Crib Chatter

It only took 3 months for the first resale to appear in the 58-unit new construction high rise at 110 W. Superior in River North. This is the building with the blue windows.

This 1350 square foot 2-bedroom recently came on the market for $137,000 more than the March 2009 purchase price.

The listing says it has $60,000 in upgrades, Snaidero cabinets and Subzero appliances in the kitchen and motorized window treatments.

The developer is trying to sell an 03 tier unit on the 16th floor for a similar price of $759,000 (parking extra).

110 W. Superior is seen as a competitor for 600 N. Fairbanks. Yet similarly sized units in 600 N. Fairbanks are listed for several hundred thousand less than 110 W. Superior.

Will the boutique building and “newness” help sell buyers on 110 W. Superior?

Continental Real Estate Group Inc. has the listing. See the pictures here.

Unit #1003: 2 bedrooms, 2 baths, 1350 square feet

• Sold in March 2009 for $662,500 (I’m assuming this included the parking)
• Currently listed for $749,900 (parking $50K extra)
• Assessments of $500 a month
• Taxes are “new”
• Bedroom #1: 15×13
• Bedroom #2: 11×10
• Living room: 19×12

The expensive luxury penthouse condo isn’t limited to only the downtown Chicago market.

This 3-bedroom, 6000 square foot penthouse at 1715 W. Ohio in West Town,  near the Ukranian Village neighborhood, just came on the market priced at nearly $2 million.

The listing says it has a high-speed elevator to whisk you directly to your unit. The property is a duplex with 14 to 17-foot high ceilings, a spa master bath, and a 1700 square foot cedar roof deck with a gas firepit.

Are some properties just so unique that they can sustain the higher price point?

Chaz Walters at Sudler Sotheby’s International has the listing. See the pictures here.

Unit #PH: 3 bedrooms, 3.5 baths, 6000 square feet, 2 car garage, duplex

• Sold in August 2004 for $1.2 million
• Currently listed for $1,999,000
• Assessments are $900 a month
• Taxes are $8,000
• Gourmet kitchen with Brazilian granite island

You can live in the middle of all the Southport action by living right on Southport in this 3-bedroom duplex up at 3250 N. Southport in Lakeview.

This condo building only has 2 units and each has a private entrance.

The top floor duplex has four decks, 2 garage parking spaces and a full-sized family room.

Igor Dolgikh at Jameson has the listing. See more pictures here.

Unit #2: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage

• The public records aren’t completely clear on the original sales price in 2006 or 2007
• Listed in March 2009 for $875,000
• Currently still listed for $875,000
• Assessments of $100 a month
• Taxes are “new”
• Bedroom #1: 16×14
• Bedroom #2: 11×12
• Bedroom #3: 10×12
• Family room: 27×18

Sales continued to decline in Chicago in April while prices are also down sharply from the year ago period.

From the Illinois Association of Realtors:

In the city of Chicago, April total home sales (single-family and condominiums) were up 16.7 percent to 1,378 sales compared to March 2009 sales of 1,181; sales were down 26.9 percent from 1,886 in April 2008.

The city of Chicago median price remained unchanged at $220,000 in April and March 2009; the city of Chicago median price in April was down 26.7 percent from $300,000 in April 2008.

“We continue to see homes in foreclosure and short sales driving prices lower in many areas of the city,” said David Hanna, president of the Chicago Association of REALTORS®.

“Policy changes such as allowing first-time homebuyers to use the $8,000 tax credit at closing and a streamlined process for short sales will help, but the critical issues are the rising numbers of foreclosures and restrictive lending guidelines not crafted for our urban market. The federal loan modification program has not yet slowed the pace of foreclosures, a must for turning housing around in the Chicago metropolitan area. Regulators and lenders need guidance and latitude in creating a lending environment that addresses regional and in particular urban housing differences. That is not happening right now, and our numbers reflect the result.”

For the entire state, sales were down 20.9% year over year. In the 9-county Chicagoland area, sales fell 22.1% from April 2008.

“Illinois home sales are showing some signs of life as people take advantage of the favorable buyer’s market conditions and the federal stimulus package incentives,” said REALTOR® Pat Callan, president of the Illinois Association of REALTORS®.

“Those waiting on the sidelines should act now while the window of opportunity is still open and before mortgage interest rates rise above these lows. The $8,000 first-time homebuyer tax credit ends December 1, 2009, and we anticipate details soon to be released by the U.S. Department of Housing and Urban Development allowing FHA consumers to use this credit as a down payment at the closing table.”

April Illinois Home Sales Signal Buyers Getting Off the Sidelines
Statewide Sales Up 9 Percent; Median Price at $150,000 [Illinois Association of Realtors Press Release, May 27, 2009]

Over a year ago we chattered about some units in the Riverbend Lofts at 2620 N. Clybourn in far west Lincoln Park.

See our prior chatter and pictures here.

In April 2008, Unit #205, a 3-bedroom duplex loft, was on the market and competing with a unit in short sale.

Unit #205 is still on the market and has been reduced by $44,000.

