Crib Chatter

A 1-bedroom bank-owned unit has appeared in Erie on the Park at 510 W. Erie in River North.

A second 1-bedroom unit two floors below is also in short sale.

Is the bank-owned unit even a deal?

Here’s the listing on the bank-owned unit:

GREAT OPPORTUNITY! BANK OWNED! UPGRADED 1 BDRM/OPEN FLOOR PLAN IN FAMOUS LUCIEN LAGRANGE BLDG. DESIERABLE RIVER NORTH , BY PARK & RIVER. FLR TO CEILG WNDWS, BALCONY .

UNUBSTRUCTED CITY & PEAKS OF LAKE VIEWS. SPACIOUS KITCHEN W/ ISLAND. STAINLESS STEEL APPLN, GRANITE CTRTPS, HRDW FLRS, MRBL BTHR, W/D IN UNIT. BLDG W/24 HR DRMN & GYM. GARAGE INCLUDED!! SPECIAL ADDENDUM AND PREQUAL THRU CHL REQUIRED.

Re/Max Villager has the listing. See more pictures here.

Unit #1308: 1 bedroom, 1.5 baths, 860 square feet

• Sold in July 2002 for $264,000
• Sold in October 2002 for $287,000
• Sold in January 2006 for $340,000
• Lis pendens filed in September 2007
• Bank-owned as of September 2008
• Currently listed for $327,900 (includes the parking spot)
• Assessments of $518 a month
• Taxes of $3595

Here’s the listing for the short sale, Unit #1108:

Wow!!! Short Sale Deal! Sixty thousand dollar reduction on desirable unit in Lucian LaGrange building. Parking included in price.

Brazilian cherry hardwood floors, balcony, w/d, imported cabinetry, stainless, granite and marble. Heat and air included in asses. Make an offer, foreclosure imminent.

Barbara Weaver at Baird & Warner has the listing. See more pictures here (if that B&W link doesn’t work properly.)

Unit #1108: 1 bedroom, 1.5 baths, 860 square feet

• Sold in August 2002 for $267,000
• Lis pendens filed in September 2008
• Currently listed as a “short sale” for $299,000 (includes the parking)
• Assessments of $497
• Taxes of $3442

The Chicago Tribune investigates what is going on on the 28th floor of the Daley Center- where foreclosure cases are heard.

It’s no surprise to most of us that foreclosures are spiking. We’re seeing it even in the most prestigious high-rise buildings in the city.

Cook County’s foreclosure court is so busy with the wreckage of the sub-prime mortgage crisis that the number of judges has been increased from 10 to 14, and they begin their new schedules Monday.

Foreclosures in Cook County were up 47.8 percent in the first half of this year and are expected to pass 42,000 by year’s end. But the increase in judges is not just a sign that things are bad; it’s a sign that things are likely to get worse.

“These cases take at least 10 months to work their way through the system,” said Dorothy Kinnaird, the presiding judge of the Chancery Division, which handles mortgage foreclosures. “We haven’t even felt the full brunt of 2008. We’re still feeling last year’s foreclosures.”

The article states that 80% of the foreclosures go uncontested (i.e. the homeowner is not fighting it.)

The view from foreclosure court [Chicago Tribune, Oct 20, 2008]

This 4-bedroom vintage home at 2028 W. Walton in West Town is one of those that was in the Coldwell Banker 10-Day sale.

It has been reduced $149k over the past 6 months.

It’s sales history is also illustrative of what has happened to home prices in the West Town neighborhood in the last 15 years.

Here’s the listing:

4-bedroom, 3-bathroom brick home. Victorian features and contemporary flair. Gorgeous woodwork. Decorative fireplace. Rehabbed kitchen with table space.

Separate dining room. Family room with cathedral ceiling. 4th bedroom with sitting area and separate entrance. Deck and landscaped patio. 2-car garage. Ask about rent to own option!

Stephanie Poulakidas at Coldwell Banker has the listing. See more pictures and a virtual tour here.

2028 W. Walton: 4 bedrooms, 3 baths, 2 car garage, no square footage listed

• Sold in April 1994 for $215,000
• Sold in February 2000 for $387,500
• Sold in August 2003 for $490,000
• Originally listed in April 2008 for $749,000
• Reduced several times
• Last reduced in September 2008
• Currently listed at $650,000
• Taxes of $6,122
• OR you can rent it for $3,000 a month
• Central Air
• Bedroom #1: 14×14
• Bedroom #2: 15×10
• Bedroom #3: 11×8
• Bedroom #4 (lower level): 10×10

Crain’s first reported on Oct 17 that architect Santiago Calatrava filed a lien against Shelbourne Development, the developer of The Spire, on Oct 8 for $11.3 million.

