Crib Chatter

Some properties continue to go under contract quickly like this 3-bedroom townhouse at 320 N. Clinton in Fulton Station in the Fulton River District. 

These townhomes were built in 1998.

Unit #H was listed only 15 days ago.

Are townhouses that hot?

Or was it the “right” price?

Becky Meiselman at Prudential Preferred Properties has the listing. See the pictures here (or here – if that link goes inactive.)

Unit #H: 3 bedrooms, 2 baths, den, 1-car garage

• Sold in September 1998 for $326,000
• Sold in July 2001 for $455,000
• Sold in March 2005 for $500,000
• Currently listed for $559,900
• Under contract
• Assessments of $125 a month
• Taxes of $6302
• One bedroom on the lower level: 17×10
• Bedroom #2 on the third level: 14×13
• Bedroom #3 on the third level: 15×11

Remember the bank-owned condo at 3023 N. Kenmore in Lakeview?

The three-unit building had been converted into expensive condos at the peak of the boom.

See our February 2008 chatter and more pictures here.

The bank-owned unit has sold.

A quick refresher on the building’s history:

The building originally sold in October 2004 for $739,000.  It sold again in June 2005 for $998,000. The three units were then sold as condos in 2006.

Unit #3:

• Sold in October 2006 for $669,000

Unit #2: 3 bedrooms, 2 baths

• Sold in October 2006 for $664,000
• Bank-owned in 2008
• Was listed in February 2008 for $339,500
• Sold in January 2009 for $249,000
• Henry Jones at Jones Realty had the listing

Unit #1: (no idea size of this unit)

• Sold in October 2006 for $574,000
• Went to foreclosure auction in February 2008 for $459,200
• Sold in August 2008 for $172,500

This 2-bedroom duplex penthouse at The Caravel at 635 N. Dearborn in River North just came on the market. It is already bank-owned.

It is listed for $136,100 less than the 2005 purchase price.

At 2300 square feet, it also has a second floor den with a 500-square foot sun deck.

Is this a “deal”?

Robert Shutay at Realty Executives Ambassador has the listing. See the interior pictures and listing here.

Unit #2804: 2 bedrooms, 2 baths, 2300 square feet

• Sold in January 2005 for $850,000
• Bank-owned
• Currently listed for $713,900 (looks like one parking space is included)
• Assessments of $1695 a month
• Taxes of $13,000
• Den is 29×12

Foreclosures and short sales continue at some downtown high rises.

We’ve chattered about 440 N. Wabash in River North (next door to Trump Tower) before but the number of owners under stress in the building appears to be growing.

The current stats on the building (out of 457 units):

• 54 for sale (about 12% of the building)
• Of those 54 for sale- 24 are short sales and 2 are foreclosures (or about 50% of those for sale are distress sales)
• 23 for rent

Remember, units can be both for sale AND for rent.

There are so many units in short sale or foreclosure that some listings say “regular sale” or “not a short sale”.

Unit #1106 is in short sale and, the listing says, is among the largest 2-bedroom units in the building at 1325 square feet. It has hardwood floors (some others have carpeting) and a washer/dryer in the unit.

The listing also says it is a “98% approved short sale” and “do not come in under list price.”

The unit has been reduced $124,900 since it was first listed in September 2008.

Parking is included in the price.

Is this a “deal” in River North?

Michael Cuevas at Parkvue Realty Corporation has the listing. See the interior pictures here.

Unit #1106: 2 bedrooms, 2 baths, 1325 square feet, 1 car parking

• Sold in January 2005 for $383,000 (included the parking)
• Originally listed in September 2008 for $399,900
• Reduced numerous times (including once each of the last 3 weeks)
• Currently listed as a “short sale” at $275,000 (parking included)
• Assessments of $581 a month
• Taxes of $4665
• Washer/Dryer in the unit
• Central Air

This 1-bedroom plus den at 1234 W. Argyle in Uptown was a 2004 conversion.

It has most of the bells and whistles including central air and parking but appears to be missing the in-unit washer/dryer.

It’s also listed $15,600 less than it last sold for in 2004 (if you include parking).

Is this a case where buying might actually be cheaper than renting?

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

Unit #3F: 1 bedroom, den, no square footage listed

• Sold in September 2004 for $230,500
• Currently listed for $199,900 (plus $15,000 for parking)
• Assessments of $169 a month
• Taxes of $3240
• Central Air
• No in-unit washer/dryer
• Balcony
• Living room: 16×13
• Kitchen: 10×10
• Bedroom #1: 12×10
• Den/Dining room: 10×9 (apparently, the kitchen was opened up into the den which is being used as a dining room)

Crain’s reported on an uptick in Chicago home sales in March compared to both February 2009 and January 2009.

According to the Chicago Association of Realtors, 1,438 homes sold in Chicago in March, a 26% increase over February.

However, the number of sales which were “distressed” – meaning foreclosures or short sales – has been rising.

Distressed sales as a percentage of all sales in Chicago:

• 29% in January
• 37% in February
• 46% in March

The March numbers break down as follows:

• 497 detached homes sold, with 287 of those foreclosures or short sales (or about 57%)
• 637 condos sold, with 117 of those foreclosures or short sales (or about 18%)
• 312 multi-units sold, with 261 of those foreclosures or short sales (or about 84%)

The median price is also being affected by the distressed sales.

Still, sales remain well below the pace of a year ago and prices continue to fall, reflecting the growing number of distressed sellers.

