Crib Chatter

If you need to sell fast, does that mean you’re aggressive on the price?

This renovated 9200 square foot mansion at 1318 N. LaSalle in the Gold Coast has been on the market since March 2007. It was reduced in July 2008 by $950,000 but is still holding at that price.

Here’s the listing:

DEVELOPER MUST SELL THIS GOLD COAST HOME NOW!!.PRICE REDUCED 1.2 FROM ORIGINAL ASKING.150FT. DEEP LOT & EXTRA WIDE HM. 4 CAR ATT. GAR W/COACH HOUSE/GUEST SUITE ABOVE! MASTERFULLY DESIGNED AND FINISHED.

9200 SQUARE FEET OF MAGNIFICENT NEW CONSTRUCTION W/ORIGINAL LIMESTONE FACADE. FULL FLR MASTER STE. TWO TERRACES & A BEAUTIFUL GARDEN, THEATRE RM, ELEVATOR SO MUCH MORE. THIS IS A STEAL..MUST MOVE QUICKLY @ THIS PRICE

Rhonda Shane at Sudler Sotheby’s has the listing. See more pictures and the virtual tour here.

1318 N. LaSalle: 6 bedrooms, 5.2 baths, 9200 square feet, 4 car garage

• Originally listed in March 2007 for $4.9 million
• Reduced in July 2008 to $3.95 million
• Currently listed for $3.95 million
• Taxes of $27,875
• 2 fireplaces
• Coach house

Our favorite Gold Coast coach house at 1234 N. Dearborn is STILL available and it’s been reduced another $30k.

This is a foreclosure and went back to the bank months ago.

Just to refresh your memories, here is the listing:

Coach House Part Of An Assoc. Great Investment/ Property Being Sold In ”as-is” Condition/ No Survey Nor Disclosures/ Proof Of Funding Must Accompany All Offers/ Pre-approvals Not Pre-qualifications/ Ernest Money Must Be Certified Funds. Fax All Offers To Office, No Emails

Area Wide Realty still has the listing. See more pictures here.

1234 N. Dearborn #CH: 2 bedrooms, 2.5 baths

• Sold in June 2000 for $395,000
• Bank owned
• Was listed in May 2008 for $450,000
• Reduced
• Was listed in June 2008 for $437,000
• Reduced
• Currently listed for $407,000
• Assessments of $335 a month
• Taxes of $3308
• No central air
• No parking

This 2-bedroom duplex unit in the Frank Fisher Apartments at 1209 N. State Parkway in the Gold Coast is unlike anything you’ve ever seen before.

The unit also includes a rare parking space (there are only two with the building, both belonging to the two 2-bedroom units in the small building.)

And no, I don’t know what the condo association is doing about the deterioriation of the facade. Anyone know?

Here’s the listing:

THE “FRANK FISHER APARTMENTS,”AN ICON OF PRE-WORLD WAR II MODERNISM,WAS BUILT IN 1936 & HAS EARNED CHICAGO’S HIGHEST LANDMARK STATUS. IT IS THE MOST FAMOUS OF ARCHITECT ANDREW REBORI’S BUILDINGS.

THIS END-UNIT DUPLEX IS ONE OF THE LARGEST UNITS & HAS THE BEST EXP. OF ANY UNIT IN THE COMPLEX IT OFFERS A MAGICAL COMBINATION OF VOLUME & LIGHT & HAS BEEN COMPLETELY RESTORED W/THE FINEST FINISHES. PRICE INCLUDES…

Marc Cadrot at Sudler Sotheby’s has the listing. See more pictures here.

Unit #7: 2 bedrooms, 2.5 baths, duplex no square footage given

• Sold in January 2001 for $530,000
• Sold in April 2007 for $475,000
• Currently listed for $545,000 (includes the parking)
• Assessments of $843 a month
• Taxes of $7303
• Central air
• Has two staircases

We’ve chattered about how there seems to be million dollar homes in every corner of the city. It has become almost commonplace.

Take this new construction home at 2435 W. Erie in West Town near Smith Park.

It’s been on the market a little over 2 months and has had one price reduction.

How long will it take to sell all of these very expensive properties?

Here’s the listing:

SMITH PARK! CREATIVELY DESIGNED & METICULOUSLY CONSTRUCTED! EXTRA WIDE, INCREDIBLE CUSTOM 5500 SQ FT SINGLE FAMILY HOME. 5 BEDROOMS, 4.3BATHS, 3 FIREPLACES.

