Crib Chatter

We’ve chattered several times in the past few months about the new breed of condo flippers in Chicago.

No longer are they buying new construction condos at pre-construction prices and then selling for a profit when the building is completed. Now, they are buying foreclosed units from the bank and re-listing the condos, sometimes days later, for thousands of dollars more.

Such is the case with this 1-bedroom at 30 E. Huron in River North.

It sold in early February after being bank owned and then was re-listed just weeks later for $66,000 more.

It has an updated kitchen with granite counter tops and stainless steel appliances (but the listing doesn’t call the kitchen “new” or “renovated” so it could have already been there in the prior sale.)

It also has carpeted floors and window unit air conditioning.

Some units in the building, which was constructed in the early 1980s, have in-unit washer/dryer but this unit does not. The building was converted into condos in 2004.

There is also only leased parking with the unit.

It is not the cheapest one bedroom for sale in the building. One short sale and one bank owned unit are both listed for less and both are under contract.

Dana Grigalunas at Prudential Rubloff has the listing. See the pictures here.

Unit #3006: 1 bedroom, 1 bath

• Sold in October 2005 for $269,000
• Lis pendens filed in November 2007
• Bank owned in October 2009
• Sold in February 2010 for $172,500
• Originally listed in February 2010 for $239,000
• Currently still listed for $239,000
• Assessments of $320 a month (includes doorman, cable, pool)
• Taxes of $3633
• No central air- window units
• No in-unit washer/dryer
• Leased parking
• Bedroom #1: 13×12
• Living room: 15×14
• Kitchen: 10×9

Only long-time readers will remember this top floor 2-bedroom loft unit at 375 W. Erie in River North as we last chattered about it in July of 2008.

See our prior chatter here.

It has one of our favorite huge downtown terraces of all time (okay- so I’m a sucker for some good landscaping and 1000 square feet.)

The unit itself has 11 foot ceilings, skylights and hardwood floors.

The kitchen still has the black appliances from the July 2008 listing, along with maple cabinets.

Back in July 2008, one of the commenters had this to say when it was listed for $585,000 plus $35,000 for the parking:

“And they’re still not caught up to the market. At this point, cut another 100K and throw in the parking, and I might bother to come and look. Seriously. Don’t these people read the news? Jumbos pushing 8%, 20% down required now…”

It sold one month later for $577,000 including the parking.

Just 19 months later, it is available again and listed for $7,500 over the 2008 purchase price.

James Faircloth at Prudential Rubloff has the listing. See the pictures here.

Unit #610: 2 bedrooms, 2 baths, 1800 square feet

• Sold in May 1998 for $328,500
• Sold in April 2003 for $560,000
• Listed in January 2008 for $680,000 (plus $35,000 for parking)
• Reduced
• Was listed in March 2008 for $655,000 (plus $35k for parking)
• Reduced
• Was listed in July 2008 for $585,000 (plus $35k for parking)
• Sold in August 2008 for $570,000 (included the parking)
• Currently listed for $549,500 (plus $35,000 for parking)
• Assessments of $521 a month
• Taxes of of $6446
• 11 foot high ceilings
• Skylights
• Central Air
• In-Unit Washer/Dryer

This 3-bedroom contemporary penthouse at 919 N. Wolcott recently came on the market in West Town.

It has 11 foot ceilings and ebony hardwood floors.

The unit also has the modern Arclinea kitchen to match the contemporary style of the unit with quartz counter tops and Subzero and Miele appliances.

All on one floor of a 9-unit building, the penthouse also has two decks, including one that is 27×10.

Love the furniture? It’s available as well.

Robert John Anderson at Baird & Warner has the listing. See more pictures here.

Unit #301: 3 bedrooms, 2 baths, 2 car parking

• Sold in March 2004 for $459,000
• Sold in May 2006 for $556,000
• Currently listed for $700,000
• Assessments of $264 a month
• Taxes of $8706
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 12×11
• Bedroom #3: 12×11

This 4-bedroom single family home at 4144 N. Ridgeway in Irving Park was on the market as a bank owned property just 9 months ago.

