Crib Chatter

This 3-bedroom vintage single family home at 3623 N. Hermitage in the North Center neighborhood of Lakeview recently came on the market.

The good news is, all three bedrooms are on the second floor, it has 2.5 baths, central air and a 2 car garage.

The bad news is it’s only 1134 square feet. The listing calls it “a bit on the small side.”

It has 9-foot ceilings and front and back porches.  It also has a finished basement/family room.

The listing says that there is little mowing involved because the 2-car garage takes up most of the backyard.

Check out the cool night time pictures here.

Evan Kane at Weichert Realtors – Endeavor has the listing.

3623 N. Hermitage: 3 bedrooms, 2.5 baths, 1134 square feet, 2 car garage

• Sold in June 1996 for $124,000
• Sold in July 2004 for $522,000
• Currently listed for $579,000
• Taxes of $6115
• Central Air
• Bedroom #1: 12×14
• Bedroom #2: 8×13
• Bedroom #3: 7×11
• Living room: 14×18
• Dining room: 12×14
• Kitchen: 9×15
• Finished basement: 12×14
• 140 sqft front porch
• 240 sqft back porch

We last chattered about this vintage 2-flat at 5207 N. Magnolia in Edgewater in April 2009.

See our prior chatter and pictures here.

It had a 2 bedroom/1 bath first floor unit and a 3 bedroom/1 bath owners unit with a rooftop deck.

There was also a 2-car garage. Each unit had its own central air.

The greystone had many vintage features, including leaded glass.

Pamela J. Ball at Baird and Warner had the listing.

5207 N. Magnolia: 5 bedrooms, 2 baths, 2 car garage

• Sold in December 2000 for $537,500
• Sold in June 2006 for $820,000
• Listed in October 2008 for $830,000
• Was still listed in April 2009 at $830,000
• Sold in September 2009 for $779,000
• Taxes of $6784
• Central Air

The surge in buyers rushing to get the first time homebuyers tax credit showed up in the October sales numbers. Sales jumped by double digits statewide, in the nine county area and in the City of Chicago.

While sales rebounded in Chicago, median price fell 18% year over year.

From the Illinois Association of Realtors:

In the city of Chicago, October total home sales (single-family and condominiums) were up 28.5 percent to 2,012 sales compared to 1,566 homes sold in October 2008. The city of Chicago median price in October 2009 was $215,000 down 18.0 percent compared to $262,250 a year ago in October 2008.

“We are seeing increased movement in both the single-family unattached homes, as well as in Chicago’s condo market,” said Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. “The first-time homebuyer tax credit has created a great incentive for buyers on the fence who are ready to invest in real estate. We are hopeful that the remainder of 2009 with the expanded and extended credit will continue to positively increase home sales in our market, however continued review of lending policies is also necessary, in order to assist credit-worthy homebuyers in their investments.”

Are the increase in sales a sign that we’ve reached a bottom?

“Sales continue to offer some encouraging news and there is an early indication of a cessation of price declines in Illinois,” noted Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The volatility in a number of indicators on a month-to-month basis still makes it difficult to detect a longer-term trend. With interest rates at 5 percent for 30-year loans, housing supply strong, the uptick in sales should continue; however, many potential buyers have either too much debt or are unemployed precluding their participating in this buyers’ market.”

Illinois’ unemployment rate rose to 11% in October from 10.5% in September.

“October’s extraordinary sales totals reflect home purchases by many buyers who were sitting on the sidelines of the housing market waiting out the economic downturn as well as more home sellers coming to terms with accurate pricing given the market conditions,” said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS®. “The first-time homebuyer tax credit clearly was a motivating factor and an effective market stimulus to reduce inventories and help stabilize prices. The good news is that the credit has been extended through April 2010 and expanded to now include potential move-up buyers who have owned a home for any consecutive five-year span during the last eight years.”

Pent-Up Demand and Tax Credit Drive October Home Sales Rally Sales Up 24.2% Statewide and 33.3% in Chicago Region [Illinois Association of Realtors, Press Release, Nov 23, 2009]

We last chattered about this 3-bedroom single family home at 2032 W. Churchill in Bucktown in August 2009.

See our prior heated discussion here.

In August, it was priced above the 2007 purchase price but has now been reduced by $44,000 and is now listed under the prior sale.

The house is in a prime Bucktown location, with easy access to the shops and restaurants as well as the El.

Two of the bedrooms are on the second floor and one is in the basement. The kitchen has all white cabinets, appliances and countertops.

Tobi Soraghan at @Properties has the listing. See the pictures here.

