Crib Chatter

We chattered about 850 W. Diversey in Lakeview in April 2008. 

Here’s the info:

Unit #3: 2 bedrooms,  2 baths, 1500 square feet

• Sold in March 2003 for $325,500
• Sold in July 2004 for $355,000
• Was listed for $424,900 (parking included)
• Assessments of $141 a month

It was in the “hot” category of being priced under $450,000 AND it had parking.

Thanks to the tipster who sent me the sales info on this unit.

Unit #3:

• Total days on the market: 142
• Last listed at $424,900
• Closed in April 2008 for $412,000

711 W. Melrose in East Lakeview was converted into condominiums at the peak of the housing boom in 2005.

Four owners are trying to sell their one bedroom units.

Each has a new kitchen and bath, a washer/dryer, central air and a fireplace. Parking is available for $20,000. There’s no square footage given for any of the units.

Can you make any money owning a one bedroom condo, even if you own it for three years in a desireable neighborhood?

Unit #B1: 1 bedroom, 1 bath

• Sold in August 2005 for $242,500 (I don’t know if this price includes the parking)
• Was listed last week for $269,900 (parking $20k extra)
• Reduced
• Currently listed for $254,500
• Assessments of $152 a month
• Sussex & Reilly has the listing

Unit #F1: 1 bedroom, 1 bath

• Sold in August 2005 for $262,500
• Currently listed for $268,500 (parking $20k extra)
• Assessments of $187 a month
• Dream Town Realty has the listing

Unit #D2: 1 bedroom, 1 bath

• Sold in August 2005 for $256,000
• Currently listed for $264,900 (parking $20k extra)
• Assessments of $164 a month
• Baird & Warner has the listing

Unit #B2: 1 bedroom, 1 bath

• Sold in August 2005 for $245,000
• Currently listed for $259,900 (parking $20k extra)
• Assessments of $150 a month
• @Properties has the listing

The last unit to sell in the building was Unit #A2 which closed about a year ago:

• Sold in August 2005 for $273,000
• Sold in July 2007 for $286,000

732 S. Financial, Printers Row Lofts, is a 1906 building that was first converted into apartments in 1996 and then converted into loft condominiums in 2003-2004.

The units are timber with lots of authentic brick. There actually is parking available with this building  (to purchase or to rent.)  And washer/dryers are allowed in the units.

Some have interesting layouts, like this top floor two bedroom, one bath with a spiral staircase that leads to one of the two 18 x 17 bedrooms:

Unit #810: 2 bedroom, 1 bath, 1334 square feet

• Sold in July 2004 for $291,500
• Currently listed for $324,900 (no parking)
• Assessments of $461 a month
• W/D in the unit
• 12-16 foot ceilings
• Baird & Warner has the listing

But several of the units are under distress. There is apparently a special assessment going on with the building (I don’t know what for or how much per unit.)

Here are a few where you might be able to get a “deal”:

Unit #514: 1 bedroom, 1 bath, 1032 square feet

• Sold in April 2004 for $203,000
• Currently listed in “pre-foreclosure” for $230,000
• Listing says “bank will pay special assessment”
• Sorry, no interior pictures available
• Assessments of $367 a month
• Keller Williams Lincoln Park has the listing

Unit #208 also doesn’t have pictures but here is the listing:

SPACIOUS 1 BDRM WITH 2 BATHS; GREAT INVESTMENT PROPERTY; CLOSE TO TRANSPORATION, EXPRESSWAYS, AND RESTAURANTS; MOTIVATED SELLER!!

Unit #208: 1 bedroom, 2 baths, 1053 square feet

• Sold in September 2005 for $255,000
• Was listed for $249,900
• Reduced $60,000
• Currently listed at $189,900
• Assessments of $301 a month
• Jennifer Holmes has the listing

Then there is Unit #804, another unit on the top floor. It doesn’t say it’s a foreclosure or a short-sale in the listing but it is selling for less than it last sold for several years ago (the room sizes are enormous in the listing):

UNIQUE LOFT BEDROOM WITH 15 FOOT CEILING OVERLOOKING FRONT ROOM AND DEN!! BATHROOM EXPANDED FROM 5X7 TO 7X14 WITH SEPERATE SHOWER!!! GREAT SOUTH AND EAST VIEW

Room Sizes:

• Bedroom: 15 x 15
• Livingroom: 32 x 27
• Kitchen: 18 x 12
• Diningroom: 14 x 12

Unit #804: 1 bedroom, 1 bath, 15 foot ceilings

• Sold in May 2004 for $245,000
• Currently listed for $220,000
• Assessments of $500 a month
• New Market Realty, Inc. has the listing

In February 2008, we chattered about two new construction houses on West Charleston in Bucktown where the owners were clearly in distress.

One of them was 2324 W.  Charleston.