Purchased and then renovated with a new kitchen, baths, floors and a fresh coat of paint, the house returned to the market asking $279,000 more.

At 2400 square feet, it now stainless steel appliances and granite countertops in the kitchen alongside what look like 42 inch cabinets.

Two of the four bedrooms are on the main floor and two are on the second floor.

It also has a 10×20 lower level finished family room.

Yes, there’s central air and a 2 car garage.

The house is on a 37×125 lot and is within a few blocks of the Irving Park Metra and Blue Line stations.

Pedro Ferrel at Chicago Property Develop LLC has the listing. See the pictures here.

4144 N. Ridgeway: 4 bedrooms, 3 baths, 2400 square feet, 2 car garage

• Sold in May 1993 for $177,500
• Lis pendens filed May 2008
• Bank owned in March 2009
• Sold in June 2009 for $170,000
• Originally listed in November 2009 for $449,000
• Reduced
• Currently listed for $434,900
• Taxes of $4006
• Central Air
• Bedroom #1: 13×16 (second level)
• Bedroom #2: 13×13 (second level)
• Bedroom #3: 9×16 (main level)
• Bedroom #4: 9×10 (main level)

We last chattered about this 7-bedroom Lakeview mansion at 461 W. Melrose in February 2009.

See our prior chatter here.

The house has a vintage exterior but was renovated recently with a more contemporary interior.

There is elevator access to all 5 floors.

Three bedrooms, including the master, are on the third floor and 4 bedrooms are on the second floor.

There also appears to be as many as 6 parking spaces (though one listing says 2 assigned spaces and then says 6 spots.)

Though it was also in a short sale last year, now the listing says “BANK WILL CONSIDER ALL OFFERS ABOVE $1.2 MILLION.”

Is this now a deal given its proximity to the lake?

Steve McEwen at @Properties still has the listing. See the pictures here.

461 W. Melrose: 7 bedrooms, 3 baths, 2 half baths, approximately 5,000 square feet

• Sold in July 2005 for $1.265 million
• Originally listed in June 2008 for $2.499 million
• Reduced and increased numerous times
• Currently listed as a “short sale” for $1.5 million
• Taxes of $16,045
• 6 car parking
• Elevator
• Central Air

This 2-bedroom condo at 2232 W. Roscoe is right in the heart of the Roscoe Village neighborhood with its restaurants and shops.

It has an updated kitchen with maple cabinets, granite counter tops and stainless steel appliances.

The unit has hardwood floors throughout and outdoor space so you can grill in the summer.

It also has central air and in-unit washer/dryer. It doesn’t have parking, however.

The unit has been on and off the market nearly a year and is now listed for $20,100 under the 2006 purchase price.

Elizabeth Stark at Baird & Warner has the listing. See the pictures here.

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

• Sold in December 2004 for $283,000
• Sold in May 2006 for $345,000
• Originally listed in April 2009
• Reduced several times
• Currently listed at $324,900
• Assessments of $250 a month
• Taxes of $3953
• Bedroom #1: 15×11
• Bedroom #2: 13×10

We last chattered about this 4-bedroom single family home at 3308 N. Bell in Roscoe Village in December 2009.

See our prior chatter and pictures here.

It has since sold as a short sale for $19,000 under the 2004 purchase price.

It had a finished lower level with guest suite. 3 out of the 4 bedrooms were on the second level.

It also had cherry cabinets in the kitchen with stainless steel appliances.

Was this a deal?

Mario Greco at Prudential Rubloff had the listing.

3308 N. Bell: 4 bedrooms, 2.5 baths, 2 car garage

• Sold in April 1992 for $119,000
• Sold in August 1995 for $291,000
• Sold in March 2001 for $522,000
• Sold in June 2004 for $649,000
• Sold in August 2006 for $728,000
• Originally listed in September 2009 for $729,000
• Under contract in ten days
• Fell out of contract
• Re-listed as a “short sale” in October 2009 for $649,000
• Sold in January 2010 for $630,000
• Taxes of $7798
• Central Air
• Bedroom #1: 20×16
• Bedroom #2: 13×11
• Bedroom #3: 11×9
• Bedroom #4: 20×10 (lower level)

The Tribune’s “Elite Street” column this week highlighted the vintage home of former Channel 7 reporter Andy Shaw in Lincoln Park at 607 W. Deming.

