Crib Chatter

This 4-bedroom vintage single family home at 4539 N. Bernard in Albany Park is just a few blocks from the Brown Line El.

On the market since September 2009, it has now been reduced by $80,100 and is listed just under $350,000.

The listing says the seller is “extremely motivated.”

3 of the 4 bedrooms are on the second floor.

There is also a sun-room that overlooks the gardens with custom Gothic light cut windows.

The listing describes a lovely perennial garden (which should soon be blooming) in the backyard, which also has a 2 car garage.

The kitchen has cherry cabinets, a 5 burner stove and stainless steel appliances.

The house, which was built in 1910, has air conditioning and is on a 37.5×125.5 size lot.

Is this a good townhouse alternative?

Thomas Sillitti at Baird & Warner has the listing. See the pictures here.

4539 N. Bernard: 4 bedrooms, 1.5 baths, 1602 square feet, 2 car garage

• Sold in April 1991 for $130,000
• Originally listed in September 2009 for $430,000
• Reduced
• Currently listed for $349,900
• Taxes of $4380
• Central Air
• Bedroom #1: 18×12
• Bedroom #2: 12×10
• Bedroom #3: 13×12
• Bedroom #4: 11×9 (main level)

This 3-bedroom unit at 928 E. Hyde Park Boulevard in Hyde Park just came on the market.

It is bank owned.

It is also listed 75% under the 2007 purchase price.

According to the pictures, the kitchen and baths are intact. The kitchen has stainless steel appliances and granite countertops.

This is a big vintage unit in a 1912-era building, with a family room and a den.

The property has central air and one car parking. It also has an in-unit side by side full size washer/dryer.

Is this the deal of the month?

Henry Jones at Jones Realty Company has the listing. See more pictures here.

Unit #2: 3 bedrooms, 3.5 baths, den, 1 car parking

• Sold in July 2007 for $770,000
• Bank owned
• Currently listed for $192,000
• Central Air
• In-Unit washer/dryer
• Bedroom #1: 16×15
• Bedroom #2: 13×12
• Bedroom #3: 12×12

This bank owned 2-bedroom unit in a greystone at 435 W. Roslyn in East Lincoln Park has been on the market for nearly 2 months.

It was recently reduced.

The listing has no interior pictures and doesn’t say much about the unit so we have no idea its condition.

It appears to be a duplex down and have a full-sized dining room. There is no mention of parking or in-unit washer/dryer.

It does appear to have central air, however.

The bank first took possession of this unit in July 2008 and waited 19 months to put it on the market.

It is currently listed for 43% under its 2006 purchase price but is also below the 2002 purchase price.

Could this be a steal given its location?

If anyone has been in it, please update us.

James Poulos at REO Plus LLC has the listing. See the listing and exterior picture here.

Unit #1W: 2 bedrooms, 2 baths, dining room

• Sold in October 1991 for $213,500
• Sold in February 1994 for $218,000
• Sold in July 1998 for $272,500
• Sold in May 2000 for $337,000
• Sold in October 2002 for $470,000
• Sold in August 2006 for $680,000
• Lis pendens in October 2007
• Bank owned as of July 2008
• Originally listed in February 2010 for $419,900
• Reduced
• Currently listed for $389,000
• Assessments of $244 a month
• Taxes of $4500
• Bedroom #1: 10×10
• Bedroom #2: 10×10
• Living room: 21×19 (listing says lower level?)
• Dining room: 17×13 (lower level?)
• Kitchen: 10×10 (lower level?)

We last chattered about this unique duplex brick and timber loft at 540 N. Lake Shore Drive in Streeterville in September 2009.

See our prior chatter and pictures here.

The 2-bedroom unit had new walnut hardwood floors and walls of exposed brick.

It also had a lofted area that overlooked the living room and roof-rights.

It sold for the original list from September of $399,900.

But this was already $120,000 under the 2004 purchase price.

