Crib Chatter

There have been “teaser” ads in the Tribune the last few Sunday’s about something “big” coming at 565 Quincy, the new Belgravia building in the Loop.

It should come as no surprise that the news is price reductions.

You’ll recall that in November, Belgravia’s CEO had this to say to Crain’s about the downtown market:

“2010’s going to be a better year than 2009,” says Alan Lev, CEO of Chicago-based residential developer Belgravia Group Ltd. “Nothing new is getting built. It seems as though things are stabilizing.”

Here’s the reductions that I have seen so far (from the 565 Quincy facebook page):

Junior 1 Bedroom:

• Was $201,000
• Now $164,000

1 Bedroom/1 Bath:

• Was $312,900
• Now $219,000 (includes a parking space)

2 Bedrooms/2 Baths:

• Was $441,900
• Now $331,000 (includes a parking space)

On the MLS, the listed units are various prices- but it looks like all of them have been reduced. There will be more info to come in the next few days.

Are these price reductions enough to move the units?

You can see pictures of the model unit (and the bowling alley) here.

A search of the public records shows 60 units have closed out of 241 total units.

@Properties is teaming with Belgravia Realty to handle the sales.

Longing for views of the lake and Millennium Park? This 2-bedroom rental at 65 E. Monroe in the Loop is for you.

The listing says it’s “never been lived in”.

It has hardwood floors in the living area and carpet in the bedrooms. The kitchen has stainless steel appliances and granite counter tops.

The listing says it’s 1628 square feet.

Other east facing two bedroom units in the building that are for sale, such as Unit #4425, are slightly smaller and on the market for $799,500 (plus $50k extra for the parking.)

Is this a rental deal?

Thorton Properties has the rental listing. See the pictures here.

Unit #4221: 2 bedrooms, 2 baths, 1628 square feet

• Sold in August 2009 for $775,000
• Currently listed as a rental for $2500 a month (parking extra)
• Lake views
• Millennium Park views

This 1-bedroom at 70 W. Burton in the Gold Coast has been renovated by a designer to reflect today’s modern style.

The corner unit has bamboo floors and an updated kitchen with european cabinets and stainless steel appliances.

The bathroom has Purist Kohler bath fixtures and limestone tiles.

While there is no central air or washer/dryer in the unit, parking is available to rent in the building.

Vik Wadhwa at Modern Chicago Homes has the listing. See more pictures here.

Unit #803: 1 bedroom, 1 bath, 750 square feet

• Sold in June 1989 for $78,000
• Sold in June 2004 for $182,500
• Was previously listed in 2008 for $259,000
• Recently re-listed for $242,900
• Assessments of $580 a month (includes heat, cable, doorman)
• Parking of $115 a month
• Taxes of $2389
• No washer/dryer in the unit
• No central air
• Bedroom: 17×13
• Living room: 18×16
• Kitchen: 12×8

Yes, it’s bank owned. But this 4-bedroom single family home at 5209 N. Ashland in Andersonville is listed under $200,000.

It appears from the pictures that the kitchen and some of the bathrooms have been stripped from the house.

It doesn’t have central air but it does have a 2 car garage. Two of the bedrooms are on the second floor and 2 are on the lower level.

Is this a steal?

Anthony Nasca at Coldwell Banker has the listing. See the pictures here.

5209 N. Ashland: 4 bedrooms, 2.5 baths, 2 car garage

• Sold in April 2000 for $240,000
• Lis pendens in June 2008
• Bank owned in November 2009
• Originally listed in November 2009 for $209,000
• Reduced several times
• Currently listed at $188,900
• Taxes of $4891
• No central air
• Built in 1907

This Victorian 2-flat at 2142 W. Irving Park Road in the North Center neighborhood of Lakeview has been on the market since February 2009.

Since then, it has been reduced by $106,000. It is listed as being sold “as-is.”

The two units are as follows:

1. Unit #1: 3 bedrooms, 1 bath, parking spot: rent for $1250 a month
2. Unit #2: 2 bedrooms, 1 bath: rent for $1400 a month

The units do not have central air, only window units.

There is 1 additional bathroom in the semi-finished basement. The listing also states that there are new appliances.

Does this 2-flat now make investment sense?

Thomas Okon at Prairie Shore Properties has the listing. It is agent owned.

See the pictures here.

2142 W. Irving Park Road: 2-flat, garage

• Sold in June 1992 for $162,500
• Sold in September 1998 for $208,000
• Originally listed in February 2009 for $445,000
• Reduced several times
• Currently listed at $339,000
• Taxes of $5912
• Gas: $3000
• Insurance: $2000
• Water: $250

Dreaming of the beach?

We last chattered about this 4-bedroom 1903-era home at 7237 S. South Shore in the South Shore neighborhood in June 2009.

See our prior chatter and pictures here.

It’s still available and listed for the same price as last June.

The property has 2 PIN numbers, one of which extends the lot all the way to the edge of the lake making it only 1 of just 2 dozen homes in the city limits that has actual private Lake Michigan access.

