Crib Chatter

This updated 2-bedroom unit in The Waterford, at 4170 N. Marine Drive, in Uptown is currently under contract.

The Waterford is a high rise along the lake built in 1973.

The corner unit has stunning direct lake and park views from 2 balconies.

There are hardwood floors and the kitchen has a copper backsplash. The bathrooms have custom tile and marble.

The condo has an in-unit washer dryer but no central air (just window units.) Rental parking is available in the building.

Janet Stier at Baird & Warner has the listing. See the pictures here.

Unit #18B: 2 bedrooms, 2 baths, no square footage listed

• Sold in November 1997 for $185,000
• Listed in October 2009 for $369,000
• Reduced
• Currently listed for $358,000
• Under contract
• Assessments of $683 a month (includes cable and pool)
• Taxes of $3016
• Parking is rental for $123 a month
• No central air (window units)
• In-unit washer/dryer
• Bedroom #1: 14×15
• Bedroom #2: 11×13

Given the holiday, Crib Chatter will be operating on a more limited schedule. There will only be two posts today.

The real estate scene is still rather quiet. The spring selling season begins (officially) after the Super Bowl but look for momentum to build in the next week or so as new listings come on the market to get a jump on the official start.

This 4-bedroom vintage Victorian single family house at 6316 N. Magnolia in the Magnolia Glen neighborhood of Edgewater came on the market in December 2009.

The listing says it is on a double wide lot of 50×125. It also has a rare 4-car garage.

The house has many of its vintage 1904 features intact including woodwork, built-ins, what looks like stained glass next to the staircase, and a woodburning fireplace.

It is also bank owned.

On the market less than a month, it has already had one $14,000 price reduction.

The house is listed just $19,900 over its 2002 purchase price.

The kitchen and at least one of the 4 bathrooms appear to be somewhat intact.

David Piche at Re/Max Signature has the listing. See the pictures (including interiors) here.

6316 N. Magnolia: 4 bedrooms, 4.5 baths, 4 car garage

• Originally sold in 1987 (I couldn’t find a price)
• Sold in May 2000 for $480,000
• Sold in September 2002 for $525,000
• Lis pendens in August 2008
• Bank owned in December 2009
• Originally listed in December 2009 for $558,900
• Reduced
• Currently listed for $544,900
• Taxes of $9537
• Central Air

We first chattered about this 2-bedroom duplex loft in The Singer Lofts at 1019 W. Jackson in the West Loop exactly one year ago.

See our January 2009 chatter and pictures here.

The listing now says it is a short sale.

The loft has a wide open living/dining/kitchen space with 17 foot high ceilings. The master suite is on the second level.

The unit has central air, in-unit washer/dryer and a parking space.

Is this a deal now?

Ken Jungwirth at Prudential Rubloff still has the listing. See more pictures and the virtual tour here.

Unit #3H: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 1999 for $220,000
• Originally listed in January 2009 for $385,000 (included heated parking)
• Reduced several times
• Reduced in November 2009 to $299,000 (parking included)
• Currently a “short sale”
• Currently listed for $299,000 (parking included)
• Assessments of $232 a month
• Taxes of $4624
• Central Air
• Second floor bedroom: 28×16
• Bedroom #2: 15×11

Camping out for condos wasn’t limited to California, Arizona and Florida during the height of the boom.

It happened several times at various buildings, mainly in the South Loop, but also in River North where developers sold out some buildings within days in the early 2000s.

Here’s a look at some of the frenzy.

This is from an Enterprise press release in November 2005 about 1400 Museum Park in the South Loop:

“Potential buyers of units at 1400 Museum Park reportedly camped outside the sales office for several hours before the doors opened in September 2005 and within two months the South Loop development was 65 percent sold.

That’s according to developer The Enterprise Companies. The energetic developer is churning out South Loop highrises like there is no tomorrow.”YoChicago New Homes Magazine Housing Profiles 1400 One Museum Park [November 9, 2005]But in the same year that buyers were camping out for units, cracks were already appearing.

From the Wall Street Journal:

While condo developer defaults and cash crunches are by no means widespread in the Windy City, some developers are either selling units for less than planned or not at all. Meanwhile, construction of condos and conversions of rental apartments into condos have gone on unabated, giving buyers a lot more options, including the option of saying no.

“We’re seeing in the last couple of months the sound of the bubble breaking in the Chicago central business district,” says Hans Nordby, who monitors real-estate markets and trends for Boston research firm Property & Portfolio Research Inc. “Projects are starting not to sell, they’re starting to go to the bank. The bubble is starting to break.”

Unlike some other markets, Chicago isn’t experiencing a pricing bubble but a supply bubble. Chicago ranks third in the nation in terms of condos that are expected to be completed this year, including new buildings and conversions of rental apartments. According to Property & Portfolio Research Inc. and Reed Construction Data, 18,586 condo units will be added to Miami’s condo inventory this year. San Diego is expecting 10,875. Chicago could see 8,533 more units.

But Chicago so far ranks first in terms of troubled condo projects as high prices and healthy supply have made some buyers more cautious. The median price for a downtown condo is up 34% in the past five years to $349,000, according to Appraisal Research Counselors.

