Crib Chatter

We last chattered about this 2-bedroom unit in The Barry, at 3100 N. Sheridan, in Lakeview nearly 2 years ago- in October 2008.

See our prior chatter and pictures here.

Back then, the listing described it as a “maisonnette in Paris”.

It is now bank owned and is listed for $39,600 under the 2007 purchase price.

The unit has hardwood floors throughout.

The kitchen has been “updated.” It looks, from the pictures, as if it still has its appliances.

The unit has no central air, no in-unit washer/dryer and no deeded parking.

Anyone ever see these conditions on a bank owned property before?

From the listing: “Seller reserves the right to reject any investor offers first 15 days on the market.”

Coya Smith at Smith Partners & Associates has the listing. See the pictures here.

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

• Sold in September 1995 for $114,500
• Sold in September 1997 for $131,000
• Sold in May 2001 for $236,000
• Sold in January 2003 for $245,000
• Sold in March 2006 for $309,000
• Sold in May 2006 for $325,000
• Sold in July 2007 for $336,500
• Lis pendens filed in August 2008
• Lis pendens filed in August 2009
• Bank owned in June 2010
• Currently listed for $296,900
• Assessments of $691 a month (includes gas, heat, cable)
• Taxes of $3158
• No central air
• No in-unit washer/dryer
• Bedroom #1: 15×11
• Bedroom #2: 15×9

At one time, this vintage single family home at 25 E. Banks in the Gold Coast was the most expensive house for sale in Chicago.

We have chattered about this house several times, including in November 2007 after it had its first price reduction.

See our November 2007 chatter here.

It has been on the market for over 3 years and has now been reduced $6.55 million from its original asking price of $13.5 million.

This house, and the price reduction, have been in the news recently because it is owned by Jamie Dimon, JP Morgan Chase’s CEO, who used to reside in Chicago.

The listing says it has been extensively renovated by famed Chicago architect Marvin Herman.

At 13,500 square feet- it takes up nearly half a city block, but since it is on a corner lot there looks to be no backyard.

The only outdoor space appears to be a 900 square foot rooftop terrace.

It has 8 bedrooms, 9 bathrooms, 2 half baths and a wine vault.

The house also has 2-car parking.

“They’re trying to make a bold move to get ahead of the market,” said Jim Kinney, vice president of luxury sales for Baird & Warner, a residential brokerage in Chicago. “This time next year, that house is not going to be on the market. They’re going to find whatever it takes to get it sold.”

JP Morgan CEO Dimon cuts Chicago mansion’s asking price again [Bloomberg, Brian Louis, September 3, 2010]

Janet Owen at Sudler Sotheby’s has the listing. See the pictures here.

25 E. Banks: 8 bedroom, 9 full and 2 half baths, 13,500 square feet, 2 car garage

• Sold in September 2000 for $4.68 million
• Originally listed in April 2007 for $13.5 million
• Reduced in November 2007 to $12 million
• Reduced to $9.5 million
• Reduced
• Currently listed at $6.95 million
• Taxes of $61,530
• 2 fireplaces
• Library

The listing for this 3-bedroom Portage Park brick cottage at 4947 W. Pensacola admits that the house is being sold “as-is” and that it “needs TLC/updating.”

It is an estate sale.

The house has many of its vintage features intact including a wood burning fireplace, beamed ceilings, built-ins and original door knobs.

All three bedrooms are on the second floor.

It is located just a few blocks from the Mayfair Metra stop.

The house doesn’t have central air, but it does have a two car garage and an unfinished basement.

Is this a deal for those with the vision to renovate it?

Theressa Boyce at Dream Town has the listing. See more pictures here.

4947 W. Pensacola: 3 bedrooms, 2.5 baths, 2 car garage, 1094 square feet

• Sold prior to the 1990s
• Currently listed as an estate sale for $199,000
• Taxes of $652 (senior exemption)
• No central air- window units
• Bedroom #1: 13×11
• Bedroom #2: 10×9
• Bedroom #3: 9×8

In this week’s Elite Street column in the Tribune, it discusses the 3-bedroom condo of WMAQ-5 news anchor Marion Brooks in the West Loop.

Marion Brooks, WMAQ-Ch. 5 weekday afternoon anchor and 10 p.m. news reporter, lives in the West Loop but would like to reside closer to her NBC Tower office in Streeterville.

As a result, Brooks is under contract to sell her seven-room West Loop condo, which most recently has been listed for $429,000.

