Crib Chatter

We’ve chattered about this 3-bedroom unit at 919 W. Wisconsin in Lincoln Park several times over the past 3 years.

See the original chatter from December 2008 and pictures here.

In that time, it has been reduced numerous times.

The property recently came back on the market with a new price.

If you recall, it has a unique outdoor space with multiple decks, a green house and gardens totaling 1144 square feet.

It also has 3356 square feet of living space on two levels, including a lower level recreation room.

The kitchen has stainless steel appliances. There are no pictures of the bathrooms.

Built on a 25×73 lot, the property has windows on 3 sides, central air and 1-car garage parking with a parking pad for a second car.

What will it take to finally sell this property?

Jennifer Ames at Coldwell Banker now has the listing. See the pictures and a floor plan here.

919 W. Wisconsin: 3 bedrooms, 2.5 baths, 3356 square feet, 1 car garage

• I couldn’t find a prior sales price but looks like it sold before 1989
• Originally listed in October 2007 for $1.25 million
• Reduced several times
• Was listed in December 2008 at $999,970
• Reduced
• Lis pendens foreclosure filed in July 2009
• Was listed in December 2009 at $935,000
• Reduced
• Lis pendens foreclosure filed in May 2010
• Lis pendens foreclosure filed in June 2010
• Currently listed at $900,000
• Assessment of $182 a month
• Taxes of $3655
• Central Air
• Greenhouse
• Multiple decks – including a walkway that leads over the walled in garden
• Bedroom #1: 11×18 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 10×12 (second floor)
• Family room: 18×15 (lower level)

This 1-bedroom loft at 1601 S. Michigan in the South Loop was recently reduced to $100,000.

It is a short sale.

We’ve seen a bunch of one-bedrooms in the South Loop reduce to $100,000 in just the past few weeks in other buildings.

The list price is now just $7,000 above the 1999 purchase price of $93,000.

The listing says it is a brick and timber loft.

The kitchen has black appliances and what looks to be stainless steel appliances.

Parking is included in that price. The loft also has central air and in-unit washer/dryer.

Is this a deal?

Laurie Foote at Century 21 S.G.R. has the listing. See the pictures here.

Unit #205: 1 bedroom, 1 bath, no square footage listed

• Sold in May 1999 for $93,000
• Sold in September 2006 for $221,500
• Originally listed in November 2010 for $180,000
• Reduced several times
• Currently listed as a “short sale” for $100,000 (gated parking included)
• Assessments of $202 a month (includes cable)
• Taxes of $1434
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×10
• Living room: 18×14
• Kitchen: 12×5

This 4-bedroom tudor single family home at 7329 W. Greenleaf in Edison Park just came on the market.

The listing says it was completely renovated in 2001.

The kitchen has newer cabinets, stainless steel appliances and stone counter tops.

It has a full basement with a 12×19 family room.

Some of the vintage features include a stone fireplace in the living room and beamed ceilings.

The 4 bedrooms are split, with 2 on the second floor and 2 on the main level.

Built in 1932 on a 25×125 lot, the house has a 2 car garage and central air.

It appears, from the listing, that it is in the Ebinger school district, not Edison Park.

The house is listed for $6,000 under the 2002 purchase price.

Is this a deal?

Mary-Beth Balearcel at Century 21 McMullen has the listing. See the pictures here.

7329 W. Greenleaf: 4 bedrooms, 3 baths, no square footage listed, 2 car garage

• Sold in August 2001 for $262,000
• Sold in June 2002 for $485,000
• Currently listed for $479,000
• Taxes of $7942
• Central Air
• Bedroom #1: 18×12 (second floor)
• Bedroom #2: 19×10 (second floor)
• Bedroom #3: 13×11 (main floor)
• Bedroom #4: 14×12 (main floor)
• Family room: 12×19 (basement)

This 3-bedroom duplex down at 1421 W. Summerdale in Andersonville has been on and off the market since March 2010.

In that time, it has been reduced $35,000.

From 2007 to 2009, this 1903 greystone was renovated into 3 condo units.

Units #2 and #3 both sold in 2009 for $450,000 and $452,000, respectively.

This unit has upgraded finishes including Viking and Bosch appliances in the kitchen and 16″ crown molding throughout.

There is also 3 fireplaces, including in the master bedroom.

The master bath has 5 showerheads.

Garage parking, central air and a side-by-side washer/dryer complete the picture.

Is this property a good townhouse alternative for this popular neighborhood?

JoEllen Davis at @Properties has the listing. See the pictures here.

Unit #1: 3 bedrooms, 3 baths, duplex down, no square footage listed

• Greystone sold in 2007
• Originally listed in March 2010 for $595,000
• Withdrawn in November 2010
• Currently listed for $560,000 (parking included)
• Assessments are $184 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• 3 fireplaces
• Bedroom #1: 16×13 (main floor)
• Bedroom #2: 10×9 (main floor)
• Bedroom #3: 15×11 (lower level)
• Family room: 30×14 (lower level)
• Mudroom: 6×3

How hard is it to get a condo loan in Chicago these days?

