Crib Chatter

I stumbled across this single family house at 2533 N. Greenview in Lincoln Park on Craigslist. The Craigslist ad says it is a “short sale”.

Here is the Craigslist ad:

****SHORT SALE*** Beautifully rehabbed 3 story home with 5 bdrms and 3 full & 2 half baths. 3,000 sq ft, PLUS full finished basement. Home features Mahogany stained floors and custom paint throughout. Elegant kitchen with stainless steel appliances and granite counters.

Rooftop terrace overlooks Wrightwood park and pool.2 car garage has a curbcut on Lill St. Currently rented for $5,000 month/ with one year lease.

SELLER WILLING TO GIVE CREDIT,NO PAYMENTS FOR 6 MONTHS,IMAGINE THAT WITH $5,000 MONTHLY INCOME.MUST CLOSE BY NOVEMBER TO GET INCENTIVE.MUST SELL

The “short sale” designation for a single family house in Lincoln Park will certainly attract attention on Craiglist.

The sales pitch isn’t quite as direct in the MLS listing:

Completely Remodeled 4-5 Bedroom Home On Corner Lot Across From Wrightwood Park! Gourmet Kitchen W/ Bay Area That Opens To A Large Fenced Yard W/ A Private Deck & Grill Area. Large Master Suite W/ A Lofted Sitting Room And Wbfp! Mstr Bath W/ Steam Shower, Large Ll Rec Room W/ Wet Bar, 2 Car Garage &

A Roof Top Deck W/ Amazing Views Of The Park And The City! Property Currenty Rented For $5000 Month

Vista Way Realty has the listing. See more pictures here.

2533 N. Greenview: 5 bedrooms, 3 baths, 2 half baths, 2 car garage, 3000 square feet

• Built in 1996
• Sold in August 2006 for $997,500
• Currently listed on the MLS for $1.189 million (although the Craigslist ad says $1.15 million)
• Taxes of $10,523
• There is NO lis pendens pending on the property
• Currently rented for $5,000 a month

The Park Tower, at 5415 N. Sheridan, is a massive condominium building built in 1972 with uninterrupted views of Lake Michigan. It is located across from Edgewater Beach.

Recently there have been a string of foreclosures and short sales in the building. However, it’s a huge building.

Current stats (out of around 730 units):

• 38 for sale
• 4 for rent (probably more if you look on Craigslist)

There is leased parking available in the building. Washer/dryers are not allowed in the units.

The building has indoor AND outdoor rooftop pools.

This 2-bedroom unit, Unit #3411, is being sold “as-is”.

Major Enterprises has the listing. See more pictures and a virtual tour here. 

Unit #3411: 2 bedrooms, 2 baths, 1250 square feet

• Sold in June 2000 for $225,000
• Sold in June 2001 for $280,000
• Currently listed for $279,999
• Lis pendens filed in November 2007
• Assessments of $589 a month
• Taxes of $3,771
• Parking is leased
• Central air

This 1-bedroom unit is already bank-owned.

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

Unit #615: 1 bedroom, 1 bath

• Sold in March 1999 for $65,000
• Sold in October 2003 for $145,000
• Bank-owned
• Currently listed for $114,900
• Assessments of $370 a month
• Taxes of $2,256
• Parking is leased
• Central air

The Chicago Tribune listed several neighborhood home tours that take place in the fall that many of you may find of interest.

The granddaddy of them all is the Annual Historic Pullman House Tour.

This is the Pullman Foundation’s 35th year.

• Dates: October 11-12
• Hours: 11 am to 5 pm
• Cost: $20 at the door, $17 in advance
• You can find out more information about tickets, directions and all the exciting things happening in Pullman at the Historic Pullman Foundation website.
• The Pullman Community also runs its own website where you can find out about community events.

I’ve attended this event in the past. It’s a great way to see some neat historical row houses on the south side.

The Edgewater Historical Society isn’t too far behind Pullman as it celebrates its 20th annual home tour. They will have 5 houses on the tour.

• Date: September 21
• Hours: Noon to 5 pm
• Cost: $25 (includes refreshments at Uncommon Ground)
• Find out more information at Edgewater’s preservation website.

If Old Irving Park intrigues you, this weekend you can see 7 homes and 4 gardens at the 19th Housewalk and Garden Tour.

• Date: September 20
• Hours: 10 am to 5 pm
• Cost: $20 at the door, $18 in advance
• The tour begins at Mount Olive Church, 3850 N. Tripp Avenue. Call 773-777-2750 for more info.

Sadly, the South Loop Loft Tour is cancelled this year. The Loft Walk started 10 years ago in Printers Row (and expanded to include the entire South Loop neighborhood.)

