Crib Chatter

Yes, some properties are selling.

Some are selling within a day (or hours.) For the right price.

Take this 3-bedroom penthouse unit at 2250 W. Chicago in West Town that came on the market last week. It was under contract the first day on the market.

Why?

How about a 52% price reduction from the 2006 selling price.

The listing describes it as having 15-foot high ceilings, a private deck and a wine refrigerator in the kitchen island.

Here’s its history:

Unit #401: 3 bedrooms, 2 baths, 1650 square feet

• Originally listed in October 2005 for $529,000
• Sold in September 2006 for $460,000
• Bank-owned in 2008
• Listed in early December 2008 for $219,000 (parking included)
• Under contract in one day
• Assessments of $274 a month
• Taxes of $5557

You can see a picture of the exterior and the listing on Baird and Warner’s website.

(Because I can’t link directly to the listing due to the set-up of their website- go to Bairdwarner.com and put in the address in the address feature to find the listing.  Sorry- it’s a pain, I know.)

Price is everything in this market. This single family home in Albany Park at 4916 N. Central Park has been on the market over a year.

It’s been reduced by $115,900.

The listing says it is a legal 2-flat and an estate sale sold “as is.”

Who has some vision?

Charlie Vernon at Baird and Warner has the listing. See more pictures here.

4916 N. Central Park: 5 bedrooms, 2.5 baths, 2 car garage

• I couldn’t find a prior sales price
• Originally listed in September 2007 for $494,900
• Reduced several times
• Currently listed for $379,000
• Taxes of $3542
• Built in 1916
• No central air- window units
• Funky ’50s decor (according to the listing)

As we’ve been chattering about a lot lately, another new construction mansion is under stress, this time at 2223 N. Bissell in Lincoln Park.

A lis pendens was filed against the developer on Nov 6, 2008.

The listing states that the house isn’t completely finished so a buyer can either complete it themselves or work with the developer to pick out finishes.

Pam Reueve at Coldwell Banker has the listing. See the listing and pictures here.

2223 S. Bissell: 5 bedrooms, 5.5 baths, 6000 square feet, 3 car garage

• Originally listed for $3.075 million in September 2007
• Reduced numerous times
• Currently listed at $2.15 million
• Lis pendens filed in November 2008
• Taxes are “new”

We’ve chattered about a lot of properties on Pine Grove- especially in the East Lakeview neighborhood.

This vintage unit at 2910 N. Pine Grove is another pretty property. Built in 1910, the courtyard building has 26 units.

The listing states that it has a sunroom/den in addition to the 3-bedrooms. It also has the original 1910-limestone fireplace, new wiring and new viking appliances.

Pam Lynch at Jameson Real Estate 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
• Currently listed for $599,000
• Assessments of $523 a month
• Taxes of $5,045
• No central air – window units
• Rental parking nearby

Crain’s reports that the delinquency rate for Chicago-are construction loans surged to 13.7% in the third quarter- making it the 10th highest delinquency rate in the nation. Riverside, CA is first at 19.3%.

From Crain’s:

The delinquency rate for construction loans in the area hit 13.7% in the quarter, up from 10.8% in the second quarter and more than four times the rate in the year-earlier period, according to Foresight Analytics LLC, an Oakland, Calif.-based research firm. A big chunk of the bad loans here are residential, mirroring national trends, according to Foresight.

A growing number of local single-family home and condo developers can’t pay back their lenders because they haven’t sold enough units to generate the cash. Residential developers sold just 5,952 units in the first nine months of the year, down 55% from the year-earlier period, according to Schaumburg-based real estate consulting firm Tracy Cross & Associates Inc.

With the economy in a recession that some expect to stretch into 2010, there will be a lot more working out to do. Though the overall delinquency rate will stabilize as more banks take bad loans off their books, “I’d be surprised if there’s any kind of a turnaround before the middle of next year,” says Foresight’s Mr. Anderson.

This confirms what I’m seeing on a daily basis (and what we’ve been chattering about.) The developers are starting to throw in the towel.