In some buildings, it’s impossible, as they appear on mortgage lenders “blackballed list” which means they won’t lend in the building.

Real estate agents and lenders say they are seeing more developers, condo associations and individual owners in economic distress, and, as a result, so are buildings.

“Anybody who can’t hang on anymore, that stuff is starting to come out,” said Eric Rojas, a Prudential Rubloff agent in Chicago. “We have people who want to buy units and sellers who want to sell units, and it’s not going to happen.”

Added Gail Lissner, a vice president at Appraisal Research Counselors: “Someone told me it’s called mortgage jail because you just can’t get out. That’s a scary problem.”

Among the deal killers: too many renters in a building, pending litigation, inadequate association reserves and delinquent assessments.

The health of the building is adding another layer onto an already complex relationship between a condo owner and the other owners in the building.

The situation is slowing any recovery of the condo market, often the housing of choice for first-time buyers. Owners in troubled buildings aren’t able to refinance, and sellers who want or need to sell find thin ranks of buyers. Last year, 42.5 percent of all initial foreclosure filings in the six-county Chicago area were against condos.

Two weeks ago, Mario Donini was ready to trade his Buffalo Grove apartment for a two-bedroom, two-bath unit, with a parking space, in Chicago’s Lincoln Square area, a unit he couldn’t afford when it was first listed last spring. When it came back on the market recently, with a $60,000 price reduction, Donini jumped.

“It was exactly what I was looking for in a place,” he said.

Then he and Rojas, his agent, started asking questions and found that three of the seven units, or 43 percent of the building, are non-owner-occupied rentals.

Donini decided to pass on the condo.

“I wasn’t comfortable moving into a building that’s becoming a rental building,” he said. “This is somewhere I want to live for a few years. I’m just worried if this stays as a rental building, it makes it hard for me to get out of there and make back some money or even break even on my investment.”

Now, Donini is back in the market but asking about a building’s health before he’ll agree to see it.

What happens if you buy in a building that appears healthy now but that later becomes a “zombie building”?

Are condos simply too risky to buy now?

To see a list of blackballed buildings from December 2010, see Gary Lucido’s blog post about it here.

That list is now several months old so I’m sure it has changed somewhat. Check with your lender or get a good agent.

Condo deals die in shadows of financially distressed buildings [Chicago Tribune, Mary Ellen Podmolik, February 28, 2011]

We last chattered about this 2-bedroom loft in The Sexton, the large timber and concrete loft building at 360 W. Illinois across from the East Bank Club in River North, in December 2010.

See our December 2010 chatter here.

I asked if the 2001 price wasn’t now the current market for this property.

Some of you thought the listing price was a deal.

It sold in February 2011 for $25,000 under the 2001 purchase price.

The unit was in the tower portion of the building so it didn’t have timber ceilings or exposed brick.

At 1670 square feet, it had 11 foot high finished ceilings.

While it was a corner unit, only 1 of the 2 bedrooms appears to have windows.

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

Are prices now below the 2001 level in The Sexton?

Kathleen Krist-Krueger at Krist-Krueger Realty had the listing.

Unit #8F: 2 bedrooms, 2 baths, 1670 square feet

• Sold in February 2001 for $450,000
• Sold in June 2004 for $491,000
• Originally listed in September 2008 for $509,000 (parking may have been extra)
• De-listed
• Re-listed in October 2010 for $429,900 (parking extra)
• Reduced
• Was listed in December 2010 for $419,900 (parking $37,500 extra)
• Sold in February 2011 for $425,000 (looks like parking included)
• Assessments of $685 a month (includes doorman)
• Taxes of $7178
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 11×11
• Living room: 24×25

This 4-bedroom single family home at 1019 W. George in Lakeview recently came on the market as a “pre-foreclosure.”

At $399,900, it is priced $830,100 under the 2007 purchase price.

It is also listed $50,100 under the 1991 purchase price.

Yes- it went under contract the day it was listed.

Yes- “rehab work required.”

The listing pictures show a hole in the kitchen ceiling.

The frame house is built on a 25×125 lot and has a 2 car garage.

The 2007 listing describes a second kitchen in the lower level that could be used as a nanny’s quarters.

There are cherry cabinets and granite counter tops in the kitchen.

The listing said this could only be sold for all cash.

Did someone get a deal?

Will there be more of these to come with unsold million dollar homes on the north side?

George Cuevas at Jameson Aspire has the listing. See the pictures here.

1019 W. George: 4 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

• Sold in May 1991 for $450,000
• Sold in August 2004 for $1.18 million
• Sold in July 2007 for $1.23 million
• Originally listed in August 2008 for $1.299 million
• Reduced several times
• Was listed in October 2009 for $979,000
• Withdrawn
• Currently listed as a “pre-foreclosure” at $399,900
• Under Contract the first day it was listed
• Cash Only
• Taxes of $16,117
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 18×14 (second floor)
• Bedroom #3: 15×13 (second floor)
• Bedroom #4: 16×11 (lower level)

A house like this 5-bedroom vintage bungalow at 2600 W. Wilson in the Ravenswood Gardens neighborhood of Lincoln Square is why I started Crib Chatter.

