Crib Chatter

We’ve actually chattered about units in this 1915 vintage building at 815 W. Addison in Wrigleyville in Lakeview before.

See our October 2008 chatter and pictures here.

Back in 2008- it was “selling just 3 years later” and now it is 5 years later but what a difference those two years are making on prices in the building.

This top floor 2-bedroom has been on and off the market since January 2007.

Originally listed as high as $300,000 it was recently reduced and is now listed as a “short sale” for $200,000.

It is also now listed $70,000 under the 2005 purchase price.

It has all the finishes you would expect from a 2005 conversion including wood floors and granite counter tops and stainless steel appliances in the kitchen.

There is central air, an in-unit washer/dryer but no parking.

And it’s only a block or so away from Wrigley Field.

Is this the start of what we’re going to see throughout Lakeview and Lincoln Park as sellers finally give up on pricing?

Kathryn Keller Mitchell at Baird & Warner has the listing. See the pictures here.

Unit #3R: 2 bedrooms, 1 bath, no square footage listed

• Sold in November 2005 for $270,000
• Originally listed in January 2007 for $294,900
• Re-listed several times over the next several years
• Listed in August 2009 for $300,000
• Reduced
• Currently listed as a “short sale” for $200,000
• Assessments of $300 a month (includes cable)
• Taxes of $3823
• Central Air
• Washer/Dryer in the Unit
• No parking
• Bedroom #1: 12×9
• Bedroom #2: 10×10
• Living room: 13×13
• Kitchen: 6×8

450 W. Briar in East Lakeview was built in 1972 but converted into condos in 2005.

The 142 units have no central air but some apparently do have a “rare” in-unit washer/dryer. There is deeded or rental parking available in the building.

This south facing corner 1-bedroom was recently reduced $2000 and is now listed $2,100 under the 2005 purchase price.

It has a renovated kitchen with 42 inch cherry cabinets, stainless steel appliances and granite counter tops.

It also has a marble bath.

The building has a rooftop pool.

There have been foreclosures on some of the smaller, junior 1-bedroom units in the building.

Eric Carlson at Baird & Warner has the listing.  See the pictures here.

Unit #11A: 1 bedroom, 1 bath, no square footage listed

• Sold in December 2005 for $240,000
• Originally listed in May 2010 for $239,900
• Reduced
• Currently listed for $237,900 (parking is rental or extra for $25k)
• Assessments of $230 a month (includes the pool)
• Taxes of $2967
• Washer/dryer in the unit
• No central air- window units
• Bedroom: 13×11
• Kitchen: 11×10
• Living room: 16×13

The Chicago Tribune recently had an article about the price cuts at downtown developments such as Parkside of Old Town (which we chattered about already here at Crib Chatter) and The Columbian, the highrise along Grant Park on Michigan Avenue in the South Loop.

But once we make it through this round of price cuts and sales, then what?

There is little new construction anywhere in the city (without counting conversions- of which some of those are still ongoing.)

Appraisal Research Counselors predicts that it will be at least two years and maybe more than three years before new development deals begin. In fact, the only project scheduled to deliver condos to the market in 2011 is the ultra-high-end Ritz Carlton Residences.

“This is a strategy that developers contemplate,” said Gail Lissner, a vice president at Appraisal Research Counselors. “They fully realize that there is going to be no more new product added to the market and next year we’ll have fewer units that are in competition.”

Adds Schultz of @Properties: “Everyone wants to hold out as long as they can.”

A few months ago I was walking on the 800 block of North Paulina in West Town and noticed this vacant lot and a sign for the townhouse development.

You can see from the pictures that the year of completion keeps getting changed and now says 2011.

When will the market be healthy again for new construction to start?

Price cuts mount as condos linger [Chicago Tribune, Mary Ellen Podmolik, July 4, 2010]

We’ve chattered about this 2007 construction mid-rise at 845 N. Kingsbury, the Village Pointe, in River North several times before when flippers were attempting to flip in the building.

Now, one of the units actually ON the “Pointe” is on the market.

At 1700 square feet, it is among the largest units in the building.

The unit has two walls of floor-to-ceiling southeast facing windows in the living/dining space that run the length of the unit to the point (so the living space is more “v” shaped).

You can also enjoy the 20×7 balcony.

Additionally, the condo has a unique feature for a newer construction buildings at this price point- an actual laundry room with storage (and not just the washer/dryer stuck in some narrow closet.)

