Crib Chatter

It’s not often we chatter about an authentic loft like this one in the Piano Factory Lofts at 1335 W. Altgeld in Lincoln Park because Lincoln Park just wasn’t as industrialized as other city neighborhoods.

Converted into condos in the early 1990s, these lofts don’t skimp on space.

With 10-foot high ceilings, this 1000-square foot 1-bedroom has authentic loft features including timber ceilings and exposed brick.

The kitchen has white appliances.

The listing says the master bedroom has a new private bath with granite counter tops.

The loft has central air, in-unit washer/dryer and deeded parking.

It is also listed for $8,000 under the 2002 purchase price.

Is this a steal?

Mary Ann Genellie at Prudential Rubloff has the listing. See more pictures here.

Unit #1A: 1 bedroom, 1.5 baths, 1000 square feet

• Sold in October 1992 for $180,000
• Sold in May 1999 for $232,000
• Sold in March 2002 for $280,000
• Originally listed in August 2009 for $315,000
• Reduced several times
• Currently listed for $272,000
• Assessments of $255 a month
• Taxes of $3816
• Central Air
• In-Unit Washer/Dryer
• Deeded parking included
• Bedroom: 19×14

This 1-bedroom at the newer construction modern highrise at 550 N. St. Clair in Streeterville was recently reduced and is now listed $100k under its July 2010 list price.

It is also a short sale.

This building was hot in pre-construction in 2005-2006 as it is only a block off the Mag Mile. It also had the “in” contemporary look.

There’s no cherry in the kitchen here. It has modern gray cabinets and stainless steel appliances (but no island.)

The listing says it also has the desired west facing view.

The unit has central air, in-unit washer/dryer and it comes with a heated deeded parking space.

Records are a bit spotty for this unit, but it appears to be listed 45% under the 2009 purchase price.

Is this a deal?

Michael Michalak at Re/Max Signature has the listing. See the pictures here.

Unit #1306: 1 bedroom, 1 bath, no square footage listed

• Sold in January 2009 for $510,000? (per the Chicago Tribune)
• Was listed in July 2010 for $379,000
• Reduced
• Currently listed as a “short sale” for $279,000 (parking included)
• Assessments of $296 a month (includes doorman)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×11
• Kitchen: 12×6
• Living room: 17×14

We last chattered about this 5-bedroom vintage mansion at 629 W. Fullerton in Lincoln Park in February 2010.

See our prior chatter here.

It had 7,000 square feet of living space with all 5 bedrooms upstairs.

It also had a 2-car garage, 4 fireplaces, central air along with a new DeGiulio kitchen.

After about 3 years on the market, it finally sold this summer for about $1 million off the original listing price.

Is it all about price in this market?

Emily Sachs Wong at Koenig & Strey had the listing.

629 W. Fullerton: 5 bedrooms, 4 full baths, 2 half baths, 7000 square feet, 2 car garage

• Sold in June 1988 for $195,000
• Sold in August 1994 for $875,000
• Sold in June 2000 for $1.616 million
• Originally listed in August 2007 for $2.695 million
• Reduced several times
• Was listed in June 2009 for $1.995 million
• Was listed in February 2010 at $1.995 million
• Sold in July 2010 for $1.7 million
• Taxes of $12217
• Central Air

This 6-bedroom single family home at 1402 W. George in Lakeview has been on the market since June 2010.

It has been reduced $210,000 in the last 6 months and is now listed $80,000 under the 2004 purchase price.

The house has 11-foot ceilings and Brazilian cherry floors.

The kitchen has granite counter tops, double ovens and SubZero.

5 out of the 6 bedrooms are on the second and third floors.

There is a family room on the main level and a basement.

The house appears to be newer construction and is on a 25×125 lot with a 2-car garage.

The listing says it is in the Burley school district.

Is this now a deal?

Kathy Murphy at Baird & Warner has the listing. See the pictures here.

