Crib Chatter

The number of short sales on million dollar homes in Lakeview seems to be mounting as this 5-bedroom rehab of a vintage greystone at 854 W. Oakdale is the latest to join the list.

The house was first listed in June 2008 and has been reduced $250,099.

The listing says “timeless elegance” and says the house has two master suites.

Chaz Walters at Sudler Sotheby’s has the listing. See the pictures here.

854 W. Oakdale: 5 bedrooms, 6.5 baths, 6200 square feet, 2 car garage

• Sold in May 2005 for $950,000
• Listed in June 2008 for $1,999,999
• Reduced several times
• Is currently listed at $1,749,900
• Taxes of $12,682
• OR you can rent it for $14,000 a month

We last chattered about this 3-bedroom vintage unit at 3800 N. Lake Shore Drive in July 2008.

8 months later it is still on the market and has been reduced $20,000. The seller is also “motivated.”

See our prior chatter and pictures here.

Unit #14E: 3 bedrooms, 2 baths, 2150 square feet

• Sold in January 2001 for $372,500
• Was listed in July 2008 for $539,000
• Reduced
• Currently listed for $519,000
• Assessments of $1048 a month
• Taxes of $5794
• 2 car parking
• W/D in the unit
• Original carved mantel
• Listing says central air
• Maria Schmidt at @Properties has the listing. See more pictures here.

When you think of townhouse living, you usually think of a quiet block with leafy trees. But in a few high rise buildings downtown, you can actually live in a townhouse, and still get the views.

Such is the case with this unfinished tri-level townhouse space at 33 W. Ontario in River North. It has a private elevator to the garage as well as a solarium and a city terrace.

Who has the vision to buy the raw space and build a dream home?

Lindsey Delrahim at Jameson has the listing. See the listing, more pictures and a virtual tour here.

Unit #TH3: 4200 square feet, tri-level

• Sold in July 2007 for $1,050,000
• Currently listed for $1,099,000 (2 parking spaces included)
• Assessments of $1704 a month
• Taxes are “new”

For months we’ve been following the price reductions on this 3-bedroom penthouse unit at 1013 W. Webster in Lincoln Park.

See some pictures and our last chatter in October 2008 here.

It has been reduced again and is now priced $160,000 under its March 2008 list price and also now $160,000 under its 2006 sales price.

At what price will this sell?

Sara McCarthy and Julie Dorger at Coldwell Banker have the listing. See more pictures here.

Unit #7: 3 bedrooms, 2 baths, 2 car private garage with storage, no square footage listed

• Sold in July 2006 for $685,000
• Originally listed in March 2008 for $685,000
• Reduced
• Listed in April 2008 for $659,000
• Reduced
• Was listed in June 2008 for $649,000 (included the two car garage)
• Reduced
• Was listed in October 2008 for $598,888
• Reduced
• Currently listed for $525,000 (two car garage still included)
• Assessments are now $271 a month
• Taxes of $8975
• Central Air

This 7-bedroom “short sale/pre-foreclosure” at 461 W. Melrose in Lakeview has been on the market since June 2008.

The listing says it was originally listed for $3 million but I could only find it listed at $2.499 million in June 2008.

Since June 2008, it has had several price reductions and price increases but it has mainly stayed around the $2.49 million price. Recently, it has seen a price reduction of only $1,000.

How do you market mansion properties at a time when there is a glut of them on the  market?

461 W. Melrose: 7 bedrooms, 3 baths, 2 half baths, approximately 5,000 square feet

• Originally listed in June 2008 for $2.499 million
• Reduced and increased several times
• Listed on Jan 12, 2009 for $2.48 million
• Increased
• Listed on Jan 26, 2009 for $2.495 million
• Reduced $1,000
• Listed on Feb 5, 2009 for $2.494 million
• Taxes of $16,045
• 6 car parking
• Elevator
• Steve McEven at @Properties has the listing. See the pictures here.

There has been a lot of recent chatter about 600 N. Fairbanks.

