Crib Chatter

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

We’ve chattered about this 2-bedroom single family home at 1722 W. Wellington several times before.

See our last chatter in July 2010 here.

On and off the market for nearly 2 years, it was recently reduced another $49,000.

It is now listed $35,000 under the 2004 purchase price.

The house is somewhat unusual in that it has an 1880 vintage facade but inside it has been updated with a contemporary interior including timber beamed ceilings and slate floors in both bathrooms.

It also has an updated kitchen with stainless steel appliances and calacatta marble counter tops on an oversized kitchen island.

In the two years it has been on the market, we’ve seen some changes in the house including a spiral staircase replaced with a conventional one.

The house, on a 25×125 lot, has a deck, a 2-car garage and central air.

In 2009, some of you thought this would sell for $525,000.

In 2010 at least one of you thought it would sell in the $400,000s.

Will this house finally sell in 2011?

Monique Crossan at Koenig & Strey Real Living still has the listing. See the pictures here.

(There is finally square footage listed again- of 2100 square feet.)

1722 W. Wellington: 2 bedrooms, 2 baths, 2100 square feet, 2 car garage, backyard

• Sold in May 1994 for $84,000
• Sold in February 1995 for $113,000
• Sold in July 1998 for $310,000
• Sold in June 2004 for $610,000
• Was listed in April 2009 for $724,900
• Reduced
• Was listed in June 2009 for $699,500
• Withdrawn
• Was listed in July 2010 for $624,000
• Reduced
• Currently listed for $575,000
• Taxes of $9724
• Central Air
• Skylights
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 19×14 (second floor)
• Office: 10×13 (second floor)

This 2-bedroom unit in the historic Brewster building at 2800 N. Pine Grove in Lakeview has been on the market since December 2010.

It is bank owned.

In that time period, it has had two reductions for a total of $35,000.

From the pictures and the listing description, the kitchen and bath appear intact.

The kitchen has 42 inch maple cabinets, stainless steel appliances and granite counter tops.

The unit has an eastern exposure and exposed brick.

There is no central air, only a window unit, and no in-unit washer/dryer or deeded parking.

The unit is now listed $68,100 under the 2007 purchase price.

Is this now a steal for an investor?

Gaspar Flores at Su Familia Real Estate has the listing. See the pictures here.

Unit #3B: 2 bedrooms, 1 bath, 650 square feet

• Sold in November 1994 for $80,000
• Sold in July 1997 for $90,000
• Sold in January 2007 for $198,000
• Lis pendens foreclosure filed in December 2009
• Bank owned in October 2010
• Originally listed in December 2010 for $164,900
• Reduced
• Currently listed at $129,900
• Assessments of $339 a month
• Taxes of $1887
• No central air- window units only
• No in-unit washer/dryer
• No parking
• Bedroom #1: 13×9
• Bedroom #2: 12×10
• Living room: 15×13
• Kitchen: 11×8

According to Crain’s, the two most expensive home sales in Lake Forest in 2010 were both short sales.

Even though these sales were in Lake Forest, and not Chicago, since we’ve discussed the North Shore several times lately I thought I’d put it out there for discussion especially as some posters on Crib Chatter seem to believe that the rich aren’t having the same financial problems as everyone else.

And I thought the rich only bought with cash!

Before the economy crashed, the massive homes on Westminster and Lake roads would’ve sold for upward of $7 million, observers say.

But prices in the suburb have fallen, leading more underwater homeowners to consider a short sale, says Pat Purcell, a sales agent in the Lake Forest East office of Koenig & Strey Real Living, who wasn’t involved in either property.

“People are getting tired of holding onto these homes,” he says.

Gerald and Gail Miller paid just under $3.4 million in October 1999 for the 13,000-square-foot mansion on Westminster Road, according to property records. It couldn’t be determined how much the couple owed on the home, but people familiar with the transaction confirmed it was a short sale.

The Millers listed the French Normandy-style mansion for $5.9 million in July, a year after J. P. Morgan Chase & Co. filed a foreclosure complaint against the couple to collect a loan originally issued in October 2005 for $4.6-million loan.

In the case of Mr. Lederer, Schaumburg-based American Chartered Bank filed a foreclosure lawsuit against him in July 2009 to collect on a loan for more than $6-million on the Lake Road property.

