Crib Chatter

We return again to the Northwest side of the city for this 4-bedroom Georgian at 7301 W. Balmoral in Oriole Park which has a two-story addition that includes a master suite.

It’s been reduced $54,100 since December 2008.

Is this house an affordable city starter home?

Daniel Cartalucca at Coldwell Banker has the listing. See all of the pictures here.

7301 W. Balmoral: 4 bedrooms, 3 baths, 2.5 garage, 2600 square feet

• Sold in August 2001 for $190,000
• Originally listed in December 2008 for $479,000
• Reduced
• Currently listed for $424,900
• Taxes of $2703
• Central Air
• Skylights

The neighborhoods along the lake aren’t the only place where you can find million dollar mansion-like homes.

This castle-inspired 4-bedroom home at 4353 W. Hollywood in Sauganash on the Northwest Side was just reduced by $50,000.

Thomas McCarey at The Real Estate Lounge at @Properties has the listing. See all the pictures here.

4353 W. Hollywood: 4 bedrooms, 4.5 baths, 3100 square feet

• Sold in July 2003 for $256,500 (the prior house)
• Originally listed in January 2009 for $1,049,900
• Reduced
• Currently listed for $999,000
• Taxes of $3142
• Kitchen by EuroCraft
• On a cul de sac

We’ve chattered about a bunch of these townhouses on N. Wayne in Lincoln Park before.

One of them, a 2400 square foot 3-bedroom at 2349 N. Wayne, is still on the market.  That 3-bedroom townhouse has since been reduced $34,100.

See our July 2008 chatter here.

The townhouse at 2325 N. Wayne was recently reduced by $50,000 to $499,000. It sold in 2005 for $558,000.

It has 2 bedrooms plus a den and hardwood floors in both bedrooms.

Sheila Starr at Baird and Warner has the listing. See the pictures here.

Are these N. Wayne townhouses a “deal” for the space and location?

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
• Currently listed for $499,000
• Assessments of $250 a month
• Taxes of $5524

The 1920s were the peak years for classic vintage courtyard buildings near the lake like this one at 507 W. Aldine in East Lakeview.

This 2-bedroom unit has a wood-burning fireplace, plaster moldings and the in-unit washer/dryer. It also has a highly coveted East Lakeview parking spot.

Brad Lippitz at Brad Lippitz Real Estate Group 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
• Currently listed for $410,000 (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

Given everything going on in the financial markets, it’s not surprising that fourth quarter condo sales in the downtown corridor crashed.

Crain’s reports that quarterly sales were actually a negative 253 sales as units that were formerly under contract fell out of contract and new sales stalled.

For the entire year, only 644 new construction condos sold. That is down from the peak in 2005 when 8,162 condos sold. It is also 83% lower than 2007 when 3,724 units sold.

Another 4,734 condos are expected to be completed this year downtown. This is on top of thousands of other condos that are completed but haven’t yet sold.

Amid the turmoil in the financial markets, “people were just frozen in their tracks” in the fourth quarter, says Appraisal Research Vice-president Gail Lissner.

Compounding the problem, the supply of new condos continues to grow as developers finish projects started during the boom. Downtown developers will complete 4,734 condos this year, 42% of which remain unsold, according to Appraisal Research. The supply of unsold condos is especially high in South Loop and West Loop developments.

“There’s going to be much more intense pressure in those developments due to the lower number of units under contract,” Ms. Lissner said at a Tuesday luncheon presentation.

Unable to pay back construction loans, many developers have already asked for and received loan extensions from their lenders. That number is likely to grow, but lenders eventually will be forced to foreclose if sales don’t pick up.

The good news is that many developers, unable to get financing, have scrapped plans for new projects. That means supply will taper off next year, a key step toward bringing the market back into balance. Downtown developers will complete just 620 units in 2010 and 86 in 2011.

“Thus, it is likely that there will be better absorption of unsold inventory in 2010, helping to sell out this overhang of unsold units,” the Appraisal Research report says.

Downtown condo sales show net loss in 4Q [Crain’s Chicago Business, Alby Gallun, Feb 17, 2009]

We haven’t chattered much about what is going on in the far Northwest corner of the city.

