Crib Chatter

We’ve chattered about this penthouse unit at 201 W. Grand in River North several times now- the last time in April 2008.

Back then, we all marveled at how cool the unit was with its one-of-a-kind Japanese gardens and how you couldn’t really put a price tag on something so unique.

The unit is still for sale and has been reduced by $400,000 since its original listing last fall.

Here’s the listing again:

SPECTACULAR RIVER NORTH PENTHOUSE IS A VISUAL LANDMARK- 6000SF OF CONTEMPORARY INDOOR/OUTDOOR LIVING, 360* VWS OF THE CITY, FLR TO CEILING WINDOWS, 20FT CEILINGS.

THE 2 BR, 2 1/2 BTH SKYHOME IS A TRANQUIL RETREAT WITHOUT THE INTRUSION OF DOORMEN OR BLDG AMENITIES. THIS ONE-OF-A-KIND PROPERTY FEATS 3000SF JAPANESE TERRACE W/PONDS, FOUNTAINS & 12FT BONSAI TREES, 2 DEEDED PRKG SPC’S INCLD.

Unit PH2: 2 bedrooms, 2.5 baths, 3000 square feet, 2 parking spaces included, 3000 square foot terrace

• Sold in April 2004 for $1,700,000
• Was listed in September 2007 for $3.95 million
• Withdrawn from the market 
• Was listed in April 2008 for $3.79 million (2 parking spaces still included)
• Reduced
• Now listed for $3.59 million (2 parking spaces still included)
• Assessments of $1900 a month
• Taxes of $24,771
• Koenig & Strey still has the listing

Despite the recent housing boom, do some Chicago neighborhoods still offer opportunities?

Back of the Yards is a neighborhood on the Southwest Side near Bridgeport and McKinley Park. These lofts at 4807 S. Ashland are in an old department store that was converted in 2005.

Will artists, writers and other creative types do for Back of the Yards what they’ve done for other neighborhoods such as Wicker Park and Bucktown? 

Unit #201: 2240 square feet, 2 bathrooms

• Sold in April 2005 for $219,500
• Currently listed for $224,900 (parking included)
• Assessments of $307 a month
• Rising Realty LLC has the listing

Unit #402: 2 bedrooms, 1 bath, 1800 square feet, roof rights

• Sold in May 2005 for $241,000
• Currently listed for $265,000  (parking included)
• Assessments of $312 a month
• Dream Town Realty has the listing

55 E. Erie is a very successful luxury high rise in River North. Built in 2005, it has 214 units.

In a market where luxury sales have stalled, three units priced over $3 million have sold in 2008 alone.

But you don’t have to have millions to live in the building. No- you can simply buy, or rent, one of  the larger one bedroom condos.

Take Unit #2206. It is both for sale and available to rent.

Which is the better deal?

(These are the only interior pics available.)

Unit #2206: 1 bedroom, 1 bath, 1060 square feet

• Sold in February 2004 for $414,500
• Currently listed for $525,000 (parking about $40k to $50k extra)
• Assessments of $446 a month
• Taxes of $7,900
• 8 x 10 balcony
• Gold Coast Realty has the listing

Here’s the listing for the rental:

BEAUTIFUL 1 BEDROOM, 1.1 BATH CONDO IN PRESTIGIOUS FULL AMENITY BUILDING. VIEW TRUMP TOWER AND THE CITY FROM YOUR TERRACE. UNIT FEATURES HARDWOOD FLOORS, WALK-IN CLOSET AND CHARMING FIREPLACE. UPGRADED KITCHEN INCLUDES GRANITE COUNTERS, 42 INCH CABINETS. MARBLE MASTER BATH WITH RAISED DOUBLE VANITY. ENJOY STEAM, SAUNA, FITNESS ROOM, LAP POOL. WALK TO WORK, MICHIGAN AVE. PARKING ADDITIONAL.

Unit #2206: 1 bedroom, 1.5 baths, 1060 square feet

• For rent at $2500 a month
• Parking extra (probably $200 or $250 a month)
• Gold Coast Realty has the listing

Rent or Own?

We’ve chattered about The Bristol, at 57 E. Delaware, in the Gold Coast before. Some units in the building have had problems re-selling in the last few years because of the construction of a high rise directly to the south of the building on Chestnut that blocked views.

Current stats on the building (out of 180 units):

• 13 for sale
• 5 for rent
• 5 units have sold so far in 2008

A one bedroom unit that is currently on the market had a lis pendens filed against it in June.

Here’s the listing:

ONE-BEDROOM INCLUDING AND A PRIME PARKING SPACE WITHIN THE BUILDING. STUNNING VIEWS, SUPERB UPGRADES WITH AN OPEN KITCHEN, HARDWOOD FLOORS, LOTS OF CLOSETS, WASHER/DRYER, MASTER BATH, WITH SOAK TUB & SEPARATE SHOWER. BLINDS AT ALL WINDOWS. VERY EASY TO SHOW THIS MODEL UNIT WHICH IS SELDOM LIVED IN. BEYOND ELEGANCE AND LUXURY!

