Crib Chatter

This 1-bedroom foreclosure at 63 E. Cedar is missing everything- including the floors. 

Literally.

Not a pretty sight.

But the location is right in the middle of the Gold Coast. Location, location, location!

Is this a remodel gone wrong?

Here’s the listing:

Highly Desirable Location! Unit is completely gutted. Corporate Owned. Sold As-Is. Seller makes no warranties expressed or implied. Seller provides no disclosures, pest inspections, or survey.

Please provide pre-approval (Rehab Loans Only) or proof of funds with all offers. Addendums to contract will apply upon acceptance of offer. Buyer responsible for all City inspections/escrow if any.

State Banc Real Estate Brokerage LLC has the listing.

Unit #1AB: 1 bedroom, 1 bath, 1000 square feet

• Sold in December 2005 for $345,000
• Foreclosure
• Bank owned in August 2008
• Currently listed for $127,500
• Assessments of $125 a month
• Taxes of $4,131
• No parking
• No central air
• I don’t know if washer/dryers are allowed in the units

(Thanks to the Tipster who alerted me to this listing.)

We’ve been chattering about how long you have to hold onto a property to actually make money. If you bought in the last two to three years, it’s been tough. Yes- even in Lincoln Park.

Such is the case with this 2-bedroom unit at 1445 W. Belden. Last purchased in June 2006, it is now listed $12,000 below what it last sold for.

Here’s the listing:

INCREDIBLE CONDO WITH FABULOUS ARCHITECTURAL FEATURES. 15′ CEILINGS, PRIVATE & PUBLIC TERRACES WITH CITY VIEWS. 2 LARGE BRS AND REDONE BATHS.

CHEF’S KITCHEN WITH EVERY UPGRADE YOU COULD WANT! HARDWOOD FLOORS THROUGHOUT. STORAGE GALORE & SEPARATE GARAGE PARKING INCLUDED IN PRICE. SMALL, INTIMATE 17 UNIT BUILDING IN WALK-TO-EVERYTHING NEIGHBORHOOD!

@Properties has the listing. See more pictures here.

Unit #3N: 2 bedrooms, 2 baths, 1500 square feet

• Sold in June 2006 for $537,500
• Originally listed in June 2008 for $573,500
• Reduced several times
• Currently listed for $524,900 (parking included)
• Assessments of $331 a month
• Taxes of $4594

It didn’t take long for flippers to get into trouble in Metropolitan Tower, at 310 S. Michigan, in the Loop.

We last chattered about Metropolitan Tower in March when the building, a conversion of an old office building, first started closings. The building is not sold out.

Interestingly, one of the units we chattered about last March is the first to go to short sale in the building. However, another unit was successfully flipped.

Unit #1206, a 1-bedroom unit with no Millennium Park views (unless you’re out on your balcony looking to your left), is now listed $60,000 below what it closed for in March.

Here’s the listing:

SHORT SALE PRICED BELOW MARKET…LOWEST PRICED 1 BED IN BLDG! BUILDING HAS WORLD CLASS AMENITIES AND UNPARALLELED LOCATION.

UNIT IS VACANT AND THIS LOVELY HOME IS MOVE IN READY-FOR YOU OR YOUR RENTERS. FULLY LOADED AND COMPLETE WITH STUNNING VIEWS OF LAKE MICHIGAN. MAKE AN OFFER!!! SUBJECT TO BANK APPROVAL.

Exit All Pro Realty has the listing.  See more pictures here.

Unit #1206: 1 bedroom, 1 bath, 791 square feet

• Sold in February 2008 for $358,500 
• Was listed in March 2008 for $349,000
• Reduced
• Currently listed in “short sale” for $298,000 (parking is extra)
• Assessments of $305 a month
• Taxes are “new”

But some flippers got lucky. Unit #1006 was also listed for sale in March.

It sold at a profit of $52,000.

Unit #1006: 1 bedroom, 1 bath, 791 square feet

• Sold in January 2008 for $318,000
• Was listed in March 2008 for $347,900
• Sold in May 2006 for $370,000 (I’m assuming this included a parking space)

Current stats in the building:

• 20 units for sale
• 12 units for rent

Some units may be both for sale and for rent.

Thanks to the Tipster who directed my attention to this 1-bedroom foreclosure in 30 E. Huron in River North.

We’ve seen condo units missing their kitchens before- but this one is missing the kitchen AND the bathroom.

Yes- it is a foreclosure and is now bank-owned.

Anyone have some “vision”?

Amalgamated Real Estate has the listing.

