Crib Chatter

We last chattered about this 2-bedroom duplex in the Clocktower Lofts at 2300 W. Wabansia in Bucktown in January 2009.

See our prior chatter and pictures here.

It closed in May 2009 for $20,000 over the 2005 purchase price.

Unit #309: 2 bedrooms, 1 bath, 1100 square feet, duplex

• Sold in March 2005 for $322,500
• Was listed in January 2009 for $369,000 (parking was $28,000 extra)
• Sold in May 2009 for $342,500 (not sure if this included a parking spot- as it was a different seller who was selling the parking spot in the building)
• Assessments of $274 a month
• Taxes of $4165
• Central Air
• Greg Vollan at @Properties had the listing.

The 6-bedroom house at 1510 W. Byron in the Southport neighborhood of Lakeview was new construction in 2007.

It sold in 2007 for over $2 million but has come back on the market in 2009 as a short sale.

The home has all the new construction bells and whistles including heated stairs and walk (so you never have to shovel again.)

Will anyone be biting at $200,000 off the 2007 purchase price?

Richard Anselmo at Jameson has the listing. See the pictures here.

1510 W. Byron: 6 bedrooms, 4.5 baths, 5100 square feet, 2 car garage

• Sold in February 2007 for $2.09 million
• Lis pendens in September 2008
• Listed in March 2009 for $1.999 million
• Reduced
• Listed as a “short sale”
• Currently listed for $1.89 million
• Taxes of $20,187

I often get asked if I can direct people to an agent who handles, for instance, only foreclosures.

There’s a new website that just launched that may help.

It’s called: AgentsCompared.com

It was started by an attorney in Chicago just a week ago. It’s free to users (and to agents who list their information on it.)

This site might help some of you looking for a agent for a specific part of real estate (foreclosures, multi-family etc.)

This brick and timber 1-bedroom duplex loft at 1236 W. Fullerton, the Surrey Court Lofts, in Lincoln Park has been on the market since May.

It is bank-owned and just recently had a $10,000 price reduction.

The loft is now listed under the 1998 purchase price.

The unit has a spiral staircase to the bedroom and den on the second level. The loft has all the bells and whistles in terms of central air, washer/dryer in the unit and an assigned outdoor parking space.

Though the building was converted into lofts in the 1980s, the kitchen has been updated and even has stainless steel appliances (at least according to the pictures).

Why isn’t this selling?

Jerzy Kozera at Coldwell Banker has the listing. See the pictures here.

Unit #1J: 1 bedroom, 1.5 baths, den, no square footage listed

• Sold in May 1998 for $215,500
• Sold in February 2003 for $299,000
• Sold in May 2003 for $260,000
• Bank owned as of April 2009
• Listed in May 2009 for $219,900
• Reduced
• Currently listed at $209,900 (parking included)
• Assessments of $303
• Taxes of $4472
• Central Air
• In-unit Washer/Dryer
• Bedroom: 15×12
• Den: 12×8
• Living room: 29×14
• Kitchen: 15×10

We last chattered about this large 1-bedroom unit at Fairbanks at Cityfront Plaza at 240 E. Illinois in Streeterville last January.

See our prior chatter and pictures here.

It was priced at $600,000 plus $55,000 for the parking but comps on units sold on nearby floors seemed to justify the high price.

It is 7 months later and the unit has seen just one price reduction.

The comps are all about a year old.

In a declining market, when are the comps still “good” comps?

Here are the similar comps again:

Unit #3110:

• Sold in May 2008 for $574,500
• Re-sold again in August 2008 for $580,000

Unit #3010:

• Sold in May 2008 for $584,500

(I’m assuming these sales included the parking.)

Sophia Klopas at Koenig & Strey still has the listing. See more pictures and the listing here.

Unit #2810: 1 bedroom, 1.5 baths, 1050 square feet

• Sold in May 2008 for $554,500
• Was listed in January 2009 for $600,000 plus $55,000 for parking
• Reduced in April 2009 to $575,000 plus $55,000 for parking
• Currently still $575,000 plus $55,000 for parking
• Assessments of $450 a month
• Taxes are “new”

Jefferson Park is usually thought of as a neighborhood of family homes.

This 4-bedroom 1924-Colonial at 5120 W. Winona fits the bill and even has a white picket fence.

