Crib Chatter

This seller of a one bedroom at 212 E. Cullerton in the South Loop, knew time was of the essence:

SERIOUS BUYERS ONLY! SHORT SALE AND PKG INCLUDED. HURRY THOUGH THIS GOES TO SALE SOON SO WE NEED OFFERS!!!

UPGRADED 1 BR WITH GRANITE TOPS, ITALIAN CABS, SS APPLS, LARGE TERRACE, GRANITE TILED BTH, HRWD FLRS, W/D IN UNIT. LOCATED STEPS TO THE LAKE, IN THE HISTORIC PRAIRIE DISTRICT, 24 HR DOORMAN, EXERCISE FACILITY, REALLY CANNOT GO WRONG HERE. SUBJECT TO LENDER APPROVAL.NOTHING UNDER 230K WILL BE CON…

Unfortunately, it appears the unit has gone into pre-foreclosure and will be auctioned this week. There aren’t any interior pictures.

Unit #509: 1 bedroom, 1 bath

• Sold in June 2006 for $272,000
• Currently listed for $228,000 (parking included)
• Foreclosure auction price of $243,935 this week
• Assessments of $248 a month
• Koenig & Strey has the listing

Hoyne is a lovely historic street as it works its way north through Wicker Park. That street is lined with gorgeous historic mansions.

It should be easy to sell there- especially units that are brand new construction with all the bells and whistles. It is only two blocks away from the restaurants on Damen/Milwaukee and the Blue Line stop.

1346 N. Hoyne is a new construction three unit building with gated parking for each unit.

It appeared on the market around January 2008 but already the developer has done several price reductions.  (Thanks to the tipster who sent me info on this listing.)

• Unit #101: Reduced $91,000
• Unit #201: Reduced $36,000
• Unit #301: Reduced $10,000

There are only one set of pictures for all three units. And there seem to be quite a few pictures of the bathrooms (only some of which I include here.)

Unit #101: 3 bedrooms, 2.5 baths, 2 car gated parking, 2950 square feet, duplex down

• Originally listed for $790,000 in January 2008
• Reduced to $785,000
• Reduced to $750,000
• Currently listed at $699,000
• Assessments of $207 a month
• Prime Properties Realty has the listing

Unit #201: 2 bedrooms, 2 baths, 1 car gated parking, 1550 square feet

• Originally listed at $525,000 in January 2008
• Reduced to $520,000
• Reduced to $499,000
• Currently listed at $489,000
• Assessments of $138 a month
• Bedrooms are 12 x 13 and 10 x 11
• Prime Properties Realty has the listing

Unit #301: 2 bedrooms, 2 baths, 1 car gated parking, 1550 square feet

• Originally listed at $525,000
• Currently listed at $515,000
• Assessments of $145 a month
• Bedrooms are 12 x 12 and 10 x 12
• Prime Properties Realty has the listing

The developer paid $725,000 for just the lot in April 2007.

The Case-Shiller Index numbers were out yesterday. Some posters already have commented about them but in case you haven’t seen them:

Chicago saw prices drop 2 percent in February compared with January, and 8.5 percent in the past year, according to the index. Nonetheless, Chicago housing prices are up 53 percent from January 2000.

These numbers are for the Chicago Metro Area (not just the city.)

The flippers are still alive and well in Chicago despite the slowdown in the market.

We’ve seen quite a few of them in the newly constructed high rises.  But they’re also active in the townhouse market.

Take 1145 N. Cambridge in Park Side of Old Town, the new development in the Old Cabrini Green neighborhood at Division and Clybourn.

The listing says “Brand new. Never lived in.”

1145 N. Cambridge: 3 bedrooms, 2 baths, 1606 square feet, 1.5 car garage

• Sold in December 2007 for $521,900
• Originally listed in February 2008 for $600,000
• Reduced
• Currently listed for $585,000
• Roof rights (otherwise, no outdoor space)
• Assessments are $246 a month
• Den/Third bedroom is 10 x 10
• @Properties has the listing

334 W. Menomonee in Old Town has been a mysterious building. 

334 W. Menomonee, in the historic triangle, is Melrose Partners’ historic conversion into 18 luxury condos. The finishes were more upscale than you would find in other nearby conversions such as Crilly Court. But so were the prices.

As far as I can tell from the records, only four units out of 18 have sold in the building.

It has been marketed since January 2007. Several of the units have been rented in the meantime.

Others are still appearing for rent on Craigslist.

The units range from studios to two bedroom/two baths. There is no parking with the building.