The Helmut Jahn designed building in Streeterville continues to see active traffic with some flippers able to sell for a profit since the building first started closings in November 2007.

See our chatter on a prior post and info about recent sales in the comments here.

But making a profit, in some cases, seems to be tied to when you bought in the building.

Take these two 05 tier units which are currently on the market.

One seller, Unit #1505, appears to have bought pre-construction at a much lower price than Unit #1805. The difference in the possible profit margin (if there is a profit upon sale) appears quite large.

Unit #1805, which originally closed at a higher price, was listed last October and has since been reduced $30,100.

Unit #1805: 2 bedrooms, 2 baths, 1253 square feet, (NW view)

• Sold in November 2007 for $672,000
• Originally listed in October 2008 for $675,000 (parking extra)
• Reduced
• Currently listed for $644,900 (parking extra)
• Assessments are $425 a month
• Taxes are “new”
• Schatz Realty has the listing. See the pictures here.

Unit #1505 just came on the market in January.

Unit #1505: 2 bedrooms, 2 baths, 1253 square feet,  (NW view)

• Sold in November 2007 for $584,000
• Listed in January 2009 for $629,900 (plus $55,000 for parking)
• Currently still listed for $629,900 (plus $55,000 for parking)
• Assessments of $416 a month
• Taxes are “new”
• David Isquith at Keller Williams Gold Coast has the listing. See more pictures here.

We have chattered about this Southport 1-bedroom at 1148 W. Roscoe several times in the last few months.

See the pictures and our last chatter in November 2008 here.

It was originally listed at $315,000 but was withdrawn from the market and has now been re-listed.

It’s also now been reduced by $36,000 and is listed for under its 2005 selling price.

Is the $300,000 north side 1-bedroom a thing of the past?

Here’s its history again:

Unit #1W: 1 bedroom, 1 bath, no square footage listed

• Sold in July 2005 for $293,000
• Was listed in October 2008 for $315,000 (parking included)
• Reduced
• Was listed in November 2008 for $299,500 (parking included)
• Withdrawn
• Re-listed and Reduced
• Currently listed for $279,000 (parking still included)
• Assessments of $159 a month
• Taxes of $3,736
• Central Air
• W/D
• Fireplace
• Bedroom is 12×10
• Ed Jelinek at Coldwell Banker still has the listing. See more pictures here.
• See the property website here.

We’ve chattered about the foreclosures and short sales in 2000 N. Lincoln Park West several times.

See our prior chatter and pictures here.

In November 2008, banks were cutting prices on foreclosed 1-bedroom units in the 2004-2005 vintage conversion building overlooking the Lincoln Park Zoo.

The banks are getting more aggressive now and prices continue to plunge on 1-bedroom units that are either already in foreclosure or in short sale.

Unit #1104, a 750 square feet junior 1-bedroom, just saw its price recently slashed $110,000.

Unit #1104: 1 bedroom, 1 bath, 750 square feet

• Sold in December 2004 for $304,500
• Lis pendens filed September 2008
• Was listed in January 2009 for $289,500
• Reduced
• Currently listed for $179,500
• Assessments of $498 a month
• Taxes of $5800
• No Central Air
• No in-unit W/D
• Dalal Masri at Rizzo Realty has the listing.

Back in November, we chattered about Unit #1414 which was already in foreclosure. Its been reduced another $24,100.

Unit #1414: 1 bedroom, 1 bath, 950 square feet

• Sold in January 2005 for $402,500
• Bank owned
• Was listed in July 2008 for $238,000
• Reduced
• Was listed in November 2008 for $199,000
• Reduced
• Currently listed for $174,900
• Taxes of $5855
• Assessments of $658 a month
• No Central Air
• No in-unit W/D
• Sergio & Banks has the listing.

How quickly are prices falling in the building?

Unit #1505 was listed in September 2008 and has since been reduced 4 times by $170,000.

