Crib Chatter

This hotel/condo unit just came on the market at Trump Tower, at 401 N. Wabash, in River North.

Unit #1714 is currently listed, according to the listing, at nearly 50% off its 2007 purchase price.

This listing says the seller paid “close to $800k in 2007. What a steal!”

It also states that “this investment will pay for itself. Income statements available.”

The sellers are, apparently, motivated because it says to “make us an offer!”

It is now the cheapest 1-bedroom hotel/condo unit available for purchase on the MLS.

Prior to its listing, that title belonged to Unit #2018 which boasted thait was the “least expensive hotel room in the building.”

There are no pictures of Unit #1714 yet on the MLS. So, I’m going to link you to pictures of Unit #2018 instead (both units are 604 square feet.)

See pictures of Unit #2018 here.

Are either one of these a “steal”?

Can you actually use these as an “investment?”

Unit #2018: hotel room, 604 square feet

• Sold in February 2008 for $664,000
• Originally listed in June 2009 for $469,700
• Reduced several times
• Currently listed for $439,770
• Assessments of $1100 a month (includes doormen, AC, cable, pool, master association fee)
• Taxes are “new”
• Andrew Glatz at Crown Heights Realty has the listing.

Unit #1714: hotel room, 604 square feet

• I couldn’t find the original sales price in the public records but the listing says it was “close to $800k in 2007“
• Currently listed for $398,999
• Assessments of $1099 a month (includes doorman, AC, cable, pool, master association fee)
• Taxes are “new”
• Katie Malone at Hansen Realty has the listing. See the listing here (no pictures yet.)

We had a heated chatter about this 4-bedroom single family home at 1354 W. Webster in Lincoln Park last June 2009 that evolved into a debate about the riskiness (or lack thereof) of ARMs.

See our prior chatter here.

The vintage house is still on the market and was just reduced $50,000.

This house appears to have it “all”- including central air, a garage, 3 of the bedrooms are located on the second floor, and a lush garden in the backyard that has been featured on the Sheffield Garden Walk.

Carol Duran at Prudential Rubloff has the listing. See the pictures and a virtual tour here.

See the property website here.

1354 W. Webster: 4 bedrooms, 3 baths, no square footage listed, 2 car garage

• Sold in August 1996 for $355,000
• Sold in June 1998 for $385,000
• Sold in May 2000 for $592,000
• Public records indicate it sold in 2003 but I can’t find a price
• Listed in April 2009 for $849,900
• Was still listed in June 2009 at $849,900
• Reduced
• Currently listed at $799,000
• Taxes of $9769
• Central Air
• Living room: 17×11
• Dining room: 11×10
• Office: 11×7
• Kitchen: 19×11
• Bedroom #1: 15×13
• Bedroom #2: 11×10
• Bedroom #3: 15×13
• Bedroom #4: 11×11

We’ve chattered about this 3-bedroom unit with its own private elevator at 2015 W. Fullerton in Bucktown twice before.

See our last chatter and pictures in March 2009 here.

Since it’s original listing in December 2008, the unit has been reduced $204,100.

The listing also now says it is a “pre-foreclosure” and that the owner says, “make an offer.”

Who can forget the “renaissance interior”?

The property also has a private 1500-square foot rooftop deck that is decked out for parties with a hot tub and glass gazebo.

Is this property now a deal at this price for the square footage?

Mark Glusker at Mark Allen Realty has the listing. See more pictures here.

(Once again, please be thoughtful about the “renaissance interior.” Paint colors and furniture can be changed. The new owner also won’t own the furniture.)

Unit #2: 2 bedrooms, 2.5 baths, 3200 square feet, 2 car garage, 1500 square foot rooftop deck

• I couldn’t find a prior sales price but records go back to 1986
• Originally listed in December 2008 for $849,900
• Reduced
• Was listed in February 2009 at $749,900
• Reduced
• Was listed in March 2009 for $699,900
• Reduced
• Currently listed for $644,900– listing says “pre-foreclosure.”
• Assessments of $185 a month
• Taxes of $10,612
• Private elevator
• Hot tub
• Parking included
• Central Air
• Bedroom #1: 18×25
• Bedroom #2: 10×15
• Bedroom #3: 16×12

There are several smaller bungalows and brick homes under contract in Edison Park right now that are priced below $400,000.

