Crib Chatter

Wells Street Tower, at 701 S. Wells, in Printers Row was the first new building to be built in that part of the South Loop in over a decade when it closed in 2002.

For awhile, it was the only new construction in the neighborhood. The building was not marketed as luxury but that doesn’t mean there aren’t penthouses in the building.

One of  those penthouses, Unit #3400, is on the market now. Here’s the listing:

EXTRAORDINARY PENTHOUSE W/PANORAMIC CITY & LAKE VIEWS & 100 FT TERRACE. EXQUISITE DETAILS THROUGH THE HOME INCL: BRAZILIAN CHERRY HDWD & LIMESTONE FLOORING.

POGGENPOHL CABS FULLY INTEGRATED, SS APPLIANCES, THICK GRANITE ISLAND, MBTH W/HEATED MARBLE FLOORS/WALLS, FP, RAIN FOREST SHOWER, WHIRLPOOL TUB. LOW-VOLTAGE SYSTEM W/INFRARED CONTROLS, 2 PROJECTION TV’S & HOME NETWORK. A SPECTACULAR AND GRACIO…

Does the building matter when buying a penthouse?

This penthouse unit is, by far, the most expensive unit currently for sale in the building. There is a 3 bedroom, 2.5 bath unit, Unit #2406, with 1600 square feet listed for $575,000.

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

Unit #3400: 4 bedrooms, 2.5 baths, 2 car garage, 3900 square feet

• Sold in December 2003 for $850,000
• Currently listed for $2.25 million
• Assessments of $1,590 a month
• Taxes of $11,704

This 2-bedroom unit in 2440 N. Lakeview in Lincoln Park, a 1927 vintage co-op building, doesn’t try to be something it’s not. The listing lays it all out.

What kind of vision do you have?

RESTORE THIS GRAND APARTMENT! THIS ELEGANT, SPACIOUS 12TH FLR 2BR/2BA ON LINCOLN PARK OFFERS A BLANK SLATE FOR YOUR DESIGNER!

DONT PAY TWICE TO MAKE YOUR MARK-BRING THIS BEAUTY BACK TO LIFE. FEATURES: VAULTED FOYER,HDWD FLRS,9’CEILINGS, FRPL, BUILTINS, FULL SERVICE, INTIMATE BLDG W/GORGEOUS LOBBY

ASS.INC:HEAT,WTR,TV,TAX,CAP FUND.

UP TO 80%FINANCING. SUBLEASE PERMITTED. ASK FOR PURCHASE REQUIREMENTS.

@Properties has the listing. See more pictures here.

Unit #12D: 2 bedrooms, 2 baths, 1400 square feet

• I have no idea what this last sold for- as it’s a co-op and the public records are different
• Currently listed for $250,000 (parking space is included)
• Assessments are $1,970 a month (includes taxes)

The Harry Weese designed duplex we first chattered about in March 2008 at 235 W. Eugenie is still available and has been reduced for the second time.

Paul Somers at Jameson Real Estate has the listing. See more pictures here.

Unit #T-4: 2 bedrooms, 1.5 baths

• Sold in August 2004 for $385,000
• Was listed in March 2008 for $409,900 (included a parking spot)
• Reduced
• Was listed in July 2008 for $404,900
• Reduced
• Currently listed for $399,000 (includes a parking spot)
• Assessments of $192 a month
• Taxes of $3,727
• No Central Air- window units
• It does have a w/d in the unit

Back in June, everyone loved this top floor vintage unit at 1647 N. Sedgwick with its own private rooftop deck. It sold within only a few weeks of being on the market.

Unit #3: 2 bedrooms, 1 bath, dining room

• Sold in January 2000 for $220,000
• Was listed in June 2008 for $419,900 (garage parking included)
• Sold in July 2008 for $412,000
• Assessments of $150 a month
• Taxes of $3916

With the recent hot weather, who doesn’t dream of lounging by the pool?

In Streeterville, there are several buildings (both apartments and condos) that have rooftop pools. 230 E. Ontario is one that has a outdoor pool and, from the pictures, a very nice workout room.

The building was built in 1969. The 1-bedroom units in the building range in size. Unit #1604 is one of the smaller one bedrooms. But if you want location, it can’t be beat.

Is this a good buy?

