Crib Chatter

Many of the Lincoln Park townhouses we’ve chattered about have been priced below $500,000. But what do you get under $600,000?

This 3-bedroom at 2669 N. Greenview just came on the market at $592,500.

Here’s the listing:

Tamerlanes best value all for under $600K. This three bedroom/3 bath unit features wonderful roomsizes, neutral decor and all set back in the private enclave of this wonderful townhome community.

The entry level features a large living room overlooking a private backyard. The second floor featurs hardwood flooring and wonderful light throughout.

Mark Jak and Cindy Weinreb at Coldwell Banker have the listing. See more pictures here.

Unit #F: 3 bedrooms, 3 baths, no square footage listed, 1 car garage

• Sold in July 2001 for $495,000
• Currently listed for $592,500
• Assessments of $122 a month
• Taxes of $6,950

How are 10,000-square foot new construction mansions selling in Old Irving Park?

We’re about to find out as this new mansion at 3757 N. Keeler just came on the market.

Here’s the listing:

NOTHING IN CHICAGO COMPARES TO THIS SPECTACULAR HOME ON CORNER 60X171 LOT IN OLD IRVING. UPSCALE W/CLASSIC DESIGN & ARCHITECTURAL DETAILS. 10,000SF OF GREAT DESIGNED SPACE. DRAMATIC 24FT FOYER.

DESIGNERS TILE SELECTION & LIGHTING, MODERN FAUCETS, METRIC CUSTOM CABINETS, ELEVATOR, HOME THEATER, EXERCISE & NAT WINE ROOM, 5 FRPL, 1000SF+SHOWCASE MASTER SUITE, W/CUSTOM BUILT IN CLOSET. STEPS FROM NEW DISNEY ELEM SCHOOL

@Properties has the listing. See more pictures here.

3757 N. Keeler: 7 bedrooms, 5 baths, 2 half baths, 10,000 square feet, 3 car garage

• Currently listed for $2,499,900
• Taxes are “new”

Many of you will remember 1647 N. Sedgwick in Old Town from the summer of 2008.

At that time, the third floor unit, with its own private rooftop deck, was on the market. It sold almost instantly. Here’s it’s history:

Unit #3: 2 bedrooms, 1 bath, dining room

• Sold in January 2000 for $220,000
• Was listed in June 2008 for $419,900 (garage parking included)
• Sold in July 2008 for $412,000
• Assessments of $150 a month
• Taxes of $3916
• Private rooftop deck

Unit #2 is now on the market. It isn’t having quite the same quick luck. (It’s been on the market more than a month already).

What’s the difference?

1. No rooftop deck
2. No parking (listing says it is leased off-site)
3. The kitchen IS newer however

Does the rooftop deck and parking make that much of a difference?

Here’s the listing:

Huge 2 bdrm 1 bath w/ hardwood flrs thru-out. Brand new kit w/ kitchen aid ss appl’s, granite countertops, maple cabs & room for breakfast bar or table. Sep din rm w/ tons of space for large table opens to liv room w/ fireplace. Nice sized office off liv room.

Updated bath w/ granite and tile. Private deck off kitchen. W/D in unit & sep storage. Tons of space in one of the best areas in Lincoln Park.

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

Unit #2: 2 bedrooms, 1 bath, no square footage listed

• Sold in April 1994 for $182,500
• Sold in February 1997 for $189,000
• Sold in April 2001 for $277,500
• Currently listed for $395,000 (listed in early October 2008)
• Assessments of $145 a month
• Taxes of $3840
• Central air
• Fireplace
• Leased parking

We’ve chattered about these Sunday trolley tours offered by Rebecca Thomson before and some of you have gone on the tours.

From the website:

“We carefully guide individuals looking to purchase a new home, investors in the selection of appropriate properties, and owners looking to sell an existing condominium residence. Our customers are those who value their time and want to efficiently search for the ideal property.”

