Crib Chatter

This 2-bedroom unit at 1350 W. Fullerton in Lincoln Park has been on and off the market since July 2009.

In that time, the unit has been reduced $69,910.

It is now listed for $400 above the 2002 purchase price (when the parking space is included.)

The listing says the owner spent $65,000 in upgrades including 2 new bathrooms.

The unit is wired for sound and 3 flat panel televisions.

The kitchen has black appliances (and I can’t tell what kind of counter tops.)

Will this finally sell below even the 2000 purchase price?

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

Unit #410: 2 bedrooms, 2 baths, 1350 square feet

• Sold in May 1998 for $235,000
• Sold in November 2000 for $350,000
• Sold in July 2002 for $389,500
• Originally listed in July 2009 for $419,900
• Reduced several times and then Delisted
• Listed in October 2010 for $359,000
• Reduced
• Currently listed for $349,990 (plus $40,000 for heated garage parking)
• Assessment of $369 a month (includes cable, gas)
• Taxes of $4487
• Central Air
• Washer/Dryer
• Bedroom #1: 16×12
• Bedroom #2: 12×12

This 2-bedroom duplex loft at 720 S. Dearborn in Printers Row has a unique loft layout.

The building is one of the street’s old printing factories and now has been converted into 57 lofts.

The loft has many authentic features including 12 foot high ceilings and exposed brick with a wide open first floor layout.

Both bedrooms are on the second floor.

The kitchen has custom cabinets and stainless steel appliances as well as granite counter tops.

As is common in many of the loft buildings in Printers Row, there is no deeded parking directly with the building. It is available for rent in the neighborhood or you can purchase a spot at 801 S. Plymouth.

The loft does have central air and in-unit washer/dryer, however.

The listing says the seller is motivated.

Tom Feddor at Castle Keepers Realty has the listing. See more pictures and a virtual tour here.

Unit #1006: 2 bedrooms, 1.5 baths, 1700 square feet

• Sold in July 2001 for $265,000
• Sold in December 2004 for $307,500
• Originally listed in June 2010 for $429,900
• Reduced
• Currently listed at $399,990
• Assessments of $923 a month (includes heat and a/c)
• Taxes of $4474
• Central Air
• Washer/Dryer in the unit
• No parking (rental or purchase in the neighborhood)
• Bedroom #1: 12×14
• Bedroom #2: 18×12

As expected given the preliminary numbers we’ve seen from many with access to the MLS, sales in Chicago in October fell off a cliff.

It was the lowest number in the last 4 years.

From the Illinois Association of Realtors:

October home sales were down 39.5 percent to 1,217 sales compared to 2,012 homes sold in October 2009.

The city of Chicago median price in October 2010 was $183,000, down 14.9 percent compared to $215,000 a year ago in October 2009. The year-to-date median sales price for the city of Chicago is down 7.3 percent to $208,500 from $225,000 in 2009.

The statistics for the last 4 years:

1. October 2010: 1217 sales
2. October 2009: 2012 sales (impacted by the first time homebuyers tax credit)
3. October 2008: 1566 sales
4. October 2007: 1959 sales

The Association, trying to spin these numbers, optimistically points out that sales are up 4.6% in the first 9 months of the year to 16,502 from 15,772 in 2009.

Will that hold in the final two months?  

2009 saw a boost in November due to the end of the first time tax credit. We will not be seeing that this year.

“Tightened credit and an increase of distressed assets remain concerns for the city’s housing market,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “On a positive note, it appears as though the market is stabilizing, with only a 0.7 percent decrease in the October 2010 condo market’s average price over the same period in 2009, and nearly a quarter percent increase, respectively, in the city’s single family homes.”

Unemployment, which was 9.8% in Illinois in October, and foreclosures and delinquencies, both which have been increasing, will continue to impact the market.

“The Midwest continues to feature a housing market that is struggling to recover and the story in both Illinois and Chicago reflects the experience of the broader geographic region,” said Geoffrey J.D. Hewings, the Director of the Regional Economics Applications Laboratory at the University of Illinois. “The uncertainties generated by the foreclosure lawsuit processes may provide some temporary decrease in the number of foreclosed properties entering the market. However, this is likely to be short-lived; moreover, once the legal problems clear a backlog of discounted properties will enter the market.”

Illinois Median Price in October Holds Steady from September; Home Sales Activity Up Year-to-Date [Illinois Association of Realtors, Press Release, November 23, 2010]
 

Crain’s checked in with Appraisal Research for an assessment on new construction downtown condo sales for the third quarter. It should be no surprise that the numbers aren’t great.

