Crib Chatter

With the original first time home buyers tax credit set to expire at the end of November 2009, it isn’t surprising that sales soared ahead of the deadline (even though the deadline was then extended to April).

Sales were up strongly in Chicago, the Chicagoland 9-county area and statewide compared with a year ago but prices continued to decline.

In the city of Chicago, November total home sales (single-family and condominiums) were up 69.9 percent to 1,859 sales compared to 1,094 homes sold in November 2008. The city of Chicago median price in November 2009 was $215,000 down 3.4 percent compared to $222,500 a year ago in November 2008.

“November’s city transactions point to an increase in the number of units sold over the same period in 2008. The first-time homebuyer tax credit has provided an excellent incentive to help buyers off the fence,” said Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. “We are monitoring the movement of sales as the year closes, continuing to see distressed properties absorbed and the correction of the Chicago marketplace continue.”

The city of Chicago market appears to be struggling to recover more than some other parts of the state. The average price in Chicago is much higher than the statewide average which stood at $155,000 in November 2009.

“Forecasts for December, January and February indicate sales increasing robustly in Illinois and Chicago on an annual basis, but median price movements in Illinois hold the potential for a mild recovery that is not, as yet, evident in the Chicago market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

Adds Hewings: “The economic news has been dominated by the national job numbers; the national economy shed only 11,000 jobs in November, a dramatic decrease in the rate of job decline over the first part of the year and even over the prior three months when job losses had averaged 135,000 a month. Illinois has recorded 23 months of job declines since the recession began in December 2007.”

Despite the big numbers in November, sales year to date are still much lower than 2008.

In the city of Chicago year-to-date January through November 2009 sales were down 10.4 percent to 17,633 homes sold compared to 19,681 homes sold in the same 11-month period in 2008. The year-to-date median price was down 22.9 percent to $225,000 compared to $291,800 in 2008.

Illinois Home Sales Record Major Gains in November from a Year Ago; Sales Up 64.0% Statewide and 71.6% in Chicago Region [Illinois Association of Realtors Press Release, Dec 22, 2009]

This brick 2-flat at 2141 W. Cullom in North Center recently came on the market.

It is bank owned.

The units consist of the following:

1. Unit #1: 2 bedrooms, 1 bath
2. Unit #2: 3 bedrooms, 1 bath

Built in 1908, the building doesn’t have central air. It also doesn’t have any parking.

While it’s clear from the listing that the property needs work, with a price under $200,000- is this a steal?

Kevin Sullivan at Coldwell Banker has the listing. See the pictures here (including interior pics).

2141 W. Cullom: 5 bedrooms, 2 baths, no parking

• Sold in October 1985 (I couldn’t find an original price)
• Lis pendens in July 2008
• Bank owned in July 2009
• Originally listed in December 2009 for $188,100
• Taxes of $5696
• No central air

We last chattered about this 2-bedroom unit at 545 W. Aldine in East Lakeview in August 2009.

See our prior chatter and pictures here.

Since then, the unit has been reduced by $74,500.

It has many of the bells and whistles that buyers are looking for including central air, garage parking, and, rare for lakeview, views from its sixth floor balcony.

It also is in an elevator building which is a nice option for those who have tired of lugging groceries up and down stairs in their vintage units in the neighborhood.

Is it priced right to sell now?

Mario Greco at Prudential Rubloff now has the listing. See more pictures, the floorplan and a virtual tour here.

See the property website here.

Unit #6B: 2 bedrooms, 2 baths, 1573 square feet

• Sold in March 2000 for $423,500
• Originally listed in April 2009 for $599,000
• Reduced
• Was listed in August 2009 for $589,000 (plus $35,000 for parking)
• Reduced
• Currently listed for $549,500 (parking now included)
• Assessments of $373 a month
• Taxes of $6722
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 17×13
• Bedroom #2: 12×10

This 1-bedroom duplex at 340 E. Randolph, in 340 On the Park, in Lakeshore East, boosts not just one south facing terrace but two.

You can wake up with your views of the lake and Millennium Park and you can have after work drinks off your living room doing the same.

This is no small duplex, as the listing says it is 1314 square feet.

It has hardwood floors in the main living area and carpet in the bedroom. The kitchen is the standard kitchen put into every unit unit the building- with modern wood cabinets and stainless steel appliances.

If this unit sounds familiar, it is. We chattered about it in March 2008 when it was available for rent for $3500 plus $300 for parking.

See our March 2008 chatter and pictures here.

(Where we also had a long discussion about rent versus owning, flipping and the health of the overall housing market- which is quite interesting to look at nearly 2 years later).

It rented for $3500 (including the parking) in June 2008.

Recently, it came on the market for sale.

340 On the Park is one of the few buildings where prices have held up amidst the recession.

Is the sizzle still on at 340 On the Park?

Nancy Nugent at Prudential Rubloff has the listing. See the pictures here (no pics of the interior of the unit, however- but you can see the fabulous views).

Unit #2702: 1 bedroom, 1.5 baths, 1314 square feet

• Sold in January 2008 for $626,500
• Currently listed for $869,000 (includes the parking)
• Was available to rent in March 2008 for $3500 a month plus $300 for parking
• Rented in June 2008 for $3500 a month (parking included)
• Assessments of $565 a month
• Taxes of $8380
• Bedroom: 14×13
• Living room: 13×14
• Dining room: 13×7
• Kitchen: 10×9
• Laundry: 10×5
• Terraces: 23×05 (each)

This is the quiet period for real estate (in Chicago and elsewhere.) Inventories are down as listings have been pulled and as sellers wait to list in early 2010.

Crib Chatter will be taking this time to contemplate, as we always do during this slow period, what will be the top Chicago real estate stories in the coming year.

