Crib Chatter

Two years ago the title of this kind of post would have read “get a single family home in Lakeview for under $400,000” instead of “under $350,000”.

This 3-bedroom home at 3447 N. Paulina in Lakeview is described in the listing as “sold as is.”

Built in 1888, it is only 1320 square feet but is on a standard 25×125 lot and has a 2-car garage.

The listing calls it a “builder’s/rehabber’s dream.” All bedrooms are on the second floor.

It has been on and off the market since March 2008. There are no interior pictures.

Is this a deal just for the land value?

Carmen Cardenas at Haderlein & Company has the listing. See the listing here.

• Sold sometime before 1991
• Originally listed in March 2008
• Withdrawn
• Currently listed for $349,000
• 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 unit in the high rise at 1841 S. Calumet in the South Loop sports a massive terrace that measures 17×58.

It is a north facing end unit with 3 exposures: north, west and east so you get the best of both city and lake views.

The building was built in 2006. It has the full compliment of amenities including an outdoor pool and exercise room.

The unit has floor to ceiling windows and hardwood floors.

The kitchen has stainless steel appliances and granite counter tops.

Imagine the parties you could throw in the summer time on that terrace?

Erik Hanson at VIP Condo has the listing. See more pictures here.

Unit #601: 3 bedrooms, 2 baths, 1650 square feet

• Sold in August 2006 for $601,000 (I don’t know if this included the parking or not)
• Currently listed for $599,900 (two parking spaces available for $35,000 each)
• Assessments of $752 a month (includes heat, a/c, cable, doorman, pool)
• Taxes of $5313
• Central Air
• Washer/Dryer in the unit
• Terrace: 17×58
• Bedroom #1: 15×11
• Bedroom #2: 14×12
• Bedroom #3: 16×10

Someone sent me an article from last week on the Real Estate Channel discussing the foreclosure market in Cook County. It has some interesting statistics.

It appears that these stats are for the entire Cook County:

As of July 15, RealtyTrac listed 28,829 properties which had been foreclosed and repossessed by lenders.  Some have been owned by the bank as long as 2½ years without having been placed on the market.  Roughly half have been repossessed by the lender since late January 2010.

This year, banks in the Chicago area have foreclosed on a huge number of expensive homes.  RealtyTrac lists 2,650 repossessed homes for more than $300,000 and 169 for more than $1 million.

Here is where it gets really interesting.  Out of 28,829 repossessed properties, there were only 1,292 listed by lenders as “for sale.”  The vast majority of these available homes were inexpensive.  A mere 29 homes over $300,000 were for sale.  In other words, the banks have withheld from the market 2,621 properties listed at $300,000 or higher.

There could be several reasons that the banks are withholding the foreclosures from the market and one of them is to “ride out” the declines (i.e. if you put all of the foreclosures out at once, it will bring down prices even more. If they wait, it may be possible to ride out the worst of the losses.)

Even more crucial is that selling substantial numbers of expensive homes at discounts of 50% or more would compel the lenders to take substantial losses which have been avoided by keeping them off the market.

To give you an example, one repossessed home in the upper income suburb of Glencoe was purchased in January 2004 for $850,000.  Though not listed for sale yet, its opening bid price is $2,819,000.  This suggests that the foreclosed owner had refinanced the property to the tune of $2.8 million.  If the holder of the first lien put a home like this on the market, it could be forced to swallow a loss approaching $2 million or perhaps even more.

One big problem with this strategy is that the banks have also ramped up their placing of seriously delinquent borrowers into default – the first step in the foreclosure process.  RealtyTrac listed 39,963 defaulted properties in Cook County as of July 15.  All of them have been placed into default since August 2009 and half of them since early February of this year.  That is nearly 4,000 per month for the past five months and nearly 10,000 in the last two months alone.  Of these defaulted properties, there are 7,550 listed over $300,000.  Sooner or later, these homes are coming on to the market either as foreclosures or short sales.