The Tribune also reports that architectural design firm Perkins+Will Inc. filed a lien for about $4.85 million.

From the Tribune:

A spokeswoman for Irish developer Garrett Kelleher said the firm knew that the liens were coming and continued to have dialogues with the companies. However, Shelbourne disagrees with the amount the firms say they are due.

“These guys have been paid well,” said spokeswoman Kim Metcalfe. “It’s clearly a four-year project. The project payment and delivery is over that four years. The amounts are under dispute.”

People on various skyscraper chatboards have noted that construction at the site seemed to have stopped some time ago. The Tribune appears to confirm this.

Currently the site is simply a circular hole, 76 feet deep and 110 feet across, that is surrounded by caissons to support the skyscraper’s concrete core. The East Water Place Townhome Association, which had been conducting weekly meetings with the developer about the project adjacent to its building, told residents earlier this month the meetings had been discontinued because the Spire’s construction had been halted.

The Spire’s PR team continues to say that everything is fine.

Just 21/2 weeks ago Shelbourne sought to inject a bit of optimism into the beleaguered project by announcing that Beanie Babies magnate Ty Warner had signed a contract to buy the two-level penthouse, a unit that was listed for sale at $40 million.

To date, 395 of the building’s 1,194 units have been sold.

“The sales are going very well,” Metcalfe said. “This is the normal course of business for companies to protect themselves, and the market is obviously the 800-pound gorilla in the room.”

Spire pay dispute spurs doubt [Chicago Tribune, Oct 18, 2008]

There are many buildings that remind me of Paris here in Chicago. Is The Barry, at 3100 N. Sheridan Road, one of them?

This 1 bedroom plus den renovated unit says it’s a “maisonette in Paris.”

Here’s the listing:

Beautiful renovation of high first floor at the Barry. Serene 2 bedroom turned into 1 bedroom plus den with superior new luxe bathroom, closets, moldings, rehabbed kitchen w/ SS, granite and new cabinetry.

Separate dining room with wall of windows on entire south side of unit for sunny exposure at all times. A maisonette in Paris! Beautiful full service building.

Brian Loomis at Coldwell Banker has the listing. See more pictures here.

Unit #1B: 1 bedroom plus den, 1 bath, 1200 square feet

• Sold in September 2007 for $336,500
• Currently listed for $389,000
• Lis Pendens filed in August 2008
• Assessments of $681 a month
• Taxes of $3,083
• No Washer/Dryer in the unit (but I believe the building allows it)
• Nearby leased parking
• No central air (window units)

I don’t know if this unit at 33 W. Ontario in River North is under contract yet (it came on the market a little while ago.)

But it is further evidence as to what is going on in the market.

We’ve chattered about other foreclosures in 33 W. Ontario before. This 2-bedroom unit is now bank-owned and reduced by 48% from its 2006 sale.

Here’s the listing:

MUST SEE CONDO IN THE HEART OF THE CITY, GREAT OPPORTUNITY! VACANT, EASY TO SHOW. AS-IS. BUYER TO VERIFY RM COUNT, ZONING & DIMENSIONS. EARNEST MONEY MUST BE CASHIERS CHECK. NO DISCLOSURES/NO SURVEY PROVIDED BY SELLER. BUYER RESPONSIBLE FOR INSPECTIONS, COMPL & ESCROWS AS NEEDED.

FAX OFFERS WITH PRE-QUAL OR PROOF OF FUNDS TO LISTING OFFICE. ADDENDUMS APPLY UPON ACCEPTANCE. ALLOW TIME FOR RESPONSE. SEE AGENT REMARKS

Great Street Properties, Inc. has the listing. See more pictures here.

Unit #27H: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2006 for $610,000
• Bank-owned
• Currently listed at $315,000
• Assessments of $422 a month
• Taxes of $4,612
• Parking? It doesn’t look like there’s any included
• Bedroom #1: 14×12
• Bedroom #2: 10×12
• Living room: 18×18
• Kitchen: 13×8

Flippers continue to close on units thinking they can make a profit flipping them. Some have been lucky- especially in “prestige” buildings such as 340 On the Park.

This seller of a 3-bedroom in 600 N. Fairbanks isn’t one of the lucky ones. We’ve seen some 1 and 2-bedroom units flip successfully in the building. But many have also simply been rented instead.

We’ve seen this 3-bedroom tier before- with #1301- which finally ended up selling after several rounds of price reductions.

Here’s the listing on Unit #3601 (which went into contract almost immediately upon the last price reduction):

Reduced Price For Immediate Sale! No Short Sale! Upper Tier In World Renown Architect Helmut Jahn Building W/Awesome Lake & City Views! Light & Bright Unit Is Completely Drywalled W/Upgraded Hardwood Floors & Fixtures.

