Crib Chatter

This 3-bedroom property at 4309 N. Bell in North Center (or is this Lincoln Square???) doesn’t just look like a barn from the outside- it truly is one.

We last chattered about it in September 2009. It is still available and is now reduced another $40,000 and is now a short sale.

See our September 2009 chatter here.

Built in 1898, the 2-story home has a stone fireplace and exposed wood beams.

The kitchen appears to have maple cabinets and stainless steel appliances.

It also has central air but no parking.

At what price does this become a deal?

Susan Romano at Real Estate Solutions, Inc. has the listing. See the pictures here.

4309 N. Bell: 3 bedrooms, 2 baths, 1500 square feet

• Sold in December 1990 for $77,000
• Sold in July 1996 for $105,000
• Sold in April 2002 for $220,000
• Originally listed in February 2009 for $644,900
• Reduced several times
• Lis pendens filed in June 2009
• Reduced in July 2009 to $469,000
• Reduced
• Was listed in September 2009 for $429,000
• Reduced
• Currently listed as a “short sale” for $389,000
• Taxes of $4288
• Central Air
• Bedroom #1: 14×12 (second level)
• Bedroom #2: 14×10 (second level)
• Bedroom #3: 9×9 (second level)

This bank owned 1-bedroom at 2 E. Erie in River North is now listed at what seems to be the going rate for these conversion 1-bedrooms: $199,900.

This high rise was built in 2002 and was originally, I believe, supposed to be apartments but was converted in 2005 into condominiums.

The unit has carpeting throughout.

The kitchen has white cabinets, countertops and appliances.

It does have a washer/dryer in the unit and central air.

There is no parking with this unit, but other units have deeded parking in the building.

There are currently other units in distress in the building.

Is $199,900 the new “magic” number for 1-bedrooms to sell in River North? (although this one has been on the market over 40 days with no takers.)

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

Unit #3114: 1 bedroom, 1 bath, no square footage listed

• Sold in May 2005 for $263,000
• Lis pendens in June 2008
• Bank owned in January 2010
• Listed in April 2010 for $222,900
• Reduced
• Currently listed for $199,900
• Assessments of $346 a month (includes doorman, cable)
• Taxes of $3583
• Central Air
• Washer/Dryer in the unit
• Bedroom: 14×10
• Living room: 18×14
• Kitchen: 10×9

This 2-bedroom vintage unit at 2861 N. Burling in Lakeview has been reduced by about $30,000 since it first came on the market in March.

It is also now listed for $15,000 under the 2005 purchase price.

The unit has the all important deeded parking, which is fairly unique in this neighborhood. It is also a heated space.

It also has in-unit washer/dryer but does not have central air.

The unit has 9 foot ceiling and some vintage features still intact such as a beamed ceiling in the formal dining room and a wood burning fireplace.

The kitchen has white cabinets and appliances.

Could the lack of stainless steel appliances (and granite counter tops) be hurting this property in resale?

James Meese at Real Living Helios Realty 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
• Currently listed at $339,000 (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

The Illinois Association of Realtors announced the April home sales results this morning:

In the city of Chicago, April total home sales (single-family and condominiums) were up 41.1 percent to 1,985 sales compared to 1,407 homes sold in April 2009, the eighth consecutive month of year-over-year sales gains. The city of Chicago median price in April 2010 was $225,000, up 3.2 percent compared to $218,000 a year ago in April 2009.

“It is great to see the Chicago market’s resilience with a steady increase of volume absorption of properties, as well as traditional sales increasing at a moderate pace We are also seeing increased movement in the city’s condo market, with nearly double the number of units sold in 2010 versus the same period last year,” said REALTOR® Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey Real Living, Chicago. “Low interest rates and motivated sellers make this an opportune time for homebuyers to consider their ability to purchase, today.”

In Illinois, sales were up 34.4% and median home price was up 5%.

