Crib Chatter

More foreclosures are appearing in The New York, the conversion building at 3660 N. Lake Shore Drive in Lakeview.

Unit #3201 is bank-owned and is now listed about 47% below its prior sales price in 2006.

Here’s the listing:

DYNAMITE FORECLOSURE 2 BEDROOM 2 BATH W/2 BALCONIES OVERLOOKING LAKE AND DOWNTOWN. ASSESSMENTS INCLUDES HEAT/AC, GARAGE AND CABLE. PROPERTY BEING SOLD IN AS IN CONDITION

NO DISCLOSURES,NO SURVEY PROVIDED BUYER RESPONSIBLE FOR ALL INSPECTIONS BUYER IS SUBJECT TO SELLER PRE-LOANS STANDARDS, ADDENDUMS UPON ACCEP. APPLY. BUYER VERIFY RM COUNT E.M CHECK IS CASHIERS.

Unit #1313, another 2/2 unit, is also priced extremely low compared to prior sales prices in the building. I can’t tell from the listing if it’s bank-owned.

Unit #3201: 2 bedrooms, 2 baths, 1170 square feet

• Sold in April 2006 for $375,000
• Sold in September 2006 for $500,000
• Lis pendens in March 2007
• Bank-owned in January 2008
• Currently listed for $269,900 (parking extra)
• Taxes of $5,600
• Sudler Sotheby’s has the listing

Unit #1313: 2 bedrooms, 2 baths

• I couldn’t find a prior sales price
• Currently listed for $268,900 (I can’t tell if it’s bank owned from the listing)
• Assessments of $500 a month
• Taxes of $4,356
• Re/Max 1st Class has the listing

We have chattered extensively about Unit #1301 in 600 N. Fairbanks in Streeterville.

The 3-bedroom unit was on the market for months, had numerous price reductions, went under contract and finally sold.

It has set a new comp for the 01-tier units in the building.

Or has it?

Mysteriously, it is back on the market again. Priced over $90,000 more than it just sold for.

A refresher on its history:

Unit #1301: 3 bedrooms, 2.5 baths, 1746 square feet

• Sold in November 2007 for $805,000
• Originally listed in January 2008 for $929,000 (plus $60k for parking)
• Reduced
• Was listed in March 2008 at $895,000 plus $60k for parking
• Reduced again
• Listed in early April 2008 for $839,000 plus $60k for the parking
• Reduced again
• Listed in early May 2008 at $799,000 plus $60k for parking
• Reduced again
• Was listed in June 2008 for $789,000 plus $60k for parking
• Closed in August 2008 for $805,000 (included the parking- I believe)
• Assessments of $585 a month
• Taxes “new”

Now it’s listed again:

Unit #1301:

• Sold in November 2007 for $805,000
• Sold in August 2008 for $805,000
• Currently listed for $899,000 (I believe the parking is extra)
• David Panozzo at Coldwell Banker has the listing

Other 01-tier units have been lowering prices in recent months as well.

Robin Brooks at Prudential Preferred has the listing.

Unit #1901: 3 bedrooms, 2.5 baths, 1746 square feet

• Sold in November 2007 for $838,000
• Originally listed for $1,140,000
• Reduced
• Was listed in April 2008 for $975,000
• Listing says parking on the 2nd floor so probably $70,000
• Reduced
• Currently listed at $950,000 (parking extra)
• Assessments of $605 a month
• Taxes “new”

There are some buildings where units continue to sell well and that includes The Palmolive, at 159 E. Walton in the Gold Coast.

We chattered in April about several $5 million+ units that had sold in the building in the last year.  Since that time, another one has sold.

• I don’t have the unit #: Sold in June 2008 for $6,025,000
• Unit #32A: Sold in February 2008 for $6,898,000
• Unit #27A: Sold in February 2008 for $5,150,000
• Unit #34A: Sold in October 2007 for $5,387,000

But Unit #20A hasn’t been so lucky.

It’s been reduced $650k since we last chattered about it in April 2008.

Katherine Chez at Coldwell Banker has the listing. (The website has more pictures.)

