Crib Chatter

We’ve chattered about 433 W. Briar in Lakeview several times before. It is a conversion of the 34-unit vintage apartment building.

Only 30% of the building has sold but they’ve been marketing the building for over a year.

Recently, two million dollar units have appeared on the listings. Are these combined units? Unit #10AC, for example, is over 4100 square feet and listed for $1.59 million.

Several units have also had price reductions. Additionally, the developer is offering incentives.

Here is the listing for #3C:

30% SOLD! PRICE REDUCED. DEVELOPER’S SPECIAL-IMMED DEL! ONE OF A KIND LUXURY VINT CONDO CONVERSION. LARGEST FLR PLAN IN BLDG W/PRIVATE ELEV ENT, LG FOYER, WET BAR, CRWN MOLDING & HW FLRS, DEC FP, NATL STONE BTHS, SEP DR, CUSTOM CABS, 1 1/4 GRANITE TOPS, LG ISLAND, HIGH-END SS APPL PACKAGE, NEW GFA SYSTEMS, W/D HOOK-UP.

DEEDED PKG SOLD SEPARATELY. FALL SPECIAL $20K OFF LIST PRICE IN NEXT 5 EXECUTED CONTRACTS.

Baird and Warner is handling the listings.  See more pictures here. 

Unit #3C: 2 bedrooms, 2.5 baths, 1650 square feet

• Was listed in February 2008 for $515,000
• Reduced
• Currently listed for $485,000
• Assessments of $334 a month
• Taxes are “new”

We’ve chattered a lot about Lincoln Park and Lakeview prices in recent weeks.

If you look at the price history on many properties, you see sharp increases in just the last few years.

Recent data showed Cook County properties tripled in price in the last ten years. That includes all forms of property- not just residential. From Crain’s:

During the decade in question, the value of real estate in Chicago tripled — up 195% — to $330 billion, while suburban property values slightly more than doubled, to $336 billion.

Do buyers expect this kind of appreciation to continue?

This 2-bedroom condo at 2944 N. Broadway in Lakeview appears to have nearly doubled in the last decade (depending on what it sells for.)

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

Unit #2N: 2 bedroom, 1 bath, no square footage given

• Sold in May 1999 for $159,000
• Sold in March 2002 for $255,000
• Sold in June 2005 for $295,000
• Currently listed for $308,800 (parking included)
• Assessments of $163 a month
• Taxes of $2724
• Bedroom sizes are: 12×9 and 10×11
• Central air
• In-unit laundry

I can’t tell if this listing of a 3-bedroom unit at 1111 S. Wabash in the South Loop is a foreclosure or simply a short sale.

But either way- this unit is priced at only a third of what it sold for 2.5 years ago.

Is this the deal of the month in the South Loop?

There is no written description or pictures in the listing.  Sorry!

But here are the room sizes. This is a “true” 3-bedroom condo:

• Bedroom #1: 15×15
• Bedroom #2: 14×11
• Bedroom #3: 12×10
• Living room: 18×14
• Dining room: 11×8
• Kitchen: 10×10

1111 S. Wabash only has 34 stories so this unit is just below the penthouse floor.

Unit #3301: 3 bedrooms, 3.5 baths, 1 car parking

• Sold in April 2006 for $1,586,500
• Currently listed for $500,000
• Assessments of $1,467 a month
• Taxes of $9,810
• Crea Housing has the listing

The developer is still trying to sell Unit #3302 on the same floor. It also has 3 bedrooms, 3.5 baths but appears to be a larger unit. It’s a duplex with two terraces. It is currently listed for $1.5 million.

We’ve chattered about the empty McMansion phenomena before.

This new construction 6-bedroom home at 559 W. Arlington in Lincoln Park hasn’t found a buyer in several years.  (Thanks to the tipster who sent me info on this property.)

We chatter about a condo glut, what about a new construction McMansion glut?

Here’s the listing:

Extraordinary new 2007 home on 175′ deep lot in East Lincoln Park, NOT one of the routine homes you are seeing! 6800 SF home is better than custom!

With 6 BRs, 6-1/2 Baths, elevator to all floors, 70’x25′ superb Garden, unparalleled finishes, Christopher Peacock Kitchen, Brkfst Rm, 5anduot; walnut floors, Library, brick & limestone all masonry exterior, custom millwork throughout, 3 fireplaces. Purchaser can move right in!

There’s an Open House today from 11 am to 1 pm– if anyone is interested in checking it out.

Janet Owen at Sudler Sotheby’s has the listing. See more pictures and a virtual tour here.

559 W. Arlington: 6 bedrooms, 6.5 baths, 6,860 square feet, 2.5 car garage

• Originally listed in June 2004 for $3.4 million (presumably while under construction?)
• Withdrawn from the market in October 2005
• Re-listed in December 2005 for $3.85 million
• Withdrawn from the market in October 2006 still listed at $3.85 million
• Re-listed in November 2007 for $4.375 million
• Reduced several times
• Currently listed at $3.495 million
• Taxes are “new”

This unit at 2726 N. Pine Grove in Lincoln Park is just a 2 bedroom with 1 bath. And it doesn’t have parking or central air.