Unit #2001: 1 bedroom, 2 baths, 1135 square feet

• Sold in May 2000 for $383,500
• Sold in May 2001 for $383,500
• Sold in January 2006 for $370,000
• Currently listed for $505,000 (parking included)
• Lis pendens filed on June 18, 2008 by Deutsche Bank
• Assessments of $633 a month
• Taxes of $5,000
• Baird & Warner has the listing

There are several “01” tier units on the market, including #3001, #2601, and #1701.

These units all have 1.5 baths, instead of the two full baths that are in Unit #2001.

Here are some pictures from Unit #3001, currently on the market, to give you an idea of the size.

Unit #3001: 1 bedroom, 1.5 baths, 1135 square feet

• Sold in December 2000 for $440,000
• Sold in January 2006 for $425,000
• Currently listed for $499,900 (parking extra)
• Assessments of $723 a month
• Taxes of $5,378
• Prudential Preferred has the listing

There are some lovely vintage properties in the Edgewater and Andersonville neighborhoods.

5812 N. Magnolia in the Magnolia Glen neighborhood of Edgewater is one of those properties.

It was built in 1912, has a dining room and a sunroom, as well as parking and outdoor space.

I doubt we’ll be talking about how long this unit stayed on the market because it is under contract after only 30 days on the market.

Some properties are obviously still selling quickly. 

Unit #2: 3 bedrooms, 1.5 baths, dining room,  sun room, 1550 square feet

• I couldn’t find a prior sales price- but it looks like the building was converted in 2005
• Currently listed for $429,900 (parking included)
• Assessments of $145 a month
• Taxes of $3970
• Central air
• @Properties has the listing

We chattered about a foreclosure in 1735 W. Diversey in Lincoln Park in November 2007.

The foreclosure was a two bedroom, two bath penthouse unit.

Unit #608: 2 bedrooms, 2 baths

• Sold in October 2000 for $206,500
• Sold in May 2003 for $314,900
• Foreclosure auction price of $504,725 in November 2007
• Has not yet come back on the market

We also chattered about another penthouse unit that was on the market. It had a 90 foot wrap-around deck.

It is still available and has been reduced.

Unit #615: 3 bedrooms, 2 baths, 1715 square feet

• Sold in June 2000 for $368,000
• Sold in April 2002 for $395,000
• Sold in July 2006 for $492,000
• Listed for $530,900 in the fall of 2007
• Reduced
• Listed in November 2007 for $515,900
• Reduced
• Currently listed for $490,000 plus $20,000 for parking
• Taxes of $7215
• Assessments of $490 a month
• Koenig & Strey has the listing

1250 S. Indiana is a 168 unit 2005-constructed building in the South Loop just behind One Museum Park.

It has a good location, for those who want to be near Grant Park and Roosevelt Road’s transportation options.

The building wasn’t built as a “luxury” building. Many of the two bedroom units are on the smaller side (under 1100 square feet.)

Two two bedroom units just came on the market. Unfortunately, neither has pictures of the interior.

Is it back to 2005 pricing for these sellers?

Unit #301: 2 bedrooms, 2 baths, 1069 square feet

• Sold in January 2005 for $294,500
• Flipped
• Sold in August 2005 for $342,500
• Currently listed at $360,000 (includes the parking)
• Assessments of $431 a month
• Taxes of $3988
• Corner unit with east view
• Brand Central Homes has the listing

Unit #606: 2 bedrooms, 2 baths, no square footage listed, split floor plan

• Sold for $304,000 in February 2005
• Currently listed for $355,000 (parking included)
• Assessments of $409 a month
• Taxes of $3750
• East facing
• Charles Rutenberg Realty has the listing

For some pictures of the interiors, check out this 2 bedroom, 1.5 bath unit that is currently on the market. It faces west.

The listing says the “Seller is motivated! Will pay $2000 in closing costs.”

Unit #1308: 2 bedrooms, 1.5 baths, 1069 square feet

• I couldn’t find a prior sales price
• Currently listed at $369,900 (parking included)
• Assessments of $399 a month
• Taxes are $4161
• RDR Realty has the listing

474 N. Lake Shore Drive is a 550-unit building in Streeterville right on Lake Shore Drive with stunning views of the lake and the skyline.

Built in 1991 as an apartment building, it was converted into condos in the last several years. In fact, the developer is still selling units.

The building offers deeded parking (for larger units) and washer/dryers are allowed in the units.

Current stats on the building (out of 550 units):

• 31 for sale
• 17 for rent

Some units may be both for sale AND for rent.

