Crib Chatter

This 4-bedroom Victorian single family home at 2337 N. Monticello in Logan Square was bank owned in May 2010.

It sold to a new buyer for just $130,000 in July 2010.

It has come back on the market after a renovation listed at $375,000.

The house now has ebony floors throughout the main level and a completely new kitchen opened up to the dining/living area with dark cabinets, 2 inch granite counter tops and stainless steel appliances.

There is a finished lower level with a 12×11 family room, an office/bedroom and a full bath alongside a laundry room.

The other three bedrooms are on the second level.

There is central air and a 2-car garage on a 30×125 lot.

Is this a steal for a first time homebuyer?

Chadwick Duda at Prudential Rubloff has the listing. See the pictures here.

To see the “before” pictures- if you have a redfin account- you can see them there in the prior listing. It’s quite interesting to see the changes.

2337 N. Monticello: 4 bedrooms, 3 baths, 2 car garage, no square footage listed

• Sold in October 1993 for $88,000
• Lis pendens filed in November 2008
• Bank owned in May 2010
• Originally listed in July 2010 for $135,900
• Sold in July 2010 for $130,000
• Originally listed in January 2011 for $375,000
• Currently still listed for $375,000
• Taxes of $2717
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 10×10 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 13×10 (lower level)
• Family room: 12×11 (lower level)

This 4-bedroom luxury new construction single family home at 738 W. Belden in Lincoln Park has been on the market since September 2008.

In that time period, it has been reduced a little over 50% to $1.75 million from $3.69 million.

The listing says it is a “super deal” and that it has been appraised at $2.5 million.

It also says “Don’t be shy about an offer!”

The house has 10 foot ceilings throughout, walnut and limestone floors and Italian marble fireplace mantels.

It has custom paneling and moldings as well as an elevator.

The kitchen has white cabinets, granite counter tops and upscale appliances such as a SubZero refrigerator.

Three of the 4 bedrooms are on the third level with the fourth on the main floor.

There is also a 30×15 library and a 3-car garage on a 25×121 lot.

Is this a deal?

Kathleen Tannyhill at Baird and Warner has the listing. See the pictures here.

738 W. Belden: 4 bedrooms, 4.5 baths, 5000 square feet, 3 car garage

• Sold in January 2005 for $1.05 million (prior property)
• Originally listed in September 2008 for $3.69 million
• Reduced numerous times
• Lis pendens foreclosure filed in July 2010
• Reduced to $1.75 million in September 2010
• Currently still listed “as-is” at $1.75 million
• Taxes of $18,912
• Central Air
• Elevator
• Wine cooler
• Bedroom #1: 12×18 (third floor)
• Bedroom #2: 15×19 (third floor)
• Bedroom #3: 13×14 (third floor)
• Bedroom #4: 13×12 (main floor)
• Library: 30×15 (main floor)

We chattered about this 2-flat at 343 W. Menomonee in the heart of the Old Town Triangle several times in the last year.

See our September 2010 chatter here.

At least one of you argued this would sell in the $800,000s and others countered that would be way too low because the land itself was worth at least $800k.

Originally listed for over the 2007 purchase price at $1.293 million in January 2010, it was reduced several times and finally sold for $140,000 under the 2007 price at $915,000.

The property had two units consisting of the following:

1. 2 bedrooms/2 baths duplex owners unit
2. 3 bedrooms/3 baths first floor duplex down rental unit currently rented for $2400 a month

The owners unit has upgraded stainless steel appliances by Viking and granite counter tops. Each unit has its own washer/dryer.

There was no garage or parking but there was a backyard on a 25×100 lot.

The listing says it could be an easy deconversion to a single family home.

Phyllis Hall at Koenig & Strey still had the listing.

343 W. Menomonee: 5 bedrooms, 5 baths, 3600 square feet

• Sold in January 1997 for $425,000
• Sold in July 2007 for $1,055,000
• Was listed in January 2010 for $1,293,000
• Reduced
• Was listed in September 2010 for $1,050,000
• Sold in February 2011 for $915,000
• Taxes of $13,758
• Central Air
• 3-bedroom rental unit income of $2400 a month
• No parking- rental nearby

The Chicago Tribune interviewed former Bears tight end Emery Moorehead, who has been a realtor on the North Shore since the mid-1980s.

