Crib Chatter

Another South Loop high rise, 1629 S. Prairie, is beginning to close on units that were sold in 2006.

Here are the building stats I could put togther from the MLS (out of 268 units):

• 138 for sale
• 7 for rent

Some may be both for sale AND for rent.

Some buyers are already on Craigslist trying to get sell their contracts before they have to close such as this buyer of a 2 bedroom plus den on the 25th floor:

This price is to buy our 10% downpayment on this unit. Per approval from the developer you will be assigned our purchase contract. Original purchase price was $547,500 (including garage space) plus $16,050 for upgrades. You will be required to pay $499,536.54 to the seller upon closing. Closing is currently scheduled for April 17th, 2009 but could potentially be pushed back with concurrence of sellers.

This equates to just under .50 cents on the dollar for our equity. My wife and I signed on to this project in 2006 and since then our family has expanded and we are unable to move into this unit.

There is no gimmick here. You’ll have 10% equity in the unit for the price of less than 5%. Currently the unit directly below is being marketed for a significantly higher price (see link below). And ours INCLUDES PARKING. You are getting the same unit for an $87,500 discount.

There are two pictures of the unit in the Craigslist ad. See it here.

Is a buyer getting a “deal” on this unit?

Some units are also already available for rent.

Unit #1308, a 1218 square foot 2/2, is available for $2100 a month (parking included).

Renate Martin at Coldwell Banker has the rental listing. See interior pictures here.

Compare renting with owning as Unit #1408, still available from the developer, is listed for sale for $380,500 (parking extra.)

See pictures of Unit #1408 here (the model unit).

Ralph Olivia at Coldwell Banker has all the developer’s listings.

We’ve chattered about The Capitol Hill Lofts at 625 W. Jackson in the West Loop before.

It’s only a few blocks from the Sears Tower, most of downtown and Greektown.

This 2/2 loft has brick, timber and 14 foot ceilings as well as 2 balconies. 

It’s also priced considerably less than the new construction building, 565 W. Quincy, that is clearly visible in the balcony picture about a block or two away. 565 W. Quincy starts closings shortly.

Is this a deal?

Sierra Bloom-Imwalle at Jameson Real Estate has the listing. See more pictures and a virtual tour here.

Unit #613: 2 bedrooms, 2 baths, no square footage listed

• Sold in September 2000 for $240,000
• Sold in January 2003 for $300,000
• Sold in July 2006 for $359,000
• Originally listed in November 2008 for $364,900
• Reduced several times
• Currently listed for $349,500 (parking included)
• Assessments of $435 a month
• Taxes are $3859
• Central air
• Two balconies
• Both bedrooms have windows

Homedelete wrote on a recent thread:

Is it just me or am I missing the spring bounce? It seems subdued. same old tired inventory; not many sales or homes going under contract. It’s been a month and a half since the superbowl too.

Is the “spring bounce” missing in 2009?

Are new listings slow to come on the market because sellers are waiting for the market to “improve”?

Will we see a deluge of listings come May?

Some homes are just cool.

This 1882-era single family home at 638 W. Oakdale in Lakeview has much of its vintage charm intact and a unique conservatory on the back of the house.

We last chattered about the house in November 2008.

See our prior comments and pictures here.

It’s since been reduced $149,000.

Suzan Bramson at Rubloff still has the listing. See more pictures here.

Check out the property website here which shows the pretty back garden/patio.

638 W. Oakdale: 3 bedrooms, 4.5 baths, 2 car garage, 3754 square feet

• Sold in August 1992 for $329,000 
• Was listed in November 2008 for $1.599 million
• Reduced
• Currently listed for $1.45 million 
• Taxes of $10,309
• Central Air

It’s been awhile since we last chattered about The Lancaster, at 201 N. Westshore, in Lakeshore East.

Unit #1008, a 2-bedroom, 2 bath, has been reduced by $89,900 and appears to be “cheap” at only $450,000.

But is it?

The last 08 tier unit sold in August 2008 for $420,500. It was bank-owned.

See our prior chatter and pictures on the bank-owned unit here.

Here’s its history again:

Unit #1208: 2 bedrooms, 2.5 baths

• I still can’t locate an original sales price
• Foreclosure auction price of $516,000 in October 2007
• Bank-owned
• Was listed in March 2008 at $540,900 (parking extra)
• Was listed in May 2008 listed at $540,900
• Sold in August 2008 for $420,500 (no parking with the unit)
• Assessments of $409 a month
• Arc Realtors, Inc. had the listing

What does this comp mean for Unit #1008?

