Crib Chatter

We last chattered about this 3-bedroom unit at Crilly Court, 1706 N. Wells, in Old Town in November 2010.

See our prior chatter here.

This was the second unit to be listed in the complex in recent months with the first actually selling for more than the 2007 purchase price.

Here was the history on the first unit:

1702 N. Wells #3: 3 bedrooms, 2 baths, 1507 square feet

• Sold in July 2007 for $467,000
• Originally was listed in February 2010 for $525,000
• Under contract within 14 days
• Closed in April 2010 for $499,000

Would this second unit have the same luck 6 months later?

We now have the answer and it is “yes.”

The Crilly Court complex consists of several buildings and takes up an entire city block. It was historic apartments until 2007 when it was converted into condos with the usual stainless steel appliances and granite counter tops.

This particular 3-bedroom unit was opened up to create a bigger living space- so it was being used as a two bedroom.

There was no deeded parking with the unit but it did have in-unit washer/dryer and central air.

What’s Crilly Court’s re-sale magic?

Robin Miner at @Properties had the listing.

Unit #3: 3 bedrooms, 2 baths, 1507 square feet

• Sold in August 2007 for $467,000
• Was listed in November 2010 for $525,000
• On the market just 15 days before going under contract
• Sold in January 2011 for $495,000
• Assessments of $298 a month
• Taxes of $6371
• Central Air
• Washer/Dryer in the unit
• No parking – rental available in the neighborhood
• Bedroom #1: 13×12
• Bedroom #2: 16×12
• Bedroom #3: 11×10

This 3-bedroom townhouse at 1307 W. Belmont in Lakeview has been on the market since July 2010.

In that time it has been reduced $75,875.

Built in 2005, this four story brick townhouse has 2300 square feet and a 2-car garage.

2 of the 3 bedrooms are on the third floor, with the fourth on the top floor.

It has a rooftop deck and a family room.

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

We’ve seen some of the smaller, and lower price, townhouses in Lakeview sell in recent months.

What’s the market for these larger townhouses that are well outside of the conforming loan limit?

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

1307 W. Belmont: 3 bedrooms, 2.5 baths, 2300 square feet, 2 car garage

• Sold in January 2005 for $625,000
• Originally listed in July 2010 for $635,000
• Reduced several times
• Currently listed at $559,125
• Taxes of $9056
• Assessments of $155 a month
• Central Air
• Bedroom #1: 14×12 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 13×10 (fourth floor)
• Family room: 16×12 (main floor)

We last chattered about this 2-bedroom bank owned unit in The Sterling at 345 N. LaSalle in River North in November 2010 and wondered if prices were double dipping

See our prior chatter here.

At that time, the bank had recently lowered the price $22,500 because there were no takers.

The unit recently sold for $215,000 which is, I believe, among the lowest prices paid for a 2/2 in the building.

Just last June, two other same tier units sold for much more.

1. Unit #2001: sold in June 2010 for $255,000
2. Unit #2201: sold in June 2010 for $250,000

There were no interior pictures with this listing, so we don’t know if the kitchen/baths were intact.

Does this sale set a new comp in the building?

Timothy Blomquist at The Lake Shore Drive Group had the listing.

Unit #1401: 2 bedrooms, 2 baths, 1160 square feet

• Sold in April 2003 for $424,000
• Lis pendens filed in March 2008
• Bank owned in October 2009
• Originally listed in September 2010 for $237,500
• Reduced
• Was listed in November 2010 for $215,000
• Sold in January 2010 for $215,000
• Assessments of $524 a month
• Taxes of $5055
• Central Air
• There are washer/dryer hook-ups in the unit
• Parking is rental in the building
• Bedroom #1: 12×10
• Bedroom #2: 16×11

There’s been no slowdown in the foreclosure wave that has swept the entire Chicagoland area in the last few years.

“According to RealtyTrac, the online marketplace for foreclosure properties, 45,555 homes became bank-owned last year in the area between the Wisconsin border and northwest Indiana.

Also during the year, mortgage servicers filed 83,429 initial notices of default, the first step in the foreclosure process.

In the Chicago area last year, foreclosure filings totaled 80,618 in Cook County; 10,646 in DuPage; 9,041 in Kane; 2,612 in Kendall; 11,026 in Lake; 5,385 in McHenry; and 11,027 in Will.”

