Crib Chatter

1400 S. Michigan, or Michigan Avenue Towers, in the South Loop started closing on units three weeks ago. There are 270 units in the building.

Already, there are several flips on the market.

Current stats (out of 270 units):

• 9 units for sale
• 24 units for rent

Some may be both for rent AND for sale.

Am I the only one who finds it amazing that investors continue to close on their units?

Here’s Unit #708, a 1-bedroom with den on the terrace level:

Brand NEW 1BD Plus Den Condo w/ Private Terrace to Easy access to pool/sundeck, HWD FLRS, STN STL APL, GRNT Countertops, South Exposure, In Beautiful SOUTH LOOP. Parking Additional 40K for extra wide spot on 6th floors easy access to unit.

I believe this is the “den”:

The Real Estate Group IL, LLC has the listing. See more pictures and a virtual tour here (including of the outdoor space).

Unit #708: 1 bedroom, 1 bath, 751 square feet

• Sold in September 2008 for $357,500
• Currently listed for $329,900 plus $40,000 for parking = $369,900
• Assessments of $380
• Taxes are “new”
• The den is 5×6
• Or- you can rent it for $1750 a month without parking or $2000 a month with parking

There are numerous 1-bedrooms available to rent. The cheapest units are $1500 plus $200 for parking for 700 – 800 square feet.

Yes, these are the current pictures of this townhouse at 1401 W. Berteau in Lakeview.

Unit #B has been on the market since February 2008 with NO price reductions.

Here’s the listing:

Bright, open and contemporary 3 bd/3 bth TH with 2 car gar. Designed by award winning architect Atila Demeter. Dramatic 2 story living room, maple hwfs & Niles audio system throughout.

Bosch, Subzero, Dacor white kitchen. MBR with private deck and MBA features steam room and Jacuzzi tub. Fabulous Graceland west neighborhood close to Wrigley and all that Southport Corridor has to offer. Paint credit negotiable.

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

Unit #B: 3 bedrooms, 3 baths, 2 car garage

• Sold in October 2004 for $599,000
• Was listed in February 2008 for $660,000
• Still listed for $660,000
• Assessments of $331 a month
• Taxes of $8805

We chattered about this 2-bedroom loft at Ravinia Lofts at 2024 S. Wabash in November 2007. At the time, it was a short sale. It has since been foreclosed and is now back on the market as a bank-owned unit.

It’s listed for only $20k less than it was as a short sale last fall (if parking is included in the price). Is this wishful thinking by the bank?

Here’s the listing:

THIS IS AN “AS-IS” PROPERTY, BUT A NICE ONE!! 2 BEDROOMS, 2 BATHS, HARDWOOD FLOORS. GREAT CLOSETS, GRANITE, BALCONY, FIREPLACE…LUXURY LIVING. NICE FLOOR PLAN, IN-UNIT WASHER/ DRYER.

PRICED TO SELL. NO DISCLOSURES. EARNEST MONEY IN FORM OF CASHIERS CHECK. PRE-APPROVAL LETTER MUST ACCOMPANY ALL OFFERS. SPECIAL ADDENDUMS.

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

Unit #506: 2 bedrooms, 2 baths, 1200 square feet

• Sold in September 2004 for $270,000
• Lis pendens in June 2007
• Was listed as a short sale in November 2007 for $280,000 plus $20,000 for parking (which had to sell with the unit)
• Bank-owned in February 2008
• Currently listed at $278,500 (I can’t tell if parking is included- it may be)
• Assessments of $413 a month
• Taxes of $3,814

We last chattered about Unit #2301 at 1717 S. Prairie in May. At that time, the unit was listed for sale at about 40% off the 2006 sale price.

A lis pendens was recently filed against the property. It continues to be on the market for the same price as in May.