The kitchen is new construction with stainless steel appliances and granite counter tops.

The building is near Japonais and a few other trendy night spots.

Amanda Pasicznyk at Quest Realty Group has the listing. See the pictures here.

Unit #201: 2 bedrooms, den, 1700 square feet

• Sold in June 2007 for $437,500 (included the parking)
• Currently listed for $439,900 (plus $30,000 for the parking)
• Assessments of $618 a month (includes doorman)
• Taxes of $4990
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 13×11
• Den: 10×9

This 3-bedroom rowhouse at 1016 W. Grace just a few blocks north of Wrigley Field in Lakeview has been on and off the market since September 2007.

It is now listed as a short sale for $140,000 under the 2005 purchase price.

Built in 1993, the rowhouse has all 3 bedrooms on the third floor.

It also has crown molding in every room.

The kitchen has white cabinets and granite counter tops and Subzero and Thermador appliances.

There are skylights, 2 wood burning fireplaces and a 2 car attached garage.

Is this a deal?

Sam Jenkins at Conlon has the listing. See more pictures here.

1016 W. Grace: 3 bedrooms, 3 baths, 2 car garage

• Sold in November 2005 for $839,000
• Originally listed in September 2007
• Listed in October 2009 for $769,000
• Lis pendens filed in January 2010
• Reduced
• Currently listed as a “short sale” for $699,000
• Fee simple
• Taxes of $10,219
• Central Air
• Bedroom #1: 17×14
• Bedroom #2: 12×11
• Bedroom #3: 11×10

Many of you sent me this article from the New York Times last week about the increase in distress sales among the million dollar property crowd.

While it didn’t discuss Chicago, specifically, the wealthy North Shore suburbs do get a mention. 

Five properties here in Los Altos were scheduled for foreclosure auctions in a recent issue of The Los Altos Town Crier, the weekly newspaper where local legal notices are posted. Four have unpaid mortgage debt of more than $1 million, with the highest amount $2.8 million.

Not so long ago, said Chris Redden, the paper’s advertising services director, “it was a surprise if we had one foreclosure a month.”

The sheriff in Cook County, Ill., is increasingly in demand to evict foreclosed owners in the upscale suburbs to the north and west of Chicago — like Wilmette, La Grange and Glencoe. The occupants are always gone by the time a deputy gets there, a spokesman said, but just barely.

In Las Vegas, Ken Lowman, a longtime agent for luxury properties, said four of the 11 sales he brokered in June were distressed properties.

“I’ve never seen the wealthy hit like this before,” Mr. Lowman said. “They made their plans based on the best of all possible scenarios — that their incomes would continue to grow, that real estate would never drop. Not many had a plan B.”

I’ve also started to see more million dollar and higher priced properties under distress.

Take this 5-bedroom single family home at 1724 N. Cleveland in Lincoln Park.

It is currently being sold “as is”. There was a lis pendens foreclosure filed in November 2009.

It was new construction in 2005 and has an elevator and a rooftop deck.

Is the real estate bust finally spreading to the rich?

Timothy Salm at Sudler Sotheby’s has the listing. See the pictures here.

1724 N. Cleveland: 5 bedrooms, 5.5 baths, 2 car garage

• Sold in September 2003 for $1.04 million (this was the old property)
• Lis pendens foreclosure in November 2009
• Originally listed in June 2010 for $2.67 million
• Currently listed “as-is” for $2.67 million
• Taxes of $41,695

Biggest defaulters on mortgages are the rich [New York Times, David Streitfeld, July 8, 2010]

This vintage 2-flat at 3741 N. Janssen in the Southport neighborhood of Lakeview is listed as a short sale.

The listing calls it a “nice investment opportunity”.

It has only been on the market for about a week and already it is under contract.

The building consists of two units:

1. 2 bedrooms/1 bath, rented for $1300 a month
2. 2 bedrooms/1.1 baths, rented for $1875 a month

Both units have central air and washer/dryers in the units. There are also separate utilities paid by the renters.

The property has a 2-car garage.

The listing has other particulars:

• Rental income: $38,100
• Expenses (water/insurance): $4285
• Net operating income: $33,815

Even at the short sale price, which is $76,500 under the 2004 purchase price, does this make sense as an investment?

There are no interior pictures in the listing.

Stephen Baker at AMR Group has the listing. See the listing here.