Here are the room sizes of this junior 1-bedroom:

• Living room: 19×13
• Bedroom: 14×10
• Kitchen: 9×7

Here’s the listing:

WELCOME TO THIS SUNNY JUNIOR ONE BDRM IN PRIME STREETERVILLE LOCATION! SPACIOUS LIVING RM W/BLT-IN CABINETS, HIGH FLOOR OPEN CITY VIEWS, LAKE VIEWS FM YOUR BDRM, UPDATED KITCHEN W/BRKFST BAR, ENGINEERED BAMBOO FLRS THROUGHOUT.

NEWER PAINT, LARGE ORGANIZED CLOSETS W SLIDING DOORS, UPDATED BATHROOM. ROOFTOP SWIMMING POOL AND EXERCISE RM, PET FRIENDLY BLDNG, 24 HR DOORMEN/SECURITY. LEASED PARK…

Vera  Perner at Coldwell Banker has the listing. See more pictures and a virtual tour here.

Unit #1604: 1 bedroom,  1 bath, 675 square feet

• Sold in June 2003 for $148,000
• Sold in July 2007 for $190,000
• Currently listed for $209,000
• Assessments of $496 a month
• Taxes of $1,261
• Central air
• I believe W/D is allowed in the units
• Rental parking

This small building at 4251 N. Mozart is a new construction conversion in Irving Park, just south of the Ravenswood neighborhood.

A duplex down first floor unit has been on the market since April 2007. It’s been reduced several times and is now priced at $130k less than a year and a half ago.

Will it sell at the new price?

Here’s the listing:

2500 SQ FT DUPLEX W/FINISHED TOP FLOOR 2 BEROOMS / FULL BATH PARKING. LOWER LEVEL HAS NOT BEEN TOTALLY FINISHED. 1000 SQ FT WITH NEW MECHANICALS & NEW WINDOWS IN LOWER LEVEL. BEAUTIFUL UNIT FOR THE PRICE.

Leslie Tilton at Prudential Preferred has the listing. See more pictures and a virtual tour here. 

Unit #1S: 2 bedrooms, 1 bath, 2500 square feet, unfinished lower level

• Originally listed in April 2007 for $429,900
• Reduced several times
• Currently listed for $299,900 (parking included)
• Assessments of $165 a month
• Taxes are “new”

We’ve chattered about 330 W. Grand, the Grand Orleans, in River North before. Some sellers are now under strain in the building.

One unit, Unit #1406, is priced at 2005 prices. Another, Unit #1602, is going to foreclosure auction this week.

Here’s the listing for #1406:

LOWEST PRICED 2BD/2BTH! 14TH FLOOR CORNER UNIT WITH AMAZING EAST AND NORTH VIEWS! MA BATH W/ WHIRLPOOL BATH AND SEP SHOWER! BOTH BATHS MARBLE, HRDWD FLOORS,MA BDRM LARGE WALK- IN CLST, FITNESS CENTER,

24 HR DRMAN, IN UNIT WASHER-DRYER GRANITE COUNTERS, BLK GE APPLCS, PARKING +35K ADDTL, WINDW TREATMENT INCLUDED! LEASED UNTIL 3/01/09 $2200 PER MONTH OR TENANT WILL LEAVE OR STAY WITH 60 DAY NOTICE.

ITown Realty has the listing. See more pictures here. 

Unit #1406: 2 bedrooms, 2 baths, 1226 square feet

• Sold in November 2005 for $373,000
• Recently reduced
• Currently listed for $375,000 (plus $35k for parking)
• Assessments of $603 a month
• Taxes of $4,522

Unit #1602 is going to foreclosure auction this week. It is not currently listed on the market.

• Sold in December 2006 for $571,000
• Lis pendens filed in July 2007
• Foreclosure auction of $447,890

Crain’s reports on the second quarter construction loan delinquencies. The article includes a great chart showing the delinquency rates back to 2000.

The delinquency rate for construction loans in the Chicago area hit 10.8% in the second quarter, up from 8.4% in the first quarter and 2.6% in the year-earlier period, according to Foresight Analytics LLC, an Oakland, Calif.-based research firm. The national delinquency rate rose to 8.1%, up from 7.2% last quarter and 2.4% in second-quarter 2007.

“Unfortunately, I don’t see any quick turnaround in the residential sector, and there are certainly signs of weakness in the commercial sector,” says Foresight Partner Matthew Anderson.