This two bedroom unit is going to foreclosure auction. Here’s the current listing:

BEST VALUE IN 474 N. LAKESHORE, ADJACENT TO THE SPIRE ‘GREAT INVESTMENT’ – PHENOMENAL NE 2BR, 2BA W/UNOBSTRUCTED BREATHTAKING VIEWS OF LAKE MICHIGAN/NAVY PIER/LAKE SHORE DR FULLY UPGRADED CABINETS, GRANITE, WOOD FLRS, IN-UNIT FULL LAUNDRY. FULL AMENITY W/DOORMAN, POOL, GYM, CLEANERS, VALET GARAGE PARKING – 2 SPACES AVAIL @$45KEA. TENANTS REQUIRE 48HOUR NOTICE.

Unit #3105:  2 bedrooms, 2 baths, 1257 square feet

• I can’t find a prior sales price- probably in the low $400,000s
• Currently on the market for $449,900 plus $45k for parking
• Under contract since May 2008
• Lis pendens filed by Wells Fargo on June 24, 2008
• Foreclosure auction price of $348,363
• Assessments of $665 a month
• Taxes are $6313
• @Properties has the listing

474 N. Lake Shore Drive Condominiums [developer’s website]

Here’s an update on a few properties we’ve recently chattered about:

1647 N. Sedgwick in Old Town went under contract within a week of listing in June. But it fell out of contract and is still on the market a month after it was first listed.

Unit #3: 2 bedrooms, 1 bath, dining room, private rooftop deck

• Sold in January 2000 for $220,000
• Currently listed for $419,900 (garage parking included)
• Assessments of $150 a month
• Taxes of $3916
• Sudler Sotheby’s has the listing

1814 N. Lincoln Park West, after six months on the market, finally budged on price- reducing $24,000.

Unit #4: 3 bedrooms, 2 baths, 1 car parking

• Sold in November 2000 for $595,000
• Sold in October 2004 for $710,000
• Was listed in June 2008 for $799,000
• Reduced
• Currently listed at $775,000
• Assessments of $350 a month
• Rubloff still has the listing

The sellers at 229 E. Walton in the Gold Coast who tried FSBO and then switched to an agent (and raised their price) have now reduced $25,100.

Unit #11W: 1 bedroom, 2 baths, 1200 square feet

• Sold in October 2000 for $220,000
• Sold in March 2001 for $235,000
• Sold in August 2005 for $255,000
• Was listed FSBO in early 2008 for $310,000
• Withdrawn FSBO in May 2008 after threatening to list it with an agent for $375,000
• Re-listed with an agent a week later in May 2008 for $375,000
• Reduced
• Currently listed at $349,900
• Assessments of $519 a month
• Koenig & Strey has the listing

We’ve chattered about 2000 N. Lincoln Park West in Lincoln Park several times before.  It is a vintage building on Lincoln Park that was converted into condos in 2004-2005. There were several short sale units in the building.

Now, the foreclosures are beginning and the banks are discounting the properties quite severely.

Three “14” tier one bedroom units are on the market as foreclosures. One is listed 41% below its 2005 purchase price.

The building has no parking, no washer/dryers in the units, and the units don’t have central air.

Some buyers bought the “upgrade” package when purchasing and some did not (as you can see from some pictures below.)

 Unit #1414: 1 bedroom, 1 bath, 950 square feet, (sorry- no interior pictures)

• Sold in January 2005 for $402,500
• Bank owned- reduced 41%
• Currently listed for $238,000
• Taxes of $6,160
• Assessments of $658 a month
• George Vlasis Realty has the listing

Unit #1214 is also on the market.  Here’s the listing:

A RARE OPPORTUNITY- FORCLOSURE IN THE HEART OF LINCOLN PARK BUILT IN 1931, RECENTLY CONVERTED TO CONDOS. UNIT PRICED WELL BELOW MARKET. 950 SQUARE FEET WITH SOUTH AND EAST EXPOSURES. SEPARATE DR WITH BUILT-INS, HIGH CEILINGS, HARDWOOD FLOORS. LOTS OF CLOSETS. GREAT VIEW OF THE CITY, LAKE, PARK AND THE ZOO. BUILDING HAS A ROOF DECK, 24 HR DOORMAN, FITNESS CENTER AND ON-SITE MANAGER. A REAL OPPOR…

Unit #1214: 1 bedroom, 1 bath, 950 square feet

• Sold in March 2005 for $397,500
• Currently listed for $274,000
• Assessments of $648 a month
• Taxes of $6,084
• Re/Max Signature has the listing

Unit #1114: 1 bedroom, 1 bath, 950 square feet

• Sold in March 2005 for $395,000
• Currently listed for $274,000
• Assessments of $645 a month
• Taxes of $6044.98
• Re/Max Signature has the listing