For condos and townhouses, the biggest category sold in the city, the median price dropped to $289,500 in March, down 6% from $308,625 in January, according to the association.

The cause of the drop: lenders selling the homes piling up on their books. The median price on short sales and foreclosures was $88,000 in March, significantly lower than traditional sales, at $309,200.

First-time home buyers are accounting for much of the current sales, lenders say.

Katie Haller, 25, a consultant in Chicago for International Business Machines Corp., is one of those. A renter for the past three years in Lincoln Park and Lakeview, she’s been scouting for buying opportunities over the past two years. She decided to act last month after the price on a two-bedroom, two-bath condo in Wicker Park fell to $289,000 even though the unit was appraised at $330,000.

“I hadn’t seen that (kind of unit) in my range before,” she says. “It all fell into place.”

Lenders say purchases of this type are mainly what they are funding. Higher-priced homes aren’t moving, primarily because banks are demanding big down payments for so-called jumbo loans, those above the $417,000 limit set by giant mortgage buyers Fannie Mae and Freddie Mac.

“Our purchase applications have doubled since January,” says Hilde Betts, senior vice-president of consumer lending for Chicago-based Harris N.A., Chicago’s third-largest bank. “For us, that’s an indicator that clients are seeing a certain light at the end of the tunnel.”

See the Crain’s article for several excellent charts with all the data.

Home sales show spark [Crain’s Chicago Business, Steve Daniels, Apr 6, 2009]

This 2-bedroom Italianate vintage condo at 916 W. Fullerton in the heart of DePaul in Lincoln Park just came on the market.

But it’s been on the market before.

It was first listed in February 2007 and has been on and off the market ever since. It’s only been reduced by $25,000 in that time period.

Will it successfully sell this time?

The listing says the unit has central air but apparently no washer/dryer (but the listing says “laundry hook-ups”.)  It also doesn’t have parking.

Leonard Nevin at Koenig & Strey has the listing. See the pictures here.

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

• Sold in October 1992 for $118,000
• Sold in September 1996 for $143,000
• Sold in September 2003 for $260,000
• First listed in February 2007 for $315,000
• Reduced to $310,000 in August 2007
• Listing cancelled in April 2008
• Currently listed for $290,000
• Assessments of $193 a month
• Taxes of $3564
• No Parking
• No Central Air
• Washer/Dryer “hook-ups”
• Bedroom #1: 14×12
• Bedroom #2: 15×9

This 3-bedroom authentic loft at the Park 1500 Lofts at 1500 W. Monroe in the West Loop just went under contract.

It has been reduced $50,000 since January.

It’s rare to see 3-bedroom lofts in this price range.

The listing says the loft has 14-foot high timber ceilings. And the bedrooms appear “authentic”- with no doors or full walls.

Is someone getting a “deal” on this?

Susan Wooten at Koenig & Strey has the listing. See more pictures here.

Unit #502: 3 bedrooms, 2 baths, no square footage listed

• Sold in February 2002 for $283,500
• Sold in August 2006 for $365,000
• Originally listed in January 2009 for $350,000
• Reduced several times
• Currently listed for $300,000 (parking is $25,000 extra)
• Under contract
• Assessments of $380 a month
• Taxes of $3810
• Listing says “corporate inventory”
• Bedroom #1: 12×14
• Bedroom #2: 12×12
• Bedroom #3: 10×8
• Central Air
• W/D in the unit

If you’re a first time home buyer, you could buy this 3-bedroom 1890 vintage rowhouse at 3939 W. Erie in West Garfield Park, get an $8,000 tax credit and buy it for almost nothing.

Is the bank giving this property away?

Yes- it needs work. And yes, it’s small. It has no parking or central air.

Ayoub Rabah at Great Street Properties has the listing. See the pictures here.

3939 W. Erie: 3 bedrooms, 1 bath, no square footage listed

• Sold in July 1995 for $5,699
• Bank-owned in May 1997
• Sold in January 1998 for $60,000
• Sold in February 2001 for $55,000
• Sold in October 2006 for $96,000
• Bank-owned December 2008
• Originally listed in January 2009 for $29,900
• Reduced several times
• Currently listed for $9,900
• Taxes of $2,045
• No central air
• No parking
• Bedroom #1: 12×12
• Bedroom #2: 11×10
• Bedroom #3: 10×10

We’ve chattered about this 2-bedroom vintage unit at 1120 W. Armitage in Lincoln Park twice before.

See our December 2008 chatter where many of you discussed the “right” price for this unit as well as the pros and cons of living right on Armitage.

It has been listed again and has now been reduced by $69,100 since May 2008.

Is it finally priced right to sell?

Mary Gott at Koenig & Strey has the listing. See the pictures here.

Unit #301: 2 bedrooms, 1 bath, 1150 square feet

• Sold in March 1992 for $162,500
• Sold in January 1997 for $179,000
• Sold in April 2004 for $321,500
• Originally listed in May 2008 for $415,000
• Cancelled
• Re-listed in July 2008 for $399,000
• Cancelled
• Re-listed in October 2008 for $384,800 (parking included)
• Reduced 
• Was listed in December 2008 for $374,900 (parking included)
• Reduced and re-listed
• Currently asking $345,900 (parking included)
• Assessments of $210 a month
• Taxes of $4,133
• Central air
• In-unit washer/dryer
• Fireplace
• Bedroom #1: 12×10
• Bedroom #2: 11×9