There is a lot of inventory in the upper bracket and we’ve chattered about reductions on million dollar properties in Chicago numerous times but the North Shore has even more inventory.

According to the realty board, only 30 homes sold for $1 million or more in 2010, one fewer than in 2009. And those 30 homes were the fewest number of million-dollar homes sold since 2004.

Pricing remains key, and Moorehead noted the difficulty in representing sellers who want to hold out for a certain price when comparable, well-maintained foreclosures are selling for substantially less. Last year, the median price of upper-bracket homes sold was $1.3 million. That was an 11 percent improvement from 2009 but still down substantially from the peak median high-end home price of almost $1.48 million in 2007.

In Lake Forest alone, more than 150 single-family, detached homes priced at $1 million or more are actively being marketed for sale, including many that have had price reductions.

“For 21 years it was a seller’s market,” Moorehead said. “Now, young people have opportunities to get into communities they could not get into four years ago. These are times you will not see again.”

How much are upper bracket foreclosures influencing sales?

From tight end to high end for realtor [Chicago Tribune, Mary Ellen Podmolik, February 6, 2011]

We recently chattered about this 2008 newer construction midrise building at 3512 N. Southport in the Southport neighborhood of Lakeview because the penthouse unit came on the market.

But back in September 2009, we chattered about a second floor unit in the building.

See our prior chatter here.

This 3-bedroom unit first sold in 2008 and was listed for sale again just a year later.

It went under contract rather quickly in 2009 and sold just 2 months later for $53,000 less than the 2008 sale.

Now, just over a year later, it has come back on the market again.

This time, the list is $29,900 more than the 2009 purchase price.

The kitchen has white cabinets, stone counter tops and backsplash and Viking stainless steel appliances.

At 1900 square feet, the unit also has stone baths and 2-car covered parking.

Will this sell as quickly as it did in 2009?

Michael Drommerhausen at Prudential Rubloff has the listing. See the pictures here.

Unit #2S: 3 bedrooms, 2 baths, 1900 square feet, 2 car tandem parking

• Sold in July 2008 for $673,000
• Originally listed in July 2009 for $650,000
• Reduced
• Was listed in September 2009 for $625,000
• Sold in November 2009 for $620,000
• Currently listed for $649,900
• Assessments of $223 a month
• Taxes of $9888
• Bedroom #1: 16×16
• Bedroom #2: 14×11
• Bedroom #3: 14×11
• Living room: 19×14
• Dining room: 19×8
• Kitchen: 14×10
• Laundry: 6×5

This block of rowhouse condo units at 2149 N. Seminary is classic Lincoln Park.

Built in 1895, this unit has tall ceilings, a fireplace, crown molding and a ceiling medallion in the living room.

The kitchen is newer and has granite counter tops and stainless steel appliances.

While there is an in-unit washer/dryer there is no deeded parking and no central air (window units only.)

First listed in July 2010, it has been reduced $46,000.

It is now listed only $5,000 over the 2020 purchase price.

Is this a deal?

Leigh Marcus at @Properties has the listing. See the pictures here.

Unit #B: 2 bedroom, 1 bath, no square footage listed

• Sold in September 1996 for $186,000
• Sold in October 1999 for $235,000
• Sold in September 2000 for $260,000
• Sold in March 2002 for $284,000
• Sold in June 2007 for $347,000
• Originally listed in July 2010 for $335,000
• Reduced several times
• Currently listed for $289,000
• Assessments of $268 a month
• Taxes of $4209
• No central air- only window units
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 16×12
• Bedroom #2: 14×10
• Dining room: 7×7

We chattered about this 2-bedroom unit at 950 W. Barry in Lakeview in August 2010.

See our prior chatter here.

At that time, it had just come on the market as a bank owned unit.

Many of you thought the asking price of $375,000 was too high given its proximity to the El and a bunch of nearby bars and that somewhere between $75,000 and $100,000 lower than $375k would get it done.

The unit has since been reduced $76,000.

From the pictures, it appears to have its kitchen and baths intact.

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

The unit also has custom millwork.

It has central air, washer/dryer in the unit and parking is included.

Is this a deal now?

William Volpe at Parkvue Realty still has the listing. See the pictures here.