This rehabbed 2-story 1928 octagon brick bungalow at 4923 W. Catalpa in Forest Glen was first listed in July 2008 and has since been reduced by $184,500.

The listing says it has a new kitchen (the appliances are missing in the pictures) and is also near the forest preserve and Metra.

What’s the going rate on 3-bedroom bungalows on the Northwest side?

Lucy Kozlowski at Coldwell Banker has the listing. See the pictures and the listing here.

4923 W. Catalpa: 3 bedrooms, 1.5 baths, dining room, no square footage listed, 2 car garage

• Sold in September 2005 for $450,000
• Originally listed in July 2008 for $719,000
• Reduced
• Was listed in November 2008 for $569,000
• Reduced
• Currently listed at $534,500
• Under “contingent contract”
• Taxes of $5689

If you price it right, and it shows well, it will sell . . . and apparently quickly.

Such is the lesson from this 1-bedroom vintage unit at 444 W. Surf in East Lakeview that went under contract after only one day.

It is missing two out of the three usual “important” selling points. It doesn’t have central air or parking (but does have the in-unit washer/dryer).

The unit does have 9-foot ceilings and the listing says it was gut rehabbed 2 years ago.

Was it price, location or just the cool style that sold this unit within 24 hours of listing?

Heather Hillebrand at Dreamtown Realty has the listing. See more pictures here.

Unit#2B: 1 bedroom, 1 bath, dining room, no square footage listed

• Sold in December 1988 for $44,000
• Sold in November 2005 for $212,000
• Currently listed for $247,500
• Under contract
• Assessments of $353 a month
• Taxes of $2322
• No central air- window units
• Washer/Dryer
• Bedroom: 12×10
• Living room: 14×13
• Dining room: 12×12
• Kitchen: 12×8

We’ve chattered about 2523 N. Burling in Lincoln Park several times in the past- including only a month ago.

See the January 2008 chatter here.

See the original April 2008 chatter with pictures here.

The 3-bedroom vintage unit recently had another price reduction. It has now been reduced $50,000 from its original April 2008 listing.

It is also listed $46,000 under its 2006 sales price.

This unit appears to have it all: 3-bedrooms, vintage, central air, washer/dryer, parking, nice Lincoln Park location, back deck, and up-to-date kitchen and baths.

What will it take to sell this unit?

Susan Parent at Coldwell Banker still has the listing. See all of the pictures and the listing 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
• Currently listed for $549,000 (parking included)
• Washer/dryer in the unit
• Back porch
• Central air
• Assessments of $100 a month
• Taxes of $5873

We last chattered about this pretty 1910 vintage 3-bedroom unit at 2910 N. Pine Grove in early December 2008.

It has since been reduced $25,000.

See our prior chatter and more pictures here.

Pam Lynch at Jameson Real Estate still has the listing. See the listing and more pictures here.

Unit #2: 3 bedrooms, 2 baths, 2000 square feet

• Sold in March 1995 for $210,000
• Sold in August 2003 for $376,000
• Was listed in December 2008 for $599,000
• Reduced
• Currently listed for $574,900
• Assessments of $523 a month
• Taxes of $5,045
• No central air – window units
• Rental parking nearby

Not everything is gloom and doom for developers. This 11-unit vintage conversion at 842 W. Belle Plaine in the Buena Park neighborhood has seen 9 of its units go under contract within only 40 days.

What’s its secret?

Is it the price point?

The finishes?

The size of the units?

All of the above?

It appears that all the units were 3 bedroom/2 baths. They ranged in price from $289,000 to $399,000. Parking was $20,000 extra.

The units have 10 foot ceilings and crown molding.

Buyers want new, new, new. Clearly, there’s something attractive about 842 W. Belle Plaine.

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

See one of the floorplans here.

Unit #1W: 3 bedrooms, 2 baths, no square footage listed

• New construction
• Currently listed for $349,000 (parking is $20,000 extra)
• Assessments are $165 a month
• Taxes are “new”
• Central Air
• Bedroom #1: 13×12
• Bedroom #2: 12×11
• Bedroom #3: 12×10
• Fireplace
• There is an open house on the 2 remaining units this Sunday, Feb 22 from 2:00-4:00