But it appears that sales over the conforming loan limits are still slow, as evidenced by the quotes in the press release about the higher priced areas of Chicagoland.

“Home prices made sizeable gains statewide, up five percent for the month of April, with nearly half of Illinois counties reporting home price gains including Cook and Lake counties in Chicagoland,” said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS® and broker-owner of Onorato Real Estate in Coal City. “As some local housing markets gain stability, REALTORS® believe it’s important to turn more attention to the higher cost areas of the Chicago region and urge increased loan limits for FHA and government-sponsored enterprise financing. Otherwise, some buyers in these markets will simply be shut out.”

April Posts 8th Straight Month of Illinois Home Sales Gains; Statewide Median Price Up 5 Percent [Illinois Association of Realtors Press Release, May 24, 2010]
 

The Chicago Tribune discusses the fate of Chicago area home prices now that the government stimulus has come to an end.

Now that the government tax giveaway has ended, watch for the market to level off or dip through the summer. A housing recovery depends on the economy bouncing back, and by most forecasts the buying and selling of real estate will remain rocky for a long time to come.

“We’re likely to bounce around at the bottom for this year and next,” predicted Chris Huecksteadt of the Metrostudy housing research firm in Chicago. He said he expects “ups and downs” but no upward trend in prices.

If you want new construction, it looks like some of the homebuilders are no longer in the negotiating mood. This is especially true as inventories of new construction properties dwindle as sales are made but few new units are built.

This could be one of the reasons that many flippers are having success- as they are taking a beat up older home and making it look like “new”- with stainless steel appliances, granite etc.

The Silver Leaf housing development is a long ride from downtown Chicago, and, as Wozniak can attest, sales in the area have been slow. His Wheaton-based company operates a half-dozen communities, and during the fat years sales of 20 or more houses monthly would have been a reasonable tally. By 2009, however, sales had dwindled to one or two a month.

Wozniak said he survived by stepping up renovation, maintenance and property management. In the past few months, he has been selling more homes than he has since the bust began.

Although foreclosures abound, finished new homes available for occupancy on short notice have become scarce again as builders have retreated, he said. “There’s not a whole lot of competition.”

To shoppers waiting for home prices to fall further, Wozniak offers this advice: Don’t.

“This adjustment we’ve made over the past three years is really all we can do,” he said. “I don’t think we can go any lower than we are right now. I really believe that.”

>Housing prices still going nowhere [Chicago Tribune, G. Burns, May 24, 2010]

This 1-bedroom loft at 190 E. Cullerton in the South Loop is in the Bank Note Place building.

Built in 1902, it has some unique features including a ton of exposed brick walls and terra cotta ceilings (which can best be seen in the picture of the bedroom of this unit.)

It is also listed for $21,000 under the 2007 purchase price.

This unit has cherry cabinets, stainless steel appliances and a polished concrete island and bar.

If you have 2 cars, this property is for you as there is a side-by-side 2-car deeded parking space available.

John Astorina at Keller Williams Realty has the listing. See the pictures here.

Unit #403: 1 bedroom, 1 bath, no square footage listed.

• Sold in December 1999 for $163,000
• Sold in May 2005 for $240,000
• Sold in May 2007 for $250,000
• Originally listed in February 2010 for $234,000
• Reduced
• Currently listed for $199,000 (plus $30,000 for parking)
• Assessments of $343 a month (includes cable)
• Taxes of $2312
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×15
• Living room: 15×15
• Kitchen: 15×8

We last chattered about this 3-bedroom penthouse condo at 1131 W. Addison right across from Wrigley Field just two months ago.

See our March 2010 chatter and pictures here.

Back then, there was still snow on the mind.

But now that baseball season is in full swing, it’s not too late to enjoy your private rooftop terrace complete with a 6 person hot tub, electric and cable.

The duplex has 11 foot ceilings and hardwood floors.

The kitchen has granite counter tops and viking stainless steel appliances. There is stone in the master bathroom.

