Crib Chatter

We chattered about this unique 2-bedroom duplex at 1855 N. Halsted several times over the last few months including in September 2009 after it has recently been reduced.

See our prior chatter and pictures here.

In September, someone said it would sell for $450,000. Several others all thought it would sell quickly if priced in the mid-$500,000s.

It recently closed for $7500 over the 2007 purchase price.

Ron Knoll at Saffron Realty had the listing. Remember, Unit #1 was actually on the fourth floor.

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

• Sold in March 1988 for $150,000
• Sold in January 1994 for $228,000
• Sold in January 2002 for $395,000
• Sold in June 2007 for $562,500
• Was listed in June 2009 for $635,000
• Reduced
• Was listed in September 2009 for $619,000
• Sold in November 2009 for $570,000
• Assessments of $429 a month
• Taxes of $5689
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 19×12
• Bedroom #2: 15×14
• Loft: 15×6

We chattered about this 2-bedroom vintage unit at 739 W. Brompton in October 2009.

See our chatter and pictures here.

The unit went under contract quickly and recently closed.

It was extra wide with a renovated kitchen. But it kept a lot of its vintage features including a wood burning fireplace with antique mantle.

Mary Ann Genellie at Prudential Rubloff had the listing.

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

• Sold in February 1989 for $178,000
• Sold in July 1995 for $194,500
• Sold in January 2000 for $315,000
• Was listed in October 2009 for $437,700
• Sold in November 2009 for $405,000
• Assessments of $265 a month
• Taxes of $4684
• Central Air
• Washer/Dryer in Unit
• No Parking (leased in the neighborhood)
• Bedroom #1: 18×14
• Bedroom #2: 15×12
• Living room: 19×15
• Dining room: 19×12
• Kitchen: 14×13
• Sunroom: 16×8

We last chattered about this unique 2-bedroom penthouse loft at 758 N. Larrabee in March 2009.

See our prior chatter here.

It has now been reduced by $190,000 since it was originally listed in November 2008.

It has 15-foot ceilings and a unique glass catwalk (be sure to check out the new pictures of the catwalk which show it up close).

The unit has a 1000 square foot private terrace as well.

The kitchen is state of the art with Miele, Gaggenau, and Thermador.

Melanie Gail Feddersen at Prudential Rubloff now has the listing. See the pictures and the virtual tour here.

See the property website here.

Unit #902: 2 bedrooms, 2 baths, den, 2744 square feet

• Sold in April 2003 for $725,000
• Originally listed in November 2008 for $1.44 million
• Reduced
• Was listed in March 2009 for $1.354 million (2 parking spaces available for $40K each)
• Reduced
• Currently listed for $1.25 million (2 parking spaces available- I can’t tell if they’re extra or not)
• Assessments of $1243 a month
• Taxes of $11,064
• Bedroom #1: 12×18
• Bedroom #2: 13×16

There will be no new posts on Thanksgiving.

I’ve decided to do some posts on Friday for those unlucky people who actually do have to work or who aren’t going to the shopping malls.

I’ve been wanting to do some updates on properties that we’ve chattered about so look for those today and on Friday.

Happy Thanksgiving everyone!

Sabrina

It’s been about 6-months since we last chattered about River City at 800 S. Wells in the South Loop.

We have chattered about this building numerous times over the past two years. In fact, it was one of the first properties I ever chattered on.

It looks like the banks are getting a bit more aggressive on the 3 bedroom duplexes in the building.

Unit #550 has been reduced by $47,500 since July 2009.

When do these units become a deal?

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

Unit #550: 3 bedrooms, 2.5 baths, no square footage listed

• Sold in December 2005 for $522,000
• Lis pendens in January 2008
• Bank owned in December 2008
• Listed in July 2009 for $183,000
• Reduced several times
• Currently listed for $135,400
• Assessments of $922 a month (includes heat, A/C)
• Taxes of $6585
• Washer/Dryer in the unit
• Central Air?
• Leased parking available
• Bedroom #1: 12×20
• Bedroom #2: 8×11
• Bedroom #3: 8×11
• Living room: 18×20
• Kitchen: 7×9
• Other: 5×7

We last chattered about this vintage duplex 2-bedroom in the Andrew Rebori building at 40 W. Schiller in the Gold Coast in August 2009.

See our prior chatter and interior pictures here.

The building has a distinct european flavor to it. Built in 1923, no two units are alike.

Completely renovated, this duplex has a new kitchen, bathrooms, plumbing and electrical.

The original features, including the historic fireplace and the sweeping staircase, remain.

Since August, the unit has been reduced another $124,000.

Lissa Weinstein at Sudler Sotheby’s now has the listing. See the pictures here.

Unit #D2: 2 bedrooms, 2 baths, 1400 square feet, duplex

• I couldn’t find an original sales price but it last sold 3 years ago and then was renovated
• Originally listed in December 2008 for $775,000
• Reduced
• Was listed in May 2009 for $725,000
• Reduced
• Was listed in August 2009 at $699,000
• Reduced
• Currently listed at $575,000
• Assessments of $1860 a month (includes the taxes, heat, gas, cable)
• Taxes of $5937
• Space Pac
• Washer/Dryer in the unit
• Leased parking nearby
• 70% financing allowed
• Bedroom #1: 14×11
• Bedroom #2: 10×10

We last chattered about this 4-bedroom single family home at 4127 N. Hermitage in Ravenswood in May 2009.

See our prior chatter and pictures here.

It sold in July 2009.

3 out of the 4 bedrooms were upstairs and it had a finished basement. Many of you thought it would sell in the low $700,000s or even the $600,000s.

Kristi Gunther at Re/Max Exclusive Properties had the listing.

4127 N. Hermitage: 4 bedrooms, 1 bath, 2 half baths, 2 car garage, no square footage listed

• Sold in March 2001 for $575,000
• Sold in August 2003 for $660,000
• Was listed in May 2009 for $769,000
• Reduced in June 2009 to $759,000
• Sold in July 2009 for $739,000
• Taxes of $4666
• Central Air
• Fireplace (decorative only)
• Bedroom #1: 14×13
• Bedroom #2: 14×11
• Bedrooms #3: 14×11
• Bedroom #4: 11×8

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]