Here’s what was posted on the South Loop Neighbor’s website:

Thank you for your support of Loft Walk over the years. It is hard to believe we have had 10 memorable events. In order to produce the event, it takes hours of planning and many volunteers. Today, schedule’s are packed with work, home and community committments. As a result, we were unable to secure a project team and the volunteers needed to produce a successful event this year.

We hope to bring Loft Walk back in 2009.

It’s a shame. It was the only loft tour in the city.

House Walks welcome visitors to Chicago-area homes [Chicago Tribune, Sep 14, 2008]

Do you care who owned a property before you?

Does it matter if it was Charlie Chaplin’s penthouse?

Or if Johnny Depp once set foot on the property?

This 2-bedroom condo at 1414 N. Wells in Old Town may look familiar to some of you as it was featured in the Chicago Tribune Magazine a few years ago (for its architecture.)

Here’s the listing:

Hollywood movie Producer’s hm in Old Town. Marion Cotellard rented while shooting a movie,Johnny Depp also frequented the hm.

Every thing totally renovated replaced w/reclaimed doors & trim by a local artist,designed by Despina Soulhas a noted Chicago Architect.

Master bth has won top awards & Chicago Tribune published the hm,The property is a catalyst for creativity. Sound system throughout & two gar. spaces includ

Everything inside the home is custom. But it is also the most expensive unit in the building.

Sudler Sotheby’s has the listing. There are more pictures here.  Click on the slide show to see the custom cabinets, doors and one of the bathrooms.

Unit #502: 2 bedrooms, 2 baths, 2500 square feet

• Sold in July 1996 for $391,000
• Sold in September 2003 for $790,000
• Currently listed for $1.399 million
• Assessments of $680 a month
• Taxes of $10,234
• 2 car parking included

As we’ve already chattered about, a lot of the foreclosures are appearing in relatively new construction buildings and conversions.

Unit #309 in Lakeview Station, a 2006-built 33-unit building north of Wrigley Field at 3920 N. Sheridan, is scheduled for foreclosure auction this week.

It is not currently on the market, so there are no pictures of the interior. But looking at other units in the building, it will likely have the standard granite/stainless kitchen and hardwood floors found in most new construction.

Unit #309: 

• Sold in August 2006 for $420,000 (included the parking)
• Lis pendens filed in January 2008
• Foreclosure auction price of $339,104

There is one unit currently for sale in the building. It is a 1-bedroom, 1.5 bath unit, Unit #411, listed at $349,000 (don’t know if that includes the parking.)

Ian Schwartz at Coldwell Banker has that listing. See pictures of that unit here.

There’s been some chatter of the “amenities floor” at Helmut Jahn’s 600 N. Fairbanks in Streeterville because it finally opened  (despite closings on units beginning last November.)

The amenities floor is on the top floor and has an expansive deck, an exercise room and an indoor pool.

As someone pointed out, the exercise room is extremely small.  A tipster wrote me that it has only a few machines and, so far, not even a television. Is that true?

I can’t find any pictures of the deck or the exercise room (yet) but here is one of the pool.

The first shot is the rendering, as envisioned by the developer.

The second shot is of  the actual pool.

Do pools matter?

Current stats on the building:

• 22 for sale
• 10 for rent

Some may be both for sale and for rent.  Two look to be under contract.

Remember Unit #1301, a 3-bedroom south facing unit, which sold and then was re-listed?

It has rented for $3900 a month.

You just never know what you’ll find in Chicago’s neighborhoods.

Take this 6-unit building at 2107 W. Jarvis in West Rogers Park. It was built in 1931, apparently by someone with a love of mediterranean flair (at least on the inside.)

Here’s the listing:

IMPRESSIVE MEDITERRANEAN STYLE CONDO IN EXTRAORDINARY HISTORIC 6 UNIT BUILDING EXCEPTIONAL ARCHITECTURAL DETAILS ORIGINAL MOSAIC FLOOR IN FOYER, STUNNING STEP UP LIVING RM W/ 15 FT BEAMED CATHEDRAL CEILING & DECORATIVE FIREPLACE, ONE OF A KIND LARGE EAT-IN KITCHEN W/TERRA COTTA TILE FLOOR

2000 SQ. FT OF SUN FILLED LARGE ROOMS NEW WINDOWS 2005 BUILDING HAS INTERIOR BACK STAIRCASE ASSGND GARAGE PKG.

Candace Corr at Koenig & Strey has the listing. See more pictures and a virtual tour here. (The virtual tour really gives you an idea of that cool living room.)

