Crib Chatter

A lot of first time homebuyers who want to be in Lakeview look to the Southport Corridor and condos like this 1-bedroom at 3458 N. Janssen.

It is in a courtyard building only a block from all the bars and restaurants on Southport and within minutes of the Southport El line stop.

The unit has a den with french doors that can also be used as an office.

It has central air and a washer/dryer in the unit. Alas, it doesn’t have parking but in this location, who needs a car anyway?

The unit has been on the market since June and has now been reduced by $23,000.

It is also now listed for $100 under its 2005 purchase price.

Will the $8,000 home buyers tax credit (soon to be extended, it appears) help boost sales of these starter condos?

Michael Kreuser at Sudler Sotheby’s has the listing. See the pictures here.

Unit #I3: 1 bedroom plus den, 1 bath, no square footage listed

• Sold in July 1998 for $135,000
• Sold in May 2005 for $260,000
• Originally listed in June 2009 for $282,900
• Reduced several times
• Currently listed for $259,900
• Assessments of $171 a month
• Taxes of $2756
• Central Air
• Washer/Dryer in the unit
• No deeded parking available
• Bedroom: 12×10
• Den: 7×7
• Living room: 16×12
• Kitchen: 10×7
• Dining room: 8×7

Remember this bank owned 1-bedroom unit at 600 N. Kingsbury in River North?

We chattered about it at the end of July.

Several of you predicted it would sell for more than the list price and you were right.

See our prior chatter here.

It sold quickly and closed for $21,800 over the list price.

There were never interior pictures of the unit so we never knew the actual condition of the unit.

BUT– thanks to the investigative work of many of you (see the comments below)- it turns out that the unit has now returned back to the market for $78,900 more than the August purchase price.

And, we can now see the interior (the bank owned listing had NO interior pictures with the listing.)

Will this investor make a successful flip?

Jason Palermo at Re/Max Vision 212 has the latest listing. See the pictures here.

Unit #814: 1 bedroom, 1 bath, 705 square feet

• Sold in December 2002 for $215,000
• Lis pendens filed in February 2006
• Lis pendens filed in August 2008
• Bank owned in June 2009
• Was listed in July 2009 for $178,200 (parking included)
• Sold in August 2009 for $200,000 (parking included)
• Re-listed in October 2009 for $249,900 (parking $29,000)
• Reduced
• Currently listed for $238,900 (parking $29,000)
• Assessments of $341 a month (they were $406 a month when it was bank owned)
• Taxes of $3511
• Central Air
• Washer/Dryer in the unit

Many people dream of living in a quaint rowhouse like this one at 956 W. Dickens in Lincoln Park.

Built in 1894, the 4-bedroom unit has crown molding and 3 fireplaces, including one in the master bedroom.

The listing also says the kitchen and baths are updated.

The rowhouse has skylights, a small backyard and central air.

It has also been reduced by $67,900 since it was first listed in July.

Ron Goldstein at Prudential Rubloff has the listing. See the pictures and virtual tour here.

See the property website here.

If you want to check it out in person, there will be an Open House this Saturday, Oct 31, on Halloween, from 2-4 pm.

956 W. Dickens: 4 bedrooms, 3.5 baths, no square footage listed

• Sold in September 1977 for $22,000
• Sold in August 1999 for $403,500
• Originally listed in July 2009 for $817,900
• Reduced
• Currently listed at $750,000
• Taxes of $10,500
• OR you can rent it for $3300 a month
• Central Air
• No Parking
• Bedroom #1: 17×18
• Bedroom #2: 10×12
• Bedroom #3: 9×9
• Bedroom #4: 11×9 (lower level)

If you want to know what River North lofts really looked like before the developers got ahold of them with their granite and stainless steel kitchens, check out this full floor live/work authentic loft at 208 W. Kinzie.

It is listed as commercial space.

The large freight elevator opens directly into your fourth floor unit which the listing says has the original wood floors, timber ceilings, 15 windows and brick walls.

The loft has central air but no deeded parking. Washer/dryer in the unit? (or even the building?)- I can’t tell from the listing.

But if unique is what you’re after, then this is one of the few “original” lofts left in River North.

Chuck Ginsberg at Solfire Realty has the listing. See the pictures here.

Unit #4: no rooms listed or square footage listed- full floor loft

• Sold in October 1997 for $152,000
• Currently listed for $499,900
• Taxes of $4215
• Central Air
• Live/Work

This 5 bedroom Gold Coast home at 1358 N. Dearborn is at the upper end of Chicago’s housing market with a listing price of $5.95 million.

The listing says it is all new construction with a limestone facade. Prior to the renovation, the home was three condo units. You can see what it looked like before on the Cook County website here.

The house now has solid walnut floors and heated stone floors in the baths not to mention a stunning center staircase.

It also has 15 foot ceilings, a 39×22 roof top deck, which is just one of 4 outdoor areas, and a 3 car heated garage.

Custom paneling and woodwork complete the home.

Is this true luxury living in Chicago?

Douglas Smith at Prudential Rubloff has the listing. See the pictures and a virtual tour here.

See the property website here.

1358 N. Dearborn: 5 bedrooms, 6.5 baths, 6000 square feet, 3 car garage

• Sold in May 2003 for $2 million
• Originally listed in September 2009 for $6.125 million
• Reduced
• Currently listed at $5.95 million
• Taxes of $17,125
• 2 fireplaces
• Marble flooring in the laundry room

We last chattered about this 2-bedroom Southport townhouse at 3401 N. Janssen in May 2009.

