Crib Chatter

Those who have been following Crib Chatter for awhile know that Anonny has been searching for a condo in East Lincoln Park that fits a certain set of distinct criteria he has dubbed the “unicorn criteria” because he doesn’t believe it exists.

Here is his list:

1) Absolutely required:

* 2/2
* garage
* LP east of Halsted
* w/d in unit
* not on ground floor or “low first floor” (and no duplex down)
* wood floors (or permitted installation of wood floors, with a corresponding discount in purchase price)

2) Strongly preferred (bordering on required):

* LP east of Clark
* kitchen is not open to the living room (but may certainly be open to the dining area)
* master bath

3) Greatly desired (bordering on strong preference):

* powder room/half bath
* some sort of private outdoor space (at least big enough for a grill, and ideally big enough to also fit a smallish table and four chairs)
* central air
* working fire place

He also is willing to pay $3,000 a month (inclusive of assessments and taxes) with 10% down and expects to pay in the mid-$400,000s to get his dream home.

This 2-bedroom top floor unit at 2657 N. Burling in East Lincoln Park seems to fit most of his criteria.

It is a 2/2 east of Halsted.

It has in-unit washer/dryer and hardwood floors throughout.

It is not on the bottom floor but instead is on the top floor.

It does not have a garage, but does have an outdoor deeded parking space.

As the pictures indicate, it not only has a deck but it is big enough to fit a grill and a table and chairs (and probably a chaise lounger if you wanted.) It also has a common back yard.

It does have a limestone and marble master bath, but, alas it is not east of Clark and the kitchen IS open to the rest of the living space.

The kitchen has white cabinets and granite counter tops with some white appliances.

There is central air and even a wood burning fireplace.

How many criteria does it meet?

9 out of 13.

And if I do my math correctly (on a 30-year fixed loan with 10% down on the current asking price)- with taxes and assessments it comes to well under $3000- or about $2450 a month. And that’s before negotiating.

Is this unit a deal?

Is the “unicorn criteria” easier to find than people think?

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

Unit #3: 2 bedrooms, 2 baths, 1300 square feet

• Sold in August 1994 for $182,500
• Sold in August 1998 for $256,500
• Sold in June 2003 for $351,500
• Sold in June 2005 for $400,000
• Sold in May 2007 for $412,500
• Originally listed in July 2010 for $399,000
• Reduced
• Listed in November 2010 for $364,000 (plus $20,000 for parking)
• Currently still listed at $364,000 (plus $20,000 for parking)
• Assessments of $155 a month
• Taxes of $5495
• Central Air
• Washer/Dryer in the unit
• Wood burning fireplace
• Bedroom #1: 13×13
• Bedroom #2: 13×10

Crain’s is reporting that Mesirow, which holds the remaining units still for sale at 659 W. Randolph, in the West Loop, is trying to sell them to a non-profit group.

From Crain’s:

The real estate unit of the Chicago-based firm wants to convert 19 unsold condos in the building at 659 W. Randolph St. into housing for recovering mental-health patients who are ready to live independently but still need help getting back on their feet.

Mesirow would sell the condos to Thresholds, a local non-profit that specializes in treating people with mental illness or addictions, which would then rent them out to its clients, according to a proposal before the City Council.

And since many owners at 659 W. Randolph like to discuss their building, and its problems, here on Crib Chatter- I thought I’d open up a thread for them (and everyone else) to do so.

According to Crain’s, the condo board was going to be meeting to discuss its options once it had gotten more information on the deal.

To obtain zoning approval from the city for the R+D659 project, a Mesirow-led venture agreed to set aside 24 condos, or about 10% of the building’s total, as affordable units to be sold to buyers whose annual income does not exceed the Chicago-area median.

But the developer has sold just five of the condos “due to the recession and a slowdown in the housing market,” according to the proposed ordinance pending before the City Council.

“This is certainly one creative solution for filling up the units,” says Gail Lissner, vice-president at Appraisal Research Counselors, a Chicago-based consulting firm.

