Crib Chatter

We last chattered about Catalpa Gardens, at 1122 W. Catalpa in Edgewater, in December 2007.

Current stats for the building  (out of 126 units):

• 58 for sale
• 1 for rent

Most of those for sale are still from the developer. How do you flip in a building that is barely 50% sold?

Unit #413: 2 bedroom, 2 bath, 1070 square feet

• Sold in November 2007 for $325,997
• Was listed in December 2007 for $369,000 (parking extra)
• Reduced
• Currently listed for $359,000
• W/D in the unit
• Kim Jones at Baird and Warner has the listing

What happens when you have to sell in under a year during a slow market?

A seller in 2708 N. Halsted on the Lincoln Park/Lakeview border is about to find out. The eight unit building was completed in 2007.

Unit #2S: 3 bedrooms, 2 baths, 1900 square feet

• Sold in August 2007 for $640,000
• Currently listed for $699,500 (parking included)
• 960 square foot deck
• Diningroom
• Assessments of $118 a month
• Sudler Sotheby’s has the listing

I last chattered about Trump Tower in February, when the sales center was touting the first successful flip of a recently closed hotel/condo unit on the 21st floor. From the Sun-Times:

The sale “shows that there’s a resale market, and that’s good news,” said Tere Proctor, who is sales associate for Koenig & Strey GMAC Real Estate and directs Trump’s sales. She said the sellers “did quite well” on the unit, but wouldn’t get into specifics.

The flipped unit was Unit #2110:

• Closed on Feb 22, 2008 for $438,000
• Closed on Feb 28,  2008 for $890,000

Clearly, the seller already had a buyer lined up before the original closing.

I haven’t found any other successful flips in the building (but if anyone knows of any- please send me the info.)

But that doesn’t mean other flippers aren’t trying to sell. And they seem to be hoping for massive profit.

Unit #2430: 675 square feet hotel room

• Sold in March 2008 for $540,000
• Currently listed for $899,500
• Assessments of $1213 a month
• Coldwell Banker has the listing

Unit #2322: 1 bedroom, 2 baths, kitchen, 1200 square feet

• Sold in March 2008 for $687,000
• Currently listed for $1.15 million plus $80k for the furniture
• Assessments of $1541 a month
• Koenig & Strey has the listing

I don’t believe there is any parking with these units. It’s available daily in the building however.

Who said that speculation is dead in the Chicago real estate market?

According to Crain’s, the Chicago Spire in Streeterville is offering a special “investor package” that guarantees to rent out your unit at a 7.5% rate of return for two years.

Sound familiar to some, um, other buildings we’ve chattered about?

From Crain’s:

About 400 of the smallest units are being sold with a promise by Shelbourne to pay buyers 7.5% of their purchase price for two years and then rent out the units. The offer “is of sufficient level to cover mortgage payments, annual real estate taxes and apartment service charges, ensuring the investor does not incur any costs in the first two years,” according to a May 14 press release issued in South Africa.

The program is intended to bolster sales abroad because Mr. Kelleher believes those buyers have the greatest interest in the smallest condos, which start at $750,000 for a 550-square-foot unit, Mr. Grace says. No buyers have complained about the program, which isn’t uncommon outside the United States, he adds.

“People are seeing this project in a different light,” he says. “This particular detail isn’t fazing anyone at all.”

What does this say about sales that they have to offer an “investor package”?

Said one of the Spire’s competitors:

“If we would try to introduce that at our building, oh my god, would our buyers be in an uproar,” says Michael Schramm, a principal with Chicago-based Prism Development Co., which is building the Ritz-Carlton Residences at 664 N. Michigan Ave. “They just wouldn’t accept it.”

How much do you like modern?

This single family home at 2820 N. Paulina in West Lakeview is not only modern on the interior with a sleek kitchen and baths, it comes equipped with heated sidewalks!

Here’s the listing:

CONTEMPORARY LUXURY, THE DIFFERENCE IS IN THE DETAIL, ALL YOU CAN DREAM OF, HOME AUTOMATION, TOUCH PANELS, BAMBOO FLOORING, WOLF APPL.,FIRE SPRINKLERS, GLASS/STAILNLESS RAILINGS, BAMBOO STAIRS, GLASS TILES,CENTRAL VACUM,LUTRON RADIORA,HEATED FLOORS EVERYWHERE

FORCED AIR HEAT+RADIANT HEAT, HEATED SIDEWALKS,4 DECKS,3EXTERIOR+16HIDDEN CAMERAS PREW.,SAUNA,MUST SEE!!! CC 2.7

“16 hidden cameras”???