Unit #20A: 4 bedrooms, 3.5 baths, 2 car garage, 4700 square feet

• Sold in December 2005 for $3,416,500
• Was listed in April 2008 for $5,250,000
• Reduced
• Currently listed at $4.6 million
• Parking included but there is a valet fee of $255 a month per space
• Assessments of $3,699 a month
• Taxes of $7,442 (yes, this amount is correct because the building has a historic tax feeze)

This three story townhouse at 5833 N. Sheridan in Edgewater is now bank-owned. It is listed for $201,000 less than the last sale in 2004.

But it’s also listed for less than it sold for in 2000.

What’s this property really worth?

Here’s the listing:

ENJOY LAKE VIEWS FROM AN EXCEPTIONAL 3 LEVEL HOME IN PRIVATE GATED COMMUNITY. RECENT UPDATES INCLUDE; MARBLE GREAT ROOM, CHEF’S KITCHEN WITH GRANITE, STAINLESS & 42′ CABINETS.

HOME FEATURES A 2 STORY ATRIUM, SEPARATE DINING AREA, HARDWOOD FLOORS, GENEROUS CLOSET SPACE, AND FIREPLACE.

THERE IS A THREE CAR ATTACHED GARAGE. BANK OWNED PROPERTY, PRE-APPROVAL REQUIRED, FUNDS MUST BE CERTIFIED. SOLD AS IS CONDITION!

Roger Thompson III at Prudential Preferred has the listing. 

5833 N. Sheridan: 3 bedrooms, 2 baths, 2 half baths, 3 car garage

• Sold in December 2000 for $740,000
• Went into foreclosure
• Sold at the foreclosure auction in November 2004 for $425,500
• Re-sold in December 2004 for $900,000
• Foreclosure in 2006
• Bank-owned
• Currently listed for $699,000
• Assessments of $25
• Taxes of $13,167

The Chicago Tribune highlights Streeterville in its Friday Home section. (It does a different neighborhood or city every week.)

Prices in the neighborhood:

In the northern tier, with its wide array of older stock from classic to modernist, condos of all sizes sold for an average of $801,875 in the second quarter.

In the mid-section, where high-rises built from the 1960s through 1990s proliferate, the average sale price was $661,230 and in the southern tier $661,091, according to Jameson Real Estate LLC, a broker and developer.

In south Streeterville since 2000, the pace of growth has accelerated with about 3,000 new housing units completed. Other recent additions include an AMC cinema, Lucky Strike Lanes bowling, a Dominick’s supermarket, Walgreens and Fox & Obel Market Cafe.

Average asking prices in seven towers under construction range from $1,568 a square foot at the Spire to $454 a square foot at 160 E. Illinois St., according to Appraisal Research Counselors, housing consultants.

Developers are apparently not worried about the conditions of the housing market:

Although first quarter sales of 158 new and existing units fell about 20 percent from 2005, prices won’t decline, said Daniel McLean, president of MCL Cos..

“We’re here for the long term; there’s no reason to hurry,” said the developer, who has sold about two-thirds of his Park View condominiums to suburbanites seeking a second home.

Streeterville: Where tourists and homeowners mingle [Chicago Tribune, Aug 8, 2008]

Imagine if they built this greystone at 4431 N. Paulina in Ravenswood today? What would it cost to build these units with beamed ceilings and built in dining room cabinets?

This 3-bedroom unit has built-ins galore but an updated kitchen that proves you can still have vintage with the modern amenities.

It also has two of my favorite features: a woodburning fireplace and skylights.

Marlene Granacki at Re/Max Exclusive Properties has the listing.

Unit #3S: 3 bedrooms, 2 baths,  1700 square feet

• Sold in September 1998 for $220,000
• Currently listed for $395,000 (parking space included)
• Assessments of $320 a month
• Taxes of $3,462
• Washer/dryer in the unit
• I can’t tell if it has central air or not

The listing for this 2-bedroom townhouse at 1938 S. Prairie in the South Loop simply lays it out there:

“Priced below original purchase price — owner relocating!”

But from the sales info, it appears that there hasn’t been much appreciation in the property in a couple of years.

