Crib Chatter

Illinois had the dubious distinction of being 3rd in the nation in October for the number of foreclosure filings with 19,946, the highest monthly total since January 2005. It beat out states such as Michigan, which ranked 7th.

One in every 263 homes in Illinois received a filing.

In Cook County, the closest set of data we have for the city of Chicago, foreclosures filings spiked 67% from a year ago to 11,494. It was also 131% higher than September.

There are government forces at work which led to the sudden spike.

From the Associated Press:

The rise in Illinois in October compared with September can largely be attributed to foreclosure activity catching up in the wake of a state law signed in April giving delinquent homeowners more time to work out deals with lenders, says Rick Sharga, senior vice-president at RealtyTrac.

The law created artificially low numbers for a several months earlier this year in Illinois, Sharga says. The numbers have increased as lenders have learned how to work through the process in the wake of the law.

Illinois third highest state with foreclosures [Sun-Times, Francine Knowles, Nov 12, 2009]

Local foreclosure activity jumps after artificially low period [Associated Press, Nov 12, 2009]

A 3-bedroom coach house just came on the market at 4935.5 S. Greenwood in Kenwood.

Designed by Daniel Burnham, the 4400 square foot residence has a 3 bedroom apartment on the second floor and stables and a former carriage area on the first floor. The listing says it could be additional living space or kept as a studio.

The listing also says that many of the original elements of the 1887 structure have been left intact but we can’t see that because there are no interior pictures available.

The coach house is on a 57×78 lot.

I couldn’t find any other information about the property but it’s certainly at the rear of 4935 S. Greenwood.

If anyone has gone in it or goes in it- please chime in.

Could this be a great opportunity for an artist residence?

Robert Sullivan at Urban Search has the listing. See the listing here (front picture of the coach house only).

4935.5 S. Greenwood: 3 bedrooms, 2.5 baths, 4400 square feet (includes both levels), 2 car parking

• I couldn’t find an original sales price- sometime before 1994
• Currently listed for $525,000
• Taxes of $7416
• Central Air
• Bedroom #1: 16×18
• Bedroom #2: 13×18
• Bedroom #3: 13×13
• Living room: 16×19
• Kitchen: 10×13
• Dining room: 13×19

We last chattered about this 2-bedroom unit at 2031 W. Evergreen in Wicker Park in June 2009.

See our prior chatter and pictures here.

Originally listed in December 2008, it is finally under contract after being reduced by nearly $50,000.

It seemed to have it all including 1o-foot ceilings, stainless steel and granite in the kitchen, central air, in-unit washer dryer and a parking space.

The unit is also located in the heart of Wicker Park, near the restaurant scene and public transportation.

Jackie Lafferty at Baird and Warner still has the listing. See more pictures here.

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

• Sold in March 1998 for $187,500
• Sold in March 2000 for $259,500
• Sold in July 2005 for $373,000
• Originally listed in December 2008 for $389,000
• Reduced
• Was listed in June 2009 for $359,900 (parking included)
• Reduced
• Currently listed for $339,999 (parking included)
• Under contract
• Assessments of $134 a month
• Taxes of $3780
• Central Air
• Washer/Dryer in the unit
• Living room: 25×13
• Kitchen: 10×9
• Dining room: 10×6
• Bedroom #1: 12×14
• Bedroom #2: 11×9

We’ve chattered about Union Street Lofts at 333 W. Hubbard in River North several times in the past.

The complex has two buildings, the authentic brick and concrete loft building that overlooks the Merchandise Mart and the newer building with high ceilings and exposed ductwork but no exposed brick or concrete features at the front of the complex.

This 2-bedroom that is now in short sale is in the newer part of the complex.

It’s a northwest corner unit with hardwood floors, 42 inch cabinets and granite counter tops in the kitchen. Parking is included in the price. It has central air and an in-unit washer/dryer.

Is this a good deal on a basic starter unit or an in-town?

Scott Foster at Re/Max Exclusive has the listing. See the pictures here.

Unit #4-C: 2 bedrooms, 2 baths, 1237 square feet

• Sold in October 1999 for $268,500
• Sold in May 2003 for $315,500
• Lis pendens foreclosure filed in September 2009
• Listed in October 2009 for $367,000
• Reduced
• Listed as a short sale in November 2009 for $350,000 (parking included)
• Assessments of $591 a month (includes heat, air, gas, cable, doorman)
• Taxes of $2008
• Central Air
• Washer/Dryer in the unit

This 4-bedroom single family home at 1744 N. Wilmot appears to be in a nearly perfect location in Bucktown.