It has no garage, but has three parking spaces on the side drive. It also has an unfinished basement.

Tracey Taylor at Prudential Rubloff still has the listing. See the virtual tour here.

See the listing and more pictures here.

7237 S. South Shore Drive: 4 bedrooms, 2.5 baths, 2587 square feet, 3 parking spaces

• Sold in October 2007 for $1.2 million
• Was listed in June 2009 for $1.5 million
• Currently listed for $1.5 million
• Taxes of $7113
• Central Air
• Full unfinished basement
• Bedroom #1: 17×13
• Bedroom #2: 10×10
• Bedroom #3: 12×12
• Bedroom #4: 15×12

This 2-bedroom timber loft at 550 N. Kingsbury in River North just came on the market.

It is bank owned.

The loft is currently listed for $5,100 under the 1998 purchase price.

The 2-bedroom unit has central air, washer/dryer in the unit. It also appears to have 2 parking spaces which are included in the price.

I’ve been told that it doesn’t face the expressway but that neither bedroom has windows.

Is this a steal for River North?

Katy Elliott at Great Lakes Realty has the listing. See the listing here (exterior picture only.)

(By the way- notice that it resold every two to three years- supporting the statistic that lofts resell, on average, every 2 to 3 years.)

Unit #210: 2 bedrooms, 2 baths, 2 car parking

• Sold in June 1995 for $256,000
• Sold in June 1998 for $355,000
• Sold in September 2001 for $440,000
• Sold in August 2004 for $478,000
• Sold in May 2006 for $499,000
• Lis pendens filed in December 2008
• Bank owned as of November 2009
• Currently listed for $349,900 (parking included)
• Assessments of $499 a month
• Taxes of $4864
• Bedroom #1: 14×12
• Bedroom #2: 14×11
• Living room: 26×28
• Laundry room: 6×10

We’ve chattered about 1013 W. Webster #7, a 3-bedroom triplex, in Lincoln Park numerous times over the last 21 months.

In November 2009, it came back on the market with a further reduction. See our November 2009 chatter here.

It finally sold shortly thereafter for $266,500 under the 2006 purchase price.

The unit had a master suite on the top floor, exposed brick and a modern kitchen with stainless steel appliances and granite countertops.

It also had 2 parking spaces, which is somewhat rare for a condo in Lincoln Park, especially in this price range.

Is this property an aberration or a sign of the times even in Lincoln Park?

Linda Broznowski at @Properties had the listing. (If you have a redfin account, you can see the pictures by putting in the address.)

Unit #7: 3 bedrooms, 2 baths, 2 car private garage with storage, no square footage listed

• Sold in July 2006 for $686,500
• Originally listed in March 2008 for $685,000
• Reduced
• Listed in April 2008 for $659,000
• Reduced
• Was listed in June 2008 for $649,000 (included the two car garage)
• Reduced
• Was listed in October 2008 for $598,888
• Reduced
• Was listed in February 2009 for $525,000 (two car garage still included)
• Reduced
• Was listed in November 2009 for $449,000 (two car garage still included)
• Sold in November 2009 for $420,000
• Assessments were $271 a month in February 2009 (new listing didn’t list any assessments)
• Taxes of $8975 in February 2009 (most recent listing said they’re “new”)
• Central Air
• Washer/Dryer in the unit
• Master suite: 30×15
• Bedroom #2: 15×10
• Bedroom #3: 13×13

This 3-bedroom townhouse at 1742 N. Winnebago in Bucktown isn’t one of the small townhouses that were built during the boom.

Built in 1996, it has nearly 3000 square feet of living space alongside an open concept floor plan that most current buyers like.

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

It has since been reduced by $10,000.

The house also has a roof top deck with a built in bar for those hot summer nights and a 2-car garage.

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

Unit #B: 4 bedrooms, 2.5 baths, 2 car garage, 2934 square feet

• Sold in November 1996 for $304,500
• Sold in April 2004 for $542,500
• Sold in January 2006 for $611,500
• Sold in April 2007 for $662,000
• Originally listed in August 2009 for $649,000
• Reduced
• Was listed in September 2009 for $635,000
• Reduced
• Currently listed at $625,000
• Assessments of $55 a month
• Taxes of $7,040
• Central Air
• 3 bedrooms are on the upper floor and 1 is on the lower level

This 2-flat at 2610 N. Mildred in Lincoln Park just came on the market.

Built in 1878, each of the units are 2 bedrooms, 1 bath. The listing says the property is in “need of updating but has great potential.”

The units have hardwood floors and eat-in kitchens.

The listing also says the property is being sold “as-is”. (I can’t tell from public records if it is bank owned or not.)

The lot size appears to be 33×75 and there is no parking.

Is this a deal?

Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here.

2610 N. Mildred: 4 bedrooms, 2 baths, 2-flat

• Sold in October 2003 for $527,000
• Lis pendens filed in March 2009
• Currently listed for $515,950
• Taxes of $9544
• No central air
• No parking