Crib Chatter

We chattered about this 700 square foot 2-bedroom unit at the historic Gaslight Court building at 1407.5 N. Wells in Old Town several times in 2009.

See our prior chatter in June 2009 and pictures here.

It sold in June of 2009 for $21,000 under the original list price.

Just one year later, the unit has returned to the market asking $24,900 more than the 2009 purchase price.

The 2-bedroom unit has hardwood floors throughout and a washer/dryer in the unit but no deeded parking.

I also can’t tell if it has central air. In the previous year’s listing it had central air/space pac. In this new listing it says it has window units.

The unit does have three exposures and a balcony overlooking the private courtyard.

The kitchen has granite counter tops and white appliances.

Nicholas Bultinck at CondoDomain.com has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet (according to the prior listing)

• Sold in January 2002 for $190,000
• Was listed in February 2009 for $256,000
• Reduced
• Was listed in April 2009 for $249,900
• Sold in June 2009 for $235,000
• Listed in June 2010 for $259,900
• Currently still listed for $259,900
• Assessments of $266 a month
• Taxes of $2642
• Central air/Spac Pac (???)
• Washer/dryer
• No parking
• Balcony
• Bedroom #1: 11×11
• Bedroom #2: 10×10
• Living room: 19×13
• Kitchen: 13×9

This 4-bedroom American Four-Square at 4434 N. Tripp in Irving Park has several features that make it stand out from the pack.

The listing says it has an 800 square foot organic vegetable and herb landscape and it also has a 3-car garage/coach house.

The 1905 house is built on an oversized 175×50 lot.

3 out of the 4 bedrooms are on the second floor with the fourth on the third.

It looks like it has hardwood floors throughout the main floor.

The kitchen has white cabinets and appliances.

Ron Goldstein at Prudential Rubloff has the listing. See more pictures here.

4434 N. Tripp: 4 bedrooms, 3 full, 2 half baths, 3 car garage, no square footage listed

• Sold in April 1999 for $331,000
• Currently listed for $879,500
• Taxes of $6504
• Central Air
• 3-car parking in the coach house
• Bedroom #1: 13×12 (second floor)
• Bedroom #2: 15×8 (second floor)
• Bedroom #3: 10×8 (second floor)
• Bedroom #4: 10×10 (third floor)

The Chicago Tribune had an interesting article over the weekend describing one 32-year old Lakeview condo owner’s decision to file Chapter 7 bankruptcy when a short sale wouldn’t have saved him from still owing money on his $212,500 1-bedroom condo.

Here’s the story in a nutshell:

1. Del Phillips buys a 1-bedroom $212,500 condo in a Lakeview courtyard building in May 2007.
2. He takes out two loans: first mortgage of $159,375 and a second of $53,125– both from Chase.
3. In January 2009, he lost his public affairs job.
4. In April 2009,  he applied for a modification under the federal HAMP program.
5. He continued paying the $1400 a month mortgage while he waited to hear on the modification.
6. In September 2009, he was turned down because his hardship was “not of a permanent nature.”
7. He tried to short sell the condo.
8. But Chase told him that they had the right to persue him for the second mortgage (not to mention the fact that, under the law as I’ve heard it described, the second loan would be considered “income” by the IRS if it was forgiven by the bank so he would have to pay taxes on it.)

So- he filed bankruptcy.

Phillips sought help from Neighborhood Housing Services of Chicago Inc., a federal government-approved counseling agency, which broached the idea of filing personal bankruptcy.

“(Phillips) did everything right. He had good credit, and then he lost his job,” said Michael van Zalingen, director of homeownership services for Neighborhood Housing Services. “If your lender isn’t interested in helping you, or the only thing you qualify for hurts your household, I don’t think you have any moral obligation to stay bound in that mortgage or paying to that company when it no longer makes economic sense for you.”

Phillips bristled at the bankruptcy suggestion, but after consulting with an attorney, in late February he filed for Chapter 7 bankruptcy, not the Chapter 13 that would have negotiated his debts, including those with Chase.

“My other option was to say I’ll roll the dice with the bank,” Phillips said. “Will they really come after me? I wouldn’t put it past the bank industry to do that. It’s going to kill me to pay a bank for a house I no longer owned. I was, like, there’s no way I’m going to pay the bank another dime.”

Lawyers say they are hearing about more instances of mortgage lenders selling the delinquent second loans used to buy homes during the industry’s heyday to third parties that are then pursuing debtors.

“He’s not outside the norm,” said Stephen Cleary, a Chicago attorney and board member of the Northwest Side Housing Center. “He can now sleep at night. The mental anguish has been relieved.”

