Crib Chatter

Since the topic of what to tip building staff has come up more than once, this might be a good time to discuss it.

There are many different questions about what to tip for the holidays. Here are just a few:

1. If you are simply a renter, do you need to tip?
2. I have heard that you should tip one month’s assessment. So if you pay $450, it should be $450. Is that the norm?
3. What if you have valet parking in the building?  (where staff literally gets your car for you everyday.) Is there extra tipping involved for that?
4. What happens if you DON’T tip? Every building I have lived in – it has been voluntary contributions. Will your packages suddenly become “lost”?

Discuss away.

And, as always, try and be civil.

This 3-bedroom vintage unit at 3800 N. Lake Shore Drive in Lakeview has been on and off the market since June 2007.

It is now a short sale and is listed for $229,000 under the original 2007 listing price.

It is also listed for $32,500 under the 2000 purchase price.

The building was constructed in 1927 and has 94 units.

There is rental parking available on-site for $170 a month, which is somewhat rare for the big vintage condo/co-op buildings on the Drive.

The unit has some of its vintage features including an 18 foot gallery foyer with coved ceilings and crown molding.

There is space-pac cooling but no in-unit washer/dryer (though it looks like, from other units, it can be installed.)

Unit #5E which has no pictures but the listing says has a new kitchen is also on the market and has just been reduced to $314,999.

How low will these large vintage condos go before they sell?

Maria Schmidt at @Properties has the listing. See the pictures here.

Unit #14E: 3 bedrooms, 2 baths, 2150 square feet

• Sold in December 2000 for $372,500
• Originally listed in June 2007 for $569,000
• On and off the market and reduced several times
• Lis pendens foreclosure filed on April 2010
• Reduced
• Currently listed as a “short sale” for $340,000
• Parking is rental at $170 a month
• Assessments of $1150 a month (includes heat, cable)
• Taxes of $7909
• Space pac cooling
• No in-unit washer/dryer (looks like it can be added)
• Bedroom #1: 17×12
• Bedroom #2: 16×12
• Bedroom #3: 10×9

This 6-bedroom Queen Anne at 1444 W. Glenlake in Edgewater Glen came on the market in August 2010.

It has been reduced $50,100 since then.

Built in 1894, it is on an oversized 45×125 lot which gives you plenty of yard to spread out in.

The house has some of its original features including the clapboard and french windows on the porch.

It also has 2 staircases.

4 of the 6 bedrooms are on the second level with the other 2 on the 3rd floor.

The listing says the kitchen has subzero but I can’t really see that in the pictures (you be the judge.)

The house has space pak cooling but only a 1-car garage.

The listing says the house is in the Pierce school district.

Is this attractively priced at this level for the neighborhood?

John Wyman at @Properties has the listing. See the pictures here.

1444 W. Glenlake: 6 bedrooms, 2.5 baths, no square footage listed, 1 car garage

• Sold sometime before 1986
• Originally listed in August 2010 for $750,000
• Reduced
• Currently listed for $699,900
• Taxes of $8711
• Space pak cooling
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 12×10 (second floor)
• Bedroom #5: 16×11 (third floor)
• Bedroom #6: 12×11 (third floor)

It’s been awhile since we chattered about the Jackson Park Highlands neighborhood in the South Shore.

This 6-bedroom English manor at 6909 S. Cregier was built in 1931.

The neighborhood is a Chicago landmark district. Founded in 1905 it is only a few blocks long- starting at 67th and ending at 71st Street.

This 7000 square foot house was built in 1931 on a huge lot measuring 100×135.

It has some of its original features including a grand master staircase made out of birch, cherry, mahogany and walnut.

The solarium has the original marble and granite checker floors.

The listing calls the kitchen a “chef’s kitchen”.

4 out of the 6 bedrooms are on the second floor and 2 are on the third. There is also a library on the main level.

It has central air and a 2-car garage.

Shirley Amico at Koenig & Strey Real Living has the listing. See the pictures here.

