Crib Chatter

This 2-bedroom in The Montgomery, at 500 W. Superior, in River North has a layout that isn’t common in most newer condo units.

The Montgomery was converted into condos in 2005.

The southwest corner unit has 10 1/2 foot ceilings and a wall of windows stretching across the entire living/dining space.

The kitchen has a massive kitchen island with granite counter tops and is located in between the living room and the family room for a huge amount of living space. I can’t tell from the pictures if the family room is also the “custom designed den” (but there appears to be no picture of the den- if it is a separate room and not the same as the family room.)

The unit also has its own 11×7 laundry room and 9×7 office.

Both bedrooms are en suite.

Will this downtown home be able to command a much higher price than the 2005 purchase price?

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

Unit #703: 2 bedrooms, 2.5 baths, 2338 square feet

• Sold in June 2005 for $639,000
• Currently listed for $799,900 (parking is $45,000 extra)
• Assessments of $1307 a month (includes heat, air conditioning, doorman, cable)
• Taxes of $12,853
• Central Air
• 11×7 laundry room
• Bedroom #1: 18×14
• Bedroom #2: 13×10
• Living room: 28×18
• Family room: 18×15
• Den: 18×16 (?)
• Kitchen: 17×16
• Office: 9×7

There’s been lots of chatter that, of course, sellers are losing money if they bought in the last 5 years but homeowners who bought 10 years or more ago should be fine.

This 2 bedroom unit at 1525 W. George last sold in July 2001.

At 1200 square feet, it has diagonal hardwood floors in the main living areas.

It has a wood burning fireplace and a master suite with shower/tub combo.

The kitchen has black appliances  and stone counter tops.

There is central air, in-unit washer/dryer and deeded parking along with a back deck.

It is currently listed for $32,000 over the 2001 purchase price.

What will be the outcome for this seller 10 years later?

Bob Kinsloe at Portola Real Estate has the listing. See the pictures here.

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

• Sold in November 1995 for $200,000
• Sold in September 1999 (no price listed)
• Sold in June 2001 for $338,000
• Originally listed in January 2011 for $370,000
• Currently still listed for $370,000
• Assessments of $88 a month
• Taxes of $5343
• Central Air
• In-unit Washer/Dryer
• Garage space included
• Bedroom #1: 12×12
• Bedroom #2: 12×10

Last week, the Daily Herald published statistics on the towns with the most and the fewest number of vacant housing units in the Chicagoland area.

The data was compiled from the U.S. Census.

According to the Census a “housing unit” could be: “a house, an apartment, a mobile home or trailer, a group of rooms, or a single room occupied as a separate living quarters.”

Fox Lake has 15.2 vacant homes per every 100 housing units, the highest rate in the region. Others at the top include North Chicago with 14.5, Wonder Lake and Oakbrook Terrace each with 12.7, Mettawa with 11.8, Zion with 11.3 and Barrington Hills with 10.4 vacant homes per 100 housing units, according to the 2010 U.S. Census data released this week.

Green Oaks is at the bottom of the list locally with 2.8 vacant homes per every 100 housing units. Bartlett had 3 vacant homes per 100, and Kaneville, Spring Grove and Sugar Grove had 3.1.

In comparison, Chicago’s vacancy rate was 12.5, while the state had 8.7, the census data showed.

All of these empty homes are in addition to the untold number of unfinished houses in the suburbs that were left behind by bankrupt or struggling builders. Those partially built houses generally aren’t included in the census, said Stephen R. Laue, information specialist with the U.S. Census Bureau in Oak Brook.

Just because it’s an empty property, that doesn’t mean it is in foreclosure.

While there are many reasons a house could be vacant — such as the death of an owner, a job transfer to another city, or empty nesters who’ve downsized — foreclosure remains the No. 1 cause for the dramatic increase in vacancies, experts said.

Vacancy Rates by County:

• Cook: 9.8
• DuPage: 5.3
• Lake: 7.1

In Cook County, there were 4% more housing units in 2010 versus 2000 but the vacancy rate shot up 75% to 214,003 units.

Some towns of interest:

• Lake Forest: vacancy rate at 9.1. Number of units up 6.3% compared to 2000. 681 vacant out of 7,444 units, up 116.9%.
• Oak Brook: vacancy rate at 7.8. Number of units down 2.1% compared to 2000. 249 vacant out of 3188 unit, up 85.8%.

