Crib Chatter

This large 2-bedroom loft at 2120 W. Grand in West Town is listed for $99,900.

On the market since August 2009, it has recently come back on the market as a short sale.

It has now been reduced $245,000 from the original August 2009 listing.

They are accepting offers through November 15 with the highest and best offer then being presented to the bank at that time. I’ve been told there are already several offers on this unit.

The listing says that the loft was “rehabbed” just 3 years ago.

The kitchen has stainless steel appliances. The loft has exposed brick in some rooms.

There is central air but no washer/dryer in the unit and no deeded parking.

Priced about $130,000 below the prior 2006 purchase, is this a deal?

Brooke Daitchman at Dream Town has the listing. See more pictures here.

Or to see the unit in person, there are specific times for showings.

1. Thursday, Nov 11 at 6 pm
2. Friday, Nov 12 at Noon
3. Sunday, Nov 14 at 12-2 pm

Unit #D: 2 bedrooms, 1 bath, 1600 square feet

• Sold in November 2006 for $230,000
• Lis pendens filed in March 2008
• Originally listed in August 2009 for $344,900
• Reduced
• Was listed in September 2010 for $199,000
• Reduced
• Currently listed as a “short sale” for $99,900
• Offers due on November 15
• Asssessments of $196 a month
• Taxes of $2708
• Central Air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 25×22
• Bedroom #2: 10×19

Zillow reports that in September 32.9% of Chicagoland single family homes with mortgages were underwater, up from 27.2% a year ago, and higher than just 3 months before, in June, where it was 30.9%.

There was no separate data provided only for Chicago or for condos.

Zillow did provide data on September home sales in the city, however.

17.6% of the single family homes and 21% of condos that sold in September sold for a loss.

“Negative equity is going to continue to cast a pall over the housing market for the next several years,” said Stan Humphries, Zillow’s chief economist. “All these people are trapped in their homes and can’t move onto another one and it’s throwing off more foreclosures. For people who are not going to move anytime soon, it is much more of an academic issue. For people who need to move or who encounter an economic issue, it’s a material issue.”

The Illinois Association of Realtors also released its quarterly sales data yesterday.

Given that we follow the monthly sales pretty closely here on Crib Chatter, it’s not surprising that the third quarter sales were down 23.1% in Chicago to 4,477 sales from 5,820 sales in 2009.

The third quarter median price also declined 16.1% to $192,900 from $230,000 in the third quarter last year.

“The third quarter of 2010 reflects a different marketplace than the same period in 2009, when buyers were incentivized with $8,000 and $6,500, respectively, for first-time and move-up home purchases,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. “Today, tightened credit practices paired with a lack of consumer confidence continue to make homebuying a challenge for those potentially on the fence. Positive signs, however, can be seen in the stabilization of the average price in the city of Chicago and the ongoing investment in distressed properties throughout the city.”

Tax Credit Effect Evident in Illinois Third Quarter Home Sales; Sales Down 24.0 Percent, Median Price at $154,000 [Illinois Association of Realtors, Press Release, November 10, 2010]

A third of Chicago-area homes underwater [Chicago Tribune, Mary Ellen Podmolik, November 10, 2010]

This 2-bedroom unit at 525 W. Hawthorne in Lakeview just came on the market.

It is bank owned and listed for about 38% under the 2004 purchase price.

The high rise building was constructed in 1969 but was converted to condos in 2003/2004. There are about 230 units.

This is the cheapest 2-bedroom unit currently on the market in the building.

From the pictures, it appears to have the kitchen and bathrooms intact. The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

If you’re wondering what these units would rent for, look no further than #1503 which is currently on the rental market for $2050 a month plus $200 for parking. It has the same kitchen.

Check out the pictures of the rental unit here.

Compared to the rental price, is this unit a steal?

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

Unit #1803: 2 bedrooms, 2 baths

• Sold in June 2004 for $339,000
• Lis pendens in December 2008
• Bank owned in August 2010
• Currently listed for $209,900 (deeded parking available)
• Assessments of $617 a month (includes heat, a/c, doorman, pool)
• Taxes of $4482
• Central Air
• No washer/dryer in the unit
• Bedroom #1: 16×11
• Bedroom #2: 15×11
• Kitchen: 9×9
• Living room: 25×15

This top floor 3-bedroom unit at 1429 W. Catalpa in Andersonville has more square footage than most single family homes at the same price in the neighborhood.

At 3000 square feet, the listing says it is a combined unit. There are just 5 units in the vintage 1913 era building.

It has a master suite complete with a fireplace and a sunroom.

The unit has skylights, a private rooftop deck, central air and washer/dryer in the unit.

It also has some of the amenities of a single family home, actually, including a 2-car garage.

The kitchen appears to have stainless steel appliances and granite counter tops.

On the market for 13 months, it has been reduced only $10,000 in that time.

Is Andersonville not quite so “hot” over the $500,000 price level?

Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 2 baths, 3000 square feet, 2 car garage parking

• Sold in April 1995 for $258,000
• Originally listed in October 2009 for $559,000
• Reduced
• Currently listed at $549,000
• Assessments of $412 a month (includes heat and gas)
• Taxes of $6730
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×12
• Bedroom #2: 12×12
• Bedroom #3: 14×13

By popular demand, this is an open forum to discuss the recent property tax bills.

Is there outrage or relief?

Those of us renting have no skin in this game, but we’ll gladly follow along in the discussion.

Please try and keep it civil.

We last chattered about this 2-bedroom loft in the Gotham Lofts at 417 S. Jefferson in August 2010 after it had been reduced $10,000.

