Crib Chatter

This 1-bedroom loft at 843 W. Adams, the Olympia Lofts, in the West Loop has been on and off the market since October 2009.

Since that time it has been reduced $130,000.

It is now listed $104,500 under the 2004 purchase price.

The loft has 14 foot ceilings, exposed brick and concrete ceilings.

It has many attributes buyers look for including central air, in-unit washer/dryer and deeded parking.

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

Is someone getting a good starter loft at this price?

Brent Rosenbower at Sudler Sotheby’s has the listing. See the pictures here.

Unit #202: 1 bedroom, 1 bath, 860 square feet

• Sold in March 1999 for $138,000
• Sold in June 2004 for $254,500
• Originally listed in October 2009 for $280,000
• Several reductions
• Was listed on Dec 8, 2010 for $179,000
• Reduced
• Listed on Dec 9, 2010 for $150,000
• Currently listed for $150,000 (includes parking)
• Assessments of $314 a month (includes cable)
• Taxes of $2980
• Central Air
• In-unit washer/dryer
• Bedroom: 14×11

We’ve chattered about this 4000 square foot church now being used as a single family home at 2558 W. Cortez in West Town several times.

See our August 2010 chatter here.

It is still available and has been reduced again.

It is now listed for $270,100 under the original June 2009 listing price.

It has 39 foot ceilings and majestic windows.

The church has pine floors and the original oak staircases.

Who doesn’t want their own bi-level bell tower?

Built on a 25×155 lot, the listing indicates there is room for expansion and parking.

Last time we chattered about it, after its prior reduction, many of you thought it would only sell if it was much, much lower.

What will it take to sell this unique property?

Thyra Decicco at @Properties still has the listing. See the pictures here.

2558 W. Cortez: 2 bedrooms, 1 bath, 4000 square feet

• Sold in January 1994 for $172,500
• Originally listed in June 2009 for $970,000
• Reduced
• Was listed in October 2009 at $890,000
• Reduced
• Was listed in August 2010 for $749,900
• Reduced
• Currently listed for $699,900
• Taxes of $3359
• No central air
• 2 car parking onsite
• Bedroom #1: 14×12
• Bedroom #2: 12×12
• Bedroom #3: 10×10
• Living room: 65×47
• Kitchen: 10×24

The Illinois Association of Realtors is out with the November sales data.

As predicted, sales continue to be challenging.

In the city of Chicago, year-to-date total home sales (single-family and condominiums) remain up 0.1 percent January through November 2010 with 17,645 sales compared to 17,631 home sales for the same period in 2009; November home sales were down 38.5 percent to 1,144 sales compared to 1,859 homes sold in November 2009.

November’s year over year comparisons were influenced, however, by the surge in sales last year due to the first home buyers tax credit which expired at the end of November 2009. Remember, for that first credit, you had to be closed by the end of November to get it. This pushed a lot of closings into November.

December will be the first month where we’ll get data that isn’t influenced by the tax credit.

Here is the November data for the past 4 years:

1. November 2007: 1801 sales and median price of $290,000
2. November 2008: 1094 sales and median price of $222,500
3. November 2009: 1859 sales and median price of $215,000
4. November 2010: 1144 sales and median price of $206,000

The year to date median price is down 7.6% to $208,000 from $225,000 in 2009.

“The decrease in units sold in November 2010 over November 2009 is expected given the spike of sales at the end of 2009 as buyers made their purchases pending a then-anticipated federal tax credit expiration. Median home prices remain steady with just under a three-percent drop in condo pricing showing a stabilization in the marketplace,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “REALTORS® still remain concerned, however, with the issues related to lack of condo financing available to qualified borrowers, ultimately offering fewer home options to buyers or perhaps buyers not making a purchase at all.”

For the second month in a row, the IAR really didn’t find much to spin in the report.

Illinois Median Home Price Remains Stable Three Straight Months; Sales Down from a Year Ago [Illinois Association of Realtors Press Release, December 22, 2010]

The real estate market is slow, as it always is this time of the year, so next week we’ll have our “Biggest Stories” posts on what to look out for in 2011.

Last year’s predictions on the “Biggest Stories” were the following:

• Third Biggest Story of 2010: Excess Inventory Continues to Plague Downtown
• Second Biggest Story of 2010: What Will Happen to all the Million Dollar Homes?
• First Biggest Story of 2010: Foreclosures, Foreclosures, Foreclosures

Did these three issues turn out to be the biggest stories this year? Did we get it right?

What do you think will be the Biggest Stories in Chicago real estate in 2011?

Give me your ideas so I can incorporate them into our prediction posts for next week.

Here is Crib Chatter’s holiday schedule for the next two weeks:

• No new posts on Friday, December 24
• No new posts on Friday, December 31

Otherwise, we’ll be back to our regular schedule in the new year.

Happy Holidays everyone!

Sabrina

This 2-bedroom unit at 939 N. Wolcott in West Town just came on the market.

It is bank owned.

Built in 2004, the pictures indicate that the kitchen is intact with its stainless steel appliances, granite counter tops and wood cabinets.

The bathrooms also appear to be intact.

The unit is listed $19,100 under the 2004 purchase price.

Is this even much of a deal?

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

Unit #2: 2 bedrooms, 2 baths, 1 car parking

• Sold in September 2004 for $339,000
• Originally listed in March 2009
• Lis pendens foreclosure filed in July 2009
• Bank owned in July 2010
• Just came on the market for $319,900
• Assessments of $219 a month
• Taxes of $4848
• Central Air
• No washer/dryer listed but it would probably have in-unit hook-ups
• Bedroom #1: 15×12
• Bedroom #2: 12×10
• Cancelled in January 2010

This 2-bedroom penthouse unit at 41 E. 8th in the South Loop has been on and off the market since August 2009.

