Crib Chatter

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

This 2-bedroom top floor loft at 4745 N. Ravenswood in Lincoln Square has been on and off the market since March 2010.

It is now a short sale and is listed $5500 under the 2002 purchase price.

At 1900 square feet, it has all the open space of authentic lofts.

It also has exposed brick and 11 foot ceilings.

The kitchen has stainless steel appliances and what looks like some kind of stone/granite counter tops.

There are 2 woodburning fireplaces including one located in the master bedroom.

There is central air but I can’t tell if there is in-unit washer/dryer or parking (doesn’t look like it has either- but I can’t tell for sure.)

The loft is located across from the Ravenswood metra stop- which is a quick ride into the loop or, as the listing suggests, an easy trip to Ravinia.

It has been listed at $279,900 or just under since September 2010.

What will it take to sell this loft?

Jason Palermo at Re/Max Vision 212 has the listing. See the pictures here.

Unit #111: 2 bedrooms, 2 baths, 1900 square feet

• Sold in October 1997 for $172,000
• Sold in November 1998 for $153,000
• Sold in February 2002 for $285,000
• Sold in September 2006 for $415,000
• Originally listed in March 2010
• Was listed in September 2010 for $279,900
• Lis pendens foreclosure filed in November 2010
• Reduced
• Currently listed as a “short sale” for $279,500
• Assessments of $367 a month (includes exercise room)
• Taxes of $5500
• Central Air
• No washer/dryer in the unit???
• Parking included? (can’t tell)
• Bedroom #1: 20×16
• Bedroom #2: 14×13

This bank owned 1-bedroom unit at 630 N. Franklin in River North has been on the market since November 2010 without any takers.

In that time, the bank has reduced $41,000.

It is now listed for $62,600 under the 2005 purchase price.

From the pictures, it looks like the kitchen is still intact. It has stainless steel appliances and granite counter tops.

The unit faces north and has the typical CMK favored concrete aesthetic.

It has central air and a washer/dryer hook-up in the unit.

There doesn’t appear to be parking with the unit.

Will this sell for under $100,000?

And would that be a deal?

Corey Scott at Prospect Equities has the listing. See the pictures here.

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
• Currently listed for $108,900
• 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

One of you recently asked “how low will it go?” about this 2-bedroom newer conversion unit at 1627 W. Ainslie in Ravenswood.

We have chattered about it a couple of times but it was recently reduced another $10,000.

See our August 2010 chatter and pictures here.

The unit is now listed $91,000 under the 2007 purchase price.

Some of you thought in August it would sell for the prior $270,000 listing price but it has since been reduced to $250,000.

It also has a new address- as it’s no longer 1625- but is now 1627 W. Ainslie.

The unit is also now listed as a 3-bedroom, but that is not really correct as even the listing says the third bedroom does not have a closet (so it must be called a den or “other.”)

So I’m going to continue to call it a 2-bedroom since that’s what it is.

The building was converted into condos in 2007.

It has all the new construction amenities with stainless steel appliances and granite counter tops in the kitchen, central air, washer/dryer in the unit.

Gated parking is now included in the list price.

How low will this one go?

Or are buyers now going to simply wait for the bank to take it back?

Joe Green at Keller Williams still has the listing. See the floor plan and more pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1090 square feet

• Sold in March 2007 for $359,000
• Lis pendens foreclosure filed in December 2009
• Was listed in May 2010 as a “short sale” for $300,000 (parking is $20,000 extra)
• Reduced
• Was listed in August 2010 as a “short sale” for $270,000 (parking is now $15,000 extra)
• Reduced
• Currently listed as a “short sale” for $250,000 (gated parking now included)
• Assessments of $148 a month
• Taxes of $4620
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 12×10
• Den: 10×9

Not everyone bought their property in the last 10 years.

This 5-bedroom single family home at 3531 N. Bosworth in the Southport neighborhood of Lakeview has been in the current owner’s hands since 1996.

It has been on the market since March 2010 and has been reduced $276,000 in that time.

Built in 1907 on an oversized 37.5×125 lot, it is just a few blocks from the shops and restaurants of Southport.

Its kitchen and bathrooms have been renovated and the listing says it has new plumbing, electric, windows and roof.

3 of the 5 bedrooms are on the second level.

The other 2 bedrooms are on the lower level, along with a second full-sized kitchen, which would make for a possible in-law arrangement.

The house has maintained many of its vintage features including wood floors and wood moldings.

What will it take to sell this property?

Jim Gramata at @Properties has the listing. See the pictures here.

3531 N. Bosworth: 5 bedrooms, 4 baths, no square footage listed, 2 car garage

• Sold in May 1992 for $402,000
• Sold in April 1996 for $470,000
• Originally listed in March 2010 for $1.375 million
• Reduced a few times
• Currently listed at $1.099 million
• Taxes of $12,293
• Central Air
• Bedroom #1: 25×12 (second floor)
• Bedroom #2: 22×14 (second floor)
• Bedroom #3: 11×9 (second floor)
• Bedroom #4: 10×10 (lower level)
• Bedroom #5: 12×10 (lower level)
• Rec room: Lower level

This corner 2-bedroom at Harbor House at 3200 N. Lake Shore Drive in Lakeview has direct views of Belmont Harbor and the lake.

Harbor House was built in 1966 and has 278 units.

It is a full amenity building with an indoor pool, exercise room and doorman.

But people buy in the building for the views and the location.

This unit was recently renovated with a completely new kitchen now opened to the dining area. The kitchen has stainless steel appliances, silestone counter tops, and full backsplash.

There are new brazilian cherry floors throughout the living area and a remodeled bath.

The unit has central air, washer/dryer in the unit and there is parking (although I can’t tell if this included with the unit or just available in the building.)

