Crib Chatter

It should come as no surprise that Chicago third-quarter home sales continued to slide (as each of the monthly reports during the quarter showed slowing sales).

From Crain’s:

In the city of Chicago, third quarter-sales were down 23.3 percent, to 5,958 units, from 7,769 in last year’s third quarter. The median price of a city home was down 4.5 percent, to $289,400, in the third quarter, compared to $302,900 in the third quarter of 2007. The median is the midpoint, at which half of the homes sold for a higher price, and half for a lower price.

“Clearly the housing market is still unsettled,” said David Hanna, president of the Chicago Association of Realtors, in a news release announcing the sales figures.

Chicago-area home sales slide 22% in Q3 [Crain’s Chicago Business, Nov 17, 2008]

Prices are coming down in The Donohue, at 711 S. Dearborn, in Printers Row.

There has been another $20,000 reduction on Unit #505 (we chattered about it only last week.)

Unit #602, which we chattered about last September, has also been reduced $5,000.

Here’s the update on Unit #505 again:

Urban Search Chicago 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
• Currently listed for $390,000
• Assessments of $815 a month
• Taxes of $4,767
• Central Air

Unit #602 does not have central air:

Tom Feddor at Keller Williams has the listing. See more pictures and a virtual tour here.

Unit #602: 1 bedroom, 1 bath, 1500 square feet

• Sold in September 2003 for $290,000
• Sold in September 2005 for $320,000
• Was listed in September 2008 for $384,900
• Reduced
• Currently listed for $379,900
• Assessments of $670 a month
• Taxes of $4502
• No central air (one window unit)
• No parking (but available for rent or purchase in the neighborhood)

What if you could live in a vintage building AND have your own private outdoor space?

You can find it in a recently listed 1-bedroom at The Green Brier at 559 W. Surf in Lakeview.

Here’s the listing:

Sunny Penthouse Unit At The Greenbriar! Rarely Available On This Level, This Home Features Expansive Living Space And A Large Eat-in Kitchen With Island & Ample Table Space.

One Of The Only Units In The Building W/ A Private Terrace! Large Master Bedroom. Beautiful Hardwood Flooring Throughout Living/dining Space. New Carpet! Great Southwest Views. Deeded Garage Parking 35k.

Timothy Salm at Century 21 Sussex & Reilly has the listing. See more pictures here.

Unit #906: 1 bedroom, 1 bath, 1000 square feet

• Sold in October 2000 for $197,000 (looks like that included the parking)
• Currently listed for $249,000 plus $35k for parking
• Assessments of $519 a month
• Taxes of $3,180
• Central Air
• Washer/Dryer in the unit
• Private Terrace

We’ve chattered several times about the short sales and foreclosures in 2000 Lincoln Park West, a vintage apartment building that was converted into condos in 2004-2005, and which sits across the street from the Lincoln Park Zoo.

Just as a refresher, the units do not have central air, no washer/dryers and there is no deeded parking with the building.

Some kitchens and baths were upgraded and some were not (it depended on if you bought the upgrade package.)

Unit #1414 was in foreclosure when we last chattered about it in July 2008.

It’s still available and has now been reduced another $39,000.

How low will these units go before they finally sell?

Here’s the listing:

Corporate owned- sold ‘as-is’. Seller will not provide survey or termite. Buyer is responsible for city inspection, compliances and escrow if needed.

All offers must have pre-approval for financing or proof of funds for cash offers. No contingent on sale offers. Fax offers to listing office. Special addendums to be signed after acceptance. Earnest money must be certified funds.

Sergio & Banks has the listing. See the listing here (no interior pictures- sorry.)

Unit #1414: 1 bedroom, 1 bath, 950 square feet

• Sold in January 2005 for $402,500
• Bank owned
• Was listed in July 2008 for $238,000
• Reduced
• Currently listed for $199,000
• Taxes of $5855
• Assessments of $658 a month
• No Central Air
• No in-unit W/D

Unit #1214 had also been on the market last July and was also in foreclosure.

