Crib Chatter

This 4-bedroom contemporary single family home at 3909 N. Claremont in North Center was built in 2008.

Built on a slightly wider than standard 30×124 lot, the home has floor to ceiling windows and the contemporary interiors you would expect from the style.

The kitchen is entirely stainless steel, including the kitchen island.

The listing says it has spa bathrooms.

3 out of the 4 bedrooms are on the second floor with the fourth in the lower level.

The lower level family room opens onto a patio.

For pricing, does it matter that the listing says it’s in the Bell school district?

Randy McGhee at Koenig & Strey has the listing. See the pictures here.

3909 N. Claremont: 4 bedrooms, 3.5 baths, 2 car garage, 4320 square feet

• Sold in September 1989 for $250,000
• Built in 2008
• Originally listed in June 2010 for $2.6 million
• No price reductions
• Currently still listed at $2.6 million
• Taxes of $15409
• Central Air
• Bedroom #1: 16×16 (second floor)
• Bedroom #2: 11×15 (second floor)
• Bedroom #3: 11×15 (second floor)
• Bedroom #4: 14×15 (lower level)

We’ve chattered about this house at 1722 N. North Park in Old Town seemingly after each major price reduction.

See our April 2010 chatter here.

It is now been reduced $610,000.

Originally listed as “eco-friendly” it is now a “fantastic sunlit jewel.”

The vintage home has been renovated with all new finishes including a mudroom.

Back in April, some of you thought this needed to be reduced $300k-$400k to sell. And now?

Karen Peterson at Coldwell Banker now has the listing. See the pictures here.

 1722 N. North Park: 5 bedrooms, 4.5 baths, plus family room, 4500 square feet

• Sold in July 2007 for $1.435 million (per the Tribune)
• Was listed in June 2009 for $2.3 million
• Reduced
• Was listed in September 2009 for $2 million
• Reduced
• Was listed in December 2009 for $1.985 million
• Reduced
• Was listed in April 2010 for $1.895 million
• Reduced
• Currently listed at $1.69 million
• Taxes of $16,848
• No parking – but one year paid for by the seller
• Central Air

Some of you have already chattered about The Abbott Estate, the 6000 square foot Victorian at 4605 N. Hermitage in Ravenswood.

On the market since August 2009, it is now listed for $151,000 under the 2006 purchase price.

Built in 1891 for the founder of Abbott Labs, it is on an oversized 92×165 corner lot (which is nearly an acre).

The house also has an updated carriage house that can be used for rental income of apparently somewhere around $2400 a month.

The listing says the home has updated bathrooms and mechanicals.

The kitchen has white cabinets and stainless steel appliances.

2 out of the 6 bedrooms are on the 3rd floor with the other 4 all on the second floor.

There is an unfinished basement and space pak cooling.

It appears that in 2006 the house sold in only about a month for just $39,000 under the list price.

What will it take to get the house sold in today’s market?

Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.

4605 N. Hermitage: 6 bedrooms, 7 bathrooms, 6000 square feet

• Sold in May 2004 for $1.5 million
• Sold in October 2006 for $1.95 million
• Originally listed in August 2009
• Was listed in November 2009 at $2.338 million
• Reduced
• Listed in September 2010 for $1,999,999
• Reduced
• Currently listed at $1,799,000
• Taxes of $18268
• Space Pak cooling
• Rental carriage house
• Is there any garage? It doesn’t appear to have one- but there is a big driveway with room for up to 8 cars.
• Bedroom #1: 19×16 (third floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 15×12 (second floor)
• Bedroom #4: 15×12 (second floor)
• Bedroom #5: 11×11 (second floor)
• Bedroom #6: 15×11 (third floor)

We chattered about this 2-bedroom unit at 1305 S. Michigan in the South Loop in June 2010.

See our prior chatter and pictures here.

It was a short sale and was listed for $77,600 under its 2006 sales price.

It sold in August 2010 for $9,000 above the June list price.