See our August chatter and pictures here.

On the market not even 2 years after its last purchase, it sold in September 2010 for $38,500 under the 2008 purchase price.

The latest sale was also under the 2002 purchase price.

The loft had exposed brickwork and original beams. The kitchen had stainless steel appliances and granite counter tops.

The unit had a washer/dryer in the unit, central air, and deeded parking. There was also a view of the Willis Tower from the balcony.

The 1-bedrooms in this building used to sell for around this price. Did someone get a deal on this 2-bedroom?

Sheri Blakely at Sudler Sotheby’s had the listing.

Unit #205: 2 bedrooms, 2 baths, 1255 square feet

• Sold in July 2000 for $260,500
• Sold in April 2002 for $270,000
• Sold in July 2005 for $315,000
• Sold in December 2008 for $302,500
• Originally listed in June 2010 for $285,500 (included the parking)
• Listed in July 2010 for $255,000 (parking $30,000)
• Reduced
• Was listed in August 2010 for $245,000 (parking $30,000)
• Sold in September 2010 for $264,000 (parking included)
• Assessments of $457 a month
• Taxes of $4384
• Central Air
• In-unit washer/dryer
• Bedroom #1: 13×12
• Bedroom #2: 14×10

Looking for something unique? This 2-bedroom duplex up at 159 W. Goethe in Old Town was recently reduced $10,000.

It is now listed for $10,000 under the 2004 purchase price.

The unit has exposed brick, a wood burning fireplace and wood trim as well as a spiral staircase leading to the second floor bedrooms.

The listing says the kitchen is “brand new” with Miele and GE Profile stainless steel appliances, granite counter tops and a slate floor.

The bathrooms have been “renovated.”

There is central air and an in-unit washer/dryer but no deeded parking. Looks like rental parking is available off-site.

Compared to other similar properties in Old Town, is this a deal?

Jeanine Wheeler at @Properties has the listing. See the pictures here.

Unit #3D: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 1994 for $130,000
• Sold in April 2004 for $360,000
• Originally listed in April 2010 for $375,000
• Reduced
• Currently listed for $350,000
• Assessments of $272 a month
• Taxes of $3419
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12 (second floor)
• Bedroom #2: 11×10 (second floor)

This 4 bedroom unit at 474 N. Lake Shore Drive in Streeterville has 3 exposures: west, east and south so you have city and lake views.

It also has a prime 800-square foot private terrace with a built-in grill, hot tub and Trex decking. Only units on the 16th floor have outdoor space in the building.

The listing says the 4500 square foot unit is a combined unit.

For those of you who like to cook, it has not just 1 but 3 kitchens.

The unit also has a unique private entry maid’s room.

On the market since April 2009, it has been reduced $196,000.

Kimberly Jones at Baird & Warner has the listing: See the pictures here.

Unit #1606: 4 bedrooms, 5 baths, 3 kitchens, 4500 square feet

• Sold in November 2005 for $1,002,500
• Originally listed in April 2009 for $1.995 million
• Reduced
• Currently listed for $1.799 million
• Assessments of $2439 a month (includes heat, a/c, cable, doorman and pool)
• Taxes of $13470
• Central Air
• It doesn’t list an in-unit washer/dryer but it is allowed in the building if it already doesn’t have it
• It says 4-car parking not sure if that is extra
• Exercise room: 23×20

This 4-bedroom Prairie-style home with a wrap-around front porch at 1522 W. Chase in Rogers Park was built in 1916.

Built on an oversized 50×150 Chicago lot, the house has most of its vintage features intact including bull’s eye molding, wood columns and cornices, curved leaded stained glass and Tiger’s Eye paneling in the dining room.

There are two wood burning fireplaces, including one in the master bedroom which also has a separate solarium.

There is also an intriguing “maid’s staircase” in addition to the grand staircase and foyer.

All 4-bedrooms are on the second floor.

There is no central air, however (window units only) and no garage- although the listing says there is plenty of room for one.

The more updated Prairie style home directly across the street has been on the market for nearly two years and has been reduced to $649,000 (last sold in 2004 for $599,000).

But 1522 W. Chase is listed for $224,000 less.

Is this a deal?

Connie Abels at Re/Max Northcoast Realty has the listing. See the pictures here.

1522 W. Chase: 4 bedrooms, 2 baths, 4000 square feet, no garage

• Sold in July 1983 for $132,000
• Currently listed for $425,000
• Taxes of $8327
• No central air
• Bedroom #1: 17×16
• Bedroom #2: 16×14
• Bedroom #3: 15×14
• Bedroom #4: 12×10

The Sterling, at 345 N. LaSalle, in River North once had the infamous title as the #1 foreclosure high rise condo building in the city.

We’ve been chattering about the foreclosures and short sales in the building since Crib Chatter launched in September 2007.

In the last 18 months to 2 years, while foreclosures continued in the building, prices seemed to have stabilized for the 2/2 units at around $250,000.

Two 01-tier 2-bedrooms sold as recently as June for the following:

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

But this 14th floor bank owned 2-bedroom recently came on the market at $237,500.

It hasn’t sold and was recently reduced $22,500.

There are no interior pictures so we don’t know if the kitchen and baths are in place (in some of the other sales, everything was intact.)

Unit #1701 is currently listed at $235,125 and is currently under contract (but that is also under the recent norm for sales of 2/2s in the building.)

Are prices double dipping in the building or is this one unit an aberration?

Timothy Blomquist at The Lake Shore Drive Group has the listing. See the listing here (no interior pics).

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
• Currently listed 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