Crib Chatter

Back by popular demand, an update on Fairbanks at City Front Plaza, at 240 E. Illinois, in Streeterville.

The loft base of the building started closings in 2006. The highrise portion has been closing over the last few months.

There are more units available now then when I last chattered about the building in February 2008.  The building has 281 units on 31 floors.

Current stats in the building:

• 25 units for sale
• 12 units for rent

Remember,  some units will be both for sale AND for rent. The developer also has not sold out the building so all of the developer’s units are unlikely to be listed on the MLS. The closings also continue.

Out of the three units I chattered about in February, one has been withdrawn  (Unit #1408), one has been reduced (Unit #801) and one is priced the same (Unit #1105).

Unit #801 has been reduced (and has new pictures.)

Unit #801: 2 bedrooms, 2.5 baths, 1595 square feet

• Sold in October 2007 for $628,000
• Was listed in February 2008 for $799,000 (parking extra)
• Reduced
• Currently listed for $725,000 (parking extra)
• Assessments of $715 a month
• Prudential Preferred has the listing

Several other units just recently closed and have come on the market as flips.

Unit #2310: 1 bedroom, 1.5 baths, 1025 square feet, no pictures available

• Sold in April 2008 for $498,500
• Currently listed for $508,000 (parking is extra)
• Assessments of $466 a month
• Schwalb Realty Group Inc. has the listing

This two bedroom has competition from the developer.

Unit #2611: 2 bedrooms, 2 baths, study, 1473 square feet, southeast corner

• Sold in March 2008 for $819,000
• Currently listed for $819,900 (plus $60k for parking)
• Assessments of $645 a month
• Rubloff has the listing

The flipper selling Unit #2611 has to compete with the developer, who is trying to sell #2711. 

Unit #2711: 2 bedrooms, 2 baths, study, 1473 square feet

• Currently listed for $849,900 plus $60k for parking
• Listing says “buyer and agent incentives”

Among the cheapest one bedrooms in the building is Unit #402, in the loft part of the building.

Unit #402: 1 bedroom, 1 bath, 933 square feet

• Sold in December 2006 for $401,000
• Currently listed at $420,000 (parking additional)
• Assessments of $392 a month
• Prudential Preferred has the listing

What about the rentals? The cheapest one bedroom on the MLS is this one bedroom unit. (Thanks to the tipster who sent me the rental information.)

Unit #1307: 1 bedroom, 1.5 baths, 1071 square feet

• First came on the market as a rental for $2400 a month in March 2008
• Raised to $2550 a month
• Recently reduced to $2495 a month plus $200 for parking

OR

You can buy it.

• Sold in October 2007 for $456,900
• Originally listed at $497,500 in March 2008
• Reduced
• Currently listed at $489,500 (parking extra)
• Assessments of $488 a month

In the data I saw on the building, I didn’t see any evidence that a single flip has sold since 2006.  If  anyone has different info, please let me know.

Erie on the Park, at 510 W. Erie, is the Lucien Lagrange high-rise completed in 2002 on the far west side of River North.

In the last six years, the park along the river has been completed and recently, a dog park was built directly west of 510 W. Erie.

Thanks to the tipster who sent me information regarding this one bedroom rental in the building.

It’s been listed for sale but recently came on the rental market to quite a frenzy with dozens of people going to look at it. It apparently rented within “days”.

Unit #1404: 1 bedroom, 1.5 baths, 2 car tandem parking, around 800 square feet, west facing

• Sold in August 2002 for $265,500
• Currently listed for $319,000 plus 2 car parking available for $30k each
• Assessments of $402 a month
• Taxes of $3732
• @Properties has the listing

OR: you can rent it (apparently the more popular option according to the Tipster).

Unit #1404:

• Rental price of $1420 a month
• Parking is $125 a month

Should you rent or buy this one bedroom?

Despite the flipping market being dead right now, flippers continue to close on contracts in new buildings.

The flipping (and renting) attempts have begun at ParkView, at 505 N. McClurg, MCL’s latest highrise in Streeterville.

Unit #1803,  a three bedroom unit, just came on the market as a rental.  It is NOT also for sale (which is interesting.) I’m not sure if these pictures are all for the unit – as the same pictures are also listed for a one bedroom unit in the building.

Either way- it’s pictures of the interior.