He is still unemployed and believes he can live in his condo about another 7 months before it is foreclosed (all the while, not paying the mortgage.) 

He IS however, paying the monthly assessments.

“I’m not a deadbeat,” Phillips said. “I’ve had to be very shrewd, like most business people. … I’m looking out for my best interests, and this is my best interests.”

Moral bankruptcy? [Chicago Tribune, Mary Ellen Podmolik, June 27, 2010]

This 2-bedroom penthouse floor unit at Chicago Place, at 100 E. Huron in River North, has more square footage than some of the newer 3-bedroom units downtown.

At 1657 square feet, developers clearly built heftier condos in 1991, when the building was constructed.

The unit was recently reduced and is now listed for $96,000 under the 2004 purchase price.

The listing says that it has high ceilings and there are just 4 units on the floor.

It also has some stunning city views.

Yes, that is carpet throughout. And yes, the kitchen cabinets and appliances are both white. It looks like there might be granite counter tops, however.

Parking is leased in the building.

There is a washer/dryer in the unit.

For the square footage and location, is this a deal?

Carla Walker at Prudential Rubloff has the listing. See the pictures here.

Unit #4301: 2 bedrooms, 2.5 baths, 1657 square feet

• Sold in November 1993 for $453,000
• Sold in October 2004 for $695,000
• Originally listed in July 2009
• Was listed in April 2010 for $659,000
• Reduced
• Currently listed for $599,000
• Assessments of $1136 a month (includes cable, doorman, pool)
• Taxes of $9658
• Central Air
• In-unit washer/dryer
• Leased parking from $240 to $340 a month
• Bedroom #1: 18×16
• Bedroom #2: 19×14

This 3-bedroom vintage condo at 1219 E. 53rd Street is plenty spacious for someone looking for a starter home near the University of Chicago in Hyde Park.

At 1500 square feet, it has retained many of its vintage features including crown moldings and built ins in the dining and living rooms.

It also has a sunroom.

The bathrooms have been updated.

The kitchen has white and black appliances.

The unit has no central air, no in-unit washer/dryer (though it is free in the building) and no deeded parking.

Nina Gaspich at Sudler Sotheby’s has the listing. See more pictures here.

Or you can see it in person at the Open House on Sunday, June 27, from 2 PM to 4 PM.

Unit #2E: 3 bedrooms, 2 baths, 1500 square feet

• Sold in June 2004 for $198,000
• Originally listed in March 2010 for $295,000
• Reduced
• Currently listed for $285,900
• Asssessments of $400 a month (includes heat)
• Taxes of $2848
• No central air
• No in-unit washer/dryer
• No parking
• Bedroom #1: 15×11
• Bedroom #2: 15×11
• Bedroom #3: 8×17

We’ve chattered about the Parkside of Old Town before. It is the big development on the near north side with 800 condos and townhomes.

Both are being reduced by anywhere from 30% to 40%.

Here are the prices:

• 1-bedroom condos were $259,000 – now starting from $175,000
• 2-bedroom condos were $379,900 – now starting from $240,000
• 3-bedroom condos now starting from $320,000
• 2- and 3 bedroom townhouses from $330,000 (the larger townhouses were in the $700,000s previously and are now starting at $432,000)

The press release says the homes include parking.

For an example, the following is a 2/2 in the mid-rise Hudson building at 437 W. Division.

Unit #418: 2 bedrooms, 2 baths, 1083 square feet

• Currently listed for $264,000
• Assessments of $335 a month
• Taxes of $5206
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×10
• Bedroom #2: 10×12

The development is FHA approved.

“Our new pricing puts us at or below the market for new construction on the Near North Side, and puts Parkside of Old Town within reach for a much wider pool of homebuyers,” said Peter Holsten, president of Chicago-based Holsten Real Estate.

@Properties is the sales agent for the development.

Big price cuts on Parkside of Old Town condominiums and townhouses [Press Release, June 24, 2010]

Parkside of Old Town [website]

We last chattered about this 2-bedroom brick cottage at 2124 N. Stave in Logan Square in March 2010.

See our prior chatter about the neighborhood, the state of the market and the house here.

It has since been reduced by $11,000.

The listing says the house has a sound proof recording studio.

It also has pine, oak and bamboo flooring.

The kitchen is open to the dining and living areas and has white appliances.

It also has some of the things home buyers look for in a single family house such as central air and a garage.

This small home even has the all-important second bathroom and a partially finished basement.

At what price will it take to sell this house?

