Crib Chatter

Anyone who has ridden the Brown Line knows 1546 N. Orleans – as it’s hard to miss the mid-rise building which is near the El tracks by the Sedgwick stop in Old Town.

This 2-bedroom unit has been on the market since July. It appears from the pictures that the balcony faces west.

Here’s the listing:

Ideal Old Town penthouse! 2 bedroom/2 bath granite kitchen with breakfast bar, cherry cabinets, stainless steel appliances, slate master bath with double vanity, huge shower with body sprays, marble second bath, hardwood floors, 12 foot ceilings, gas fireplace, balcony, laundry, professionally organized closets, built- in cabinets, floor-to-ceiling windows, cityscape view!

Heated garage included! “El”, fine dining, and shopping outside your door! The perfect unit! Assessment includes heat, air, water, satellite TV and internet!

Aaron Share at Koenig & Strey has the listing. See more pictures here.

Unit #1002: 2 bedrooms, 2 baths, no square footage listed

• Sold in April 2004 for $365,000
• Sold in December 2005 for $378,000
• Originally listed for $449,900 in July 2008
• Reduced several times
• Currently listed for $399,900 (looks like it includes the parking)
• Assessments of $532 a month
• Taxes of $5,272

It has long been known that certain paint colors can be a turn-off to buyers or that “staging” a property likely brings about a quicker (and sometimes higher-priced) sale.

How else to explain the difference in the asking prices of these two units in The Heritage, at 130 N. Garland, in the Loop?

Yes, one is 7 floors higher in the building, but when you’re 40 stories up, is that such a big deal?

Unit #4702, which is priced nearly $100k more than Unit #4002, looks to be professionally decorated and has built-in wall units.

Here’s the listing:

New price! $100K reduction! Exquisite designer apartment. Luxury upgrades: tray-ceilinged foyer, Italian granite counters, lacquered cabinets, diagonal hardwood floors, antique gold fixtures, California closets, fireplace in living room, silks, sunscreen shades, state-of-art electronics.

Private terrace. Laundry. Storage. Garage parking included. Elegant building with pool, sundeck, dog run. Steps to Milenium Park, lake.

Ro Lebedow at Koenig & Strey has the listing. See more pictures here.

Unit #4702: 3 bedrooms, 2 baths, 1653 square feet

• Sold in August 2005 for $811,000
• Was listed in October 2008 for $925,000
• Reduced
• Currently listed for $895,000 (parking included)
• Assessments of $740 a month
• Taxes of $10,393

Here’s the listing for Unit #4002:

Award-winning Heritage! Designer upgraded 3bd/2ba with stunning unobstructed city views from floor-to-ceil windows and private terrace. Cherry hardwood floors, gas fireplace, 9′ ceils.

Open gourmet kitchen with granite counter, cherry cabinets, stainless steel appliances, master suite with granite bathroom, double vanity, separate shower, with pool and walk-in closet. In-unit full size washer/dryer, abundant storage. Deeded parking $40,000. extra. Owner financing available. Available furnished.

Kimberly Gleeson at Koenig & Strey has the listing. See more pictures here.

Unit #4002: 3 bedrooms, 2 baths, 1700 square feet

• Sold in July 2005 for $700,500
• Currently listed for $749,999 (plus $40k for parking)
• Assessments of $631 a month
• Taxes of $9,490

What’s the market like in areas like West Wicker Park- close to the Division Street shopping/restaurant district but not near the Damen Blue Line stop?

This 2-bedroom vintage unit at 2316 W. Cortez was recently listed.

Here’s the listing:

Stunning combination of vintage features and upgraded kitchen baths in this top floor unit. The best of both worlds. Hardwood floors throughout, beautifully preserved oak millwork and columns including built-in hutch in dining room.

Big bay window and gas fireplace in living room upgraded stainless steel appliances and full height granite backsplash in kitchen. Marble baths, washer/dryer in-unit, deck, two gated secured parking spots included. Steps to Division shops/ restaurants.

Anne Rodia at Koenig & Strey has the listing. See more pictures and a virtual tour here.

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

• Sold in April 2004 for $341,000
• Currently listed for $389,900 (2 parking spots included)
• Assessments of $193 a month
• Taxes of $4469
• Central Air
• W/D in the unit

Tired of cleaning and don’t like going to the laundry room?

If you buy this 2-bedroom at 111 W. Maple in the Gold Coast, the seller will throw in 2-years worth of maid and laundry service.