 COLONIAL WOODWORK THRU-OUT, SAUNA, STUNNING MOSAIC TILE WORK, CUSTOM CABINETRY ,RADIANT HEAT ON 2 FLOORS, GARAGE ROOFTOP DECK. ONE OF A KIND. ADDITIONAL 222 PHOTOS OF THIS HOME AVAILABLE ON WEBSITE, PLEASE ASK FOR LINK.

Roman Mazunok has the listing. See more pictures here.

2435 W. Erie: 5 bedrooms, 4 full baths, 3 half baths, 3 car garage, 5600 square feet

• Originally listed in July 2008 for $1.499 million
• Reduced
• Currently listed for $1.475 million
• Taxes of $8516 (for the prior property before teardown perhaps?)

Townhouses are popular “move-up” properties for many people. But this 3-bedroom townhouse at 1801 W. Diversey Parkway in Lincoln Park has been on and off the market in recent months.

It was just re-listed with a $29,900 price reduction.

Here’s the listing:

LINCOLN PARK TOWNHOME W/ ATTACHED GARAGE IN GATED COMMUNITY UNIT NOT ON DIVERSEY! OPEN KITCHEN HAS 42″ CABS, GRANITE COUNTERS AND SS APPLIANCES! SEP. LIV RM AND DIN RM! PATIO FOR GRILLING, SEP. DECK ABOVE GAR! LOFTED 3RD BED ALSO MAKES PEFECT DEN/OFFICE!

HDWD FLOORS IN LIVING AREA W/ FIREPLACE, RECESSED LIGHTING! MASTER SUITE W/ HIGH CEILINGS, HIS/HERS CLOSETS AND BATHROOM W/ DOUBLE BOWL VANITY! PRICED TO SELL!!

@Properties has the listing. See more pictures and a virtual tour here. 

Unit #2: 3 bedrooms, 2 baths, no square footage listed

• Sold in August 2002 for $305,000
• Sold in August 2005 for $386,500
• Was listed in August 2008 for $429,900
• Withdrawn
• Re-listed at $400,000 (attached 1-car garage)
• Assessments of $216 a month
• Taxes of $4812

We’ve chattered about this pretty loft at 2000 S. Michigan in Motor Row in the South Loop several times over the last few months.

It has been reduced again.

Here’s the listing:

Locomobile Lofts! Converted car dealership dating to the earliest days of the automobile in Chicago. Truly unique. History lives in a one of a kind space. Over 2,100 square feet of true loft living. Granite and stainless, panorama windows and custom lighting.

Closest thing to a New York loft this side of SoHo with the modern amenities, plus a huge rooftop oasis. Prime parking available. Let’s make it happen.

Keller Williams Realty- West Loop has the listing. See more pictures here.

Unit #307: 2 bedroom, 3 bath, 2150 square feet, duplex,  1300 square foot private roof terrace

• Sold in November 2004 for $567,000
• Sold in December 2004 for $387,000
• Sold in October 2006 for $727,500
• Originally listed in December 2007 for $749,000 (two car parking available for $35k)
• Reduced
• Was listed in May 2008 for $675,000 (parking $50k for two spaces)
• Reduced
• Now listed for $619,000 (parking available)
• Assessments of $505 a month
• Taxes of $4780

There’s something cool about duplex lofts. Maybe it’s the tall ceilings and the second level which gives the unit a sense of space.

This 2-bedroom loft at 1322 S. Wabash in the South Loop is both a duplex AND has a large private terrace.

Here’s the listing:

One of a kind loft! Beautiful 1st and 2nd floor duplex with high end finishes. Very dramatic great room opens to oversized brick enclosed patio, ideal for those big parties. Custom hand crafted built in wine bar, fireplace mantle and a stunning staircase leading to 2nd floor master suite. Beautiful window treatments will remain. Ceiling fans and alight fixtures will transfer with new owner.

Custom closet organizers and recently remodeled master bath. New granite counter tops in the kitchen and in master bath. The private 2nd bedroom is on the main level with ½ bath, ideal for guests or home office. Amazing ceiling height. You will appreciate the fresh color palette.

Heated garage is available for an additional $10,000. Feels like a townhome. This is a mint move in condition home. Close to all the South Loop has to offer. Parks, CTA, expressways, shops, restaurants and more! FHA approved building. High owner occupancy.

Eve Kronen at Coldwell Banker has the listing. See more pictures and a virtual tour here.

