Crib Chatter

We chattered about these two units at 530 N. Lake Shore Drive in Streeterville last February.

Both sold.

Unit #1801, a 3 bedroom, 3 bath unit at 2772 square feet sold for $260,000 under its original asking price.

See the pictures here.

Here’s the history:

Unit #1801: 3 bedroom, 3 baths,  2772 square feet, two terraces

• Originally sold for $1.044 million in December 2003
• Originally listed for $1.397 million in 2007
• Reduced to $1.249 million in October 2007
• Re-listed in February 2008 for $1.199 million (included one parking space)
• Sold in August 2008 for $1.137 million
• Assessments of $1,264 a month

Unit #2003, a 2/2 at 1300 square feet, sold for $46,500 under its original asking price. It was on the market nearly a year.

See more pictures here.

Here’s its history:

Unit #2003: 2 bedroom, 2 baths, about 1300 square feet, parking included

• Originally sold for $513,500 in January 2004
• Listed for $649,000 in October 2007
• Reduced
• Listed in February 2008 at $629,000 (parking included)
• Sold in September 2008 for $602,500
• Assessments of $608 a month

Chicago home sales continue to plunge, as November recorded the sharpest year-over-year decline in the city in 2008.

Sales of single family homes and condominiums in the city fell 41.3% in November compared to a year ago.  Only 1,057 sales closed compared with 1,801 in November 2007.

The median price declined 23.3% to $222,500 compared to $290,000 in November 2007.

“The REALTOR® Association is calling upon the federal government and mortgage industry to address continuing problems that are impeding the delivery of mortgage credit to potential homebuyers.” said David Hanna, president of the Chicago Association of REALTORS®.

“Mortgage insurers need to make sure they have not over-corrected and added unnecessarily strict underwriting standards preventing people from qualifying for a mortgage. The lack of practical and affordable loans will continue to stymie the recovery effort.”

Sales also fell 32.3% in the 9-county Chicagoland area. Year-to-date, sales are down 26.5% in the 9-county Chicagoland area compared to the first 11 months of 2007.

64,445 homes sold through November 2008 compared to 87,624 in the same 11-month period in 2007.

Prices also declined in the 9-county Chicagoland area. Year-to-date, median price fell 4.9% to $242,000 from $254,500 in the 11-month period in 2007.

For the month of November, prices fell 15.9% to $207,745 from $247,000 in November 2007.

Are price declines accelerating?

“The housing market was stalled in November due to a deepening recession which hit our economy with blunt force this fall. No one should be surprised at these figures given what happened with the financial markets in the past few months,” said Pat Callan, broker-owner of Realty Executives Premiere in Wheaton and President of the Illinois Association of Realtors.

“Looking ahead, we are encouraged by the Federal Reserve Board’s action last week to get our economy moving again with the announcement to lower the federal funds rate.”

“The REALTOR® Association has been calling for mortgage rate reductions and recent action to drive down interest rates should be attractive to homebuyers who have been waiting on the sidelines to enter the market. With interest rates the best they have been in 50 years and peak inventory levels, there are unique buying opportunities,” he said.

Sharp Drop in Mortgage Rates Encouraging Sign for Housing Market November Illinois Home Sales Decline Statewide [Illinois Association of Realtors Press Release, Dec 23, 2008]

Remember this vintage unit at 1952 N. Seminary in Lincoln Park that was bought in 2007 by 606 Development Group, renovated, and re-listed in July 2008?

It was professionally staged.

It never sold. The listing was cancelled.

See the pictures here.

Here’s the history again:

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

• Sold in June 2001 for $417,500
• Sold in October 2004 for $455,000
• Sold in August 2007 for $496,000
• Was listed in July 2008 for $597,000
• Cancelled 
• Assessments of $187 a month
• Taxes of $5950
• 606 Development Group, Inc. has the listing (here’s the website)

One of the many empty McMansion homes we’ve chattered about has sold.

This new construction 5-bedroom home at 1933 W. Barry in Lakeview was on the market for years before it finally sold as a short sale in July 2008.

See the pictures here.

Here’s its history again:

1933 W. Barry: 5 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

• Originally listed in July 2006 for $1.485 million
• Reduced to $1.395 million in August 2006
• Stays on the market all of 2007 with several reductions
• Finally reduced to $1.205 million in November 2007
• Was listed in May 2008 at $1.205 million
• Sold in July 2008 for $1.15 million

We’ve chattered about how Belgravia Group’s twin towers at 600 N. Lake Shore Drive were not inundated with flippers last year apparently because of the 1-year lock-up in the sales contract.

Here are the building stats (out of 155 units):

• 19 for sale
• 11 for rent

Some may be both for sale AND for rent. Also, Belgravia doesn’t appear to be listing all of its available units on the MLS.

Belgravia has also been renting out some of its units (as per this Craigslist ad):

“We also have some available units with leases and approved tenants already in place (no down time or finder’s fees to contend with!) — take advantage of great values now, even if you’re not ready to make the move just yet!”

With the 1-year holding clause expiring on many units, will we see a bunch of units suddenly for sale?

One 2-bedroom unit came on the market recently literally nearly 1 year to the day it had closed. The listing calls it a “fabulous value.”