Anyone have any suggestions?

In the meantime, Crib Chatter will be operating on a holiday shortened period this week and next week.

There will be no new posts on Thursday, December 24 or Friday, December 25.

There will also be no new posts on Thursday, December 31 and Friday, January 1.

Happy Holidays everyone. And keep sending me your tips and suggestions.

Thanks also to all of the agents who have generously supplied me with information and pictures during 2009.

Here’s to an interesting 2010 in Chicago real estate!

Sabrina

This 2-bedroom vintage unit at 1241 W. Grace in the Southport neighborhood of Lakeview has been on the market since early November.

It is bank owned.

The property has been reduced by $20,000 and is now listed for $100 less than the 2000 purchase price.

The unit recently went under contract.

It has some vintage features like a decorative fireplace in the living room and built-ins in the full-sized dining room.

It has a washer/dryer in the unit but no central air and no parking.

A third floor unit in the building is also currently on the market for $60,000 more than this bank-owned unit and has been listed since May 2009.

Is this a deal at this price?

Grazyna Przybysz at North Central Realty has the listing. See the pictures here.

Unit #1W: 2 bedrooms, 1 bath, dining room, 1100 square feet

• Sold in July 1995 for $111,500
• Sold in March 2000 for $240,000
• Sold in July 2002 for $274,000
• Bank owned as of September 2009
• Originally listed in November 2009 for $259,900
• Reduced
• Currently listed for $239,900
• Under contract
• Assessments of $225 a month
• Taxes of $2773
• No central air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 14×10
• Bedroom #2: 11×10

We’ve chattered about this 4-bedroom single family home on an oversized lot at 4337 N. Paulina in Ravenswood several times.

See our November 2009 chatter and pictures here.

It has now sold for $125,000 under the August 2005 purchase price.

The house had an open concept contemporary interior with skylights. It also had a lovely backyard with a 2.5-car garage.

Timothy Sheahan at Conlon Real Estate had the listing.

4337 N. Paulina: 4 bedrooms, 3.5 baths, 2.5 car garage, no square footage listed

• Sold in April 1988 for $56,500
• Sold in March 2000 for $700,000
• Sold in August 2005 for $955,000
• Originally listed in May 2008 for $1.099 million
• Listing cancelled in October 2008
• Re-listed in June 2009 for $999,900
• Reduced
• Was listed in August 2009 at $949,000
• Reduced
• Was listed in late August 2009 for $899,000
• Was listed in November 2009 for $899,000
• Sold in December 2009 for $830,000
• Taxes of $11,471
• Central Air
• Bedroom #1: 17×21
• Bedroom #2: 16×14
• Bedroom #3: 11×12
• Bedroom #4: 10×11

Thanks to “Architect” for pointing out this 1943 2-bedroom Andrew Rebori designed home at 3252 W. Victoria in North Park.

It is currently under contract but only after being reduced by $50,000 since July 2009.

The home isn’t big, at 1345 square feet, but it has an original Edgar Miller sculpture and an “urban retreat” with a built-in barbecue.

Who says you have to buy a cookie cutter condo?  You can have this historic home with its two-story windows for the same price.

Frank Maguire at Baird & Warner has the listing. See the pictures here.

3252 W. Victoria: 2 bedrooms, 1.5 baths, 1345 square feet, 1 car garage

• Sold in April 1989 for $172,000
• Sold in August 1998 for $220,000
• Originally listed in July 2009 for $429,000
• Reduced
• Currently listed for $379,900
• Under Contract
• Taxes of $4664
• Central Air
• Bedroom #1: 14×11
• Bedroom #2: 13×13

Spanish revival architecture is rare, but does exist within the Chicago city limits. Patterned after a mix of Spanish and Latin American architectural styles, it is usually characterized by arched doors, beamed ceilings, columns and tiled roofs.

This 4-bedroom Spanish revival home at 5232 N. New England in Norwood Park is a good example of the period.

Built in 1927, it has a juliette balcony and a deck with iron railings.

It also has  the arched doors as well as the beamed ceilings in the living room.

The house has two fireplaces, including one in the master bedroom.

It only has a 1-car garage, however. And it does not have central air. But it’s on a 45×123 lot.

Arthur Gregg at Baird & Warner has the listing. See the pictures here.

5232 N. New England: 4 bedrooms, 2 baths, 1 car garage

• Sold in October 2001 for $347,000
• Originally listed in March 2009
• Reduced
• Currently listed for $399,900
• Taxes of $4222
• No central air
• Bedroom #1: 20×12 (second level)
• Bedroom #2: 13×10 (main level)
• Bedroom #3: 13×10 (main level)
• Bedroom #4: 12×10 (main level)

This 3-bedroom duplex up penthouse at 1866 N. Halsted in Lincoln Park just came on the market.

It has the feeling of a loft, with the open spaces and bright light, without the exposed pipes and other accruments of a “true” loft.

The unit has enough square footage, at 2712 square feet, to be a sizable single family home.

It appears that the 3-bedrooms are on the second level with the living/dining and kitchen area duplexed up on the top floor. There are roof rights.

It has central air and an in-unit washer/dryer. What it is missing, however, is parking. The listing points out that there is easy rental parking nearby.

Matt Garrison at Coldwell Banker has the listing. See more pictures here.

Unit #PH: 3 bedrooms, 2.5 baths, 2712 square feet

• Sold in February 1994 for $292,500
• Sold in November 2006 for $585,000
• Currently listed for $649,900
• Assessments of $310 a month
• Taxes of $7298
• Central Air
• In-unit Washer/Dryer
• No parking
• Bedroom #1: 20×13
• Bedroom #2: 14×12
• Bedroom #3: 13×10