Crib Chatter

We last chattered about this Roscoe Village 2-bedroom unit at 2234 W. School in August 2009.

See our prior chatter here.

It was priced at its 2003 purchase price and went under contract within only 2 weeks.

It closed in September 2009.

The unit had all the “must-haves” for condo buyers in the neighborhood including central air, in-unit washer/dryer, stainless steel appliances, an updated kitchen and, most importantly, a deeded parking space.

It was also staged to sell- with virtually no clutter or large furniture.

Nick Kluding at Baird & Warner had the listing.

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

• Sold in August 2003 for $279,000
• Originally listed in July 2009 for $279,000 (parking included)
• Under contract within 2 weeks
• Sold in September 2009 for $276,000 (parking included)
• Assessments of $189 a month
• Taxes of $4282
• Central Air
• In-unit washer/dryer
• Bedroom #1: 12×11
• Bedroom #2: 11×9
• Living room: 19×12
• Kitchen: 15×11

We’ve chattered about the glut of million dollar homes many times over the past two years.

In fact, many of the properties we’ve followed priced over a million dollars over the last few years remain on the market.

Most at risk, however, appear to be million dollar new construction homes in neighborhoods where a million dollars was not common before 2004 and now there are simply too many properties in that price range.

Some of you might remember this 5-bedroom new construction home in the North Center/Lincoln Square neighborhood at 4125 N. Oakley.

See our July 2008 chatter and interior pictures here.

In July 2008, it was going to foreclosure auction. Many of the posts to the original thread are worth checking out as a lot of you thought it would sell for around $1 million (and one poster thought I was crazy for implying it would sell for 35% under what was then the current list, or around $800,000, in that neighborhood.)

Let’s not forget, however, that we were originally talking about the property in July 2008, which was pre-the Lehman collapse.

No one bought it at the courthouse and it eventually reverted back to the bank.

The bank finally sold it in June 2009 for almost $200,000 under the foreclosure auction price.

4125 N. Oakley: 5 bedrooms, 3.5 baths, 2 car garage

• Was listed in July 2008 for $1.249 million
• Foreclosure auction price in July 2008 of $1,009,500
• Did not sell at auction
• Bank owned as of January 2009
• Sold in May 2009 for $834,000
• Taxes are “new”

Will we be seeing more of these kind of sales and price reductions in the upper bracket in 2010?

We’ve chattered about this 2-bedroom customized unit in the Palmolive at 159 E. Walton in the Gold Coast several times before.

See our prior chatter here.

Since it was listed 20 months ago, in April 2008, it has been reduced by $620,000.

The listing says it has been customized with a million dollars worth of upgrades including a Clive Christian kitchen and a wood paneled study.

The unit also has 2 fireplaces and a large master suite.

Janet Owen at Sudler Sotheby’s still has the listing. See the pictures here.

Unit #5B: 2 bedrooms, 2.5 baths, 1 car parking, 2800 square feet

• Sold in April 2007 from the developer for $1,669,500
• Was listed in April 2008 for $2.495 million (included the parking)
• Reduced
• Was listed in September 2008 for $2.195 million (includes the parking)
• Reduced
• Currently listed for $1.875 million (includes the parking)
• Assessments of $1697 a month 
• Taxes are “new”

Not all bungalows are created the same. This 4-bedroom house at 5501 W. Cullom in Portage Park certainly takes bungalow living to a new level.

We last chattered about it in September 2009. See our prior chatter and pictures here.

Built in 1926, it has a 1950s lounge in the lower level, a wine cellar and a walk-in meat smoker which apparently still works.

The vintage wood work is still in place as well as the stained glass.

You can’t build them like this anymore (at least at this price, anyway.)

It has been reduced $115,000 since July 2009.

Heather Lange at Koenig & Strey still has the listing. See more pictures here.

5501 W. Cullom: 4 bedrooms, 2.5 baths, 2.5 car garage, 3500 square feet

• Sold in January 1995 for $293,000
• Sold in December 2002 for $525,000
• Was listed in July 2009 for $750,000
• Reduced
• Was listed in September 2009 at $650,000
• Reduced
• Currently listed at $635,000
• Taxes of $5001
• Central Air
• Bedroom #1: 15×13
• Bedroom #2: 14×12
• Bedroom #3: 10×10
• Bedroom #4: 12×9

There is still plenty of new construction condo development going on in downtown Chicago.

We’ve chattered about this story every new year for the past 2 years.

In 2009, developers introduced the auction to try and move some of the inventory at reduced prices. It seemed to work.

But there are numerous luxury buildings which still have available units even though construction was complete a year or two ago such as:

1. Trump Tower
2. One Museum Park 

We also don’t know the status on closings in The Legacy or Aqua, both of which started closings in 2009. One Museum Park West, the sister building to One Museum Park at the south end of Grant Park, also began closings recently. The MLS is showing 102 listings for sale in the building out of 298 units.