South Loop townhouses have been hot the last 5 years. Does this listing indicate that they’re now not so hot?

Judy Howard at Rubloff has the listing. See more pictures on the property’s website here.

1938 S. Prairie: 2 bedrooms, 2.5 baths, 2300 square feet

• Sold in October 2001 for $363,000
• Sold in January 2002 for $484,500
• Sold in June 2006 for $626,000
• Sold in June 2007 for $621,500
• Currently listed for $599,900
• Assessments of $385 a month
• Taxes of $5,534

We love cool lofts and what is better than one with a secret terrace?

That’s what you’ll find in this huge 4-bedroom loft at 411 S. Sangamon in the West Loop. The 600 square foot terrace has a built in grill/sink/refrigerator and custom lighting.

My question is: how do you protect the refrigerator etc. in the winter?

Here’s the listing:

ARCHITECT-OWNED 2400SF URBAN RETREAT COMPLETE WITH PROFESSIONALLY LANDSCAPED WALLED GARDEN & LARGE TERRACE. 600SF EXTERIOR OFFERS BUILT-IN CEDAR/STAINLESS/GRANITE KITCHEN, GRILL, SINK, FRIDGE & CUSTOM LIGHTING.

BRIGHT ELEGANT INTERIOR INCLUDES 60′ WALL OF WINDOWS, 10′ CEILINGS 500SF GREAT ROOM, GRANITE & STAINLESS KITCHEN, DRY BAR & LAUNDRY ROOM. INCREDIBLE STORAGE. ONE PARKING SPACE INC.

Alex Till at Baird and Warner has the listing. (There’s more pictures at B&W’s website.) 

Unit #1D: 4 bedrooms, 2 baths, 2400 square feet

• Sold in April 1993 for $130,000
• Sold  in July 2001 for $425,000
• Sold in May 2005 for $399,000
• Currently listed for $619,000 (parking included)
• Assessments of $450 a month
• Taxes are $6,200

We last chattered about MoMo, at 8 E. Randolph, or, as it’s now called, “The Joffrey Residences”, after the Joffrey Ballet that is in the building, in March 2008.

Why didn’t the developer just call it The Joffrey Residences in the beginning?

To me, it will always be MoMo.

Current stats on the building (out of 174 units):

• 17 for sale
• 13 for rent

Some may be both for rent and for sale. I believe closings are still happening in the building.

In March, we chattered about three units, including 2 two-bedroom units and a one bedroom.

One of the three, Unit #2204, a 2-bedroom unit, is still on the market and has been reduced $15,300. 

I can’t find a re-sale price on the other two, Units #1108 and #1002, so either they were rented or have been withdrawn from the market.

Ron Goldstein at Sudler Sotheby’s has the listing on Unit #2204.

Unit #2204: 2 bedrooms,  2 baths, 1446 square feet

• Sold in March 2008 for $481,000
• Was listed in March 2008 for $555,000 (parking available in a public garage next door for rent)
• Reduced
• Currently listed at $539,700
• Assessment of $623 a month
• Taxes are “new”

There has been at least one successful flip in the building.

Unit #2006: 1 bedroom

• Sold in March 2008 for $274,000
• Sold in July 2008 for $292,000

The developer is also still trying to sell units in the building.

It’s not often you find a spacious 2/2 in East Lakeview with parking for under $300,000 but there’s one on the market at 3110 N. Sheridan.

The listing says it’s an “unbelieveable value.”

Is it?

It apparently was a one bedroom that was combined with a studio unit. Hence, the very large bedroom sizes:

• Bedroom 1: 19 x 17
• Bedroom 2: 11 x 15
• Living room: 21 x 10

Cyd Archer at Coldwell Banker has the listing.

Unit #1710: 2 bedrooms, 2 baths, no square footage given

• Sold in March 1990 for $220,000
• Sold in September 1998 for $135,000
• Sold in July 2002 for $237,000
• Currently listed for $285,000 (parking included)
• Assessments of $626 a month
• Taxes are $1,836
• No central air- window units
• I don’t believe there is w/d in the unit