Less than a year later, the mansion, with seven bedrooms and six bathrooms, sold for $5.2 million, about 13% less than the loan amount.

Mr. Lederer, who is best known for selling the Web site Art.com to Getty Images Inc. in 1999 for $115 million, didn’t return a message.

Biggest 2010 deals in Lake Forest were short sales [Crain’s Chicago Business, Andrew Schroedter, February 15, 2011]

This 2-bedroom unit at 1050 N. Marshfield in West Town recently came directly on the market as a short sale despite having been purchased 8 years ago.

The listing says it is “priced well below comps.”

Built as new construction in 2002-2003, it has some upgrades such as a custom bar with wine cooler and marble/limestone baths.

The kitchen has stainless steel appliances and granite counter tops.

There is also a rare side-by-side washer/dryer in a laundry room, central air and garage parking.

The listing also mentions that the building was sealed in 2009.

Unit #1, a 3 bedroom, 2.5 bath duplex down in the building is also for sale. This is a foreclosure listed at $296,000. Here’s its history:

Unit #1: 3 bedrooms, 2.5 baths

• Sold in December 2002 for $408,000
• Lis pendens foreclosure filed in December 2009
• Bank owned in December 2010
• Currently listed for $296,000 (also includes 1 parking spot)
• See pictures here.

Are either one of these even a deal?

Jill Hue at Jameson Sotheby’s has the listing for Unit #2. See the pictures here.

• Sold in April 2003 for $313,500
• Currently listed as a “short sale” for $274,999
• Assessments of $150 a month
• Taxes of $3961
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 12×10
• Laundry room: 6×4

If there was one thing many of us noticed about the movie “The Breakup” with Vince Vaughn and Jennifer Aniston- it was the vintage apartment they lived in.

Of course, that was just a movie, right?

That’s why I was intrigued when I ran across this recent listing of a 3-bedroom unit at 448 W. Wrightwood in Lincoln Park which said if I liked the apartment in The Breakup, then this was the home for me.

Could it be true?

The listing says this unit has been “gutted to perfection” but a lot of the vintage features still remain.

It has stained glass, coffered ceilings and moldings.

The listing says it has an “Ann Sachs kitchen” with white cabinets and stainless steel appliances. (Is it just me or are white kitchen cabinets suddenly “in” again?)

There is central air, an in-unit washer/dryer and a heated driveway leading to garage parking.

But the layout, with the long hallway which was seen throughout the movie, looks surprisingly familiar.

Here’s a link to a blog with pictures of the apartment/set used in The Breakup. You be the judge.

Hooked on Houses

Jena Radnay at @Properties has the listing. See the pictures here.

Or you can see for yourself at the Open House on Sunday, February 20 from 1:00-3:00 pm.

Unit #1: 3 bedrooms, 2 baths, 2100 square feet, 1 car parking

• Sold in November 1994 for $277,000
• Sold in October 1996 for $365,000
• Sold in December 2000 for $525,000
• Sold in March 2003 for $595,000
• Sold in July 2007 for $640,000
• Currently listed for $699,000
• Assessments of $302 a month
• Taxes of $7145
• Central Air
• Washer/Dryer in unit
• Garage Parking
• Bedroom #1: 15×13
• Bedroom #2: 14×10
• Bedroom #3: 11×9

If anyone needed any confirmation about just how bad it is out there in the last few months of 2010, the Appraisal Research Counselors is just out with the gruesome fourth quarter downtown new construction sales numbers.

2010 shaped up to be one for the record books- with a record low number of new construction condo sales. The fourth quarter actually saw a loss of 19 sales contracts.

From Crain’s:

Developers of downtown condos and townhomes lost more contracts than they inked in the fourth quarter, posting a -19 net sales figure, down from 111 in the third quarter and 148 sales in the fourth quarter of 2009, according to a report by Chicago-based consulting firm Appraisal Research Counselors.

The annual sales tally sank to a new low of 498, compared with 572 sales in 2009.

It marked the fifth consecutive annual decline and the third straight year of fewer than 600 sales since the market dropped off a cliff in 2008. There had never been less than 3,200 annual sales in the 10 preceding years, according to Appraisal Research data.

The majority of the sales were in a select group of buildings like 757 Orleans and The Silver, both of which cut prices to move units.

