Crib Chatter

This one bedroom loft, Unit #107, at the Locomobile Lofts at 2000 S. Michigan in Motor Row in the South Loop, just went to foreclosure auction. (We just chattered about a big penthouse unit in this same building last week.)

This is the first time I’ve seen the listing agent tell it like it is. This unit has already gone to foreclosure auction but apparently no one purchased it so it will revert back to the bank:

DID YOU MISS THE AUCTION LAST WEEK? WELL YOU STILL HAVE TIME TO MAKE AN OFFER.. ALL OFFERS SUBJECT TO LENDERS APPROVAL SELLER WILL NOT PROVIDE SURVEY, TERMITE, OR VILLAGE INSPECTION; THESE ITEMS MUST BE CROSS OFF THE CONTRACT.

TAXES PRORATED AT 100%. PROPERTY SOLD ‘AS IS’. 203K AND CONSTRUCTION LOANS FOR FIRST-TIME HOME BUYERS AND INVESTORS ARE AVAILABLE THROUGH JAMES HARRIS @ WELLS FARGO HOME MOR…

Question is: is this a “deal” at this price? Why not simply wait for the bank to re-list it at possibly a lower price?

There are no interior pictures for this unit- but it’s a large 1280 square foot one bedroom.

Unit #107: 1 bedroom, 2 bath, 1280 square feet, 1 car parking (not sure if it’s included)

• Sold in September 2005 for $306,000
• Sold in February 2007 for $385,000
• Foreclosure auction price of $384,808
• Currently listed as “as is” for $320,000
• Assessments of $251 a month
• Prudential Partners Re has the listing

Unit #104, also currently on the market, has the same square footage but two bedrooms (instead of one.) It has 22 foot ceiling.

Here’s a few pictures from Unit #104, which is listed at $334,900 plus $30k for parking:

Koenig & Strey has the listing for Unit #104.

The housing boom has rejuvenated the Boulevard System around the city.

The Logan Square area was originally part of the Boulevard system. From the Logan Square Preservation Society:

In 1985, Logan Square Preservation convinced the U.S. Department of the Interior to designate the best-preserved 2 1/2 mile segment of the original boulevard system in Logan Square as the “Logan Square Boulevards Historic District.” This national registry landmark designation was the first step in preserving the grand boulevard system of Chicago.

This house at 2954 W. Logan Boulevard, which was built in 1905, is a wonderful example of preserved architecture from that era.

2954 W. Logan Boulevard: 6 full bedrooms, 4 baths, 2 half baths, 8000 square feet, 3 car garage

• I couldn’t find a prior sales price
• Currently listed for $1.899 million
• Taxes of $9,956
• @Properties has the listing

I chattered about the Chess Lofts, at 320 E. 21st in the South Loop, a few months ago.  It is a brick and concrete loft building that was converted in 2007. The developer is still trying to sell units in the building and is offering “multiple incentives.”

Current building stats:

• 8 for sale
• 6 for rent

Unit #409 is a two bedroom that just came on the market. The listing says, “all offers considered.”

Sorry- there are no interior pictures available.

Unit #409: 2 bedrooms, 2 baths

• Sold in January 2008 for $260,500
• Currently listed for $309,700 plus $35k for parking
• Assessments of $197 a month
• Bedroom sizes are: 12 x 10 and 9 x 8
• Charles Rutenberg Realty has the listing

Renting out the units still seems to be a popular option for investor/flippers in the building.

Unit #304 is a two bedroom that is available to rent.

It’s been on the market as a rental for nearly 4 months.

• Sold in December 2007 for $325,000
• Currently available to rent for $2000 a month plus $150 for parking
• The bedrooms are: 14 x 11 and 10 x 11
• Chicago Real Estate Finders has the listing

This is a picture of Unit #210 that was for rent a few months ago so you can get a better idea of the original loft features that were preserved in these units:

What market downturn?