The historic property, which was built in 1886, is nearly 9000 square feet and is currently being used as a Bed & Breakfast. The listing says it is zoned RM-5.

It has a 5 bedroom, 5 bath coach house that the listing says is being rented for $5500 a month.

It also has parking- at least one spot- but one of the listings I looked at said 3 spots.

First listed in February 2007 and then withdrawn, it has now returned to the market to try again.

“We ran it as an inn at full speed for more than a decade, and we loved every minute,” Shaw said. “It’s a great house on a great street in a great neighborhood, and we attracted some of those most interesting visitors in the entire world. It was a phenomenal experience and a wonderful business for my wife to run while I did my ABC job.”

As the couple approached 60, however, they started to burn out. They listed the property for eight months in 2007 for $2.999 million. They relisted it last year for $3 million.

“We don’t have to sell,” Shaw said. “If we needed to get the cash out of it, we’d sell it for a lot less. There’s no reason to give it away.”

Buyers could continue operating the inn or convert it to a single-family home, condos, a nonprofit group’s headquarters or a corporate training center, Shaw said.

“It’s a turnkey,” he said. “It’s ready to go right now in any number of ways.”

Shaw’s ready to check out of B&B business [Chicago Tribune, Feb 25, 2010, Bob Goldsborough]

Scott Foster at Re/Max Exclusive Properties has the listing. See the virtual tour here.

607 W. Deming: 9 bedrooms, 11 baths, 8900 square feet, coach house

• Sold in 1998 for $973,000 (per the Tribune article)
• Originally listed in February 2007 for $2.999 million
• Withdrawn in August 2007
• Re-listed in June 2009 for $3 million
• Currently still listed at $3 million
• Taxes of $31,407
• Central Air

Ever wonder what the units look like on the top floor of 6 N. Michigan, the historic condo conversion, near Millennium Park?  I know I have.

This is the first peak at what it looks like from inside those majestic windows.

The top floor penthouse is 8,000 square feet.

It’s currently raw space and is ready for a buyer’s customization.

Yes, those are the original columns and detail work of the building.

Patrick Ryan at @Properties has the listing.

You can see pictures from some of the models here to see what other units look like (of course, this unit would be custom and would have those soaring windows and ceiling heights.)

Penthouse: 8,000 square feet raw space, lake views

• Currently listed for $7.2 million
• Taxes are “new” (but there is an 8-year historic tax freeze with the building)
• Parking available

According to the Chicago Tribune, single men and women make up nearly half of all first time home buyers in Chicago.

Percentage of first time homebuyers in Chicago who are:

1. Married couples: 41%
2. Single women: 31%
3. Single men: 16%
4. Unmarried couples: 9%
5. Other: 2%

Average home price for single men and women in the city of Chicago who were first time buyers:

1. Single men: $141,000
2. Single women: $141,471

Several realtors were quoted in the article as saying that now is a good time for first time buyers, given the price declines and low interest rates.

“These people are getting into the locations they want to be in, Lincoln Park, Gold Coast, Bucktown. These are all places they were priced out of,” said Joe Zimmerman, an @Properties agent.

After renting with a group of friends, Chris Tabor, 27, started thinking of buying his own place two years ago but figured it would take several more years of savings to be able to afford a Chicago condo. Instead, in late November, he closed on a small one-bedroom Bucktown unit that has such extras as a parking space and an in-unit laundry that will help its eventual resale.

“I’m single now but I won’t be forever,” Tabor said. “Then I have this place and I can make some money on it and sell it for a down payment on something more permanent.”

Mario Greco, a Prudential Rubloff agent, said singles of both sexes are focused on the bottom line.

“A lot of these singles have been waiting for a few years” to buy, Greco said. “It’s prudent functionality.”

Singles, especially women, a growing share of homebuyers [Chicago Tribune, Feb 26, 2010, Mary Ellen Podmolik]