Unit #1010: 1 bedroom, 1 bath, no square footage listed

• Sold in March 2006 for $318,000
• Bank owned in June 2008
• Currently listed for $172,000 (I can’t tell if that includes a parking spot or not but it looks like it might)
• Assessments of $333 a month
• Taxes of $3872
• Washer/dryer allowed
• No central air- wall units
• Bedroom: 12×16
• Living room: 16×14
• Kitchen: 10×9

Is it impossible to get a single family home in Lincoln Park for under $600,000? 

Apparently not- but this 3-bedroom home at 2706 N. Wilton has one not so appealing feature: it’s right on the El tracks.

But who’s noticing?

Here’s the listing:

opportunity to OWN a SINGLE FAMILY HOME IN LINCOLN PARK for the price of a condo!meticulously MAINTAINED home in MOVE-IN condition*gorgeous private PATIO*stunning ROOFTOP DECK w/ hot tub

*unique ARCHITECTURAL features*HARDWOOD floors thru-out*great ENTERTAINING on 1st level*formal DINING*enormous KITCHEN*living room w/marble FP*STAINED-GLASS windows*powder room*huge MASTER w/skylights*2.5 GAR*walk to brown/purple line

Jill Hare Dream Town Realty has the listing. See more pictures here.

2706 N. Wilton: 3 bedrooms, 2.5 baths, 2.5 car garage

• Sold in June 1998 for $282,000
• Currently listed for $549,999
• Taxes of $6,131
• Central air
• No square footage is given but the bedroom sizes are: 15×15, 10×10, 8×8

This seller at 1862 N. Halsted in Lincoln Park isn’t looking to make much profit on a purchase in 2006.

What will this unit ultimately sell for?  It seems to have all the positive Lincoln Park attributes, including parking and a nice private deck.

It has been listed for nearly 2 months.

Here’s the listing:

Top flr space within space! Unique lofted rm. (19’8 x 15′) for hobbies, playroom, office or a ‘cozy’ book nook!

Great Rm/Liv Rm w/cathedral clgs. & wood burning FP; Sep. din. area w/bay of windows; Kitchen w/new gran. C.T. + brkfst bar; Mst. Bdrm w/french drs. open to private deck; Mst. Bth.+ jacuzzi tub! In unit W/D; Attached 1 car gar included in price.

LOCATION! LOCATION! LOCATION!

Isabel Mikell at Prudential Preferred has the listing. You can see more pictures and a virtual tour here.

Unit #3S: 2 bedrooms, 2 baths, no square footage given

• Sold in April 1993 for $190,000
• Sold in November 1998 for $325,000
• Sold in November 2002 for $424,500
• Sold in April 2006 for $476,000
• Currently listed for $499,000 (includes parking)
• Assessments of $242 a month
• Taxes of $6,098
• Central air

Someone posted a comment about this 2-bedroom foreclosure, Unit #2206, in The Caravel, at 635 N. Dearborn, in the heart of River North about 10 days ago.

I didn’t chatter about it because I figured it would sell quickly given the price.

It is one of the medium-sized 2-bedroom units in the building at 1225 square feet (including the balcony, apparently, so the unit is probably about 1150 or so.)

But I was wrong.

It’s still on the market, though Tipsters tell me that many, many people have gone to see it. Perhaps the bank is looking at multiple offers.

This unit brings up several questions:

1. It is listed $189,000 less than some comparable units in the same tier in the building and low, on a per square foot price, for River North. Why hasn’t it sold?
2. Do foreclosures set the new comp in a building? As several same tier units are listed much, much higher. What are the odds of those selling?

There are no pictures of the interior of the unit, but Tipsters who have been inside say that the kitchen and bathrooms are intact and that the unit only needs minor cosmetic updates (new carpeting, a cleaning, new paint.)

Here’s the listing for Unit #2206:

FUNDS. FAX ALL OFFERS 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 TO OFFICE, NO EMAILS.

Unit #2206: 2 bedrooms, 2 baths, 1225 square feet

• Sold in June 2003 for $441,000
• Became bank owned in March 2008
• Recently listed for $364,900 (includes the parking)
• Assessments of $478 a month
• Taxes of $5,117
• Area Wide Realty has the listing. See the listing here.

Here are the other 06 units available:

Unit #1606:

• Sold in March 2004 for $360,000
• Currently listed for $499,000 (parking is $35k extra)
• Assessments of $670 a month
• Taxes of $4,701
• Berg Properties has the listing. See more pictures here.

Unit #2006:

• Sold in October 2003 for $345,500
• Sold in February 2005 for $425,000
• Currently listed for $509,900 (plus $45,000 for parking)
• Assessments of $685 a month
• Taxes of $5,106
• ABA National Realty has the listing. See more pictures here.

