Crib Chatter

This 2-bedroom duplex loft in the China Club Lofts at 616 W. Fulton in the West Loop was just reduced.

It came on the market in May 2010 and has since been reduced $20,000 (parking was just included with the unit- which adds on another reduction.)

The unit is missing some of the authentic loft features (brick, timber) that the other China Club Lofts have because this part of the building was added onto the roof at the time of the loft conversion.

Therefore, it has 22 foot high ceilings, skylights and a 22×10 terrace but no exposed brick.

The kitchen has a viking stove, stainless steel appliances and granite counter tops.

One of the bedrooms on the duplex up is open to the living space below.

I can’t tell if parking is included with the price or not.

Priced $32,500 under the 2007 purchase price, is this a deal?

Chris McComas at @Properties has the listing. See the pictures here.

Unit #710: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 1997 for $222,500
• Sold in May 2000 for $315,000
• Sold in February 2007 for $412,500
• Lis pendens foreclosure filed in October 2009
• Originally listed in May 2010 for $400,000
• Reduced
• Currently listed at $380,000 (yes- parking is included)
• Assessments of $445 a month (includes doorman, cable)
• Taxes of $5291
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 21×20 (second floor)
• Bedroom #2: 17×11 (main floor)

We’ve chattered about 3-bedroom duplex up units in Lincoln Park and Lakeview before but this one at 1632 W. Blackhawk is in Wicker Park.

The listing says the unit was renovated in 2003.

The kitchen has granite counter tops and stainless steel appliances.

The bathrooms have granite and marble.

All 3 bedrooms are on the top floor and the master suite has a jacuzzi tub.

The unit also has 2 decks, including one off the kitchen.

At this price and square footage, is this a deal?

Gregory Kohlhagen at Blueprint 606 Inc. has the listing. See the pictures here.

Unit #2: 3 bedrooms, 3 baths, 1800 square feet, 1 car parking

• Sold in April 2003 for $304,000
• Currently listed for $344,900
• Assessments of $182 a month
• Taxes of $4387
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11 (second floor)
• Bedroom #2: 11×10 (second floor)
• Bedroom #3: 11×10 (second floor)

This 4-bedroom single family home at 2746 N. Racine in Lincoln Park, on the border of Lincoln Park and Lakeview, just returned to the market after it was listed earlier this year.

Listed since January, it had been withdrawn in July.

It has now been reduced $124,500 since January 2010.

Built on a 25×124 lot, the house has 3 bedrooms on the second floor and one on the lower level.

The listing says the kitchen is a “chef’s kitchen” which is open to a breakfast area. It has stainless steel appliances and granite countertops with white cabinets.

It has two decks and a landscaped yard with a 2-car garage.

Now priced $22,500 under the 2001 purchase price, is this a deal for a single family home with this square footage in Lincoln Park?

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

2746 N. Racine: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in August 1995 for $390,000
• Sold in August 1998 for $530,000
• Sold in September 1999 for $619,000
• Sold in April 2001 for $747,000
• Originally listed in January 2010 for $849,000
• Reduced and withdrawn in July 2010
• Currently listed for $724,500
• Taxes of $11363
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 16×12 (lower level)

Chicago architecture is anything but boring.

Take this 3-bedroom spanish bungalow at 5749 N. Manton in Jefferson Park (on the border of Edgebrook.)

Built in 1926, there is nothing else in this style in its immediate neighborhood.

It has a spanish clay tile roof and what looks like its original spanish style fireplace in the living room.

The house is built on a 45×125 corner lot and has a 2-car garage.

It is also a short sale and is listed $55,100 under the 2006 purchase price.

John Debaz at Coldwell Banker has the listing. See the pictures here.

5749 N. Manton: 3 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in July 1997 for $175,000
• Sold in August 2006 for $380,000
• Lis pendens foreclosure filed in May 2010
• Currently listed as a “short sale” for $324,900
• Taxes of $4268
• Central Air
• Bedroom #1: 17×11
• Bedroom #2: 12×12
• Bedroom #3: 12×10
• Family room: 15×9 (lower level)

This 2-bedroom bank owned unit at 2606 W. Le Moyne in West Town (specifically- East Humboldt Park) just came on the market.

It is listed for $22,770.

No- that is not a typo.

It originally sold in December 2007 for $276,500 so that is quite the discount.

There are a few things a buyer should know, however.

First, there is no HOA with the building.

And second, there are no pictures of the kitchen or bath with the listing. Is it missing? It’s unclear.

The listing simply states that there are hardwood floors throughout.

It looks like there is no parking and I’m not sure about central air or washer/dryer in the unit.

But for the price of a car- is this a deal?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

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

• Sold in December 2007 for $276,500
• Lis pendens filed in July 2008
• Bank owned in October 2009
• Currently listed for $22,770
• No HOA
• No tax information listed
• Bedroom #1: 14×10
• Bedroom #2: 10×9
• Living room: 14×10
• Kitchen: 14×10

This 3-bedroom vintage single family home at 3408 N. Bosworth in Lakeview has been on the market since April 2010.

It would appear to have everything buyers are looking for.

It has central air and a 2 car garage on a 25×125 lot.

Built in 1877, it has some of its original features including stained glass but also has been updated, including a new chef’s kitchen with Viking and Jennair appliances.

2 of the 3 bedrooms are on the second floor and the property has an unfinished basement.

It is also located right next to the brown line El tracks.

The house has been reduced $149,000 since April.

How much does the El location matter versus the price?

Patrick Ryan at @Properties has the listing. See the pictures here.