That house just went to foreclosure auction. Here’s the history:

2324 W. Charleston: 4 bedrooms, 3.5 baths, 2 car garage

• Original house (teardown) sold for $346,000 in July 2004
• Public records show the house selling in February 2007 for $1.5 million
• Originally listed for $1.7 million in July 2007
• Lowered to $1 million in February 2008
• Currently listed at $1 million
• Foreclosure auction price of $1,037,495

Stay tuned to see what the bank lists it for. 

The house next door that was also in distress in February, 2322 W. Charleston, is also still on the market for $1 million.

33 W. Huron is a 1998 mid-rise building in River North across the street from the Whole Foods. The units usually sell pretty quickly in the building due to their size.

The last sale was in November 2007 but there haven’t been many units listed for sale in the interim period.

Unit #304 is currently on the market. If you’ve been watching River North real estate for awhile, you might remember this unit as it was last on the market in 2005.

It didn’t sell, but was rented out instead. Apparently, the renter is still in the unit. From the listing:

 GORGEOUS 2BR/2BA 1761SF DECORATED CORNER SUITE W/CUSTOM PAINTED WALLS W/WALL FABRICS, GOURMET KIT, GRNT C-TOPS, WIDE PLANK MAPLE FLOORS, WINDOW TREATMENTS, & CUSTOM MIRRORS.

SEP SHOWER WITH WRLPOOL TUB AND DBL SINK STATIONS. HUGE LIV SPACE, SEP FOYER W/MARBLE & FRENCH DOORS. HUGE PRIVATE OPEN TERRACE HTD GAR PKG $50K. TENANTS PAYING $3100/MO TILL FEB 2009.

Does it make sense to become a landlord for the next six months?

You know how I love the New York Times rent versus own calculator. It’s not perfect, but it gives you some perspective.

Unit #304: 2 bedrooms, 2 baths, 1761 square feet

• Sold in March 2003 for $569,000
• Was listed in September 2005 for $624,900
• Reduced
• Was withdrawn from the market at $614,900 in December 2005
• Rented for $3100 a month
• Currently listed for $640,000 (plus $50k for parking)
• Assessments of $478 a month
• Taxes of $7391
• Baird & Warner has the listing

Remember this Crain’s article from late April called “Stuck with Two Mortgages” with several sellers who had multiple mortgages because their properties weren’t selling?

Here’s an update on two of them from the article. To refresh:

Eric Fontaine, 37, and Colleen Borkowski, 28, are eager to begin their new life together in Boston, where Mr. Fontaine relocated last fall to take a product marketing management position with Setra Systems Inc., a manufacturer and designer of pressure measurement instrumentation in suburban Boxborough. The couple is getting married on May 3 in South Bend, Ind., but their dream home is on hold.

That’s because when they moved, each still owned a condo in Chicago.

“My hopes were high, but when the market info started coming in, that started making me a little more skeptical,” says Mr. Fontaine, who placed his 2001 two-bedroom, two-bathroom condo in east Ukrainian Village on the market with Prudential Preferred Properties in September. He dropped his asking price to $359,000 — $30,000 less than the original asking price — and at press time had found a buyer after six months of carrying the mortgage.

His fiancée’s condo, built in 2005 and fully upgraded, is situated among a glut of newer construction in the Lincoln Square neighborhood. Ms. Borkowski put it on the market in November with Keller Williams Lincoln Park and “would love for somebody to like it as much as I did.”

“To know that nobody else wants it is hard,” she says.

Ms. Borkowski, a paralegal with law firm Wilmer Hale’s Boston office, has already lowered the price once, from $375,000 to $369,900.

While the couple debated renting out one of the places, they have no desire to be long-distance landlords.

“The tough part is you can’t really do both,” Mr. Fontaine says. “You have to make a choice. If you do rent it, you can’t sell it. For us, we’d rather just get out from under it.” Plus, Mr. Fontaine doubted rental income would cover either property’s mortgage, property taxes and assessment.

Mr. Fontaine’s unit in Ukranian Village DID sell.

825 N. Marshfield #2:

• Sold in April 2006 for $350,000
• Listed for $389,000
• Reduced
• Listed at $359,000
• Sold in April 2008 for $350,000

Ms Borkowski is having worse luck. Her unit in Lincoln Square is still on the market and has been reduced again.

Here’s the listing:

LINCOLN SQUARE *TOP FLOOR* 2BR/2BA HOME. FANTASTIC LAYOUT W/ SPACIOUS ROOMS & GENEROUS LIGHT. KITCHEN W/STAINLESS APPS, GRANITE COUNTERS & AMPLE MAPLE CABS. LUXURY MASTER SUITE W/ MARBLE BATH, SEP SHOWER, DOUBLE VANITY & WALK-IN CLOSET. STORAGE & IN-UNIT WASHER/DRYER.

2 PRIVATE DECKS PLUS SHARED ROOFTOP W/SKYLINE VIEWS. WALK TO EL, SHOPS & RESTAURANTS. CUSTOM NEUTRAL PAINT THROUGHOUT. A PERFECT HOME!