This 3 bedroom English style house that was built in 1939 at 6467 N. Oxford is one of them.

On the market since March 2009, it had been reduced by $50,000 before going under contract.

It is also listed $70,000 under the 2005 purchase price.

The house has hardwood floors, stainless steel appliances and a large deck overlooking the backyard. It also is within a few blocks of the Metra station.

Many buyers who are priced out of Park Ridge look in Edison Park which is right next door.

Is Edison Park now a deal compared to its more expensive suburban neighbors?

Michael Stangel at Keller Williams Realty Partners has the listing. See the pictures here.

6467 N. Oxford: 3 bedrooms, 1 bath, no square footage listed, 2 car garage

• Sold in July 2005 for $435,000
• Originally listed in March 2009 for $415,000
• Reduced several times
• Currently listed at $365,000
• Under contract
• Taxes of $4211
• Central Air
• Bedroom #1: 12×10 (main floor)
• Bedroom #2: 11×10 (main floor)
• Bedroom #3: 21×12 (second floor)

You might have seen the advertisement in the Sunday Chicago Tribune for 3 upper bracket properties being offered by Katherine Chez at Coldwell Banker (she specializes in luxury properties.)

You can see her website here.

The ad states:

“Three incredible listings with sellers seriously committed to selling their property:”

And then it states at the bottom of the ad:

“With traditional marketing methods unreliable in these turbulent times, these sellers continue to lower their prices regularly in an effort to find their market and achieve their sale. Preview these listings online at www.coldwellbankeroline.com or call 312-440-7533. Don’t wait! Call today to schedule a showing.”

Kudos to Ms. Chez for trying another method to get people to look at these upper bracket properties.

One of the properties listed, 1550 N. State Parkway #LIBC, in the historic Benjamin Marshall designed building along Lincoln Park in the Gold Coast, is listed in the ad as being originally listed for $3,999,000. It doesn’t tell you WHEN this unit originally came on the market, however.

But here at Crib Chatter, we like to provide the listing details:

1550 N. State Parkway #LIBC: 4 bedrooms, 5.5 baths, 6000 square feet, 2 parking spaces available next door

• Sold in January 1998 for $2 million
• Originally listed sometime before August 2008 for $3,999,000 (anyone know exactly when?)
• Cancelled
• Re-listed in August 2008 for $3.7 million
• Reduced Sep 23, 2009 to $3,589,000
• Reduced Oct 5, 2009 to $3,481,330
• Currently listed at $3,481,330
• Assessments of $4238 a month (includes heat, doorman, electric, cable)
• Taxes of $13,098
• Central Air
• Washer/Dryer in the unit

Seeing the actual history of the listing brings up a host of questions:

1. What does the ad mean?  That this seller of 1550 N. State Parkway wasn’t committed over 436 days ago but is now? (i.e. they’ve seen the light?)
2. That reducing by $218,670 is “committed” after more than 12 months on the market with no reductions?
3. That other sellers at this price point are NOT committed so that’s why they’re not selling?

I hate singling out Ms. Chez’s ad, as, again, I applaud her for trying a new method to sell these upper bracket properties.

On the other two properties listed in the ad, the histories look like the following:

25 E. Superior #4902: 3 bedrooms, 2.5 baths, 3700 square feet, 2 car parking

• Sold in September 2004 for $2 million
• Listed in February 2009 for $3.495 million (was it listed prior to February?)
• Reduced on Oct 5, 2009 to $3.395 million
• Currently $3.395 million
• Assessments of $3,175 a month (includes heat, gas, parking, cable, doorman, pool)
• Taxes of $36,192

The last unit to sell for over $3 million in this building was Unit #4800 for $4 million in February 2008.

