Crib Chatter

We chattered about this 2-bedroom duplex up unit at 1713 W. North Avenue several times over the last 2 years.

See our February 2010 chatter here.

Originally listed in June 2008, it had been on and off the market since then but it finally sold in June 2010.

The property sold for $20,500 under the 2004 purchase price.

The unit was not a cookie cutter condo.

There were hardwood floors throughout and the master bedroom had my favorites, skylights.

The kitchen was newer, with 42 inch cabinets, stainless steel appliances and granite counter tops.

It had all the other bells and whistles, including central air, an in-unit washer/dryer and deeded parking.

Michelle Liffick at Dream Town Realty had the listing.

Unit #3R: 2 bedrooms, 2 baths,  1180 square feet, duplex up

• Sold in October 2004 for $330,500
• Was listed in June 2008 for $359,000 (parking included)
• Withdrawn
• Returned to the market in February 2010 for $339,900 (parking included)
• Sold in June 2010 for $310,000 (parking included)
• Assessments of $205 a month
• Taxes of $4572
• Central air
• Washer/dryer in the unit
• Skylights

We’ve chattered about the distress sales in 333 W. Hubbard, the Union Square Lofts, in River North before.

This 2-bedroom was purchased just 2 1/2 years ago and is now in short sale.

It is listed for $150,000 below the 2008 purchase price.

The loft has concrete ceilings and hardwood floors but the listing says the unit has “not been given TLC.”

There is currently a tenant in the unit, so there is 24-hours notice to tour the loft.

The kitchen has granite counter tops and black appliances.

The listing says the bathrooms need to be updated.

How low will this one go?

Martina Krstic at Prudential Rubloff has the listing. See the pictures here.

Unit #417: 2 bedrooms, 2 baths, 1184 square feet

• Sold in March 1998 for $148,000
• Sold in September 2001 for $375,000
• Sold in February 2006 for $359,500
• Sold in January 2008 for $475,000
• On and off the market since June 2008
• Lis pendens in August 2009
• Currently listed as a “short sale” at $325,000 (parking included)
• Assessments of $495 a month (includes heat, A/C, doorman, cable)
• Taxes of $3630
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 13×12

This 2-bedroom unit at 125 S. Jefferson, in the Park Alexandria high rise, in the West Loop (or is it Loop? we always debate this…) is perfectly located for a quick commute to the office.

This unit is on the “curve” of the building and the living room has a wall of curving windows which faces northwest for sunset views.

It has hardwood floors in the main living area and the listing says there are 3 walk-in closets.

There is also a full-sized washer/dryer in the unit.

The kitchen has granite counter tops and stainless steel appliances.

Marsha Fuller at ProCasa Realty has the listing. See the pictures here.

Unit #1202: 2 bedrooms, 2 baths, 1325 square feet

• Sold in July 2004 for $360,500 (included the parking)
• Currently listed for $377,900 (parking included)
• Assessments of $616 a month (includes cable, pool, doorman)
• Taxes of $5099
• Central Air
• In-unit washer/dryer
• Bedroom #1: 12×15
• Bedroom #2: 12×11

This 3-bedroom townhouse at 424 E. North Water, in the East Water Place development, in Streeterville is located between the Chicago River and the Ogden Slip.

With water taxis departing nearby on the Ogden Slip or on Michigan Avenue, a commuter could take to the water for the trip to the office.

Most people don’t even know townhouses exist in this part of Streeterville. 

It has 3 levels and is the lay-out with the garage and a bedroom on the first level, the living/dining and kitchen are on the second level and the other two bedrooms are on the top floor.

This property also has a roof-top deck to take in the skyline, and Navy Pier fireworks, and a balcony.

The kitchen has stainless steel appliances and granite counter tops.

Sara McMurray at Coldwell Banker has the listing. See the pictures here.

