Crib Chatter

This 2 bedroom unit at 651 W. Sheridan in Lakeview has been on the market since April 2009.

It has been reduced by $79,100 and is now a short sale.

It is also now listed at about the 2004 purchase price.

The unit has exposed brick walls, granite counter tops and stainless steel appliances in the kitchen and central air.

There is no washer/dryer in the unit but it’s available on every floor and there are only 24 units in the building.

It also has a parking space and a balcony.

Are two bedroom units returning to affordability in East Lakeview?

Maria Dziubczynski at Re/Max Impact has the listing. See the pictures here.

Unit #4A: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 1989 for $95,000
• Sold in July 1990 for $106,000
• Sold in August 1994 for $128,000
• Sold in April 1998 for $154,000
• Sold in July 2004 for $269,000
• Sold in November 2005 for $322,000
• Sold in March 2007 for $339,000
• Originally listed in April 2009 for $349,000
• Reduced numerous times
• Lis pendens foreclosure filed on in October 2009
• Currently listed as a “short sale” for $269,900
• Assessments of $283 a month
• Taxes of $3967
• Central Air
• No Washer/Dryer in the Unit (on every floor)
• Parking included
• Bedroom #1: 16×12
• Bedroom #2: 13×10
• LIving room: 27×16
• Kitchen: 12×10

We last chattered about this 4-level three bedroom townhouse at 1137 W. Monroe in the West Loop in June 2009.

See our prior chatter and pictures here.

It has been reduced by about $100,000 since it was originally listed in April 2009.

At under $550,000, this townhouse is now similarly priced to many larger condos in the area.

The townhouse has a family room as well as 3 outdoor spaces. The kitchen has cherry cabinets, stainless steel appliances and granite countertops.

Is this now a steal for a move-up West Loop buyer?

Renee Yuditsky at Prudential Rubloff still has the listing. See more pictures and the virtual tour here.

See the property’s website here.

Unit #8: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage

• Sold in September 2006 for $565,000
• Sold in May 2007 for $627,500
• Originally listed in April 2009 for $649,500
• Reduced several times
• Was listed in June 2009 at $615,000
• Reduced
• Currently listed at $549,000
• Assessments of $205 a month
• Taxes of $7873
• Central Air
• Bedroom #1: 15×15 (fourth level)
• Bedroom #2: 13×12 (third level)
• Bedroom #3: 13×12 (third level)
• Family room: 17×12 (main level)

Crain’s is reporting that according to a new report by the Appraisal Research Counselors just 56 condos and townhomes sold in the third quarter of 2009 compared to 160 in the year ago period.

It’s also down from 313 condos in the prior quarter (second quarter of 2009).

Appraisal Research is expecting just 600 units to sell this year which is about the same as 2008. 2008 was the worst year for sales since Appraisal started tracking them in 1997.

At the current sales pace, that would mean there will still be 6 years worth of new construction inventory.

After completing 4,155 units in 2008 and 4,061 units this year, downtown condo and townhome developers will finish just 900 in 2010, a 78% drop, according to Appraisal Research. Just 86 units are due to be completed in 2011.

“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.”

Sales topped 8,000 a year near the peak of the market in 2005.

Appraisal also believes the $8,000 first time home buyers credit and the $6500 move up credit could stir up a few more sales.

What about those walking away from contracts?

According to Appraisal Research, 23% of new downtown condo developments reported a net loss of sales in the third quarter as buyers walked away from signed contracts. The firm tracks sales contracts, not completed sales. Fifty-two percent of projects reported a sales increase and 25% reported no change.

When will demand return to the downtown housing market?

Downtown condos: Sales dismal, but development winds down [Crain’s Chicago Business, Alby Gallun, Nov 9, 2009]

This 3 bedroom brick loft at 1623 W. Ohio in West Town was renovated into a home in 2005 but not after it spent 129 years as a commercial space. Apparently it was once a street car repair shop.

