Crib Chatter

We last chattered about this historic bungalow at 5501 W. Cullom in Portage Park in early July.

See our prior chatter and pictures here.

Since then, the house has been reduced by $75,000.

The 4-bedroom house was built in 1926 and has many special features including a lower level with a 1950s lounge, a wine cellar, a walk in meat smoker (which apparently still works) and a full shuffleboard court in the basement floor.

The house has amazing woodwork, french walnut walls and stained glass.

They don’t build them like this anymore.

Heather Lange at Koenig & Strey still has the listing. See more pictures here.

5501 W. Cullom: 4 bedrooms, 2.5 baths, 2.5 car garage, 3500 square feet

• Sold in January 1995 for $293,000
• Sold in December 2002 for $525,000
• Was listed in July 2009 for $750,000
• Reduced
• Currently listed at $650,000
• Taxes of $5001
• Central Air
• Bedroom #1: 15×13
• Bedroom #2: 14×12
• Bedroom #3: 10×10
• Bedroom #4: 12×9

The Chicago Association of Realtors and the Illinois Association of Realtors have both been vocal in press releases that the recently tightened Fannie Mae and Freddie Mac loan requirements for condominiums are squeezing sales in Chicago.

Here are some of the new rules recently put in place for buyers seeking to obtain a Fannie or Freddie backed mortgage on a condominium:

1. For new construction and newly converted condominium developments, at least 70% of the units must be pre-sold (closed or under contract).
2. No more than 15% of condominium units within a single building can be more than 30 days delinquent on HOA fees.
3. No more than 10% of units can be owned by a single owner (i.e. an investor owning a large chunk of units in the building)
4. Fees have been raised. Buyers without at least a 25% down payment have to pay closing cost fees equal to 0.75% of their loan, no matter what their credit score.

There are a few other restrictions which are also impacting some condo owners, such as one regarding the amount of commercial space in the building which is impacting the smaller 3 and 6-unit buildings.

Are many of you seeing problems with buyers not being able to get loans in your buildings?

Have some associations been raising reserves in order to meet loan requirements for prospective buyers?

Last June, 2 Congressmen wrote Fannie and Freddie asking them to loosen the restrictions.

Since those letters, there hasn’t been any further action by Congress to change the requirements.

Fannie, Freddie asked to relax condo loan rules: report [Reuters, Jun 22, 2009]

This 4-bedroom victorian single family home at 4844 N. Ashland in Ravenswood just came on the market listed at a condo price.

The listing says it is a “handyman’s special” but it appears to have some good bones.

The four bedrooms are on the second floor and the listing says there is hardwood underneath the carpet (and one of the bedrooms is in a turret.)

The main floor has hardwood floors, which the listing says are sandable. The house also apparently has a “newer roof and gutters” and a full unfinished basement.

Built on an oversized lot, it has a two car garage.

The property is sold “as-is” and needs court approval but the listing says it’s not a short sale. I can’t find any record of the bank owning it either.

Is this a deal for a single family home in this neighborhood?

Joanne Nemerovski at Prudential Rubloff has the listing. See the pictures here.

4844 N. Ashland: 4 bedrooms, 1.5 bathrooms, no square footage listed

• I couldn’t find an original sales price
• Currently listed for $260,000
• Taxes of $6336
• No central air- window units
• Bedroom #1: 10×16
• Bedroom #2: 10×14
• Bedroom #3: 11×9
• Bedroom #4: 9×11

Last May we chattered about this bank-owned 3-flat at 3510 N. Ashland in Southport.

See our chatter and pictures here.

At that time it was listed at $386,100 under the 2006 purchase price.

It has since been reduced another $87,000 and has now gone under contract.

Does this price make sense from an investment perspective?

David Piche at Re/Max Signature has the listing. See more pictures here.

3510 N. Ashland: 3-flat, 9 bedrooms, 4 baths, 3 car parking

• Sold in December 2003 for $470,000
• Sold in September 2006 for $1.1 million
• Bank owned in January 2009
• Originally listed in April 2009 for $713,900
• Was still listed in May 2009 at $713,900
• Reduced several times
• Currently listed at $626,900
• Under contract
• Taxes of $10,144
• All utilities separate
• W/D in each unit
• Central Air

Maybe you’re an artist who needs a wide-open authentic loft space in which to work but wants to live in a home with vintage features?

This unique 1-bedroom single family home at 5844 W. Augusta Blvd in Austin could be for you.

Built in 1911, the first floor loft has exposed brick and timber ceilings. That level has a half bath and the laundry room.

Upstairs, is a 1-bedroom plus den vintage home with a separate dining room, remodeled kitchen and hardwood floors.

The bathroom has a claw-foot tub.

The property also has an outdoor patio but apparently doesn’t have any deeded parking.

James Salazar at Baird & Warner has the listing. See the pictures here.

5844 W. Augusta Blvd: 1 bedrooms, 1.5 baths, first floor loft, 1336 square feet

• Sold in May 2005 for $112,500
• Currently listed for $150,000
• Taxes of $1963
• No Central Air
• No parking
• Loft: 27×24

We haven’t chattered about The Heritage at 130 N. Garland in the Loop in awhile.

Built in 2005, the building was extremely popular when it first started closings due to its proximity to Millennium Park and the protected east views of the Lake.

It also has an amazing indoor swimming pool and workout room.

Current statistics on the building: (out of 356 units)

• 37 for sale
• 18 for rent

Some units may be both for sale AND for rent.

This 2-bedroom unit on the 18th floor is the cheapest 2/2 in the building and has just been reduced.