“Everybody who sold well (last year) repriced their units. People who held firm on pricing saw very little sales absorption,” Ms. Lissner says. “I would think we would start seeing some movement on price for the unsold inventory, which will generate more sales. I mean, how long can you sit holding firm?”

Ms. Lissner figures it will take two to three years for the market to absorb the roughly 3,000 unsold units downtown, many of which are in the South Loop and West Loop. She expects sales to perk up a bit in 2011.

“I’ve been predicting 1,000 for the last three years,” Ms. Lissner quips.

Belgravia’s 565 Quincy, which we have chattered about several times, was also a big winner last year after it cut prices.

“I’m not sure if I should laugh or cry,” Belgravia President and CEO Alan Lev says upon realizing his firm accounted for more than one-third of the total market’s sales last year. “I feel a hell of a lot better in 2011 than I did a year ago.”

Mr. Lev says the sales generated by the discount program (which included the memorable slogan “Prices that don’t suck” for 565 Quincy) allowed Belgravia to pay off its mortgages at 565 Quincy and Union Row. The firm is now focused on seeking distressed condo projects to buy, with plans to either discount and sell units or convert them to apartments, Mr. Lev says.

He says Belgravia is now pursuing about 20 so-called broken condos and hopes to get a deal done for one or two of them.

“You’ve got to look at a lot of those to get to the finish line,” Mr. Lev says.

Moving forward in 2011, the question is, which building will be the next to aggressively cut prices? Or will they go rental instead?

Some buildings sitting on inventory include:

1. The Legacy
2. 60 E. Monroe
3. Aqua
4. One Museum Park
5. The Colombian (has already cut prices)

 Was 2010 finally the bottom in downtown new construction sales?

Downtown condo sales hit new low in 2010 [Crain’s Chicago Business, Eddie Baeb, February 14, 2011]

This vintage 3-flat greystone at 852 W. Oakdale in Lakeview recently came on the market.

It is bank owned and is listed for 45%, or $480,000, under the 2007 purchase price.

Built in 1891, the greystone is on a 25×125 lot and has a 2-car garage.

From the public records, it appears the property was given some kind of historic landmark designation in 2006.

The units are as follows:

1. Unit #1: 3 bedrooms, 1 bath
2. Unit #2: 3 bedrooms, 1 bath
3. Unit #3: 3 bedrooms, 1 bath

There is an unfinished basement with storage and laundry facilities.

All three units are currently vacant.

The listing does not have interior pictures but says “minor TLC needed throughout.”

There is separate heating and no central air.

Is this a deal?

Drew Kemper at Novation Realty has the listing. See the listing here. (no interior pictures)

852 W. Oakdale: 3-flat, 9 bedrooms, 3 baths, 3049 square feet, 2 car garage

• Sold sometime before 1990
• Sold in September 2005 for $900,000
• Sold in March 2007 for $1.06 million
• Lis pendens foreclosure filed in September 2009
• Bank owned in January 2011
• Currently listed at $580,000
• Taxes of $15,028
• No central air
• Separate heating

This 3-bedroom newer construction unit at 1649 W. Cortland in West Town just came on the market.

It is bank owned.

The building was built in 2008 and this unit does not appear to ever have sold from the original developer.

There are 4 units in the building and only the top floor penthouse sold.

Here is the history on the penthouse unit.

Penthouse:

• Sold in March 2008 for $525,000 (mortgages totaling $498,750)
• Lis pendens foreclosure filed in November 2009
• Bank owned in November 2010
• Has not yet come back on the market

The unit currently on the market is Unit #301.

It has hardwood floors throughout as well as a stone fireplace.

From the pictures, it appears that the kitchen and bathrooms are intact.

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

The bank is apparently eager to sell as the listing says “bank says make an offer.”

There are lis pendens filed against Unit #101 and #201 but the bank has not yet taken possession of those units.

What would you offer for this unit in this location?

Matt Garrison at Coldwell Banker has the listing. See more pictures here.

Unit #301: 3 bedrooms, 2 baths, no square footage listed

• Never sold from the developer
• Lis pendens foreclosure filed in September 2009
• Bank owned in June 2010
• Currently listed for $399,000
• “Bank says make an offer”
• Central Air
• Washer/Dryer in the unit
• Tandem parking included
• Bedroom #1: 13×10
• Bedroom #2: 10×10
• Bedroom #3: 10×10