It also has outdoor space with an east facing balcony off the dining area.

Is this a deal?

Teri Rabai at @Properties has the listing. See the pictures here.

(If you are registered on redfin, you can see the 2008 “before” pictures- prior to the renovation- from the 2008 purchase.)

Unit #611: 2 bedrooms, 2 baths, no square footage listed

• Sold in March 2001 for $250,000
• Sold in October 2008 for $350,000
• Originally listed in August 2010 for $389,900
• Reduced
• Currently listed at $359,900
• Assessments of $826 a month (includes heat, gas, doorman, cable, pool)
• Taxes of $3086
• Central Air
• Washer/Dryer in the unit
• There is parking in the building- but I can’t tell if this is included with the unit or not.
• Bedroom #1: 15×11
• Bedroom #2: 13×12
• Living room: 14×10
• Dining room: 10×11
• Kitchen: 11×14

This contemporary new construction building at 1919 W. Crystal in Wicker Park was designed by Studio Dwell.

Studio Dwell are architects who are a favorite in Chicago among those seeking contemporary design.

Sales commenced in the 9-unit building in 2007.

Several units sold in 2009 and the last sale was apparently in October 2010.

6 out of the 9 units have now sold.

Recently, the 3 remaining units came back on the market at further reduced prices and the listing now says they are “bank owned.”

Here is a history of prior sales in the building in the order in which they sold:

• #202: 2 bedroom/2 baths, 1633 square feet, sold in August 2009 for $590,000
• #104: 3 bedroom/2 baths, 2195 square feet, sold in September 2009 for $650,000
• #101: 3 bedroom/2 baths, 2125 square feet, sold in October 2009 for $665,000
• #205: 2 bedroom/2 baths, 1725 square feet, sold in February 2010 for $550,000
• #204: 2 bedroom/2 baths, 1725 square feet, sold in March 2010 for $570,000
• #201: 2 bedroom/2 baths, 1725 square feet, sold in October 2010 for $480,000

The three remaining units are listed at the following:

1. #103: 3 bedroom/2 baths, 2125 square feet- now listed at $549,000
2. #102: 3 bedroom/2 baths, 2125 square feet- now listed at $549,000
3. #203: 2 bedroom/2 baths, 1725 square feet- now listed at $489,000 (parking $15k extra)

The units were originally listed for much higher.

They are duplex units with upscale finishes.

For Unit #103, 2 of the 3 bedrooms are on the main level with the 3rd bedroom on the second.

The kitchen has Arclinea cabinets, caesarstone and granite counter tops, and Subzero and Miele appliances.

The bathrooms are limestone and marble.

Are these now a steal given the finishes and the prior sales prices of the other units?

Samuel Tarara at Koenig Strey Real Living has the listings. See some pictures here.

Unit #103: 3 bedrooms, 2 baths, 2125 square feet

• Originally listed in March 2007 for $799,000
• Many price reductions
• Listed in March 2010 at $650,000
• Reduced
• Listing says it is “bank owned”
• Public records show a “special warranty deed” in December 2010
• Currently listed at $549,000 (is parking extra or included? One of the other listings says it is $15k.)
• Assessments of $180 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 10×11 (main level)
• Bedroom #3: 14×11 (main level)

We’ve chattered about a short sale in The Palmolive Building, at 159 E. Walton (or as the official records list it- 919 N. Michigan) in the Gold Coast before.

But just before the new year, the first foreclosure popped up in the building. It is NOT the same unit as the one that had been listed as a short sale.

I thought it might sell quickly so I put off posting about it but 2 weeks later it appears to still be available.

The 2-bedroom unit is a southwest corner unit and, from the pictures, appears to have the kitchen and bathrooms intact.

The kitchen has white modern cabinets and stainless steel appliances.

It looks like there are hardwood floors throughout.

The unit is listed for $419,000 under the 2006 purchase price.

Is this a deal for the location?

Mariola Buchowska at Red Zone Realty Group has the listing. See the pictures here.

Unit #14F: 2 bedrooms, 2.5 baths, no square footage listed

• Sold in September 2006 for $1.464 million
• Lis pendens filed in March 2009
• Bank owned in November 2010
• Originally listed in December 2010 for $1.045 million
• Currently still listed at $1.045 million
• Assessments of $1,785 a month (includes the doorman)
• Taxes of $21,666
• Central Air
• Washer/Dryer in the unit
• Parking available in the building
• Bedroom #1: 15×13
• Bedroom #2: 16×12

When we last chattered about this newer construction 2-bedroom bank owned unit at 3014 N. Sheffield in Lakeview in November 2010 it had been reduced by $35,000.

See our November 2010 chatter here.

I asked whether it would ultimately sell for under $300,000.

Apparently, the answer is “yes” as it’s been reduced again and is now listed for $289,900.

That is $209,100 under the 2006 purchase price.

The bank has been trying to sell this unit for 4 months. It looks like the bank is reducing every 2 weeks.

If you recall, this was a new construction building in 2006. The kitchen appears to be intact with granite counter tops and stainless steel appliances.

There are wood floors throughout.

How low will this go?

Jason Shapiro at Rising Realty LLC still has the listing. See the pictures here.

Unit #2S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking

• Sold in October 2006 for $499,000
• Lis pendens foreclosure in July 2009
• Bank owned by Bank of America in August 2010
• Was listed in October 2010 for $366,300
• Reduced
• Was listed in November 2010 for $330,600
• Reduced several times
• Currently listed for $289,900
• Assessments of $140 a month
• Taxes of $7110
• Central Air
• Doesn’t list washer/dryer but there would be a hook-up in the unit
• Bedroom #1: 16×15
• Bedroom #2: 12×11