Crib Chatter

We have already chattered about numerous new construction foreclosures.

Here is another one that is going to foreclosure auction at 4125 N. Oakley in the North Center/Lincoln Square neighborhood.

It is currently on the market. Here’s the listing:

NEW CONSTRUCTION BRICK SFH W/BRICK 2 CAR GAR W/ROOF DECK, GOURMET GRANITE KITCHEN FEATURING THERMADOR/BOSCH/DACOR STS W/BUTLERS PANTRY/BEV FRIDGE, BRAZILIAN CHERRY FLOORS AND SOLID CHERRY CEILING IN DINING ROOM

4 FIREPLACES, DECK OFF MASTER SUITE, STEAM SHOWER IN MASTER & LOWER LEVEL BATH, RADIANT HEAT FLRS IN LOW LEVEL, CENTRAL VAC, BEAUTIFUL LARGE FRONT PORCH, IPE DECKING. ALLOW TIME FOR BANK APPROVAL

4125 N. Oakley: 5 bedrooms, 3.5 baths, 2 car garage

• Currently listed for $1.249 million
• Foreclosure auction price of $1,009,500
• Taxes are new – so unknown
• Century 21 Sussex & Reilly has the listing

We’ve chattered about these two condos at 708 W. Barry in Lakeview several times in the last few months.

But some good news: one of them is finally under contract!

Both have been reduced since we last chattered about them in May.

Unit #1R: 2 bedrooms, 2 baths, 1200 square feet

• Sold in November 2005 for $454,500
• Was listed in March 2008 for $489,900 which includes two parking spaces that are NOT tandem
• Was still listed in May 2008 for $489,900
• Reduced
• Currently listed for $484,900
• Assessments of $149 a month
• Taxes of $5500  
• Select Properties,  Inc. GMAC Re has the listing

Unit #4F– the one with the private rooftop deck- is under contract.

Unit #4F: 2 bedrooms, 2 baths

• Sold in September 2005 for $494,000
• Was listed in March 2008 at $499,900 (parking included)
• Reduced
• Was listed in May 2008 for $489,900
• Reduced
• Currently listed for $476,900 (parking included)
• Under Contract
• Assessments of $190 a month 
• Taxes of $7,357
• @Properties has the listing 

We’ve chattered about several one bedroom condos where the owners were trying to sell in only a year. But what about a bigger, more expensive unit?

3816 N. Fremont was a conversion of an older graystone in Lakeview in 2007. This 3-bedroom duplex sold in June 2007 and came back on the market in February 2008.

The property has had several price reductions since.

Unit #1: 3 bedrooms, 3 baths

• Sold in June 2007 for $717,500
• Originally listed in February 2008 for $775,000
• Reduced several times
• Currently listed for $738,900 (parking included)
• Assessments of $154 a month
• No taxes yet (new construction)
• Coldwell Banker has the listing

Not all of the buildings along north Lake Shore Drive are the big vintage apartments and co-op buildings.

Take this 3-unit boutique building at 3726 N. Lake Shore Drive in Lakeview. It was built in 1920.

Unit #2 is on the market, apparently, for the first time in 88 years. From the listing:

Spectacular opportunity for large home on one floor. Original owner/estate sale. Huge yard, basketball court, garage parking for 2+ cars and elevator. Extraordinary original details. Oval dining room, bay facing lake, original moldings.

View of lake, park, permanent, unobstructed view in small three unit building.

Absolutely beautiful space, needs to be restored to match grand era. Huge rooms, huge potential. Bring your architect or designer, there is nothing else like this!

With all the other million dollar units out there, who’s willing to take on this rehab?

The room sizes are enormous. They just don’t build them like this anymore:

• Living Room: 36 x 18
• Dining Room: 25 x 18
• Kitchen: 25 x 14
• Family Room: 17 x 10
• Bedroom #1: 18 x 18
• Bedroom #2: 13 x 17
• Bedroom #3: 16 x 14
• Bedroom #4: 14 x 19

Unit #2: 5 bedrooms, 3 baths, no square footage provided

• What did it sell for in 1920?  There is no information in the public records
• Currently listed for $1.85 million (parking included)
• Assessments of $1222 a month
• Taxes of $7,173
• Rubloff has the listing

In March 2008 we chattered about this 6-unit art-deco building at 143 W. Burton in River North/Old Town with two units on the market.

Neither one had been “upgraded” (i.e. no granite or stainless steel in the kitchens.)

Both were one bedroom units.

The units are still on the market. One has had a price increase. The other one has been reduced by $19,900.

Unit #2S used to have the parking included in the price. Now, the parking is sold separately and the price has been raised.

Unit #2S: 1 bedroom, 1 bath, 800 square feet

• Sold in November 2001 for $194,500
• Sold in August 2002 for $214,000
• Was listed in March 2008 at $260,000 (included the parking)
• Increased!
• Currently listed for $265,000 (parking is $20k extra)
• Assessment of $210 a month (special is paid)
• Taxes of $3,298
• No Central Air
• Berg Properties has the listing

The other seller appears to be more motivated.

