Crib Chatter

We chattered about Unit #2 in 1445 N. Wells in January 2008. Old Town, especially on Wells Street, was “hot” last winter.

It has had several price reductions since then. But it’s now under contract.

Maybe things have cooled in Old Town?

Mary Robbins at Baird & Warner has the listing.

The building only has 3 units and the elevator opens privately right into each unit.

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

• Sold in June 2006 for $602,500
• Originally listed in November 2007 for $699,900
• Reduced
• Was listed in January 2008 for $659,900
• Reduced
• Currently listed for $624,900
• Under Contract
• Assessments of $200 a month
• Taxes are “New”
• Listing states one car parking but I don’t know if this is deeded and/or included

Multi-unit buildings were hot during the boom years. You could buy the whole building, live in one unit and rent out the other.

Are they still a popular investment even with the price increases of recent years?

Take this 1898 greystone 2-flat at 1524 W. Byron. It’s listed for a price that is what you’d pay for a single condo, let alone a whole building.

Here’s the listing:

BEAUTIFUL WRIGLEYVILLE LOCATION FOR THIS 2 FLAT GREYSTONE ON A 28′ WIDE LOT! BOTH UNITS ARE BRIGHT & SUNNY W/HARDWOOD FLOORS, BAY WINDOWS, THERMPANE WINDOWS, IND. GFA/CENTRAL AIR UNITS, SECLUDED LANDLOCKED BACKYARD, FULL UNFINISHED BASEMENT.

PLENTY OF PERMIT PARKING ON THE STREET. 24 HR NOTICE PLEASE.

Greg Viti at Koenig & Strey has the listing.  

1524 W. Byron: 4 bedrooms, 2 baths, no parking

• Sold in 1995 for $209,000
• Currently listed for $499,900
• No tax information is listed
• The property has a website with a virtual tour: 1524wbyron.com

There were a lot of fans of this 1965 mid-century modern Harry Weese-designed duplex condo when we last chattered about it in March 2008.

It is still available and has been reduced $5,000.

Paul Somers at Jameson Realty has the listing.

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
• Currently listed for $404,900
• Assessments of $192 a month
• Taxes of $3,727
• No Central Air- window units
• It does have a w/d in the unit

We’ve already chattered about one bank-owned one bedroom unit at the lofts at 300 W. Grand in River North.

This 2-bedroom unit just came on the market and the listing says it is in “pre-foreclosure.”

Unit #412: 2 bedrooms, 2 baths, no square footage listed

• Sold in February 2000 for $238,000
• Currently listed for $325,000 (parking included)
• Assessments of $380 a month
• Taxes of $3000
• Rubloff has the listing

While some listings have sold in the building in 2008, others are still on the market. We chattered about this 2-bedroom unit, Unit #208, in December 2007.  

It is still on the market and has since been reduced. It faces south- away from The Silver (the new construction building going up to the north of the building.)

Unit #208: 2 bedrooms, 2 baths, 1200 square feet

• Sold in April 2002 for $299,000
• Sold in February 2006 for $345,000
• Was listed in December 2007 for $386,500 (parking included)
• Reduced
• Currently listed for $355,900 (parking included)
• Washer/dryer in the unit
• Assessments of $320 a month
• Taxes of $2,950
• Charles Rutenberg Realty has the listing

It’s been a bit quiet on the foreclosure front in The Sterling, at 345 N. LaSalle, in River North.

But a few keep appearing. Another 2/2 just came on the market already owned by the bank.

There is no square footage but here are the room sizes:

• Living room: 13 x 27
• Kitchen: 10 x 8
• Bedroom 1: 16 x 11
• Bedroom 2: 12 x 10

Unit#4303: 2 bedrooms, 2 baths

• Sold in January 2004 for $616,500
• Currently listed for $325,000
• Rental parking only
• Assessments of $380 a month
• Taxes of $7,870
• Jax Realtors has the listing

Remember Unit #206 which was a bank-owned unit that was on the market for months? It finally closed.

Unit #206: 2 bedroom,  2 bath, around 1200 square feet

• Sold in September 2004 for $445,000
• Sold in September 2005 for $600,000
• Went into foreclosure
• Bank originally listed it for $299,000
• Went under contract in 2 days
• Fell out of contract
• Was reduced to $259,900 in February 2008
• Sold for $259,900

The Illinois Association of Realtors is out with the June sales numbers for the 9-county Chicagoland area and the full state. There is no City of Chicago specific data.

From the Illinois Association of Realtors:

Total home sales (which include single-family and condominiums) were up 3.6 percent in June 2008 to 11,643 sales compared to May 2008 sales of 11,243.

Year-over-year sales were down 27.0 percent from June 2007 totals of 15,945.