3408 N. Bosworth: 3 bedrooms, 1 bath, no square footage listed, 2 car garage

• Sold in February 1996 for $132,000
• Sold in February 1997 for $170,000
• Sold in June 2002 for $428,000
• Sold in July 2005 for $569,000
• Originally listed in April 2010 for $749,000
• Reduced
• Currently listed for $600,000
• Taxes of $8523
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 11×8 (main floor)
• Living room: 23×12
• Dining room: 12×12
• Kitchen: 16×9
• Mudroom: 9×6
• Unfinished basement

Crain’s is reporting that the Anglo Irish Bank has filed a $77 million foreclosure suit against the Chicago Spire developer Shelbourne Development which all but ends any hope that the Spire will ever be built as the tallest residential building in the world.

Construction was halted 2 years ago at the site so it’s not as if anyone had high hopes all this time anyway.

The Spire supposedly was 30% sold at one point but the 1200 unit building would have been a hard sell in even the best of markets.

I’ve chronicled many of the ups and downs of the Spire over the 3 years I have run this blog.

Maybe my very first post on the Spire in September 2007 should have foreshadowed this day as it discussed the difficulty Shelbourne was having in marketing the building overseas.

Yet investing in this premium-priced tower designer skyscraper, in the US where many property prices are falling, and in a city largely unknown to British investors, may well appeal only to the brave. Conventional wisdom urges investors to buy lower-cost properties in established markets with limited supply.

The Spire’s story so far may also make investors nervous. The original developer failed to win funding so dropped the scheme, rival developer Donald Trump claims the Spire may be a terrorist target, and the Calatrava design has seen late changes including the removal of a proposed hotel. The Chicago Times newspaper has suggested that a shorter tower could be built on the Spire’s existing foundations if the full scheme is scaled back.

And then there was the seemingly endless belief that the high end real estate market would go on booming forever and ever even as inventory started to mount.

“Chicago remains pretty strong and has certainly not suffered in the way some markets have – for example San Diego and Boston,” says Chris Gaggero, an English estate agent who works for @Properties, a realtor in the city.

“The Trump Tower, which added a lot of inventory to the high-end downtown market in Chicago, doesn’t seem to have created a drag,” Gaggero adds. He points out, however, that the number of top-end apartments already on sale in downtown Chicago is 15 per cent up on the figure two years ago. Prices in this sector have risen only one per cent since 2005.

The result is a hole in the ground where a building should be.

What do you think will ultimately get built on the site?

And how long do you think it will be before any construction is resumed?

British investors being urged to invest in the Chicago Spire [Crib Chatter, September 27, 2007]

Spire looking dead; original developer says Calatrava still could shape site [Chicago Tribune, Oct 11, 2010, Blair Kamin]

We last chattered about this vintage 3-bedroom single family home at 3447 N. Paulina in Lakeview in July 2010.

See our prior chatter here.

At that time, it was amongst the cheapest single family homes in Lakeview- as it was priced “as-is” for $349,000.

There were no interior pictures in the listing but the house was on a standard 25×125 lot.

Built in 1888, it was really being sold as a rehab or for the land value.

The house recently closed for $74,000 under the list price.

Did someone get a deal?

There are 1-bedroom condos in the neighborhood attempting to sell for this price.

Carmen Cardenas at Haderlein & Company had the listing.

3447 N. Paulina: 3 bedrooms, 1.5 baths, 1320 square feet, 2 car garage

• Sold sometime before 1991
• Originally listed in March 2008
• Withdrawn
• Was listed in July 2010 as “as-is” and a “builder’s/rehabber’s dream” for $349,000
• Sold in September 2010 for $275,000
• Taxes of $712 (no- not a typo)
• No central air
• Bedroom #1: 11×20
• Bedroom #2: 10×14
• Bedroom #3: 8×11

This 3-bedroom duplex up condo at 1707 N. Larrabee in Lincoln Park lives like a single family home but will have less maintenance.

Obviously, there is no grass to cut in the backyard.

The unit has a 2-story living room with cathedral ceilings and a second level family room.

There are skyline views from 2-decks.

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

The unit is also listed for $16,000 under the 2005 purchase price.

Is this a good single family home alternative in Lincoln Park?

Eudice Fogel at Prudential Rubloff has the listing. See the pictures here.

Unit #3S: 3 bedrooms, 3 baths, duplex up, no square footage listed, parking included

• Sold in May 2003 for $728,500
• Sold in November 2005 for $765,000
• Originally listed in August 2010 for $769,000
• Reduced
• Currently listed at $749,000
• Assessments of $292 a month
• Taxes of $10,489
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 13×12 (main floor)
• Bedroom #3: 12×12 (main floor)
• Family room: 16×16 (second floor)

This 2-bedroom newer construction unit at 3014 N. Sheffield in Lakeview recently came on the market.

It is bank owned by Bank of America, which recently halted foreclosure sales in all 50 states. Obviously, any buyer of this condo will have to wait until the moratorium has been lifted to purchase this property.

It looks like this building was built in 2005/2006.

This unit has hardwood floors and the kitchen and baths appear, from the pictures, to be intact.

The kitchen has cherry cabinets, stainless steel appliances and granite counter tops.

The master bathroom appears to have a double vanity.

The unit is now priced about 27% below the 2006 purchase price.

There is a stretch of similar new construction condos on this block of Sheffield.

Will the sale of this unit put a floor under the prices on this block?

Jason Shapiro at Rising Realty LLC 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
• Currently listed for $366,300
• Assessments of $140 a month
• Taxes are not listed
• Central Air
• Doesn’t list washer/dryer but there would be a hook-up in the unit