It is now listed only $14,000 over the 2002 purchase price.

Are some parts of Chicago reflecting the Case Shiller March numbers and reverting back to 2002 prices?

Philip Schwartz at Baird and Warner has the listing. See the pictures here.

Unit #205: 3 bedrooms, 2 baths, 1725 square feet

• Sold in October 2002 for $341,000
• Was listed in April 2008 for $399,000 (one parking space included)
• Reduced several times
• Currently listed for $355,000 (includes one parking space)
• Assessments of $325 a month
• Taxes are $4424
• Balcony and roof rights
• Central Air

We last chattered about this 2-bedroom brick loft at 1528 S. Wabash in the South Loop in February.

See our prior chatter and pictures here.

It is still on the market and has now been reduced by $38,000.

This is a rare loft in that the walls to the bedrooms actually go to the ceiling, affording some privacy. It also appears that there are windows in both bedrooms (also rare in most lofts.)

Is this loft a deal now?

Elizabeth Sheeran of Ideal Location Chicago Real Estate has the listing. See more pictures here.

Unit#608: 2 bedrooms, 2 baths, no square footage listed

• Sold in January 2004 for $268,000
• Originally listed in October 2008 for $299,900 (parking is extra)
• Reduced
• Was listed in February 2009 for $284,900 (parking is $34,000 extra)
• Reduced several times
• Currently listed for $261,900 (parking is $28,000 extra)
• Assessments of $412 a month (includes heat, gas and cable)
• Taxes of $3327
• Washer/Dryer in the unit
• Central Air
• Bedroom #1: 14×12
• Bedroom #2: 12×11
• Living room: 14×18
• Kitchen: 14×9

Want to live in Southport but are priced out of the single family home market and need more space than the 2/1 condos that are available?

This townhouse at 3401 N. Janssen may be the solution.

It was extensively updated since the 2007 purchase with new Brazilian cherry floors in the living room, dining room, kitchen and fourth floor loft area, new stainless steel appliances in the kitchen, new granite counter tops, new carpet and some updates to the bathrooms.

It’s also an end unit with its own private deck and attached garage.

Sandy Black at Re/Max Signature North has the listing. See more pictures here.

Unit #A: 2 bedrooms, 2 baths, family room on lower level, loft on 4th floor, 1.5 attached garage

• Sold in July 2006 for $450,000
• Sold in February 2007 for $405,000
• Originally listed in March 2009 for $489,900
• Reduced
• Currently listed for $479,899
• Family room: 15×11
• Loft: 11×11
• Central Air

The Chicago Tribune recently had an article about getting more for your money in the real estate market- especially in those homes priced between $200,000 and $300,000.

But one developer says to look beyond the actual selling price of a home when you’re house hunting.

Nick Gouletas of American Invsco also suggests shopping by monthly mortgage payment, not by the home’s purchase price. This opens the doors to deals such at that at American Invsco’s 200 N. Dearborn building. Its 10-year, interest-only, 2.5 percent mortgage enables a buyer to pay $865 a month for a $519,400 condominium.

“Then, you get a home with the works – granite, marble, etc. – but with a monthly mortgage payment that’s the same as though you bought a $171,198 home with a standard, 6.5 percent, 30-year loan,” Gouletas explains.

More bang for home buck [Chicago Tribune, Leslie Mann, May 22, 2009]

We last chattered about this vintage 3-bedroom in 3400 N. Lake Shore Drive in October 2008.

See our prior chatter and pictures here.

Originally part of the lobby, the unit has 13-foot high ceilings, extensive woodwork, including a gorgeous fireplace, in-unit washer/dryer and deeded parking.

It has also been reduced by $67,000 since October 2008.

Beth Wexner at @Properties has the listing. See more the pictures here.

Unit #GB: 3 bedrooms, 3 baths, 2000 square feet

• Sold in March 1999 for $302,000
• Sold in May 2001 for $459,000
• Sold in September 2006 for $585,000
• Was listed in October 2008 for $696,000 (parking included)
• Reduced a few times
• Currently listed at $629,000
• Assessments of $1542 a month
• Taxes of $11,116
• Central Air
• Laundry in the unit

This 4-bedroom single family home at 4127 N. Hermitage in Ravenswood was built in 1902 and still has many of its vintage features.

It is also within walking distance of the Irving Park Brown Line and the Ravenswood Metra stops.

It has oak floors, a first floor library, 3 out of 4 bedrooms on the second level, and a finished basement with built-ins.

Kristi Gunther at Re/Max Exclusive Properties has the listing. See more pictures here.

4127 N. Hermitage: 4 bedrooms, 1 bath, 2 half baths, 2 car garage, no square footage listed

• Sold in March 2001 for $575,000
• Sold in August 2003 for $660,000
• Currently listed for $769,000
• Taxes of $4666
• Central Air
• Fireplace (decorative only)
• Bedroom #1: 14×13
• Bedroom #2: 14×11
• Bedrooms #3: 14×11
• Bedroom #4: 11×8