Unit #2606:

• Sold in March 2004 for $387,000
• Currently listed for $490,000 (plus $45,000 for parking)
• Assessments of $629 a month
• Taxes of $4951
• List It, LLC has the listing. See the listing here – no interior pictures available.

Here is the listing for Unit #2606:

$2,500 buyer bonus at closing for contract by 10/15/08 and closing by 11/14/08. Beautiful upgraded split 2 bedroom in the Caravel. Hardwood floors, granite countertops and stainless steel appliances.

Marble master bath w/soaking tub and separate shower. Fantastic city views from the east and south facing 141 square foot wrap around balcony. Excellent location! Prime deeded parking space (#28) for $45,000.

As the housing market boomed, so did the Edgewater neighborhood as condos sprang up on every block.

6100 N. Hermitage, a 4-unit building, in Edgewater was completed in 2004. This penthouse unit is going to foreclosure auction this week but is currently on the market.

Here’s the listing:

18 MONTH OLD PENTHOUSE, FULLY UPGRADED ON 37X162 LOT!

UPGRADES INCLUDE WALNUT KITCHEN W/FULL GR BACKSPLASHES, PROFILE S/S APPLIANCES,CUSTOM WOOD BLINDS,WALNUT CEILING FANS, SURROUND SOUND, MARBLE BATHS W/ SEPARATE TUB AND SHOWER IN MASTER, OVERSIZED MASTER BEDROOM W/HUGE CLOSET, HARDWOOD FLOORS, CATHEDRAL CEILINGS, 3 DECKS (400ASF) CALL CO LISTER NOT OFFICE

New Market Realty has the listing. See more pictures here.

Unit #3: 3 bedrooms, 2 baths, 1850 square feet

• Sold in September 2004 for $299,000
• Sold in June 2006 for $422,500
• Currently listed for $389,000 (includes the parking)
• Lis pendens filed in February 2008
• Foreclosure auction price of $352,282
• Assessments of $156 a month
• Taxes of $4,868

Why do some properties sell right away and others stay on the markets for months?

2239.5 N. Lincoln in Lincoln Park was a new conversion in 2005.  This top floor 2-bedroom penthouse unit has been on the market since March and has had several price reductions.

Here’s the listing:

Dramatic light flooded 2 bedrom/2 bath Penthouse with open floor plan and 20ft vaulted ceilings w/ skylights. Top floor N.E. corner unit that feels more like a cottage.

Great kitchen w/cherry cabs, SS app’s. Hardwood flrs thru-out. Master suite w/limestone bath.

In unit W/D. Balcony, family room could be dining room. Superb location. Rental parking around the corner or easy street parking.

There’s no square footage given but here are the room sizes:

• Bedroom #1: 12×10
• Bedroom #2: 12×10
• Living room: 15×14
• Kitchen: 12×9
• Family room: 12×14

Zoe Carne at Prudential Preferred has the listing. See more pictures and a virtual tour here.

There is an open house at this property on Sep 21 from 1:30 to 3:30.

Unit #3B: 2 bedrooms, 2 baths, family room

• Sold in June 2005 for $388,000
• Originally listed in March 2008 for $449,000
• Reduced several times
• Currently listed at $420,000
• Assessments of $303 a month
• Taxes of $5,335
• No parking
• Central air

The basic greystone never goes out of style and Chicago is blessed to have many of them.

This greystone at 2152 W. Caton in Wicker Park was built in 1891 and, the listing says, recently rehabbed.

Here’s the listing:

EXQUISITE REHAB BY RENOWNED ARCHITECT OF 1891 NATIONAL LANDMARK HOME IN HISTORIC WICKER PK! ORIG GREYSTONE FACADE W/ALL NEW MARVIN WOOD WNDWS.

GRAND CSTM OAK FRNT & REAR STAIRS W/OAK HANDRAILS, BEAUT STAINGLSS WNDWS THRUOUT, CUSTM CABS IN KIT W/GRNTE CNTRS & CSTM BTCHR BLOCK. SUBZERO FRIDGE, WOLF SS RANGE W/CSTM MOSAIC TILE BCKSPLSH. MRBLE HTD FLR IN KIT.

GRNTE/MRBLE CNTRS IN BTHS. 1-C ATT GAR, GAR DECK & REAR PATIO.

Does the 1-car garage hurt the saleability of this house?

A lis pendens was also just filed against the property in August.

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

2152 W. Canton: 5 bedrooms, 3.5 baths, 5400 square feet, 1 car garage

• Sold in February 1998 for $535,000
• Sold in May 2003 for $865,000
• Currently listed for $1.995 million
• Lis pendens filed in August 2008
• Taxes of $11,788
• Central air