Downtown developers sold 111 condos and townhomes in the third quarter, down from 150 in the second quarter but up from 56 a year ago, according to a report by Appraisal Research Counselors, a Chicago-based consulting firm.

Given current sales figures, developers are on track to sell about 600 units in 2010 which is about the same as 2009 and 2008. Remember, at the height of the boom they were selling anywhere from 6,000 to 8,000 units a year.

Many of the downtown sales this year were due to closings in some of the upscale buildings like the Elysian, Walton on the Park and 10 E. Delaware. On the flip side, other sales were due to prices being slashed by as much as 30% in some buildings like SoNo.

“Right now, we’re just kind of glued in place,” says Appraisal Research Vice-President Gail Lissner. “We’re just not seeing a lot of movement.”

As some condo towers go rental (Crain’s points out that Astoria Tower in the South Loop may soon add another 200 rental units to the rental market) and there is virtually no new construction being started, inventories have really started to shrink.

Developers had 3,402 unsold units at the end of the quarter, down from 7,689 in third-quarter 2007, according to Appraisal Research.

Some developers, like CMK, have been given loan extensions in order to ride out the worst of it.

“There are fewer and fewer competitors every quarter,” says Colin Kihnke, president of CMK Development Corp., the Chicago-based developer of a 46-story tower at 235 W. Van Buren St.

Buyers have signed contracts for about 460, or 64%, of the building’s 714 condos and closed on roughly 40% of the units, he says. With about 250 condos left, CMK isn’t out of the woods yet, but it has plenty of time to get the job done. The project’s construction loan doesn’t come due until 2013, including extensions written into the loan agreement, Mr. Kihnke says.

In addition, 235 W. Van Buren offers lower-priced units that appeal to first-time buyers, the strongest segment of the market. Condos in the building start at $179,900 for a studio and run up to $1.1 million for a penthouse, with an average price of $319 a square foot, according to Appraisal Research.

Still, sales have been slow at the building, which has reported just 20 purchase contracts in the past year. And the tight lending climate remains an obstacle, even though mortgage rates are near historic lows.

“You’ve got to work with a purchaser who may need to pay off a credit-card bill or pay off a car (to qualify for a loan) — crazy stuff,” Mr. Kihnke says. “It’s a different world.”

With inventories shrinking, will we soon see demand really start to pick up for new product? If so- when?

2012?

2013?

2014?

Downtown condo sales ‘kind of glued in place’ [Crain’s Chicago Business, Alby Gallun, November 22, 2010]

We last chattered about this 2-bedroom unit in The Palmolive at 159 E. Walton in the Gold Coast in September 2009.

See our prior chatter here.

At that time, the unit was a short sale and had gone under contract within 3 weeks. It had been heavily commented on in the media due to it being located in one of the Gold Coast’s most popular luxury buildings.

Basically, the gist of the media reports was, “even the rich are struggling.”

It looks like it fell out of contract at that time because it was re-listed in February 2010 for $1.15 million.

It has finally closed with a sales price of $1 million (the parking was not bought with the unit.)

That is 31% under the 2006 purchase price. It sold for $536 a square foot.

Did someone get a deal? 

If you have a redfin account you can see the pictures.

Carol Collin at Baird & Warner had the listing.

Unit #13B: 2 bedrooms, 2.5 baths, 1867 square feet

• Sold in May 2006 for $1.307 million
• Originally listed in February 2007 for $1.8 million
• Reduced several times
• Withdrawn in October 2007 at $1.6 million
• Re-listed in March 2008 at $1.629 million
• Reduced
• Withdrawn in October 2008 at $1.55 million
• Short Sale and re-listed in August 2009 for $1.15 million (plus $50k for parking)
• Under contract in September 2009
• Re-listed in February 2010 for $1.15 million (plus $50k for parking)
• Sold in November 2010 for $1 million (no parking included)
• Assessments of $1,347 a month
• Taxes of $10,000

This new 4-bedroom contemporary single family home at 1214 N. Rockwell in West Town (the East Humboldt Park neighborhood) is unique for several reasons.

It is both a single family home (in an area where new multi-unit developments, until recently, were king) and it is priced under $400,000.

The house is described in the listing as a “Smart Tech Home”.

It has flaxseed sealed oak hardwood floors and an Eco burning fireplace. They used no VOC paint.

The listing says it has “endless LEED appointments.”

3 of the 4 bedrooms are on the second floor with the fourth on the main floor.

It has a floating staircase and the bathrooms have vessel bowl sinks.

There is a 2-car garage on a 24×102 lot.

