Crib Chatter

It’s been over 3 years since we’ve chattered about the Market Square Lofts at 161 W. Harrison in Printers Row.

One of the few buildings in Printers Row with central air, in-unit washer/dryers and deeded onsite parking, the units have high ceilings and big windows but lack exposed brick, timber, exposed beams or other authentic loft characteristics.

This 2 bedroom, 2 bath unit has been on the market for a year.

In that time it has been reduced $110,000 and is listed as a “short sale.”

It is now listed just $9,900 over the original 1997 sales price (as the building was first converted into condos in 1997.)

It has french doors and oak hardwood floors throughout.

The kitchen has white cabinets, white appliances and granite counter tops on the breakfast bar.

There is a two sided fireplace.

The unit below it, Unit #605, is also on the market- but to rent- for $1950 a month. You can see from the pictures of that unit that it faces directly into the Vetro next door. (That unit has been available to rent since November 2010.)

See Unit #605 rental here.

From the listing history, it appears the bank has been reducing this unit every two weeks- but stopped at the current price a couple of weeks ago.

Is this a deal at $151 a square foot (and given the rental asking price of the unit below it)?

Bryan Schmidt at Strive Real Estate has the listing. See the pictures here.

Unit #705: 2 bedrooms, 2 baths, 1325 square feet

• Sold in June 1997 for $190,000
• Sold in August 1999 for $215,000
• Sold in April 2003 for $240,000
• Sold in July 2005 for $330,000
• Originally listed in January 2010 for $309,900
• Reduced numerous times
• Currently listed as a “short sale” at $199,900 (parking included)
• Assessments of $584 a month (includes everything except electric- including heat, a/c, gas, doorman, cable)
• Taxes of $3551
• OR you can rent the unit below it, Unit #605, for $1950 a month (doesn’t appear that parking is included)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×11
• Bedroom #2: 10×13

We last chattered about this new construction 4-bedroom single family home at 1214 N. Rockwell in West Town in November 2010.

See our prior chatter here.

It’s pretty unusual to see a completely new construction single family home selling for under $400,000 in the neighborhood.

Many of you thought it was too close to East Humboldt Park to sell at that price. But others thought it was gentrifying enough to support something close to the $369,000 list.

The house has “LEED appointments”.

It has flaxseed sealed oak hardwood floors and an Eco burning fireplace. They apparently used no VOC paint.

3 of the 4 bedrooms are on the second floor with the fourth on the main floor.

It has a floating staircase and the bathrooms have vessel bowl sinks.

The kitchen is the modern asethetic with stainless steel appliances.

There is a 2-car garage on a 24×102 lot.

Prior to the house being built, there was an empty lot there.

Will this house finally sell in the spring buying market?

Karen Biazar at North Clybourn Group still has the listing. See the pictures here.

1214 N. Rockwell: 4 bedrooms, 2.5 baths, 2 car garage, 2400 square feet

• Sold in June 2007 for $300,000
• Lis pendens filed in December 2008
• Bank owned in September 2009
• Sold in September 2009 for $41,000
• Was listed in November 2010 for $369,000
• Still listed for $369,000
• Taxes are “new”
• Central Air
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×9 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 8×10 (main floor)

We last chattered about this 6-unit building at 2629 N. Dayton in Lincoln Park in February 2010.

See our prior chatter here.

At that time, Unit #3N, a 3 bedroom, 3 bath duplex up was on the market as was Unit #3S– it’s sister unit.

Unit #3N went on to sell in May 2010 for $574,624, or slightly over its final listing price of $574,500. Mario Greco at Prudential Rubloff was the agent.

But Unit #3S hasn’t been as lucky.

In that same time period, this 3-bedroom duplex up has been reduced $40,900 and is now listed for about $25,000 under the sale price of Unit #3N.

This unit is the same square footage as the other one, at 2400 square feet. It also has 3 private decks and parking is included in the price.

