Crib Chatter

We chattered about this 2000 square foot townhouse at 2325 N. Wayne in Lincoln Park in February 2009.

See our prior chatter here.

You can see pictures of similar townhouses in the Lakewood Commons community in our earlier chatter here.

This townhouse looked similar to the others in the prior post. There was a den on the first floor and real wood floors on the second and third floors. It also had the same 1-car garage.

It is not located on the El, the Metra or a busy street.

After several reductions, 2325 N. Wayne finally sold in early April.

It ended up selling for $78,000 under its 2005 purchase price.  It was not a short sale.

Did someone get a “deal” on this townhouse?

2325 N. Wayne: 2 bedrooms, den, 3 baths, 1 car garage, 2000 square feet

• Sold in August 2005 for $558,000
• Originally listed in October 2008 for $549,000
• Reduced
• Was listed in February 2009 for $499,000
• Sold in April 2009 for $480,000
• Assessments of $250 a month
• Taxes of $5524
• Central Air

We’ve chattered about The Hermitage at 70 W. Huron in River North before. Built in the mid-1990s, it is among the older of the River North highrises.

This 1-bedroom came on the market in February and has already reduced twice.

From the Craigslist ad:

Accepting all offers! Seller has run into a situation and MUST SELL ASAP! Price has been dropped TWICE! This same type condo sold in November for 329K. DON’T MISS OUT ON THIS DEAL!

Unit #803 is currently priced $500 less than similar tier Unit #1403.

The unit has carpeting and no washer/dryer in the unit. It does have central air and parking is available to purchase. And, of course, it has the River North location.

What’s the market like for nearly $300,000 1-bedroom condos in highrises in River North?

Nick Patterson at Kale Realty has the listing. See more pictures here.

Unit #803: 1 bedroom, 1 bath, 925 square feet

• Sold in September 1996 for $138,000
• Sold in November 1998 for $147,000
• Sold in May 2004 for $252,000 (looks like it included the parking space)
• Originally listed in February 2009 for $274,900 (parking extra)
• Reduced twice
• Currently listed at $258,500 (parking $35,000 extra)
• Assessments of $505 a month (includes heat, air conditioning and cable)
• Taxes of $2838
• No in-unit W/D

We last chattered about this 2-bedroom vintage unit with views of Lake Michigan at 3520 N. Lake Shore Drive in Lakeview in February 2009. At that time, it had gone under contract within a week of being listed.

See our prior chatter and pictures here.

Unfortunately, none of you took any guesses at the ultimate sales price in our former chatter.

It has now closed for only $9,000 under the original list price.

Brad Lippitz at Brad Lippitz Real Estate had the listing.

Unit #12N: 2 bedrooms, 1 bath, 1350 square feet

• I couldn’t find a prior sales price
• Was listed in February 2009 for $329,000
• Under contract within a week of listing
• Sold for $320,000
• Last “N” unit to sell was Unit #6N in May 2008 for $320,000
• Assessments of $642 a month (includes heat,  water, cable)
• No central air. Window units
• No in-unit washer/dryer (but can be added)
• No parking

We last chattered about this 1000-square foot 2-bedroom unit at 636 W. Waveland in March.

See our prior chatter here.

It has now been reduced by $15,000. Or so the listing says.

Except that the parking spot which before was available for $15,000 is now available for $30,000.

1. March 2009 price: $250,000 plus $15,000 for parking
2. April 2009 price: $235,000 plus $30,000 for parking

= Listing price of $265,000

Brian Grossman at @Properties has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 1 bath, 1000 square feet

• Sold in April 1995 for $94,000
• Sold in March 2000 for $182,000
• Sold in February 2001 for $205,000
• Sold in March 2003 for $222,000
• Was listed in March 2009 for $250,000 (plus $15k for parking)
• Currently listed for $235,000 (plus $30k for parking)
• Assessment of $430 a month (includes cable, heat and water)
• Taxes of $3353
• Extra storage and bike room
• Bedroom #1: 12×11
• Bedrooms #2: 12×10

In May 2008 we chattered about a 2-bedroom vintage foreclosure at 4629 N. Magnolia in Uptown that was missing the kithen.

See our former chatter and all of the original pictures of the unit here.

It takes a “vision” to see possibilities in a property that has been beaten up.

Jason, one of the early Crib Chatter readers, had the vision and purchased the property.

He was kind enough to recently send along a picture of his newly renovated kitchen.

Kitchen Before:

Kitchen After:

Here’s its history again.