Built in 1920 on an oversized 45×120 lot, the listing says the interior was transformed bythe owner, an electrician and organist for the Balaban & Katz Theater Company, in 1926.

There is extensive plaster, wood moldings, stained glass and ironwork throughout the house.

I urge you to check out the wood carved ceiling in the living room.

Exposed beams grace the upstairs bedrooms.

There are also 3 fireplaces, including one in the master bedroom and one in the basement.

The basement is finished and is large enough to be a family room and game room area.

None of the bedrooms are in the basement, with 3 out of the 5 bedrooms are on the second floor with the other 2 on the main floor.

The kitchen is updated with modern cabinetry and stainless steel appliances, including what looks like a Viking stove.

It has central air and 4 car parking as well as a 1000 square foot flagstone terrace and a roof deck above the garage.

The house is located just 2 blocks from the Rockwell Crossing Brown Line stop and shops and just a few blocks from the Lincoln Square shops and restaurants.

Michael McCallum at Baird & Warner has the listing. See the pictures here.

2600 W. Wilson: 5 bedrooms, 5.5 baths, 6000 square feet, 4 car parking

• Sold in December 1993 for $280,000
• Currently listed for $1.25 million
• Taxes of $7091
• Central Air
• Bedroom #1: 16×16 (second floor)
• Bedroom #2: 14×11 (second floor)
• Bedroom #3: 16×10 (second floor)
• Bedroom #4: 12×10 (main floor)
• Bedroom #5: 14×14 (main floor)
• Laundry room: 12×12 (second floor)
• Family room: 23×12 (basement)

We’ve chattered about this 2-bedroom authentic loft at 154 W. Hubbard in River North several times before.

See our December 2010 chatter here.

Since it was first listed for sale in November 2008, it has been reduced $100,000.

It is now listed $34,000 under the 2007 purchase price.

This building was a Studio Dwell loft conversion in 2007 and sold out fairly quickly. 

The loft has exposed brick and timber ceilings.

It also has some more luxurious finishes including wide plank hardwood floors, and the kitchen has Italian cabinetry by Copat, granite counter tops and Jenn-Aire stainless steel appliances.

Back in December, several of you thought this would finally sell around $450,000.

And now?

Terri McAuley at Koenig & Strey Real Living still has the listing. See the pictures here.

Or see it in person at the Open House, Sunday Feb 27 from 12 – 2 PM.

Unit #404: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 2007 for $577,000
• Was listed in November 2008 for $599,000 (plus $35k for parking)
• Was listed in February 2009 for $599,000 (plus $35k for parking)
• Withdrawn
• Was listed in June 2010 for $589,000 (parking now $30k extra)
• Reduced in August 2010 to $549,900 (plus $30k for parking)
• Was still listed in December 2010 at $549,900 (plus $30k for parking)
• Reduced
• Currently listed at $499,000 (plus $35,000 for parking)
• Assessments of $220 a month
• Taxes are $5692
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×15
• Bedroom #2: 11×10
• Living room: 16×24
• Dining room: 10×9
• Kitchen: 13×9

This 5-bedroom single family home at 1863 N. Bissell in Lincoln Park has been on and off the market since January 2009.

In that time, it has been reduced $1.945 million.

The listing now says it is a short sale.

Built on a rare oversized lot of 48×125, this 6500 square foot house has a 3-car garage.

But that’s not all.

There is also a 3-bedroom coach house (with its own parking pad) which the listing says would bring in additional money or be perfect for the nanny.

There are no lower level bedrooms in this extra wide house. All 5 of them are on the second and third floors.

The kitchen has granite counter tops and stainless steel appliances.

Is this a steal?

Emily Sachs Wong at Koenig & Strey Real Living has the listing. See the pictures here.

Or see it in person at the Open House, Sunday Feb 27 from 11 AM- 1 PM.

1863 N. Bissell: 5 bedrooms, 4 baths, 3 car garage, 6500 square feet plus a 3/1 coach house with parking pad

• There is no prior sales price- but it looks like it was originally sold in 1999
• Sold in May 2002 (couldn’t determine the price)
• Sold in July 2008 (couldn’t determine the price)
• Originally listed in January 2009 for $3.795 million
• Lis pendens foreclosure filed in September 2009
• Reduced
• Listed in June 2010 for $2.45 million
• Currently listed as a “short sale” for $1.85 million
• Taxes of $21446
• Central Air
• Bedroom #1: 22×22 (third floor)
• Bedroom #2: 11×14 (second floor)
• Bedroom #3: 10×13 (second floor)
• Bedroom #4: 12×11 (second floor)
• Bedroom #5: 13×13 (second floor)
• Recreation Room: 19×36 (lower level)