There are 22 foot high ceilings in the living room.

2 out of the 3 bedrooms are on the main floor with the master bedroom and the family room on the second level.

Has the market changed that much in the last year?

Mario Greco at Prudential Rubloff now has the listing. See the pictures here.

Unit #3S: 3 bedrooms, 3 baths, 2400 square feet

• Sold in January 1998 for $133,000 (this is what the public records state- not sure it’s accurate though)
• Originally listed in February 2010 for $589,900
• Reduced numerous times
• Currently listed for $549,000
• Unit #3N sold in May 2010 for $574,624
• Assessments of $177 a month
• Taxes of $9168
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 22×11 (second floor)
• Bedroom #2: 16×12 (main floor)
• Bedroom #3: 11×10 (main floor)
• Family room: 20×18 (second floor)

This newer construction bank owned 4-bedroom single family home at 1930 W. Oakdale in North Center near Hamlin Park has been on the market since October 2010. (This is showing up as North Center in the neighborhood designation- but most would call it, probably, Roscoe Village.)

In that time, it has been reduced $81,600.

At $759,900, it is now listed about 50% below its 2005 purchase price of $1.5 million.

From the pictures, the kitchen appears intact with stainless steel appliances and granite counter tops.

There’s custom millwork throughout the house as well as what looks sto be a custom wood fireplace mantel.

Three out of the 4 bedrooms are on the second floor with the fourth in the basement (which is maybe why the listing write-up actually calls it a 3-bedroom house instead of a 4 bedroom.)

The listing says there is a custom closet in the master bedroom.

The lower level is fully finished.

Built on a standard 25×125 lot, it also has a 2-car garage.

Is this a deal?

Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.

1930 W. Oakdale: 4 bedrooms, 3 baths, 2 car garage, no square footage listed

• Sold in January 2005 for $975,000
• Sold in February 2005 for $1.5 million
• Lis pendens foreclosure filed in July 2009
• Bank owned in April 2010
• Originally listed in October 2010 for $841,500
• Reduced
• Currently listed at $759,900
• Taxes of $14,901
• Central Air
• Bedroom #1: 14×17 (second floor)
• Bedroom #2: 17×13 (second floor)
• Bedroom #3: 12×12 (second floor)
• Bedroom #4: 12×12 (basement)

This 3-flat greystone at 1509 W. Addison in the Southport neighborhood of Addison has been on and off the market since July 2008.

In that time it has been reduced $234,000.

The listing says there is a one year old roof and recent tuckpointing.

The three units also have “upated” kitchens and baths.

The units are as follows:

1. Unit #1: 2 bedrooms, 1 bath
2. Unit #2: 2 bedrooms, 1 bath
3. Unit #3: 1 bedroom, 1 bath (garden unit)

There is steam heating and no central air (window units only.)

Built in 1898 on a 22×134 lot, the property has a 2-car garage.

The rents are not listed so we don’t know if this is cash flow positive.

But what if you were to convert it to a single family home instead?

It’s far cheaper than most homes in the neighborhood of comparible size.

Mark Weitekamper at Haderlein & Company Realtors has the listing. See the pictures here.

1509 W. Addison: 5 bedrooms, 3 baths, 3-flat, 2 car garage

• Sold before 1986
• Originally listed in July 2008 for $799,000
• Reduced numerous times
• Currently listed at $565,000
• “Motivated seller”
• Taxes of $10121
• No central air
• Steam heat

This 2-bedroom unit in Erie Center at 435 W. Erie in River North has been on and off the market for a year.

It is now listed for $87,100 under the 2008 purchase price and also just $1,900 above the 2003 purchase price.

Built in 1998, the unit has some interesting features including a large window in the master bathroom- which you rarely see in newer construction high rises. Last window in the bathroom I remember was in some of the units in 600 N. Fairbanks.

The listing says there are ebony bamboo floors throughout the main living areas.

The kitchen has white cabinets and appliances and no granite counter tops.