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

• Sold in April 2008 for $438,000
• Lis pendens filed in March 2009
• Originally listed in July 2010 for $399,000
• Bank owned in August 2010
• Reduced
• Was listed in August 2010 for $375,000 (parking included)
• Reduced
• Currently listed at $299,000 (parking included)
• Assessments of $130 a month
• Taxes of $6234
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 12×8
• Living room: 18×19
• Kitchen: 14×16

If you love the look of vintage but want contemporary finishes then this 4-bedroom historic home at 2235 W. Homer in Bucktown is for you.

We have chattered about it several times, most recently in November 2010. See our prior chatter here.

Since it was originally listed in June 2010 it has been reduced $50,100.

Built in 1878, 3 of the 4 bedrooms are on the second floor which has cathedral ceilings.

The fourth bedroom and a family room are in the finished walk-out lower level.

Some of the vintage features have been preserved including original stained glass, crown moldings and mahogany inlay in the dining room.

The kitchen has stainless steel appliances and granite counter tops.

Built on a 24×100 lot, the house has a 2 car garage and central air.

Robert John Anderson at Baird & Warner still has the listing. See more pictures here.

2235 W. Homer: 4 bedrooms, 4 baths, 2 car garage, no square footage listed

• Sold in June 2001 for $250,000
• Sold in May 2005 for $648,500
• Sold in July 2008 for $831,500
• Was listed in July 2010 for $850,000
• Reduced
• Was listed in November 2010 for $829,900
• Reduced
• Currently listed for $799,900
• Taxes of $8394
• Central Air
• Bedroom #1: 19×16 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 12×7 (second floor)
• Bedroom #4: 16×11 (lower level)

This 1-bedroom unit in the Parc Chestnut at 849 N. Franklin in River North has been on the market since September 2010.

In that time, it has been reduced $85,100.

It is now listed $54,600 under the 2006 purchase price.

The Parc Chestnut was a new construction mid rise in 2006.

Some of the listings for other units in this building describe them as “soft lofts” as there are concrete ceilings and exposed duct work.

There are no interior pictures for this unit, but the listing says that management must have 48 hours notice to show the unit which indicates that it is rented.

The listing says the kitchen has granite counter tops and “newer” appliances (probably means black instead of stainless steel.)

There are hardwood floors, central air and a washer/dryer in the unit.

With the parking included, is this now a deal?

Jack Mansour at Re/Max 10 has the listing. See the listing here.

There are no interior pictures, so see the pictures for Unit #1011, listed for $269,900, here.

Unit #719: 1 bedroom, 1 bath, 715 square feet

• Sold in September 2006 for $214,500
• Originally listed in September 2010 for $245,000
• Reduced numerous times
• Currently listed for $159,900 (parking included)
• Assessments of $330 a month (includes a/c, cable, doorman)
• Taxes of $2942
• Bedroom: 10×10
• Living room: 16×12
• Kitchen: 12×8

We last chattered about The Coronado at 3900 N. Pine Grove in Lakeview in December 2009 when a 2/2 was on the market for $212,000.

See our December 2009 chatter here.

At that time, the unit, #708, was in short sale. It had a renovated kitchen and hardwood floors.

Some of you thought the price of $212,000 was a deal and that it would sell within a few months.

It finally closed in August 2010 for $202,000.

Currently there is another 2/2 on the market which has been reducing its price frequently in recent weeks so that it is now listed under $125,000.

Unit #201 is a 1000 square foot 2 bedroom, 2 bath with carpeting.

It is a southeast corner unit.

The kitchen has white appliances but is not updated like Unit #708’s was.

There is an in-unit washer/dryer and deeded parking included but no central air- only wall units.

The building was built in 1985 but was converted to condos in 2005. It has 101 units.

There is an indoor swimming pool.

Is this a deal?

Micahel Stark at Keller Williams has the listing. See the pictures here.

Unit #201: 2 bedrooms, 2 baths, 1000 square feet

• Sold in July 2005 for $258,500
• Was listed in April 2010 for $269,900
• Reduced
• Was listed in October 2010 for $249,900
• Reduced numerous times
• Currently listed for $124,900 (parking included)
• Assessment of $374 a month (includes heat, gas, cable, pool)
• A special assessment is mentioned in some of the other listings in the building
• Taxes of $4500
• No central air- wall units only
• Washer/Dryer in the unit
• Bedroom #1: 14×14
• Bedroom #2: 12×10