Crib Chatter

The large duplex downs like this 4-bedroom at 2629 N. Southport in Lincoln Park were a staple of the building boom between 2004 and 2007.

This unit has been on and off the market since September 2009 and has been reduced $69,100.

It is listed $95,900 more than the 2005 purchase price.

2 of the bedrooms are on the main floor and 2 are on the lower level along with the family room.

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

The master bathroom is marble.

There is a wine fridge and garage parking.

Is this a good single family home replacement?

Nancy Finley at Keller Williams Lincoln Park has the listing. See the pictures here.

Unit #1: 4 bedrooms, 3 baths, 2800 square feet, 1 car garage parking

• Sold in January 2005 for $639,000
• Sold in November 2005 for $704,000
• Originally listed in September 2009 for $869,000
• Reduced several times
• Currently listed for $799,900
• Assessments of $239 a month
• Taxes of $8983
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×13 (main level)
• Bedroom #2: 10×10 (main level)
• Bedroom #3: 17×12 (lower level)
• Bedroom #4: 12×12 (lower level)
• Family room: 28×17 (lower level)

This 5-bedroom rowhouse at 836 W. Belden in Lincoln Park has been on and off the market since May 2010.

In that time, it has been reduced $316,000.

It is now listed about 30% under the 2007 purchase price.

The rowhouse is also now listed just $17,000 above the 2000 purchase price.

Built in 1885 in what is now called the McCormick Row House District, this landmark 4 story rowhouse has many of its vintage features intact including 3 soapstone antique mantel fireplaces and original pocket doors and shutters.

The kitchen has white cabinets and a mix of stainless steel, white and black appliances.

There is central air and by looking at the 2007 listing, it appears that there is 2 car parking on a driveway (but if anyone knows where this is located- please chime in.)

It is on a 20×114 lot.

Why isn’t this selling?

Samuel Tarara at Koenig & Strey Real Living has the listing. See the pictures here.

836 W. Belden: 5 bedrooms, 3.5 baths, no square footage listed

• Sold in May 1995 for $630,000
• Sold in October 2000 for $960,000
• Sold in August 2005 for $1.325 million
• Sold in December 2007 for $1.4 million
• Originally listed in May 2010 for $1.295 million
• Reduced several times
• Currently listed for $979,000
• Taxes of $14754
• Assessments of $110 a month (includes parking)
• Central Air
• 2-car parking on a driveway?
• Bedroom #1: 19×15 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×10 (second floor)
• Bedroom #4: 19×15 (third floor)
• Bedroom #5: 13×12 (third floor)
• Recreation room: 22×19 (lower level)

This 4-bedroom single family home at 2334 N. Medill in Bucktown has a surprise in the backyard- a 2 bedroom coach house.

The main house was built in 1916 on a 25×125 lot.

The listing says it was gutted in 2008.

The kitchen has a contemporary look with stainless steel appliances and European style cabinets.

The listing says the open staircase in the main living space was imported from Italy.

Of the 4 bedrooms, the master takes up the entire top floor, two other bedrooms are on the second floor and the fourth bedroom is in the lower level.

The main house has central air.

But given the 2-bedroom coach house located on the rear of the property, there is no garage or parking.

Does this kind of property work well for an in-law arrangement?

Mitch Gordon at Baird and Warner has the listing. See more pictures here.

See the listing here.

Or you can see it in person this Sunday, Feb 27, at the Open House from 12-2 pm.

2334 N. Medill: 4 bedrooms, 3.5 baths, 3123 square feet plus a 2/2 coach house

• Sold in May 1995 for $179,000
• Currently listed for $986,000
• Taxes of $13,098
• Central Air
• Bedroom #1: 12×21 (third floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 13×10 (second floor)
• Bedroom #4: 10×8 (lower level)

We last chattered about this 3-bedroom townhouse at 2820 N. Greenview in Lakeview in October 2010.

See our prior chatter here.

Off and on the market since May 2009, it had been reduced $100,000 in that time.

The townhouse finally sold in February 2011 for about 15% under the 2005 purchase price.