She’s doing another one:

• Date: Sunday – November 16
• Time: 1 pm
• Reception with cocktails and catering by Fox & Obel
• They’re also raffling off $500 in gift certificates

This tour will cover the following new construction buildings:

1. The Peshtigo in Streeterville
2. 30 W. Erie in River North
3. 110 Superior in River North (about to start closings)
4. Walton on the Park in the Gold Coast
5. 550 St. Clair in Streeterville

It’s free to attend but you must register with Rebecca at Buyorsellacondo.com.

If anyone goes- please report in with observations from the various sales centers. Thanks!

I’ve been waiting for developers to finally throw in the towel and just start cutting prices in order to move product.

It’s finally happening now at 550 N. St. Clair in Streeterville.

A tipster has informed me that the developer, Sutherland Pearsall Development, is holding  a “private developer closeout” on the remaining available units.

They are not currently on the MLS but should be by the end of the week.

Here are the building stats:

• 112 units in the building
• 30 still available from the developer
• 3 for sale on the MLS
• 2 for rent

Closings began in February 2008.

Here are some of the price reductions on the developer’s units:

9th Floor studio:

• Was $298,500
• Reduced to $208,000

17th Floor 1 bedroom:

• Was $415,000
• Reduced to $312,000

9th Floor 2 bedroom/2 Bath:

• Was $588,500
• Reduced to $439,000

16th Floor 3 bedroom/2 Bath:

• Was $868,500
• Reduced to $668,000

Parking is $50k extra with all of the units.

Will these price cuts create new comps in Streeterville for other new construction buildings?

These prices are significantly lower than any of the similar nearby buildings such as 600 N. Fairbanks, Avenue East, Fairbanks at Cityfront Plaza or ParkView.

Additionally, anyone who bought earlier in 550 N. St. Clair is going to feel pain.

Take this flipper of Unit #2204. It’s a former 2 bedroom, 1.5 bath unit converted into a large one bedroom.

How will this owner ultimately make out?

Here’s the listing:

1/2 BLCK FROM THE MAG MILE!! CUSTOM-DESIGNED, UPGRADED, HUGE CORNER 1 BR, 1 1/2 BATH (ONLY ONE LIKE IT IN THE BUILDING; A 2 BED CONVERTED INTO A 1 BED W/ROOM 4 ENTERTAINING) W/ 11′ FT. CEILINGS; W/D; BAMBOO FLOORING THRU-OUT; SUBZERO, BOSCH; GRANITE, GROHE-THERMO CONTROLED SHOWER W/ BODY SPRAYS; HUGE TERRACE.

GREAT IN-TOWN, 2ND HOME OR INVESTMENT. RENTED UNITL 8/31/09 FOR $3,100/MO. PARKING FOR 2 CARS $55,000.

Weichart Realtors- First Chicago has the listing.  See the listing here.

Unit #2204: 1 bedroom, 1.5 bath (was a 2 bedroom unit)

• Sold in June 2008 for $425,000
• Rented until August 2009 for $3,100 a month
• Currently listed for $474,500 (plus $55,000 for parking)
• Assessments of $336 a month
• Taxes are “new”
• Developer has one 2 bedroom/1.5 bath left- now priced at $383,000 (parking extra)

Or take Unit #1504, a 2 bedroom/2 bath, which is also on the market.

Here’s the listing:

Elegant & beautifully finished 2bed/2bath SE corner unit. Steps from Michigan Ave. Impressive views of the city! Floor to ceiling windows throughout. Bosch appliances. Master suite with large walk-in closet and upgraded master bath.

His and her sinks. 24hr drman, heat, air condition, work out facility, in-door heated pool, and sun deck included in assessments! Will not last! Parking is $45k.

Sue Tao at Sudler Sotheby’s has the listing. See more pictures here.

Unit #1504: 2 bedrooms, 2 baths, 1200 square feet

• Sold in March 2008 for $620,000
• Currently listed for $585,000 (parking is $45k extra)
• Assessments of $472 a month
• Taxes are “new”
• Developer is selling the remaining 2/2s for: $439,000 to $522,000

For more information see 550 N. St. Clair [developer’s website].