Brooks, who is recently divorced, said she is expecting to lose a significant amount of money on the three-bedroom unit, which she bought in 2005 for $782,000. Features include 21/2 baths, an open floor plan, a fireplace, floor-to-ceiling windows, two balconies and parking for two cars.

“I want to stay in the downtown area, but I want to get a little closer to work,” she said. Brooks, who acknowledged that she bought the unit “at the top of the market,” listed it Aug. 25 for $499,000 and reduced it to $429,000, when an offer surfaced. She had it on the market for $780,000 in 2007, for $775,000 in 2008 and for $700,000, $675,000 and $650,000 in 2009 before pulling it off the market in January.

TV anchor’s condo under contract [Chicago Tribune,  Bob Goldsborough, Sep 3, 2010]

The unit is #3001, in SkyBridge, the award winning high rise at 737 W. Washington in the West Loop.

The unit is a short sale.

But it is currently listed for $353,000, or about 45%, under the 2005 purchase price.

The listing has no pictures and doesn’t tell us much about the unit.

But the room sizes (and square footage on other 01-tier units for sale in the building) indicate a “true” 3-bedroom unit with about 2500 square feet.

Have prices fallen nearly 50% in SkyBridge?

Katharine Dolan at Jameson has the listing. See the listing here (no interior pictures). Click here for pictures of #3301, also in short sale.

Unit #3001: 3 bedrooms, 2.5 baths, no square footage listed

• Sold in March 2005 for $782,000
• Originally listed in 2007 for $770,000
• On and off the market
• Listed in August 2010 for $499,000
• Reduced
• Currently listed as a “short sale” for $429,000
• Under contract
• Assessments of $1140 a month (includes heat, air conditioning, doorman, cable)
• Taxes of $8844
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×15
• Bedroom #2: 16×12
• Bedroom #3: 16×12

This 2-bedroom unit at 2314 N. Lincoln Park West, also known as The Conservatory, in Lincoln Park recently came on the market.

There are only 39 units in the building, which was constructed in 1976.

There are just two units per floor.

This 2-bedroom unit has direct views of the Lake and the Park from the living room and balcony.

It also has the bells and whistles buyers are looking for including deeded parking, in-unit washer/dryer and central air.

The kitchen has blue cabinets and white and blue appliances.

There is carpeting throughout the main living spaces.

Is this a deal for the views?

Andrea Geller at Sudler Sotheby’s has the listing. See the pictures here.

Unit #18S: 2 bedrooms, 2.5 baths, 1500 square feet

• Sold in August 1988 for $300,000
• Sold in July 1991 for $360,000
• Sold in April 1997 for $352,000
• Currently listed for $650,000 (includes the parking)
• Assessments of $1293 a month (includes heat, air conditioning, doorman, cable)
• Taxes of $7536
• Central Air
• In-unit washer/dryer
• Bedroom #1: 15×14
• Bedroom #2: 14×11

This 5-bedroom single family home at 1738 N. Winchester in Bucktown is among the most unique properties I’ve seen in awhile.

It has an a modern exterior and interior except when you’re in the lower level which has a fully bricked recreation room, including the curved ceiling, complete with fireplace and jacuzzi tub in the floor.

The house also has a home theater on the third floor.

The five bedrooms are scattered on several floors with the master bedroom on the second level, 2 bedrooms on the third level and 2 on the fourth.

The kitchen has modern red cabinets and stainless steel appliances.

This house has been on and off the market since May 2008 and is now a short sale.

It has been reduced another $100,000 since July.

Anthony Zaskowski at Property Consultants Realty has the listing. See the pictures here.

1738 N. Winchester: 5 bedrooms, 4.5 baths, 6200 square feet, 2 car garage

• Sold in March 2003 for $375,000 (old property)
• Originally listed in May 2008
• On and off the market since then
• Was listed in July 2010 for $1,799,900
• Reduced
• Currently listed as a “short sale” for $1,699,900
• Taxes of $22,500
• Central Air
• Bedroom #1: 17×16 (2nd floor)
• Bedroom #2: 16×13 (3rd floor)
• Bedroom #3: 13×12 (3rd floor)
• Bedroom #4: 15×12 (4th floor)
• Bedroom #5: 19×17 (4th floor)
• Recreation room: 39×17 (lower level)

We last chattered about this 2-bedroom vintage unit at 2861 N. Burling in Lakeview in May 2010.