6909 S. Cregier: 6 bedrooms, 5 baths, 7000 square feet, 2 car garage

• Sold in April 1989 for $9,500 (typo?)
• Sold in November 1991 for $430,000
• Lis pendens foreclosure filed in January 2010
• Originally listed in July 2010 for $1.5 million
• Currently still listed for $1.5 million
• Taxes of $9346
• Central Air
• Bedroom #1: 21×20 (second floor)
• Bedroom #2: 16×13 (second floor)
• Bedroom #3: 15×14 (second floor)
• Bedroom #4: 17×16 second floor)
• Bedroom #5: 17×10 (third floor)
• Bedroom #6: 11×10 (third floor)
• Library: 15×15 (main level)

Back in May 2010 we chattered about whether or not it mattered if a property was “Nate Berkus designed” as the listing says it is for this 2-bedroom penthouse at 632 W. Wrightwood in Lincoln Park.

See our prior chatter here.

Most of you concluded that it didn’t matter so much.

6 months later, the unit is still available, and has been reduced $49,000. It is now listed by Redfin as a short sale (although the listing doesn’t say as much.)

It is also listed $80,000 under the 2005 purchase price.

The top floor unit has vaulted ceilings, skylights and private deck.

It is an elevator building, so there is no concern about hauling groceries up five levels of stairs.

The kitchen has white cabinets and appliances along with granite counter tops. Could a lack of stainless steel appliances be dating this unit?

At 1800 square feet, it is among the roomier 2-bedroom units. It also has 2 parking spaces included, which is rare in East Lincoln Park at this price point.

Will this unit be going back to 2000 pricing?

Sophia Worden at Prudential Rubloff still has the listing. See the pictures here.

Unit #5W: 2 bedrooms, 2 baths, 1800 square feet, 2 car parking

• Sold in April 1996 for $320,000
• Sold in June 1999 for $435,000
• Sold in June 2000 for $498,000
• Sold in May 2005 for $630,000
• Originally listed in October 2008
• Was listed in May 2010 for $599,000
• Reduced
• Currently listed for $550,000
• Redfin lists it as a “short sale”
• Assessments of $310 a month
• Taxes of $6084
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×13
• Bedroom #2: 13×11

This 4-bedroom single family home at 2245 N. Greenview in Lincoln Park has been on the market since April 2010.

In that time it has been reduced $55,000.

It is now listed for $130,000 under the 2007 purchase price.

The house was built in 1989 on a oversized 15×130.6 lot.

It has a coach house and a greenhouse/sun room along with a 2 car garage.

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

Only 2 of the 4 bedrooms are on the second floor, with a third in the basement and a fourth on the main floor (or is that in the coach house?).

What will it take to sell this house?

Joanne Nemerovski at Prudential Rubloff has the listing. See the pictures here.

2245 N. Greenview: 4 bedrooms, 4.5 baths, 2 car garage, 3300 square feet

• Sold in March 1990 for $210,000
• Sold in March 1993 for $275,500
• Sold in April 2001 for $610,000
• Sold in May 2007 for $1.425 million
• Originally listed in April 2010 for $1.35 million
• Reduced
• Currently listed for $1.295 million
• Taxes of $13,035
• Central Air
• Bedroom #1: 18×16 (second floor)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 16×14 (basement)
• Bedroom #4: 11×10 (main floor)

The new luxury hotel/condo building, The Elysian at 11 E. Walton in the Gold Coast has been defying the luxury sales downturn as the building has nearly sold out.

(It is the tall building on the left.)

Crain’s reported on November 9 that 45 out of 51 units had sold. See the Crain’s story here.

Now, for fun, all of us can get a peek inside the $10 million penthouse duplex.

At 12,000 square feet the 5-bedroom unit occupies both the 56th and 57th floor.

It is a “vanilla box” meaning the buyer would have to build it out.

4 out of the 5 bedrooms are on the second floor. It also has a game room and 4 car parking.

It has 20 foot ceilings and views of the entire downtown.

It came on the market in September and was recently reduced $700,000.

Any guesses on what this sells for?

Pamela Sage at Baird & Warner has the listing. See all the pictures here.

Unit #PH 56-57: 5 bedrooms, 6.5 baths, 12,000 square feet

• Originally listed in September 2010 for $10.5 million
• Reduced
• Currently listed at $9.8 million
• Assessments of $7,800 a month (includes doorman, pool, clubhouse, exercise room)
• Taxes are “new”
• Central Air
• 4 car parking
• Bedroom #1: 23×17
• Bedroom #2: 14×17
• Bedroom #3: 17×20
• Bedroom #4: 12×16
• Bedroom #5: 17×22 (main level)
• Game room: 14×26

We’ve seen prices roll back to 1999 levels in some neighborhoods but I believe this 5-bedroom tudor home at 5501 W. Byron in Portage Park is the first I’ve seen listed at the 1998 purchase price.