It has also been reduced by $19,001 since March.

Nancy Gaspadarek and Catherine Brennan at Sudler Sotheby’s still have the listing. See the virtual tour pictures here.

Unit #3: 3 bedrooms, 2 baths, 1 car parking, 1500 square feet

• Sold in June 2007 for $552,000
• Originally listed in October 2009 for $629,900
• Withdrawn
• Was listed in March 2010 for $609,000
• Reduced
• Currently listed for $589,999
• Assessments of $176 a month
• Taxes of $7605
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 10×9
• Bedroom #3: 20×11

There has been a lot of single family house flipping going on in the outer neighborhoods such as this 4-bedroom at 2741 N. New England in the Montclare neighborhood.

The listing says it’s been completely remodeled.

The kitchen now has all the new construction bells and whistles including dark maple cabinets, granite counter tops, stainless steel appliances and a trendy backsplash.

The bathrooms have been completely renovated as well.

3 out of 4 of the bedrooms are on the main floor- with the 4th in the finished basement.

There are hardwood floors on the main level and carpeting in the basement.

The house has central air, a 2-car garage and a deck off the back.

Izabela Sloma at Sergio & Banks has the listing. See the pictures here.

2741 N. New England: 4 bedrooms, 2 baths, 2 car garage, no square footage listed

• Sold in September 2002 for $166,000
• Sold in July 2003 for $255,000
• Lis pendens in December 2008
• Bank owned in October 2009
• Sold in March 2010 for $120,000
• Originally listed in April 2010
• Currently listed for $229,900
• Taxes of $2869
• Central Air
• Bedroom #1: 11×11
• Bedroom #2: 9×10
• Bedroom #3: 9×10
• Bedroom #4: 10×11 (lower level)
• Living room: 12×12
• Dining room: 9×12
• Kitchen: 10×12
• Family room: 17×19 (lower level)

We last chattered about this 2-bedrooms loft with its own private entrance and garage at 1757 W. Altgeld in Lincoln Park in January 2010.

See our January 2010 chatter and pictures here.

Without the snow, and with the ivy and lush greenery of the front garden, this property looks like a completely different building. (It also had a different address in January- which is why I couldn’t find any prior sales information.)

Priced just $2,000 under the January list price, the loft still has 12 foot ceilings and a wall of windows.

It has a front terrace off the living room.

The listing also says that the master bedroom is 95% enclosed.

The kitchen is updated with cherry cabinets, granite counter tops and Subzero and Miele stainless steel appliances.

Mario Greco at Prudential Rubloff now has the listing. See more pictures here.

Unit #B: 2 bedrooms, 2 baths, 1600 square feet

• Sold in June 1996 for $240,500
• Was listed in January 2010 for $369,900
• Withdrawn
• Currently listed for $367,000 (parking included)
• Assessments of $346 a month
• Taxes of $5391
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×12
• Bedroom #2: 13×13

This 2-bedroom converted vintage condo at 1625 W. Ainslie in Ravenswood recently came on the market as a short sale.

At 1090 square feet, it has two balconies, including one off the living room and one off the bedroom.

It also has all the bells and whistles buyers would be looking for, including central air and an in-unit washer/dryer.

Deeded parking is available.

There are hardwood floors throughout and there is even a den. From the pictures, it appears the second bedroom is currently being used as a dining room.

The kitchen has dark cabinets, stainless steel appliances and granite counter tops.

It’s also  only a few blocks from the Ravenswood Metra stop for a quick commute into the Loop.

Joe Green at Keller Williams has the listing. See the floor plan and more pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1090 square feet

• Sold in March 2007 for $359,000
• Lis pendens foreclosure filed in December 2009
• Currently listed as a “short sale” for $300,000 (parking is $20,000 extra)
• Assessments of $120 a month
• Taxes of $4310
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 12×10
• Den: 10×9