Crib Chatter

We last chattered about this 2-bedroom loft in the Gotham Lofts at 417 S. Jefferson in August 2010 after it had been reduced $10,000.

See our August chatter and pictures here.

On the market not even 2 years after its last purchase, it sold in September 2010 for $38,500 under the 2008 purchase price.

The latest sale was also under the 2002 purchase price.

The loft had exposed brickwork and original beams. The kitchen had stainless steel appliances and granite counter tops.

The unit had a washer/dryer in the unit, central air, and deeded parking. There was also a view of the Willis Tower from the balcony.

The 1-bedrooms in this building used to sell for around this price. Did someone get a deal on this 2-bedroom?

Sheri Blakely at Sudler Sotheby’s had the listing.

Unit #205: 2 bedrooms, 2 baths, 1255 square feet

• Sold in July 2000 for $260,500
• Sold in April 2002 for $270,000
• Sold in July 2005 for $315,000
• Sold in December 2008 for $302,500
• Originally listed in June 2010 for $285,500 (included the parking)
• Listed in July 2010 for $255,000 (parking $30,000)
• Reduced
• Was listed in August 2010 for $245,000 (parking $30,000)
• Sold in September 2010 for $264,000 (parking included)
• Assessments of $457 a month
• Taxes of $4384
• Central Air
• In-unit washer/dryer
• Bedroom #1: 13×12
• Bedroom #2: 14×10

Looking for something unique? This 2-bedroom duplex up at 159 W. Goethe in Old Town was recently reduced $10,000.

It is now listed for $10,000 under the 2004 purchase price.

The unit has exposed brick, a wood burning fireplace and wood trim as well as a spiral staircase leading to the second floor bedrooms.

The listing says the kitchen is “brand new” with Miele and GE Profile stainless steel appliances, granite counter tops and a slate floor.

The bathrooms have been “renovated.”

There is central air and an in-unit washer/dryer but no deeded parking. Looks like rental parking is available off-site.

Compared to other similar properties in Old Town, is this a deal?

Jeanine Wheeler at @Properties has the listing. See the pictures here.

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

• Sold in June 1994 for $130,000
• Sold in April 2004 for $360,000
• Originally listed in April 2010 for $375,000
• Reduced
• Currently listed for $350,000
• Assessments of $272 a month
• Taxes of $3419
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12 (second floor)
• Bedroom #2: 11×10 (second floor)

This 4 bedroom unit at 474 N. Lake Shore Drive in Streeterville has 3 exposures: west, east and south so you have city and lake views.

It also has a prime 800-square foot private terrace with a built-in grill, hot tub and Trex decking. Only units on the 16th floor have outdoor space in the building.

The listing says the 4500 square foot unit is a combined unit.

For those of you who like to cook, it has not just 1 but 3 kitchens.

The unit also has a unique private entry maid’s room.

On the market since April 2009, it has been reduced $196,000.

Kimberly Jones at Baird & Warner has the listing: See the pictures here.

Unit #1606: 4 bedrooms, 5 baths, 3 kitchens, 4500 square feet

• Sold in November 2005 for $1,002,500
• Originally listed in April 2009 for $1.995 million
• Reduced
• Currently listed for $1.799 million
• Assessments of $2439 a month (includes heat, a/c, cable, doorman and pool)
• Taxes of $13470
• Central Air
• It doesn’t list an in-unit washer/dryer but it is allowed in the building if it already doesn’t have it
• It says 4-car parking not sure if that is extra
• Exercise room: 23×20

This 4-bedroom Prairie-style home with a wrap-around front porch at 1522 W. Chase in Rogers Park was built in 1916.

Built on an oversized 50×150 Chicago lot, the house has most of its vintage features intact including bull’s eye molding, wood columns and cornices, curved leaded stained glass and Tiger’s Eye paneling in the dining room.

There are two wood burning fireplaces, including one in the master bedroom which also has a separate solarium.

There is also an intriguing “maid’s staircase” in addition to the grand staircase and foyer.

All 4-bedrooms are on the second floor.

There is no central air, however (window units only) and no garage- although the listing says there is plenty of room for one.

The more updated Prairie style home directly across the street has been on the market for nearly two years and has been reduced to $649,000 (last sold in 2004 for $599,000).

But 1522 W. Chase is listed for $224,000 less.

Is this a deal?

Connie Abels at Re/Max Northcoast Realty has the listing. See the pictures here.

1522 W. Chase: 4 bedrooms, 2 baths, 4000 square feet, no garage

• Sold in July 1983 for $132,000
• Currently listed for $425,000
• Taxes of $8327
• No central air
• Bedroom #1: 17×16
• Bedroom #2: 16×14
• Bedroom #3: 15×14
• Bedroom #4: 12×10

The Sterling, at 345 N. LaSalle, in River North once had the infamous title as the #1 foreclosure high rise condo building in the city.