Mesirow needs the city’s blessing because current city rules do not allow for sales to non-profits. Under the deal, Thresholds would pay no more than $125,750 apiece for the 19 condos, says the proposed ordinance, which Mayor Richard Daley introduced last month.

Do possible bulk sales like this one, the possibility of condo towers going part rental/part owned as we’ve seen in Astoria Tower, auctions of units as we’ve seen in the Vetro, and major price cuts as we’ve seen in numerous buildings- are these things enough to turn buyers off to buying new construction?

Mental health non-profit wants to buy Mesirow condos [Crain’s Chicago Business, Alby Gallun, January 5, 2011]

This 5-bedroom vintage rowhouse at 1229 E. 56th Street in Hyde Park has been on the market since March 2010.

It has not yet had any price reductions.

Yes, this is mayoral candidate Carol Moseley Braun’s house, which has been reported on in the press.

Built in 1916, it has some original vintage features including leaded glass windows and moldings.

It has 3 fireplaces, including one in the master bedroom.

At 3130 square feet, it is on a 35×150 lot.

There is no garage, but the listing says there is room in the backyard to add one.

The kitchen has white appliances and otherwise has not been updated. There are no pictures of the bathrooms.

3 out of the 5 bedrooms are on the second floor and the other 2 are on the third floor.

It is the fourth most expensive property on the market in Hyde Park.

What will sell this rowhouse?

(And please try to refrain from political comments. We’re here to discuss the real estate.)

Diane Silverman at Urban Search has the listing. See the pictures here.

1229 E. 56th Street: 5 bedrooms, 4.5 baths, 3130 square feet

• Sold prior to 1989
• Sold in December 2006 for $1.7 million
• Originally listed in March 2010 for $1.9 million
• Currently still listed at $1.9 million
• Taxes of $11,769
• Central Air
• No parking- but space in the back for a garage
• Bedroom #1: 16×22 (second floor)
• Bedroom #2: 11×15 (second floor)
• Bedroom #3: 15×10 (second floor)
• Bedroom #4: 11×13 (third floor)
• Bedroom #5: 9×20 (third floor)

This 3-bedroom duplex up top floor unit at 2750 N. Dayton on the border of Lincoln Park and Lakeview has been on the market for 10 months.

It’s been reduced $100,000 in that time.

The unit is listed $57,000 under the 2005 purchase price (if you include the parking in the current asking price.)

At 2,000 square feet, it is bigger than many townhomes in this price range in the same neighborhood.

2 out of the 3 bedrooms are on the second floor along with a lofted family room and a 300 square foot private roofdeck.

The unit also has a second deck, cathedral ceilings and skylights.

The kitchen has stainless steel appliances and granite counter tops.

Located just a few blocks from the Brown Line and the shops/restaurants of East Lakeview and Lincoln Park, is this a deal for a coveted duplex up?

Mario Greco at Prudential Rubloff has the listing. See the pictures and a virtual tour here.

Unit #8: 3 bedrooms, 2 baths, 2000 square feet

• Sold in May 1996 for $285,000
• Sold in November 2002 for $465,000
• Sold in January 2005 for $536,000
• Originally listed in March 2010 for $549,000
• Reduced several times
• Currently listed for $449,000 (plus $30,000 for parking)
• Assessments of $233 a month
• Taxes of $7659
• Private roof deck
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×14 (main floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×11 (second floor)
• Family room: 19×18 (lofted second floor)

This 3-bedroom duplex down new construction unit at 1357 N. Noble in West Town has been on the market since January 2008.

In that time, it has been reduced only once, by $26,000.

At 2400 square feet, the unit is larger than most single family homes in the same price range in the neighborhood.

It has hardwood floors throughout and all the new construction finishes such as stainless steel appliances and granite counter tops in the kitchen.

What will it take to finally sell this property?