Tina Wallace at Wallace Properties has the listing. See the listing and the virtual tour here (click on the virtual tour link to see pictures).

2124 N. Stave Street: 2 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in September 1987 for $10,500
• Sold in November 1993 for $80,000
• Sold in April 2001 for $180,000
• Originally listed in August 2009
• Withdrawn
• Re-listed in February 2010 at $380,000
• Reduced
• Currently listed for $369,000
• Taxes of $3903
• Central Air
• Bedroom #1: 12×12 (second floor)
• Bedroom #2: 18×9 (second floor)
• Office: 12×9 (main floor)
• Partially finished basement

You wouldn’t be living in anything cookie cutter in this 4-bedroom mid-century modern brick ranch at 1310 Brassie in south suburban Flossmoor.

Designed by famed architect Bertrand Goldberg in 1957 (he designed River City and Marina Towers in Chicago), it has many unique features for fans of the mid-century modern style.

The home has stunning vaulted wood truss ceilings and a steel fireplace.

There are walls of thermopane glass throughout.

The kitchen is described as a chef’s kitchen with modern stainless steel appliances and white cabinets.

The house is built on a 149.5×190 lot and has a 2.5 car heated garage.

It is also just 3 blocks to downtown Flossmoor and the Metra.

Joe Kunkel at Baird and Warner has the listing (# 312-371-0986). See more pictures here.

1310 N. Brassie: 4 bedrooms, 3 baths, 2.5 car garage, 2784 square feet

• Sold in July 2002 for $445,000
• Originally listed in April 2010 for $485,000
• Currently listed for $485,000
• Taxes of $11,786
• Central Air
• Bedroom #1: 16×12
• Bedroom #2: 15×10
• Bedroom #3: 12×11
• Bedroom #4: 11×10

Looking for a lot of space in the South Loop? This bank owned unit at 22 E. Cullerton recently came on the market and it has 1875 square feet.

This is the top floor duplex up unit with a spiral staircase taking you to the loft.

The building was constructed in 2003.

Does it have a roof top deck? It’s unclear from the listing and the photos (maybe???)

It does have a separate balcony to enjoy those hot summer evenings.

From the pictures, the kitchen is still intact with newer cabinets, granite counter tops and stainless steel appliances.

The listing does say that while it is listed as a 3-bedroom, two of the bedrooms have been combined into one massive bedroom.

There is one outdoor parking space.

Is this a deal for the square footage?

Monique Washington at Coldwell Banker has the listing. See the pictures here.

Or you can see it in person at the Open House on Monday, June 28, from 2 PM to 4 PM.

Unit #4: 3 bedrooms, 2 baths, duplex up, 1875 square feet

• Sold in June 2003 for $417,000
• Lis pendens in December 2008
• Bank owned in May 2010
• Originally listed in June 2010 for $303,900 (includes the parking space)
• Assessments of $278 a month
• Taxes of $8510
• Central Air
• Washer/Dryer in the unit
• 14×8 loft

We’ve chattered about the distress sales in 10 E. Ontario in River North numerous times over the past few years.

Even I can’t keep up with the pace of the foreclosures in that building (and also the sales.)

This 1-bedroom bank owned unit recently came on the market on the 33rd floor.

It has carpet and the white kitchen looks to be intact from the listing pictures.

There is no square footage listed, but based on other 08 tier listings, it appears to be somewhere around 650 square feet.

It has a deeded parking space, but no in-unit washer/dryer.

The listing does not say it has central air- but other units in the building have it.

This bank owned unit is priced about 65% under its 2005 purchase price.

But it is not even the cheapest 1/1 for sale in the building (that would be Unit #1404, which is under contract as a pre-foreclosure, and is listed at just $80,000).

How low will these 1-bedroom units go before prices stop falling?

Below- you can see a continued deterioration of prices in the 08 tier units in just the last 7 months (with the caveat that we don’t know the condition of each individual unit).

1. #2808: $168,000 in May 2010
2. #1108: $139,000 in May 2010
3. #1908: $160,000 in April 2010
4. #2208: $170,500 in February 2010
5. #2408: $181,500 in December 2009
6. #1808: $185,500 in December 2009

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

Unit #3308: 1 bedroom, 1 bath

• Sold in December 2005 for $404,500
• Lis pendens in August 2008
• Bank owned in May 2010
• Currently listed for $138,600
• Assessments of $507 a month (includes doorman, pool, heat)
• Taxes of $4519
• Central Air
• No in-unit washer/dryer
• Parking included
• Bedroom: 11×17
• Living room: 16×21
• Kitchen: 8×8