Crib Chatter

Some sellers will do anything to drum up interest in their property.

Take the $100 “reduction.” Many of you have probably seen this. It’s where the seller reduces the price by $100 simply so it shows up on the MLS with a “reduction” or a “price change.”

Lots of people want to see the properties with price reductions, right?

So it keeps the property at the top of people’s lists.

Such is the case with this 2006 new construction 2-bedroom unit at 1131 W. Grace in Lakeview.

It’s been on the market since May, but starting in early September, the listing has been reduced $100 each week.

Does this selling technique work?

Here’s the listing:

Bring all offers! Extra-wide (37.5’) high-end luxury condo, garage parking included! Chef’s kitchen (SubZero, Viking, Bosch, cherry, granite). Master with separate steam shower, extra-large Jacuzzi, two bowl vanity.

Huge back deck (not through bedroom), Juliet balcony off living room. 10’ ceilings, beautiful architectural/woodwork details, hardwood floors, washer/dryer, fireplace, surround sound. Custom walk-in closets and blinds. Extra-large storage. Perfect location!

Laura Kirchner at Rubloff has the listing. See more pictures and a virtual tour here. See the property website here.

Unit #2: 2 bedrooms, 2 baths, 1500 square feet

• Sold in July 2006 for $490,000
• Originally listed in May 2008 for $539,000
• Reduced several times
• Listed in early Sept 2008 for $499,900
• Reduced $100 each week
• Now $499,500 (parking included)
• Assessments of $110 a month
• Taxes are “new”
• Central air

Two units in 530 N. Lake Shore Drive, Unit #1305 and #2201, in Streeterville, recently had lis pendens filed against them.

Unit #1305 is a 3-bedroom unit that is currently on the market. Here’s the listing:

PREMIER TEAR AT 530 N LAKE SHORE DR! MAGNIFICENT UNIT WITH 2452 SQ FT TAKING THE ENTIRE FRONT WING OF THE BUILDING SPECTACULAR LAKE, PARK & NAVY PIER VIEWS 3 BED 3 BATH GRAND FOYER & HUGE GALLEY THAT LEADS TO A ROUND WALLED LIVING ROOM WITH 2 TERRACES

SPLIT FLOOR PLAN WITH ENORMOUS MASTER SUITE 2 CHOICE PARKING SPACES ARE EXTRA. ENJOY FIRE WORKS FROM YOUR TERRACE AND WHAT STREETERVILLE HAS TO OFFER

There are no interior pictures of the unit, but there are several other “05” tier units on the market if you wish to see what the layout would look like.

Continuum Real Estate Brokers has the listing and you can see it here.

Unit #1305: 3 bedrooms, 3 baths, 2452 square feet, 2 car parking

• Sold in July 2003 for $903,500
• Currently listed for $1.295 million
• Lis pendens filed in September 2008
• Taxes of $14,500
• Assessments of $859 a month

Unit #2201 is not currently on the market.

We’ve chattered about this 3-bedroom unit at 1013 W. Webster in Lincoln Park at least two times before.

It has been reduced another $50k and is now listed $86,112 below its original asking price from last March.

Here’s the listing again:

Magnificent, historic timber ceiling townhome that has been recently rehabbed. Pride of ownership is evident in every last detail. Exposed brick. Beautiful chef’s kitchen overlooking living room with wbfp. Space for dining table. 2 car attached PRIVATE garage with tons of storage.

Fantastic penthouse 30×15 master suite w/ wbfp, marble steam showers, cedar walkin closet. Home is second to none in a prime location!

Sara McCarthy and JulieDorger at Coldwell Banker have the listing. See more pictures and a virtual tour here.

Unit #7: 3 bedrooms, 2 baths, 2 car private garage with storage, no square footage listed

• Sold in July 2006 for $685,000
• Originally listed in March 2008 for $685,000
• Reduced
• Listed in April 2008 for $659,000
• Reduced
• Was listed in June 2008 for $649,000 (included the two car garage)
• Reduced
• Currently listed for $598,888
• Assessments of $185 a month
• Taxes are “new”

Built in 1885, this 3-bedroom rowhouse at 410 W. Webster in East Lincoln Park has undergone renovations over the past few decades. But it’s vintage charm is intact.

It has central air and a basement rec-room. The third bedroom,  however, is very small at only 7×9.

Will only having “covered parking” hurt the sale of this home? (It looks like it has a carport space.)

Here’s the listing:

Beautifully renovated East Lincoln Park historic rowhome with covered parking. Well preserved vintage millwork, plaster medallions, stained glass and period lighting. New gourmet eat-in kitchen with custom cabinets, granite, stainless steel appliances and a banquet. 3.5 new baths including two on the second level.

Large lower level rec/playroom with built-ins. Private deck. Lincoln School District. A great townhouse alternative!

Jennifer Ames at Coldwell Banker has the listing. See more pictures here. See the property’s brochure, with floorplans, here.

