Crib Chatter

The listing says this 7-bedroom single family home at 4208 N. Kedvale in Old Irving Park is the former convent of the church.

Built in 1934, the house is now bank owned.

It is only a few blocks from the Irving Park Metra station.

It has central air but it appears that there is no parking.

The listing also says it is “cash only.”

Is this a deal?

Lisa Nowogurski at Prudential Starck Realtors has the listing. See the pictures here.

4208 N. Kedvale: 7 bedrooms, 4 baths, 3008 square feet

• Sold in May 2000 for $270,000 (per Chicago Tribune records)
• Bank owned
• Was listed in September 2009 for $349,900
• Reduced
• Currently listed for $299,900
• Taxes of $5499
• Fireplace
• Central Air
• No parking

In some condo units, the dining room is an after-thought with a table thrown into a corner.

But this 2-bedroom at 4110 N. Southport in Graceland West won’t let you forget that the dining room is something to be celebrated and used with its built-in hutch and high ceilings.

The living room also sports more great vintage woodwork in the fireplace mantel (the fireplace is woodburing, by the way.)

The unit has central air and an in-unit washer/dryer. It also has outdoor space, which isn’t that common for most vintage units. There is, however, no parking with the unit.

Eric Rojas at Rubloff has the listing. See more pictures here.

See the virtual tour here.

You can also check out Eric’s real estate blog here.

Unit #2:  2 bedrooms, 1 bath,  no square footage listed

• Sold in December 1993 for $100,500
• Sold in July 2004 for $253,000
• Currently listed for $289,900
• Assessments of $226 a month
• Taxes of $2842
• Central Air
• Washer/Dryer in the Unit
• No parking
• Bedroom #1: 10×9
• Bedroom #2: 10×9
• Living room: 18×10
• Dining room: 16×12
• Kitchen: 12×12

We last chattered about this vintage greystone mansion at 652 W. Sheridan in East Lakeview in October 2008.

See our prior chatter here.

A year ago, the listing gushed about the vintage woodwork which included original wainscoting, chair rails, crown molding and coffered ceilings.

The house has a library, a parlor and is close to the lake.

Now, there’s a second listing that talks about how you can build a “maximum o f 11,690 sq ft total.” And that most likely “this lot would house 4 or 5 huge units. This area is not oversaturated with these types of units.”

The listing says the greystone is not orange listed and not on any historic registry. It is a 35×165 R5 lot.

Can this greystone be saved?

The house is now listed $50,000 under the 2005 purchase price.

Danny Glick at @Properties has the listing.

See the one selling it as a SFH here (with interior pictures).

See the one selling it for the land here.

652 W. Sheridan: 5 bedrooms, 5 baths, 6000 square feet, 2 car garage

• Sold in August 1989 for $370,000
• Sold in June 2005 for $1.3 million
• Originally listed in April 2008 for $1.65 million
• Reduced
• Was listed in October 2008 for $1.5 million
• Reduced
• Currently listed for $1.25 million
• Taxes of $25,456
• Central air

These are the first reductions at 65 E. Monroe, the Park Monroe, in the Loop, the 156-unit office to condo conversion which has views of Millennium Park and the lake to the east and the city to the west.

The building is being converted from the 42nd floor on up for residences. They started closing on units last February.

I have heard the rooftop deck and the garden is amazing.

Statistics on the building (out of 156 units):

• Looks like 45 have sold (per the Chicago Tribune records)
• Only a handful are currently on the market from the developer

Here are some examples of the price reductions:

Unit #4408: 1 bedroom, 1 bath, west/city view, 928 square feet

• Was priced at $399,900
• Currently priced at $299,500

Unit #4603: 1 bedroom, 1.5 baths, west/city view, 1043 square feet

• Was priced at $519,900
• Currently priced at $399,500

Unit #4324: 2 bedrooms, 2 baths, lake/city view, 1453 square feet

• Was priced at $729,900
• Currently priced at $599,500

Unit #4321: 2 bedrooms, 2 baths, lake views, 1571 square feet

• Was priced at $999,900
• Currently priced at $799,500

Unit #4214: 2 bedrooms, 2.5 baths, den, lake views, 2005 square feet

• Was priced at $1.3 million
• Currently priced at $1 million

Are any of these price cuts “deals”?

The ad in the Tribune says it’s a “limited offer.”

See more info on the building’s website: The Park Monroe.

Would it be cool to live on President’s Obama’s block in Kenwood? What about right next door?