In the last 5 years, only 6 units over $3 million have sold in the building. The majority of those sales were in 2005.

1540 N. Lake Shore Drive #16S: 2 bedrooms, 4.5 baths, penthouse with 2-story living room and 20 foot cathedral ceilings

• I couldn’t find an original sales price
• Listed on Sep 8, 2009 for $1.75 million (as says it was listed for $2.1 million originally- but when?)
• Reduced on Sep 22, 2009 to $1.7 million
• Reduced on Oct 6, 2009 to $1.65 million
• CASH ONLY building
• Listing says sold “as-is”
• Parking available at 1550 N. Lake Shore Drive for $365 a month

1550 N. State Parkway, Unit LIBC: See the pictures and virtual tour here.

25 E. Superior #4902: See the pictures and virtual tour here.

1540 N. Lake Shore Drive #16S: See the listing here– no pictures of the fabulous sounding 2-story living room, unfortunately.

We’ve chattered about 600 N. Lake Shore Drive, the rare two building new construction development in Streeterville along the lake front, several times over the years.

The buildings had a 1-year “no flip” clause in the contracts which was used to cut down on  the number of investors who bought in the building.

A resale of one of the larger 1-bedrooms in the north tower recently came on the market.

The listing says it has oak hardwood floors in the living room and bedroom and custom window shades.

It also has a nice entrance foyer and granite counter tops and stainless steel appliances in the kitchen.

These buildings have been popular with suburban buyers. Would this unit make a good in-town?

Laura Anderson at Belgravia Realty Group has the listing. See more pictures and a virtual tour here.

Unit #3003: 1 bedroom, 1.5 baths, 1037 square feet

• Sold in July 2008 for $517,000 (don’t know if this included the parking- I’m assuming it did)
• Originally listed in July 2009 for $480,000 (parking extra)
• Reduced
• Currently listed for $475,000 (plus $55,000 for parking)
• Assessments of $336 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit

As many of you know, I rarely post about rentals but occasionally I see units that are just so juicy, they must be commented on for those of you who are still, as some commenters put it, “living in your parents basement.”

This 2-bedroom unit, Unit #1605, at 600 N. Fairbanks, the famed Helmut Jahn building in Streeterville, was just reduced to below the price of a 1-bedroom currently listed for rent in the building and well-below the price of any other 2-bedroom.

It has the Wolf, Sub-Zero, and Meile appliances and the Snaidero kitchen cabinets just like all the other units in the building. It also has dark mahogany hardwood floors.

The listing says it has natural stone finishes.

Unit #1605: 2 bedrooms, 2 baths, NW view

• Was listed for rent at $2000 a month (as an monthly “special”)
• Listing has been fixed to reflect it’s still listed at $2995 a month with a reduction on the first month of rent only
• Parking is an additional $225 a month
• Francesca Rose at Prudential Rubloff has the rental listing. See the pictures here.

This unit is directly above Unit #1505 that we chattered about several times and which sold in July. Here is the listing info and a picture for Unit #1505:

Unit #1505: 2 bedrooms, 2 baths, 1253 square feet,  (NW view)

• Sold in November 2007 for $584,000 (included the parking)
• Listed in January 2009 for $629,900 (plus $55,000 for parking)
• Reduced
• Listed in April 2009 for $599,000 (plus $55,000 for parking)
• Reduced
• Sold in July 2009 for $585,000 (included the parking)
• Assessments of $482 a month
• Taxes are “new”

Other 2-bedrooms in the building currently available for rent:

1. Unit #2305, a 2/2 at $3250 a month (parking included)
2. Unit #2705, a 2/2 at $3500 a month (parking included)

Unit #1605 is also priced below this 1-bedroom rental:

1. Unit #1704, a 1/1 at $2100 a month (plus $250 for parking)- 873 square feet

Why buy when you can rent in the same building for so much less?

