 bedrooms, 2 baths, no square footage listed

• Sold in September 1992 for $178,000
• Sold in September 1995 for $244,000
• Sold in February 1999 for $257,000
• Sold in March 2002 for $522,500
• Sold in May 2008 for $636,000
• Originally listed in February 2011 for $759,000
• Currently still listed for $759,000
• Taxes of $9516
• Central Air
• 2-car parking on the driveway
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 13×11 (second floor)
• Recreation room: 16×14 (lower level)

This 2-bedroom brick rowhouse at 212 S. Oakley on the West Side near the Medical District and the United Center has been on the market since July 2010.

In that time, it has been reduced about $10,000.

The listing says the rowhouse has been completely updated with a new kitchen, with stainless steel appliances, and bath.

It has 10 foot ceilings and crown molding.

The rowhouse also has built-ins around the fireplace and Brazilian cherry floors.

Built on a 18×120 lot, it has a private backyard with, I’ve been told, room to put in a parking pad. There is also a large deck.

Both bedrooms and the 9×5 laundry room are on the second floor and there is a finished basement with rec room.

The rowhouse has central air along with new windows and water heater.

Is this a good starter home for someone who doesn’t want condo living?

Megan Bhatia at Om Realty Group has the listing. See the virtual tour here.

212 S. Oakley: 2 bedrooms, 1.5 baths, 1360 square feet

• Sold sometime before 1998
• Lis pendens filed in August 2000
• Bank owned in February 2002
• Sold in June 2002 for $150,000
• Originally listed in July 2010 for $239,900
• Reduced
• Currently listed for $229,000
• Taxes of $4126
• Central Air
• No parking- but I’ve been told a parking pad could be added in the backyard
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 9×14 (second floor)
• Recreation room: 14×9 (basement)

There has been lots of talk both locally and nationally that rents are about to take off.

Renters beware: Double-digit rent hikes may be coming soon amid rental vacancy rates that have dipped below the 10 percent mark, where they had been lodged for most of the past three years.

“Young people are starting to get rid of their roommates and move out of their parent’s basements,” said Peggy Alford, president of Rent.com, predicting the vacancy rate will hover at a mere 5 percent by 2012. With fewer units on the market, prices will explode.

Rent hikes have averaged less than 1 percent a year during the past decade, according to Commerce Department statistics, adjusted for inflation. Now, Alford expects rents to spike 7 percent or so in each of the next two years — to a national average that will top $800 per month.

In the hottest rental markets, the increases will likely top the 10 percent mark annually for the next couple of years. In San Diego, Alford anticipates rents will rise more than 31 percent by 2015. In Seattle rents will climb 29 percent over that period; and in Boston, they may jump between 25 percent and 30 percent.

Locally, construction continues on new rental towers and failed condo buildings are also being converted to rental buildings with the latest apparently being Lexington Park at 2138 S. Indiana in the South Loop.

From Crain’s:

Completed in fall 2009, the building has sat nearly empty for more than 18 months, as the South Loop condo market has shown few signs that it’s pulling out of its depressed state.

About 55% of Lexington Park’s 333 units had been under contract as of early 2010, but those deals were canceled, the spokesman says. Buyers have closed on just three condos in a seven-story portion of the project that has 36 loft units, according to property records.

Meanwhile, the downtown rental market is booming, one reason a switch to rental makes sense. Rents at downtown luxury apartments rose 7.2% last year and could rise another 7% to 8% this year, according to Chicago-based Appraisal Research Counselors.

Still, ST Residential will face tough competition from other former condo projects that recently went rental, such as Terrazio, 1935 S. Wabash Ave., and the 30-story Astoria Tower at Ninth and State streets, says Aaron Galvin, broker/owner of apartment marketing service Luxury Living Chicago.

They’ll also be “competing with the shadow condo market,” says Mr. Galvin, who isn’t involved in Lexington Park. “You still have a lot of individuals renting out their units and they can undercut (Lexington Park’s prices).”

One bedrooms are expected to rent in the range of $1300 to $1600 a month with 2-bedrooms between $1700 and $2100. By comparison, the 1 bedrooms in Terrazio are renting for $1500.

Are downtown rents going to skyrocket in 2011 and 2012?

South Loop condo tower converting to apartments [Crain’s Chicago Business, Andrew Schroedter, March 15, 2011]

Rents could jump double digits as vacancies drop [CNN, March 15, 2011]