Crib Chatter

As foreclosure activity actually slowed in foreclosure hot spots like Orlando and Las Vegas in the third quarter, according to Realty Trac, foreclosures jumped 35% in the Chicago metro area.

It was the second largest jump in the country.

Foreclosure activity in the third quarter:

• Seattle up 71%
• Chicago up 35%
• Houston up 26%
• Detroit up 23%
• Las Vegas down 20%
• Orlando down 16%

Before you get all hot and bothered that the “percentages” don’t mean anything because there could have been 100 foreclosures in Seattle in 2009 that went up to just 171 foreclosures, the Chicagoland area had the 3rd highest actual number of foreclosures in the nation.

Number of foreclosures in the third quarter:

1. Phoenix metro area: 14,317
2. Miami metro area: 12,963
3. Chicagoland: 12,568

1 in 84 properties in the Chicago area received a foreclosure notice in the quarter.

Suddenly, the media picked up on the theme that the foreclosure crisis was “spreading” (from the former hot spots of CA, NV and FL.)

“The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn’t been previously affected,” said Rick Sharga, a senior vice-president at RealtyTrac.

The trend is the latest sign that the nation’s foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.

From what I saw- a lot of people in the media were “surprised” that Chicago was so high up on these lists as the Midwest was not supposed to be such a bubblicious zone during the boom.

If market psychology is such a big part of real estate sales, what do stories about Chicago’s foreclosures rising so sharply do to buyers (and sellers) strategies?

Chicago foreclosure activity up 35% in third quarter [Crain’s Chicago Business, AP article, October 28, 2010]

Many buyers consider townhouses because they want privacy and are priced out of single family homes in their targeted neighborhoods.

But what about a coach house such as this 3-bedroom property at 1700 W. School in the Southport neighborhood of Lakeview?

It has an attached 2-car garage and is on 3 levels.

The listing says there is a professionally landscaped garden.

Two of the 3 bedrooms are on the second floor with the third on the lower level.

The listing says it has an open floorplan on the main level.

The gourmet kitchen has granite counter tops and black appliances.

The house has central air, skylights, and a washer/dryer.

While it has a small assessment, it also has no common walls.

Is this a good alternative to townhouse living?

Leigh Marcus at Keller Williams Lincoln Park has the listing. See the pictures here.

Coach House: 3 bedrooms, 2 baths, 2 car garage,  no square footage listed

• Sold in May 1998 for $340,500
• Sold in February 2000 for $407,500
• Sold in May 2005 for $512,000
• Currently listed for $500,000
• Assessments of $92 a month (includes lawn care and snow removal)
• Taxes of $5046
• Central Air
• Bedroom #1: 15×13 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 18×11 (lower level)

This 3-bedroom unit at 4728 N. Malden in the Sheridan Park neighborhood of Uptown has been on and off the market since September 2008.

After numerous reductions, it is now listed $114,500 under the 2003 purchase price.

The top floor unit has cathedral ceilings and skylights.

It also has upgraded finishes including crown molding and oak floors with an inlaid border.

The kitchen has the 42 inch cabinets common in the last decade as well as granite counter tops and stainless steel appliances.

The master bathroom is marble.

The listing says this property is not a short sale and is FHA approved, which gives it an advantage over nearby short sales in the neighborhood.

How low will prices go in the Uptown neighborhood and at what cost to the homeowners, the neighborhood and the city, before this unit (and others like it) finally sell?

Gary Lucido at Lucid Realty has the listing. See more pictures here.

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

• Sold in May 2003 for $389,000
• Originally listed in September 2008
• Off and on the market
• Was listed in April 2010 for $379,850
• Reduced numerous times
• Was listed in September 2010 for $309,850
• Reduced
• Currently listed for $274,850 (parking included)
• Assessments of $160 a month
• Taxes of $5381
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 15×11
• Bedroom #3: 15×9
• Living room: 20×15
• Kitchen: 15×10

This 1-bedroom unit in the high rise at 1212 N. LaSalle in the Gold Coast is listed as a short sale.

It is currently priced just $3,000 above the 1999 purchase price.

Built in 1989, this is one of the larger one bedroom units in the building at 850 square feet.

It has carpet and what looks to be the original kitchen- with white cabinet, white appliances and white counter tops.

There is no washer/dryer in the unit, but I believe the building does allow it to be installed.

The unit has central air and deeded parking is available in the building.

Is this a deal for this location and square footage?

Wanda Passolano at Re/Max Action has the listing. See the pictures here.

Unit #1404: 1 bedroom, 1 bath, 850 square feet

• Sold in November 1999 for $137,000 (looks like parking might have been included in the sale)
• Sold in September 2008 for $210,000 (no parking?)
• Originally listed in September 2010 for $160,000
• Reduced
• Currently listed as a “short sale” for $140,000
• Assessments of $385 a month (includes heat, A/C, doorman)
• Taxes of $2265
• Parking available for lease/purchase
• Bedroom: 10×10
• Living room: 12×18
• Kitchen: 9×9

Not all parts of Streeterville are Navy Pier and the AMC River East movie theater as is evidenced by this 1919 2-bedroom vintage co-op at 223 E. Delaware.

Just steps from Michigan Avenue, this mid-rise building has just 10 units.

It also has deeded parking included, which is rare for some of the vintage buildings in this neighborhood.

This 3200 square foot unit has been renovated with “state of the art” bathrooms and kitchen.

While there are only 2 bedrooms, there is a family room, a study and a library.

Stephen Bognar Jr. at Koenig & Strey Real Living has the listing. See the pictures here.