1402 W. George: 6 bedrooms, 4.5 baths, 2 car garage

• Sold in May 2002 for $510,000
• Sold in January 2004 for $1,070,000
• Listed in June 2010 for $1.2 million
• Reduced several times
• Currently listed for $990,000
• Taxes of $17,952
• Central Air
• Bedroom #1: 20×14 (second floor)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 12×9 (second floor)
• Bedroom #4: 12×15 (third floor)
• Bedroom #5: 10×15 (third floor)
• Bedroom #6: 17×10 (lower level)
• Family room: 20×18 (main level)

This 2-bedroom unit at 2831 N. Burling in Lakeview just came on the market.

It is bank owned and listed $103,100 under the 2005 purchase price.

From the listing pictures, it appears that the kitchen and bathrooms are intact. The kitchen has white appliances and cabinets.

It also looks like the unit has central air and in-unit washer/dryer. It does not have deeded parking, however.

This unit is now listed $2100 under the 1999 purchase price. Is it a deal?

Patrick Schaeffer at Solid Source Realty has the listing. See the pictures here.

Unit #1S: 2 bedrooms, 2 baths, 1250 square feet

• Sold in March 1996 for $192,000
• Sold in May 1999 for $255,000
• Sold in August 2000 for $303,000
• Sold in July 2004 for $342,000
• Sold in August 2005 for $356,000
• Lis pendens in August 2009
• Bank owned in August 2010
• Currently listed for $252,900
• Assessments of $200 a month
• Taxes of $4610
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 14×12
• Bedroom #2: 11×10

How low will 1-bedroom condos go in River North?

This 25th floor unit in the Admiral’s Pointe high rise at 645 N. Kingsbury is listed for just $100,000.

It has already gone under contract.

The 730-square foot unit has central air, in-unit washer/dryer and deeded parking included.  These are features not found in other low priced River North units such as those in 10 E. Ontario.

The kitchen even has the standard granite counter tops and there is 1.5 baths instead of just 1 bathroom.

$100,000 used to be the price for some studios in the neighborhood. Will this be the new price point for this part of River North?

Justin France at Keller Williams has the listing. See the pictures here.

Unit #2503: 1 bedroom, 1.5 baths, 730 square feet

• Sold in April 2002 for $219,500 (parking included)
• Sold in August 2005 for $256,500 (parking included)
• Lis pendens foreclosure filed in January 2009
• Listed in September 2010 as a short sale for $100,000 (parking included)
• Under contract
• Assessments of $453 a month (includes heat, A/C, doorman, cable)
• Taxes of $3007
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×11

This large 2-bedroom loft at 2120 W. Grand in West Town is listed for $99,900.

On the market since August 2009, it has recently come back on the market as a short sale.

It has now been reduced $245,000 from the original August 2009 listing.

They are accepting offers through November 15 with the highest and best offer then being presented to the bank at that time. I’ve been told there are already several offers on this unit.

The listing says that the loft was “rehabbed” just 3 years ago.

The kitchen has stainless steel appliances. The loft has exposed brick in some rooms.

There is central air but no washer/dryer in the unit and no deeded parking.

Priced about $130,000 below the prior 2006 purchase, is this a deal?

Brooke Daitchman at Dream Town has the listing. See more pictures here.

Or to see the unit in person, there are specific times for showings.

1. Thursday, Nov 11 at 6 pm
2. Friday, Nov 12 at Noon
3. Sunday, Nov 14 at 12-2 pm

Unit #D: 2 bedrooms, 1 bath, 1600 square feet

• Sold in November 2006 for $230,000
• Lis pendens filed in March 2008
• Originally listed in August 2009 for $344,900
• Reduced
• Was listed in September 2010 for $199,000
• Reduced
• Currently listed as a “short sale” for $99,900
• Offers due on November 15
• Asssessments of $196 a month
• Taxes of $2708
• Central Air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 25×22
• Bedroom #2: 10×19

Zillow reports that in September 32.9% of Chicagoland single family homes with mortgages were underwater, up from 27.2% a year ago, and higher than just 3 months before, in June, where it was 30.9%.