Crain’s is reporting that a North Shore developer has a tentative agreement to purchase land in Centrum’s Cityfront Plaza development for a possible 50-story hotel/condo high rise.

From Crain’s:

David Hovey, president of Glencoe-based Optima Inc., has a tentative deal to buy a site just north of NBC Tower, 455 N. Cityfront Plaza Drive, from a joint venture that includes Chicago developer Centrum Properties Inc., people familiar with the deal say. The exact purchase price could not be determined, but is between $45 million and $50 million, surprisingly strong given the fierce decline in the downtown market for new, high-priced condos.

The developer’s current projects are in the suburbs and include Optima Old Orchard Woods and a 28-story highrise in Evanston.

Reflecting the rest of the downtown market, sales have been slow in the second tower of the Cityfront Plaza development:

Mr. Hovey’s Streeterville tower would be the third phase of a three-stage high-rise development called Cityfront Plaza that stretches from St. Clair Street to Fairbanks Court along Illinois Street.

The first phase is a 31-story condo building at the corner of Fairbanks and Illinois, which Centrum completed last fall. About 90% of the building’s 281 units have been sold.

Condo sales have gone more slowly for Centrum’s second phase, a 41-story building proposed for the corner of St. Clair and Illinois. About 40% of the proposed 253 units in that building are said to be under contract.

According to the article, they are already in talks with luxury hotel companies about a partnership.

Stay tuned.

North Shore developer eyes Streeterville tower [Crain’s]

It wasn’t just condos that soared in price the last few years. All over the city, single family home prices sometimes doubled, tripled, or more.

Question is: what is the “true” market for single family homes now that the market is correcting?

Take 1717 W. Granville in Edgewater.

It’s a 4 bedroom, 1.5 bath house with a two car garage.

Here’s its history:

• Originally listed for sale in August 2005 for $525,000
• Reduced to $450,000
• Sold in December 2005 for $392,500
• Sold again in October 2006 for $475,000
• Foreclosure
• Now bank-owned
• Listed in November 2007 for $374,900
• Reduced multiple times
• Finally lowered to $239,900
• Just went under contract

I don’t have pictures of the interior. Here is the listing:

4 BEDROOM FRAME 2 STORY. BANK OWNED-SOLD AS IS! EARNEST MONEY-CERTIFIED FUNDS ONLY! NO SURVEY OR TERMITE PROVIDED BY THE SELLER. PRESENT PRE-QUAL LTR OR PROOF OF FUNDS WITH OFFER.

Maybe this house needs some TLC but is the low $200,000s going to be the going rate for houses in this neighborhood?

The Jackson Park Highlands Historic District is a collection of historic homes on several blocks on the South Side, just south of Hyde Park near the lakefront and the Museum of Science and Industry, that was first laid out in 1905.

The homes are all of varying styles with an alley system that provides garages.  Here are a few homes in the neighborhood that are currently on the market:

6817 S. Creiger built in 1922. Currently listed for $669,900. Rubloff has the listing:

6722 S. Constance. Currently listed for $695,000. Urban Search Realty has the listing:

6754 S. Euclid built in 1922. Currently listed for $785,000. Century 21 Kennedy Ryan, et al. has the listing:

6916 S. Bennett is also on the market. It’s a classic brick home built in 1913.

6916 S. Bennett: 6 bedrooms, 3 full baths, 2 half baths, 2 car garage

• Sold in May 2005 for $350,000
• Currently listed at $765,000
• Taxes of $7,311
• Koenig & Strey has the listing

Why are investors who intend to flip their units closing on them in the new construction condo towers? Only they know.

But it wouldn’t seem to make financial sense.

Take these two units on the market in the new Streeterville highrise, ParkView at 505 N. McClurg. Closings just started in the building. It was only about 75% sold by the developer.

Current stats on the building on the MLS (there may be more for sale from the developer than are listed):

• 36 for sale
• 13 for rent

Some may be both for rent and for sale.