Delinquent loans are defined as those past 30 days due. Under a narrower definition that defines delinquent loans as 90-days past due, the Chicago-area delinquency rate was 8.3% in the second quarter, the highest since the rate hit 8.0% in 1992, the earliest year for the data.

The article states that the depressed real estate market accounts for a majority of the delinquencies (even though commercial loans are also included in the data).

In many cases, lenders, seeking to avoid a long and costly foreclosure process, are allowing developers to refinance, but they’re demanding that the developers put up additional collateral, such as a personal guarantee or a second mortgage on another piece of property, says attorney Steven DeGraff, a principal at Chicago-based Much Shelist Denenberg Ament & Rubenstein P.C.

Meanwhile, the vultures are circling, looking to take over failed condo projects by buying defaulted loans at a deep discount. That day is coming, but it isn’t here yet, says Mr. DeGraff, who handles workouts of bad real estate loans.

Lenders “are not prepared to take huge discounts on properties they think still have real value,” he says. “They’re going to hold off as long as they can.”

Local construction loan delinquencies rise [Crain’s Chicago Business, Sep 2, 2008]

We last chattered about this 2-bedroom unit in The Palmolive, at 159 E. Walton, in the Gold Coast in April 2008. The unit was completely upgraded, including a new kitchen.

It is still for sale and it has been reduced $300,000.

Here’s the listing:

Stunning re-sale residence in premier condominium building, steps from Magnificent Mile! One million dollars in upgrades. Clive Christian Kitchen. Everything completed in excellent taste by top designer.

Wood-paneled Study. Glorious formal Dining Room. 2 frplcs. Splendid Master Suite, Sitting Area. Move right into this extraordinary residence. 2 Pets OK. Price & Asmt incl. prkg. Best home at sought after Palmolive!

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

Unit #5B: 2 bedrooms, 2.5 baths, 1 car parking, 2800 square feet

• Sold in April 2007 from the developer for $1,669,500
• Was listed in April 2008 for $2.495 million (included the parking)
• Reduced
• Currently listed for $2.195 million (includes the parking)
• Assessments of $1697 a month 
• Taxes are “new”

We’ve chattered about 1620 S. Michigan in the South Loop several times this year. Some owners have been under stress in the building.

Last May, Unit #522 was going to foreclosure auction.

The bank now owns it and has recently re-listed it.

Here’s the listing:

NEWER CONDO IN NEED OF MINOR, COSMETIC REPAIRS. NEWER APPLIANCES. IN-UNIT LAUNDRY. ELEVATOR BUILDING. BASEMENT PARKING. CORPORATE OWNED-SOLD ‘AS IS’.

SPECIAL ADDENDUMS, PROOF OF FUNDS, CERTIFIED E.M CHECK (MIN. $2,000) WITH ALL OFFERS. ROOM SIZES ESTIMATED. NO TERMITE REPORT. BUYER RESPONSIBLE FOR CONDO DOCS. ALLOW TIME FOR RESPONSE.

Re/Max City Realtors has the listing. There are no interior pictures available.

Unit #522: 2 bedrooms, 1 bath, 1100 square feet

• Sold in December 2006 for $286,000
• Was listed in early May 2008 for $274,999 (parking was $35k)
• Foreclosure auction price in May 2008 of $305,734
• Currently listed for $256,500 (includes the parking)
• Assessments of $342 a month
• Taxes are “new”

The north facing 1-bedroom unit we’ve been chattering about, Unit #406, in 340 On the Park, has finally closed.

Apparently, there is a big difference in pricing between the north facing one bedrooms and the south (or park) facing one bedrooms.

Here’s the history of Unit #406:

Unit #406: 1 bedroom, 1.5 baths, 1081 square feet

• Sold in July 2007 for $314,000 (I believe this includes the parking spot)
• Originally listed in October 2007 for $620,000
• Reduced several times over the winter
• Finally listed at $499,000
• Listing withdrawn in January 2008
• (Spent several months not on the market)
• Re-listed in May 2008 at $499,000 (not sure if parking was included in this price)
• Reduced
• Was listed in June 2008 at $449,000 (parking $50k extra)
• Reduced
• Was listed in July 2008 at $400,000 (parking $50k extra)
• Finally sold for $420,000 (including the parking)

Compare that to a south facing one bedroom, Unit #3805:

• Listed in March 2008 for $769,000 (parking extra)
• Sold in August 2008 for $765,000 (including the parking)