Daniel Lipton at @Properties has the listing. See the pictures here.

Unit #1: 3 bedrooms, 2.5 baths, 2400 square feet

• Originally listed in January 2008 for $475,000
• Reduced
• Currently listed for $449,000 (parking included)
• Assessments of $210 a month
• Taxes are listed at $1867
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×15 (main level)
• Bedroom #2: 14×12 (lower level)
• Bedroom #3: 14×11 (lower level)
• Family room: 20×16 (lower level)

Thanks to those who pointed out that this vintage Queen Anne Victorian house at 1450 W. Summerdale in Andersonville that we chattered about in September 2010 recently sold.

See our September 2010 chatter here.

The 4-bedroom house was apparently restored and many of the original features were preserved including wood moldings, the grand staircase and the jewel toned leaded glass.

It also had an artist studio on the top floor with a private bath.

The house had central air, a two car garage and was on a coveted 50×125 double lot that was just a half block from the shops/restaurants of Andersonville.

In September, there was a heated discussion on the final selling price on this house.

Many of you thought the double lot alone qualified it to close at least in the upper $800,000s if not close to the asking $925k price.

Some of you were more bearish and thought this was a $700k to $800k price range house due to easy credit going away (i.e. affordability issues for most of the house buying population) and its location near a lot of rental stock.

It ended up selling for $102,000 under the original May 2010 list at $837,000.

Did someone get a deal for the double lot and location?

Susan Lawrence at @Properties had the listing.

• Sold in August 1988 for $275,000
• Sold in November 1992 for ??? (could be $565,000– there’s a typo in the public records)
• Sold in February 2001 for $710,000
• Originally listed in May 2010 for $939,000
• Reduced
• Was listed in September 2010 for $925,000
• Sold in December 2010 for $837,000
• Taxes of $8551
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 12×10 (second floor)
• Bedroom #3: 11×8 (second floor)
• Bedroom #4: 29×23 (third floor)

This 2-bedroom brick loft in the Manchester Lofts at 2035 W. Charleston in Bucktown has been on the market since January of 2010.

It has been reduced $51,000 in that time, including a recent $10k reduction.

The loft is now listed for $76,000 under the 2005 purchase price.

This loft has many authentic features including wide open spaces throughout its 2000 square feet, big industrial windows, exposed brick and wood timber beams and 15 foot ceilings.

The listing says the kitchen is “commercial grade” with Dacor, Thermador and Kitchenaid appliances and cherry cabinets.

The loft has central air and a washer/dryer in the unit.

But the building has no deeded parking. There is leased parking available across the street.

Is this a deal for the square footage and location?

Thomas McCarey at @Properties has the listing. See the pictures here.

Or see it in person at the Open House on Sunday January 9 from 11:30 to 1:30.

Unit #303: 2 bedrooms, 2 baths, 2000 square feet

• Sold in March 1992 for $186,000
• Sold in May 2001 for $408,500
• Sold in May 2005 for $575,000
• Originally listed in January 2010 for $550,000
• Reduced several times
• Was listed in October 2010 for $509,000
• Reduced
• Currently listed for $499,000
• Assessments of $375 a month
• Taxes of $7035
• Central Air
• Washer/Dryer in the unit
• No parking- leased nearby
• Bedroom #1: 21×14
• Bedroom #2: 15×11

According to the Sun-Times, the year end projections are showing 51,900 new foreclosure suits filed in Cook County Circuit Court in 2010.

The clerk won’t have the actual official number until the middle of January.

But it will apparently be among the highest on record.

• 2000-2005: averaged 12,000 to 15,000 annually 
• 2006: 18,916
• 2007: 32,269
• 2008: 44,000
• 2009: 48,000
• 2010: 51,900 (not yet officially confirmed)

“What we’ve seen is a lot of shifts in where the growth is occurring and that’s mostly in the suburbs and among middle income and higher income” groups, said Geoff Smith, senior vice president of the Woodstock Institute, a Chicago-based non-profit research organization.