The unit had 10 foot ceiling, a fireplace and hardwood floors.

The kitchen had stainless steel appliances and granite counter tops.

Did someone get a deal?

Akos Straub at Jameson had the listing.

Unit #1613: 2 bedrooms, 2 baths, 1052 square feet

• Sold in May 2006 for $377,500
• Originally listed in April 2009
• De-listed in March 2010
• Listed in April 2010 as a “short sale” for $264,900
• Currently still listed for $264,900 (parking $35,000 extra) = $299,900
• Sold in August 2010 for $309,000 (included the parking)
• Assessments of $461 a month (includes cable, doorman)
• Taxes of $5068
• Bedroom #1: 13×11
• Bedroom #2: 11×10

Crib Chatter has been around long enough that some properties that were first featured here in 2007/2008 are coming back on the market.

Such is the case with this 1-bedroom unit at 1039 N. LaSalle in the Gold Coast.

It had been featured on Crib Chatter in February 2008 and sold that June.

The property has now come back on the market and is listed for $11,500 over the 2008 purchase price.

The unit is in a 1876 vintage building.

It has carpeted floors and an all white kitchen with white appliances.

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

It is fascinating to see the 2008 pictures- see them here– and then to look at the current pictures.

How much has the market changed in just the last 2 years?

Jennifer Lentine at Troy Realty now has the listing. See the current pictures here.

Unit #11: 1 bedroom, 1 bath, 750 square feet

• Listed in February 2008 for $225,000 plus $25,000 for parking
• Sold in June 2008 for $237,500 (included the parking)
• Currently listed for $249,000 (including the parking)
• Assessments of $199 a month
• Taxes of $1357
• Central Air
• No in-unit washer/dryer
• Bedroom: 13×10
• Living room: 21×15
• Kitchen: 14×8

We’ve chattered about the 2008 constructed South Loop high rise, The Marquee, at 1464 S. Michigan numerous times over the last few years.

This 1-bedroom short sale is currently the cheapest unit for sale in the building.

The building stats are (out of 214 units):

• 28 for sale
• 3 for rent (on the MLS)

Units may be both for sale AND for rent.

This 1-bedroom is one of the larger 1-bedroom units with 1.5 baths and a 10×7 office niche.

It has hardwood floors in the living space and crown molding.

The kitchen has some upgrades including a full backsplash along with the granite counter tops and stainless steel appliances.

The current price includes the parking space.

At $93,600 under the 2008 purchase price, is this a deal?

Akos Straub at Jameson has the listing. See more pictures here.

Unit #1411: 1 bedroom, 1.5 baths, 1 car parking included

• Sold in March 2008 for $293,500 (looks like it included the parking)
• Was listed in March 2010 for $299,900
• Reduced
• Currently listed as a “short sale” for $199,900
• Assessments of $257 a month (includes the doorman)
• Taxes are not listed (too new?)
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×11
• Living room: 27×12
• Kitchen: 10×10
• Other/niche: 10×7

Crib Chatter will be on vacation next week so there will be limited postings however there will be something new every day.

Be sure to check in.

However, I will be slow to respond to all of your e-mail questions so please have patience.

As always, thanks to everyone for the tips on the interesting properties out there. Without your eyes and ears, I couldn’t run this site.

Thanks!

Sabrina

Someone at Crain’s must be reading our minds (and our recent discussion) about how much inventory is on the market in the million dollar category.

The answer? A lot.

Crain’s defines the “high-end” to be $1.5 million and above. I think we were chattering about houses over $1 million the other day. But even above $1.5 million- the inventory levels are pretty devestating.

Ruth Ciaglia has shown a Barrington Hills mansion more than 40 times in the past year and a half.

The five-bedroom house, built in 2008 and listed for $3.7 million, has drawn two offers, but both times the deals fell through for the home at 36 Peraino Circle, says Ms. Ciaglia, of South Barrington-based ERA Countrywood Realty.