But it is located on highly coveted Pine Grove south of Diversey in Lincoln Park. The building was built in 1927 and the unit has built-in book shelves and some arched doorways.

Here’s the listing:

Spectacular vintage elegance contained in this fabulous Lincoln Park condo. Updated high first floor unit features designer finishes. Remodeled kitchen has stainless steel appliances, granite countertops and glass tiles. Gut-rehabbed bathroom includes Kohler fixtures and Jacuzzi tub.

Large room sizes, hardwood floors throughout, separate dining room, excellent closets, high ceilings, crown moldings, decorative fireplace, built-in book cases and in-unit washer/dryer. Pet friendly building. Sellers to pay for one-year parking nearby.

Suzy Thomas at Rubloff has the listing. See more pictures and a virtual tour here.

Unit #1N: 2 bedrooms, 1 bath, 1450 square feet

• Sold in April 1992 for $148,500
• Sold in October 1996 for $147,500
• Sold in May 1999 for $185,000
• Sold in September 2001 for $275,000
• Currently listed for $359,000 (parking available to rent nearby)
• Assessments of $365 a month
• Taxes of $3,050 
• Window air conditioning
• In-unit laundry

We last chattered about The Regatta, at 420 E. Waterside, in Lakeshore East in March 2008. At the time, a 2-bedroom unit had been reduced $75,000.

Apparently, the reduction worked because that unit, #1108, was one of the few that have sold in the building this year.

Unit #1108: 2 bedrooms, 2.5 baths, 1500 square feet

• Sold in October 2006 for $547,763
• Originally listed for $765,000
• Was listed in March 2008 for $689,000 (extra for tandem parking)
• Sold in May 2008 for $665,000 (anyone know if that included the parking?)
• Assessments of $561 a month
• Taxes are “new”

Some units that were originally rented out are now coming back on the market for sale (and, for rent again.)

Here’s the listing for Unit #1803:

TENANTS IN UNIT 5/1/08-10/31/08. STILL AVAILABLE FOR SALE TO INVESTORS, SHOWING AFTER 9/1. MOVE IN ON NOV 1, ’08. SOUTH- FACING BALCONY OFF LR W VIEW OF LAKE MASTR BR FACES SOUTH.

SW VIEWS FROM LR, DR & 2ND BR IS OF RIVER & CITY. 1-YR-OLD UNIT W HARDWD FLOORING & CHERRY KITCHEN W S/S APPLS. IN-UNIT LAUNDRY, 24-HR DOORMAN, INDR POOL, FITNESS RM, MUCH MORE! TWO(2) TANDEM PKG FOR ADDT’L $55K ONLY.

Re/Max at Home has the listing. See more pictures here.

Unit #1803: 2 bedrooms, 2 baths, no square footage given  (but probably around 1180)

• Sold in December 2006 for $481,000
• Currently listed for $527,700 (parking is $55,000 extra)
• Assessments of $329 a month
• Taxes are “new”
• Also available for rent for $2600 a month

One of the lower level one bedroom units has also come back on the market.

Here’s the listing for Unit #404:

PERFECT LOCATION FOR THIS BEAUTIFUL CONDO IN EXCELLENT CONDITION WITH HARDWOOD FLOORS THROUGHOUT. OVER 10K IN ADDITIONAL UPGRADES.

BUILDING OFFERS INDOOR POOL,SUNDECK, PARTY ROOM AND GYM.PARKING ADDITIONAL FOR 45K.

Ten Ten Realty Inc. has the listing. See more pictures here.

Unit #404: 1 bedroom, 1 bath, no square footage given

• Sold in September 2006 for $274,500
• Currently listed for $305,900 (plus $45k for parking)
• Assessments of $247 a month
• Taxes are “new”
• Bedroom is 11 x 10
• Living room is 20 x 12

There are currently 7 rentals available on the realtor sites (more probably on Craigslist and other locations.)

We’ve chattered about 334 W. Menomeee in Old Town several times. It is the 16-unit historic conversion by Melrose Partners located in a prime location in the middle of Old Town’s historic triangle.

I believe only 4 out of 16 units have sold since sales began in 2007. Many others have been rented out. But several recently re-appeared on the MLS.

The prices have been further reduced.

Unit #204: 1 bedroom, 2 bath, 900 square feet

• Was listed in April 2008 at $489,000
• Withdrawn from the market
• Reduced
• Currently listed for $459,000
• Assessments of $175 a month
• Taxes are “new”

Unit #106 has recently been re-listed. If you’ve been following the building, it’s been listed several times before.

