Crib Chatter

We haven’t chattered much about The Silver, the new construction high rise in River North at 303 W. Ohio.

Current stats in the building (out of 233 units):

• 45 have closed per public records through Oct 5 (closings began in July 2009)
• 13 are currently on the MLS for sale
• 1 is currently on the MLS for rent

Some units may be both for sale AND for rent. Also, developers don’t list all their current available units on the MLS.

A few re-sale units have recently appeared on the market.

Unit #1803, a southeast corner 2 bedroom re-sale has been listed since August.

It has already been reduced $10,900.

The listing says it is “upgraded”. It has stainless steel appliances and a granite island. One of the bathrooms has a walk-in shower.

 Elizabeth August at @Properties has the listing. See the pictures here.

Unit #1803: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2009 for $476,500
• Originally listed in August 2009 for $499,900 (parking $35,000 extra)
• Reduced
• Currently listed at $489,000 (parking $35,000 extra)
• Assessments of $410 a month
• Taxes are “new”
• OR you can rent it for $2300 a month plus $200 a month for parking
• Bedroom #1: 13×10
• Bedroom #2: 12×10
• Living room: 18×18
• Kitchen: 9×10

This 4-bedroom townhouse at 1713 W. Surf in Lakeview is large enough to be a single family home but is listed at a lower price than many single family homes in that neighborhood.

The 2004-built property has the newer construction bells and whistles, with a gourmet kitchen with a stainless steel appliances and granite counter tops. It also has a large master suite bathroom with jacuzzi.

The townhouse has two decks, a two car garage and is located on a cul-de-sac.

Will first time buyers be buying townhouses in Lakeview as their first homes in the neighborhood instead of the single family home?

Ricardo Jimenez at Prudential Rubloff has the listing. See more pictures here.

See the property website here:

1713 W. Surf: 4 bedrooms, 4 baths, 3033 square feet, 2 car garage

• Sold in November 2004 for $695,000
• Originally listed in August 2009 for $769,000
• Reduced
• Currently listed at $749,000
• Assessments of $243 a month
• Taxes of $9570
• OR you can also rent it for $3650 a month

We’ve chattered about distress sales several times in 201 N. Westshore, The Lancaster, in Lakeshore East.

The Lancaster, which was built in 2004, was the first of the Lakeshore East high rises.

See our March 2009 chatter about short sales on 08 tier units here.

The unit mentioned in the March chatter, Unit #1008, finally went under contract recently.  Here’s its history:

Unit #1008: 2 bedrooms, 2.5 baths, 1295 square feet

• I couldn’t find an original sales price (the records on this building are awful)
• Originally listed in August 2008 for $539,900
• Several reductions
• Was listed in March 2009 at $450,000 (plus $35,000 for parking)
• Several reductions
• Currently listed as a short sale at $415,000 (plus $35,000 for parking) 
• Under contract
• Assessments of $537 a month
• Taxes of $6260
• Siri Laurin at ABA National Realty has the listing. See the pictures here.

Now, a bank owned 2 bedroom has just come on the market. It is priced similarly to some of the 1-bedrooms currently on the market in the building. It is the cheapest 2-bedroom currently for sale.

There are no pictures with the listing so the condition of the unit is unknown.

But given what other 2/2s are going for in the neighborhood, is this a deal?

Katy Elliott at Great Lakes Realty has the listing. See the listing here.

Unit #605: 2 bedrooms, 2 baths, no square footage listed

• Sold in December 2004 for $474,500
• Lis pendens in November 2008
• Bank owned as of August 2009
• Currently listed for $400,950 (includes 1 parking spot)
• Assessments of $573 a month (includes heat, cable, ac)
• Taxes of $6016
• Bedroom #1: 14×12
• Bedroom #2: 11×11
• Living room: 16×16
• Kitchen: 10×9

We last chattered about this full-floor art gallery district loft at 215 W. Huron in River North in August 2008.

See our prior chatter and pictures here.

It never sold but is now back on the market and reduced by $100,000.

The unit has a private keyed elevator, hardwood floors throughout and Snaidero cabinets in the kitchen. The ceilings are 11 feet.

If you don’t want to buy it, the unit is also available to rent.

Cheri Cho at MC Realty Group has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, 2400 square feet

• Sold in April 1997 for $335,500
• Sold in November 1998 for $310,000
• Sold in March 1999 for $419,500
• Sold in March 2001 for $599,000
• Sold in July 2003 for $600,000
• Was listed in August 2008 for $750,000 (parking included)
• Cancelled
• Re-listed in September 2009 for $699,900 (parking included)
• Reduced
• Currently listed at $649,900 (parking included)
• OR you can also rent it for $2950 a month
• Assessments of $375 a month
• Taxes of $6931
• Central Air
• Washer/Dryer in the unit

We chattered about this brick and concrete duplex loft at 20 N. State in the Loop in June 2009.