The buyers “disappear as soon as you get close,” she says.

South Barrington/Barrington Hills now has enough high end inventory to last 10 years and 6 months.

But if you think living in Lake Forest or the Gold Coast would insulate you- you would be wrong.

For the entire Chicago area, sales of single-family homes priced at $1 million or more have jumped up this year, compared to 2009. But the number of high-end properties coming to market is growing even faster, making the job of brokers like Ms. Ciaglia even more challenging.

After the two Barringtons, Burr Ridge has the next-biggest backlog, with 55 homes, or a 5½-year supply, followed by the city’s Gold Coast neighborhood with 47 properties, or a supply of five years and three months.

A balanced market will typically have six to eight months of inventory, according to one rule of thumb.

Other towns with an intimidating backlog of high-priced residences are west suburban Oak Brook, with 56 properties, or a 61-month supply, and north suburban Lake Forest, with 152 homes, or a 51-month supply.

“The houses just sit and sit and sit,” says Mark Kolar, managing broker of RE/MAX of Barrington. “There’s an excessive amount of supply and not enough buyers to soak it up.”

The areas with the lowest inventory are:

1. Wilmette: 1 year
2. Lincoln Park: 1 year and 4 months
3. Winnetka: 1 year and 9 months
4. Glenview: 1 year and 11 months
5. Hinsdale: 1 year and 11 months

But even the “lowest” is still high by historical standards.

Chicago area swamped with high end backlog [Crain’s Chicago Business, Andrew Schroedter, October 14, 2010]

This 3-bedroom townhouse at 1843 S. Prairie in the South Loop has been on and off the market for 30 months.

Originally listed in April 2008, it is now being marketed as a “short sale”.

Part of the “homes of the Commonwealth” built in 2005 to replicate the feel of the old historic Prairie street, this townhouse has 4,655 square feet on 4 levels.

The kitchen has stainless steel appliances and what looks like granite counter tops.

There are also two decks and a lower level family room.

Now priced $8,500 under the 2005 purchase price, is this a deal?

Nadine Ferrata at Coldwell Banker has the listing. See the pictures here.

1843 S. Prairie: 3 bedrooms, 5 baths, 2 car garage, 4655 square feet

• Sold in August 2005 for $1,403,500
• Originally listed in April 2008
• Was listed in April 2010 for $1.495 million
• Reduced
• Currently listed as a “short sale” at $1.395 million
• Assessments of $225 a month
• Taxes of $19,117
• Central Air
• Bedroom #1: 14×19 (second floor)
• Bedroom #2: 12×17 (third floor)
• Bedroom #3: 13×14 (third floor)
• Family room: 15×25 (lower level)

This vintage 5-bedroom greystone at 4436 N. Paulina in Uptown has been on and off the market since May of 2009.

It was recently reduced $100,000.

Built in 1898, the listing says the first two floors have been renovated.

3 out of the 5 bedrooms are on the second floor with the master bedroom on the third floor which is currently being used as a rec room (no bathroom on that floor apparently.) The 5th bedroom is also on the third floor.

The listing says the kitchen is “updated” with an open floorplan. There are cherry cabinets and stainless steel appliances.

The house is on an oversized 38×165 lot which allows for plenty of green space and a rare 3 car garage.

What price will it take to sell this vintage home?

Kirste Gaudet at Coldwell Banker has the listing. See the pictures here.

4436 N. Paulina: 5 bedrooms, 3 baths, 3 car garage, no square footage listed

• Sold in July 2000 for $536,000
• Originally listed in May 2009
• Withdrawn
• Was listed in August 2010 for $1.199 million
• Reduced
• Currently listed at $1.099 million
• Taxes of $12,286
• Central Air
• Bedroom #1: 25×22 (third floor- being used as a rec room)
• Bedroom #2: 20×14 (second floor)
• Bedroom #3: 15×12 (second floor)
• Bedroom #4: 13×12 (second floor)
• Bedroom #5: 14×10 (third floor)