Here’s the listing:

Friendly building 2Bed/2ba California Closets,Beaut. NE corner High floor to ceiling windows panoramic lake & city views. Balcony. New Oak floors throughout. Wht Kit has stainless, granite, Dry bar in din area and shelves and mirrors.

Master bath and 2nd bath completly remodeled granite counter tops. Immaculate condition included 2 yrs Maid and Luandry service. Deeded garage parking space available. $32,000.00.

The 320 Sycamore Group has the listing. See more pictures here.

Unit #2601: 2 bedrooms, 2 baths, 1150 square feet

• Sold in September 2000 for $318,000
• Originally listed in September 2008 for $400,000
• Reduced
• Currently listed for $395,000 (plus $32k for parking)
• Assessments of $588 a month
• Taxes of $4400
• Central Air 
• No in-unit w/d (the building used to allow it but it has been outlawed. Units that have it are grandfathered in.)
• OR you can rent it for $2550 (parking included- but apparently not the maid and laundry service)

Rumors are circulating that the Treasury Department may buy mortgage-backed securities with the goal of pushing 30-year mortgage rates to 4.5% in order to spur home sales.

Will low rates drive sales and stop housing’s decline or will it provide just a brief respite?

After the Fed announced last week it would buy $500 billion of mortgage-backed securities from Freddie Mac, Fannie Mae and Ginne Mae, rates dropped to 5.5%. Rates have already rebounded to 5.75%.

From CNNMoney:

“If it gets people buying homes and spending, it will help reverse the economy and get us out of this recession,” said Scott Talbot, senior vice president of the Financial Services Roundtable, which is pushing the measure.

While it takes time to entice new buyers into the market, low rates accelerate that process, said Greg McBride, senior financial analyst at Bankrate.com.

“It is clearly designed to bring buyers into the marketplace and soak the inventory of unsold homes,” he said.

But others are skeptical it would make much of a difference.

From Marketwatch.com:

Conrad DeQuadros, an economist at RDQ Economics in New York, said lower mortgage rates should provide some support to the housing market by allowing cheaper financing to new buyers with solid credit profiles to the housing market. But he added that a greater impact would be felt if the proposal also permitted refinancing opportunities. However, he also expressed some skepticism about the extent of the impact.

“There is still a massive supply of homes on the market and consequent expectations of further declines in home prices may still keep buyers away,” DeQuadros said.

“In addition, the weakness in the labor market appears to be intensifying and rising unemployment will depress housing demand and increase delinquencies. As with all of the Fed and Treasury programs, any new plan will have to be given time to work before judgment on its effectiveness can be made.”

Treasury mulls plan to lower mortgage rates to 4.5% [CNNMoney.com, Dec 3, 2008]
Treasury may set mortgage rates at 4.5% to boost sales [Marketwatch.com, Dec 3, 2008]

Yes, investors are still attempting to flip new construction units in the downtown.

The first flips are beginning to appear in 757 N. Orleans in River North- the new construction 198-unit high rise at Orleans and Chicago Avenue (if you ride the brown line, you can’t miss it.) Closings just began in the building.

Current stats in the building on the MLS (out of 198 units):

• 23 for sale
• 2 for rent

Units may be both for sale AND for rent.

There are a few 1-bedrooms listed for rent already on Craigslist.

This 2-bedroom, Unit #1112, just came on the market to purchase or to rent.

Which do you think it will do first?

Here’s the listing:

RIVER NORTHS PREMIER NEW BUILDING. S/E VIEWS OF THE ENTIRE SKYLINE – ONE BLOCK TO “L” ,STRBUCKS, 3 BLCKS TO 90/94.SOLD OUT “12” TIER UNIT. VIEWS FROM EVERYROOM. MASTER BEDROOM IS ALL GLASS WITH HIGHLY COVENTED SOUTH/EAST VIEWS.

ALL STONE BATHS, CASHMIRE GRANITE KITCHEN COUNTERS, EURO DESIGNED DARK HRDWD FLOORS AND CABINETS. W/D IN UNIT. LARGE CLOSETS. XTRA STORGE. ON SITE GYM, POOL, SUNDECK. 24 HR DR PRSON. PRK 40K

Sophia Klopas at Koenig & Strey has the listing. See more pictures here.

Unit #1112: 2 bedrooms, 2 baths, 1248 square feet

• Sold in December 2008 for $414,660
• Currently listed for $465,000 plus $40k for parking
• Assessments of $476 a month
• Taxes are “new”
• OR you can rent it for $2500 a month (I can’t tell if parking is included- it looks like it might be)

As much as we like good old-fashioned vintage, there’s something neat about the sleek look of a modern design. This 3-bedroom duplex at 925 N. Wolcott in West Town has the crisp modern look.

