Crib Chatter

It doesn’t get more Bucktown than this 3-bedroom single family home at 2032 W. Churchill which is just a short stroll to the shops, restaurants and CTA stop on Damen.

Is this house an alternative to the big duplex down units we’ve been chattering about in other parts of the city?

It has 2 bedrooms upstairs and one bedroom (or den, according to the listing) in the basement, along with the family room.

The house does have central air and a two car garage. It also has more than 1 bathroom, which is a selling point.

The kitchen lacks stainless steel appliances and granite countertops but, as the listing says, the house appears to be “move in ready.”

Tobi Soraghan at @Properties has the listing. See the pictures and a virtual tour here.

2032 W. Churchill: 3 bedrooms, 2.5 baths, 2 car garage

• Sold in May 1996 for $218,000
• Sold in August 1999 for $370,000
• Sold in January 2003 for $472,500
• Sold in September 2007 for $585,000
• Currently listed at $619,900
• Taxes of $6688
• Central Air
• Bedroom #1: 13×13
• Bedroom #2: 12×11
• Bedroom #3: 13×8 (lower level)
• Family room (lower level)

According to the Tribune, Unit #2A at 1351 N. Ashland in West Town sold in February 2008 for $290,000.

It is now bank owned and is listed for $180,700 under the 2008 purchase price.

It is a cash only sale.

But if you’re an investor, you’ll have to wait a day or two more because, according to the listing “Fannie Mae assets are reserved for owner occupants or NSP purchasers for the first 15 days that a property is listed in the MLS. Regular investor offers will only be considered after 15 days of MLS exposure.”

From the pictures, it appears that the floors, the kitchen appliances and countertops and the bathroom sink/toilet are all missing.

Will investors be flocking to make all-cash offers on this one?

Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.

Unit#2A: 1 bedroom, 1 bath, no square footage listed

• Sold in February 2008 for $290,000 (per the Chicago Tribune)
• Bank owned
• Currently listed for $109,300
• No assessments are listed
• Taxes of $2784
• Listing says no heat or central air
• Bedroom: 10×10
• Living room: 10×10
• Kitchen: 10×10

What’s selling? Properties targeting first time home buyers like this 2-bedroom unit at 2234 W. School in Roscoe Village.

It came on the market in July priced at its 2003 purchase price and went under contract in just 13 days.

It appears to have all the bells and whistles: stainless steel appliances, granite countertops, central air, in-unit washer/dryer and, of course, deeded parking.

Nick Kluding at Baird & Warner has the listing. See more pictures here. (If that link doesn’t work- then try this.)

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

• Sold in August 2003 for $279,000
• Originally listed in July 2009 for $279,000 (parking included)
• Under contract
• Assessments of $189 a month
• Taxes of $4282
• Central Air
• In-unit washer/dryer
• Bedroom #1: 12×11
• Bedroom #2: 11×9
• Living room: 19×12
• Kitchen: 15×11

We last chattered about Unit #607 in Michael’s Terrace at 1309 N. Wells in Old Town in May 2008 when it was owned by the bank and just sitting on the market.

See our prior chatter here (scroll all the way to the bottom of the post to see the building and listing. No interior pictures were available at that time.)

It finally sold in June 2008.

13 months later, it is now back on the market with a new kitchen with sile stone counters and stainless steel appliances and what looks like new floors throughout the unit.

Only 2 units have sold in 2009 in the building. Both sold in July:

1. Unit #701 for $333,000
2. Unit #808 for $325,000

Two other 2-bedroom units are currently on the market in the building. (The entire building is 2-bedroom units, I believe.)

Will this seller be successful in selling for a profit one year later?

Frank Mitrick at Real-Tek Realty has the listing. See the pictures here.

Unit #607: 2 bedrooms, 2 baths, no square footage listed

• Sold in September 1991 for $156,000
• Lis pendens filed in June 2004
• Bank owned as of November 2007
• Listed at $279,900 in May 2008
• Sold in June 2008 for $285,000 (parking included)
• Originally listed in July 2009 for $347,000 (parking included)
• Reduced
• Currently listed at $342,000 (parking included)
• Assessments of $407 a month
• Taxes of $2838
• Central Air
• In-unit washer/dryer 

Some properties are still selling quickly. It helps if the property is considered “affordable” – especially for first time home buyers looking to cash in on the $8,000 credit.

This 1-bedroom unit at 630 W. Waveland in Lakeview is one of those units.

It has some vintage character, including a wood burning fireplace, but also an updated kitchen and an in-unit washer/dryer. There is no central air (only window units) but parking is available for $25,000 extra.

Would buying this unit be cheaper than renting?

Amanda McMillan at Prudential Preferred has the listing. See the pictures here.

Unit #2B: 1 bedroom, 1 bath, no square footage listed

• Sold in June 1994 for $59,000
• Sold in April 2004 for $185,500
• Originally listed in July 2009 for $205,000 (parking is $25,000 extra)
• Under contract
• Assessments of $229 a month
• Taxes of $1888
• In-unit washer/dryer
• No central air (window units)
• Living room: 18×12
• Kitchen: 12×10
• Bedroom: 13×10

We last chattered about this 2-bedroom duplex with a large terrace at 3700 N. Lake Shore Drive in Lakeview in January 2009.

At that time, it created quite the discussion about bubble pricing.

See our prior chatter here.