(By the way- @Properties has redesigned their website so that it is registration only- and no longer links separately to agent’s properties. So therefore I’m linking to redfin for their listings.)

2032 W. Churchill: 3 bedrooms, 2.5 baths, 2 car garage

• Sold in May 1996 for $218,000
• Sold in August 1999 for $370,000
• Sold in January 2003 for $472,500
• Sold in September 2007 for $585,000
• Was listed in August 2009 at $619,900
• Reduced several times
• Currently listed for $575,000
• Taxes of $6688
• Central Air
• Bedroom #1: 13×13
• Bedroom #2: 12×11
• Bedroom #3: 13×8 (lower level)
• Family room (lower level)

A lot of the 3-bedroom units we see in Lincoln Park and Lakeview are new construction or duplex downs so it’s somewhat unusual to see a 3-bedroom vintage unit all on one level like this one at 2043 N. Mohawk.

It not only has 3 bedrooms but also a family room and a dining room.

The unit has high ceilings and built-ins along with original exposed wood moldings. The listing says the kitchen has been renovated and it has stainless steel appliances.

It also has a back deck.

There is a washer/dryer in the unit and 1 parking space is included. The only thing it seems to be missing is central air- as it has window units.

The unit has been reduced by $19,100 since September.

It’s also priced $33,000 under the 2007 purchase price.

Harry Pfaff at Prudential Rubloff has the listing. See the pictures and a virtual tour here.

See the property website here.

Unit #2N: 3 bedrooms, 2 baths, 1 parking space, no square footage listed

• Sold in June 2000 for $399,000
• Sold in February 2007 for $612,000
• Originally listed in September 2009 for $599,000
• Reduced
• Currently listed at $579,900
• Assessments of $415 a month (includes heat)
• Taxes of $6508
• No central air – window units
• Washer/Dryer in the unit
• Bedroom #1: 10×14
• Bedroom #2: 10×12
• Bedroom #3: 9×13
• Family room: 13×15
• Dining room: 10×13
• Living room: 13×19
• Kitchen: 13×14

We last chattered about this huge 4-bedroom top floor vintage unit at 411 W. Briar in East Lakeview in August 2009.

See our prior chatter and pictures here.

It is still on the market and has been reduced by $40,100.

It is now also $40,100 under the 2006 purchase price.

The building was built in 1920. The unit has good vintage bones, including hardwood floors throughout, a dining room and a sunroom.

It has central air and an in-unit washer/dryer but parking is leased.

The notes for this weekend’s open house says it is wonderful space that needs some TLC.

Claire Sylvestre at Prudential Rubloff still has the listing. See more pictures, the virtual tour and the floor plan here.

Or see it in person at this weekend’s open house on Sunday, Nov 22, from 1:00 to 3:00.

Unit #3D: 4 bedrooms, 2 baths, 2600 square feet

• Sold in March 1995 for $267,500
• Sold in August 1997 for $265,000
• Sold in March 2006 for $535,000
• Was listed in August 2009 for $535,000
• Reduced
• Currently listed for $494,900
• Assessments of $901 a month (includes heat, tv/cable, security system)
• Taxes of $5822
• Central Air
• Washer/dryer in the unit
• No parking (leased)
• Bedroom #1: 17×13
• Bedroom #2: 14×14
• Bedroom #3: 14×13
• Bedroom #4: 10×9

This 3-bedroom duplex down unit at 1542 N. Hudson in Old Town doesn’t have just one parking space it has two.

The unit has hardwood throughout and the kitchen has stainless steel appliances and granite counter tops.

It’s also a rare 3 bedroom 3 bath unit (as usually they are 3/2.)

From the listing, it appears that the living room and kitchen are both on the lower level (along with one of the bedrooms) and the other two bedrooms are on the main level.

Is this a steal for this price?

Victoria Perryman at Coldwell Banker has the listing. See the pictures here (there are 16 of them- be sure to click all the way through).

Unit #1: 3 bedrooms, 3 baths, no square footage listed, 2 car parking

• Sold in April 2006 for $550,000
• Originally listed in June 2009
• Listed in August 2009 for $375,000
• Reduced
• Currently listed for $360,000
• It doesn’t list the assessment amount but there are 2 units in the building
• Taxes of $8230
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×15 (main level)
• Bedroom #2: 15×15 (main level)
• Bedroom #3: 12×15 (lower level)
• Living room: 18×20 (lower level)
• Kitchen: 7×15 (lower level)

We’ve chattered about the distress sales at the Millennium Centre at 33 W. Ontario in River North numerous times before.