Unit #1505: 1 bedroom, 1 bath, no square footage listed but it has a dining room

• I couldn’t find an original sales price
• Listed in September 2008 for $349,000
• Reduced
• Listed in December 2008 for $299,000
• Reduced
• Listed in Jan 5, 2009 for $249,000
• Reduced
• Listed on Jan 12, 2009 for $199,000
• Reduced
• Listed on Feb 3, 2009 for $179,000
• Assessments of $577 a month
• Taxes of $5403
• No central air
• No in-unit washer/dryer
• Renovated kitchen
• Mario Greco at Rubloff has the listing. See the pictures and virtual tour here.

What happens to the other sellers in the building as prices continue to fall? 

And at what price point will some of these 1-bedrooms start to sell?

This 1893 vintage 2-bedroom cottage at 2343 W. Moffat in Bucktown (or is this Logan Square?) looks like it has been recently renovated.

Is this a condo alternative? While it’s only 1504 square feet, it has a two car garage and you don’t have to deal with anyone living above or below you.

It’s also recently been reduced by $38,000.

Evan Kane at Weichardt Endeavor Realty has the listing. See more pictures here.

See the YouTube video of the property here.

2343 W. Moffat: 3 bedrooms, 3 baths, 1504 square feet, 2 car garage

• Sold in August 1988 for $51,000
• Sold in September 1994 for $85,000
• Sold in April 2002 for $251,000
• Originally listed in January 2009 for $617,900
• Reduced
• Currently listed for $579,900
• Taxes of $7069
• Central Air
• Heated floor in the master bath
• Skylights
• Bedroom #1: 14×11
• Bedroom #2: 15×11
• Bedroom #3: 11×7

Still interested in The Vetro, at 611 S. Wells, in Printers Row/the South Loop?

On March 7, the developer of The Vetro will be auctioning off 40 units starting at minimum bids of $115,000 for studios.

The website states:

“Don’t miss this once-in-a-lifetime opportunity to purchase a new luxury condo at the price you determine. Every residence sold via published minimum price.”

See details about the auction, including location and bidding requirements, as well as floorplans, here.

Here’s a breakdown of the cheapest minimum bids for each category of units:

Studios:

• Was listed at $199,900 for 584 square feet
• Minimum bid of $115,000

1-Bedroom:

• Was listed at $221,900 for 684 square feet
• Minimum bid of $150,000

1-Bedroom plus den:

• Was listed at $358,900 for 1002 square feet
• Minimum bid of $210,000

2-Bedrooms:

• Was listed at $449,900 for 1248 square feet
• Minimum bid of $270,000

2-Bedrooms plus den:

• Was listed at $551,900 for 1667 square feet
• Minimum bid of $360,000

2 Penthouses on the 31st floor:

• One was listed at $799,000 with a minimum bid of $400,000
• Second one was listed at $899,900 with a minimum bid of $415,000

Interestingly, the two units we last chattered about in the building that were seeing “special pricing” last June 2008 and in November 2008, are still on the market and are NOT part of the auction.

See our prior chatter and pictures here.

They are both still priced the same as last November.

Rebecca Farrell and Nathan Skillicorn at Baird and Warner have the listing. See more pictures here.

Unit #1603: 2 bedrooms, 2.5 baths, den, 1667 square feet

• Originally listed for $518,900
• Was listed in June 2008 as “special pricing” for $468,900 (parking extra)
• Reduced
• Was listed in November 2008 for $460,900 (parking included)
• Currently still listed for $460,900 (parking included)
• Assessments of $699 a month
• Taxes are “new”

Unit #1607: 2 bedrooms, 2.5 baths, den, 1525 square feet

• Was listed in June 2008 at “special pricing” for $434,900 (parking extra)
• Was listed in November 2008 at $437,900 (parking extra)
• Currently listed at $437,900 (parking extra) 
• Assessments now only $499 a month (were $533 a month in June)
• Taxes are “new”

Will buyers get “deals” at this auction? Stay tuned.

If anyone goes-please report in on the frenzy.