We’ve been chattering about the foreclosures and short sales in the building since Crib Chatter launched in September 2007.

In the last 18 months to 2 years, while foreclosures continued in the building, prices seemed to have stabilized for the 2/2 units at around $250,000.

Two 01-tier 2-bedrooms sold as recently as June for the following:

1. Unit #2001: sold in June 2010 for $255,000
2. Unit #2201: sold in June 2010 for $250,000

But this 14th floor bank owned 2-bedroom recently came on the market at $237,500.

It hasn’t sold and was recently reduced $22,500.

There are no interior pictures so we don’t know if the kitchen and baths are in place (in some of the other sales, everything was intact.)

Unit #1701 is currently listed at $235,125 and is currently under contract (but that is also under the recent norm for sales of 2/2s in the building.)

Are prices double dipping in the building or is this one unit an aberration?

Timothy Blomquist at The Lake Shore Drive Group has the listing. See the listing here (no interior pics).

Unit #1401: 2 bedrooms, 2 baths, 1160 square feet

• Sold in April 2003 for $424,000
• Lis pendens filed in March 2008
• Bank owned in October 2009
• Originally listed in September 2010 for $237,500
• Reduced
• Currently listed for $215,000
• Assessments of $524 a month
• Taxes of $5055
• Central Air
• There are washer/dryer hook-ups in the unit
• Parking is rental in the building
• Bedroom #1: 12×10
• Bedroom #2: 16×11

The townhomes at LakeShore East, such as this one at 427 E. Benton, were eagerly anticipated as an alternative to the high rise lifestyle of the development.

This 3-bedroom, 3-level townhouse has been on the market since September 2009.

At 3739 square feet, it has a private elevator and an 800 square foot rooftop terrace.

The townhouse has a “gourmet kitchen” with Miele and SubZero appliances.

2 of the 3 bedrooms are on the third level with the third bedroom on the second, where there is also a family room.

The listing says that the assessments include the Aqua amenities (which is located across the park from these townhouses.)

Will these townhouses be a popular alternative to high rise living in this neighborhood?

Magellan Realty has the listing. See the pictures here.

427 E. Benton Place: 3 bedrooms, 3.5 baths, 3739 square feet, 2 heated garage spaces

• Listed in September 2009 for $2 million
• Currently listed for $2 million
• Assessments of $994 a month (includes cable, parking, aqua amenities)
• Taxes are “new”
• Bedroom #1: 16×13 (third floor)
• Bedroom #2: 13×9 (second floor)
• Bedroom #3: 13×11 (third floor)

The Chicago Tribune reported this weekend on a growing problem in many condo conversion and new construction buildings in Chicago: poor construction and developers who flee the scene.

Condo buyers are then left holding the bag while the value of their condos fall due to both market conditions and the problems in the building.

This tale begins in the summer of 2007.

She was 33. She’d staked her future, along with her earnings as an editor at a non-profit educational program, in that 800-square-foot condo on Chicago’s Northwest Side.

“It was time to have something,” she says, thinking back. “This is what you’re supposed to do: buy a small property. It gains in equity. Then you’re more secure. It totally worked for our parents.”

She had especially looked forward to painting her walls. She was so tired of “rental white.”

It seemed like a stroke of good luck when, a few days later, she got a new mortgage. She drove back to West Byron Street. The 1920s building was a typical Chicago condominium conversion, old brown brick and concrete, newly tricked out with granite countertops, hardwood floors and spa bathtubs.

The residents of the seven other finished condos were like her, in their 20s and 30s, excited to own their first homes.

There was Greg, who worked at a car rental agency. Linda, a nurse. Elliott, who would lose his insurance sales job at about the time they all realized they had a problem.

Looking back, Kallen and her neighbors can see the omens. The developers had dropped the sales prices. The oddly low assessments, they realize now, were just seduction.

Kaara’s windows stuck, Linda’s floorboards warped, the ceiling above Greg’s dryer leaked. The residents couldn’t legally form a condo association because four garden apartments sat unfinished. A letter arrived from the city citing code violations.

Not to worry. The developers were handling it.

In December 2008, the developers went broke. In the spring, they vanished, leaving bills unpaid and no cash reserves. They disconnected their phone.

The bank finally took possession of the 4 garden units that hadn’t sold from the developer. Then the city issued code violations against the building and told them to stop work on the 4 unfinished garden units.

The city sued the condo association to force repairs. The residents went to housing court hoping to make the bank pay. This summer, the judge ruled that the condo association, which included all the owners, was responsible. Kallen and her neighbors figure they now owe at least $75,000 in repairs and legal fees.

With all of the units in the building underwater there is no way for the homeowners to take out any kind of loan to pay for the repairs. They are stuck.

To try and raise money, the condo association is holding a fundraiser this Thursday, Nov 11, at the Neo-Futurist theater. Tickets are $15.

