Crib Chatter

We keep chattering about this 2 bedroom brick and timber loft in The Donohue Building at 711 S. Dearborn in Printers Row.

It has been reduced another $20,000 for a total of $120,000 since it came on the market in 2008.

Several of you commented, when we first chattered about the unit in May 2008, that it would sell for under its 2002 selling price. It is now listed below that, and then some.

See the pictures and read our original chatter here.

Urban Search still has the listing. See more pictures here.

Unit #505: 2 bedrooms, 2 baths, den, 1650 square feet

• Sold in April 2002 for $426,500
• Was listed in May 2008 for $499,000 (parking can be purchased in 801 S. Plymouth just to the south of the building for $35,000 to $50,000)
• Reduced
• Was listed on November 11, 2008 at $410,000
• Reduced
• Was listed in November 18, 2008 for $390,000
• Reduced
• Currently listed at $379,000
• Assessments of $815 a month
• Taxes of $4,767
• Central Air

Over the weekend, the Chicago Tribune tackled the subject of how suddenly people are looking to downsize their homes instead of move into something bigger- mainly because of the economy.

Could this spell the end of the McMansion craze? Will 3,000 square feet become the “new” 5,000?

“It’s a value play, it’s a cash-flow play,” said Jim Kinney, president of Rubloff Residential Properties in Chicago.

Kinney says his brokerage’s phone is ringing with consumers of a certain age who want to sell their homes—and soon—and replace them with something smaller.

“Trading down is the whole new thing,” said the head of the Gold Coast-based brokerage. “We just had a whole bunch of listings and there are a whole bunch coming on the market soon. Every single one said, we’re tightening in, we want to trade down. People are worried about cash flow.”

Kinney said that although a downsizing trend had been predicted for years, the housing boom derailed it.

“There was an expectation that Baby Boomers and empty nesters would go into a smaller space, but it went contrary,” he said. Flush with profits from selling their existing homes and fueled with cheap mortgages, they moved up to larger spaces instead.

But suddenly, the bottom line is speaking to them with a whole new voice.

“Now, people are suddenly more sensitive to how much the tax is and how much [homeowners’ association] assessments are,” he said. “Before, they didn’t really care—they figured that when they sold, the capital gains would cover those past carrying costs.”

No more, he said. These sellers are definitely feeling leaner times, and cheap—or cheaper—is the word. Some of them are talking about renting instead of re-buying, in order to keep cash at hand, he said.

Downsizing trend already in full swing, realty pro says [Chicago Tribune, Jan 11, 2009]

With the kind of weather we’ve been having, it might be nice to have heated sidewalks. You can still buy it- and now also rent it- at 2820 N. Paulina in West Lakeview.

Not only are there heated sidewalks in this modern new construction home, but you can control the home from its automated panels and watch everything going on with the 16 hidden cameras.

See our last post here.

It’s been reduced $275,010 since we last chattered about it in June 2008.

Here’s its history again:

2820 N. Paulina: 5 bedrooms, 5.5 baths, 5000 square feet, 2 car garage

• It was built in 2006-2007
• Was listed in June 2008 at $2.275 million
• Reduced
• Currently listed at $1,999,990
• Also available for rent. Was recently listed at $6500 a month
• Reduced
• Currently available to rent for $5900 a month
• Taxes are listed at $1,697
• Lencorp Realty Inc. has the listing.  See the listing and pictures here. 

This 3-bedroom duplex at 907 S. Miller in the Tri-Taylor neighborhood has been on and off the market for nearly 3 years.

Currently, it is off the market (again)- but you can find it on Craigslist.

For the third year in a row- it will be re-listed on the MLS in the spring.

Alex Till at Baird and Warner has the listing. See the Craigslist ad here.

Unit #1: 3 bedrooms, 2.5 baths, 2100 square feet, duplex

• Sold in March 2004 for $380,000
• Originally listed in May 2007 for $450,000
• Withdrawn
• Re-listed in April 2008 for $429,900
• Cancelled in December 2008 at $419,900
• Currently listed on Craigslist for $419,900 (parking included)
• Assessments of $120 a month

We last chattered about this 3-bedroom townhome at 1801 W. Diversey in Lincoln Park (which many of you argued was not really Lincoln Park at all) in October 2008.