The home is almost 5,000 square feet and has 14 foot ceilings.

The kitchen is decked out with 8 double stack burners and double Subzeros. It has Anne Sacks tile. According to the listing the loft has a “brain” with 3 touch panels.

Mike Morrison at Exit Realty has the listing. See the pictures here.

1623 W. Ohio #1: 3 bedrooms, 4 baths, 2 car garage, 4971 square feet

• Sold in March 2005 for $1.3 million (per the Tribune records)
• Currently listed for $1.599 million
• Taxes of $24,910
• Central Air
• Washer/Dryer
• I can’t tell if this is a single family home or actually a condo unit. There doesn’t appear to be any assessment. I also can’t find any record of a second unit.

We’ve chattered about this renovated contemporary unit at 550 W. Wellington in Lakeview several times.

See our prior June 2009 chatter and pictures here.

It has been reduced by $295,000 in the last year and is now under contract.

The 2-bedroom unit has 10 foot ceilings, 3 exposures and a rooftop deck. It has luxury finishes by Bulthaup, Sub-Zero, Poliform, Dornbracht, and Lutron.

The unit also has an extra large walk-in closet.

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

Unit #9W: 3 bedrooms, 2 baths, 2000 square feet

• Sold in June 2005 for $995,000
• Originally listed in November 2008 for $1.295 million
• Reduced
• Was listed in June 2009 at $1.095 million
• Reduced
• Currently listed for $1 million
• Under Contract
• Assessments of $537 a month
• Taxes of $14,078
• 1 heated garage parking space included
• Central Air
• Washer/Dryer in the unit

This 2-bedroom short sale at 716 W. Webster across from Oz Park in Lincoln Park has been on the market since August 2009.

It is currently listed as a “short sale” and is priced about 14% below the 2006 purchase price.

The unit has 11 foot ceilings, oak floors and a wood burning fireplace.

The kitchen has oak cabinets, white corian counter tops and white appliances.

There is no central air, no washer/dryer in the unit and no parking. But there is a 21×10 private patio.

The listing calls for all “bargain hounds” and says to “come make a deal.”

Is this a “deal” at this price?

Ken Snedegar at Prairie Shore Properties has the listing. See the pictures here.

Unit #1W: 2 bedrooms, 1 bath, 1300 square feet

• Sold in April 1989 for $164,000
• Sold in June 1992 for $172,000
• Sold in March 1996 for $159,000
• Sold in April 1998 for $178,500
• Sold in May 2006 for $367,000
• Originally listed in August 2009 for $359,000
• “Short sale”
• Reduced several times
• Currently listed for $314,500
• Assessments of $267 a month
• Taxes of $4394
• No central air
• No washer/dryer in the unit
• No deeded parking
• 1 wood burning fireplace
• Bedroom #1: 15×10
• Bedroom #2: 11×8
• Living room: 23×14
• Kitchen: 12×10

This 2-bedroom vintage unit at 4018 N. Spaulding in Old Irving Park was converted in 2005.

The building dates back to 1925. The unit appears to have some built-ins, such as the fireplace and bookcases in the living room. The kitchen, however, has been updated with stainless steel appliances and granite counter tops.

It also has central air and an in-unit washer/dryer but no parking.

The unit is priced $19,001 under the 2005 purchase price.

Is this a nice starter home for someone looking in the Irving Park neighborhood?

Margaret Gustin at Prudential Rubloff has the listing. See the pictures and a virtual tour here.

See the property website here.

Unit #3: 2 bedrooms, 1 bath, no square footage listed

• Sold in April 2005 for $209,000
• Listed in June 2009 for $209,000
• Reduced
• Currently listed at $189,999
• Assessments of $188 a month
• Taxes of $2300
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 13×11
• Bedroom #2: 10×10
• Kitchen: 10×10
• Living room: 18×12

Only a month ago, we chattered about this 2-bedroom home at 2700 N. Wilton in Lincoln Park that is located near the El tracks.