• I couldn’t find a previous sales price
• Originally listed in October 2009
• Withdrawn in February 2010
• Currently listed at $1.495 million
• Assessments of $2738 a month (includes heat, cable)
• Taxes of $10,806
• No pets allowed
• Central Air
• Washer/Dryer in the unit
• Parking included
• Co-Op- financing available
• Bedroom #1: 17×15
• Bedroom #2: 16×12
• Family room: 17×13
• Study: 10×10
• Library: 15×13

This new construction 4-unit building at 441 W. Briar in East Lakeview recently came on the market as a short sale.

Built on a 36×135 lot, the 4 units were designed for luxury as the kitchens have stainless steel appliances and unique granite counter tops.

Each unit has 2200 square feet, including 3 bedrooms and 2 baths with 2 balconies.

There is an elevator which opens in-unit for each unit and a deeded garage space.

From the listing pictures, it looks like there are some appliances in some of the units. It’s unclear if any further construction work remains on any of the units.

Is this a golden opportunity for an investor to pick up easily rentable units on the cheap?

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

441 W. Briar: 4-flat with 2200 square foot 3 bedroom, 2 bath units with garage

• Old 3-flat sold in September 2007 for $1.26 million
• Originally listed in May 2009
• On and off the market
• Listed as a “short sale” in September 2010 for $2 million
• Currently still listed as a short sale for $2 million
• Taxes are “new”
• Central Air
• Garage for each unit

This 3-bedroom unit in Erie on the Park, at 510 W. Erie, in River North has been on and off the market since February 2009.

It is priced just under $400,000- but if you include the parking the list price jumps to $434,000.

Still, that is $28,500 under the 2003 purchase price.

The corner unit has south and east views.

While at 1330 square feet it isn’t one of the larger 3-bedrooms in the building, for many people, 3 bedrooms is still more desirable than a 2-bedroom with the same square footage.

The kitchen has stainless steel appliances and granite counter tops. The bathrooms are marble.

Is this a deal?

James Faircloth at Prudential Rubloff has the listing. See the pictures here.

• Sold in January 2003 for $462,500
• Originally listed in February 2009
• Withdrawn
• Was listed in February 2010 for $484,500
• Reduced
• Currently listed at $399,000 (plus $35,000 for a single space or $50,000 for a tandem)
• Assessments of $789 a month (includes heat, a/c, gas, doorman, cable)
• Taxes of $5722
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 13×12
• Bedroom #3: 12×10
• Living room: 20×16
• Kitchen: 12×7

This 2 bedroom unit at 1058 N. Paulina in West Town has been on the market since April 2010.

It has been reduced $39,900.

Built in 2001, the top floor unit has the newer construction kitchen with granite counter tops and stainless steel appliances.

The listing says it also has marble baths.

Located near the hot Division Street Corridor, is this now priced to sell for a first time home buyer?

Greg Viti at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1200 square feet

• Sold in April 2002 for $295,000
• Originally listed in April 2010 for $359,900
• Reduced
• Currently listed for $320,000 (parking included)
• Assessments of $150 a month
• Taxes of $4114
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×10
• Bedroom #2: 11×10

This 3-bedroom Lincoln Park townhouse at 2610 N. Orchard has been on the market since February 2010.

It has now been reduced $30,000 (with the most recent reduction coming just this week.)

Built in 1978, it has some unique features including exposed brick, skylights and a wood ceiling on the first floor.

The listing says the kitchen is “newer” and has white cabinets and stainless steel appliances.

2 out of the 3 bedrooms are on the third floor with the other bedroom on the second level along with a family room.

The townhouse has central air and one deeded parking space.

Is this a deal for the location?

Sonya Lea at Prudential Rubloff has the listing. See more pictures here.

2610 N. Orchard #D: 3 bedrooms, 2 baths, 1 car parking, no square footage listed

• Sold in September 1995 for $203,000
• Sold in April 1998 for $269,000
• Originally listed in February 2010 for $479,900
• Reduced
• Currently listed for $449,900
• Taxes of $5894
• No assessments are listed
• Central Air
• Bedroom #1: 14×13 (third floor)
• Bedroom #2: 13×12 (third floor)
• Bedroom #3: 13×12 (second floor)
• Family room: 16×10 (second floor)

On the heals of the dismal September home sales report, Crain’s is reporting that new home sales continue to sputter and are on track for their 5th straight year of declines.

Who knew things could get worse than 2009?

Real estate industry consultant Tracy Cross at Tracy Cross & Associates says that for the entire Chicagoland area, sales of new homes are trending lower again for 2010.

• 2010: 3,000 to 3200 sales projected
• 2009: 3569 sales
• Peak was 2005: 33,287 sales

In Chicago specific, in the first 9 months of the year, sales registered just 564 properties, down 19.1% from 2009.

This would include sales in the new high rises such as The Elysian, 10 E. Delaware, Walton on the Park, SoNo, 565 Quincy and others. Remember, SoNo and 565 Quincy had to cut prices in order to move units.

The new-home market appeared to stabilize earlier this year, as local builders recorded two quarters of rising sales. But optimism for a recovery has faded in recent months amid a faltering job market, the expiration of federal homebuyer tax credits and a rising foreclosure rate, which has depressed prices.

At this rate of sales how long will it take to finally sell out big buildings like One Museum Park, Aqua, and The Legacy?

1. The Legacy– 355 units with 25 listed for sale and 7 for rent. Tribune shows 138 closings.
2. Aqua– 264 units with 27 listed for sale and 3 for rent. Tribune shows 132 closings.
3. One Museum Park– 300 units with 42 listed for sale and 7 for rent. Tribune shows 254 closings (some may have closed more than once since this building is slightly older than the other two and investors have been trying to sell.)

For new homes, same old tune [Crain’s Chicago Business, Alby Gallun, October 25, 2010]