Read the last chatter and see the pictures here.

It had been reduced $29,900 and the listing said it was “priced to sell.”

It’s back on the market, reduced by another $25,000, and the listing now says it’s an “absolute steal.” It’s also selling for less than the 2005 closing price.

@Properties still has the listing. See the listing and more pictures here.

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

• Sold in August 2002 for $305,000
• Sold in August 2005 for $386,500
• Was listed in August 2008 for $429,900
• Withdrawn
• Was listed in October 2008 at $400,000 (attached 1-car garage)
• Reduced
• Currently listed for $375,000 (attached 1-car garage)
• Assessments of $216 a month
• Taxes of $4812

We last chattered about this 2-bedroom unit at 1208 W. Webster in September 2008.

Since then it was withdrawn from the market and recently re-listed- with a $20,000 reduction.

See the pictures here.

Here’s the history:

Unit #4: 2 bedrooms, 2 baths, 1325 square feet

• Sold in February 2002 for $355,000
• Sold in August 2006 for $460,000
• Was listed in September 2008 for $499,900
• Reduced
• Currently listed for $479,900
• Assessments of $143 a month
• Taxes of $4,922
• Central air
• No parking- leased nearby

This single family home at 3449 N. Paulina in West Lakeview appears to have it all: 3 bedrooms, the all-important 2 baths (instead of just 1 or 1.5), central air, a backyard and a garage.

The listing says it is extra wide- with 20′ wide interior.

Many would consider this home to be a “condo-alternative.” Will this property be scooped up in the new era of low interest rates?

Mario Greco at Rubloff has the listing. See more pictures here.

See the virtual tour here.

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
• Currently listed for $624,500
• Taxes of $7009
• Central Air

Many of you are interested in investing in multi-unit buildings with the hope that you can cover your costs by renting out the units.

This new construction 2-flat at 710 W. Melrose in Lakeview claims that if you “do the math” the “numbers really work!”

Do they?

Both units are 3-bedroom, 3-bath duplexes. Both are on the market as rentals for $3500 a month.

Top Realty Group LLC has the listing. See the few pictures here.

Here’s the history:

710 W. Melrose: 6 bedrooms, 6 baths, 2-units, both duplexes, 2 car parking

• Sold in January 2006 for $700,000
• Currently listed in a “short sale” for $1.2 million
• Lis pendens filed on December 12, 2008
• Taxes of $3,339
• Both units available to rent for $3500 each
• New construction
• Listing tells investors to not “miss this armchair opportunity of a lifetime”

Remember this 3-bedroom 2600 square foot Wicker Park unit at 1530 N. Paulina with the “secret” staircase to the duplex down?

We chattered about it in July 2008.

See the pictures here.

It was reduced $15,000 before the listing was cancelled in September 2008.

Will it be back to test the market again in 2009?

Here’s its history:

Unit #F: 3 bedrooms, 3 baths, 2600 square feet

• Sold in December 2006 for $630,000
• Was listed in July 2008 for $675,000 (parking included)
• Reduced
• Was listed at $660,000 in September 2008
• Listing cancelled in September 2008
• Assessments of $315 a month
• Taxes of $10,153

I’ve been getting some requests to chatter about these 2 modern single family homes at 2223 W. Race and 2225 W. Race in the Ukranian Village/West Town by Studio Dwell Architects.

YoChicago also recently did a post on all of Studio Dwell’s current buildings.

Both homes are still available, although 2225 W. Race was recently pulled off the market.

Is 2223 W. Race a “deal” at this price?

The kitchen and baths have all the usual modern upgrades: Arclinea/Miele/Subzero in the kitchen and Spa Duravit/Grohe/Dornbracht stone baths with radiant heat in the bathrooms.

Mario Greco at Rubloff has both of these listings. More pictures of 2223 W. Race can be seen here.

A virtual tour can be found here.

2223 W. Race: 4 bedrooms, 3.5 baths, 2 car garage, 4000 square feet

• Originally listed in August 2007 for $1.15 million
• Cancelled
• Re-listed in March 2008 for $999,000
• Reduced several times
• Cancelled in September 2008 at $899,000
• Re-listed in January 2008 for $799,000
• Taxes are “new”