Other new construction buildings to watch in 2010:

1. 565 Quincy (which has an advertisement in the Tribune about a big announcement coming on 1/16/2010 about pricing)
2. 757 N. Orleans
3. The Silver at 303 W. Ohio
4. The Elysian
5. 10 E. Delaware (closings to begin in the spring)
6. Walton on the Park

What will happen to all of this inventory in 2010?

We last chattered about this rare single family home in the Fulton Market District at 1418 W. Fulton in February 2009.

See our February 2009 chatter here.

It has 6-bedrooms and a 3 car garage.

While the outside looks traditional, the interior boasts a contemporary renovation including a 4-story atrium.

The house has concrete floors and a huge rooftop deck with a wet bar.

Edward Hester at Dream Town Realty still has the listing. See the pictures here.

1418 W. Fulton: 6 bedrooms, 3 full, 2 half baths, 3 car garage

• Prior sale looks to be in May 1998 for $181,500
• Was listed in October 2008 for $1,099,000
• Reduced
• Was listed in February 2009 for $999,000
• Currently listed for $999,900
• Taxes of $7,744
• Hot tub
• Rooftop deck with wet bar

We last chattered about this vintage 2-bedroom brick workman’s cottage at 3554 S. Union in Bridgeport in July 2009.

See our July chatter and pictures here.

Shortly thereafter, it went under contract and sold in August 2009 after being reduced by $89,000.

It had hardwood floors, an updated kitchen and bath and a lush backyard with a garage.

Joe Kunkel at Baird and Warner had the listing.

3554 S. Union: 2 bedrooms, 1 bath, 2 car garage, no square footage listed

• Sold in 1999 but I couldn’t find a sales price
• Originally listed in October 2008 for $359,000
• Reduced
• Was listed in January 2009 for $329,000
• Reduced
• Was listed in July 2009 for $270,000 
• Sold in August 2009 for $242,500
• Taxes are $2395
• Central Air
• Bedroom #1: 15×10
• Bedroom #2: 11×10
• Living room: 15×11
• Kitchen: 16×11
• Dining room: 13×7
• Other: 7×6

We’ve chattered about bank owned units in 600 N. Kingsbury in River North before.

But this bank owned 2-bedroom recently came on the market priced about 40% under the 2006 purchase price.

At 1200 square feet, it has carpet throughout but it appears, from the pictures, that the kitchen is intact.

It looks like it has maple cabinets, white appliances and granite counter tops in the kitchen.

The unit also has a balcony and garage parking is included.

Is this a deal at this price?

Benjamin Beaty at Baird & Warner has the listing. See the pictures here.

Unit #910: 2 bedrooms, 2 baths, 1200 square feet

• Sold in June 2006 for $440,000
• Lis pendens in May 2008
• Bank owned in June 2009
• Recently listed for $289,900 (includes the parking)
• Assessments of $602 a month (includes heat, a/c)
• Taxes of $4758
• Central Air
• Washer/Dryer in the unit

This 2-bedroom at 3900 N. Pine Grove, in the Coronado, in East Lakeview recently came on the market.

It’s a short sale.

(The listing has the address wrong- it has it as 3900 W. Pine Grove).

The building has 101 units. This unit faces west and has a balcony. It also has amenities buyers are looking for such as in-unit laundry and a parking space.

It doesn’t have central air, however, only room units. But you can console yourself in the summer time by hanging out at the indoor pool.

The kitchen has been completely renovated with cherry cabinets, black granite counter tops, a tile backsplash and stainless steel appliances.

The unit also has hardwood floors and recessed lighting in the living room and the bedrooms.

Is this a deal at this price?

Lisa Resek-Peck at @Properties has the listing. See the pictures here.

Unit #708: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 2005 for $331,000
• Currently listed as a “short sale” for $212,900 (parking included)
• Assessments of $390 a month (includes heat, a/c, pool)
• Taxes of $3977
• No central air
• Washer/Dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 12×10
• Living room: 28×13
• Kitchen: 8×5

We last chattered about this 3-bedroom vintage cottage at 953 W. Leavitt in the Ukranian Village in August 2009.

See our prior chatter and pictures here.

Since then, it has been reduced by $50,000.

The house has an oak staircase as well as hardwood floors throughout the dining and living rooms.

It also has vintage features such as a built in bookcase and a wood burning fireplace.

A great room leads off of the newer kitchen with granite counter tops and stainless steel appliances.

Patrick Santry at Coldwell Banker still has the listing. See more pictures here.

953 N. Leavitt: 3 bedrooms, 2.5 baths, 2 car garage, no square footage listed

• Sold in October 2003 for $510,000 
• Originally listed in July 2009 for $749,000
• Was still listed in August 2009 for $749,000
• Reduced
• Currently listed for $699,000
• Taxes of $5536
• Central Air
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 15×10 (second floor)
• Bedroom #3: 11×8 (second floor)