See our prior chatter and pictures here.

The loft is still available 5 months later and has been reduced by $8,100. The seller is now “motivated.”

Back in June it was also the cheapest 1-bedroom available in the building and now it is only the second cheapest.

The loft has 18 foot ceilings and the bedroom has been lofted to make space for a separate dining room. It also has central air and washer/dryer in the unit.

There is no parking available with the building but in this neighborhood, who needs it?

Why isn’t this loft selling to a buyer using the first time home buyers tax credit? It seems geared towards first time buyers.

Linda Hoffman at Prudential Rubloff has the listing. See more pictures and a virtual tour here.

Unit #1002: 1 bedroom, 1 bath, 716 square feet

• Sold in May 2003 for $123,000
• Was listed in June 2009 for $198,000
• Reduced
• Currently listed for $189,900
• Assessments of $361 a month (includes heat, AC and the internet)
• Taxes of $1866
• Central Air
• Washer/Dryer in unit
• No parking
• Living room: 21×11
• Dining room: 10×9
• Kitchen: 11×6
• Bedroom: 11×9

The September home sales data is out from the Illinois Association of Realtors. For the first time in several years, sales rose year over year in Chicago. However, median price continued to slide.

From the Illinois Association of Realtors:

In the city of Chicago, September total home sales (single-family and condominiums) were up 5.8 percent to 1,918 sales compared to 1,813 homes sold in September 2008. The city of Chicago median price in September 2009 was $225,000 down 16.2 percent compared to $268,600 a year ago in September 2008.

“While we see a significant increase of sales, we continue to see distressed properties moving the marketplace,” said Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. “The decrease in the median home price is also reflective of this trend as investors purchase short sale and foreclosure inventory in the city. It is more imperative than ever before that legislators extend and expand the homebuyer tax credit, not only to encourage more buyers in the market, but to afford those who are looking to buy in Chicago a tax credit feasible for the urban condo market.”

It appears to be all about the first time home buyers tax credit, as the other industry experts quoted in the IAR’s press release, urged extension of the $8,000 tax credit.

“Buyers taking advantage of the first-time homebuyer tax credit were clearly out in force in most regions statewide in September and thus building momentum for a recovery in the housing market,” said REALTOR® Mike Onorato, president of the Illinois Association of REALTORS®. “Home sale gains this month show the tax credit is working and should be extended through 2010 as it is helping to stabilize home prices and creating thousands of jobs that rely on housing. Today’s lower prices and interest rates are very appealing to consumers, but it’s the tax credit that is attracting people to homeownership. Not renewing the tax credit could potentially jeopardize a full recovery needed to get the economy back on track.”

The University of Illinois expert sees unemployment as a hindrance to a housing recovery. Illinois’ unemployment rate in September was 10.5%.

According to Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois: “There are signs that the housing market may be signaling a change in direction, although the prospect of continued large numbers of foreclosed properties will continue to exert downward pressure on prices in a market in which supply still significantly exceeds demand. The news on the sales front is encouraging and even the price declines seem to be moderating. However, the prospects of a jobless recovery from the recession will continue to exert restraint on a more robust recovery of the housing market. Illinois tends to enter recessions later than the U.S. and take longer to recover.”

Illinois Home Sales Show First Increase in Over Three Years; Statewide Median Price at $160,000 [Illinois Association of Realtors Press Release, Oct 23, 2009]

The listing for this multi-unit Victorian property at 1516 N. Mohawk in Old Town says it needs to be gutted.

There are no interior pictures of the property but the outside reveals detailed vintage architectural details, including stained glass windows.

The property was built in 1888 and has 9 bedrooms, 6 baths and has a 2 car garage. There is 1500 square feet per floor and each has 10 foot ceilings. There is also a full basement.

It is zoned RM-5, FAR 2.2.

Does someone have the vision to restore this property to its grandeur?

Jane Domurot at Koenig & Strey has the listing. See the pictures here.

1516 N. Mohawk: 9 bedrooms, 6 baths, 2 car garage

• I couldn’t find an original sales price but sometime before 1990
• Originally listed in August 2009 for $835,000
• Reduced
• Currently listed for $725,000
• Taxes of $14,196

Want unique? This tri-level brick loft unit on the market at the Hale Lofts at 14 N. Peoria in the West Loop is in the building’s old elevator shaft.

It’s the only unit on the 8th floor of the building.

Here are the dimensions for the rooms:

• Living room: 14×14 (first floor)
• Kitchen: 11×10 (second floor)
• Bedroom: 13×15 (third floor)

It has two private outdoor spaces with one that has direct downtown views.