410 W. Webster: 3 bedrooms, 3.5 baths, no square footage listed

• Sold in February 2004 for $751,000
• Currently listed for $899,000
• Taxes are $10,516
• Central Air
• Carport parking space
• 2 fireplaces

Many of you have been writing me asking about Coldwell Banker’s nationwide “10 Day Sale” that began on Oct 10th and is supposed to have properties reduced by 10% for the next 10 days.

Coldwell took out a two page ad in the Sunday Chicago Tribune promoting the event.

If you just read the ad, you would think that all of the listed properties were reduced especially for this sale. But that’s not completely right.

I didn’t look at all the properties. Tipsters sent me info on a handful of them. But from those that I saw, to call those particular properties “on sale” was misleading. And that’s being generous.

For instance, take 1129 W. Newport #D, a 2-bedroom plus den Lakeview townhouse. The ad says the price has been slashed from $489,000 to $439,000.

And it has.

But over the past 7 months!

Here’s the price history:

Unit #D: 2 bedrooms, den, 2.5 baths, 1 car parking, townhouse

• Sold in September 2001 for $381,000
• Sold in March 2004 for $425,000
• First listed in April 2008 for $489,000
• Several reductions over the months
• Reduced on Sept 17, 2008 to $439,000
• Currently listed at $439,000
• Assessments of $150 a month
• Taxes of $5,987
• Brian Eugenio and Jim Humes at Coldwell have the listing. See more pictures here.

The property had no “special” reduction just for the 10-day event.

Same with this 2-bedroom unit at 500 W. Superior. The ad says it was slashed from  $529,900 to $450,000.

It HAS been reduced. But, again, over the last 7 months.

Unit #802: 2 bedrooms, 2 baths, 1170 square feet

• Sold in May 2005 for $387,000
• First listed in April 2008 for $519,000
• Reduced several times over the next few months
• Reduced on Sept 22, 2008 to $450,000
• Currently listed at $450,000 (plus $45k for tandem parking space)
• Under Contract as of Oct 3.
• Assessments of $693
• Taxes of $5,087
• Gale Goldstick at Coldwell Banker has the listing. See more pictures here.

I did see one  property, 2248 N. Fremont #1, that looked to be reduced especially for the sale. But it was the second reduction in the last 6 months.

2248 N. Fremont #1: 3 bedrooms, 2 baths, no square footage given

• Sold in August 2000 for $437,000
• Originally listed in May 2008 for $699,000
• Reduced in August 2008 to $665,000
• Reduced on Oct 9 to $600,000
• Currently listed at $600,000
• Assessments of $350 a month
• Taxes of $7,242
• Listing says: 10 DAY SALE…PRICE 10% REDUCED FOR 10 DAYS ONLY!
• 1 Year of Pre-paid parking across the street
• Central Air
• Elizabeth Ballis at Coldwell Banker has the listing. See more pictures here.

A lot of properties are still sitting on the market that were first listed last spring. This 4-bedroom house at 1114 W. Wellington in Lakeview is one of them.

It has had $181,000 worth of price reductions since last April. It is available to buy OR to rent.

Here’s the listing:

New Price! 4,800 sq ft home with an floor plan, wonderful light from exposure on three sides. 10-foot ceilings, hardwood floors throughout. First floor: enormous great room/kitchen leading to large deck. Front room with woodburning fireplace.

Second floor: three large bedrooms and two full baths. Third floor: Huge master suite with skylights, woodburning fireplace and luxury bath. Versatile lower level with full bath. Five outdoor spaces, two car garage, two blocks to El.

Lindsey Stewart at Rubloff has the listing. See more pictures here. See the property website here.

1114 W. Wellington: 4 bedrooms, 3.5 baths, 4800 square feet, 2 car garage

• Sold in December 1994 for $533,000
• Originally listed in April 2008 for $1.05 million
• Reduced several times
• Currently listed at $869,000
• Taxes of $11,994
• Or- you can rent it for $4200 a month
• Central Air

We’ve chattered quite a bit about the empty million dollar homes that are seemingly everywhere. The market times on many of these homes are over 2-years (and counting.)

This 5-bedroom home at 1342 W. Melrose in Southport recently had a lis pendens filed against it.

Here’s the listing:

FABULOUS NEWER BRICK/LIMESTONE SINGLE FAMILY ON ALLEY- ADJACENT LOT W WIDE FOOTPRINT.THIS HOME SCREAMS TO BE SHOWN HI CEIL,HDWD FLOORS,STELLAR CHEFS KIT-DE GUILIO CAB,SS 48″ THERMODOR RANGE/SUBZERO REFRIG.

MSTR SUITE TO DIE FOR.SPACE DRAMA GALORE,GARAGE BREEZEWAY,4 DECKS.SIMPLY SMASHING! QUALITY THROUGHOUT. COME AND SEE!