Unit #1803: 3 bedrooms, 2.5 baths

• Rental price of $4500 a month plus $300 for parking
• Livingroom: 15 x 15
• Kitchen: 15 x 7
• Bedroom #1: 14 x 13
• Bedroom #2: 12 x 13
• Bedroom #3: 10 x 14
• Chirex has the listing

There are several sizes for the one bedroom units. Some units with 925 square feet are on the market from the developer. There are also 1100 square foot one bedrooms.

Here is one from Craigslist that is available to rent on June 1 for $2100. Notice how the investor is comparing the price to that of The Streeter, the luxury apartment building about two blocks away.

THIS STUNNING, NEW CONSTRUCTION DELUXE ONE BEDROOM WITH BALCONY IS NOW AVAILABLE FOR LEASE IN THE NEW PARKVIEW BUILDING ACROSS FOX & OBEL. UNIT FEATURES FLOOR TO CEILING GLASS WINDOWS, CORNER VIEWS OF LAKE AND CHICAGO RIVER, W/D IN UNIT, HARDWD FLRS THRUOUT, GRANITE AND STAINLESS KITCHEN, AND HUGE WALK-IN CLOSETS. ENJOY THE SUN SET ON YOUR OWN BALCONY.

DONT MISS THE OPPORTUNITY TO LIVE IN STREETERVILLE, IN NEW CONSTRUCTION, WITH RARELY AVAILABLE OUTDOOR SPACE AT THE FRACTION OF THE PRICE. SAME UNIT ACROSS STREET AT THE NEW STREETER BUILDING IS 2550/MONTH FOR SAME SQ FOOTAGE AND SMALLER BALCONY.

Stay tuned for more action in this building- which I’m sure will be coming. The closings have only just begun.

Thanks to some of you astute readers who are clearly watching 600 N. Fairbanks in Streeterville very closely. Several of you noticed that our often chattered about three bedroom, Unit #1301, has had another price reduction.

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
• Now listed at $799,000 pluse $60k for parking
• Assessments of $585 a month
• Koenig and Strey has the listing

Unit #1501 two stories above it with an identical layout and similar finishes is still listed for $1.1 million.

The cheapest two bedroom is now Unit #1502. It is on the Northeast corner.

Unit #1502: 2 bedrooms, 2 baths, 1258 square feet

• Sold in February 2008 for $575,000
• Originally listed for $634,000 plus $45k for parking in October 2007 (before closing)
• Reduced twice
• Was listed at $603,900 in March 2008
• Reduced again
• Currently listed for $559,900 plus $45k for parking
• Assessments of $435 a month
• Rubloff has the listing

Unit #1402, one floor below, is still listed at $606,900 plus $45k for parking.

Have you ever heard of Galewood?

It’s a lovely part of Chicago on the far, far west side. Actually- it is just north of Oak Park (north of North Avenue on Oak Park Avenue.)

Many of the homes were built in the 1930s and 1940s. From the Oak Park Board of Realtors:

Architecture: Galewood and neighboring Montclare have over 9,000 brick and stone homes. Most date from the 1940’s, and no two are identical. The architectural styles include English Tudor, ranch, turreted Normandy, Cape Cod and Georgian. The mix of styles makes a beautiful looking community.

Many of these homes were constructed and still belong to the original owners’ families. The community is stable. In many instances, grown children have purchased their parents’ or grandparents’ homes and remained in the neighborhood.

This community’s housing prices are favorable compared to adjacent suburbs. Galewood is an affordable touch of small-town America in the city of Chicago. You can park overnight in front of your house without a permit. Water is non-metered and there is no charge for refuse pickup.

There are several Metra stops in the neighborhood (the Milwaukee line.)

What do you get? Quite a bit for your money. Here is a “classic English tudor” with a non-renovated attic and a finished basement. Not much of a backyard as the porch takes up most of it (see virtual tour in the link below).

1627 N. Rutherford: 3 bedrooms, 1.5 baths, 2 car garage

• Sold in September 2005 for $325,000
• Currently listed for $337,500
• Re/Max in the Village has the listing

1717 S. Prairie is a 23 story, 171-unit building near the Prairie Historic District in the South Loop. It was built in 2004.

Recently, a foreclosure popped up in the building.