The unit has hardwood floors and the kitchen has stainless steel appliances and granite counter tops. The bathroom also has a custom “cement troft bathroom sink.”

Because of its location on the roof of the building, the listing says it has its own private entrance.

Anyone been to this property to really understand what that means? Do you go outside to enter your unit? Please report in.

Tracy Gola at Prudential Rubloff has the listing. See the pictures here.

Unit #8PH: 1 bedroom, 1 bath, 1050 square feet

• Sold in October 2000 for $179,000
• Sold in September 2003 for $275,000
• Lis pendens in June 2004
• Bank owned in January 2006
• Sold in June 2006 for $276,500 (included the parking)
• Originally listed in May 2008 for $309,000
• Cancelled
• Re-listed in March 2009 for $309,000
• Reduced several times
• Cancelled
• Re-listed in August 2009 for $279,000
• Reduced several times
• Currently listed at $274,500 (parking $25,000 extra)
• Assessments of $251 a month
• Taxes of $2980
• Central Air
• Washer/Dryer in the unit
• Deck: 13×7
• Balcony: 10×5

We chattered about this 2-bedroom duplex at 1221 N. Dearborn in the Gold Coast in July 2009.

See our prior chatter and pictures here.

It sold for under the 2003 purchase price but above the 2001 price.

It had been upgraded with hardwood floors and marble baths.  It also had a washer/dryer in the unit but no central air.

At 2000 square feet, it seemed to offer a lot of bang for the buck in a Gold Coast location.

Ricardo Jimenez at Prudential Rubloff had the listing.

Unit #809N: 2 bedrooms, den, 2.5 baths, duplex, 2000 square feet

• Sold in January 1992 for $145,000
• Sold in March 2001 for $370,000
• Sold in December 2003 for $426,000
• Originally listed in May 2009 for $499,000 plus $35,000 for parking
• Reduced twice
• Was listed in July 2009 for $419,000 plus $35,000 for parking
• Sold in October 2009 for $410,000 (included one parking space- and the seller sold a second spot for $30,000.)
• Assessments of $931 a month (includes cable/tv, doorman, pool)
• Taxes of $6188
• No central air
• In-unit washer/dryer
• Bedroom #1: 17×13
• Bedroom #2: 27×14

For the second time this year, a South Loop new construction high rise is going to use an auction to sell remaining units.

1400 S. Michigan, or Michigan Avenue Tower II, expects to auction 40 out of the remaining 97 units available in the  257 unit building on November 15.

This is a tactic that was used by the developer of the Vetro, at 611 S. Wells, back in March. In March, the Vetro also auctioned off 40 of its remaining units and then reduced prices on the 51 that remained (lowered prices to the auction prices.)

Of those 51, according to the Tribune, less than 10 remain. So the building has, obviously, still not sold out (even with the reduced prices.)

From the Tribune:

“Buildings that were competing needed to re-price if they wanted to gain some market share. There was a ripple effect,” said Gail Lissner, vice president at Appraisal Research Counselors. “The bottom line is no one is selling if they’re not discounting.”

The same scenario may play out again, said Jon Gollinger, co-founder and East Coast CEO of Accelerated Marketing Partners, the Boston-based firm that handled Vetro’s auction and will conduct the event for developer Russland Capital Group’s Michigan Avenue Tower II.

“Today, with the declining market that’s occurring, there’s a failure to understand what market value is,” Gollinger said. “Today, all purchases are elective purchases. The consumer rules, it’s as simple as that.”

Some of the minimum bids are as follows:

Studio: 580 square feet

• Last asking price of $135,900
• Minimum bid of $99,000

1 bedroom/1 bath: 692 square feet

• Last asking price of $252,900
• Minimum bid of $120,000

2 bedrooms/2 baths: 1027 square feet

• Last asking price of $395,900
• Minimum bid of $175,000

2 bedrooms/2 baths: 1259 square feet

• Last asking price of $446,900
• Minimum bid of $235,000

3 bedrooms/3 baths: 2100 square feet (only one of these available)

• Last asking price of $682,000
• Minimum bid of $375,000

Find out more information at 1400 S. Michigan [website]

We also chattered about flips in this building in September 2008, specifically about Unit #708.

See the chatter and pictures here.

This was the sales history as of last September. I can’t find any record that this unit ever re-sold.

Unit #708: 1 bedroom, 1 bath, 751 square feet

• Sold in September 2008 for $357,500
• Was listed in September 2008 for $329,900 plus $40,000 for parking = $369,900
• Assessments of $380
• Taxes are “new”
• The den is 5×6
• Or- you could have rented it for $1750 a month without parking or $2000 a month with parking

Will this auction set off the same kind of frenzy that the Vetro auction did 8 months ago?

More condos on the block in the South Loop [Chicago Tribune, Oct 21, 2009, Mary Ellen Podmolik]