That scenario is now a possibility as 5040 S. Greenwood, which sits directly north of the President’s home in Kenwood, just came on the market.

Photos by: Wayne Cable/Selfmadephoto.com 

Matt Garrison, at the Garrison Group at Coldwell Banker, has developed a unique marketing plan for a unique property. It is not being listed on the MLS.

Because, after all, it’s not like they can just let anyone move in next door to the President. Security is an issue.

From the Chicago Tribune:

Interested buyers will be vetted to determine whether they’re financially capable of spending at least $1.5 million on a home and why they want to live there. The names of people who pass the initial screening then will be given to the Secret Service before a showing is arranged.

Bill Grimshaw, a political science professor at the Illinois Institute of Technology, said he and his wife opted to sell because they want to downsize from the sprawling three-story, 6,000-square-foot home. He’s not sure whether the proximity to those world-famous next-door neighbors, and all the trappings that come with it, will be a help or a hindrance to the sale.

“It’s had its ups and downs,” Grimshaw said. “Initially, having to go through justifying being on the block is a little awkward. I used to tease these [security] guys it was easier to get into East Berlin. Now when I look at it, it’s the safest block in town, it’s the most prestigious block in town. I say this to myself a couple times a day when I’m going through the barricades.

“There are people on the block that say they really don’t like this. It doesn’t faze me at all, and I think my wife gets a kick of out it.”

There is no list price as that will be determined through negotiations- but the Tribune article states that homes in the neighborhood sell for anywhere from $1 million to $2.5 million.

The Tribune article also states that the house needs “substantial renovation” in the kitchen and bathrooms.

But it has the great vintage woodwork, included beamed ceilings, stained glass, and a large lot.

See the interior pictures and floorplan here.

5040 S. Greenwood: 8 bedrooms, 3 baths, 2 half baths, 6000 square feet, 2 car garage

• Sold in 1973 for $35,000
• Currently listed for ???? (between $1.5 million and $2.5 million)
• Taxes are unknown
• No central air (window units- at least that’s what it looks like with the window unit in the front of the house)

President Barack Obama’s next-door neighbors put house on the market [Chicago Tribune, Mary Ellen Podmolik, Sep 12, 2009]

We last chattered about 757 N. Orleans, the new construction high rise in River North, in December 2008 when the first closings were occurring (and a few flips had appeared on the market.)

Check out the intense debate about the state of the market here.

The developer announced the fist price reductions last week of up to $125,000.

Here are some reflections on the building (and the market) from posters from last December:

“Finally, Chicago real estate prices— in neighborhoods like River East; Streeterville; Gold Coast; [pockets of] Lincoln Park–have been approaching New York’s prices for awhile now. That should not be a revelation or a joke. Trump’s Trump Tower and Kelleher’s The Chicago Spire solidified this process (by marketing these buildings internationally). Plus, the RE prices in these same neighborhoods are holding their own right now. Yes, there are some declines, but, overall, prices in these ‘hoods—for truly high-end properties– are not diving.” — Luke

“I have been following this board since early this year and the pessimism began to go through the roof starting in October. You no longer see people talk about walkthroughs because people are just not going to walkthroughs right now. Sales are falling through the floor and maybe congress’ proposed 4.5% mortgage rate will stimulate things.

Real estate works best when buyers feel some sense of urgency. There is absolutely 0 urgency to buy right now and prices just continue to get better each month. At some point, this will end.” — Crib Complaints

“I’d really appreciate your comments on my dilemma: I bought a unit in 757 in 2006. I’m feeling that it’s overpriced and that I may save more, despite losing my earnest money, in a resale while leveraging what everyone agrees is a terrible market. So, do I close and try to sell this place as the buyer above is, do I live there and stomach what may be stagnant appreciation, or do I dump it and walk from my earnest money? Thanks all.” — Mike

Price reductions, according to the ad in the Tribune, are the following:

1. Studios: Now from $187,000 (were as high as $330,000+)
2. 1-Bedrooms: from $287,000 (were as high as $440,000+)
3. 2-Bedrooms: from $350,000 (were as high as $550,000+)

The 2-bedroom unit that we chattered about in December 2008, Unit #1112, was on the market then for $465,000 plus $40,000 for parking.

Current statistics in the building (out of 198 units):

• 48 units sold (per the Chicago Tribune records) since November 2008
• 20 are currently on the market
• 6 rentals are also on the market (some may be both for sale AND for rent)

What do these price cuts mean for The Silver, which is just a few blocks to the south and just started closings?