It is now a short sale and is listed for about 45% under the 2003 purchase price.

At 1600 square feet, the unit has a den and a private terrace with lakeviews along with a balcony off the bedroom with city views.

The kitchen has stainless steel appliances and granite counter tops.

Is this a deal?

John Federici at Krain has the listing. See the pictures here.

Unit #3404: 2 bedrooms, 2 baths, den, 1600 square feet

• Sold in July 2003 for $577,000
• Originally listed in August 2009 for $460,000
• Reduced several times
• Currently listed as a “short sale” for $320,000 (plus $30,000 each for 2-car parking)
• Assessments of $821 a month (includes heat, A/C, cable, doorman)
• Taxes of $6168
• Bedroom #1: 13×16
• Bedroom #2: 10×13
• Den:

We’ve chattered about some boarded up properties such as this multi-unit one at 1114 W. Roscoe in Lakeview.

It became bank owned in early December and has already been put back on the market.

Built in 1887, it has 3 units which include the following:

1. Unit #1: 3 bedrooms, 1 bath
2. Unit #2: 3 bedrooms, 1 bath
3. Unit #3: 2 bedrooms, 1 bath

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

Yes, that is the Brown line El line directly behind the building (and you can make out the actual train in the picture.) It is also located on the alley.

There is only one interior picture in the listing- so you can judge for yourself.

What will this property ultimately sell for?

Eric Mundy at The Lake Shore Drive Group has the listing. See the pictures here.

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
• Currently listed for $309,900
• Taxes of $7953

We last chattered about this 2-bedroom unit at 536 W. Belmont in Lakeview in September 2010.

See our prior chatter here.

The building was a 2006 condo conversion with new kitchens and baths along with central air and in-unit washer/dryers.

This unit went into foreclosure, was bought, and renovated.

Someone who said he is the developer on the unit commented about the rehab in September:

“Just in the last month (not in 2006), 3E has been “cosmetically” rehabbed to a nicer level of finish than any unit in the complex. Specifically, the recent cosmetic rehab added a new stainless steel refrigerator, recess lights, 6 LED dimmers, 2 ELFA closets with walnut fascia-drawers-& jewelry box, 2 new faucets, a new bathroom vanity & medicine chest, new brush nickel shower-bath trim set, new brush nickel bathroom hardware including a double hotel shower bar, a new kitchen backsplash, 3 ceiling fans with remotes, a foyer entry light, a kitchen track light, a bathroom wall light, decor switches & outlets, floor repairs, Eight 2.5 inch real wood window treatments, a furnace cleaning, a touch screen thermostat, a combo smoke/co2 detector, window repairs, and significant drywall and painting work (3 coats of colored primer to cover the walls that were painted black).

I wish I could have got all that work done for $5K – but it was several times this amount unfortunately.”

In September the listing said it was the “final and best price” and that it was a “win-win” deal.

The unit has since been reduced $12,800.

Is this now a steal?

Justin Brown at Jameson still has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 1 bath, no square footage listed

• Sold in October 2006 for $265,000
• Lis pendens in October 2008
• Bank owned in January 2010
• Listed in August 2010 for $179,900
• Sold in September 2010 for $163,000 (per the MLS)
• Originally listed in September 2010 for $229,900
• Reduced
• Currently listed for $217,000
• Assessments of $209 a month
• Taxes of $3824
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 15×12
• Bedroom #2: 13×9
• Living room: 13×16
• Kitchen: 11×8

Looking for raw space that you could design into the home of your dreams?

This 2-story duplex in The Metropolitan Tower at 310 S. Michigan in the Loop awaits.

The building was converted a few years ago into condos. This unit is in the tower portion of the building.

It is currently the most expensive unit for sale in the building.

At 7,632 square feet, the listing says the first floor has 15 foot ceilings.

Current plans call for 4 to 5 bedrooms on the second floor as well as an enclosed terrace on the main level.

The price includes 2-car parking.

Jennifer Ames at Coldwell Banker has the listing. See the pictures of the interior, unfinished space and views, here.

Unit #2600: 6 bedrooms, 6.5 baths, 2 car garage, 7632 square feet

• Listed in October 2010 at $4.45 million
• Currently still listed at $4.45 million
• Assessments of $4197 a month (includes heat, A/C, doorman, cable)
• Taxes are “new”
• Unfinished space- so no room sizes

We last chattered about this 2 bedroom unit in The Eddystone at 421 W. Melrose in East Lakeview in October 2010.

See our prior chatter here.

At that time, it had recently come on the market as a Fannie Mae property.

It’s kitchen and bathrooms look intact from the pictures.

But now, there is a twist.

The property is going up for auction on auction.com.

Here’s what the listing says:

“Please note that you can pre bid on this property online, see agent remarks for additional info. Pre bids online are accepted starting 1/4/2011.”

The actual “live” auction is apparently on January 26, 2011.

Will this auction method be more successful in selling this (and other) properties?

Are mega-auctions the wave of the future?

If anyone bids, please let us know what happens.

Rakesh Parikh at Keller Williams Lincoln Park still has the listing. See the pictures here.

Unit #8C: 2 bedrooms, 2 baths, 1600 square feet

• Sold in November 2004 for $342,500
• Fannie Mae owned in May 2010
• Was listed in October 2010 for $256,500
• Reduced
• Was listed in early December 2010 for $230,900
• Currently listed with an “unknown” price as it’s going to auction in January 2011
• Assessments of $1043 a month (includes heat, gas, cable, doorman)
• Taxes of $4496
• No central air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 16×12
• Bedroom #2: 16×13