See our prior chatter here.

The unit has now been reduced another $14,100.

It has a lot of the features buyers look for including washer/dryer in the unit and heated garage parking.

The kitchen has white cabinets and appliances.

The unit has 9 foot ceilings and many of its vintage features including a pier mirror and beamed dining room ceiling.

The only thing it’s missing is central air (window units only.)

Given that this was the 8th warmest summer on record, will this sell once we feel the cool breezes of fall?

James Meese at Real Living Helios Realty still has the listing. See the pictures here.

Unit #2N: 2 bedrooms, 1 bath, 1400 square feet

• Sold in June 1992 for $159,000
• Sold in November 2005 for $354,000 (parking included)
• Originally listed in March 2010 at $369,900
• Reduced
• Was listed in May 2010 at $339,000 (parking included)
• Reduced
• Currently listed at $324,900 (parking included)
• Assessments of $399 a month (includes heat, cable)
• Taxes of $3515
• No central air- window units
• Washer/Dryer in the unit
• Bedroom #1: 13×11
• Bedroom #2: 13×12

In September 2009, we chattered about the price cuts at the new construction high rise 757 N. Orleans in River North.

See our September 2009 chatter here.

A year later, there are still units for sale from the developer and an advertisement in the Sunday Tribune which says “dive in…to river north’s best financing.”

But what happens to the original purchasers who now, nearly 2 years after the first closings, want to sell?

This 2-bedroom unit, #911, is one of those.

The listing says the Southwest corner unit has been upgraded with dark espresso floors and a marble master bath.

The listing also says this tier is sold out.

The unit is now listed for $24,500 under the 2008 purchase price (if you include the parking).

Jeffrey Proctor at @Properties has the listing. See the pictures here.

Unit #911: 2 bedrooms, 2 baths, no square footage listed

• Sold in December 2008 for $459,500
• Originally listed in July 2010 for $405,000
• Currently listed at $405,000 (plus $30,000 for parking)
• Assessments of $456 a month (includes pool)
• Taxes are “new”
• Bedroom #1: 12×15
• Bedroom #2: 15×10
• Living room: 19×15
• Kitchen: 12×8

Contemporary lovers know the outside of this 5-bedroom house at 838 W. Webster in Lincoln Park well as it’s hard to miss on a block filled with vintage brownstones.

An AIA design interior architecture award winner, the house was built in 2004 and sits on a 48×115 lot.

The living room has 20 foot high ceilings and a wall of windows which opens onto the 22×40 courtyard.

In all, the house has 2400 square feet of outdoor space in 7 locations.

The finishes are what you would expect from a luxury home.

There is a Poliform kitchen with stainless steel appliances and black granite counter tops.

The house also has a rare attached 3-car garage which is accessed through the kitchen.

Robert John Anderson at Baird & Warner has the listing. See the pictures here.

838 W. Webster: 5 bedrooms, 3.5 baths, 3 car garage, no square footage listed

• Sold in October 2001 for $1.615 million (the prior house)
• Currently listed for $4.95 million
• Taxes of $39896
• Central Air through 4 HVAC units
• Basement rec room

Crain’s is reporting that there will be no second tower built at Walton on the Park, the new high rise development at 2 W. Delaware, in the Gold Coast.

You’ll recall, in mid-August, we chattered about the flips popping up in this building. See our prior chatter here.

In a sign that the new-condo market is expected to stay in a prolonged funk, the developers have dropped a proposal for a second residential tower, which would have brought the total number of units up to 385.

Instead, the developers plan to build a small commercial building on the site, according to the loan amendment.

Buyers have closed on 22 units and another 81 are under contract, confirms Ralph Oliva, a sales associate in the Lincoln Park office of residential brokerage Coldwell Banker NRT, which is handling sales at the 31-story building, located next to the landmark Scottish Rite Cathedral and near Washington Square Park.

But slow sales have become the norm for recently completed condo towers in the city’s most fashionable neighborhoods.

Walton on the Park’s developers “haven’t underperformed the market,” says Gail Lissner, a vice-president at Appraisal Research Counselors, a Chicago-based real estate consulting firm. “This is the new reality.”

According to Crain’s, two prospective buyers have also sued the developer, alleging in the lawsuit that the developer is planning on renting out the remaining 100 unsold units.

Shipka, Stein win condo loan extension [Crain’s Chicago Business, Andrew Schroedter, September 1, 2010]