See our prior chatter and pictures here.

It is still on the market and the sellers are now “motivated.”

It has also been reduced by over $54,000 since our last chatter and by $65,000 since it was originally listed in March.

The townhouse has Brazilian cherry floors and a renovated kitchen with granite counter tops and stainless steel appliances.

 It also has a rooftop deck and a 1.5 car garage.

Sandy Black at Re/Max Signature North still has the listing. See more pictures and a virtual tour here.

Unit #A: 2 bedrooms, 2 baths, family room on lower level, loft on 4th floor, 1.5 attached garage

• Sold in July 2006 for $450,000
• Sold in February 2007 for $405,000
• Originally listed in March 2009 for $489,900
• Reduced
• Was listed in May 2009 for $479,899
• Reduced several times
• Currently listed for $425,000 
• Assessments of $85 a month
• Taxes of $5751
• Bedroom #1: 14×10
• Bedroom #2: 15×11
• Family room: 15×11
• Loft: 11×11
• Central Air

The vintage exterior of 3913 N. Ashland in Lakeview gives no hint as to the contemporary loft penthouse that awaits behind closed doors.

The listing says the 2-bedroom unit was designed by award-winning architect Attila Demeter.

The unit is a live/work space with an open concept living and lofted second bedroom.  French doors lead to the deck. The property also has 5 skylights.

This is no cookie cutter unit. No cherry kitchen cabinets here!

Kim Kerbis at @Properties has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1340 square feet

• Sold in April 2003 for $375,000
• Originally listed in October 2009 for $374,900 (plus $25,000 for parking)
• Reduced
• Currently listed for $364,900 (plus $25,000 for parking)
• Assessments of $160 a month
• Taxes of $3808
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×13
• Bedroom #2: 12×13

This 5-bedroom Victorian house at 4706 N. Damen in Lincoln Square just came on the market.

It is priced at more than 50% off the 2007 purchase price.

As you can see from the pictures, it’s going to take someone with renovating touch to bring back her vintage glory.

But at over 3700 square feet and with a garage, could this house be a diamond in the rough?

It is just a block from the Damen brown line stop.

Helen Oliveri at Keller Williams Realty Partners has the listing. See the pictures here.

4706 N. Damen: 5 bedrooms, 2.5 baths, 3747 square feet, 2 car garage

• Sold in November 2007 for $650,000
• Lis pendens filed in November 2008
• Currently listed for $309,000
• Taxes of $10,031
• No central air

Contrary to popular belief, the million dollar north side new construction home market is not completely dead.

This 5-bedroom new construction home at 2159 W. Berteau in North Center recently went under contract.

It has been on the market since April 2009 but was recently completed. I’ve been told it received multiple offers the week construction was completed.

The all brick and limestone house has a wine cellar and a built-in outdoor fireplace.

Timothy Sheahan at Conlon: A Real Estate Company has the listing. See more pictures here.

2159 W. Berteau: 5 bedrooms, 3 baths, 3 half baths, 4350 square feet, 2.5 car garage

• Prior house sold in June 1996 for $153,000
• Prior house sold in June 2004 for $342,500
• Originally listed in April 2009 for $1,349,900
• Currently listed for $1,349,900
• Under contract
• Taxes are “new”

Crain’s has several articles out this week describing what is happening on the front lines of Chicago real estate.

I thought several comments made by the developers were worth chattering about.

On The Legacy, highly anticipated 72-story new high rise overlooking Millennium Park at 60 E. Monroe, the developer appears optimistic.

Developer James Hanson says the economy has to get better before the market does.

“We’re looking for a recovery in confidence,” says Mr. Hanson, a principal at Chicago-based Mesa Development LLC. “We need people to feel good about their life and the economy and spending their money on real estate.”

Mr. Hanson is preaching patience, even though he has no plans to halt sales or cut prices at his 72-story Legacy at Millennium Park high-rise, near Monroe Street and Wabash Avenue.

About 90% of the tower’s 356 units are under contract, and the first wave of closings began in September. As that process continues, Mesa expects to lose a few sales to would-be buyers who fail to obtain financing amid tighter credit markets or who lose their jobs and find they can’t afford a new condo.

Still, he is optimistic that the housing market is slowly crawling out of its hole and expects to sell out the Legacy by next summer, an ambitious but achievable goal if the market keeps improving.

Public records currently show only 2 units have closed in the building, both in early October. But sometimes developers take time in submitting closing information. Stay tuned.

Things aren’t as positive at Metropolitan Tower, at 310 S. Michigan, right down the street.

The developer of the East Loop’s Metropolitan Tower credits discounts of at least 25% on selected units with boosting sales at the 30-story project. Buyers have now purchased about 80% of the 242 condos at the two-year-old development at 310 S. Michigan Ave., says Louis D’Angelo, president of Metropolitan Properties of Chicago LLC.

While Mr. D’Angelo is still trying to sell about a dozen discounted units, he may opt to take all of the tower’s unsold condos, even the discounted ones, off the market if the economy doesn’t improve.

“It’s not an easy decision to make,” he says. But by mothballing sales, “you’re betting on where the market will be in 12 to 18 months.”

Real estate on brink: reviving the faith [Crain’s Chicago Business, Andrew Schroedter, Oct 26, 2009]