It faces west and has the city view. It has the granite kitchen counters and 42 inch cabinets but black appliances (not stainless steel.)

The listing says it has custom paint and mahogany hardwood floors.

Is the building still as “hot” as it was 4 years ago?

Tricia Fox at Keller Williams Gold Coast has the listing. See the pictures here. See more details on the listing here.

Or you can see the actual unit this Sunday, Sep 20, at the open house from 1-3 pm.

Unit #1812: 2 bedrooms, 2 baths, 1100 square feet

• Sold in February 2005 for $386,500
• Originally listed in July 2009 for $470,000 (parking extra)
• Reduced several times
• Currently listed for $429,000 (plus $50,000 for parking)
• Assessments of $443 a month includes cable, doorman, pool
• Taxes of $5133
• Central Air
• In-unit washer/dryer
• Bedroom #1: 14×13
• Bedroom #2: 12×10

Who knew there were duplex lofts in 540 N. Lake Shore Drive in Streeterville?

This 2-bedroom penthouse unit just came on the market and it has soaring two-story walls of brick in the living room and a spiral staircase up to the second floor bedroom area.

The kitchen has granite counter tops and stainless appliances.

It has central air and a washer/dryer in the unit. There is no deeded parking with the building. It is rental only.

The unit also comes with rare private roof rights so if you want to spring some extra money for it, you can have your architect build a private deck so you can watch the Navy Pier fireworks.

Is this a steal at under the 2004 and, apparently, also the 2000 price?

Amanda McMillan at Prudential Rubloff has the listing. See more pictures here.

Unit #710: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in March 1999 for $272,500
• Sold in February 2000 for $426,000
• Sold in October 2004 for $520,000
• Currently listed at $399,900
• Assessments are $892 a month (includes the heat)
• Taxes are $6280
• Parking is rental in the building
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 18×15
• Bedroom #2: 17×9
• Living room: 21×19
• Family room: 16×7
• Kitchen: 14×11

We’ve chattered about this 1-bedroom penthouse unit with its huge 3000 square foot custom landscaped terrace in the modern masterpiece Contemporaine, at 201 W. Grand, in River North several times before.

Read the July 2008 chatter here.

It’s been over a year since that chatter and it has been reduced again.  The unit has now been reduced nearly $1 million since 2007.

Or if you don’t want to buy, now you can also just rent it instead.

This penthouse has been featured in several publications including the Chicago Tribune Magazine.

You can find the link to that magazine layout in the very first post on this unit on Crib Chatter in September 2007 here.

From the street, you can see the amazing Japanese gardens on the 3,000 square foot terrace. The listing says it has 12 foot tall Bonsai trees.

The unit also has 20-foot ceilings in the living room, city views and a modern kitchen.

Linda Marcus at Koenig & Strey has the listing. See the pictures here.

Unit PH2: 1 bedroom plus den, 2.5 baths, 3000 square feet, 2 parking spaces included, 3000 square foot terrace

• Sold in April 2004 for $1,700,000
• Was listed in September 2007 for $3.95 million
• Withdrawn from the market 
• Was listed in April 2008 for $3.79 million (2 parking spaces still included)
• Reduced
• Was listed in July 2008 for $3.59 million (2 parking spaces still included)
• Reduced
• Currently listed for $2.999 million (2 parking spaces still included)
• OR you can rent it for $15,000 a month
• Assessments of $1900 a month
• Taxes of $25,656
• Bedroom: 23×20

The listing for this 3-bedroom townhouse at 950 W. Berwyn in Edgewater says it is Chicago’s only “inside Lincoln Park private townhome enclave”.

The listing says it has direct access into the park and is steps from Foster beach.

All three bedrooms are on the same level, which is rare for townhouse living.

It also has a family room on the lower level that leads to a private patio area- which, it appears from  the pictures, leads directly to the park.

How important is it to be close to the park and the lake?

John Wahlund at Lakefront Group Realty Associates has the listing. See the pictures here.

950 W. Berwyn #4: 3 bedrooms, 3 baths, 2 car attached garage

• Sold in September 1990 for $261,000
• Sold in December 1999 for $320,000
• Sold in October 2002 for $458,000
• Originally listed in July 2009 for $549,000
• Currently still listed for $549,000
• Assessments of $352 a month (includes snow removal)
• Taxes of $6506
• Central Air
• Bedroom #1: 14×13
• Bedroom #2: 12×10
• Bedroom #3: 10×10
• Living room: 23×18
• Dining room: 13×14
• Kitchen: 13×10
• Family room: 13×11

For many buyers, the Chicago greystone is their dream property.

This 3-bedroom greystone at 657 W. Roscoe in East Lakeview was built in 1901.

It has vintage features such as a fireplace and wood trim as well as modern amenities like an updated kitchen and central air.

The lot is an extra long 134 feet and it shows in the lush backyard.

The only thing it is missing is parking. But do you even need a car in this neighborhood?

Mario Greco at Prudential Rubloff has the listing. See more pictures and virtual tour here.

See the floorplan here.

See the property website here.

657 W. Roscoe: 3 bedrooms, 2.5 baths, no square footage listed

• Sold in September 2000 for $565,000
• Sold in October 2002 for $925,000
• Currently listed for $999,000
• Taxes of $11,297
• Central Air
• No parking
• Living room: 17×12
• Dining room: 16×11
• Family room: 16×12
• Bedroom #1: 15×13
• Bedroom #2: 12×9
• Bedroom #3: 11×9
• There is a basement-but it appears from the listing to be unfinished.