Here’s the listing:

Modern 3BD/2BA 32’ wide duplex in 9-unit bldg by Studio Dwell & Ranquist Development. High-end finishes such as Arclinea,Miele,Sub-Zero,Duravit,Dornbracht, more. Great room w/20’ window wall overlooking 32×15 private entry&landscaped terrace.

Oversized master ste w/lge WIC. Bath w/sep Jacuzzi tub and shower w/stone bench & rainshower. Whole-house audio. BR3 currently dining.Gar pkg&large storage unit avail $19,800.

RCR Realty has the listing- which I believe is affiliated with Ranquist Development.

See more pictures here.

Unit #104: 3 bedrooms, 2 baths, duplex, no square footage listed

• Sold in July 2004 for $470,000
• Currently listed for $579,800 (plus $19,800 for parking)
• Assessments of $187 a month
• Taxes of $5,855

A lot of buyers just want new- but what if you could get more space for less money in the same neighborhood for buying in a building that has been around awhile?

400 E. Ohio in Streeterville is a 181-unit high rise built in 1982.

This 3-bedroom duplex, Unit #4804, is on the market for a much lower price than what you’d find per square footage than any of the nearby new construction buildings.

Is this unit a deal?

Here’s the listing:

Wow! Priced to sell, one can only imagine this incredible opportunity. Duplex penthouse with unobstructed views, custom steel staircase that blends with modern or traditional decor. Kitchen has table area with gorgeous windows.

Master bedroom has two walk-in closets. Parking additional. Plenty of guests parking available. Located in the center of River East with every amenity at your doorstep or just enjoy the pool/exercise rooms.

Anton Ursini at Rubloff has the listing. See more pictures here. (Including a great picture of the indoor pool.)

See the property website here.

Unit #4804: 3 bedrooms, 2.5 baths, 2100 square feet

• Sold in July 1998 for $566,000
• Sold in August 2001 for $795,000
• Currently listed for $699,000 (parking extra)
• Assessments of $1285 a month
• Taxes of $10,721
• Central Air
• W/D in-unit
• Open House, Sunday Dec 7: 12 – 2pm

They just don’t build them like this 1916-mediterranean home at 5927 W. Washington in the Austin neighborhood anymore.

Here’s the listing:

Uniquely magnificent brick and stucco Mediterranean home on a corner landscaped lot. Large home with plenty of rooms that include but not limited to six large bedrooms, den, office, formal dining room, enclosed and screened wrap around front porch, and private backyard patio, which leads to a detached 2-car garage.

The home features period architectural details, hardwood pocket doors, and a wood burning fireplace.

Redfin has the listing. See more pictures here.

5927 W. Washington: 6 bedrooms, 3 baths, 2 half baths, 6000 square feet, 2 car garage

• Sold in September 2003 for $150,000
• Currently listed at $389,000
• Taxes are $3,811
• No Central Air
• Walkout basement
• Fireplace

As we’ve chattered about many times, there are a lot of older buildings in the Gold Coast which don’t come with certain amenities today’s buyers demand such as parking, in-unit laundry and central air.

This renovated 1-bedroom unit at 30 E. Elm, a building constructed in 1960, is missing the central air, but somehow it has the in-unit laundry. (Most of  the units do not have the in-unit laundry.)

Is this a deal compared to new construction pricing?

Current building stats (out of 126 units):

• 7 one-bedroom units for sale
• 3 one-bedroom units for rent

Some units may be both for sale AND for rent.

Here’s the listing:

High-floor, outstanding south view of city skyline. Unit has a balcony and washer/dryer. Completely rehabbed from the top to bottom in the last 3 years. Unit has wood and slate floors throughout. Lovely granite, stainless and maple kitchen with a large breakfast bar. Simply move in! No dogs. Parking in building.

Carol Collins at Baird and Warner has the listing. (If the link doesn’t work properly, see more pictures here.)

Unit #20G: 1 bedroom, 1 bath, no square footage listed

• Sold in June 1992 for $58,000
• Sold in June 1993 for $175,000
• Sold in July 2005 for $200,000
• Currently listed for $239,900
• Assessments of $429 a month
• Taxes of $2748
• Parking available for lease in the building but some other listings indicate there is a “short” wait-list
• No central air- window units
• In-unit washer/dryer
• Dogs are not allowed in the building
• Living room: 19×15
• Bedroom: 15×11