The house has just been reduced another $30,000.

It is now priced just $9,000 over its February 2008 purchase price.

It has maple hardwood floors throughout. The kitchen has stainless steel appliances and the bathrooms have been renovated.

It also has a 2-car heated garage.

At this price, is it now becoming more attractive as a townhouse or condo alternative?

Barry Kadish at Marc Realty has the listing. See more pictures here.

Watch the YouTube video here.

2700 N. Wilton: 2 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in December 1992 for $7,339
• Sold in December 1994 for $12,966
• Sold in September 1996 for $170,000
• Lis pendens filed in January 2007
• Bank owned in October 2007
• Sold in February 2008 for $540,000 (the amount is from Redfin, but other public records do not list the amount only the sales date)
• Originally listed in August 2009 for $649,000
• Reduced
• Was listed in October 2009 for $579,000
• Reduced
• Currently listed for $549,000
• Taxes of $8627
• Central Air
• Bedroom #1: 20×34
• Bedroom #2: 9×13
• Living room: 17×21

We chattered about this 4-bedroom house at 1322 N. Oakley with a rooftop deck in Wicker Park just a month ago.

See our prior chatter and pictures here.

It had multiple offers and went under contract within 6 days. It closed for $60,000 over the 2005 purchase price.

The home, built in 1893, has central air and a two car garage. Three of the bedrooms are on the second level.

Is it a sign that life is returning to the housing market?

Mario Greco at Prudential Rubloff had the listing.

1322 N. Oakley: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in May 1994 for $105,000
• Sold in March 1996 for $234,500
• Sold in May 2000 for $100,000 (?)
• Sold in October 2001 for $460,000
• Sold in July 2005 for $650,000
• Originally listed in September 2009 for $699,000
• Increased
• Was listed in October 2009 for $719,000
• Under contract in 6 days
• Sold in October 2009 for $710,000
• Taxes of $7057
• Central Air
• Bedroom #1: 19×12
• Bedroom #2: 16×10
• Bedroom #3: 11×10
• Bedroom #4: 15×11 (lower level)

The developer at The Vetro, at 611 S. Wells, in the South Loop has cut prices (again) in a “developer close out” to try and sell 6 of the remaining available units. It appears the cuts are only on the bigger and pricer units.

The ad for the price cuts list five 2 bedrooms + den/2.5 bath corner units and one 3 bedroom/3 bath corner penthouse.

For the penthouse, the price has been reduced another $41,000.

Unit #3004: 3 bedrooms, 3 baths, 2000 square feet

• Was listed in April 2009 (right after the auction) for $580,000 (parking included)- assessments of $764 a month
• Reduced
• Currently listed for $539,000 (parking included)

Of the 5 corner 2 bedrooms + den units, it looks like the reductions are in the 03 and 07 tiers.

03-tier: 2 bedrooms, plus den, 2.5 baths, 1667 square feet, Northwest and east exposures

• Priced in April 2009 (right after the auction) from $400,000 for the 10th floor to $435,000 on the 20th floor (were listed in the low $500,000-range with parking extra in 2008)
• Parking included
• Assessments run from $582 to $641 a month
• Reduced
• Currently priced from $399,900 on the 10th floor to $382,000 on the 13th floor

07-tier: 2 bedrooms, den, 2.5 baths, 1525 square feet, Southeast and West exposure 

• Priced in April 2009 (right after the auction) from $371,000 on the 9th floor to $413,000 on the 27th floor (were listed in the mid-$400,000s with parking extra in 2008)
• Parking included
• Assessments run from $454 to $513 a month
• Reduced
• Currently priced from $362,000 on the 13th floor to $415,000 on the 28th floor

Are these reductions even much of a reduction?

Baird and Warner is still handling sales.

You can see pictures of one of the other penthouse units, Unit #3102, to give you an idea as to what the penthouses are like, and which is under contract, here.