We’ve been chattering about the impact of short sales on the “prime” neighborhoods like Lakeview and Lincoln Park. Prices are already being pressured.

Do these statistics indicate that prices will be under even more pressure in 6 to 12 months or will this alleged bank strategy to keep foreclosures off the market actually work to stabilize prices?

Why are banks withholding high end repossessions over $300,000 from the market? [Real Estate Channel, Keith Jurow, July 20, 2010]

This 4-bedroom French Provincial home at6551 N. Ponchartrain in Forest Glen was built in 1938.

The listing says it has a “bridal stairway” and a unique front door peephole.

It is built on a 60×118 lot and has a side 2-car garage.

The house is within a few blocks of the Forest Preserve and the Edgebrook Metra stop for an easy downtown commute.

It also has central air and a basement.

However, there are no pictures of the kitchen or baths, and no description of either in the listing. There is, though, a picture of the bridal stairway.

Connie Aparcedo at Coldwell Banker has the listing. See the pictures here.

6551 N. Ponchartrain: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in February 1994 for $345,000
• Currently listed for $659,000
• Taxes of $10,001
• Central Air
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 12×10 (second floor)
• Bedroom #3: 16×14 (second floor)
• Bedroom #4: 14×13 (second floor)
• Living room: 24×14
• Dining room: 16×14
• Kitchen: 17×13
• Family room: 18×16
• Rec Room in the basement: 23×12

We’ve chattered several times about this 2-bedroom vintage home at 1722 W. Wellington in Lakeview.

See our June 2009 chatter and pictures here.

The house has been on and off the market since it was first listed in April 2009.

If you recall, it has an 1880 vintage facade but inside it has been updated with a contemporary interior including timber beamed ceilings and slate floors in both bathrooms.

It also has an updated kitchen with stainless steel appliances and calacatta marble counter tops on an oversized kitchen island.

But the biggest change in the listing in the last year would be that the spiral staircase appears to have been replaced with a conventional staircase.

The house has all the bells and whistles buyers look for including a 2-car garage and central air.

It has now been reduced $100,000 from the 2009 list price.

Is this home now priced to sell?

Last year, some of you were guessing it would ultimately sell for around $525,000.

Monique Crossan at Koenig & Strey Real Living now has the listing. See the pictures here.

1722 W. Wellington: 2 bedrooms, 2 baths, no square footage listed, 2 car garage, backyard

• Sold in May 1994 for $84,000
• Sold in February 1995 for $113,000
• Sold in July 1998 for $310,000
• Sold in June 2004 for $610,000
• Was listed in April 2009 for $724,900
• Reduced
• Was listed in June 2009 for $699,500
• Withdrawn
• Currently listed for $624,000
• Taxes of $8449
• Central Air
• Skylights
• Bedroom #1: 18×12
• Bedroom #2: 18×13
• Office: 10×13

This 2-bedroom single family home at 243 N. Garfield in Lombard may not look like something special from the street but it is among a select group of prefabricated houses called “Lustrons” that were built in 1948-1950 in mostly the eastern half of the United States.

Sold to middle class homebuyers as being on the cutting edge of construction, they are low maintenance as they are made entirely of stainless steel.

The marketing brochure called the Lustrons: “Planned for ideal living for a family who enjoy modern things to the utmost.”

Only 2680 of the homes were produced by 1950 before the factory shut down.

According to the Lustron Preservation web site, only about 1500 remain today. And, apparently, a good number of them are in the Chicago area, including in Westmont, Hinsdale, Park Ridge and a bunch in Lombard, including this one at 243 N. Garfield.

There were 4 different models.

This home on Garfield is the Westchester Deluxe model in surf blue. The Westchester was apparently the most popular model.

It was a “deluxe” model because it included the Thor dishwasher-clotheswasher combination, among other things.

Here are some specs from the Lustron Preservation web site.