Joe Zimmerman at @Properties had the listing at the time of the sale.

Unit #710: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in March 1999 for $272,500
• Sold in February 2000 for $426,000
• Sold in October 2004 for $520,000
• Was listed in September 2009 at $399,900
• Sold in March 2010 for $399,900
• Assessments are $892 a month (includes the heat)
• Taxes are $6280
• Parking is rental in the building
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 18×15
• Bedroom #2: 17×9
• Living room: 21×19
• Family room: 16×7
• Kitchen: 14×11

There still appears to be demand for new construction condo units in some neighborhoods such as this 19 unit development at 1307 W. Wrightwood, called Wrightwood Crossing, in Lincoln Park.

The website says the building is aiming for U.S. green building council LEED platinum certification.

Here are the stats on the building (out of 19 units):

• 8 are under contract
• 11 are still available

Delivery is expected sometime later in 2010.

Prices range from $495,000 for a 2 bedroom/2 bath with 1 parking spot to $1.999 million for a penthouse unit with 5 bedrooms/4.5 baths and 2 parking spaces.

Buyers will have their choice of cabinetry in the kitchen with Bosch appliances.

Kohler fixtures dominate in the bathroom.

These pictures are obviously computer generations as the building is under construction.

Will some new construction projects make a comeback in 2010?

Jeff Lowe and The Lowe Group from Prudential Rubloff are handling sales.

Wrightwood Crossing [website]

The DePaul Institute for Housing Studies released an interesting report on April 7 on the health of the multifamily housing market in Cook County.

Here are some highlights:

1. Prices of large (7+ unit) rentals in Cook County have declined 26% from the third quarter of 2006 to the second quarter of 2009.
2. Prices of small (2-6 unit) rentals in Cook County fell 46% from the second quarter of 2007 (when prices peaked) to the second quarter of 2009.
3. 2-6 unit buildings have fallen further because they rose higher during the boom. From the first quarter of 2000 to the second quarter of 2007 (peak price), prices rose 61% on 2-6 unit buildings. Conversely, they rose only 43% on 7+ unit properties through the third quarter of 2006.
4. As of the end of 2009, 42% of 2-6 unit buildings were underwater with another 21% at a loan-to-value ratio between 90% and 100%.
5. The percentage of multifamily mortgage loans in foreclosure rose to 6.8% or $3 billion.
6. In 2009, with the 2-6 unit properties, new foreclosure filings were between 1,900 to 2,100 per quarter.
7. Foreclosure rates in 2009 for 2-6 unit buildings in high income submarkets was 4.2% versus 13.9% in low-income submarkets. The 4.2% rate was still the highest in the high income submarket in the last 10 years. The foreclosure rate didn’t go above 1% until 2007 in the high-income submarket.
8. As of the end of 2009, there were 32,000 foreclosures on multifamily units in Cook County compared with 38,000 single family homes.
9. Net rental revenues are currently at or below total operating costs for about 74,000 rental units in the City of  Chicago.
10. $15 billion of multifamily mortgage debt (or about 33% of the stock of oustanding debt) matures between 2010 and 2015.
11. Value at risk for small 2-6 unit rentals is $12.6 billion. For 7+ rentals it is $747 million.

I urge everyone interested in the multifamily property and housing market scene in the city to read this interesting report.

The paper also argues that it is more attractive to own than to currently rent (due to price declines and government incentives like the tax credit.)

The Multifamily Housing Market and Value-at-Risk Implications for Multifamily Lending [DePaul Institute for Housing Studies, Working Paper, James Shilling, Ph.D, April 2010]

This 3-bedroom coach house at 2616 N. Orchard in Lincoln Park has a rare feature for most coach houses: parking.

At 2400 square feet, it has 3 levels and includes a 1.5 garage.

The coach house has a wood burning fireplace in the living room and a fireplace in the master suite, which also has cathedral ceilings and a skylight.

Two bedrooms are on the second floor and one is on the third floor.