Here’s the listing:

SPECTACULAR NORTH EAST CORNER DEVELOPER’S PENTHOUSE W/ 5 DEEDED GARGE PARKING SPACES! AT 2600 SQ/FT ENJOY THE LARGEST HOME IN THIS BUILDING WITH 360 DEGREE FLOOR-CEILING VIEWS OF THE LAKE, CITY, AND NAVY PIER.

THIS EXCEPTIONAL HOME FEATURES EVERY UPGRADE INCLUDING MAHOGONY DIAGONAL HDWD FLRS, WALK IN WINE CELLAR, SEPERATE DEN, EAT-IN KITCHEN W/SS APPL., AND A GRAND TERRACE OVERLOOKING SOLDIER FIELD/MUSUEM PK/LOOP

Kimberly Chase Harding at Coldwell Banker has the listing. See more pictures here (sorry- no kitchen or bathroom pictures available).

Unit #2301: 3 bedrooms, 2.5 baths, 5 car parking

• Sold in December 2006 for $1.75 million
• Currently listed for $999,000
• Lis pendens filed in September 2008
• Mortgage was 100% financing
• Assessments of $1,240 a month
• Taxes of $4,500

There aren’t many homes located directly on the Chicago River in the downtown area but the River Bank Lofts at 550 N. Kingsbury in River North is one of them.

What’s the premium for being able to look at the water every morning?

Here’s the listing for a 2-bedroom unit:

POPULAR RIVER BANK LOFTS CORNER TIMBER 2 BED/2 BATH CONDO! ENORMOUS LIV/DIN ROOM,LG OPEN DESIGNER KITCHEN W/ BALC,SPACIOUS MAST SUITE W/ BALC LOOKS ONTO RIVER. RARELY AVAILABLE 2ND FL UNIT,RIGHT ON THE CHICAGO RIVER. WATCH THE BOATS FLOAT BY.

24HR DOORMAN, FITNESS ROOM, ROOFTOP DECK, PRIVATE RIVER WALK. ASSES: 24 DOORMAN,DEEDED PKG,CABLE. TRENDY LOCATION NEAR EAST BANK MERCHANDISE MART,UPSCALE REST,DOG PARK, EXP WAYS

There is no square footage with the listing but the room sizes are large:

• Master Bedroom: 12×23
• Living room/Dining room: 19×28

@Properties has the listing. See more pictures here.

Unit #201: 2 bedrooms, 2 baths

• Sold in September 2004 for $520,000
• Currently listed for $599,000 (I think this includes the parking- but I can’t tell for sure)
• Assessments of $599 a month
• Taxes of $5,348

I’m sure many of you are familiar with Victorian Lane in Lakeview- the funky gated street. This 3-bedroom duplex down unit at 735 W. California Terrace is listed at $325,000 – with a parking spot included.

Is this a deal?

Here’s the listing:

Huge 3 br 2 bath duplex condo at perfect Lakeview location — a few blocks from El and lakefront! Upstairs, elegant features incl hdwd floors, fireplace, and two spacious bedrooms with large closets.

Spiral staircase leads to roomy lower family room, large br with fireplace, full bath, laundry room and extra large storage room. This condo and deeded parking space are located at end of quiet, gated private drive.

Berg Properties has the listing. See more pictures here (including of some of the rooms that are duplexed down.)

Unit #1: 3 bedrooms, 2 baths, 1500 square feet, duplex down

• Sold in March 1993 for $125,000
• Sold in September 1998 for $188,000
• Currently listed at $325,000 (parking space included)
• Assessments of $343 a month
• Taxes of $3,144
• Central air
• Washer/dryer in the unit

The Trump family was in town yesterday to celebrate the topping off of Trump Tower Chicago, at 401 N. Wabash, in River North.  As usual, The Donald was nothing but outspoken about the state of the Chicago housing market.

From Crain’s:

“From a high-end perspective, Chicago may be one of the worst (condo) markets” in the country, Mr. Trump said.

That’s a bold statement given what’s going on in Florida and Las Vegas.