You can click on the tables to see the data by county. For some reason, the article doesn’t break out the Cook County data by town.

Which suburbs have the most and fewest vacant homes [The Daily Herald, Anna Marie Kukec, February 18, 2011]

This 3-bedroom vintage Cape Cod at 4838 N. Seeley in Lincoln Square just came on the market for the first time in 14 years.

Built in 1884 on a 25×125 lot, it has a 2-car garage, a back deck and professional landscaping.

The listing says it has 1280 square feet.

The house has hardwood floors and a claw foot tub in one of the bathrooms.

2 of the 3 bedrooms are on the second floor with the third on the main level.

The kitchen has a stainless steel refrigerator but a white stove.

There is no basement.

The house also has central air.

Is this a good condo alternative for those looking for the starter house instead?

Mark Mielnicki at KP&G Enterprises has the listing. See the pictures here.

4838 N. Seeley: 3 bedrooms, 2 baths, 1280 square feet, 2 car garage

• Sold in October 1997 for $148,000
• Currently listed for $389,900
• Taxes of $5660
• Central Air
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 10×8 (main floor)
• Living room: 21×14
• Dining room: 14×11
• Kitchen: 12×7

This 2-bedroom unit at 5006 N. Winchester in Ravenswood seems to have it all for a condo unit.

Located on the top floor, it has 4 exposures, which is rare for a condo.

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

The kitchen is actually an eat-in with room for a small table. It has stainless steel appliances and granite counter tops.

The bathroom is also newer.

The property is located near Winnemac Park and is just blocks from the Ravenswood Metra stop.

Now listed $36,000 under the 2009 purchase price, is this a deal?

Eric Rojas at Prudential Rubloff has the listing. See more pictures and a virtual tour here.

Unit #3E: 2 bedrooms, 1 bath, 1000 square feet

• Sold in November 2006 for $290,000
• Sold in September 2009 for $295,000
• Originally listed in January 2011 for $275,000
• Reduced
• Currently listed for $259,000 (includes the parking)
• Assessments of $179 a month
• Taxes of $3315
• Central Air
• In-unit washer/dryer
• Bedroom #1: 12×11
• Bedroom #1: 12×11
• Sunroom: 6×7

This bank owned 1-bedroom at 630 N. Franklin in River North was the topic of much conversation in January 2011 when it was reduced from $149,900 to $108,900.

See our prior chatter here.

Here is sampling of what many of you thought about whether or not it was a deal and what it would sell for:

“Obviously I think it’s a screaming deal at ask (this is not, afterall, the sloop). However I do expect it to close above ask. We’ll see.”- Bob

“Agreed. 100k is a bargain for a newer 1 bed in this locale.. It’ll go above ask.”- Riz

“There is zero chance this sells for 109k. I bet it sells much closer to 150k than it does to 100k.”- Chuk

“Wow, this is a STEAL. I can’t imagine who would rent when they can live here for a fraction of the cost. Thanks for the lead, I hope it’s not too late, as I bet this thing sells for way over asking. If I get it, I will have this thing paid off in 4 years, and then rent it out for the next 20.” – Jackson

“Thanks for the info Chuk – this has been my experience as well. These properties that are too good to be true lure the investors out of their hiding places. I am always amazed at how many people have so much “extra” cash. Seriously, as you said, there were multiple CASH offers above asking. People on CC – take note – more proof to my opinion that there are a ridiculous number of people/investors waiting to snatch up foreclosures/short sales.”- Clio

The unit just closed.

• Bank owned and listed for $108,900
• Sold for $113,000

Did someone get a deal or is this the “new” River North market?

Corey Scott at Prospect Equities had the listing.

Unit #513: 1 bedroom, 1 bath, no square footage listed

• Sold in November 2005 for $171,500
• Lis pendens filed in April 2008
• Bank owned in April 2010
• Originally listed in November 2010 for $149,900
• Reduced twice
• Was listed in January 2011 for $108,900
• Sold in February 2011 for $113,000
• Assessments of $191 a month (includes cable)
• Taxes of $2531
• Central Air
• Washer/Dryer hook-up in the unit
• Bedroom: 11×10
• Living room: 15×16
• Kitchen: 10×10

This 2-bedroom unit at 867 N. Hermitage in the East Village neighborhood of West Town has been on the market for a year.

In that time it has been reduced $30,000.

The building was built in 2003 so it has the finishes and layout of buildings of that era.

It has hardwood floors, central air and washer/dryer in the unit.