It is close, but not too close, to the Damen El line stop and is just a hop, skip and a stroll over to the restaurants and bars on Damen and Milwaukee.

It is also on a cul de sac.

Built in 1999, the home has Italian cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.

It also has a lower level media room with a home theater system.

Is this home in a “perfect” Bucktown location?

Laura Rango at @Properties has the listing. See the pictures here.

1744 N. Wilmot: 4 bedrooms, 3.5 baths, 2 car garage

• Sold in April 1995 for $110,000 (prior house)
• Sold in August 1995 for $148,000 (prior house)
• Sold in May 1999 for $550,000
• Originally listed in September 2009 for $895,000
• Reduced
• Currently listed for $839,000
• Taxes of $12823
• Bedroom #1: 16×13
• Bedroom #2: 11×9
• Bedroom #3: 14×10
• Bedroom #4: 14×10 (lower level)

Forget about living in Wicker Park. What about across the street from it?

This 3-bedroom brick single family home at 1933 W. Schiller was built in 1891 and is literally across the street from Wicker Park.

Situated at the back of the long 162 foot lot, it has more of a front yard than anything else.

The layout is unusual as 2 out of the three bedrooms are on the first floor along with the 1-car garage and a full bath.

The second floor has the master bedroom and the other living areas.

The house has a carved wood staircase, crown moldings and a fireplace.

Although it is a vintage property, it also has central air.

Jeff Lowe and Josh Feeney at Prudential Rubloff have the listing. See more pictures here.

1933 W. Schiller: 3 bedrooms, 2 baths, 1 car garage, 2000 square feet

• Sold in January 1996 for $208,000
• Originally listed in April 2009 for $599,000
• Reduced
• Currently listed for $598,900
• Taxes of $7424
• Central Air
• Washer/Dryer
• Bedroom #1: 14×14 (lower level)
• Bedroom #2: 10×8 (lower level)
• Bedroom #3: 14×12 (upper level)

Since everyone else has been talking about it, we will too.

Both Crain’s and the Chicago Tribune have had stories on the penthouse condo that just came on the market at 65 E. Goethe in the Gold Coast for $14 million.

It’s the most expensive property on the market within the city limits and dwarfs the next closest condo by $6 million (if you exclude penthouse units at Trump, which aren’t “on” the market.) The closest single family home is around $10 million.

The condo is owned by billionaire William Wrigley Jr.

Unfortunately for him, he’s never lived in it. It is still raw space.

From the Tribune’s Elite Street column:

He purchased the penthouse, which is three units combined into one, in 2002 for $9,775,000. Twice since buying it, Wrigley resolved to build out the space, but both times changed his mind, said his listing agent, Jim Kinney of Baird & Warner.

Wrigley, 46, now has decided to sell the penthouse, and his Goethe LLC company, which owns it, listed it on Oct. 21.

The penthouse includes two 1,500-square-foot outdoor spaces on the roof, plus six garage spaces, Kinney said. In addition, Wrigley is including architectural drawings that he commissioned for the space in the asking price.

“We would prefer to sell it to one person, but we have had a couple of people come forward and say, ‘I’m interested in the space, but I don’t need all of it,’ ” Kinney said. “Bill doesn’t want to sell it piecemeal. If we had two people who wanted to buy it and split it, we would do that.”

Kinney pointed out how rare it is to find so much square footage on one floor in the Gold Coast, plus outdoor spaces and parking.

“And it’s such a prestigious building,” Kinney said. “It’s sort of a Who’s Who of Chicago that lives there. It’s a matter of the right timing to get the right match.”

Any guesses as to how long this will take to sell?

Jim Kinney at Baird & Warner has the listing. See the pictures here.

Unit #8WNE: 12,000 square feet, 3,000 square feet of terrace, 6 garage spaces

• Sold in 2002 for $9.75 million
• Currently listed for $14 million
• Assessments of $11,365 a month (includes water and doorman)
• Taxes of $28,086

Wrigley chairman’s Gold Coast penthouse listing is city’s most expensive [Chicago Tribune, Bob Goldsborough, Nov 8, 2009]

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]