Smith said “persistent unemployment” is a common denominator in these cases.

He said people who lose their jobs — and have gone without work for long periods of time — can’t save themselves by selling their homes, because very often the homes are worth less than the mortgage they’re holding on them.

 The article indicates it takes about 13 months in Cook County from when the foreclosure suit is filed to the homeowner being evicted.

That means that most of these 51,900 properties are likely not yet even owned by the bank. As we’ve seen from prior examples on Crib Chatter, once the bank even takes possession it can take anywhere from a few weeks to 6 to 8 months (sometimes longer) before the property is re-listed for sale.

What does this level of foreclosures in 2010 mean for the 2011 and even the 2012 housing market in Cook County?

The surging pain of foreclosures [Sun-Times, Lisa Donovan, January 3, 2011]

This bank owned 3-bedroom unit at 1841 S. Calumet in the South Loop just came on the market.

It is listed for $193,000 under the 2006 purchase price.

From the pictures, it appears that all the kitchen appliances, the bathrooms, and even the washer/dryer are intact.

The northeast facing unit has floor to ceiling windows with views of the lake, the city and the Museum campus.

If this unit looks familiar, it could be because in July 2010 we chattered about Unit #601, with the same layout but its own gigantic terrace on a lower floor. That listing also said it was 1650 square feet. Unit #1001 is listed at 1580 square feet.

Here are some pictures from that unit.

At least one of you thought #601 would sell for $450,000, including the parking.

But it just closed on December 7, 2010 for $550,000, including the parking. That was $51,000 under the 2006 purchase price of $601,000. It was originally listed for $599,000.

See our July 2010 chatter on Unit #601 and pictures here.

Given the sales price on #601, is #1001 a steal? (even without the big terrace?)

Henry Jones at Jones Realty has the listing. See more pictures here.

Unit #1001: 3 bedrooms, 2 baths, 1580 square feet

• Sold in September 2006 for $634,000 (included 2 car parking)
• Lis pendens foreclosure filed in August 2009
• Bank owned in August 2010
• Currently listed for $441,000 (includes 2 car parking)
• Assessments of $515 a month (includes doorman and pool)
• Taxes of $6518
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 16×14
• Bedroom #3: 16×10

Some of you were recently chattering about singer R. Kelly’s former house at 1010 W. George in Lakeview that sits next to the same Enterprise Rental Car agency as does another property we chattered about at 2910 N. Sheffield.

See our prior chatter on the 2-flat on Sheffield here.

Nearly every major media agency/housing website in Chicago has covered the house at 1010 W. George so I figured we might as well join in now that it’s been on the market awhile.

It came on the market in June 2010 for $3.89 million. It has not had any reductions since the original listing.

The house is unique as it was originally a 1885 church.

Bought from the bank in 2008 and, according to other media reports, extensively renovated, it has lofted ceilings, a knotty pine spa room, an elevator, a 1500 square foot roof top terrace and an indoor pool.

Not only is it the most expensive home on the block, but it is the most expensive completed home currently on the market in Lakeview.

(There are two others listed for more than this one- but both are new construction spec homes- which haven’t yet been built.)

Does Lakeview support housing prices at this level?

Will this house find a buyer in 2011?

Ed Jelinek at Coldwell Banker has the listing (which has now gotten over 4,000 views on the Coldwell Banker website).

See the pictures, virtual tour and floor plan here.

1010 W. George: 4 bedrooms, 5.5 baths, 2 car garage

• Sold in December 2001 for $225,000
• Sold in April 2005 for $2.4 million
• Sold in January 2006 for $3 million
• Lis pendens filed in December 2006
• Bank owned in October 2007
• Sold in October 2008 for $1 million
• Originally listed in June 2010 for $3.89 million
• Currently still listed for $3.89 million
• Taxes of $44,428
• Spa room
• Indoor pool
• 1500 square foot rooftop deck with outdoor kitchen