The kitchen has 42 inch cabinets, granite counter tops, stainless steel appliances and an added bonus of a wine fridge.

With many similar properties in this neighborhood also listed, what will it take to sell this unit?

Romeo De La Cruz at Jameson Sotheby’s has the listing. See the pictures here.

Or you can see it at the Open House on February 20 from 12-2 pm.

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

• Sold in November 2003 for $321,000
• Sold in July 2005 for $346,000
• Originally listed in February 2010 for $389,900
• Reduced
• Currently listed at $359,000 (parking included)
• Assessments of $70 a month
• Taxes of $3630
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 12×10

This 1-bedroom brick and timber loft in the Block Y development at 1330 W. Monroe in the West Loop has been on the market since May 2010.

At 852 square feet, it has a balcony with downtown views as well as views of the courtyard with its trees, gardens and a small pond.

The unit has hardwood floors, central air and washer/dryer in the unit.

The kitchen has stainless appliances and granite counter tops.

The loft is listed $24,500 under the 2005 purchase price.

Is this an attractive property for a first time home buyer?

Carole Klein at City Point Realty has the listing. See more pictures here.

Unit #306: 1 bedroom, 1 bath, 852 square feet

• Sold in November 2000 for $178,500
• Sold in April 2005 for $274,500 (doesn’t look like parking was included)
• Originally listed in May 2010 for $300,000
• Reduced
• Currently listed for $250,000 (parking is available for $27,000 extra)
• Assessments of $253 a month
• Taxes of $2438
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Living room: 25×20
• Kitchen: 10×9

On a Lincoln Park street with many million dollar homes sits this vintage 2-bedroom single family home at 631 W. Belden listed for a fraction of the price.

Built in 1887, the two story home has hardwood floors and a separate dining room or den.

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

Both bedrooms are upstairs and it has an unfinished partial basement.

There is no garage but there is a parking pad on a 27x95x65 lot.

The house has central air.

Is this an attractive townhouse alternative?

Anna Robertson at Jameson Sotheby’s has the listing. See the pictures here.

631 W. Belden: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 1993 for $217,000
• Sold in October 1994 for $377,000
• Originally listed in December 2010 for $699,000
• Still listed at $699,000
• Taxes of $10,106
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 12×15 (second floor)
• Living room: 15×12
• Dining room: 13×12
• Family room: 14×8 (main floor)
• Kitchen: 12×11

We’ve chattered about this 2-bedroom vintage unit in the courtyard building at 507 W. Aldine in Lakeview several times over the past 3 years.

In fact, it seems like I’ve been posting about this property nearly the entire time I’ve been running Crib Chatter.

It first came on the market as a regular sale, then was a short sale and finally it went back to the bank.

The bank re-listed it at a further reduced price in December 2010.

When we last chattered about it in December 2010, some of you thought this was now a deal and would sell quickly given that it had parking, in-unit washer/dryer and was a 2/2.

See our December 2010 chatter here.

Alas, it is still available and has been reduced another $21,600.

In our last chatter, one of you pointed out that the listing agent, at Goodwill Realty, had 40+ pictures up on their site. You can check them out here.

While the kitchen and baths are intact, there does appear to be some TLC that is needed.

The kitchen has stainless steel appliances and what look to be granite counter tops.

Will this ultimately sell under the 2000 purchase price?

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

Unit#2B: 2 bedrooms, 2 baths, dining room, 1400 square feet

• Sold in May 1995 for $154,000
• Sold in June 1998 for $199,000
• Sold in April 2000 for $243,000
• Sold in March 2007 for $379,000
• Was listed in February 2009 for $410,000 (included the parking)
• Reduced
• Was listed in March 2009 for $399,900 (included the parking)
• Reduced
• Was listed in May 2009 for $375,000 (included the parking)
• Reduced
• Was listed as a short sale in June 2009 for $339,000
• Under contract
• Re-listed in September 2009 for $339,000
• Under contract
• Lis pendens foreclosure filed in December 2009
• Re-listed in May 2010 for $325,000
• Withdrawn in July 2010
• Bank owned in September 2010
• Was listed in December 2010 for $276,500
• Reduced
• Currently listed for $254,900
• Assessments of $362 a month (includes heat)
• Taxes of $5365
• No central air- only window units
• In-unit Washer/Dryer
• Wood-burning fireplace
• Deeded parking included
• Bedroom #1: 14×12
• Bedroom #2: 12×11