[Editor’s Note Update: The listing has been updated to $2995 a month.  It turns out the $2000 a month was just a one month “special” price and then the rental rate would return to the prior asking price- which was $2995. Thanks to those who actually contacted the agent to see if it was too good to be true.]

We last chattered about this Walter Burley Griffin-designed Prairie style house at 1712 W. 104th Place in Beverly in June of 2008.

See our prior chatter and pictures here.

It is 1 of only 64 Walter Burley Griffin-designed homes in the country. Walter Burley Griffin was Frank Lloyd Wright’s former office manager.

It went into foreclosure and was bank-owned in 2004. After being on the market over a year, it is now in short sale.

Here are some comments from a local realtor on the June 2008 thread that help explain the situation:

I am a Realtor in Beverly, Morgan Park. Yes, this house did sell in 2005 in horrific “rehabbed” and then extremely neglected state in 2005. Then the current owner did as much as he could to shore up the house including roof and soffit work done in keeping with the architecture but he did not alter much of the ugly rehab work that was done previously. Obviously, it did not make financial sense. Even at anything close to $475,000 he is still just barely getting out what he put in. Its unfortunate. Hopefully the next owner can take time to bring in back to its glorious original state and they will be able to live in it in the meantime, ugly and all!
Mary Anne McKenna Bryan – Full time Realtor and Expert in Beverly, Morgan Park and neighboring areas www.beverlymorganpark.net

Will someone save this piece of architectural heritage?

William Biros at Prudential Biros has the listing. See the pictures here.

1712 W. 104th Place: 5 bedrooms, 3.5 baths, 2081 square feet, 1 car garage

• Sold in May 1991 for $199,000
• Bank owned in June 2004
• Sold in June 2005 for $275,000
• But it also looks like it sold in June 2005 for $440,000 (two different PINs, same property???)
• Was listed in June 2008 for $469,000
• Reduced
• “Short sale”
• Was listed in August 2009 for $374,900
• Reduced twice
• Currently listed for $342,902
• Taxes of $5120
• No central air- window units

Everyone knows this building at 600 W. Drummond as the one “above the Best Buy” on Clark in Lincoln Park.

We chattered about this 2-bedroom corner unit last March.

See our prior chatter and pictures here.

The south east facing unit has hardwood floors, stainless steel appliances and granite counter tops in the kitchen, and all marble baths.

It also has its own roof deck patio for entertaining.

The unit was recently reduced $10,000.

Karin Magnuson at Coldwell Banker still has the listing. See more pictures here.

Unit #319: 2 bedrooms, 2 baths, 1314 square feet plus a terrace

• Sold in June 2004 for $410,000 (looks like parking was included)
• Was listed in March 2009 for $449,000 plus $35,000 for parking
• Reduced
• Currently listed for $439,000 plus $35,000 for parking
• Assessments of $372 a month
• Taxes of $4666
• Central Air
• Marble baths

This 3-bedroom at 1920 N. Seminary in Lincoln Park appears to have everything a buyer might be looking for in a condo unit.

Located in The Seminary Flatirons building, which the listing says is on the National Register of historic places, the unit has plenty of vintage character with 12-foot high ceilings, exposed brick and hardwood floors throughout.

It also has all the modern amenities such as central air, washer dryer in the unit, garage parking included and it’s within a few blocks of the brown line El stop.

All three bedrooms are on the second level. The third level houses the laundry room.

As an added bonus, it has the private rooftop deck with city views that many buyers crave.

Listed since August, it has now been reduced by $36,000.

Ken Jungwirth at Prudential Rubloff has the listing. See the pictures and virtual tour here.

See the property website here.

Unit #A: 3 bedrooms, 2 baths, 1550 square feet

• Sold in March 1993 for $236,000
• Sold in February 2001 for $385,000
• Originally listed in August 2009 for $575,000 (parking included)
• Reduced twice
• Currently listed for $539,000 (parking included)
• Assessments of $312 a month
• Taxes of $5767
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×15
• Bedroom #2: 14×14
• Bedroom #3: 11×10