That listing has been cancelled.

But here are some interior pictures of #1214 (as the 14-tier units have similar layouts):

Unit #414 is also on the market as a “short sale” for $224,900.

Stay tuned.

We just chattered about this 1-bedroom at 1148 W. Roscoe in Southport in October.

It’s now been reduced $15,500.

Here’s part of the listing again:

Trying to find a one bedroom in the Lakeview/Southport Corridor/Wrigleyville areas with newer finishes, great space & parking? That can be extremely difficult since not many new one bedrooms are built in the area. This is the exception!

Built only a few years ago, this newer construction home offers all the amenities of new construction with a great layout and an amazing location. The living room has excellent width, providing for easy furniture placement.

A gas fireplace has been highlighted by a slate tile surround and wood mantel and shelving on each side for a striking focal point to the room. Access to a private outdoor patio is off this living room area thru glass sliding doors.

Ed Jelinek at Coldwell Banker has the listing. See more pictures and the virtual tour here.
See the property brochure here.

Unit #1W: 1 bedroom, 1 bath, no square footage listed

• Sold in July 2005 for $293,000
• Was listed in October 2008 for $315,000 (parking included)
• Reduced
• Currently listed for $299,500 (parking included)
• Assessments of $120 a month
• Taxes of $3,736
  

Sometimes there are just cool features to a property that are unique.

Such is the case with this vintage single family home at 638 W. Oakdale in Lakeview that has an “english conservatory” attached to the back.

Here’s the listing:

Exquisite renovation of 1882 Chicago greystone on 28′ lot. Original vintage features combined with 21st century kitchen, bathrooms and mechanical systems.

Three bedrooms/four bull baths and one half bath, library, English conservatory, three antique woodburning fireplaces, two-car brick gar, gorgeous patio/garden. No expense spared.

Suzan Bramson at Rubloff has the listing. See more pictures here.

Check out the property website here which shows the pretty back garden/patio.

638 W. Oakdale: 3 bedrooms, 4.5 baths, 2 car garage, 3754 square feet

• Sold in August 1992 for $329,000
• Currently listed for $1.599 million
• Taxes of $10,309
• Central Air

SoNo, the new construction high rise at 860 W. Blackhawk in the Clybourn Corridor, will be closing on units on the lower floors shortly.

Currently, there are 17 units on the MLS. It looks like those are all from the developer. 

There’s at least one flip on Craigslist. Here’s the listing:

Get a STEAL on this New Construction beautiful 1 bedroom with completely unobstructed views of a full Chicago skyline and great south and western sunlight.

Delivering in FEB/MARCH 2009, you will take over someone’s contract who can not close on it and in return get a GREAT DEAL – get $15,000 discount over what my clients paid and you will get a steal of a deal, you’ll buy from the developer so you’ll have a 1 YEAR WARRANTY, and instant $15,000 EQUITY in a gorgeous new home.

Check out the unbelieveable views and quality finishes. Condo only $375,000 and garage parking $30,000

 See the pictures in the Craigslist ad.

There are models available to view in the building. Here are some pictures from one of the model 2/2 units that is listed for $574,400:

@Properties is handling sales. See more pictures here.

Does anyone know what is going to happen to  the parking structure with this development?  There were supposed to be two high rises but the second one is on hold. The parking garage was supposed to be in-between connecting them.

Stay tuned.

There have been several short sales in The Columbian, the 2007-construction South Loop high rise at 1160 S. Michigan.

The building continues to struggle.

Current stats out of 220 units:

• 57 for sale
• 7 for rent

Some units can be both for sale AND for rent.

We chattered about Unit #2502 back in May 2008 when it first came on the market as a short sale.  It was under contract in September but that has fallen through.

It’s now listed $40,000 under the May 2008 price. It is also the cheapest 2/2 available in the building.