Deluxe 2 and 3 Bedrooms (Models 02/03)

• Features: These models offer “many deluxe features including built-in bookshelves, bedroom vanity-storagewall, eleven closets and overhead storage cabinets, oil or gas radiant panel heating, Thor dishwasher-clotheswasher combination, china cabinet passthrough, large picture windows, large service and storage area,” a bay window, and floor tile. Kitchen wall panels are 2 feet square.

Unfortunately, there are NO interior pictures with this listing (darn!).  So we don’t know what historical features remain.

The house is only 1085 square feet. It does not have central air (window units only.)

The listing says the house is “steps” from downtown Lombard and near the train.

On the market since January 2009, it has been reduced $95,000.

It is currently listed $5,000 below the 1999 purchase price.

Christopher Hart at ABA National Realty has the listing. See the listing and exterior picture here.

243 N. Garfield: 2 bedrooms, 1 bath, 1085 square feet, 1 car garage

• Sold in December 1999 for $130,000
• Sold in June 2004 for $200,000
• Sold in July 2005 for $228,000
• Originally listed in January 2009 for $220,000
• Reduced
• Currently listed for $125,000
• Taxes of $4350
• No central air
• Bedroom #1: 12×14
• Bedroom #2: 12×12

Watch a great video all about a Lustron in Virginia here.

Just when we were chattering about whether or not there would be any new construction for years to come in the green zone areas, comes the announcement that these 9 new construction townhomes and 2 duplex condos at 2750 N. Lakewood in Lincoln Park are coming (back) on the market.

According to YoChicago, which tracks all the new construction, this development was scheduled to begin construction in 2008, and then, apparently, again in 2009.

1. Row2750 construction set for next month, 8/14/08
2. Row2750: Just waiting on the weather, 1/9/09

According to YoChicago, the developer had several presales back in January 2009.

Those presales apparently still exist as the press release says that 25% of the units have sold.

“These homes definitely defy what people traditionally think of in terms of a rowhome or condominium in Lincoln Park,” said Goldberg.

Just as striking as the homes’ modern interiors are their brick, metal and wood-clad exteriors, said Jim Plunkard, principal of Hartshorne Plunkard. “This development is sleek and timeless, and sure to appeal to a very sophisticated buyer,” he said.

In fact, Goldberg noted, more than a quarter of the townhomes were sold prior to the development’s groundbreaking. “These homes are far from ordinary and since there are only 11, it is a very exclusive offering. I think that’s why we have already seen such strong interest,” he said. “And as Row 2750 gets closer to completion, buyers will be able to see these amazing homes come to life.”

I’ve been told that the presales include one of the 2-bedroom duplex condos and 2 of the townhouses.

Prices range as follows:

• From $699,000 to $1.399 million
• For 1890 to 4100 square feet

Have the market conditions improved enough that this development will finally get off the ground in 2010?

You can see the development’s website here.

Press release for Row2750.

This triplex authentic loft at 811 W. Aldine, otherwise known as the Mandel Bros. Lofts, in Lakeview has tons of loft character, including both exposed brick and timber ceilings.

The living room/kitchen and dining areas are on the main floor. The kitchen has granite counter tops and white appliances.

The two bedrooms are on the second floor.

The third level sports the den and a private terrace.

This loft also has a highly coveted Lakeview feature: not just 1 but 2 deeded parking spaces.

The property has been on and off the market since February 2009.

It’s now listed for $30,500 under the 2004 purchase price.

Is this a deal?

Mark Cahan at Mark Cahan Realty has the listing. See the pictures here.

Unit #1N: 2 bedrooms, 2 baths, den, triplex, 2 car parking, no square footage listed

• Sold in June 2000 for $479,000
• Sold in July 2004 for $528,000
• Originally listed in February 2009
• Withdrawn in June 2009
• Re-listed in May 2010 for $548,000
• Reduced
• Currently listed at $497,500 (includes 2 car parking)
• Assessments of $409 a month (includes cable)
• Taxes of $7250
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12 (second level)
• Bedroom #2: 14×11 (second level)
• Den: 10×10 (third level)
• Living room: 24×17 (main level)
• Kitchen: 21×8 (main level)

According to the Chicago Tribune, the Belmont Cragin neighborhood, and others on the North and Northwest Sides, have been cut off from federal funding to help stop the spread of foreclosures because they were not hit as hard at the beginning of the crisis by subprime defaults, as other city neighborhoods were.