3741 N. Janssen: 2-flat, 4 bedrooms, 2.5 baths, 2 car garage

• Sold prior to 1991
• Sold in May 2004 for $626,500
• Originally listed in April 2009
• Lis pendens foreclosure filed in May 2009
• Withdrawn
• Currently listed as a “short sale” for $550,000
• Under contract in less than a week
• Taxes of $9757
• Units have in-unit washer/dryers
• Central Air
• Separate utilities

We chattered about this higher floor 2-bedroom unit at the modern high rise at 600 N. Fairbanks in Streeterville back in March 2009.

See our March 2009 chatter here.

At the time, the unit was looking to be sold for the THIRD time in just the prior 2 years. 

1. The original owner bought it in December 2007.
2. The original owner flipped it just 4 months later.
3. The second owner put custom upgrades into the unit.
4. The second owner listed it 11 months later.

The listing in March 2009 described the $100,000 worth of custom upgrades including waxed venetian plaster walls and Swarovski crystal chandeliers.

The unit has finally sold after 17 months on the market.

It sold for $62,500 less than the 2008 purchase price.

Has 600 N. Fairbanks lost its sizzle?

Francesca Rose at Prudential Rubloff had the listing.

Unit #2307: 2 bedrooms, 2 baths, no square footage listed, faces south-west

• Sold in December 2007 for $535,000 (included the parking)
• Sold in March 2008 for $612,500 (included the parking)
• Originally listed in February 2009 for $625,000 (parking extra- about $50k to $60k)
• Reduced
• Was listed in March 2009 for $595,000 (plus the parking)
• Sold in July 2010 for $550,000 (included the parking)
• Assessments of $488 a month
• Taxes of $7204
• Bedroom #1: 13×13
• Bedroom #2: 12×14

Portage Park is famous for its “bungalow belt” of historic bungalows built in the 1920s and 1930s such as this 6-bedroom brick bungalow at 5416 W. Berenice.

Currently listed as a “short sale” the price was just reduced by $50,000 and it’s now listed just under $300,000.

It has all the bells and whistles that home buyers look for including central air and a 2-car garage.

The home has 6 bedrooms, with 2 on the second floor, 2 on the main floor and 2 in the basement.

There are hardwood floors throughout the first and second level and ceramic tile in the basement. It also has retained some of its vintage charm with crown molding and built-ins on the main floor.

The kitchen has newer cabinets and stainless steel appliances.

The listing describes the baths as “spa-like.”

You even get a slightly bigger than standard lot with this home of 30×125.

Is this a deal?

Maribel Selva at Coldwell Banker has the listing. See the pictures here.

If you want to see it in person, there is an Open House this Sunday, July 11, from 12-2 PM.

• Sold in May 1991 for $125,000
• Sold in November 2002 for $335,000
• Sold in August 2004 for $350,000
• Sold in July 2008 for $370,000
• Originally listed in February 2010 for $358,900
• Reduced
• Currently listed as a “short sale” for $298,900
• Taxes of $4516
• Central Air
• Bedroom #1: 16×11 (second floor)
• Bedroom #2: 12×10 (main floor)
• Bedroom #3: 11×10 (main floor)
• Bedroom #4: 13×9 (second floor)
• Bedroom #5: 11×10 (basement)
• Bedroom #6: 13×10 (basement)
• Family room: 15×10 (basement)

This 5-bedroom custom built newer construction home at 4329 N. Wolcott in North Center has been on and off the market since February of 2009.

The listing says the home was “featured in CS Interiors”.

Built on a larger than standard Chicago lot of 30×154, it has a deck with a built in Viking grill.

4 out of the 5 bedrooms are all on the same level.

The kitchen has luxury appliances such as Subzero and Miele and a built-in espresso bar.

It also has 2 laundry rooms.

The 3-bedroom house next door is also available for sale. It is the original structure (not a tear down) and is priced at $574,900.

With all the million dollar listings available on the north side, how long will it take to sell a custom property such as this one?

Nina Goldsmith at @Properties has the listing. See the pictures here.

4329 N. Wolcott: 5 bedrooms, 4 baths, 4300 square feet, 2.5 car garage

• Sold in December 2006 for $602,500
• Originally listed in February 2009
• Was listed in January 2010 for $1.395 million
• Reduced
• Currently listed for $1.299 million
• Taxes of $8702
• Central Air
• 4 Bedrooms on the second level
• Bedroom #1: 19×12
• Bedroom #2: 12×11
• Bedroom #3: 14×12
• Bedroom #4: 12×11