10′-12′ Ceilings,private Balcony,granite & Marble Counters,miele,wolf & Subzero Appl. Bld. Offers Sun Deck,lap Pool & Fitness Center. Blocks To Navy Pier & Michigan Ave. Premium Parking Spot #201 -$65k!

This unit is one floor below the amenities floor, correct?  It has nice views.

Also note: this seller decided to drywall over the concrete ceilings.

Rusty Clements at Baird and Warner has the listing. See more pictures here.

Unit #3601: 3 bedrooms, 2.5 baths, 1746 square feet

• Sold in April 2008 for $1.139 million
• First listed in April 2008 for $1.4 million
• Reduced several times
• Reduced to $1.2 million by August 2008
• Reduced several times again
• Reduced to $1 million on Oct 14, 2008 (parking $65k extra)
• Under contract on Oct 15.
• Assessments of $780 a month
• Taxes are “new”

The loft building at 825 N. Racine has been lofts for decades which means they are usually larger and have authentic loft features.

This 2-bedroom unit has tin ceilings and your own private sauna.

Here’s the listing:

RARE TRUE LOFT WITH SMASHING DETAILS: ORIGINAL TIN CEILING, ARCHITECURALLY INTERESTING ANGLES, 3 EXPOSURES FOR LOADS OF NATURAL LIGHT, CUSTOM LAQUER CABINETS, 6 BURNER GARLAND STOVE, GRANITE FLOOR IN ENTRY/KITCHEN/LAUNDRY RM.

ORIGINAL MAPLE THROUGH UNIT. 8’W FIREPLACE. SAUNA, SEP SHWR & WHIRLPOOL IN MST BTH. RIGHTS TO BLDG PRIVATE ROOF RM & DECK. EXTRA WIDE 1CAR GAR AND PRKG PAD IN FRONT OF GARAGE.

Debra Dobbs at Koenig & Strey has the listing. See more pictures here.

Unit #201: 2 bedrooms, 2.5 baths, 2400 square feet, 1.5 car garage

• Sold in May 1991 for $275,000
• Originally listed in May 2008 for $549,900
• Reduced
• Currently listed for $519,500
• Assessments of $410 a month
• Taxes of $6,509
• Central Air
• Sauna

This 2-bedroom unit at 1120 W. Armitage in Lincoln Park has been re-listed 3 times in the last 6 months. Each time, it has been reduced.

Here’s the listing:

Bright Southern exposure unit in Greystone building. Classic vintage details include: natural woodwork/trim, high ceilings, and hardwood floors throughout. This updated unit has an eat- in kitchen, maple cabinets, new stone/granite bath, separate dining area, gas fireplace, laundry in-unit, great closet space, storage.

Gas forced air/central air, large common area deck and garage parking included. Close to train, shops, and dining.

Mary Gott at Koenig & Strey has the listing. See more pictures here.

Unit #301: 2 bedrooms, 1 bath, 1150 square feet

• Sold in March 1992 for $162,500
• Sold in January 1997 for $179,000
• Sold in April 2004 for $321,500
• Originally listed in May 2008 for $415,000
• Canceled
• Re-listed in July 2008 for $399,000
• Canceled
• Re-listed in October 2008 for $384,800 (parking included)
• Assessments of $210 a month
• Taxes of $4,101
• Central air

We return to Wellington in Lakeview to chatter about this new construction single family home at 1334 W. Wellington.

It has been on the market off-and-on since 2006 with little price reduction.

How many years can developers hold on?

Here’s the listing:

BEAUTIFUL NEW CONSTRUCTION IN HEART OF LKVW! WALK TO STHPRT CORRIDOR, EL & FABULOUS PARK. THIS 5BR HOME HAS GREAT LAYOUT, PERFECT FOR TODAY’S LIVING W/INTRICATE ARCHITECTURAL DETAIL. LRG GRMT KIT W/VIKING RANGE/GRIDDLE & SUBZERO REFRIG.

GREAT RM OPENS TO KIT & TO WIDE STRCSE LEADING TO BIG YARD & LWR LVL W/2BR + HUGE FAM RM. GRACIOUS MSTR STE HAS 2 LRG CLSTS & SENSATIONAL BTH W/SEP TUB, SHWR W/SPRAYS, RAIN & MORE.

Emily Sachs Wong at Koenig & Strey has the listing. See more pictures and a virtual tour here.

1334 W. Wellington: 5 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

• New construction in 2006
• First listed in April 2006 for $1,599,000
• Then listed in May 2007 for $1,619,900
• Reduced
• Listed in January 2008 for $1,549,900
• Re-listed again in August 2008 for $1,550,000
• Taxes of $9,440