You can get more information on the building’s website: 757 N. Orleans.

We chattered about this 2-bedroom in Avenue East at 160 E. Illinois in Streeterville several times, but the most recent in early August when it was reduced below $400,000.

See our August 2009 chatter here.

I asked in August if this price was a deal.

It’s cheaper than many 1-bedrooms in the neighborhood and the building is relatively “new”. The developer has not sold out all of the units, however.

And now that it’s closed?

Unit #1107: 2 bedrooms, 2 baths, 1100 square feet

• Sold in September 2007 for $542,400
• Originally listed in March 2009 for $459,900 (plus $35,000 for parking)
• Reduced
• Was listed in April 2009 for $445,000 (plus $45,000 for parking)
• Reduced
• Was listed in August 2009 at $399,500 (including the parking)
• Sold in September 2009 for $380,000 (including the parking)
• Assessments of $574 a month
• Taxes are “new”
• Bedroom #1: 18×12
• Bedroom #2: 12×10
• Tom Kelley at Prudential Preferred had the listing.

We last chattered about this traditional looking home with a more contemporary interior at 4337 N. Paulina in the East Ravenswood Historic District in early August 2009.

See our prior chatter here.

It has since been reduced another $50,000.

The kitchen has been renovated and has stainless steel appliances and granite counter tops.

If you like a backyard, the house has an oversized lot of 33×165.

Timothy Sheahan at Conlon Real Estate has the listing. See more pictures and the virtual tour here.

4337 N. Paulina: 4 bedrooms, 3.5 baths, 2.5 car garage, no square footage listed

• Sold in April 1988 for $56,500
• Sold in March 2000 for $700,000
• Sold in August 2005 for $955,000
• Originally listed in May 2008 for $1.099 million
• Listing cancelled in October 2008
• Re-listed in June 2009 for $999,900
• Reduced
• Was listed in August 2009 at $949,000
• Reduced
• Currently listed for $899,000
• Taxes of $11,471
• Central Air
• Bedroom #1: 17×21
• Bedroom #2: 16×14
• Bedroom #3: 11×12
• Bedroom #4: 10×11

It’s not too easy to find affordable 3-bedroom condo units. But this corner loft unit at 500 S. Clinton, a brick conversion on the Near West Side, fits the bill.

It has hardwood floors throughout except the master bedroom which has new carpet.

The kitchen has 42 inch cabinets, granite counter tops and black appliances.

It has all the other bells and whistles of central air, washer/dryer in the unit and 2 indoor parking spaces.

OR– you can also rent the unit for $2500 a month (including the two parking spaces).

Mary Bowler at @Properties has the listing. See the pictures here.

You can check it out yourself at the Open House this Sunday, Sep 13, from 1-3.

Unit #428: 3 bedrooms, 2 baths, 1500 square feet

• Sold in March 2002 for $284,000
• Sold in May 2005 for $367,500
• Originally listed in July 2009 for $349,000
• Reduced
• Currently listed for $324,000 (plus $30,000 for 2 indoor spaces)
• Assessments of $640 a month (plus $36 for each parking space)
• Taxes of $5285
• Or available to rent for $2500 a month (including the parking)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×12
• Bedroom #2: 12×10
• Bedroom #3: 13×12

This 3-bedroom loft at 727 S. Dearborn, in the historic Donohue Annex, in Printers Row is the kind of authentic loft many loft-lovers dream about.

It has a 44×22 private rooftop deck but you may never go out there as you can enjoy the sun from the huge vaulted glass ceiling in the comfort of your own living room.

The kitchen has been updated with Sub Zero and Miele appliances.

Many of the bedrooms have no full-walls, a sign of a “real” loft.

The unit has central air conditioning and in-unit washer/dryer. There’s no parking with this building (but you can purchase a spot in the building across the street for around $50,000.)

Cynthia Bauer at Sudler Sotheby’s has the listing. See the virtual tour and complete set of pictures here (including the deck).

See the listing here.

Unit #1012: 3 bedrooms, 2 baths, 3500 square feet

• Sold in October 1990 for $300,000
• Sold in August 1992 for $550,000
• Sold in June 2006 for $1.05 million
• Currently listed for $1.125 million
• Assessments of $1836 a month (includes heat, cable)
• Taxes of $8850
• Central Air
• In-unit washer/dryer
• 44×22 private rooftop deck