It has central air, washer dryer in the unit and parking is available to purchase in the building.

Is this a deal for the location and square footage?

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

Or see it in person this Sunday, Jan 23, at the Open House before the Bears game from 11 am to 1 pm.

Unit #807: 2 bedrooms, 2 baths, 1425 square feet

• Sold in January 1999 for $257,000
• Sold in May 2002 for $327,000
• Sold in June 2003 for $348,000 (it appears parking was included)
• Sold in March 2008 for $437,000 (it appears parking was included)
• Originally listed in January 2010
• Currently listed at $349,900 (parking extra)
• Assessments of $577 a month (includes heat, a/c, cable, doorman)
• Taxes of $5185
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 12×11

We last chattered about a short sale in The Heritage, the high rise at 130 N. Garland in the Loop in 2008.

It wasn’t the last of the short sales, however, as this 3-bedroom unit recently came back on the market as a short sale after having been on and off the market since August 2008.

The northeast corner unit has lake and Millennium Park views.

The kitchen has granite counter tops and black appliances.

There are hardwood floors throughout the main living area.

Unit #2901, the same floorplan, is also currently on the market and is asking $280,750 more ten floors below this short sale unit.

Is this a deal?

Dana Surcell at Onix Realty has the listing. See the pictures here.

Unit #3901: 3 bedrooms, 3 baths, 2157 square feet

• Sold in October 2005 for $1,003,500
• Originally listed in August 2008 for $1,369,000
• Reduced several times
• Was listed in July 2010 for $1,249,000
• Lis pendens filed in August 2010
• Currently listed as a “short sale” at $939,000 (1 deeded parking space included)
• Assessments of $1005 a month (includes doorman, pool)
• Taxes of $12600
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×14
• Bedroom #2: 11×16
• Bedroom #3: 10×12

The Tribune’s Elite Street column is reporting that Nate Berkus has put his 3-bedroom vintage unit at 1325 N. Astor in the Gold Coast on the market.

“Renovated in the 1940s by architect Samuel Marx, Berkus’ three- bedroom condo has been the subject of spreads in Elle Décor and Chicago magazine. One notable feature is its original St. Charles kitchen with metal cabinets, which Berkus has preserved.

Berkus also has retained the original fireplace and paneling that Marx had installed. Other renovations include installing new hardwood floors, fully rehabbing the master bath with a custom English tub and reconfiguring the master suite. In addition, Berkus updated the kitchen with a backsplash and new appliances, and installed a two-zone air-conditioning system and a new electrical system.

“He’s put some of the comforts into the condo, but he’s kept the things that are interesting,” Chez said.

The unit also comes with one garage parking space, which “is highly unusual for a building of this vintage,” Chez said.

Berkus has been spending more and more time in New York, and while he plans to “keep a presence” in Chicago, it’s “more sensible for him to move some of his assets to New York,” Chez said.”

Nate Berkus lists Gold Coast condo for $2.65 million [Chicago Tribune, January 19, 2011]

The Tribune said he bought it in 2003 for $500,000 but it looks to be a typo in the public records given the mortgage amounts and what the Tribune’s own records show. The actual purchase price appears to be $1.5 million.

At 3,980 square feet, it also has an in-unit washer/dryer.

We’ve chattered before about properties where Nate Berkus apparently designed the interiors.

Does it matter if he both designed, and then lived, in the property?

And will he get anywhere close to his asking?

The last unit to sell in the building was Unit #6 in January 2007 for $2.1 million.

Unit #2 is also on the market and has been since May 2010. It is currently listed at $2.9 million and has so far been reduced $300,000.

Katherine Chez at Coldwell Banker has the listing. See the listing here (no interior pics).

But you can see the interior from when it was featured in Elle Decor. See the interior shots on Apartment Therapy here.