Chicago-area foreclosures soar 20% in 2010 [Chicago Tribune, Mary Ellen Podmolik, January 13, 2011]

The Tribune is also reporting that the Woodstock Institute has identified 1,896 “red flag” homes in Chicago- those that simply have been abandoned by the mortgage servicer in the middle of the foreclosure.

Aka- the house (and apparently the land) are worthless so even the bank doesn’t want it.

One report listed Chicago as having the second largest servicer abandoned houses in the nation, second only to Detroit.

The city is even demolishing some of these properties.

In 2010, the city demolished 535 homes, the most annually in more than a decade and far more than the 283 residences torn down in 2009, according to Monocchio. The city also doubled, to 891 residences, the number of buildings it secured, sometimes more than once, he said.

Are we reaching a critical period in the housing bust?

More banks walking away from homes, adding to the housing crisis [Chicago Tribune, Mary Ellen Podmolik, January 13, 2011]

This 3-bedroom townhouse at 1803 N. Leavitt in the Churchill Row development in Bucktown has been on and off the market since May 2010.

In that time it has been reduced $54,501.

It is now also listed $60,001 under the 2007 purchase price.

At 2730 square feet, the listing says it has a chef’s kitchen and a wine refrigerator.

The master bedroom is on the top floor with the other 2 bedrooms on the second level.

The townhouse also has 2 car parking.

The listing calls it a “give away price.”

Is it?

Michael Mohn at @Properties has the listing. See the pictures here.

1803 N. Leavitt: 3 bedrooms, 3 baths, 2730 square feet

• Sold in October 2001 for $585,000
• Sold in June 2007 for $685,000
• Originally listed in May 2010 for $679,500
• Reduced
• Currently listed for $624,999
• Assessments of $140 a month
• Taxes of $9195
• Central Air
• Bedroom #1: 10×16
• Bedroom #2: 14×12
• Bedroom #3: 14×12

You won’t be living in a white box if you buy this vintage 2-bedroom at 3314 N. Lake Shore Drive in Lakeview.

The building was built in 1920 in the Beaux Arts style which is reminiscent of many buildings in Paris.

The hallways have arches and there are coved ceilings.

The living room has paneling and millwork along with a woodburning fireplace.

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

I’m not sure of the views from this unit. The listing doesn’t say there are lake views.

The unit does have central air, but no washer/dryer in the unit. It lists parking as included but I’m not sure that this is actually in the building (as other units for sale in the building do not have parking included.)

Its been reduced $75,000 since it was listed in July 2010.

Is this a steal?

Kay Mastandrea at Coldwell Banker has the listing.  See the pictures and a virtual tour here.

Unit #7C: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 1996 for $158,000
• Sold in December 2001 for $280,000
• Sold in January 2004 for $385,000
• Originally listed in July 2010 for $449,000
• Reduced
• Currently listed at $375,000
• Assessments of $1098 a month (includes heat, a/c, cable)
• Central Air
• No in-unit washer/dryer
• Is parking included? I cannot tell
• Bedroom #1: 18×13
• Bedroom #2: 16×13
• Dining room: 11×8
• Living room: 18×15
• Kitchen: 13×8

This 7-bedroom brick bungalow at 4311 N. Marmora in Portage Park came on the market last week.

It was bank owned a year ago and sold in July 2010.

Back then, it was a 5 bedroom, 2 bath house that needed work. It was missing its appliances and had no central air.

Today, it has been completely renovated with, according to the listing, new windows, electric and central heat and air conditioning.

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

The bathrooms have new travertine and mosaic tile.

Built on a 30×125 lot, the house is now 4100 square feet if you include the finished basement.

What are you willing to pay for “new” in Portage Park?

Kirsten Stumpf at Charles Rutenberg Realty has the listing. See the pictures here (if you have a redfin account you can click on the link to see the pictures of the 2010 listing- when it was owned by the bank.)

4311 N. Marmora: 7 bedrooms, 3.5 baths, 4100 square feet (including the basement), 2 car garage

• Sold in January 1999 for $177,500
• Sold in June 2004 for $399,000
• Lis pendens filed in September 2007
• Bank owned in January 2010
• Sold in June 2010 for $168,000
• Originally listed on Jan 4, 2011 for $369,900
• Reduced
• Currently listed for $365,000
• Taxes of $4155
• Central Air
• Bedroom #1: 23×13 (2nd floor)
• Bedroom #2: 14×10 (2nd floor)
• Bedroom #3: 10×10 (main floor)
• Bedroom #4: 10×10 (main floor)
• Bedroon #5: 11×9 (main floor)
• Bedroom #6: 20×10 (basement)
• Bedroom #7: 10×10 (basement)

The boarded up bank owned 3-flat at 1114 W. Roscoe in Lakeview that we chattered about just a few weeks ago has already sold.

