Crib Chatter

Sometimes, the price reductions can be death by a thousand cuts.

But in the case of this vintage 2-bedroom loft-like unit at 1445 W. Belden in Lincoln Park, it went for the “drama” price cut- reducing $70,000 in one swoop.

The unit has 15-foot ceilings, a renovated kitchen with Miele, Wolf and Subzero appliances, parking, central air but no in-unit washer/dryer.  [Editor’s note: Apparently there IS a washer/dryer in the unit- but it was not originally included in the listing.]

Will the drama price reduction sell this unit?

Matt Garrison at Coldwell Banker has the listing. See more pictures here.

Unit #3K: 2 bedrooms, 2.5 baths, 1800 square feet

• Sold in November 2006 for $465,700
• Originally listed in January 2009 for $589,000
• Reduced in March 2009 to $519,900
• Currently still listed at $519,900 (parking included)
• Assessments of $399 a month
• Taxes of $5648
• Central air
• Terrace

We last chattered about this 3-bedroom condo at 907 S. Miller in the Tri-Taylor neighborhood in January 2009 when it was only a listing on Craigslist.

It has been off and on the market for the last 2 years.

It has now been re-listed on the MLS for $20,000 lower than the January price.

Will it finally sell at this price?

Alex Till at Baird & Warner still has the listing. See more pictures and the listing here.

Unit #1: 3 bedrooms, 2.5 baths, 1850 square feet, duplex

• Sold in March 2004 for $380,000
• Originally listed in May 2007 for $450,000
• Withdrawn
• Re-listed in April 2008 for $429,900
• Cancelled in December 2008 at $419,900
• Was listed on Craigslist in January 2009 for $419,900 (parking included)
• Reduced
• Re-listed in April 2009 for $399,900 (parking included)
• Assessments of $120 a month
• Taxes of $4592
• Fireplace
• Bedroom #1: 13×11
• Bedroom #2: 11×9
• Bedroom #3: 11×9

How many different ways can you say the headline every month?

Home sales continue to plunge in Chicago and across the Chicagoland area.

From the Illinois Association of Realtors (as reported by Crain’s):

In the city of Chicago, sales fell 42.2% in March, to 1,181 compared with 2,044 in March 2008.

The rate of decline for the Chicago area slowed slightly from 28.8% in February but edged up from 40.4% in February in the city.

Median price also fell sharply to $220,000 from $300,980 a year ago.

As we’ve chattered about before, sales of foreclosures and other distressed properties are dragging down the median.

“We see positive signs in March numbers over February, and are cautiously optimistic about the second quarter sales and median pricing in the Chicago market,” said David Hanna, president of the Chicago Association of REALTORS®.

“We continue to observe disparity in the ability of buyers to find adequate financing, especially in the condominium sector. While pricing has continued to make this a buyer’s market, the activity levels needed for a sustained recovery in local housing are still far above the current numbers. We will need several months of increasing sales, declining inventory and continuous absorption of distressed properties if this is to be called a recovery.”

To add to the bad news, Chicagoland unemployment in March jumped to 9.3%, the highest since 1992. The data includes Chicago, Joliet and Naperville.

Local home sales fall 26% in March [Crain’s Chicago Business, Apr 23, 2009]

Press release of the Illinois Association of Realtors [Apr 23, 2009]

Metro Chicago unemployment up to 9.3% in March [Crain’s Chicago Business, Lorene Yue, Apr 23, 2009]

We’ve chattered about this large 2-bedroom at the Anchor Lofts at 215 W. Illinois in River North several times.

See our most recent January 2009 chatter here (no pictures.)

The unit has been on the market since September 2008 and has now been reduced $139,000.

It’s also listed for below its 2001 purchase price.

In our January chatter one of you said, “I might be tempted to buy it in a year for $500k.”

And now?

Peter Tortorello at Koenig & Strey now has the listing. See the pictures here.

Unit #4A: 2 bedrooms, 2 baths, office, no square footage listed

• Sold in May 1993 for $225,000
• Sold in November 2001 for $525,000
• Originally listed in September 2008 for $674,000
• Reduced
• Was listed in October 2008 for $649,000 (parking included)
• Reduced
• Was listed in January 2009 for $600,000 (parking included)
• Reduced
• Currently listed for $499,900 (parking $35,000 extra)
• Assessments of $603 a month
• Taxes of $4,615
• Central Air

We’ve chattered about Helmut Jahn’s 600 N. Fairbanks in Streeterville a half dozen times.

The building has seen some sales in 2009 with other units currently under contract.

However, as someone posted about in the comments recently, the developer has recently reduced prices on the remaining few units still available. Most of the reductions look to be around $50,000.

Some other sellers have also reduced.

Unit #1505, a 2-bedroom unit, recently reduced its price by $30,900, presumably because Unit #2105 also recently reduced (and is now under contract.)

Are economic realities now hitting 600 N. Fairbanks?

Here’s the history on Unit #1505 again:

Unit #1505: 2 bedrooms, 2 baths, 1253 square feet,  (NW view)

• Sold in November 2007 for $584,000
• Listed in January 2009 for $629,900 (plus $55,000 for parking)
• Reduced
• Currently listed for $599,000 (plus $55,000 for parking)
• Assessments of $482 a month
• Taxes are “new”
• David Isquith at Keller Williams Gold Coast has the listing. See more pictures here.