It has maple hardwood floors and crown molding. 3 out of 4 bedrooms are on the second floor.

The house also has central air and a 2.5 car garage.

Is this an affordable starter home?

Cindy Beverley at Classic Realty Group has the listing. See the pictures here.

5120 W. Winona: 4 bedrooms, 2 baths, no square footage listed, 2.5 car garage

• Sold in September 1988 for $86,000
• Sold in April 1999 for $182,500
• Was listed in May 2009 for $369,900
• Currently listed at $369,900
• Taxes of $2583
• Central Air
• Basement/Family room
• Bedroom #1: 13×13
• Bedroom #2: 14×10
• Bedroom #3: 11×11
• Bedroom #4: 12×9

This 1-bedroom brick and timber loft at 420 W. Grand in River North started life as a 2-bedroom and along the way the wall came down for the second bedroom.

The building was converted into lofts in 1994, making it among the oldest loft conversions in River North.

Though it is now a 1-bedroom, the unit still has the 2-baths. The listing says the wall for the second bedroom can be “replaced.”

Is it hard to sell what was a 2-bedroom as just a gigantic 1-bedroom?

Barbara Sapstein at Baird & Warner has the listing. See the pictures here.

Unit #4I: 1 bedroom, 2 baths, no square footage listed

• Sold in July 1999 for $244,000
• Sold in March 2003 for $297,000 (included the parking)
• Originally listed in June 2009 for $319,000
• Reduced
• Currently listed for $299,000 (parking is $25k extra)
• Assessments of $334 a month
• Taxes of $2972
• Central Air
• In-unit washer/dryer
• Bedroom: 11×13
• Living room: 27×23
• Kitchen: 12×9

We chattered about this 1891 brick cottage at 2110 N. Hoyne in Bucktown in March 2009.

See our prior chatter and pictures here.

It sold in June 2009.

2110 N. Hoyne: 2 bedrooms, 2.5 baths, 2 car garage, no square footage listed

• Sold in April 1999 for $240,000
• Sold in February 2004 for $370,000
• Was listed in March 2009 for $595,000
• Sold in June 2009 for $530,000
• Taxes  of $6,864
• Central Air
• Skylights
• Bedroom #1: 16×13
• Bedroom #2: 13×13
• David Wolf at @Properties had the listing.

The Wall Street Journal is reporting that private equity firm Starwood is in talks with regulators to buy assets of Corus Bankshares Inc., the Chicago-based bank that is a large lender for condominium construction.

Barry Sternlicht’s Starwood Capital Group, a private-equity firm specializing in real-estate investments, is bidding on assets of Corus Bankshares Inc., according to people familiar with the matter.

“We’re bidding on a bank,” Mr. Sternlicht said during a conference call with investors in Starwood funds on Monday. Without naming the bank, he said it is heavily concentrated in real-estate lending and has more than 110 construction loans. People with knowledge of the matter identified the bank as Corus.

Many of the construction loans are for buildings in Florida but Corus also was an active lender in Chicago.

These are just a few of its projects in Chicago:

1. Walton on the Park: loan of $129.5 million
2. The Columbian: loan of $92 million
3. The Lexington Park Condominiums: loan of $84 million
4. 50 E. Chestnut: loan of $67.4 million

Corus apparently missed a late June deadline to raise capital or find a buyer.

If Corus is taken over by regulators, will there be a ripple down effect on the local condominium market?

Starwood in bidding for Corus [Wall Street Journal, Lingling Wei and Nick Timiraos, July 15, 2009]

This 3-bedroom house at 2823 N. Racine in Lakeview recently came on the market.

It’s bank-owned and now listed for $195,200 under the 2003 purchase price.

Built in 1888, the house doesn’t have central air but appears to have at least 1-car parking.

Is this cheap enough to lure buyers?

Jason Shapiro at Rising Realty LLC has the listing. See the pictures here.

2823 N. Racine: 3 bedrooms, 2 baths, 1536 square feet

• Sold in April 1998 for $355,000
• Sold in May 2003 for $747,000
• Bank owned as of March 2009
• Currently listed for $551,800
• Taxes of $9289
• Listing says there is 1-car assigned parking
• No central air
• Bedroom #1: 16×12
• Bedroom #2: 10×11
• Bedroom #3: 13×13
• Living room: 15×14
• Kitchen: 10×9
• Dining room: 18×10