Crib Chatter

We chatter a lot about developers of big high rises having a lot of extra inventory, but what about the smaller developers who maybe built a lowrise building or in the case of 2736 N. Southport in Lincoln Park, a 3-unit building?

Completed in 2007, I haven’t been able to find any records indicating that anything has ever sold in 2736 N. Southport.

Unit #1, the only unit out of the 3 units currently on the market, has not had a price reduction in 10 months.

Unit #2E, also a duplex unit, which is currently not on the market, saw some price reductions before it was withdrawn from the market.

How long can these developers hold on with no sales?  (even if they are renting out the units?)

Mike Vesole at @Properties has the listing. See pictures of the building and Unit #1 here.

Unit #1: 3 bedrooms, 2.5 baths, 2200 square feet, duplex

• Originally listed in July 2007 for $839,900
• Reduced in March 2008 to $799,900
• Re-listed in May 2008 for $829,900
• Currently still listed for $829,900 (parking looks to be included)
• Assessments of $150 a month
• Taxes are “new”
• Bosch and Subzero
• 4 inch hardwood flooring

Unit #2E: Not currently on the market- but I see no record of it ever selling

• Listed in July 2007 for $689,900
• Reduced several times
• Listed in May 2008 for $629,900
• Withdrawn in October 2008 at $629,900

Units continue to sell in 340 On the Park, the hugely successful building at 340 E. Randolph in Lakeshore East.

According to public records, 3 units have closed so far in 2009.

But there appears to be a growing disconnect between the north facing side of the building and the south side- which overlooks Millennium Park. Additionally, market time in the building appears to be lengthening.

Last fall we chattered about the sale of a south facing 1-bedroom unit for $715,000.

See our prior chatter and pictures here.

The 1186 square foot one bedroom went under contract after just 21 days.

Unit #1107: 1 bedroom, 1.5 baths, 1186 square feet

• Sold in September 2007 for $649,000 (included the parking)
• Was listed in September 2008 for $720,000 (I couldn’t tell if this included the parking or not)
• Sold in October 2008 for $715,000 (including one parking space)

The unit below it, Unit #1007, came on the market shortly thereafter and hasn’t been as lucky.

It remains for sale.

Unit #1007: 1 bedroom, 1.5 baths, 1186 square feet

• Sold in August 2007 for $475,000
• Originally listed in November 2008 for $720,000
• Currently still listed for $720,000 (looks like parking is extra)
• Assessments of $412 a month
• Taxes are “new”
• Jerry Borchardt, Realtor has the listing. See the pictures here.

A large 2-bedroom north-facing unit came on the market in January 2009 and has since been reduced $100,000.

Nicholas Colagiovanni at Baird and Warner has the listing. See more pictures here.

Unit#604: 2 bedrooms, 2.5 baths, 1902 square feet

• Sold in August 2007 for $719,000
• Originally listed in January 2009 for $899,000
• Reduced
• Currently listed at $799,000 (parking $50,000 extra)
• Assessments of $703 a month
• Taxes are “new”

We chattered about this 2-bedroom vintage unit at 507 W. Aldine in East Lakeview in February 2009.

See our prior chatter and more pictures here.

It’s been reduced $10,100.

Brad Lippitz at Brad Lippitz Real Estate Group still has the listing. See more pictures here.

Unit#2B: 2 bedrooms, 2 baths, dining room, no square footage listed

• Sold in May 1995 for $154,000
• Sold in June 1998 for $199,000
• Sold in April 2000 for $243,000
• Sold in March 2007 for $379,000
• Was listed in February 2009 for $410,000 (includes the parking)
• Reduced
• Currently listed for $399,900 (includes the parking)
• OR you can rent it for $2300 a month
• Assessments of $344 a month
• Taxes of $4830
• No central air- window units
• In-unit Washer/Dryer
• Wood-burning fireplace
• Bedroom #1: 14×12
• Bedroom #2: 12×11

We’ve chattered about The Donohue Building, at 711 S. Dearborn, numerous times. It was the first loft conversion in Printers Row and the units continue to be unique.

This 2-bedroom brick and timber 2-story loft has all the authentic loft features, including massive open space.

The listing also says it was designed by famed Oprah designer Nate Berkus.

Check out the unique mahogany spiral staircase. The listing also says it has mahogany doors throughout.

Andy Shiparski at @Properties has the listing. See all of the pictures here.

Unit #503: 2 bedrooms, 2 baths, 2600 square feet, duplex

• Sold in October 1988 for $315,000
• Sold in October 1999 for $410,000
• Currently listed for $749,900
• Assessments of $1,181 a month
• Taxes of $5846
• Central Air
• Washer/Dryer in the unit
• Deeded parking is available off-site

We haven’t chattered as much about multi-family properties but I know it’s a goal for many to live in one unit and rent out the others to cover the mortgage.

What about a single family home with a 1-bedroom coach house out back?