Unit #3S: 1 bedroom, 1 bath, 800 square feet, penthouse unit with skylight

• Sold in June 2004 for $233,000
• Was listed in March 2008 at $249,900 plus 29k for parking
• Reduced 
• Now listed for $230,000 plus $29k for parking
• Assessments of $210 a month
• Taxes of $3,406
• No central air
• $2000 closing credit to buyer
• Stellar Properties Inc. has the listing

By the way, these are the exact same interior and exterior pictures that were available 5 months ago.

How long will developers wait to sell their units?

Apparently years.

224 W. St. Paul in Old Town is a conversion of a historic three flat and coach house. Two out of the four units have sold.

The first floor unit, which is a three bedroom duplex down, has been on the market nearly two years. So has the coach house.

The duplex unit has never had a price reduction.

Is this developer just waiting for the “right” buyer?

All three of the bedrooms, I believe, are in the duplex down part of the unit. But it has a gorgeous vintage stained glass window in the small living room (which is 14 x 11).

Here’s the listing:

TOTAL GUT 1ST FLOOR DUPLEX 3BR’S, 2 1/2 BATHS, FAMILY ROOM, LOADS OF CLOSET SPACE, LIVING ROOM W/ ORIGINAL STAINGLASS WINDOWS, POCKET DOORS, HARDWOOD FLOOR WITH INLAID BORDER, GAS FIREPLACE WITH ORIGINAL TILES.

ALL NEW PLUMBING, ELECTRIC STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, 42 NATURAL CHERRY WOOD CABINETRS, ISLAND, THERMO PANE MARVIN WINDOWS, CROWN MOLDING, W/D, INDIVIDUAL HEAT & A/C.

Unit#1: 3 bedrooms, 2.5 baths, no square footage given

• Originally listed in February 2006 for $699,000
• Currently listed for $699,000
• No parking
• Assessments of $298 a month
• No tax info yet
• Sudler Sotheby’s has the listing

We chattered in March 2008 about Unit #2002 in 330 S. Michigan in the Loop with its unique skylights in the livingroom.

It is still on the market and has had some renovations done and furniture re-arranged.

It has also been reduced by $14,010.

Do new stainless steel appliances and granite countertops matter?

BEFORE

AFTER

LIVING ROOM BEFORE

 LIVING ROOM AFTER

Unit #2002: 2 bedrooms, 2 baths, 1500 square feet

• Sold in April 2000 for $290,000
• Was listed in March 2008 for $499,000 plus $45,000 for parking
• Reduced
• Now listed for $484,990 plus $45k for the parking
• Duel skylights in the living/dining area
• Full-sized washer dryer in its own laundry room area
• Assessments of $650 a month
• Taxes of $4,827
• Keller Williams- River North Office has the listing

There are a lot of 1970s buildings in Lincoln Park. 601 W. Dickens is one of them.

Built in 1973, the 2-bedroom duplex has been renovated.

Does that make you forget the lower ceilings?

Here’s the listing:

BEAUTIFULLY RENOVATED DUPLEX UP RIGHT ON OZ PARK! FLOOR TO CEILING WINDOWS IN EVERY ROOM; KITCHEN WITH CHERRY CABINETS GRANITE, STAINLESS APPLIANCES, GLASS BACKSPLASH; ALL MARBLE BATHROOMS; REFINISHED HARDWOOD FLOORS AND NEW CARPETING.

LARGE BALCONY OFF THE LIVING ROOM AND A PRIVATE LANDSCAPPED YARD. PARKING INCLUDED IN THE PRICE

Unit #A2: 2 bedrooms, 2.5 baths, no square footage given

• Sold in October 2004 for $390,000
• Sold in January 2007 for $412,500
• Currently listed for $499,999 (parking included)
• Assessments of $140 a month
• Taxes of $5611
• Central Air
• @Properties has the listing

Rooftop terraces are nice, but there’s something about a covered porch that is cozy.

This 3 bedroom unit at 847 W. Bradley in Lakeview has one of those- in a gorgeous full length front porch.

The unit is in the hard-to-sell $600,000 to $700,000 price range though.

Unit #2F: 3 bedrooms,  2.5 baths

• Sold in August 2003 for $570,000
• Sold in April 2006 for $638,000
• Originally listed in February 2008 for $683,000
• Reduced
• Currently listed for $647,500 (parking included)
• Assessments of $220 a month
• Taxes of $7733
• Central air
• The third bedroom has been turned into a family room
• Rubloff has the listing (click on the link to see more pictures of the great porch)

Want to walk to work?

You can get a one bedroom plus den at the Gotham Lofts, at 420 S. Clinton, in the loop for under $250,000– including the parking.

The Gotham Lofts is a brick and timber loft complex converted in the late 1990s which includes 420 S. Clinton and 417 S. Jefferson.

Is this a deal?

The “den” is 9 x 8. The bedroom is 12 x 11.

Unit #617: 1 bedroom plus den, 1 bath, no square footage given

• Sold in July 2003 for $226,000
• Sold in May 2007 for $277,000
• Originally listed for $289,000
• Reduced
• Now $249,000 (includes the parking)
• Assessments of $315 a month
• Taxes of $1908
• Central Air
• Washer/dryer in the unit
• Top floor
• Century 21 Sussex & Reilly has the listing