It is a short sale.

Built in 1940 on a 31×124 lot, the vintage brick tudor also has a 2-car garage.

2 out of the 5 bedrooms are on the second floor with the other 3 on the main level.

It has central air and a finished basement.

Is this a deal?

Michael Sorensen at Re/Max City has the listing. See the pictures here.

5501 W. Byron: 5 bedrooms, 2.5 baths, 2317 square feet, 2 car garage

• Sold in August 1998 for $200,000
• Lis pendens foreclosure filed in June 2009
• Just listed as a “short sale” for $200,000
• Taxes of $4536
• Central Air
• Bedroom #1: 23×12 (second floor)
• Bedroom #2: 17×15 (second floor)
• Bedroom #3: 13×11 (main level)
• Bedroom #4: 13×11 (main level)
• Bedroom #5: 11×8 (main level)

This full floor raw space at 152 W. Huron in River North is waiting to be built out.

It is 4000 square feet with 14 foot ceilings and exposed brick.

The loft is 45 feet across and has south, north and eastern views. There is also an elevator that opens directly into the unit.

As you can see from the pictures, you need some vision to imagine your home here.

There is a south facing balcony and a common roofdeck. It also includes one garage parking space.

If you need some direction on what the space could look like, check out Unit #3 which just came on the market for $2.1 million.

It is a modern loft space with 3 bedrooms and 3.5 baths. Jennifer Ames at Coldwell Banker has that listing. See the interior pictures here.

At the current list price on Unit #4, is this a deal for someone who wants to customize?

Sam Shaffer at Chicago Properties Inc. has the listing. See more pictures here.

Unit #4: 4000 square feet of raw space, 1 garage parking space

• Sold in July 2003 for $870,000
• Originally listed in July 2010
• Currently listed for $699,000
• Assessments of $1566 a month (includes heat and gas)
• Taxes of $15,433
• Central Air

Crain’s is reporting that due to too many people wanting to rent, and not enough willing to buy condos or other property, that there won’t be enough apartments to house all those who want to rent one downtown.

The result?

Downtown apartment rents are expected to jump anywhere from 8% to 10% in 2011.

This despite a nearly 10% unemployment rate.

“I think we are poised for some rent spikes next year because demand is so high,” says Ron DeVries, vice-president at Appraisal Research Counselors. “Everyone wants to rent.”

Demand for downtown apartments has outpaced supply, even as developers have built nearly 5,600 units over the past three years amid the worst economy since the Great Depression. That combination would normally make life miserable for landlords, but the depressed condominium market and shaky economy have saved them by encouraging more people to rent instead of buying.

“Renting just allows for flexibility in your life, and when people are uncertain, they want flexibility,” says David Lynd, president and chief operating officer of the Lynd Co., a San Antonio-based developer that recently completed EnV, a 249-unit apartment tower in River North.

Renters are choosing to rent in the luxury buildings even over renting the luxury condos, probably due to lower downpayment requirements and some lease incentives.

But the most surprising indicator of demand is absorption, or the change in the number of occupied apartments. Downtown landlords have rented out an additional 2,076 units since the end of 2009, an 11.7% increase, according to Appraisal Research. At the current rate, 2010 will go down as the best year for absorption since at least 2001, the earliest year for which figures are available.

And that’s despite a weak job market, usually the most important driver of demand for apartments. The Chicago area still had 69,300 fewer jobs in September compared with year earlier, but jobs are coming back, a good trend for landlords.

Developers have added 2,324 apartments to the downtown market in 2010, the most since at least 1999, the result of a construction boom that began before the financial crisis choked off development. With no new projects under way, it could be two years or more before apartment supply increases again, which could shift the market even more back in landlords’ favor.

“It’s a pretty tight market,” Mr. DeVries says. “It’s going to tighten down next year.”

Crain’s said several condo towers could go rental shortly including Lexington Park and Astoria Tower in the South Loop which will add to the inventory, but even that doesn’t appear to be enough to meet the demand.

Is renting now “cool” and owning passe?

Big rent hikes foreseen for downtown apartments [Crain’s Chicago Business, Alby Gallun, November 15, 2010]