Unit #106: 1 bedroom, 1 bath, duplex down (1000 square feet)

• First listed in January 2007 for $520,000
• Reduced in June 2007 to $469,000
• Reduced in September 2007 to $449,000
• Reduced on October 18, 2007 to $399,000
• Increased on October 29, 2007 to $469,000
• Reduced in January 2008 to $429,000
• Reduced in late January 2008 to $419,000
• Was listed in April 2008 for $419,000
• Withdrawn
• Reduced
• Currently listed for $389,000
• Assessments of $205 a month
• Taxes are “new”

Melrose Partners Realty has all of the listings. See the developer’s website here.

Here are some interior pictures. The living room picture is from the larger 2-bedroom unit. But all of the kitchens are similar and the bathrooms all have the same finishes.

We’ve chattered about “affordable” townhouses in both Lincoln Park and Lakeview.

This corner 2-bedroom townhouse at 1812 N. Bissell in Lincoln Park is priced just under $500,000.

Here’s the listing:

Beautiful corner townhome in excellent condition. Home boasts cathedral ceilings, espresso stained hrdwd flrs, tons of windows w/high-end plantation shutters throughout.

Updated kitchen w/42 cherry cab, granite, SS app, lrg island, wine fridge & dining area. Lrg brick paver patio & additional deck off mastersuite. New carpet, 1 car garage, lrg bedrms, family room, surround sound & newer HVAC/Air. Perfect location.

The Real Estate Group LLC has the listing. See more pictures here.

1812 N. Bissell: 2 bedrooms, 2 baths, 1 car parking, no square footage given

• Sold in November 1993 for $195,000
• Sold in August 1994 for $219,000
• Sold in September 1996 for $235,000
• Sold in August 2000 for $312,000
• Sold in March 2005 for $427,000
• Currently listed for $499,900
• Taxes of $4,808
• Assessements of $100 a month

Townhouses are a popular choice in Lakeview because they are usually cheaper than the single family home market there.

This townhouse at 1207 W. Fletcher doesn’t really qualify in the “cheaper” category. Though it is a larger 4-bedroom, which normally you don’t see in a townhouse.

Is this a single family home alternative?

Here’s the listing:

House-sized wide four bedroom/two and a half bath townhome. Entertain in style. Large living room with bay window and wood-burning fireplace. Dining area near kitchen. Eat-in bright kitchen with deck for grilling. Lower enormous family room and bedroom or office. Second floor has three bedroom, two and a half baths, master bedroom with walk-in closet, luxury bathroom with separate shower and whirlpool.

Deep one-and-a-half-car garage. Know your neighbors on friendly street. Easy walk to “El”, Wrigley Field, fun cafes, and shops. Immaculate with room for kids, pets, friends.

Connie Atterbury at Koenig & Strey has the listing. See more pictures and a virtual tour here.

1207 W. Fletcher: 4 bedrooms, 2.5 baths, 1 car garage

• Sold in April 2000 for $531,000
• Sold in June 2001 for $560,000
• Currently listed for $715,000
• Lis pendens filed in February 2008 
• Taxes of $8414
• No assessments

The Chicago Tribune profiles Lincoln Park this week in its “Community Intelligence” article in the Real Estate section. It includes some information on the market conditions in the neighborhood.

While sales volume is down and property sits on the market longer, values are still rising, said Jim Kinney, president of Rubloff Residential Properties.

Units on the market are priced from $149,500 for a studio to about $15 million for a 5-bedroom condominium at Lincoln Park 2520, a 40-story high rise overlooking Lincoln Park and Lake Michigan that’s in development.

“More rentals are being put on the market by owners who can’t sell, but demand is high among people who aren’t buying now,” said Robin Miner, a Lincoln Park broker for @properties. The average two-bedroom, two-bath leases for about $2,600 a month, up about 15 percent from two years ago, she estimated.

The article also addresses some stresses in the neighborhood from the horrible traffic in the Clybourn Corridor to the building of McMansions.

Though Lincoln Park may be a trendy destination for some, long-time resident Rebecca Schewe, 54, finds the abundance of new retail development a bit much. It “has brought a lot more traffic that makes weekends nightmarish,” said Schewe, who lives near the North and Clybourn Avenues shopping district. “There was no urban planning here.”

“Twenty years ago, no one foresaw this as an area of major retail development,” said Chuck Eastwood, chief of staff for Ald. Vi Daley (43rd). “Stores came in; they drew other retailers. For people who live in the Near North, it’s very convenient, yet they complain about the traffic.”

With many small houses torn down for the construction of McMansions in this land-constrained neighborhood, Schewe said, “You have one house on five lots, but they come right up to the sidewalk and have no side yards.”

Since she moved in 31 years ago, the cost of a standard 3,125-square-foot lot has jumped to about $1 million from $100,000. The old neighborhood has lost some of its camaraderie, she said.

The article lists the estimated family income in Lincoln Park at $205,041. The Illinois estimated family income is listed as $74,622.

Lincoln Park’s wild kingdom [Chicago Tribune, Sep 5, 2008]