This recently listed bank owned 50th floor 2-bedroom unit has unobstructed views, hardwood floors, cherry cabinets and granite countertops in the kitchen.

From the pictures, it appears that the stainless steel appliances and the washer/dryer are still in the unit.

And this price includes the parking.

Given the recent auction at 1400 S. Michigan in the South Loop, could a foreclosure in River North actually be a better deal? This one is listed at $275 a square foot.

Vincent Scott at Sudler Sotheby’s has the listing. See the pictures and a floorplan here.

Unit #50D: 2 bedrooms, 2 baths, 1325 square feet

• Sold in October 2004 for $697,500 (parking included)
• Lis pendens foreclosure in July 2009
• Bank owned
• Currently listed for $364,900 (parking included)
• Assessments of $866 a month (includes heat, a/c, doorman)
• Taxes of $7086
• Washer/Dryer in the unit
• Central Air
• Bedroom #1: 16×11
• Bedroom #2: 14×11
• Living room: 24×16
• Kitchen: 11×9

We’ve been chattering quite a bit about the South Loop recently. This 2-bedroom corner unit at 1515 S. Prairie has been on the market since September 2009.

It is the lowest priced 2/2 in the building.

It has city views, hardwood floors, and stainless steel appliances and granite countertops in the kitchen.

The unit has been upgraded with granite in the master bathroom which also has a separate shower and jacuzzi tub.

Would this make a good in-town residence?

Ricardo Jimenez at Prudential Rubloff has the listing. See more pictures and the virtual tour here.

See the property website here.

Unit #802: 2 bedrooms, 2 baths, no square footage listed

• Sold in December 2003 for $335,000 (included the parking)
• Originally listed in September 2009 for $375,000 (parking $30,000 extra)
• Reduced
• Currently listed for $345,000 (parking $30,000 extra and must be sold with the unit)
• Assessments of $471 a month (includes cable, a/c, heat, doorman)
• Taxes of $3607
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 11×12
• Living room: 12×18
• Kitchen: 11×12

Crain’s reported yesterday that two short sales have appeared in Trump Tower at 401 N. Wabash in River North in the hotel/condo section of the building.

The investors who bought the two units from the developer last year are trying to sell them at steep discounts through so-called short sales, or for less than the debt owed on the units. One hotel room is on the market for less than half of what it sold for in March 2008.

The cases also raise questions about how low condo-hotel prices in the riverside project can go. And one broker with listings in the building expects more foreclosure suits in the future.

“No question about it,” says Andrew Glatz, president of Chicago-based brokerage Crown Heights Realty. “There will be a flood of them.”

Mr. Glatz is trying to sell a condo-hotel unit on the 20th floor for $379,000, less than the $493,589 loan balance on the unit. The owner bought the room from a Trump affiliate for $664,000 in February 2008. Wells Fargo Bank N.A. last month filed to foreclose on the unit.

Wells Fargo has also sued to foreclose on a unit on the 24th floor with an original mortgage of $712,000. The unit is on the market for $389,900, 56% less than the $895,000 Trump sold it for in March 2008. Wells Fargo would have to approve both sales if the investors can’t repay the loans in full but want to be released from the mortgages.

Mr. Trump says the two suits and potential short sales say nothing about the project at 401 N. Wabash Ave., which includes 486 residential condos and 339 hotel units. The development is “doing very nicely,” he says, and foreclosure suits in new condo developments are “common all over the place,” not just in his building.

In the condo portion of the building, which is on the higher floors, the Chicago Tribune has been reporting on former Bears quarterback Rex Grossman’s attempts to sell his 2-bedroom unit that he bought only last year.

The 3,437 square foot unit is now listed for $595,000 under the October 2008 list price.

It is also now listed $385,000 under the 2008 purchase price.

Susan Miner at Premier Relocation has the listing. See the pictures here.

Unit #36A: 2 bedrooms, 4 baths, den, 3437 square feet

• Sold in 2008 for $2.68 million (according to the Tribune)
• Originally listed in October 2008 for $2.89 million
• Reduced numerous times
• Currently listed for $2.295 million (two parking spaces available for extra)
• Assessment of $1745 a month
• Taxes are “new”
• Snaidero cabinets

Grossman drops asking price [Chicago Tribune, Bob Goldsborough, Nov 8, 2009]- Scroll down to the bottom of the article

2 Trump hotel unit owners face foreclosure [Crain’s Chicago Business, Alby Gallun, Nov 18, 2009]