From the County Assessor pictures, it appears this was just an empty lot before the house was built.

Is this an attractive price for a new 2400 square foot home?

Karen Biazar at North Clybourn Group has the listing. See the pictures here.

1214 N. Rockwell: 4 bedrooms, 2.5 baths, 2 car garage, 2400 square feet

• Sold in June 2007 for $300,000
• Lis pendens filed in December 2008
• Bank owned in September 2009
• Sold in September 2009 for $41,000
• Currently listed for $369,000
• Taxes are “new”
• Central Air
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×9 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 8×10 (main floor)

It’s that time of the year again where we pause to give thanks.

But given that the “s” word is being bandied about (shhh…snow) and how some of you get somewhat bored waiting for your turkey dinner to be served (you know who you are), I decided that this year I will be posting on Thanksgiving.

I will also be posting on Black Friday for those of you who get up at 4 am and are back home by 7 am and/or those who actually have to go into work (the banks and federal government are open.)

The schedule will be as follows:

1. Thanksgiving Day: 1 new post
2. Black Friday: 2 new posts

At least this will give us all something new to chatter about.

I hope everyone has a good holiday.

We last chattered about this 2-bedroom townhouse at 1352 S. State in the South Loop in July 2009.

See our prior chatter and pictures here.

In the nearly 16 months since, the townhouse has been reduced $70,000.

In July 2009 some of you thought this might sell for the mid-$400,000s. It is now listed for $469,000.

With 1860 square feet on 3 levels, the townhouse has both bedrooms on the upper floor.

It also has a family room on the first level while all the other living spaces are on the second floor.

The townhouse has skylights and a 1-car garage with a second space on the parking pad. If you really need 3 spaces, there is a third spot available for another $10,000.

The kitchen has stainless steel appliances.

The listing says the townhouse is in the highly coveted South Loop Elementary school district.

Is this finally priced to sell?

Frederic Scovell at Keller-Williams West Loop still has the listing. See the pictures here.

1352 S. State: 2 bedrooms, 2.5 baths, 1860 square feet, 1 car parking

• I couldn’t find an original sales price but it looks like there has only been 1 owner since the early 1990s
• Originally listed in April 2009 for $539,000
• Was listed in July 2009 at $539,000
• Reduced
• Currently listed at $469,000
• Assessments of $85 a month
• Taxes of $4342
• Central Air
• Third parking spot available for $10k
• Bedroom #1: 11×14 (third floor)
• Bedroom #2: 16×10 (third floor)
• Family room: 11×13 (first floor)

We last chattered about this 1929 vintage house at 3019 W. Ardmore in Peterson Woods in September 2010.

See our prior chatter and pictures here.

It has since been reduced $44,000.

The house is an estate sale.

It has amazing original vintage beauty like leaded glass, arched doorways, coved ceilings and the original kitchen and baths.

Built on a 45×192 oversized lot, it has a 2-car detached garage but no central air.

In our prior chatter, most of you were unsure of the price.

Now that it’s been reduced, is this home now attractively priced?

Terry Silis at Baird & Warner still has the listing. See more pictures here.

3019 W. Ardmore: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed

• It is an estate sale- original sales price is before 1990
• Originally listed in August 2010
• Was listed in September 2010 for $489,000
• Reduced
• Currently listed for $445,000
• Estate sale
• Taxes of $6759
• No central air
• Bedroom #1: 15×15
• Bedroom #2: 12×13
• Bedroom #3: 13×11

This 3-bedroom duplex down unit at 3125 N. Clifton in Lakeview has been on the market since April 2009.

It has now been reduced $104,100 from the original April 2009 listing price.

The unit is also listed $45,100 under the 2006 purchase price.

The 3-unit building was built in 1999.

2 out of the 3 bedrooms are on the main level with the third in the duplex down.

There is also a big 28×17 lower level family room.

The kitchen has 42 inch cabinets, granite counter tops and black appliances.

The unit has the much coveted 2-car parking.

Is this a deal?

Ron Hollaender at Coldwell Banker has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2.5 baths, no square footage, 2 car parking

• Sold in September 1999 for $386,000
• Sold in January 2002 for $432,000
• Sold in December 2005 for $570,000
• Originally listed in April 2009 for $629,000
• Reduced several times
• Was reduced in July 2010 to $524,900
• Currently listed at $524,900
• Assessments of $182 a month
• Taxes of $5932
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13 (main level)
• Bedroom #2: 12×8 (main level)
• Bedroom #3: 12×8 (lower level)
• Family room: 28×17 (lower level)