Here’s the listing:

DEAL FELL THRU! 2 BEDS 2 BATHS AT THE PRICE OF 1 BED 1 BATH! PRE-FORECLOSURE-SHORT SALE. NVR LIVED IN ‘THE COLUMBIAN’. UNOBST LAKE, MUSEUM CAMPUS VIEWS, LRG BALC ACCESS FRM MASTER & LIV AREAS.

HIGHLY UPGRADED W/ SPLIT OPN FLR PLAN 1231 SQ FT. KIT W/ 42′ CABS, GRANITE, SS APPL. MARBLE MSTR BATH W/ SEP SHOWER. FULL AMENITY BLDG, 24HR DRMN, EXERCISE RM, PARTY RM, DOG RUN & SUNDK GAR 39K. QUICK LENDER TURNAROUND

Elite Realty Advisors, Inc. has the listing. See more pictures here.

Unit #2502: 2 bedrooms, 2 baths, 1231 square feet

• Sold in October 2007 for $477,900
• Was listed in May 2008 in “short sale” for $399,900 plus $40k for parking
• Went under contract in September 2008 when listed at $379,000
• Fell out of contract and re-listed
• Currently listed at $359,000 plus $39k for parking
• Assessments of $341 a month
• Taxes are “new”

Remember this 2-bedroom unit in 30 W. Oak, the new modern boutique building in the  Gold Coast?

We’ve chattered about it twice now.

It’s been on the market since January 2008 and has been reduced $76,000 (plus the seller is now including a $65,000 parking space.)

Here’s the listing:

SPECTACULAR 2 BEDROOM plus STUDY IN EXCLUSIVE NEW GOLD COAST BUILDING. APPROX 2100 SQ FT OF EXTRAORDINARY ARCHITECTURE & EXCEPTIONAL QUALITY.

POGGENPOHL KITCHEN & BATHS. SUBZERO/ THERMADOR / MIELE APPLIANCES. 24’X12′ TERRACE. FLR TO CEILING WINDOWS, 10′ CEILING HEIGHT, 8′ DOORS. PARKING SPACE INCLUDED. FULL AMENITY BUILDING AT PRIME OAK ST LOCATION. WALK TO BEACH, SHOPPING, RESTAURANTS, PARKS.

Fee Simple Realty, Inc. has the listing. Check out the pictures and the virtual tour here (as I cannot post pictures on this unit).

Unit #4C: 2 bedrooms, 2 baths, study, 2057 square feet

• Sold in November 2006 for $1,009,900
• Sold in May 2007 for $1.115 million
• Was listed in January 2008 for $1.325 million plus $65k for parking
• Reduced
• Was listed in May 2008 for $1.299 million plus $65k for parking 
• Reduced
• Currently listed at $1.249 million (parking included)
• Assessments of $1,063 a month
• Has a 24 x 12 terrace

North Center single family homes are supposed to be in demand, right?

That’s what this seller at 4116 N. Bell must have been thinking in 2007 when this house first went on the market.

However, it’s been on the market over a year and has been reduced $69,000.

Here’s the listing:

Unique reverse floor plan steps from sought-after Coonley school! Entertaining in this beautiful space is a pleasure. Skylight, fireplace and beamed ceiling add to charm. Second fireplace in master.

Wonderful landscaping in backyard and front with vintage custom brick walk. Exterior paint, tuck pointing, roof inspections done within the year. New washer/dryer refrigerator and dishwasher. Best value in the area!

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

4116 N. Bell: 3 bedrooms, 2 baths, 2018 square feet, 2 car garage

• Sold in September 1998 for $270,000
• Originally listed in September 2007 for $649,000
• Reduced several times
• Withdrawn in August 2008 at $610,000
• Re-listed in August 2008 at $609,000
• Reduced
• Withdrawn in September 2008 at $599,000
• Re-listed in September 2008 at $580,000
• Currently listed at $580,000
• Taxes are $5,273
• Central Air