Chicago’s Condo Market Shows Signs of Cooling [Wall Street Journal, Ray Smith, June 24, 2005]

There are live/work lofts where maybe you have a home office and then there are live/work lofts like this one at 1124 N. Wood in West Town.

At 4800 square feet, it has authentic brick and wide open spaces. It even has a pulley elevator.

The listing says it is now zoned residential but the commercial element is grandfathered in. It is currently being used for a T-shirt printing business but has been a spring factory and an old distillery.

It has central air, but no deeded parking.

What would you do with all that space?

Tim Stassi at Dwell One Realty has the listing (Dwell One requires registration to see the listing). See more pictures here.

Unit #1: 4800 square feet, 1 bath

• Sold in March 2006 for $415,000
• Currently listed for $500,000
• Taxes of $3465
• Central Air
• Basement
• Street parking only

This vintage 3-bedroom unit at 2044 N. Orleans in East Lincoln Park has managed to keep some of its original features and character most likely due to the fact that the unit was not a recent conversion.

The building was built in 1890. The fireplace still has its marble mantle.

The condo has central air, but it doesn’t appear to have a washer/dryer in the unit.

The kitchen has white cabinets and appliances. There is a full-sized dining room. The unit also has a much sought after deeded parking space.

Laura Topp at Koenig & Strey has the listing. See the pictures here.

Unit #3: 3 bedrooms, 1 bath, 1200 square feet

• Sold in October 1993 for $207,000
• Sold in December 2000 for $339,000
• Sold in June 2003 for $330,000]
• Currently listed for $380,000
• Assessments of $250 a month
• Taxes of $4853
• Central Air
• No in-unit w/d
• Bedroom #1: 12×11
• Bedroom #2: 11×9
• Bedroom #3 (or listing says can be a den): 10×9

For many years, an empty parking lot stood to the north of the brick and timber loft building at 300 W. Grand in River North.

It took the housing boom of the last decade before a developer decided to build on it. The new highrise, The Silver, at 303 W. Ohio, was the result.

This 2-bedroom bank owned unit recently came on the market. On the fourth floor, it’s windows look directly into the parking structure of The Silver.

In fact, if you look at the pictures, it appears that headlights from parked cars next door would shine directly into your unit.

The unit has hardwood floors, lots of exposed brick and timber ceilings. The kitchen has white cabinets, white appliances and granite counter tops.

The loft does have parking but it is in the building next door (300 W. Grand has some parking in the building but a bunch of owners originally parked on a lot to the west of the building.  A high rise was built there and owners who parked in that lot got deeded parking in that building.)

This unit was on the market less than 2 weeks before going under contract.

Is the sizzle back on in the market?

Lou Soteras at Re/Max Vision has the listing. See the pictures here.

Unit #412: 2 bedrooms, 2 baths, 1 parking space next door

• Sold in August 1999 for $238,000
• Lis pendens in August 2008
• Bank owned in October 2009
• Originally listed in January 2010 for $299,000 (parking included)
• Under Contract
• Assessments of $380 a month
• Taxes of $2901
• Central Air
• Washer/Dryer in the unit

This 4-bedroom single family home at 4150 N. Kedvale in Old Irving Park is only a block from the Metra and the El stop.

It was built in 1950 in the Georgian style.

A lis pendens foreclosure was filed in June 2009.

Since October, it has been reduced $225,000.

The listing says it has a chef’s kitchen with granite counter tops and stainless steel appliances. It also has a 2-story family room.

The house is on a 47.5×173 size lot which has a fountain in the backyard along with a two car detached garage.

At $500,000, is this a steal for the area?

Thomas Brandt at Keller Williams Realty has the listing. See the pictures here.

4150 N. Kedvale: 4 bedrooms, 3.5 baths, 2 car parking

• Sold in March 2007 for $640,000
• Lis pendens filed in February 2008
• Lis pendens foreclosure filed in June 2009
• Originally listed in October 2009 for $725,000
• Reduced several times
• Currently listed for $500,000
• Taxes of $8083
• Central Air

We last chattered about this 4-bedroom single family home with a 2-car garage at 1830 W. Oakdale in the North Center neighborhood of Lakeview in October 2009.

See our prior chatter and pictures here.

There were many comments about the paint color of the kitchen which, apparently, someone was paying attention to as you can see from the photos below.

Kitchen Before:

Kitchen After:

The house is still listed as the same price as in October 2009 (but the taxes went up, however.)

The kitchen has granite counter tops and stainless steel appliances. 3 of the 4 bedrooms are located on the second level.

The house also has a deck off the back that leads to a generous back yard.

Gary Lucido at Lucid Realty still has the listing. See more pictures here.

1830 W. Oakdale: 4 bedrooms, 2.5 baths, no square footage listed, 2 car garage

• Sold in April 1995 for $264,000
• Sold in April 1998 for $340,000
• Sold in May 2000 for $444,000
• Sold in February 2003 for $492,000
• Sold in July 2007 for $700,000
• Originally listed in March 2009 for $724,850
• Reduced several times
• Was listed in October 2009 for $624,850
• Currently still listed for $624,850
• Taxes of $8581
• Central Air
• Bedroom #1: 15×12
• Bedroom #2: 15×9
• Bedroom #3: 10×7
• Bedroom #4: 11×10 (lower level)