Such is the case with this 2-unit property at 2212 W. Augusta Blvd. in the Ukranian Village.

The 2-bedroom single family two story house is 1812 square feet. The coach house is a 1-bedroom 1200 square foot duplex.

The listing states that the single family home rents for $2400 a month while the coach house is rented for $1950.

Does this make sense as an investment?

George Furla at @Properties has the listing. See more pictures here.

2212 W. Augusta Blvd: house- 2 bedrooms, 2 baths, 1812 square feet; coach house- 1 bedroom, 1 bath, 1200 square feet; 2 car garage

• I couldn’t find a prior price
• Currently listed for $789,500
• Taxes of $14,211
• Coach house leased for $1950 a month
• Single family house leases for $2400 a month
• C/A

We chattered about this 3-bedroom single family home at 3449 N. Paulina in West Lakeview in January 2009.

See our prior chatter and pictures here.

It had been on the market since October 2008 and had been reduced $24,500 from its original list price.

It recently sold for $15,000 above its 2003 sales price.

Here’s its history again:

3449 N. Paulina: 3 bedrooms, 2.5 baths, family room, 2 car garage

• Sold in September 1999 for $431,000
• Sold in October 2003 for $585,000
• Was originally listed in October 2008 for $649,000
• Reduced
• Was listed in January 2009 for $624,500
• Sold for $600,000
• Taxes of $7009
• Central Air
• Mario Greco at Rubloff had the listing

Loft lovers dream of a space like they see in the movies with high ceilings, the wide open feel and lots of windows.

This 2-bedroom penthouse loft in 758 N. Larrabee, the old Montgomery Ward building in River North, lives up the fantasy with its unique glass and steel catwalk.

The listing describes the kitchen as a “cook’s kitchen” with Miele, Gaggenau, Thermador, 3 sinks and 2 ovens.

It also have views of the river and a private 1000 square foot terrace.

Millie Rosenbloom at Baird and Warner has the listing. See the pictures here.

Unit #902: 2 bedrooms, 2 baths, den, 2744 square feet

• Sold in April 2003 for $725,000
• Originally listed in November 2008 for $1.44 million
• Reduced
• Currently listed for $1.354 million (2 parking spaces available for $40K each)
• Assessments of $1243 a month
• Taxes of $10,966

In early January 2009, we chattered about this 2-bedroom unit at 4958 N. Troy in Albany Park that was priced under $200,000 (plus $12,000 for a parking space) as an affordable 2/2 in a nice north side neighborhood.

See our prior chatter here.

It just got cheaper.

It’s been reduced by $15,099.

Kate Mangan-Smith at Prudential OneSource Realty still has the listing. See more pictures and the virtual tour here.

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

• Sold in January 2002 for $172,500
• Was listed in January 2009 for $199,999 (plus $12k for parking)
• Reduced
• Currently listed for $184,900 (plus $12k for parking)
• Assessments of $255 a month
• Taxes of $2096
• Central Air
• In-Unit Laundry
• Deck
• Bedroom #1: 12×11
• Bedroom #2: 11×10

This 4-bedroom renovated vintage rowhouse at 4408 S. Oakenwald in North Kenwood (and a stones throw away from the lake) reflects the soaring home prices in this gentrifying neighborhood.

The listing says this home has a finished basement and a completely remodeled kitchen with stainless steel appliances.

Was this area caught up in the bubble or was gentrification inevitable given its location close to the lake and downtown?

Latrice Williams at Baird and Warner has the listing. See the pictures here.

4408 S. Oakenwald: 4 bedrooms, 3.5 baths, 1922 square feet, 1 car garage

• Sold in June 1997 for $82,500
• Sold in August 2002 for $260,000
• Sold in January 2004 for $392,000
• Sold in November 2006 for $670,000
• Currently listed for $760,000
• Taxes of $3240
• Central Air
• Skylights

Crain’s has coverage of the Vetro auction with some interesting quotes on topics we’ve been chattering about here the last several days. Sales totaled $12.1 million.

It appears, that other highrises may be following the Vetro’s lead:

Lenders on other slow-moving downtown condo projects also are considering forcing developers to hold auctions, said Garry Benson, president and CEO of Garrison, which has formed an alliance with Boston-based Accelerated for future Midwest sales efforts.

“The question will be, what is the real depth of the marketplace, and will the next auction produce the same results?” Mr. Benson said.

The Vetro prices were better than expected despite the steep discounts, he added.

Typically, auction prices on similar projects are somewhere in the mid-60% range of the pre-auction prices, Mr. Benson said. For Vetro, the minimum auction prices were 61% of the asking prices, according to a price list.

The Vetro auction sets a floor for future sales at the project, which was completed by Evanston developer Roszak/ADC LLC. About 60 units remain unsold.

South Loop condos auctioned at big price cuts [Crain’s Chicago Business, Thomas Corfman, Mar 9, 2009]