Unit #1N: 2 bedrooms, 1 bath, dining room

• Sold in August 1994 for $128,000
• Sold in March 1999 for $163,500
• Sold in March 2006 for $315,000
• Bank owned
• Was listed in May 2008 for $185,900
• Sold in June 2008 for $181,000 (parking included)
• Taxes of $3,431
• Assessments of $175 a month
• W/D in the unit

Jason, and his dog, are enjoying their new home.

Congrats!

I’m going to be on vacation next week so there will be reduced postings throughout the week. You all know the drill.

I need to recharge my batteries before we get to the really hot summer selling period. The market is already picking up so it’s bound to get interesting.

Keep it civil amongst yourselves but I will be monitoring.

And please keep sending me tips. I really do look at everything you send me and many of the tips lead to posts. I can’t possibly see everything that is going on all over the city so I need your eyes and ears.

Have a good week!

Sabrina

We’ve been chattering about cash flow for multi-unit buildings like this brick 2-flat at 2516 N. Lotus in the Belmont Cragin neighborhood (near the Brickyard Mall) on the city’s Northwest Side.

The listing says it’s a “short sale”.

It’s listed $205,100 under its 2007 purchase price.

Will this property ultimately sell for less than its 1999 purchase price? If so- is it a steal for an investor?

The listing says the building is in “great shape” and has a finished basement. There’s only 1 interior picture available.

German Llanos at 24 Hours Chicago Real Estate LLC has the listing. See the listing and pictures here.

2516 N. Lotus: 2-flat, 8 bedrooms, 3 baths, 2 car garage

• Sold in August 1999 for $188,000
• Sold in January 2007 for $405,000
• Originally listed in March 2009 for $230,000
• Reduced twice
• Currently listed at $199,900
• Taxes of $5141

This 2-bedroom vintage unit at 917 W. Webster in Lincoln Park is already under contract after less than 2-weeks on the market. A tipster told me that it had multiple offers.

It seems to have all the bells and whistles with central air, an in-unit washer/dryer and parking in a prime Lincoln Park location.

However, it’s also 2-feet below grade (does that make it technically a garden apartment?)

It’s listed $11,000 under its 2004 purchase price (and it’s not a conversion or new construction.)

Is a quick sale really all about pricing it “right” for this market?

Peggy Matson at Koenig & Strey has the listing. See the pictures here (or here, if the first link has already been removed.)

Unit #1: 2 bedrooms, 2 baths, 1200 square feet

• Sold in November 1988 for $167,000
• Sold in August 2004 for $361,000
• Currently listed for $350,000 (includes the parking)
• Under contract
• Assessments of $140 a month
• Taxes of $3841
• Woodburning fireplace
• Central Air
• In-Unit Washer/Dryer

From the street, this 2-bedroom home at 1722 W. Wellington looks like your run-of-the-mill vintage Lakeview house until you step through the front door.

The interior has been transformed with exposed beamed ceilings in the living room, a spiral staircase leading to the second floor and contemporary baths.

Catherine Brennan at Sudler Sothebys has the listing. Check out the Craigslist ad for a full-range of pictures (including the sprial staircase.)

See the listing and other pictures here.

1722 W. Wellington: 2 bedrooms, 2 baths, 2750 square feet, 2 car garage, backyard

• Sold in May 1994 for $84,000
• Sold in February 1995 for $113,000
• Sold in July 1998 for $310,000
• Sold in June 2004 for $610,000
• Currently listed for $724,900
• Taxes of $8210
• Central Air
• Skylights
• Bedroom #1: 18×12
• Bedroom #2: 18×13
• Office: 10×13

Every corner of the city is being plagued by short sales and foreclosures and even the most luxurious and prestigious high rises aren’t immune.

This 2-bedroom bank-owned unit just came on the market in the Park Tower at 800 N. Michigan Avenue in the Gold Coast. Many of you would know it as the Park Hyatt building.

The listing says the unit has mahogany wood floors, a De Giulio kitchen with a wood paneled Sub-Zero refrigerator, a Miele dishwasher, a LaCornue stove and a granite sink.

The listing also says it is priced $100,000 below the last sale of a unit with the same floor plan- and this bank-owned unit is 22 floors higher in the building (apparently this last sale was on 3/12/09.)

Will buyers be flocking to catch this unit at “well below market price”?

Lisa Kay at Coldwell Banker has the listing. See all of the pictures here.

Unit #5003: 2 bedrooms, 2.5 baths, 2000 square feet

• Sold on August 6, 2000 for $550,000
• Sold on August 7, 2000 for $580,000
• Looks like there was a trustee’s deed in July 2007 for $317,500
• Bank-owned in February 2009
• Just listed for $1.150 million (parking looks like it may be included)
• Assessments of $1023 a month
• Taxes of $14,459