Crib Chatter

We haven’t chattered much about The John Hancock Building at 175 E. Delaware in Streeterville/Gold Coast but now that Trump Tower is trying to steal its thunder (and views), maybe it’s time to re-visit it.

Why spend $700,000 for a 1-bedroom when you can have a 2/2 with better views instead?

Current stats on the building (out of 705 units):

• 31 for sale
• 14 for rent

Some units may be both for sale AND for rent.

Here’s the listing for Unit #6111, a 2-bedroom unit which has been on the market since March 2008:

Full East Facing City&Lake Views!No DIAG!Recent rehab feat: maple wideplank flrs thruout, 1.25’granite,highgloss 42′ cab, Jenn-Air,Thermador,undrmount sink,wine cooler,island w/overhang,natr’l st baths,tons of closets.

Rehab is like new construction.Common hall completed on this flr! Common feat:sauna,fitness, indoor pool,rest.,grocery & more!Live in heart of Mag Mile!Bldg filters air&water!Flat panel TV&furniture inc

@Properties has the listing. See more pictures here.

Unit #6111: 2 bedrooms, 2 baths, 1310 square feet

• Sold in July 2001 for $410,000
• Sold in February 2004 for $369,000
• Sold in April 2006 for $575,000
• Originally listed in March 2008 for $624,900
• Reduced
• Currently listed for $599,900
• Assessments of $700 a month
• Taxes of $4656
• Leased parking
• Washer/Dryers are now allowed in the units (though it looks like this unit was renovated before they started allowing for it)

It appears that the developer is cutting prices at Joffrey Tower (aka MoMo) at 8 E. Randolph in the Loop.

But before you get all excited thinking this is similar to the price slash we saw in 550 N. St. Clair in Streeterville…it’s not.

But it’s a price cut, nonetheless.

And with flippers trying to flip properties in the building, it’s going to pain them the most.

The price cuts appear to average under $25,000.

Here are two examples of the reductions:

Unit #3305: 2 bedrooms, 2 baths, 1446 square feet

• Was listed for $525,000
• Reduced
• Currently listed for $509,900
• Assessments of $623 a month
• Taxes are “new”
• Parking is $60k extra
• @Properties has the listing. See more pictures here.

Unit #2301: 2 bedrooms, 2 baths, 1360 square feet

• Was listed at $499,900
• Reduced
• Currently listed at $480,900
• Assessments of $621 a month
• Taxes are “new”
• Parking is $60k extra
• @Properties has the listing.  See more pictures here.

Okay- so it’s not quite a million bucks. But this seller at 170 W. Eugenie in Old Town isn’t messing around with small price cuts.

This vintage single family home has been reduced $976,000 in the last month.

Here’s the listing:

5BR/6BA Victorian Home! 5 Beautiful floors of living space filled with exceptionally restored woodwork & detailed ceilings Designer Eat-in Kit. Custom Venetian Plaster & Luster Stone Paint throughout.

Custom marble baths. 3 Sep BR Suites. 2 Original WBFP. Custom Organized Closets. Sep. entrance to lower level. Must See! BRING ALL OFFERS!

It doesn’t appear to have parking. Will that be a problem at this price point?

Andrea Serban at Coldwell Banker has the listing. See more pictures here.

170 W. Eugenie: 5 bedrooms, 5.5 baths, built in 1891, no square footage listed

• Sold in January 1988 for $227,000
• Sold in October 2003 for $774,000
• Originally listed for $2.975 million in October 2008
• Reduced
• Currently listed for $1.999 million
• Taxes of $13,913
• Doesn’t appear to have parking
• Central Air

Due to the Thanksgiving holiday- there will not be any new Crib Chatter posts on Thursday.  (Yes- even I need a day of rest and eating.)

But the normal schedule will resume on Friday (for those of you who will not be at the shopping malls or who will be stuck in your office- bored.)

Happy Thanksgiving!

Sabrina

Yet another million dollar new construction home that is under stress. This time it’s at 6238 N. Neva in Old Norwood.

The listing says it’s in short sale. It’s been on the market since June of 2006.

Here’s the listing:

Short sale! Outstanding new construction home in historical Old Norwood. This 5 bed/4 bathroom home has it all – state-of-the-art kitchen includes stainless steel Viking appliances, long granite countertops, big island, wine refrigerator and lots of high-quality cabinets.

Enjoy master suite with double walk-in closets, private master bath with whirlpool tub and separate steam shower. First floor family room leads to deck and landscaped yard. Full high unfinished basement.

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

6238 N. Neva: 5 bedrooms, 4 baths, 2.5 garage, 4000 square feet

• Originally listed for $1.175 million in June 2006
• Reduced several times
• Currently listed for $929,000
• Listing says “short sale”
• Taxes are “new”

The year-over-year drop in sales continues in Chicago. Median price is also falling.

From Crain’s:

In the city of Chicago, home sales fell 21.6% in October, to 1,535 from 1,959 in October 2007.

The median price in the city of Chicago was $260,000 in October, down 9.1% compared with $285,900 in October 2007.