2820 N. Paulina: 5 bedrooms, 5.5 baths, 5000 square feet, 2 car garage

• It was built in 2006-2007- and it doesn’t appear that it has ever sold
• Currently listed at $2.275 million
• Taxes are listed at $1,697 but that was from the prior property before it was torn down
• Lencorp Realty Inc. has the listing (this link should be correct)

We last chattered about 1414 N. Wells in Old Town in January 2008. The prices have been trending sharply higher in the building as Wells Street became “hot”. The units are large, have outdoor space and the building has garage parking.

Only one unit has sold in the building in 2008, Unit #501, which closed in May 2008 for $683,000.

There are three units currently for sale in the building priced from $555,000 to $649,900.

Unit #311 is still on the market and has been reduced.

Unit #311: 2 bedroom, 2 baths, 1400 square feet

• Sold in May 2003 for $485,000
• Was listed in January 2008 for $680,000 (included the parking)
• Reduced
• Was listed in June 2008 for $649,900 (includes the parking)
• Reduced
• Currently listed for $629,000 (includes the parking)
• Assessments of $398 a month
• City Point Realty LLC has the listing 

There is a 3200 square foot loft for sale at 1020 S. Wabash in the South Loop. Technically, it is a three bedroom “which is opened up to a massive 1 BR”.

Does a 3200 square foot one bedroom sound like the ultimate in loft living?

Unit #7E-F: 3 bedrooms, 2.5 baths, (but walls removed so that it’s a one bedroom), 3200 square feet, 12 foot ceilings

• I couldn’t find an original sales price- somewhere around $500,000 (?) in 2000
• Was listed in fall of 2007 for $899,000
• Listing withdrawn
• Listed in April 2008 for $875,000
• Reduced
• Currently listed at $799,000 plus $40k for parking
• Assessments of $756 a month
• Sudler Sotheby’s has the listing

The Illinois Association of Realtors have released May sales numbers for the state and the nine county Chicagoland area. From the Tribune:

In the nine-county Chicago area, home and condominium sales were down 29 percent to 6,095 in May compared to a year ago. Prices were fairly stable dipping just 0.5 percent to $251,000. Between April and May, home sales were up 13.7 percent.

Statewide, home sales were down 22.9% from May 2007. Median price dropped 7.3% to $190,000.

“The Illinois housing market showed some positive signs of stabilizing in May with a sizeable jump in sales from the previous month and the fourth consecutive month-to-month increase,” said Kay Wirth, president of the Illinois Association of Realtors.

The report did NOT include Chicago specific sales numbers. Stay tuned for those.

There are some buildings that have the best of all worlds: both park and lake views.

1550 N. Lake Shore Drive, in the Gold Coast, is one of those buildings.  Some of the units have both Lincoln Park AND lake views.

And all for a relatively affordable price.

1550 N. Lake Shore Drive was built in 1960, so it has 1960s features. There is NO central air (window units only.) Heat is gas. I only saw washer/dryers in some of the big three bedroom units.

Parking is valet- but in the building.

But what do you care- when you have the view?

Unit #8C is the most expensive one bedroom currently on the market. It has been renovated. Some of the less expensive one bedrooms have not. Here are the room sizes:

• Livingroom: 21 x 18
• Bedroom: 15 x 15
• Kitchen: 10 x 7

Unit #8C: 1 bedroom, 1 bath, no square footage given

• Sold in November 2003 for $240,500
• Currently listed for $349,000 (valet parking available for a fee)
• Assessments of $560 a month (includes heat and cable)
• 24-Hour doorman
• Baird & Warner has the listing

There are three other one bedrooms available priced from $259,900 to $279,000.

Remember the Gold Coast coach house at 1234 North Dearborn that was in foreclosure that we chattered about in early May?

It’s still on the market and recently had a $13,000 price reduction.

Another unit in the condo association has also come on the market- in the building in front of the coach house.

How will the foreclosure on the coach house unit affect the sale of the other unit? Or will it? We’ll soon find out.

Unit #3F: 3 bedrooms, 2.5 baths, 1950 square feet

• Sold in October 2005 for $720,000
• Currently listed for $839,000 (tandem parking available down the street for $45,000)
• Assessments of $424 a month
• Koenig & Strey has the listing

The interiors look the same for the coach house:

1234 N. Dearborn #CH: 2 bedrooms, 2.5 baths

• Sold in June 2000 for $395,000
• Was listed in May 2008 for $450,000
• Reduced
• Currently listed for $437,000
• Assessments of $335 a month
• Area Wide Realty has the listing