Though it was built in 1991, this property had been renovated with a new kitchen and baths.

The kitchen had stainless steel appliances and concrete counter tops (no granite here.)

2 out of the 3 bedrooms were on the second floor. The third bedroom was in the lower level and was currently being used as a family room- with a full bath on that level.

Genevieve Lenon at Romanek Residential Properties had the listing.

Unit C: 3 bedrooms, 2.5 baths, 1900 square feet, 1 car parking

• Sold in May 1991 for $191,500
• Sold in August 2002 for $353,500
• Sold in September 2005 for $465,000
• Originally listed in May 2009 for $519,000
• Reduced numerous times
• Was listed in October 2010 for $418,900
• Sold in February 2011 for $391,000
• Assessments of $200 a month
• Taxes of $6889
• Bedroom #1: 13×12
• Bedroom #2: 13×11
• Bedroom #3: 20×16 (lower level)

This 3-bedroom newer construction duplex down at 3548 N. Reta in the Wrigleyville neighborhood of Lakeview has been on the market since October 2010.

In that time it has been reduced $50,077.

It is now listed about 29% under the 2007 purchase price.

It has all the features of more expensive construction from 2006 with Brazilian cherry floors, wainscotting throughout,  crown molding, plantation shutters and a master suite with a tray ceiling.

The kitchen has upscale appliances by Viking, SubZero and Bosch along with granite counter tops.

The master bath has a heated floor.

The unit is just 3 blocks from Wrigley Field.

The listing doesn’t indicate this is a short sale.

Is this a deal?

Or is this price now simply the market?

Jeffrey Karr at @Properties has the listing. See the pictures here.

Unit #1N: 3 bedrooms, 3 baths, duplex down, no square footage listed, 2 car parking

• Sold in February 2007 for $779,000
• Originally listed in October 2010 for $599,977
• Reduced
• Currently listed at $549,900
• Assessments of $238 a month
• Taxes of $13846
• Central Air
• Washer Dryer in the unit
• Bedroom #1: 14×13 (main level)
• Bedroom #2: 12×10 (main level)
• Bedroom #3: 10×10 (lower level)
• Family room: 18×16 (lower level)

Yes, it’s still available and has been reduced again.

We’ve chattered about this bank owned newer construction 2-bedroom at 3014 N. Sheffield in Lakeview several times.

See our January 2011 chatter here.

Since January, it was been reduced another $15,495.

The unit is now listed 45% below the $499,000 2006 purchase price.

If you recall, this was a new construction building in 2006. The kitchen appears to be intact with granite counter tops and stainless steel appliances.

There are wood floors throughout.

Will this finally sell this spring, as someone predicted, for between $225k- $260k?

Jason Shapiro at Rising Realty LLC still has the listing. See the pictures here.

Unit #2S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking

• Sold in October 2006 for $499,000
• Lis pendens foreclosure in July 2009
• Bank owned by Bank of America in August 2010
• Was listed in October 2010 for $366,300
• Reduced
• Was listed in November 2010 for $330,600
• Reduced several times
• Was listed in January 2011 for $289,900
• Reduced
• Currently listed for $275,405
• Assessments of $140 a month
• Taxes of $7110
• Central Air
• Doesn’t list washer/dryer but there would be a hook-up in the unit
• Bedroom #1: 16×15
• Bedroom #2: 12×11

This 2-bedroom unit in the Pointe 1900, at 1910 S. State, in the South Loop doesn’t have your typical new construction square box layout.

As one of the turret units- it has a curved living room with multiple windows.

It also has 2 balconies.

The kitchen has stainless steel appliances and granite counter tops.

The unit has central air, in-unit washer/dryer and parking is included.

Listed for $55,000 under the 2004 purchase price, is this a deal?

Ron Knoll at Saffron Realty has the listing. See the pictures here.

Unit #209: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 2004 for $370,000
• Currently listed for $315,000 (parking included)
• Assessments of $542 a month (includes heat, cable, parking)
• Taxes of $4594
• Central Air
• Washer-Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 11×15
• Living room: 29×21
• Kitchen: 10×10

As predicted from many on Crib Chatter, sales continued to be weak in January, falling 14% compared to January of 2009. The median price also fell 12.8% year over year.