There are also multiple private decks and a patio.

The coach house has central air.

Is this a good townhouse or condo alternative in East Lincoln Park?

Daniel Otto at Sudler Sotheby’s has the listing. See the pictures here.

Or you can see the property in person this Sunday at the Open House: Apr 11: 11:00 to 1:00 pm.

Unit #4: 3 bedrooms, 2.5 baths, 1.5 car garage, 2400 square feet, coach house

• Sold in September 1989 for $576,000 (?)
• Sold in October 1999 for $448,000
• Currently listed for $598,000
• Assessments of $135 a month
• Taxes of $7834
• Central Air
• Wood burning fireplace

This 2-bedroom loft at 1012 N. Milwaukee in West Town was originally converted in 1997 so it managed to keep many of its unique loft features (before the loft conversion mania of the early 2000s took over.)

The loft has high ceilings, exposed brick walls and a wall of windows overlooking the 28×16 living/dining space which sports diagonal hardwood floors.

Two bedrooms are on the main floor while there is a unique second floor lofted den space that overlooks the living room.

The kitchen has 42 inch cabinets and stainless steel appliances.

The loft has all the bells and whistles including an in-unit washer/dryer, central air and a parking space.

Is this a deal for the price?

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

Unit #2: 2 bedrooms, 2 baths, no square footage listed

• Sold in February 1997 for $171,000
• Currently listed for $325,000
• Assessments of $197 a month
• Taxes of $3476
• Central Air
• In-Unit washer/dryer
• Parking included
• Bedroom #1: 15×14
• Bedroom #2: 15×10
• Loft: 17×10

We last chattered about this 8-bedroom vintage home at 5040 S. Greenwood in Kenwood in September 2009 when it first came on the market with a “negotiable” price (i.e. no listing price but somewhere between $1.5 million and $2.5 milliion.)

Photos by: Wayne Cable/Selfmadephoto.com 

See our prior chatter here.

The 6000 square foot house had been owned by the same family since 1973 and needed, according to the media reports at the time, “substantial renovation” in the kitchen and baths.

It also did not have central air.

It did have its vintage bones intact and, most importantly of all, was directly next door to President Obama’s Chicago residence.

Hence, all the interest in the property.

In October 2009, it got an official listing price of $1.849 million.

Matt Garrison of Coldwell Banker, the listing agent, confirmed on Crib Chatter yesterday that the house has sold for $1.4 million.

You can still see the interior pictures and floorplan here.

5040 S. Greenwood: 8 bedrooms, 3 baths, 2 half baths, 6000 square feet, 2 car garage

• Sold in 1973 for $35,000
• Currently listed in September 2009 for ???? (between $1.5 million and $2.5 million)
• Officially listed in October 2009 for $1.849 million
• Sold in April 2010 for $1.4 million
• Taxes are unknown
• No central air (window units- at least that’s what it looks like with the window unit in the front of the house)

We last chattered about this 2-flat at 1618 N. Cleveland in Old Town in February 2010.

See our prior chatter here.

Back then, the listing said it was a “terrific investment property in perfect location.”

Nearly 2 months later, the listing now says “convert to single family in highly desirable neighborhood.”

The 2-units are as follows:

1. Unit 1: 3 bedrooms, 1 bath, currently rented for $1200 a month
2. Unit 2: 2 bedrooms, 1 bath, currently rented for $1200 a month

There is a 2-car garage with the property.

There is also central air and heat with is separately metered and a washer/dryer in the basement.

Does it now make sense to buy it as a single family home possibility?

Sandra Adler at Prudential Rubloff still has the listing. See the pictures here.

1618 N. Cleveland: 5 bedrooms, 2 baths, 2 car garage, 2-flat

• I can’t find an original sales price but last sale was in 1998
• Was listed in February 2009 for $590,000
• Reduced
• Currently listed for $540,000
• Taxes of $10,712
• Central Air