Unit #2201: (no details but #1801 is a 2/2 with about 1475 square feet)

• Sold in July 2006 for $667,000
• Foreclosure auction price of $565,352

Even more interesting is the listing for Unit #2301:

Spectacular 3-bedroom, 2.5-bathroom penthouse unit. Floor-to-ceiling lake, city and Navy Pier views. Diagonal mahogany floors. Walk-in wine cellar. Eat-in kitchen with stainless steel appliances. Separate dining room. Grand terrace. 5 deeded garage parking spaces.

Unit #2301: 3 bedrooms, 2.5 baths, 5 car parking

• Sold in December 2006 for $1.75 million
• Currently listed for $999,000
• Assessments of $1,240 a month
• Coldwell Banker has the listing

3500 N. Lake Shore Drive is a pre-war co-op in Lakeview with views of the lake.

The units are enormous but some of them need some TLC.

Are you up for it?

If you are, you can get 3500 square feet for $315,000 complete with butler pantry and maid’s quarters. (Sorry- no pictures of the kitchen or baths.)

Unit #2C: 4 bedrooms, 3 baths, 3500 square feet

• I couldn’t find an original price
• Currently listed for $315,000
• Window air-conditioning units
• Assessments of $2356 a month (includes the taxes)
• Keller Williams Lincoln Park has the listing

Washer/dryers are allowed in the units. Parking is rental.

If you don’t want to renovate, those units are available as well. Remember Unit #8C? I chattered about it in December 2007.

Unit #8C: 4 bedrooms, 3 baths, 3000 square feet

• Sold in July 1999 for $450,000
• Sold in March 2004 for $910,000
• Was listed in December 2007 at $950,000
• Assessment of $2,529 a month (doesn’t include property taxes)
• Washer/Dryer in-unit
• Central zoned air conditioning
• Harbor views
• Listing said unit recently renovated

Unit #8C sold in February 2008 for $915,000.

Interestingly, Unit #4A appears to be going into foreclosure. Foreclosure auction price of $344,570.  I couldn’t find an original price on the unit.

The building requires at least 80% financing as it’s a co-op. But what happens when someone can’t pay their mortgage in a co-op?

Any real estate attorneys out there?

I’m thinking it’s not a pretty thing for the other owners.

535 N. Michigan in Streeterville is an older highrise that has suddenly become “hot” because it’s:

1. On the Mag Mile
2. Affordable

Unit #706 had been on the market for several months. I last chattered about it in March 2008.  It has now sold after several price reductions.

The listing said it had $60,000 worth of renovations. There are no w/d in the one bedroom units.

Unit #706: 1 bedroom, 1 bath, 755 square feet

• Sold in August 1996 for $83,000
• Sold in September 2002 for $168,000
• Was originally listed for $289,000 in December 2007
• Reduced to $274,000
• Reduced again to $249,000 in March 2008
• Sold in April 2008 for $245,000
• Assessments of $428 a month
• Parking is available in the building for $245 a month

There’s something about a spiral staircase and brick.

Maybe I’ve seen too many movies.

But you don’t find spaces like this one at 913 W. Van Buren in the West Loop everyday.

It has a 600 square foot rooftop deck (see below.) It also has authentic features such as no doors on the bedroom on the first floor (and no full ceiling heights.) Some like that- and some hate it.

I can’t find any pictures of what is at the top of those spiral stairs- apparently, a third bedroom.

Unit #7B:  3 bedrooms, 2 baths, 1800 square feet, rooftop deck

• Sold in May 2002 for $290,000
• Currently listed for $549,900 (parking included)
• Assessments of $418 a month
• Baird and Warner has the listing

I last chattered about this house rental at 235 W. Menomonee in Old Town in December 2007.

Five months later, it’s still on the market and has now been reduced by $5,000 a month.

Yes, the full-time housekeeper and caretaker are STILL included in the rental price.

235 W. Menomonee: 5 bedrooms, 4.5 baths

• Sold in July 1999 for $1,135,000
• Sold in December 2002 for $1,700,000
• Massive roofdeck with cabana
• Full nanny quarters (with own bedroom and bath)
• Four car garage with parking available for 6 cars
• Was available for rent in December 2007 for $16,500 a month 
• Reduced
• Now available for rent for $11,500 a month
• Rubloff has the listing