Crib Chatter

We’ve chattered a lot about Unit #1301 in 600 N. Fairbanks. It is the lowest level three bedroom, two bath.

It has finally gone under contract after six months on the market and numerous price reductions.

Here is the history:

Unit #1301: 3 bedrooms, 2.5 baths, 1746 square feet

• Sold in November 2007 for $805,000
• Originally listed in January 2008 for $929,000 (plus $60k for parking)
• Reduced
• Was listed in March 2008 at $895,000 plus $60k for parking
• Reduced again
• Listed in early April 2008 for $839,000 plus $60k for the parking
• Reduced again
• Listed in early May 2008 at $799,000 plus $60k for parking
• Reduced again
• Currently listed for $789,000 plus $60k for parking
• Now under contract
• Assessments of $585 a month
• Prudential Preferred has the listing

Stay tuned.

There have also been a few other units going under contract in the building, including a 2 bedroom/2 bath. They have not yet closed.

Current stats on the building:

• 37 for sale (with a few under contract)
• 8 for rent

True loft living means living without walls. In the case of 1000 W. Washington, Unit #141, in the West Loop that is true down to one of the bathrooms, which is “open” to the bedroom.

The main living space has 20 foot high ceilings. Here’s the listing:

CUSTOM & PUBLISHED EXTRA-WIDE TIMBER LOFT W/ 20′ CEILINGS, DARK OAK HDWD FLRS, KITCHEN W/EBONIZED CHERRY HANDCRAFTED CABS, 2.25′ LIMESTONE COUNTERS, GE MONOGRAM, COOKTOP/HOOD, SUBZERO, MIELE, PANTRY, GERMAN STEEL RAILINGS, RAISED LIV RM WBFP W/SANDBLASTED MIRROR MANTLE, ARMANI-ESQUE SPA BATHS, 18 LIMESTONE, AXOR/DURAVIT FIXTURES, BODYSPRAYS, RAIN, STANDALONE TUB, FLOAT VANITIES, VESSEL SINKS, FROSTED GLASS.

You don’t have to worry about finding the bathroom in the dark in this bedroom:

Unit #141: 2 bedrooms, family room, 2.5 baths, 3500 square feet

• Sold in June 2006 for $914,000
• Currently listed for $1.1 million (parking is extra)
• Assessments of $1058 a month
• Taxes of $10,400
• Nicholas Colagiovanni at Baird & Warner has the listing

We were just chattering about 1620 S. Michigan in the South Loop.

One of the foreclosure units is back on the market and now owned by the bank. It’s a two bedroom, one bath unit on the third floor- the “terrace” floor.

Parking is included in the price. It is listed 27% less the other 2/1 currently for sale in the building.

Unit #326: 2 bedrooms, 1 bath, 935 square feet

• Sold in November 2006 for $332,000
• Bank-owned
• Currently listed “as-is” for $254,900 – parking included
• Assessments of $354 a month
• Villarreal Real Estate, Inc. has the listing

At least this one still has its kitchen.

Walk around Lakeview on a lovely weekend afternoon and one thing you can’t help but notice is the sheer number of homes for sale- with many being new construction “McMansions.”

Take 1933 W. Barry in West Lakeview. It is brand new construction of over 4200 square feet of luxury. Here’s the listing:

EXQUISITE DESIGN AND DETAILS FEATURED IN THIS 4200SQ FT CUSTOM HOME. BRAZILIAN CHERRY HRDWD FLRS. HIGH CEILINGS, 3 FIREPLACES. KITCHEN W/CUSTOM AMISH HANDMADE CHERRY CABINETS SUBZERO, MIELE & WOLF APPL.GROHE AND KOEHLER FIXTURES!

MASTER BATH W/MARBLE SURROUND SHOWER W/STEAMER.SPACIOUS LOWER LEVEL HAS RADIANT HEAT,WETBAR,STONE FP & ADDITIONL BEDROOM! ENJOY GRILLING ON GARAGE ROOFTOP DECK!THIS HOME …

It has been on the market not just months. Not just a year.  But YEARS.

And empty it sits. Even after a 23% price reduction.

But, again, not to pick on this property, as I can find dozens more just like it all over the North Side. How long will they continue to sit empty? And at what price will some of these finally sell?

1933 W. Barry: 5 bedrooms, 3.5 baths, 4200 square feet, 2 car garage

• Originally listed in July 2006 for $1.485 million
• Reduced to $1.395 million in August 2006
• Stays on the market all of 2007 with several reductions
• Finally reduced to $1.205 million in November 2007
• Currently listed at $1.205 million
• Don’t know the taxes since it’s new construction
• Re/Max 1st Class Realty has the listing

Lots of listings now say “pre-foreclosure” or “foreclosure soon” or “short sale” or “motivated seller” but does that mean the property is really a “deal”?

Check out this listing for 1048 W. Lawrence, Unit #4, in Uptown:

PRE-FORECLOSURE!!! ONE OF UPTOWN’S BEST PRICED 2BD/2BA PH! JUST 2 YRS NEW! INCREDIBLE FINISHES W/ 11′ TRAY CEILINGS! CHERRY KIT. W/ GRANITE, STAINLESS, CUSTOM PENDANT LIGHTS! LUX. MARBLE MASTER BATH W/ CHERRY VANITY, HUGE MARBLE SHOWER

GREAT LIGHT! GREAT DETAILING: TRAY CEILINGS, CROWN MOLDING, 4′ BASEBOARDS, HDWD FLRS THROUGHOUT, CUST. WOOD BLINDS! IN UNIT W/D! 1 BLOCK TO RED LINE, 3 BLOCKS TO LAKEFRONT

You might think this unit is a “deal” because it’s a pre-foreclosure- but is it?