We last chattered about this 2-bedroom authentic brick and timber loft in The Donohue Building at 711 S. Dearborn in Printers Row in May 2008.

Since then, it has been reduced $89,000.

Here’s the listing again:

This elegant, spacious loft is filled with light–a true jewel steps from the financial heart of Chicago. Located in the historic Donohue building, Unit 505 is approx. 1650 sq. ft. with 2 bedrooms plus den, 2 full baths, CA, in-unit w/d.

The loft was renovated by a master craftsman in 2001. The historic setting has been augmented with beautiful wood, stone and glass work. Deeded garage parking is available.

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
• Currently listed at $410,000
• Assessments of $815 a month
• Taxes of $4,767
• Central Air

Put this one in the “they just don’t make them like this anymore” category.

This vintage 4-bedroom duplex unit at The Eddystone, at 421 W. Melrose, in Lakeview just came on the market. 

This unit has good “bones.”

Here’s the listing:

Possibly the most impressive vintage duplex with 2-story living room, book-matched paneling, moldings, plaster ceiling, leaded glass, stone mantle and more. Separate dining room.

New kitchen in progress. 3 en suite upstairs bedrooms including a master with dressing room. 3rd bedroom is now library. 4th bedroom suite is on main level. Leased garage available next door. Potential to combine with 2 bedroom simplex across hall. Amenities include a roof deck and exercise room.

There are NO pictures of the kitchen- hence the “new kitchen in progress” mentioned in the listing.

Jennifer Ames at Coldwell Banker has the listing. See plenty more pictures here.

Unit #14-15C: 4 bedrooms, 4 baths, no square footage listed

• Sold in February 1999 for $450,000
• Currently listed for $1.89 million
• Taxes of $11,955
• Assessments of $2,548 a month
• No central air!
• Fireplace
• Parking is leased next door
• No mention of in-unit w/d but other units in the building have it

Last June we chattered about “Special Pricing” on floors 7-18 at The Vetro, the new construction high-rise at 611 S. Wells, in the Printers Row area of the South Loop.

It appears that those “special prices” that were for a “limited time” are still in effect on Units #1603 and #1607 (the units we chattered about last June). 

Current stats on the building (out of 232 units):

• 12 for sale
• 2 for rent

Some units may be both for sale AND for rent.

The current stats for this building aren’t very accurate. The developer is not listing all of the available units on the MLS. 

From what I can gather from public information, only about 50% of the building has sold.

Unit #1603 has also had a further reduction and now also includes a parking space.

Unit #1603’s current listing:

CORNER UNIT 1667SQFT 2BR+DEN 2.5BA WITH N+E+W EXPOSURES TONS OF NATURAL LIGHT. GREAT VIEWS SEARS TOWER AND CITY.9FT CONCRETE CEILINGS,PRIVATE BALCONY.

1.25 GRANITE KIT W/MOSAIC TILE BACKSPLSH, S/S APPL,GROHE FXTRS,DBLE BWL UNDERMNT SINK,DISPOSAL,HRDWD FLRS IN LIVING AREA. MBA INCL:MARBLE,SEP SHWR W/FRMLSS,DBLE BWL VANITY W/LIMSTNE C-TOP.MBR HAS W-I-C,W/D INCL.GARAGE PKG INCLUDED

Rebecca Farrell and Nathan Skillicorn at Baird and Warner have the listing. See more pictures here.

Unit #1603: 2 bedrooms, 2.5 baths, den, 1667 square feet

• Originally listed for $518,900
• Was listed in June 2008 as “special pricing” for $468,900 (parking extra)
• Reduced
• Currently listed for $460,900 (parking included)
• Assessments of $699 a month
• Taxes are “new”

Unit #1607 has had a price increase since last June.