The West and South Side neighborhoods of Austin, West Englewood and West Pullman — each of which receives assistance from the stabilization program — were the first and hardest hit by the foreclosure boom in 2006 and 2007. Those three neighborhoods alone combined for more than 3,700 foreclosure filings during those two years.

Much has changed, though, since 2007, when nearly 13,900 foreclosure filings were recorded in the city. For one thing, filings leaped 65 percent in the next two years, and the crisis began to envelop higher-income individuals and neighborhoods.

Condominium foreclosures took root, hitting Rogers Park and West Ridge. The two neighborhoods had reported a combined 180 foreclosures in 2006. Last year, the number skyrocketed to 1,200. The effects of condominium foreclosures are obscured because, unlike a boarded-up single-family home, a condo that is largely empty shows few outward signs of distress.

Reboyras said he keeps three weed whackers in his neighborhood office to tend to lawns of abandoned homes. David Potete, a pastor in Belmont Cragin, said he mowed a lawn on the street where he lives for more than a year.

“I’ve never seen anything like this. Every block seems to have seven or eight (foreclosed) houses on it,” Potete said.

The accumulation of foreclosed houses is by no means unique to Belmont Cragin or the city of Chicago, where nearly 23,000 foreclosure filings were made last year, according to the Woodstock Institute, which tracks housing developments in the region. In the first half of this year, foreclosure filings in the six-county region topped 39,200, a 37 percent increase over the first half of 2009, according to the institute.

According to the Tribune, 78,000 people live in the Belmont Cragin neighborhood. Home prices skyrocketed, as they did elsewhere in the city, in the mid-2000s.

Rising unemployment, combined with falling housing prices, has put even more homeowners in the neighborhood at risk.

“We have not hit bottom,” said Art Neville, vice president and senior loan officer at Community Savings Bank, a local lender. “A 40 to 50 percent drop in housing values is not unusual in Belmont Cragin. It’s one of the more harder-hit neighborhoods.”

Felix Ayala lost his $352,000 home earlier this year after living in it for seven years. The economic slump of late 2008 led to a dramatic cut in his work hours as a restaurant waiter. Ayala sought a modification in his loan agreement in early 2009, but the bank foreclosed on him. “It just depresses you,” said Ayala, whose work schedule is diminished and sporadic.

Chicago neighborhoods foundering in a wave of foreclosures [Chicago Tribune, Tim Jones, July 22, 2010]

This 2-bedroom duplex penthouse unit in the highrise at 435 W. Erie in River North is true city living.

With a wraparound terrace and southeast facing views, you can watch the entire city skyline twinkle all evening long (check out the outstanding night pictures taken by the Jennifer Ames’ team on the link below.)

The living/dining room has two story ceilings. There is also a family room on the main level.

The kitchen is DeGiulio with Siematic cabinets and luxury appliances.

The duplex unit has both bedrooms on the second floor. And did I mention the views? Oh yes, more views.

The property was listed last year and then withdrawn. I’ve been told it was listed for $1.4 million.

It is now listed as a short sale and was recently reduced $100,000.

Is this a steal now?

Jennifer Ames at Coldwell Banker has the listing. See the pictures and a floor plan here.

Unit #2201: 2 bedrooms, 2.5 baths, 2 car tandem parking, no square footage listed, duplex

• Sold in March 1999 for $340,500
• Originally listed in May 2009
• Withdrawn
• Lis pendens filed in May 2010
• Re-listed in June 2010 as a “short sale” for $995,000
• Reduced
• Currently listed at $895,000
• Assessments of $1241 a month (includes heat, a/c, doorman)
• Taxes of $9633
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 11×13 (second floor)
• Family room: 15×11 (main level)