Unit #424-D: 3 bedrooms, 3 baths, 2200 square feet, 1 car garage

• Hard to figure out the records but it looks like it sold in March 1997 for $305,000
• Originally listed in April 2010
• De-listed
• Currently listed for $699,000
• Assessments of $400 a month
• Taxes of $11649
• Central Air
• Bedroom #1: 14×12 (third floor)
• Bedroom #2: 11×12 (third floor)
• Bedroom #3: 11×9 (main floor)

We chatter about starter homes in Chicago all the time, but what about one on the North Shore within walking distance of Ravinia?

This 2-bedroom vintage home at 426 Pleasant in Highland Park just came on the market for less than what you’d pay in many Chicago north side neighborhoods.

Built in 1936, the home is on a 50×130 lot and has a 2-car garage.

The home still has some of its vintage features including built-in bookcases and coved ceilings in the living room.

It also has a separate dining room and a finished basement with an office and a 19×17 family room along with a full bath.

The listing says the kitchen is new. It has cherry cabinets, a wolf 5-burner cook top, stainless steel appliances and granite counter tops.

Both bedrooms are on the second floor and it has central air.

The house is listed for $35,100 under the 2003 purchase price.

Is this house a deal?

Roberta Goldstein at Coldwell Banker has the listing. See the pictures here.

426 Pleasant: 2 bedrooms, 2 baths, 2 car garage, no square footage listed

• Sold in September 2000 for $230,000
• Sold in June 2003 for $405,000
• Currently listed for $369,900
• Taxes of $8626
• Central Air
• Bedroom #1: 15×12
• Bedroom #2: 14×12
• Living room: 19×15
• Dining room: 15×12
• Sunroom: 12×9
• Office: 14×11 (basement)
• Recreation room: 19×17 (basement)

This 2-bedroom vintage unit at 823 N. Winchester in the middle of the East Village in West Town has been on the market since April 2010.

It has not been reduced.

The top floor unit has some of its historic features including a stained glass window in the living room and exposed brick in several rooms.

But best of all for those who are clotheshorses, there is a 10×9 walk-in master closet.

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

The unit also has all the bells and whistles most buyers look for including central air, an in-unit washer/dryer and deeded parking.

Ron Knoll at Saffron Realty has the listing. See the pictures here.

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

• Sold in October 2003 for $272,000
• Originally listed in April 2010 for $350,000
• Currently still listed for $350,000
• Assessments of $104 a month
• Taxes of $3372
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 11×8

This 5-bedroom colonial at 5145 N. Lovejoy in Jefferson Park has been completely renovated so that it has all the amenities of a “new” house.

The kitchen has new 42 inch cabinets, granite counter tops, stainless steel appliances and marble floors.

There are hardwood floors throughout the first floor.

The basement has been finished with a 12×28 recreation room and a half bath.

3 of the 5 bedrooms are on the second level with the master bedroom having its own bath with double vanity.

The house is on a double lot of 50×147 which gives you an enormous backyard to go along with the 2-car garage. It is also near transportation hubs of both the blue line and Metra as well as the Kennedy Expressway.

This house was bank owned just a year ago and is now listed for $192,900 than the 2009 purchase price.

Will this flipper be successful?

The house has been listed since April 2010.

Boris Rapoport at Smart Investment Realty has the listing. See the pictures here.

5145 N. Lovejoy: 5 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in August 2001 for $190,000
• Sold in January 2004 for $420,000
• Lis pendens filed in June 2008
• Bank owned as of June 2009
• Sold in August 2009 for $187,000
• Originally listed in April 2010
• Currently listed for $379,900
• Taxes of $5830
• Central Air
• Bedroom #1: 11×17 (second floor)
• Bedroom #2: 10×11 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 8×13 (main floor)
• Bedroom #5: 9×11 (main floor)

We’ve chattered about a lot of new construction luxury condos over the years but what about the luxury vintage greystone unit such as this one at 1940 N. Cleveland in Lincoln Park?