Unit #C: 2 bedrooms, 1.5 baths, duplex, terrace

• Sold in April 2001 for $292,500
• Sold in September 2004 for $382,500
• Currently listed for $429,000 (parking is $10k extra)
• Assessments of $397 a month
• Taxes of $4,254
• Central air

Our favorite penthouse at 6030 N. Sheridan is still on the market after it fell out of contract during the summer.

And it’s been reduced another $100k.

Remember the listing:

Stunning 3 bed 3.5 bath PH unit with a private 1000 sq ft deck over looking the lake! Over 2600 sq ft floor plan with luxurious finishes throughout, including 2 master suites.

The unit is completely upgraded with new Marvin windows and doors, year round lined cedar sunroom with Jacuzzi tub, stunning lake & city views. 2 car garage parking included. An incredible space, must see!

Arsiak Raffaelli at Century 21 Sussex & Reilly has the listing (there’s also a virtual tour on the site). 

Unit #PH01: 3 bedrooms, 3.5 baths, 2600 square feet, 1000 sq ft terrace, two car parking

• Sold in April 2003 for $700,000
• Was listed in May 2008 for $1.16 million (2 car parking included)
• Reduced
• Was listed in July 2008 for $999,000 (2 car parking included)
• Was under contract in the summer
• Reduced
• Currently listed for $899,000
• Assessments of $755 a month
• Taxes are “new”
• The listing says central air, but in the bedroom pictures you can clearly see window units- but maybe they just can’t get rid of the units even though they have installed the central air

Several of you have e-mailed me with the news that the St. Clair at Cityfront Plaza, phase 2 of the Cityfront development in Streeterville, has been canceled.

Crain’s is now confirming it.

Developer Centrum Properties Inc. has killed a proposed 41-story condominium building in Streeterville, selling the site to North Shore developer David Hovey, who plans to eventually build an apartment tower there.

Mr. Hovey paid nearly $20 million late last week for a site at St. Clair and Illinois streets, sources say, where Centrum had proposed the second stage of the Cityfront Plaza project. The three-tower Cityfront Plaza site stretches from St. Clair to Fairbanks Court along the north side of Illinois Street.

Sales for the second phase, called the St. Clair, had stalled after more than 15 months of marketing, with contracts for just 40% of the 261 units in the proposed building. The first phase of Cityfront Plaza, a 281-unit building at the corner of Fairbanks and Illinois, was completed last fall and is about 90% sold.

Additionally, the parking lot across the street from 600 N. Fairbanks, where the Hot Diggity Dog used to be, is again in play. It was recently fenced off.

Meanwhile, in another sign of the dramatic challenges facing developers, Draper & Kramer has hired Chicago-based Jones Lang LaSalle Inc. to market a site at 245 E. Ohio St. Just this summer, the developer was planning to build a high-rise with 220 condos and a 220-room hotel.

The marketing effort comes after the collapse of talks to sell the site to Chicago-based Equity Residential, sources say.

Developer scraps Streeterville condo project, sells site [Crain’s, Oct 8, 2008]

We are beginning to see cracks of stress in even the most prestigious areas of the city. Take this 2-bedroom unit at 1155 N. Dearborn, or Elm Tower, in the Gold Coast.

It has been on the market for over a year and has been reduced $200k. And still- no sale.

Elm Tower was built in 2002, with only 39 units, and doesn’t suffer from the same defects as some of the other buildings in the area (it has parking, central air, washer/dryers in the units and a lovely location.)

Here’s the listing:

BEAUTIFUL SPLIT 2BD/2BTH IN ELM TOWER. CORNER UNIT WITH GOURMET VIKING KITCHEN, CHERRY CABINETS & LARGE GRANITE BREAKFAST BAR.SPACIOUS MASTER SUITE WITH LIMESTONE/GRANITE BATH-SEP SHOWER/TUB,DOUBLE VANITY.

OPEN FLOORPLAN WITH HARDWOOD FLOORS AND FIREPLACE. 2 DEEDED GARAGE SPACES-$38,000 EACH. FULL AMMENITY BUILDING WITH STORAGE, 24 HR DRMN & FITNESS CENTER. UNDER MARKET VALUE. MUST SELL.

Premier Relocation Inc. has the listing. See more pictures here.

Unit #502: 2 bedrooms, 2 baths, 1487 square feet

• Sold in December 2002 for $621,000
• Originally listed in September 2007 for $699,000
• Reduced several times
• Currently listed for $499,000 (parking is $38,000 extra)
• Assessments are $910 a month
• Taxes of $9,175