According to Crain’s, only 75% of the condo units have sold in the building- about the same number of sales that were reported 2 years ago. Closings on the condo tower started recently.

Though condo sales at the project have been scarce, the good news is that buyers who signed contracts a few years ago are showing up at the closing table. About 20 buyers have already closed on their residential condos since Aug. 1, and only two have walked away from their contracts, Mr. Trump said.

Trump is also asking to extend repayment of his construction loans, which he is saying is a perfectly normal occurrence:

As a result, the developer plans to extend the project’s construction loans, which come due in a few months, the younger Mr. Trump said, declining to provide a specific date. The developer financed the project at 401 N. Wabash Ave. with $770 million in loans from Deutsche Bank and Fortress Investment Group LLC.

It’s not unusual for a developer to extend a construction loan, especially in today’s slow market, and Mr. Trump said “we had projected to do that anyway.” The developer has also hired a broker to sell the project’s 83,000 square feet of retail space, which could raise money to pay down the construction loans.

Trump to ask for later loan due date [Crain’s Sep 24, 2008]

The August home sales numbers for the City of Chicago are out and, once again, it’s not pretty.

From Crain’s:

In the city of Chicago, home sales fell 30.8% in August, to 2,022 from 2,923 in August 2007.

The median price in the city of Chicago was $295,750 in August, down 3% compared with $305,000 in August 2007.

Local Home Sales Down 30% in August [Crain’s Sep 24, 2008]

It’s hard to figure out pricing in this market. Price the property too high and it will sit and sit and sit.

But comps are unreliable in a declining market and every seller wants to maximize returns.

This 3-bedroom duplex down at 2500 N. Orchard in Lincoln Park has been on and off the market since Summer of 2007. In that time it has been reduced $80,000.

Here’s the listing:

VINTAGE CHARM WITH UPDATED KITCHEN AND GREAT CLOSETS! ON ONE OF THE NICEST TREE-LINED STREETS IN LP, THIS 3BD/3BTH DUPLEX GREYSTONE HAS IT ALL!

CENTRAL AIR, HWF THROUGHOUT UPPER LEVEL, MAPLE CABINETS, GRANITE COUNTERS, TWO DECKS, NEW CARPET ON LL, NEW IN-UNIT BOSCH W/D, EXTRA STORAGE. BEAUTIFUL ORIGINAL WOODWORK THROUGHOUT THE BUILDING. GARAGE PARKING INCLUDED.

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

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

• Sold in May 1989 for $247,500
• Sold in September 1993 for $246,000
• Sold in May 1998 for $255,000
• Originally listed in June 2007 for $599,900
• Reduced
• Withdrawn in December 2007 while listed at $539,000
• Re-Listed in June 2008 for $524,900
• Reduced
• Currently listed at $519,900 (parking included)
• Assessments of $255 a month
• Taxes of $5157
• Fireplace
• One bedroom and the family room are on the lower level
• Central air

We’ve chattered many times about the authentic lofts in the Donohue Building at 711 S. Dearborn in Printers Row.

A new 1-bedroom unit has come on the market with the west facing view, the big windows and the brick walls.

Here’s the listing:

SOPHISTICATED URBAN ELEGANCE ABOUNDS IN THIS SPACIOUS NYC STYLE LOFT. GORGEOUS WEST FACING REHABED UNIT IN GRAND DAME OF PRINTERS ROW; DONOHUE LOFTS W/SERENE VIEW OF PRINTERS ROW PARK.

ORIG HRWD FLS, SOARING 12′ HEAVY TIMBER CLNGS, EXP BRICK, CHEF’S KIT W/ MAPLE CABS, LG/KITCHENAID S/S APPLS. SPA-BATH W/ TRAVRTNE MARBLE, GROHE FXTRS & VINTAGE ASIAN VANITY. IN UNIT LNDY W/BOSCH FRNT LDRS. PRKG AVAIL FOR RENT/PURCH

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
• Currently listed for $384,900
• 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)