Bad loans pile up for Chicago developers [Crain’s Chicago Business, Dec 8, 2008] -Be sure to check out the excellent graph.

This 4 bedroom rowhouse at 2241 W. Adams on the Near West Side is in short sale.

It’s also been reduced by 50%.

The listing calls it a “great opportunity” to get in in the near west side while the market is excellent for buyers.

Is this a deal? The listing says the property needs work.

Linda Lamb at Rubloff has the listing. See the listing and exterior pictures only here.

2241 W. Adams: 4 bedrooms, 2.5 baths, 2 car parking, 1856 square feet

• Sold in April 1999 for $119,000
• Sold in October 2006 for $620,000
• Sold in June 2007 for $325,000
• Originally listed for $400,000 in September 2008
• Reduced several times
• Currently listed in “short sale” for $200,000
• Lis pendens filed Nov 14, 2008 on the property
• Taxes of $4917

We last chattered about this 1903 Georgian mansion at 5228 S. King near Washington Park on the South Side in October 2007.

The lure was its location- nearly next door to where the possible Olympic Stadium would be built.

The house sold in May 2008 but is now back on the market.

A lis pendens was filed in November 2008.

Is the possibility of the Olympics nearby a lure?

Sheri Blakely at Sudler Sotheby’s has the listing. See the pictures here.

5228 S. King Drive: 5 bedrooms, 5.5 baths, 2 car garage

• Sold in February 1989 for $54,500
• Sold in July 2006 for $530,000
• Was listed in October 2007 for $999,000
• Sold in May 2008 for $1.15 million
• Lis pendens filed in November 2008
• Currently listed for $1.299 million
• Taxes of $6556
• Central Air

The listing for this fee simple townhouse/rowhouse at 919 W. Wisconsin in Lincoln Park says “Carpe Diem.”

But the property has been on the market since October 2007 and has been reduced over $250,000.

Ron Goldstein at Sudler Sotheby’s has the listing. See more pictures and the listing here.

See the property website here (check out the multiple decks and the greenhouse.)

919 W. Wisconsin: 3 bedrooms, 2.5 baths, 4100 square feet, 1.5 car garage

• I couldn’t find a prior sales price
• Originally listed in October 2007 for $1.25 million
• Reduced several times
• Currently listed at $999,970
• Assessment of $240 (don’t know if this is monthly or not)
• Taxes of $5900
• Central Air
• Greenhouse
• Multiple decks – including a walkway that leads over the walled in garden

Not everything is doom and gloom out there as the most expensive single family home to sell in Chicago this year just did so for $8 million.

The house in question is 43 E. Burton at the corner of Burton and Astor Streets in the Gold Coast. I can’t post any pictures and Google Streetview has interestingly NOT done any streets in the Gold Coast (although the rest of the downtown is mysteriously mapped).

Here’s more info:

43 E. Burton: 5 bedrooms, 5 baths, 1 half bath, 9560 square feet, 2 car garage

• I couldn’t find a prior sales price
• Originally listed in June 2008 for $9.45 million
• Sold in December 2008 for $8 million
• Taxes of $25,500
• Central Air
• Built in 1917
• Pamela Sage at Baird and Warner had the listing.

This  is an update on some changes that will occur to the posts on the site.

I’m getting some grief from the Northern Illinois MLS for posting information from their listings. I don’t want to run afoul of any copyright laws (as we’ve discussed on the site in the past) so for the near-term there will be less pictures in the posts. The links to the properties will remain.

If you soon see a woman standing outside your house that’s for sale taking pictures from the other side of the street in a big winter coat- that would be me.

I appreciate all the support from the real estate community- in terms of sending me tips, information and pictures of properties.  (Yes- please keep sending me permission to use your pictures!)

I’m trying to keep the peace by making these changes.

Crib Chatter is just another source of information for property buyers and sellers and I’d like to keep it that way.

Thanks to all chatterers, as well, for your comments (and suggestions) on improving the site.

I’ll keep everyone up to date on future developments on this issue. But for now- bear with me.

Thanks!

Sabrina