Unit #8: 3 bedrooms, 4 baths, 3980 square feet, 1 car parking

• Sold in June 2003 for $1.5 million
• Currently listed for $2.65 million
• Assessments of $3816 a month (includes heat and doorman)
• Taxes of $29162
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×20
• Bedroom #2: 14×11
• Bedroom #3: 17×12

This 4-bedroom duplex up at 2948 N. Pine Grove in East Lakeview has been on and off the market since August 2009.

After several reductions, it is now listed for $69,600 under the 2006 purchase price.

Built in 1922, this vintage property has 3 bedrooms on the second floor and a formal dining room and the fourth bedroom on the first.

There is a unique 2-story living room with spiral staircase that leads to an open family room.

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

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

If you don’t want to buy it, it is also available to rent for $2750 a month.

What will it take to sell (or rent) this property?

Theodore Argiris at Koenig Strey Real Living has the listing. See the pictures here.

Unit #2: 4 bedrooms, 2 baths, no square footage listed

• Sold in May 1992 for $207,500
• Sold in June 2000 for $318,000
• Sold in July 2006 for $469,500
• Originally listed in August 2009
• Was listed in June 2010 for $469,000
• Reduced
• Currently listed for $399,900
• Assessments of $519 a month (includes heat, cable)
• Taxes of $8104
• OR rent it for $2750 a month
• No central air- window units only
• Washer/Dryer in the unit
• No deeded parking- rental in the neighborhood
• Bedroom #1: 15×10 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 12×8 (second floor)
• Bedroom #4: 12×10 (main floor)
• Family room: 15×12 (second floor)

As predicted, sales continued to slide year over year into the end of the year with no tax credit or other incentives to get buyers off the couch.

Median price also continued to fall.

From the Illinois Association of Realtors:

December home sales (single family and condominiums) for the city of Chicago totaled 1,444 sales, up 26.2 percent from 1,144 sales in the previous month of November; year-over-year sales were down 18.3 percent from 1,767 homes sold in December 2009. For the year, home sales are down 1.6 percent with 19,089 sales in 2010 compared to 19,398 sales for 2009.

The December monthly data for the last 4 years:

• December 2007: 1578 sales– with median price of $287,450
• December 2008: 1265 sales– with median price of $235,000
• December 2009: 1767 sales– with median price of $210,000
• December 2010: 1444 sales– with median price of $199,250

Sales for the last four years in Chicago:

• 2007: 27,503
• 2008: 20,946
• 2009: 19398
• 2010: 19089

A few months ago, the IAR was confident that yearly sales in 2010 would surpass 2009 but the slowdown in the fourth quarter negated that hope.

“December closed a year in the city of Chicago with just 1.6 percent fewer units sold in 2010 over 2009. Buyers are finding value and opportunities in the marketplace and making long-term investments in real estate due to compelling pricing and low interest rates. The median price for the city of Chicago in 2010 was $207,000, down from $225,000 the previous year, reflecting the influence of distressed properties in communities across Chicago,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “In 2011, REALTORS® will continue to lead the conversation regarding FHA and creative condo financing, loan limits and reasonable loosening of credit for qualified buyers.”

One of the most telling stats is that the median price continues to fall. It tells you the mix of what is selling.

“The recent income and corporate tax increases passed by the Illinois state legislature provide further complications for those trying to analyze the interaction between the economy and the housing market,” said economist Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “If workers and businesses are convinced that these actions will go some way to solving part of the state’s fiscal crises, then the outcome may be positive. The tax increases have also created some uncertainty about how these actions might affect Illinois’ economic recovery vis-à-vis surrounding states.”

Adds Hewings: “The picture is further complicated by the temporary upsurge in housing sales in the first quarter of 2010 that was fueled by the incentives to new and existing home owners; these increases set the stage for an expected dampening in the annual sales growth data for 2011 for the first quarter.”

Illinois Home Sales in December Up 11.1% from Previous Month; Sales and Price Declines Moderating [Illinois Association of Realtors, Press Release, January 20, 2011]