Unit #3E: 3 bedrooms, 2 baths, 2000 square feet

• I could not find a prior sales price
• Currently listed for $325,000 (parking included)
• Assessments of $400 a month
• Taxes of $2958
• Fireplace is decorative
• No central air – window units
• Washer/dryer in the unit

This is the first foreclosure auction I’ve seen in The Pinnacle, the 2004 luxury high-rise at 21 E. Huron in River North.

Unit #1801 is scheduled for foreclosure auction this week according to public records, but it is also currently on the market and apparently “under contract.”

Here’s the listing:

THIS IS A MAGNIFICENT 2BD/2BATH+DEN HOME AT THE PINNACLE. COMMENDING SPECTACULAR PANORAMIC WEST VIEWS OF THE CITY!

UNIT FEATURES WELL-EQUIPPED KITCHEN W/UPGRD CABINETRY, GRANITE COUNTERS, MARBLE MSTR BTH W/ENLRGD SHWR, SEP WHRLPL, GAS FRPLC, POCKET OFFICE & PRIVATE BALCONY. THIS HOME BRINGS ITS OWNER A TERRIFIC INVESTMENT & SKY-HIGH CITY LIVING AT ITS BEST!

Wesley Janisz at Koenig & Strey has the listing. There are no pictures of the interior of the unit.

Unit #1801: 2 bedrooms, 2 baths, 1332 square feet

• Sold in November 2004 for $639,500
• Currently listed for $749,000 (not sure if this includes a parking spot or not)
• “Under contract”
• Lis pendens filed in December 2007
• Foreclosure auction price this week of $614,454
• Assessments of $678 a month
• Taxes of $9,500

Crain’s has a few reports on the impact of the ongoing financial crisis on Chicago.

From “Chicago Braces for Lehman, Merrill Impact” [Crain’s, Sep 15, 2008]:

Lehman has about 550 local employees, and Merrill Lynch employs hundreds as well. Both firms are based in New York.

“Ultimately, it’s going to have a very devastating impact on the region,” says Laleen Doerrer, a Lehman vice-president in Chicago who deals with hedge-fund customers. “There just aren’t the big employers to pick up the slack. We’ve watched our financial services industry get cannibalized by New York and Europe.”

Inside Lehman, “there’s a certain amount (of), ‘I can’t believe this has happened,’ ” says Ms. Doerrer, the Chicago-based vice-president. And the shockwaves won’t be confined to people within the company. “It’ll affect some of the priciest real estate in town.”

Crain’s also covered what will happen to business loans as credit dries up.

“Loan Rates to Rise from Financial Turmoil” [Crain’s, Sep 15, 2008]:

Rates and terms on business loans in Chicago, already higher and tougher this year as banks’ tolerance for risk shrinks, will become even more onerous for commercial customers following the demise of Lehman Bros. Holdings Inc. and the sale of Merrill Lynch & Co., bankers say.

The ripple effects are being felt in markets all over the country, including Chicago: In addition to the psychological blow to the markets, the loss of a big player like Lehman Brothers, with a balance sheet of $600 billion, takes capital out of the financial system, leaving less to go around.

“The whole thing is shrinking; the financial system is shrinking,” says Mitchell Feiger, CEO of Chicago-based MB Financial Inc., a commercial lender with $8.4 billion in assets. “It’s going to get worse.”

For the last year or so, the Washington Park area in Hyde Park, home to the Olympic Stadium if Chicago succeeds in securing the 2016 Olympic Games, has been a hotbed of real estate speculation and “what ifs”.

I recently stumbled across this 6-unit luxury conversion at 840 East 52nd Street. It is literally a block away from the northern end of Washington Park, which will be the location of the stadium.

From what I can tell, 3 out of the 6 units are currently on the market.

The units have been gutted with all new kitchens and baths.

What would you pay to live near the Olympic Stadium?

Here’s the listing from the development:

Stunning new Hyde Park development – everything is brand new in this beautiful 2 bedroom, 2 and a half bath top floor unit. Hardwood throughout, marble fireplace, designer lighting, cherry kitchen to die for with high end appliances, granite, fantastic bathrooms – master with separate shower enclosure with radio.

Large inviting great room, lots of south facing windows, an incredible lobby, parking and storage.

840 E. 52nd Street:

• #1E: 4 bedrooms, 3.5 baths, 1 car parking, 2600 square feet: listed at $599,000
• #2E: 2 bedrooms, 2.5 baths, 1 car parking: listed at $299,900
• #3E: 2 bedrooms, 2.5 baths, 1 car parking: listed at $309,000

Assessments range from $100 to $150 a month depending on the unit.

Madelaine Gerbaulet-Vanasse at MetroPro has the listing. See more pictures here.