Median condo prices fell 14.6% year over year to $239,000.

From the Illinois Association of Realtors:

In the city of Chicago, January total home sales (single-family and condominiums) were down 14.0 percent to 1,034 sales compared to 1,202 homes sold in January 2010. The city of Chicago median price in January 2011 was $170,000 down 12.8 percent compared to $195,000 a year ago in January 2010.

“The city of Chicago in January saw slow movement of inventory, with 14 percent fewer homes sold in January 2011 over the first month of 2010. This differential was expected given the federal tax credit that incentivized the market last year, and will likely show the same through the early spring,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “A decrease in the median price of condos purchased in Chicago by 14.6 percent to $239,000 in January 2011 is indicative of the downward pressure distressed properties continue to have on our market, and the challenges buyers face in securing condo financing.”

Here’s the monthly stats over the last 4 years:

1. January 2008 sales: 1161
2. January 2009 sales: 917
3. January 2010 sales: 1202
4. January 2011 sales: 1034

Here are the median prices:

1. January 2009: $205,000
2. January 2010: $195,000
3. January 2011: $170,000

“The sales volume for the first month of 2011 was a fairly promising signal. Sales declined by a very small amount in January year-over-year and would have been higher than 2010 had the effect of the homebuyer tax credit been removed,” noted Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “Prices, however, are still being challenged by the volume of distressed properties on the market.”

Adds Hewings: “The rental market is heating up. Further dramatic increases in rents could push consumers back to the housing market and become homeowners. Although the nation and the state economies are still facing many challenges in their efforts to recover from the recession, the long-term trends continue to show that both are moving forward and adding jobs.”

Optimal Buyer Market Conditions Linger in the Illinois Housing Market; January Sales Up or Even in Over Half of Counties Statewide [Illinois Association of Realtors Press Release, February 23, 2011] 

I normally don’t post about the Case Shiller home price index but since you were all talking about it and it’s THE big news on housing in the media, I thought you should have a place to discuss it.

In case you didn’t hear, Chicago’s housing market once again ranked among the worst in the nation in December.

I actually saw one article calling Chicago the weakest market in the nation which is pretty darn bad with Detroit, Phoenix and Las Vegas looming out there.

Either way- it’s not pretty.

• Single family homes down 30.1% from the peak
• Condos down 27.2% from the peak

You can read more data and see Gary’s excellent chart going back to 1987 for SFH and Condos on his blog here.

Gary admits he thought we had seen the bottom in the summer of 2009 but was obviously wrong.

The recent data shows that most gains over the last 10 years have been wiped out.

How low will we go?

With no talk of any further government stimulus, what will stop the price declines?

This 2-bedroom in The Park Monroe at 65 E. Monroe in the Loop recently came on the market.

The listing calls it a “pre-short sale”.

The Park Monroe was a recent conversion of the top third of an office building into condos. The developer has not yet sold all of the units.

This 2-bedroom unit was recently reduced another $10,000 and is now listed $94,000 under the 2009 purchase price.

However, parking was included with that sale and is an extra $50,000 in the listing, so it is really listed just $44,000 under the 2009 purchase price.

The unit has west and south facing views- so you do not have a direct view of the lake or Millennium Park from this unit.

At 1280 square feet, it has the standard new construction finishes in the kitchen with stainless steel appliances and granite counter tops.

There are 10 foot ceilings and floor to ceiling windows throughout.

The building has a rooftop terrace and an indoor swimming pool.

Is this a deal?

Nicholas Colagiovanni at Baird & Warner has the listing. See the pictures here.

Unit #4415: 2 bedrooms, 2 baths, 1280 square feet

• Sold in March 2009 for $483,000 (included the parking)
• Originally listed as a “pre-short sale” in February 2011 for $399,000 (parking $50k extra)
• Reduced
• Currently listed as a “pre-short sale” for $389,000 (parking $50k extra)
• Assessments of $648 a month (includes air conditioning, heat, gas, doorman, cable, pool)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 12×10