Chaz Walters at Sudler Sotheby’s has the listing. See more pictures here.

1342 W. Melrose: 5 bedrooms, 4.5 baths, 2 car garage, 5000 square feet

• Sold in May 2001 for $1.054 million
• Sold in October 2005 for $1.55 million
• Currently listed for $1,889,990
• Lis pendens filed in September 2008
• Taxes of $23,000

This 2 bedroom-unit at 257 E. Delaware in Streeterville is bank-owned.  Who’s up for it?

There are NO pictures of the kitchen in the listing.

Here’s the listing:

STREETERVILLE VINTAGE TRADITIONAL 2 BEDROOM, 2 FULL BATH CONDO IN A FANTASTIC LOCATION W/VIEW OF LAKE MICHIGAN!

THE UNIT FEATURES:LARGE ROOMS, 2 FIREPLACES, HARDWOOD FLOORS, AND HIGH CEILINGS. MOLDINGS ARE SOME OF THE FINE APPOINTMENTS IN THIS HISTORIC BUILDING!

Re/Max Properties Northwest has the listing. See more pictures here.

Unit #2B2D: 2 bedrooms, 2 baths (or maybe 1.5 baths- per the listing), no square footage but it has large room sizes

• I couldn’t find a prior sales price but it last sold in 1988
• Bank owned as of August 2008
• Recently listed at $521,900
• Reduced
• Currently listed at $477,900
• Assessments of $877 a month
• Taxes of $6,215
• Doesn’t look like it has central air
• No parking
• Living room: 21×20
• Dining room: 13×12
• Bedroom #1: 16×15
• Bedroom #2: 16×12
• Kitchen: 12×8

There’s an interesting article in the Chicago Tribune about homeowners who are underwater.

Suburbanites are struggling as prices decline.  According to a Baird and Warner agent in the article, 7% of all sales in six suburbs on the North Shore have been short sales.

Facing debilitating health problems, Goldner refinanced his Highland Park home repeatedly only to wind up with a $729,000 mortgage on a house that eventually sold for $450,000.

“I kept refinancing it to pay the mortgage,” he said. “I kept hoping the market would level off. I never imagined this would happen.”

Goldner walked away from his three-bedroom home once he could no longer make the mortgage payments. A friend who is a real-estate broker was able to arrange what’s called a short sale—the home was sold for less than Goldner owed, all the proceeds went to the bank and the remainder of Goldner’s mortgage debt was forgiven.

“I feel very fortunate to be out of that place and moving forward, unlike a lot of people in this kind of situation,” Goldner said. “That’s one big debt off my shoulders.”

And all of those 20 and 30-somethings who bought those condos on the North Side of the city only to want to move in 2 or 3 years when they have babies- they’re in for a world of pain.

Matt Bender and Susan Flynn of Chicago’s West Ridge neighborhood are among those who, all of a sudden, are staring down a financial hit.

The couple are expecting a baby in January, but Bender’s nicely rehabbed third-floor condo is too small and the stairs are too numerous to regularly cart a newborn—and the equipment he or she will require—up and down.

They need a house, desperately, but to get one they must first sell the condo. It has been on the market for a while at $6,000 less than what Bender paid for it three years ago. They’ve had nary a nibble.

The couple are now forced to hold their breath and go underwater. If and when they sell the place, Bender will have to tap into his savings to pay off the rest of his mortgage.

“You’ve got to feel lucky to have a place to live and a job, I suppose,” said Bender, a grade-school teacher. “But this is pretty humbling. And we’re kind of stuck.”

Mortgage crisis has turned homeownership upside down [Chicago Tribune, Oct 13, 2008]

$2 million for a single family home in North Center?

In 2007- why not?

This new construction 5000 square foot home at 1510 W. Byron is on the market as a short sale. A lis pendens was filed against it in September 2008. It is also apparently “under contract.”

Here’s the listing:

SHORT SALE, ALL OFFERS SUBJECT TO BANKS APPROVAL” ABSOLUTELY STUNNING NEW CONSTRUCTION SINGLE FAMILY HOME IN BLAINE SCHOOL DISTRICT! IMPECCABLE FINISHES THROUGHOUT AND ATTENTION TO DETAIL INCLUDING TIGER WOOD HARDWOOD FLOORS.

CHEF’S KITCHEN WITH COMMERCIAL GRADE APPS. CENTRAL VAC, RADIANT HEAT IN LL AND ALL WALKWAYS AND GARAGE. HOME SITS ON DEEP 150 FOOT LOT AND INCLUDES A HUGE BACKYARD.

Scott Gettleman at Baird and Warner has the listing. See more pictures here.

1510 W. Byron: 6 bedrooms, 4.5 baths, 5000 square feet, 2 car garage

• Sold in January 2007 for $2.09 million
• Currently listed as a “short sale” for $1,999,900
• Lis pendens filed in September 2008
• “Under contract”
• Taxes are “new”