Crib Chatter

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)

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