4917 N. Lincoln #3: 2 bedrooms, 2 baths

• Sold in November 2005 for $361,400
• Originally listed in November 2007 for $375,000
• Reduced
• Listed in April 2008 for $359,900 (parking included?)
• Reduced
• Currently listed at $339,900 (parking included?)
• Assessments of $169 a month
• Keller Williams Lincoln Park has the listing

What would it be like to live in the heart of the North Avenue/Milwaukee/Damen axis?

1713 W. North Avenue is several blocks away from where those streets meet, but close  enough that you can find restaurants and shops nearly right outside your door.

This vintage duplex, originally built in 1890, was converted in 2004 and it DOES have parking included.

The master bedroom is on the top floor, complete with skylights.

Unit #3R: 2 bedrooms, 2 baths,  1180 square feet

• Sold in October 2004 for $330,500
• Currently listed for $359,000 (parking included)
• Assessments of $205 a month
• Central air
• Washer/dryer in the unit
• Dream Town Realty has the listing

The Heritage, at 130 N. Garland, in the Loop near Millennium Park is the building that “started it all” in the Millennium Park neighborhood.

It was The Heritage that made it seem chic to live south of the River. Prices skyrocketed in the building initially, but have since leveled off as other buildings opened nearby.

The east facing units have great views of the lake and the Park, which cannot be obstructed because of the historic designation of  the Cultural Center that is in front of the building on Michigan Avenue.

The west views are also quite dramatic with the city scape, including the Sears Tower and, in some cases, Trump Tower and the Hancock, to the north.

This one bedroom west facing unit just came on the market as a foreclosure. Here’s the listing:

SOLD AS-IS.NO SURVEY OR DISCLOSURES PROVIDED.BUYER RESPONSILE FOR ANY/ALL COMPLIANCES,ESCROWS ETC IF REQUIRED. ALL INITIAL INSPECTIONS INCLUDING SYSTEM TESTS ARE AT BUYERS EXPENSE.

ALL OFFERS MUST HAVE PRE-APPROVAL,AND MINIMUM 3% EARNEST MONEY IN CERTIFIED FUNDS DUE UPON ACCEPTANCE. SELLER TO CONTRIBUTE UP TO $9000 IN BUYERS CLOSING COSTS.

Sorry, no interior pictures yet.

Unit #2410: 1 bedroom, 1.5 bath, 900 square feet

• Sold in April 2005 for $339,500
• Sold in September 2005 for $394,500
• Foreclosure auction in December 2007 for $331,218
• Bank-owned
• Just listed for $329,900 (I believe this includes the parking.)

Another “10” tier unit is currently on the market in the building. This one has pictures. These finishes are pretty standard for the one bedrooms in the building (though some have stainless steel appliances.)

Unit #1410: 1 bedroom, 1.5 baths, 900 square feet

• Currently listed for $389,900 (no parking)
• Assessments of $326 a month
• Blue Property Inc. has the listing

As a comparison:

• Unit #1710 sold in September 2007 for $375,000
• Unit #2710 sold in July 2007 for $365,000.

I don’t believe either sale included parking.

340 On the Park, at 340 E. Randolph, in Lakeshore East, has been one of the more successful new construction high rises for flippers in the last year.

Unlike many other highrises, some flippers have actually flipped their units for decent profit in 340 OTP.

But not all have successfully sold. Many investors opted to rent out their units and wait for the market to recover.

And even in the mighty 340 OTP, the stresses start to show when the market times mount.

Closings began in the building in July 2007. That means some owners will have been holding onto the unit, and paying mortgage and assessments, for nearly a year.

Unit #406, a north facing unit on one of the lowest floors in the building, has been for sale off and on for months.

It originally closed in July 2007.

It has now been reduced nearly 30% and is the cheapest unit for sale in the building.

Unit #406: 1 bedroom, 1.5 baths, 1081 square feet

• Sold in July 2007 for $314,000 (I believe this includes the parking spot)
• Originally listed in October 2007 for $620,000
• Reduced several times over the winter
• Finally listed at $499,000
• Listing withdrawn in January 2008
• (Spent several months not on the market)
• Re-listed in May 2008 at $499,000 (not sure if parking was included in this price)
• Reduced
• Now listed at $449,000 (parking $50k extra)
• Assessments of $285 a month
• Re/Max Exclusive Properties has the listing

Current stats on the building:

• 15 for sale
• 12 for rent (on the MLS)

Some units may be both for sale AND for rent.

Vintage cottages with curb appeal are rare, especially those with two car garages such as this one at 1750 W. Grace which the listing says was built in 1878.

It has four bedrooms but a few are on the smaller side:

• Bedroom #1: 17 x 15
• Bedroom #2: 11 x 10
• Bedroom #3: 9 x 8
• Bedroom #4: 10 x 9

The livingroom is also small, 14 x 11 (and, sorry, no pictures of the livingroom).  The house does have a basement/family room. And, of course, the two car garage.

1750 W. Grace: 4 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in May 2006 for $555,000
• Was listed in May 2008 for $669,900
• Reduced
• Currently listed at $649,900
• Taxes of $8498
• Rubloff has the listing