Christopher Hart of ABA National Realty LLC has the listing. See the pictures here.

Unit #1008: 2 bedrooms, 2.5 baths, 1295 square feet

• I couldn’t find an original sales price (the records on this building are awful)
• Originally listed in August 2008 for $539,900
• Several reductions
• Currently listed at $450,000 (plus $35,000 for parking)
• Assessments of $537 a month
• Taxes of $6260

We last chattered about this massive 2000-square foot loft at 2650 W. Belden in Logan Square in early February 2009.

Since then, the loft has been reduced another $24,000.

See our prior chatter and more pictures here.

Laura Pentecost at @Properties has the listing. See her website here.

See more pictures here.

Unit #315: 2 bedrooms, 2 baths, 2000 square feet

• Sold in December 1996 for $201,000
• Sold in June 2002 for $350,000
• Originally listed in June 2008 for $439,900
• Reduced
• Was listed in February 2009 at $399,000 (parking is $15,000 extra)
• Reduced
• Currently listed at $375,000 (parking is $15,000 extra)
• Assessments of $454 a month
• Taxes of $3807
• Central Air
• Washer/Dryer
• Skylights

In November 2008 we chattered about a bank-owned unit in 1658 W. Superior, in a converted West Town church.

With its massive stained glass window, it was dubbed by one of you as “the coolest thing”.

See our prior discussion and pictures here.

It has finally closed for slightly above the bank-owned asking price.

A tipster tells me there were multiple offers.

Unit #10: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in June 2000 for $319,000
• Sold in March 2003 for $430,000
• Sold in December 2006 for $474,000
• Was listed in February 2008 for $549,000
• Bank-owned
• Was listed by the bank in November 2008 for $327,500 (parking included)
• Closed in March 2009 for $335,000 (included parking)
• Assessments of $398 a month
• Taxes of $5400

We last chattered about this 3-bedroom vintage rowhouse at 410 W. Webster in East Lincoln Park in October 2008.

See our prior chatter and pictures here.

This is a prime location in that neighborhood (near the park, the zoo etc.)

It has since been reduced $100,000.

The current listing also states that the owner did a “2006 gut/remodel of the kitchen”, remodeled the upstairs baths and finished the lower level.

Back in October, I asked if only having “covered parking” would hurt re-sale of this property.

The rowhouse only has a carport. But now the listing says an architect has been consulted who “confirmed” that the carport could be replaced with a 1-car garage with a deck above.

Jennifer Ames and the Ames Team from Coldwell Banker still has the listing.  See the pictures here.

See the property brochure here.

410 W. Webster: 3 bedrooms, 3.5 baths, no square footage listed

• Sold in February 2004 for $751,000
• Was listed in October 2008 for $899,000
• Reduced
• Currently listed for $799,000
• Taxes are $10,516
• Central Air
• Carport parking space
• 2 fireplaces
• Bedroom #1: 12×16
• Bedroom #2: 11×13
• Bedroom #3: 7×9

The Venetian, at 230 W. Division, is an 88-unit highrise constructed in 2004 on the Old Town border.

This 1-bedroom with den is priced at just about the 2004 purchase price.

Is this a deal for the neighborhood?

John Vossoughi at @Properties has the listing. See more pictures here.

Unit #1208: 1 bedroom plus den, 1.5 baths, 1030 square feet

• Sold in September 2004 for $364,000 (included the parking)
• Currently listed for $339,900 (plus $35,000 for parking) = $374,900
• Assessments are $427 a month
• Taxes are $3900
• Brazilian cherry hardwood floors throughout
• Den: 9×9
• Open House: Sunday, March 15, 2-4 PM

This 4-bedroom single family home at 1122 W. Wrightwood in Lincoln Park has been on the market since September 2008.

It also has two lis pendens filed against it:

1. In October 2008
2. In February 2009

Could a buyer get a deal on this home?

There are no interior pictures available. And, in fact, no listing is provided either.

But the house is NOT new construction. It was apparently built in 1999.

1122 W. Wrightwood: 4 bedrooms, 4.5 baths, 2 car garage

• Only sale I could find was for $102,000 in June 1999
• Currently listed for $3.1 million
• Taxes of $29,960
• Roopit Patel at First Chicago Real Estate has the listing. See the one picture of the exterior here.