Unit #4: 2 bedrooms, 2 baths, 1300 square feet

• Sold in June 2005 for $310,000
• Currently listed for $309,000 (don’t know if the parking is included)
• Assessments of $174 a month
• @Properties has the listing

East Lakeview seems to rival parts of Lincoln Park as one of the most prestigious addresses in the city.

522 W. Briar #3 is a classic vintage unit with three bedrooms, two baths, and in-unit laundry. Alas, no parking (rental parking nearby) and it doesn’t appear to have central air.

The listing says the kitchen and baths were recently remodeled, with wolf and viking appliances in the kitchen. There’s even a woodburning fireplace.

The room sizes are spacious:

• Livingroom: 21 x 16
• Diningroom: 17 x 15
• Bedroom #1: 16 x 11
• Bedroom #2: 14 x 12
• Bedroom #3: 13 x 9

Why isn’t it selling?

It was on the market last June for six months. Then it was reduced in February 2008. And it’s been sitting ever since. (Thanks to the tipster who sent me the info on this unit.)

Still, it has wonderful “bones.”

Unit #3: 3 bedrooms, 2 baths

• Sold in May 2005 for $385,000
• Was listed in June 2007 for $624,900
• Reduced
• Currently listed for $599,999 (no parking)
• Assessments of $501 a month
• Koenig & Strey has the listing

The Metro, the nine story building at 1200 W. Monroe in the West Loop, was built in 2003 and is one of the more popular buildings in the area. Four units have already sold in 2008 with prices ranging from $265,000 to $420,000.

There are currently eleven units on the market.

One two bedroom unit is in short sale and is scheduled for a foreclosure auction. One other two bedroom says “motivated seller” in the listing.

The short sale unit, Unit #613, does not have any pictures.

Unit #613: 2 bedrooms, 2 baths, 1275 square feet

• Sold in November 2003 for $280,000
• Currently listed as “offer subject to bank approval” at $310,000– includes the parking
• Foreclosure auction scheduled this week for $382,261
• Assessments of $348 a month
• American Invsco Realty has the listing

This other seller is simply just “motivated”.

Unit #411: 2 bedrooms, 2 baths

• Sold in September 2003 for $301,500
• Currently listed for $324,900 plus $25k for parking
• Assessments of $350 a month
• Windows in both bedrooms
• @Properties has the listing

In December 2007 we chattered about a duplex loft at 2000 S. Michigan in Motor Row in the South Loop with 15 foot ceilings and a 1300 square foot private terrace.

It’s still for sale and has been reduced $74k. The listing says “Motivated Seller.”

Unit #307: 2 bedroom, 3 bath, 2150 square feet, duplex,  1300 square foot private roof terrace

• Sold in November 2004 for $567,000
• Sold in December 2004 for $387,000
• Sold in October 2006 for $727,500
• Listed in December 2007 for $749,000 (two car parking available for $35k)
• Reduced
• Now listed for $675,000 (parking now $50k for two spaces)
• Assessments of $505 a month
• Prudential Preferred has the listing

I last chattered about 2000 N. Lincoln Park West, a 2004-2005 vintage apartment conversion that is right across from Lincoln Park, in October 2007.

There are currently 24 units for sale and one for rent.

One of the units I chattered about before is still on the market eight months later. The price has been reduced $64,500.

It’s still a “possible short sale.”

Unit #1002: 2 bedroom, 2 bath, 1250 square feet

• Originally sold for $501,500 in January 2005
• Was listed in 2007 for $585,000
• Reduced
• Was listed in October 2007 for $499,500
• Reduced
• Currently listed for $435,000
• Seller will pay for one year rental parking
• No central air
• Assessments of $820 a month 
• There’s no parking or in-unit laundry
• Keller Williams Lincoln Park has the listing

I last chattered about 1600 S. Prairie in the South Loop in January 2008. The building started closings in 2006.

Current stats on the building:

• 18 for sale (including some still available from the developer)
• 5 for rent

Some may be both for sale and for rent.

One of the million dollar units I chattered about is still on the market and has been reduced. The other is now for rent.

Unit #1702: 3 bedrooms, 2 baths, 2231 square feet

• Sold in September 2006 for $775,000
• Was listed in January 2008 at $949,000 (didn’t know if this included the parking)
• Reduced
• Now listed for $899,000 (still don’t know if this includes the parking- or did they just subtract the $50k off of the January listing price?)
• Assessments of $935 a month
• Urban Real Estate has the listing

This penthouse terrace unit is no longer on the market to buy, but you can rent it.

Unit #2307: 2 bedrooms, 2 baths, 2365 square feet

• Sold in October 2006 for $554,000 (listing stated it was a “combined unit” so this original sales price might not reflect both units)
• Was listed in January 2008 at $999,900 (parking included)
• Assessment of $655 a month
• No longer on the market

Here is the same unit now for rent:

Unit #2307 looks like it is no longer a “combined” unit but the kitchen looks the same:

• Now listed for rent as 1623 square feet  (still has the 742 square foot terrace) for $2500 a month plus $225 a month for parking 
• Coldwell Banker has the rental listing

Unit#902, a three bedroom unit, is going to foreclosure auction this week.

Unit #902: 3 bedrooms, 2 baths, 1916 square feet

• Sold in July 2006 for $712,500
• Foreclosure auction price of $682,013

Unit #802, one floor below, is currently on the market.

Unit #802: 3 bedrooms, 2 baths, 1916 square feet

• Sold in July 2006 for $666,500
• Currently listed for $795,000 (plus $35k for parking)
• Assessments of $864 a month
• OR you can rent it for $3500 a month plus $200 for parking
• Baird and Warner has the listing

Only one unit has sold in the building so far in 2008. Unit #1309 for $357,000 in March.