There was no separate data provided only for Chicago or for condos.

Zillow did provide data on September home sales in the city, however.

17.6% of the single family homes and 21% of condos that sold in September sold for a loss.

“Negative equity is going to continue to cast a pall over the housing market for the next several years,” said Stan Humphries, Zillow’s chief economist. “All these people are trapped in their homes and can’t move onto another one and it’s throwing off more foreclosures. For people who are not going to move anytime soon, it is much more of an academic issue. For people who need to move or who encounter an economic issue, it’s a material issue.”

The Illinois Association of Realtors also released its quarterly sales data yesterday.

Given that we follow the monthly sales pretty closely here on Crib Chatter, it’s not surprising that the third quarter sales were down 23.1% in Chicago to 4,477 sales from 5,820 sales in 2009.

The third quarter median price also declined 16.1% to $192,900 from $230,000 in the third quarter last year.

“The third quarter of 2010 reflects a different marketplace than the same period in 2009, when buyers were incentivized with $8,000 and $6,500, respectively, for first-time and move-up home purchases,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. “Today, tightened credit practices paired with a lack of consumer confidence continue to make homebuying a challenge for those potentially on the fence. Positive signs, however, can be seen in the stabilization of the average price in the city of Chicago and the ongoing investment in distressed properties throughout the city.”

Tax Credit Effect Evident in Illinois Third Quarter Home Sales; Sales Down 24.0 Percent, Median Price at $154,000 [Illinois Association of Realtors, Press Release, November 10, 2010]

A third of Chicago-area homes underwater [Chicago Tribune, Mary Ellen Podmolik, November 10, 2010]

This 2-bedroom unit at 525 W. Hawthorne in Lakeview just came on the market.

It is bank owned and listed for about 38% under the 2004 purchase price.

The high rise building was constructed in 1969 but was converted to condos in 2003/2004. There are about 230 units.

This is the cheapest 2-bedroom unit currently on the market in the building.

From the pictures, it appears to have the kitchen and bathrooms intact. The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

If you’re wondering what these units would rent for, look no further than #1503 which is currently on the rental market for $2050 a month plus $200 for parking. It has the same kitchen.

Check out the pictures of the rental unit here.

Compared to the rental price, is this unit a steal?

Rakesh Parikh at Keller Williams Lincoln Park has the listing. See the pictures here.

Unit #1803: 2 bedrooms, 2 baths

• Sold in June 2004 for $339,000
• Lis pendens in December 2008
• Bank owned in August 2010
• Currently listed for $209,900 (deeded parking available)
• Assessments of $617 a month (includes heat, a/c, doorman, pool)
• Taxes of $4482
• Central Air
• No washer/dryer in the unit
• Bedroom #1: 16×11
• Bedroom #2: 15×11
• Kitchen: 9×9
• Living room: 25×15

This top floor 3-bedroom unit at 1429 W. Catalpa in Andersonville has more square footage than most single family homes at the same price in the neighborhood.

At 3000 square feet, the listing says it is a combined unit. There are just 5 units in the vintage 1913 era building.

It has a master suite complete with a fireplace and a sunroom.

The unit has skylights, a private rooftop deck, central air and washer/dryer in the unit.

It also has some of the amenities of a single family home, actually, including a 2-car garage.

The kitchen appears to have stainless steel appliances and granite counter tops.

On the market for 13 months, it has been reduced only $10,000 in that time.

Is Andersonville not quite so “hot” over the $500,000 price level?

Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 2 baths, 3000 square feet, 2 car garage parking

• Sold in April 1995 for $258,000
• Originally listed in October 2009 for $559,000
• Reduced
• Currently listed at $549,000
• Assessments of $412 a month (includes heat and gas)
• Taxes of $6730
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×12
• Bedroom #2: 12×12
• Bedroom #3: 14×13