See our prior chatter here.

As you recall, there was only one interior picture of the property and it indicated that it needed work.

The 3-flat was on a standard lot and had a 2-car garage.

But the Brown line El ran directly behind the property.

It sold for $4,900 below the ask.

Eric Mundy at The Lake Shore Drive Group had the listing.

1114 W. Roscoe: 3-unit building, 2 car garage

• Sold in April 1992 for $140,000
• Sold in September 2003 for $388,000
• Lis pendens foreclosure in June 2009
• Bank owned in December 2010
• Was listed in December 2010 for $309,900
• Sold in January 2011 for $305,000
• Taxes of $7953

In November 2009 we chattered about a bank owned 2-bedroom unit, Unit #50D, in 33 W. Ontario, better known as Millennium Centre, in River North.

See our prior 2009 chatter here (and a discussion about how we would see a “bottom” in 2010 because we were not Japan.)

At that time, it was listed for just $275 a square foot but some of you thought, with its $800 assessment, that it was still priced too high.

It did sell in January 2010 for over the asking. Here’s its history:

Unit #50D: 2 bedrooms, 2 baths, 1325 square feet

• Sold in October 2004 for $697,500 (parking included)
• Lis pendens foreclosure in July 2009
• Bank owned
• Was listed in November 2009 for $364,900 (parking included)
• Sold in January 2010 for $400,000
• Assessments of $866 a month (includes heat, a/c, doorman)
• Taxes of $7086

In the last year, some other “D” units have sold in the building including #47D which sold in November 2010 for $330,000 (not sure if this sale included parking or not).

And now Unit #55D is on the market and listed for $9100 under the sale price of Unit #47D- and it includes the parking.

It has hardwood floors in the living room and it appears, from the pictures, that its kitchen and baths are intact.

It has stainless steel appliances and granite counter tops.

Are prices still falling in Millennium Centre?

Is this now a deal? Or are they hoping for a bidding war?

Edguardo Diaz at NuVision Real Estate has the listing. See the pictures here.

Unit #55D: 2 bedrooms, 2 baths, 1325 square feet

• Sold in February 2004 for $713,000
• Lis pendens filed in September 2008
• Bank owned in July 2010
• Originally listed in December 2010 for $320,900 (parking included)
• Currently listed at $320,900 (parking included)
• Assessments of $923 a month (includes heat, a/c, gas, doorman, pool)
• Taxes of $6519
• Central Air
• Washer/Dryer hook-up in the unit
• Bedroom #1: 12×15
• Bedroom #2: 12×11
• Living room: 24×16
• Kitchen: 11×9

We last chattered about this 1951 high rise at 6030 N. Sheridan in Edgewater in October 2009.

See our prior chatter here.

At the time, a bunch of units were in distress in the building.

It doesn’t look like much has changed in 2011.

This 1-bedroom is currently bank owned and is listed for about 70% under the 2004 purchase price.

It has been on the market for about a month and was just reduced another $6,000.

The unit has maple cabinets and black appliances in the kitchen.

It has west views and wall unit air conditioning.

Laura said in the chatter about this building in 2009:

“I believe we will be heading back to the conservatism of the past no matter what people want, out of necessity, but not until another wave of defaults happens and there’s no money left for any more bailouts or housing incentives.

Life will be different, and housing will once more be cheap.”

How low will these units go in these Edgewater high rises before they find buyers?

Ron Ehlers at Prairie Shore Properties has the listing. See the pictures here.

Unit #1609: 1 bedroom, 1 bath, no square footage listed

• Building converted to condos around 2002-2003
• Sold in June 2004 for $146,500
• Lis pendens foreclosure filed in November 2009
• Bank owned in November 2010
• Originally listed in December 2010 for $53,000
• Reduced
• Currently listed for $45,999
• Assessments of $574 a month (includes heat, doorman, cable)
• Taxes of $669
• No central air- window units
• No washer/dryer in the unit
• No parking? (I can’t tell- but doesn’t look like it)
• Bedroom: 15×11
• Living room: 17×16
• Kitchen: 10×6