Here’s the listing:

**BEST VALUE IN AREA***END UNIT WITH S+E+W EXP TONS OF NAT LIGHT. OVER 1500SQFT 2BR+DEN 2.5BA OPEN LAYOUT. 9FT CONCRETE CEILINGS, PRIVATE BALCONY,1.25 GRANITE KIT W/MOSIAC TILE BACKSPLASH, S/S APPL,GROHE FXTRS,DBLE BWL UNDERMNT SINK,DISPOSAL,HARDWD FLRS IN LIVING AREA.

MBA INCLDES:LIMESTONE TILE,SEP SHWR AND TUB,DBLE BWL VANITY W/LIMESTNE C-TOP.W/D INCL.GARAGE PKG AVAI

Brian Morand and Gabriel Datcu at Baird and Warner have the listing. See more pictures here.

Unit #1607: 2 bedrooms, 2.5 baths, den, 1525 square feet

• Was listed in June 2008 at “special pricing” for $434,900 (parking extra)
• Currently listed at $437,900 (parking extra)
• Assessments now only $499 a month (were $533 a month in June)
• Taxes are “new”

Crain’s is reporting that downtown condo sales had their worst quarter in 7 years.

Is anyone surprised?

From Crain’s:

Buyers signed contracts for only 160 condos and townhouses in the quarter, down 82% from the same period a year earlier, according to Appraisal Research Counselors, a real estate appraisal and consulting firm.

Contracts for the year are poised to fall short of 1,000 units, making 2008 the worst year for downtown condo and townhouse sales since the Chicago-based firm started tracking the market in 1997.

“People are just nervous,” says Alan Lev, president and CEO of Belgravia Group Ltd., a Chicago-based condo developer.

In fourth-quarter 2001, after the 9/11 terrorist attacks, buyers signed contracts for only 92 units.

According the Appraisal Research, another 9,336 units will be completed downtown through 2009 but only a third have contracts on them.

As we’ve also chattered about, how many of these units that are under contract will even close? The flipping game is over.

What’s more, many developers are having a hard time getting buyers to close on their units. The reasons vary, but a growing number of buyers are canceling contracts because they can’t get financing. Canceled purchase contracts historically accounted for about 10% of the units in a typical downtown project but have recently increased to 15% and even hit 40% at one development, Appraisal Research data show.

When will building resume? Some are saying as soon as 2010.

Downtown developers will complete only 408 units in 2010, down from 4,719 next year, according to Appraisal Research.

Belgravia signed a contract last year for a site north of the Trump project to build a 17-story, 50-unit condo building. But Mr. Lev is in no hurry to start marketing the development. “We’re not going to start anything until the landscape’s different,” he says.

Condo sales fall to 7-year low [Crain’s Chicago Business, Nov 10, 2008]- be sure to check out the graph which shows sales versus inventory. It’s pretty shocking how quickly sales have fallen off a cliff.

This cute 1936 Georgian at 5839 N. Whipple near the Peterson Woods neighborhood on the far north side has been on the market since June 2008.

It’s been reduced $60,000.

Here’s the listing:

FANTASTIC VALUE! CLASSIC CUSTOM BUILT COUNTRY FRENCH GEORGIAN OFFERS PERFECT BLEND OF YESTERDAY & TODAY. GRACIOUS STEP DOWN LIVING ROOM, WDBFP, STRIKING FLOOR TO CEILING LEADED PALLADIAN WINDOWS.

LARGE FORMAL DINING ROOM W/BUILT IN CORNER HUTCHES. SPACIOUS KITCHEN-LOTS OF CABINETS, 1ST FLOOR FAMILY RM LEADS TO HUGE DECK. MASTER BDRM W/BTH. LOWER LEVEL REC ROOM. A MUST SEE!

Terry Silis at Baird and Warner has the listing. See more pictures here (if you put the address into the B&W website you can also see pictures of the back deck and garage.)

5839 N. Whipple: 3 bedrooms, 2 baths, 2 half-baths, 2000 square feet, 2.5 car garage

• Sold in July 1992 for $182,000
• Originally listed in June 2008 for $559,900
• Reduced
• Currently listed at $499,900
• Taxes are $5,233
• Central air
• Basement