The Illinois median price in June reached $200,000, down 6.1 percent from $213,000 in June 2007. The median is a typical market price where half the homes sold for more, half sold for less.

In the Chicagoland area, year-over-year sales were down 27.9% to 7,656 sales from 10,612 home sales in June 2007. From May 2008 to June 2008, sales were up 10.5%.

In Cook County, sales declined 28.6% and the median price fell 0.9% to $274,500.

“Record oil prices continue to buffet the U.S. economy. Continued uncertainty in the financial sector is raising concerns about credit availability and the impact that this might have on both housing and industrial construction over the next 12 months,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

“Forecasts for the next three months (July, August and September) suggest continuing declines in home sales compared to the same months last year. Price declines comparing year-to-year will be more moderate in Chicago at around 3.5 percent and 5.5 percent in the state.”

The realtor groups are emphasizing the month-over-month increase in sales. Is this legitimate or a red herring?

What if you were to have your own single family home right on Lake Shore Drive?

What if it was right in the middle of the Gold Coast?

1258 N. Lake Shore Drive is now on the market and, as the listing states, it is one of only four single family homes on Lake Shore Drive.

But what we really like is that phenomenal roof top terrace.

Here’s the listing:

A RARE OPPORTUNITY TO OWN ONE OF THE FOUR REMAINING SINGLE FAMILY HOMES ON LAKE SHORE DRIVE.  THIS HISTORIC AND ARCHITECTURALLY SIGNIFICANT HOLABIRD & ROCHE HOME WAS BUILT IN 1895, AND RECEIVED A ‘CHICAGO LANDMARK’ DESIGNATION IN 1989.

THE HOME HAS FOUR FIREPLACES, MAGNIFICENT 27’X 18′ ROOF TERRACE OVERLOOKING THE LAKE AND NAVY PIER, AN ELEVATOR SERVICING FOUR FLOORS, AND A PARKING SPACE AT THE REAR OF…

1258 N. Lake Shore Drive: 4 bedrooms, 5.5 baths, no square footage given

• I couldn’t find a prior sales price
• Currently listed for $5.8 million
• Taxes of $17,464
• Central Air
• Parking? From the listing- it sounds like there is a spot
• Mary Pendergast Real Estate has the listing

We’re starting to see some small reductions on some of the upper end properties that aren’t selling.

These two multi-million dollar condo units on South Michigan Avenue with Grant Park and lake views have both been reduced since we last chattered about them.

This full-floor unit at 1142 S. Michigan has been reduced $100k.

Unit #5: 2 bedrooms, 3 baths, 2 car parking, 2 home offices, a huge laundry room, 3 balconies

• Sold in June 2001 for $899,000
• Was listed in May 2008 for $2.1 million
• Reduced
• Currently listed for $2.0 million
• Assessments of $1,281 a month
• Taxes of $12,080 
• Three wood burning fireplaces
• Re/Max Exclusive Properties has the listing

This second unit in The Columbian, at 1160 S. Michigan, was dubbed here “the best flip yet” back in December 2007 (due to the mark-up on the unit).

Since December, the seller has painted and staged the unit.

It’s been reduced by $280k.

Unit #4201: 3 bedrooms, 3.5 baths,  3480 square feet, direct lake views

• Sold in December 2007 for $1.6 million 
• Original list price in December 2007 of $2,555,000
• Reduced
• Currently listed for $2,275,000
• Assessments of $1115 a month
• Taxes are “new” 
• Two parking spaces included
• Coldwell Banker has the listing

Remember this spectacular timber and brick one bedroom loft at 531 S. Plymouth in Printers Row?

It had a lot of price reductions.

But it finally sold.

 Unit #502: 1 bedroom, 1 bath,  1300 square feet, corner unit

• Sold in April 2003 for $279,000
• Was listed in February 2008 for $364,900 (parking included)
• Reduced
• Was listed in March 2008 for $349,000 (parking included)
• Reduced
• Was listed in May 2008 for $299,000 (parking included) 
• Sold for $290,000 (parking included)

You don’t find many authentic brick and timber loft buildings in Lakeview but the Skybox Lofts, at 920 W. Sheridan, is one of them.

Converted  in 1995, it has 23 units.

Units seem to sell well in the building, as two others have already sold in 2008 for $390,000 and $420,000, respectively.

Here’s the listing for Unit #303:

2 bedroom, 2 bath real loft unit in Wrigleyville. 20 foot ceilings, exposed brick on 2 floors, new granite in gourmet kitchen plus a well located heated garage spot included. Close to train, buses dining and shopping. Views of the ball park and a walk to everything neighborhood!

Unit #303: 2 bedrooms, 2 baths, 1500 square feet

• Sold in July 2004 for $377,500
• Currently listed for $435,000 (parking included)
• Assessments of $166 a month
• Taxes of $3,879
• Coldwell Banker has the listing