Here’s its history:

Unit #2202: 2 bedrooms, 2 baths, 1373 square feet

• Sold on Dec 19, 2007 for $577,000
• Currently listed for $645,000 plus $50k for parking
• Assessments of $497 a month
• Taxes are “new”
• Gina Dunning at Baird and Warner has the listing. See the pictures and listing here.

You can also rent the same unit 2 floors down, Unit #2002, for $3200 plus $300 for parking.

The listing states: “Owners seek renters who will take immaculate care of this special unit.”

MCH Properties, LLC has the listing. See the listing and pictures here.

We chattered about both of these Lincoln Park properties in June 2008.

2048 N. Sheffield was a 2-bedroom vintage unit with jacuzzi on the rooftop deck.

See the pictures here.

2708 N. Halsted was a 3-bedroom new construction where the seller was trying to sell only 1-year later. It had a 960 square foot deck.

See the pictures here.

Both units sold. How did the sellers fare?

Here’s the history for 2048 N. Sheffield #3:

Unit #3: 2 bedrooms, 2 baths

• Sold in July 2005 for $630,000
• Was listed in March 2008 for $660,000 (parking included)
• Reduced
• Was listed in June 2008 at $649,000 (parking included)
• Sold for $620,000 in July 2008
• Assessments of $150 a month

Here’s the history for 2708 N. Halsted #2S:

Unit #2S: 3 bedrooms, 2 baths, 1900 square feet

• Sold in August 2007 for $640,000
• Was listed in June 2008 for $699,500 (parking included)
• Sold for $650,000 in July 2008
• 960 square foot deck
• Diningroom
• Assessments of $118 a month

We last chattered about Charlie Chaplin’s former 3-bedroom penthouse at 2800 N. Pine Grove in Lakeview in September 2008, after it had been reduced (again).

The property now has a new listing agent . . . and a new higher listing price.

But interestingly- interior pictures are missing yet again. Still no pictures of the 18-foot high cathedral ceilings.

Coincidence?

Here’s its history:

Unit #PH1: 3 bedrooms, 2 baths, 2200 square feet

• Sold in June 1997 for $163,500
• Sold in September 2000 for $320,000
• Sold in June 2005 for $545,000
• Was listed in January 2008 for $597,000
• Reduced
• Was listed in June 2008 for $565,000
• Reduced
• Was listed in September 2008 for $540,000
• Price increased
• New agent and currently priced at $579,000
• Assessments of $998 a month
• Taxes of $7200
• No parking with the building
• W/D in the unit
• Private rooftop patio
• 18 foot ceilings

Castlekeeper Realty had the listing in September 2008. Sudler Sotheby’s now has the listing. (Since Sudler Sotheby’s website now makes viewers register to see even their own listings- I’m not linking to the actual property page.)

See the few pictures of the patio here.

You thought the Elysian hotel/condo flippers at 11 E. Walton in the Gold Coast would wait until it got closer to closings to begin to try and flip?

This 1-bedroom unit just appeared on Craigslist and the MLS. The listing says it’s “below developer pricing” and that it’s scheduled to close in mid-2009.

Will Elysian flippers have any better luck than Trump Tower flippers?

The Craigslist ad describes the Charlie Trotter-run restaurants and that children can “enjoy” the multilingual childcare staff which will provide a range of activities, including their first spa treatment. A Marc Jacobs boutique has also signed on to the retail segment of the building.

No interior pictures yet as the building is still under construction, but you can see a floorplan on the Craigslist ad. (Which, by the way, has the WRONG picture of the building.)

See the building under construction here.

Unit #1009: 1 bedroom, 1.5 baths, 1264 square feet

• Currently listed at $789,900
• Sam Powell at Keller Williams West Loop has the listing.

With the holidays upon us, Crib Chatter will be adopting the following holiday schedule:

Christmas/Hanukkah Week:

• Dec 22-24: Normal Schedule
• Dec 25-26: No New Posts

New Years Week

• Dec 29-31: Normal Schedule
• Jan 1-2: No New Posts

I will also be providing updates on 2008 properties throughout the two weeks.

Additionally, look for posts about what we’ll all be chattering about in Chicago real estate in 2009. (If anyone has any suggestions for this topic- please feel free to make them.)

And, as you’re all aware, there have been changes to the site- mainly to the use of photographs. Thank you all for your patience.

More photos will be appearing in the coming weeks. It’s just been a tad too cold for me to get out and do the photography on some of the buildings. But you will soon see me in my winter coat snapping away.

Thanks!

Happy Holidays-

Sabrina

No- there’s nothing wrong with the building or the unit (from what tipsters who have been in both have told me.)

After 3 years off and on the market, Unit #202 in the small, boutique building The Regent, at 190 E. Walton in the Gold Coast, has finally sold.

It sold for $55,000 less than the 2000 sale price.

See pictures here.

Here’s the history:

Unit #202: 2 bedrooms, 2 baths, den, 1600 square feet

• Sold in October 2000 for $705,000
• Sold in September 2003 for $710,000
• Was originally listed in 2005 for $795,000
• Reduced
• On and off the market
• Was listed in July 2008 for $649,999 (parking extra)
• Sold in December 2008 for $650,000 parking included
• Assessments of $570 a month