What would you do?

Stuck in a money pit, condominium owners try digging out [Chicago Tribune, Mary Schmich, November 7, 2010]

This 3-bedroom penthouse at 2027 N. Damen in Bucktown is right in the middle of the action.

All you have to do is walk out your door and there is a plethora of restaurants and bars to choose from.

The unit has been reduced once and is now listed $30,100 under the 2008 purchase price.

Built in 2008, this penthouse also has a roof deck with city views.

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

There are front and back balconies as well as covered parking.

What will it take to sell this unit just 3 years after the last purchase?

Craig Isacson at @Properties has the listing. See the pictures here.

Unit #4: 3 bedrooms, 2 baths, 1500 square feet

• Sold in February 2008 for $515,000
• Originally listed in September 2010 for $495,000
• Reduced
• Currently listed for $484,900 (parking included)
• Assessments of $165 a month
• Taxes of $6611
• Central Air
• Washer/Dryer in the unit
• Skylights
• Bedroom #1: 15×13
• Bedroom #2: 11×9
• Bedroom #3: 12×8

We first chattered about this 2-bedroom penthouse unit with a large roof top terrace at 444 W. Belmont in Lakeview in August 2008.

See our prior chatter and pictures here.

It’s worth checking out the prior chatter.

At the time, everyone who posted thought it was overpriced at $825,000. Some of you thought it wouldn’t sell for more than $600k.

One of you thought it would be back on Crib Chatter months later for much less. Bob thought it would go back to the bank (and was going to short the stock of the bank with the loans).

Homedelete mused that it would ultimately sell below the 2000 price of $383,000 (which was then disputed by others.)

Just over two years later, it is indeed bank owned (gold star to Bob) and it is also listed for under the 2000 purchase price (double gold star to Homedelete.)

The building was constructed in 1928 and the unit has vintage features from that era including a barrel vaulted ceiling.

The rooftop terrace measures 23×29 and has lake and city views.  The outdoor grill will stay with the unit.

The kitchen and baths are intact but as you can see in this picture, compared with the August 2008 listing, the shiny Viking stove has been replaced with a white model. There is a family room attached to the kitchen.

I’ve been informed that there are some light fixtures missing and some cosmetic touchups to a wall will need to be done due to recent tuck pointing. The roof was also, apparently, checked recently.

I’ve also been informed by the agent that all assessments are paid and there are no back taxes, liens or assessments outstanding. Unlike a short sale, the closing can be done quickly- like a “normal” closing.

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

In 2008, no one believed (except Homedelete) thought it would sell below the 2000 purchase price.

Now that it will, does that mean this is now a deal?

Parker Pearson at Pearson Realty Group has the listing. See more pictures here.

Or see it in person at the Open House this Saturday, November 6 at 12-2 PM.

Unit #7B: 2 bedrooms, 2 baths, 1800 square feet

• Sold in July 2000 for $383,000
• Was listed in August 2008 for $825,000 (leased parking nearby)
• Reduced several times
• Delisted in April 2009
• Lis pendens foreclosure filed in June 2009
• Currently bank owned and listed for $369,000
• Assessments of $509 a month
• Taxes of $6,378
• Central air
• Washer/Dryer in the unit
• No parking
• Deck: 23×29
• Bedroom #1: 11×19
• Bedroom #2: 16×12

We’ve chattered about this 2-bedroom unit at 235 W. Eugenie in Old Town almost since I started writing this blog which was 3 years ago.

It has been listed, on and off the market, since March 2008.

We last chattered about it in February 2010 after it came back on the market and was further reduced.

See our February 2010 chatter here.

It is still available and is now reduced $70,000 from its March 2008 list (although the other prices included the parking and now it does not- so assuming parking is at least $30k, it has only been reduced by $40k since the original March 2008 listing.)

The building was designed by famed mid-century modern architect Harry Weese.

The duplex up unit has the original fireplace.

The kitchen has white cabinets, white and black appliances and white counter tops.

It does not have central air (only window units) but it does have in-unit laundry and deeded parking.

Is this a deal now?

Cara Buffa at Prudential Rubloff now has the listing. See the pictures here.

Unit #T-4: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in August 2004 for $385,000
• Was listed in March 2008 for $409,900 (included a parking spot)
• Reduced
• Was listed in July 2008 for $404,900
• Withdrawn
• Was listed in June 2009 at $384,000 (parking spot included)
• Withdrawn
• Was listed in February 2010 at $368,000 (parking spot included)
• Reduced (kind of)
• Currently listed at $339,900 (parking now extra)
• Assessments of $194 a month
• Taxes of $3,900
• No Central Air- window units
• Washer/Dryer in the unit
• Living room: 21×13
• Kitchen: 16×9
• Bedroom #1: 15×13
• Bedroom #2: 10×8