“Realtors are seeing more resistance from sellers with regard to reduction of price,” David Hanna, president of the Chicago Assn. of Realtors, said in the release.

“We are seeing a steady decline in inventory as sellers remove unsold homes from the market. This trend reflects a growing awareness that sellers are reaching their thresholds for downward price pressure.”

The numbers represent sales of both new and existing homes.

Local home sales down 17.7% in October [Crain’s Chicago Business, Nov 24, 2008]

We love townhouses- especially in Lakeview. But this townhouse at 3300 N. Kenmore is tired of waiting for a buyer, so it is now also available to rent.

It’s also listed for less than it last sold for in 2006.

Here’s the listing:

Terrific 2 bedroom plus den/2 bath fee-simple townhouse. Unit features kitchen with 42 inch cherry cabinets, stainless steel appliances and granite countertops, hardwood floors, wood-burning fireplace, front patio and balcony off kitchen.

Skylite, central air, washer/dryer, plus attached one-car garage. Great Lakeview location, close to everything! Two blocks to “El”. Feels like single family home!

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

Unit #C: 2 bedrooms, 2 baths, 1521 square feet

• Sold in February 1997 for $233,000
• Sold in May 2003 for $374,000
• Sold in September 2006 for $475,000
• Originally listed in August 2008 for $479,900
• Reduced
• Currently listed for $459,900 (1 car parking included)
• No assessments
• Taxes of $6,232
• OR you can rent it for $2500 a month

The Legacy, the new construction high rise at 60 E. Monroe in the Loop, isn’t expected to be completed until Fall of 2009 (at the earliest.)

Yet, the first flip has appeared on the MLS for a 1-bedroom unit.

Here’s the listing:

The Legacy of Millennium Park, overlooking Lake Michigan, Grant Park, and Chicago’s beautiful skyline. Residents have use of 3 sun decks, 2 party rooms, 5 squash courts, dog walk, Jacuzzi, pool and steam room. Convenient parking available for purchase or lease. Many prepaid upgrades.

The unit is only 875 square feet. The bedroom is listed as being 13×11.

East Lake Management has the listing. See the listing here.

How much will you pay for such luxury?

Unit #2905: 1 bedroom, 1 bath, 875 square feet

• Currently listed for $524,900 (parking extra)
• Assessments of $335 a month
• Taxes are “new”

Stay tuned.

All you lovers of unique spaces- this one is for you.

We talked about Unit #10 at 1658 W. Superior in West Town last February.

As Kenworthey said:  “That is the coolest thing I have ever seen…”

It never sold and was withdrawn from the market.

It’s back, bank-owned and listed at the 2000 price.

Here’s the new listing:

CORPORATE OWNED! SOLD AS IS-NO DISCLOSURES-ADDENDUMS REQURIED. DRAMATIC CHURCH LOFT W/OPEN FLOOR PLAN & AMAZING 19′ STAINED GLASS WINDOWS. 25′ VAULTED CEILINGS W/30′ TURRETS @ EACH END.

WRAPS AROUND SOUTH, EAST, WEST CORNERS W/SEARS VIEW. BALCONY, COVERED PARKING, CENTRAL A/C, W/D IN UNIT, HW FLRS. ROOM SIZES ESTIMATED. PREQUAL MUST ACCOMPANY OFFERS—NO EXCEPTIONS!!

Who’s interested now?

Applebrook Realty, Inc. has the listing. See the listing here (no interior pictures in the listing.)

 Unit #10: 2 bedrooms, 1.5 baths, no square footage listed

• Sold in June 2000 for $319,000
• Sold in March 2003 for $430,000
• Sold in December 2006 for $474,000
• Was listed in February 2008 for $549,000
• Bank-owned
• Currently listed for $327,500 (parking included)
• Assessments of $398 a month
• Taxes of $5400

These townhouses at the Wabash Club at 2301 S. Wabash in the South Loop have been marketed for several years.

The developer apparently has 3 units left and is cutting prices by $100k to $175k.

Here’s the listing:

BUILDER CLOSEOUT AT WABASH CLUB! $100,000-$175,000 PRICE REDUCTION ON FINAL 3 UNITS.PRIME 2 BR.+ DEN,2 BA.,CORNER TOWNHOME FEATURES EXTRA-WIDE FLR.PLAN W/ HIGHLY UPGRADED FINISHES, + 2 CAR ATTACHED GARAGE.

HOT SOUTH LOOP /MOTOR ROW LOCATION.READY FOR OCCUPANCY NOW. *UNBELIEVABLE OPPORTUNITY*THESE FINAL UNITS ARE PRICED WELL BELOW PRIOR SALES IN THE COMPLEX.INSTANT EQUITY!!!!!!!!!!!!!!!!

Bear Kaufman Realty has the listings. See more pictures here.

2301 S. Wabash: 2 bedrooms, 2 baths, 2035 square feet

• Currently listed for $374,900
• Assessments are $168 a month
• Taxes are “new”