Built in 1890, this unit is on the top floor and has some of its vintage features intact including a wood burning fireplace.

It also has a full-sized dining room and an office.

The kitchen has been renovated with white custom cabinets, granite counter tops, stainless steel appliances and a wine fridge.

The bathrooms are marble.

It has all the bells and whistles buyers are looking for including central air and in-unit washer/dryer. It even has the rare 2 car parking.

It is listed just $5,000 over the 2007 purchase price.

Megan Brown at Coldwell Banker has the listing. See the pictures here.

Unit #4: 2 bedrooms, 2 baths, 1800 square feet, 2 car parking

• Sold in March 1992 for $262,000
• Sold in January 1993 for $245,000
• Sold in September 1997 for $325,000
• Sold in June 2003 for $405,000
• Sold in April 2004 for $465,000
• Sold in May 2007 for $580,000
• Currently listed for $585,000
• Assessments of $242 a month
• Taxes of $6670
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×14
• Bedroom #2: 15×9
• Office: 8×7

This 5-bedroom new construction home at 2959 N. Honore in West Lakeview has been on and off the market since February of 2006.

The current listing states that the “builder ran out of $$” so any buyer would need to put money into the house. The listing estimates $700k to complete it.

There are no interior pictures with the public listing.

It has 10-12 foot ceilings and is built on an oversized 58×116 lot.

The listing says it has a 3-car garage.

Yes, that’s the Metra train tracks right behind the house.

What price would make this property a deal?

Daniel Glick at @properties has the listing. See the listing and exterior picture here.

2959 N. Honore: 5 bedrooms, 4.5 baths, 3 car garage, 8900 square feet

• Sold in May 2006 for $775,000 (looks like two lots)
• Originally listed for sale in February 2006
• Lis pendens foreclosure in October 2009
• Listed in March 2010 for $1.75 million
• Reduced
• Currently listed for $1.5 million
• Taxes of $7440
• Central Air

The last time we chattered about the apartment-to-condo conversion high rise at 400 N. LaSalle in River North it was January 2008.

See our January 2008 chatter and pictures here.

Back then, some of the units were under distress.

Since then, the developer tried to sell the remaining units. If you read the Tribune, they had a prominent ad in the real estate section for several years featuring a caveman.

But awhile ago, the ad vanished.

So, what’s going on in the building?

Current conditions (out of 452 units):

• 13 for sale
• 6 for rent

Some units may be both for sale AND for rent.

One of the studios currently for sale, Unit #3106, is also in short sale.

You can see pictures of that unit here (to give you some ideas of the interior.)

There are washer/dryers in the units and parking is available (either for rent or purchase.)

But Crain’s finally got to the bottom of the story this week.

Apparently, the ad in the Tribune went away because 103 condos were bought in bulk by Steve Khoshabe’s Speedwagon Properties.

The deal, which sources say was just under $20 million, is by far the biggest of its kind in the city. Mr. Khoshabe’s deal-making also shows how some real estate executives who weren’t wiped out in the crash now have money to take advantage of the carnage and buy properties on the cheap.

Speedwagon’s price amounts to less than $195,000 per unit at 400 N. LaSalle St., a 45-story, 452-unit tower built in 2004. That price is about 30% below the roughly $279,000 a unit paid in 2005 by the previous owner group, a joint venture of Draper & Kramer Inc., J. P. Morgan Chase & Co. and Equity Marketing Services Inc., which sold about 350 units before the project stalled.

Mr. Khoshabe, 38, whose parents emigrated from Iran around 1970, says he can afford to wait. He also says one key in the 400 N. LaSalle deal was that almost all of the units are currently rented.

“We are not delusional about what the world is like for selling condos,” Mr. Khoshabe says. “Our No. 1 criteria for investing is a great location. No. 2 is it’s got to be rentable.”

Khoshabe’s condo play shows importance of timing in a rattled real estate market [Crain’s Chicago Business, Eddie Baeb, June 28, 2010]