The unit recently sold in July 2009 for $36,000 above the 2003 purchase price.

Unit #111: 2 bedrooms, 2.5 baths, 1600 square feet

• Sold in October 1999 for $237,500
• Sold in August 2003 for $342,000
• Was listed in January 2009 for $399,000 plus $20,000 for heated garage parking
• Sold in July 2009 for $378,000
• Assessments of $488 a month
• Taxes of $3686
• Central Air
• Wine fridge
• Ellen Webber at @Properties had the listing.

The Chicago Tribune reports on the latest development in condominium buildings in the  city: the buying of foreclosures by the association within the building.

Shoreline Towers, at 6301 N. Sheridan in Edgewater, a 378-unit 25 story building has seen its share of foreclosures. According to the article at any time there are 12 to 14 in the building.

But the association has a new way of handling the foreclosures, which can cause a decline in values in the building.

If they receive the required 66 2/3 percent majority approval needed from owners, the association will buy up to eight foreclosed condos during the next two years and rent them as apartments until the housing market improves. Then they’ll resell them.

The board’s plan was crafted over the past five months as the housing industry’s meltdown landed on its doorstep. According to board President Edward Frischholz, average sales prices of units that sold in the building this year have ranged from $95,000 to $135,000, down $15,000 to almost $44,000 from what similar units sold for, on average, during the past four years.

Foreclosed, empty units also mean lost assessments, at least initially. With an average monthly assessment of $500, Shoreline’s association is short at least $6,000 a month from a dozen foreclosures.

One of the foreclosed units the board seeks to buy, priced by the lender at $115,000, had a four-year average sales price of more than $217,000. Because that unit is listed on a multiple listing service, the association’s planned purchase would lower comparable sales in the building, a point Frischholz concedes. Likewise, other purchases also would affect the comparable sales figures.

“It does, but what other alternative do we have,” said Frischholz, who has owned in the building since 1989. “At least we’re acquiring an income-producing asset. If units start selling for 50 cents on the dollar, that means other units start selling for less too. This was an evolutionary process we undertook to protect our property values.”

So far, proxies are running 9-1 in favor of the board’s proposal.

The article states that the association has taken out a $2.5 million refinancing in order to make the cash purchases on the units. It also has $600,000 in reserves, about half the level it used to have.

The building was built in the 1960s.

Shoreline Towers condo association plans to be a buyer in foreclosure market [Chicago Tribune, Mary Ellen Podmolik, Aug 10, 2009]

Shoreline Towers Condominiums [website]

Many of us have wondered just how long we’d have to look at the shell of a building that is (was?) Waterview Tower on Wacker Drive.

Greg Burns at the Chicago Tribune recently talked with Peter Greene, first vice president at CB Richard Ellis in Chicago:

Halted after work began, standing like a broken tooth in the smile of Chicago’s Wacker Drive cityscape, the forlorn Waterview Tower is attracting “a lot” of interest, Greene said in an interview. Groups of potential buyers are all over the 26 stories of bare concrete at 111 W. Wacker, he said, many taking his advice to dress in workout gear, since there’s no vertical transportation.

Some hope to complete the 90-floor project, once intended to be a Shangri-La Hotel with luxury condos. Some want to cut it off at 40 floors and put in rental units. Student housing is a possibility, or offices at  the top, Greene said. “It will depend on who’s imagination is best and who can close.”

A foreclosure battle between developer Teng and Associates and Bank of America is awaiting a written ruling. Those owed money in the failed project are on board “to market it professionally,” Greene noted. Contrary to reports, the bare concrete structure is in “pretty good shape” despite more than a year of idle exposure to the elements.

Stalled Waterview Tower on the move, its broker says [Chicago Tribune, 8/7/2009]

Living close to the loop just got cheaper as this bank-owned townhouse recently came on the market in the Fulton Market neighborhood at 310 N. Clinton.

At 2000 square feet, it appears to have its kitchen and baths intact. It also has 3-bedrooms plus a den and an attached garage.

The townhouse is listed above the prior 2004 purchase price.

Is this even a deal?

Anthony Hanas at Coldwell Banker has the listing. See the pictures here.

Unit M: 3 bedrooms, 2 baths, den, 2000 square feet, attached garage

• Sold in March 1999 for $350,000
• Sold in March 2004 for $460,000
• Lis pendens in September 2007
• Bank owned in July 2009
• Currently listed for $499,900
• Assessments of $120 a month
• Taxes of $6545
• Central Air

We chattered about this large custom-designed contemporary Lakeview penthouse unit at 550 W. Wellington in June.

See our prior chatter and pictures here.

Since then, it has been reduced another $95,000.

The unit has top of the line finishes and appliances including Bulthaup, Sub-Zero, Poliform, Dornbracht and the Lutron whole-home lighting & shade system.

The home has 10-foot ceilings and heated garage parking. It also has a private rooftop deck.

Robert John Anderson at Baird & Warner has the listing. See more pictures and a guided tour here.

Unit #Penthouse: 3 bedrooms, 2 baths, 2000 square feet

• Sold in June 2005 for $995,000
• Originally listed in November 2008 for $1.295 million
• Reduced
• Was listed in June 2008 at $1.095 million
• Reduced
• Currently listed at $1 million 
• Assessments of $537 a month
• Taxes of $14,078
• 1 heated garage parking space included
• Central Air
• Washer/Dryer in the unit