We first chattered about this 3-bedroom greystone vintage unit at 2523 N. Burling in Lincoln Park in April 2008. Someone said then that it would sell for near the asking price of $600,000.

See our prior chatter and pictures here.

The unit has remained on the market ever since and has been reduced $70,000.

It is also listed $66,000 under the 2006 purchase price.

It seemed to have it all – with an updated kitchen and baths, parking, central air and outdoor space.

Stay tuned on a closing price.

See the listing and pictures here.

Unit #2: 3 bedroom, 2 baths, 1625 square feet

• Sold in September 1988 for $192,000
• Sold in March 1994 for $223,000
• Sold in June 2006 for $595,000
• Originally listed in April 2008 for $599,000 (parking included)
• Reduced
• Was listed in July 2008 at $579,000 (parking included)
• Reduced
• Was listed in January 2009 at $575,000 (parking included)
• Reduced
• Was listed in February 2009 for $549,000 (parking included)
• Reduced
• Currently listed for $529,000 (parking included)
• Under contract
• Washer/dryer in the unit
• Back porch
• Central air
• Assessments of $100 a month
• Taxes of $5873

The bank has taken possession of this 2007 new construction 3-bedroom home at 1708 N. Richmond in north Humboldt Park.

It is currently listed for $485,100 under the 2007 purchase price.

The pictures show the home as having hardwood floors, cherry kitchen cabinets and granite countertops.

Is this a deal for a fairly large new construction home in this neighborhood?

Riklin Realty has the listing. See the pictures here.

1708 N. Richmond: 3 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in May 2007 for $820,000
• Bank owned as of March 2009
• Currently listed for $334,900
• Taxes of $8225
• Central Air
• Bedroom #1: 18×28
• Bedroom #2: 18×13
• Bedroom #3: 15×11
• Basement: 13×15

This 3-bedroom duplex down condominium at 915 W. Wrightwood in Lincoln Park is as large as many single family homes at 2500 square feet but without the maintenance hassles associated with single family home living.

This has been a popular option for many buyers who want decent square footage but want to stay in prime neighborhoods.

The listing says it has 3 outdoor spaces, including a terrace off the family room, and 2 fireplaces.

Given the current economic climate, how does the luxury condo segment of the market fare?

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

See the property website here.

See the floorplan here.

Unit #1: 3 bedrooms, 2.5 baths, 2500 square feet, 1 car garage parking

• Sold in June 2005 for $719,000
• Currently listed for $749,000
• Assessments of $182 a month
• Taxes of $9962
• Two fireplaces

CA Development, which have developments in Old Irving Park and Edgebrook Glen, is apparently going to auction 8 new construction single family homes this weekend on Sunday, April 26.

According to the company’s website, the 8 homes that are going to auction were priced “as high as” $1.15 million and are “guaranteed” to be sold.

Minimum bids will start at $495,000.

It looks like 2 homes will be in the 26-home Mayfair Crossing development in Old Irving Park, including the model home at 4219 N. Kilpatrick.

The website says the house has had $100,000 in designer upgrades and includes “all the bells and whistles.”

The listing says the minimum bid will be $495,000 or you can buy it now for $575,000.

Is this a deal for the neighborhood?

Barbara O’Connor at Koenig & Strey has the listing. See the pictures here.

4219 N. Kilpatrick: 4 bedrooms, 3.5 baths, 2 car garage, 2736 square feet

• Was listed in January 2009 for $575,000
• Currently listed for $495,000
• Auction on April 26
• Taxes are “new”

Mayfair Crossing [website with floor plans, pictures etc.]

According to the website, the Edgebrook Glen development has 64 single family homes next to a forest preserve at 5200 West Armstrong.

Edgebrook Glen [website with floor plans and a video of the homes].

Find out more details on the auction at the CA Development website.

If anyone attends the auction this weekend, please fill us in!

Want a unit in Trump Tower at 401 N. Wabash in River North?

There are plenty to choose from.

Current stats on the building (out of 758 units):

• 156 for sale
• 48 for rent

Some may be both for rent and for sale. Additionally, the sales center may not have all of the developer’s units listed on the MLS.

It appears, however, that some sellers are getting a bit aggressive.

Take the price reductions on this 1839 square foot 2-bedroom on the 73rd floor.

First listed in November 2008, it has been reduced by $475,000 (with recent reductions getting more aggressive.)

It is now the cheapest 2-bedroom in the building.

The unit has 10 foot ceilings, a fireplace and views of the lake. It also has the usual “luxury” finishes consisting of Snaidero cabinets, Miele, Wolf and Sub-Zero appliances.

Andrew Glatz at Crown Heights Realty has the listing. See the pictures here. 

(And no, the listing price in the link isn’t a mistake- it has since been reduced further.)

Unit #73-B: 2 bedrooms, 2.5 baths, 1839 square feet

• I couldn’t find an original sales price. Not sure it has closed yet.
• Originally listed in November 2008 for $1,474,770 (not sure if parking was extra in the original listing)
• Reduced several times
• Was listed in mid-April 2009 at $1,093,770 plus $150,000 for 2 parking spaces
• Reduced
• Currently listed for $999,770 (plus $187,000 for 2 parking spaces)
• Assessments of $1350 a month (includes access to the spa and fitness center)
• Taxes are “new”