These two sellers would be lucky to break even- and that’s IF they sell quickly.  If the market time drags out (as we’ve seen in other new construction buildings) the loss could be quite large.

Unit #2102: 2 bedrooms,  2 baths, 1464 square feet

• Sold in May 2008 for $795,500 (included the parking)
• Currently listed for $799,900 (parking is $60k)
• Assessments of $640 a month
• Virginia Properties has the listing

Want a two bedroom around $500,000? This one could be for you. The developer is currently selling 950 square feet one bedrooms in the building for $519,000 (plus parking).

Unit #601: 2 bedrooms, 2 baths, 1196 square feet

• Sold in May 2008 for $517,000
• Currently listed for $499,000 plus $60k for parking
• Assessments of $413 a month
• Urbanspan, LLC has the listing

A lot of people are eager to get into the latest new building in River North or Streeterville.  But what about the buildings that were built in the last decade?

Some of them are in great locations right near the Mag Mile, restaurants and clubs.

630 N. State is one of them. The 27-story building was built in 2000 and has 178 units. 

There are currently only five units on the market.

Unit #1008 is a two bedroom that includes the parking for under $500k. According to the older sales in the building, it would be around 2005/2006 pricing.

Unit #1008: 2 bedrooms, 2 baths, 1365 square feet

• Sold in July 2002 for $350,000
• Currently listed for $469,000 (parking included)
• Assessments of $787 a month
• Rubloff has the listing

Unit #1108, which is the same square footage and layout, sold for $456,500 in December 2005.

Is this a deal for the location?

There is no larger collection of historic rowhouses in Chicago than that in the Pullman neighborhood.

11310 S. Champlain was built in 1883 and, according to the listing, was the former home of Pullman Strike Organizer Jennie Curtis.

The kitchen has been remodeled. Garages can be added in the backyard (there is an alley system in the neighorhood.) There’s no square footage listed but this style rowhouse usually runs around 1100 square feet in the neighborhood.  Here are the bedroom sizes:

• Bedroom #1: 15 x 13
• Bedroom #2: 10 x 7
• Bedroom #3: 10 x 7

11310 S. Champlain: 3 bedrooms, 1.5 baths

• I couldn’t find a prior sales price (but rowhouses on the block have sold anywhere from $54,500 to $160,000 in the past eight years.)
• Currently listed for $167,000
• Taxes of $1,730
• No central air- window units?
• @Properties has the listing

Want a three bedroom unit in River North for under $500,000?

Look no further than Huron Pointe at  421 W. Huron. Built in 2001, it has 99 units.

Three three bedrooms, or two bedrooms with den if you prefer, are on the market for under $500,000.

Unit #1201 just went to foreclosure auction but the seller was eager to sell:

DEAL OR NO DEAL. THIS HOME WILL BE SOLD. WONDERFUL SPACIOUS FLOOR PLAN, MASTER BATH STEAM SHOWERS, STEEPING TUB, MAPLE CABINETRY, GRANITE COUNTERS, CUSTOM CLOSETS. TWO ADJACENT PRIME PARKING SPACES INCLUDED.

Unit #1201: 3 bedrooms, 2 baths, 1499 square feet, 2 car tandem parking

• Sold in January 2007 for $525,000
• Currently listed for $469,000 (includes the parking)
• Foreclosure auction price of $458,711
• Assessments of $766 a month (includes heat, air and parking assessment)
• Sudler Sotheby’s has the listing

The other two are the same layout.

Unit #901: 2 bedrooms, 2 baths, den, 1500 square feet

• Sold in September 2001 for $509,500
• Currently listed for $489,000 (tandem parking included)
• Assessments of $753 a month
• OR you can rent it for $4000 a month (parking included)
• Koenig & Strey has the listing

Unit #1501: 2 bedrooms, 2 baths, den

• I couldn’t find an original sales price
• Currently listed for $469,900 plus $30k for parking
• Assessments of $722 a month
• @Properties has the listing