Only three units are currently on the market from the developer.

Unit #201: 2 bedroom, 2 bath, 1400 square feet listed at $775,000 (listing says 1 car parking but there is NONE with the building so perhaps they’re paying for a rental garage nearby)

Unit #204: 1 bedroom, 2 bath, 900 square feet listed at $489,000

Unit #106 has recently been re-listed. If you’ve been following the building, it’s been listed several times before.

(Thanks to the tipster who sent me the listing information on the unit.)

Unit #106: 1 bedroom, 1 bath, duplex down (no square footage but probably around 850-900 square feet)

• First listed in January 2007 for $520,000
• Reduced in June 2007 to $469,000
• Reduced in September 2007 to $449,000
• Reduced on October 18, 2007 to $399,000
• Increased on October 29, 2007 to $469,000
• Reduced in January 2008 to $429,000
• Reduced in late January 2008 to $419,000
• Currently listed for $419,000

Whew!

If you were a buyer, what price would you offer?

There was plenty of new construction that closed during the boom years of 2005-2006.

What happens to those who try to sell only a few years later?

The Residences at 950 W. Monroe in the West Loop is a good example.  This was the developer’s rendering of the building in 2005 (from the marketing materials).

The midrise “soft-loft” building with 101 units was completed in 2005 with the first closings in August 2005.

The building wasn’t marketed as “luxury” but it has the standard 42-inch cabinets, granite countertops and stainless steel appliances. Most of the bathrooms look to have some kind of whitish/tan tile.

Two and a half years later, some owners are trying to move.

Will they make any profit?

Unit #807: 2 bedrooms, 2 baths, 1337 square feet

• Sold in November 2005 for $381,500
• Currently listed for $399,000 plus $35k for two car tandem parking
• Assessment of $491 a month
• Wish Realty, Inc. has the listing

Unit #903: 2 bedrooms, 2 baths

• Sold in October 2005 for $392,500
• Currently listed for $412,000 (plus $35k for the two car tandem parking)
• Assessment of $479 a month
• Keller Williams Lincoln Park has the listing

Unit #804: 2 bedrooms, 2 baths, 1542 square feet

• Sold in November 2005 for $508,000
• Currently listed for $474,900 (plus $35k for two car tandem parking)
• Assessment of $574 a month
• Century 21 M.B. Real Estate has the listing

Unit #916: 3 bedrooms, 2 baths, 1600 square feet, rooftop balcony

• Sold in November 2005 for $505,500
• Currently listed for $549,000 (plus $35k for two car tandem parking space)
• Assessments of $615 a month
• @Properties has the listing

The most expensive unit to sell in the building in 2007 and 2008 was:

Unit #410:

• Sold in September 2005 for $391,000
• Sold in July 2007 for $422,500

No units have sold in 2008.

The last unit to sell in the building was Unit #509 in September 2007 for $263,000.

$215,000 for a one bedroom in the loop with a w/d in the unit.

Sounds cheap, doesn’t it?

One just came on the market in a short sale in City Center at 208 W. Washington in the Loop. From the listing:

GREAT OPPURTUNITY TO OWN IN HOT LOOP AREA! UNIT OFFERS GRANITE CTOPS, SS APPLIANCES, MAPLE CABINETS, HDWOOD FLOORS GAS FP W/ ENTERTAINMENT CENTER, BALCONY, IN-UNIT WASHER / DRYER.

ASM. INCLUDE CABLE, HEAT, A/C, GAS. FULL AMENITIES BLDG: INCLUDING EXERCISE ROOM, COMPUTER ROOM, BIKE ROOM, DOORMAN,STORAGE. WALK TO WORK, SHOPPING, EL,TRAINS.

Unit #703: 1 bedroom, 1 bath

• Sold in March 2003 for $164,000
• Currently listed as a “short sale” for $215,000
• Assessments of $292 a month
• Parking available for purchase in the building

Here are some other recent sales of other “03” tier units in the building:

• Unit #603 sold in May 2005 for $189,000
• Unit #503 sold in May 2005 for $186,000

Here are the room sizes:

• Bedroom: 11 x 10
• Livingroom: 15 x 15- includes the kitchen

Here are some pictures of Unit #1401, another one bedroom currently on the market. It’s listed for $249,000.

Is Unit #703 a deal at $215,000?

It used to be that you could find nicer, solid homes in West Town (aka Ukranian Village, Wicker Park, River West) for a fairly decent price.

But price appreciation has hit everywhere.

1017 N. Marshfield is an 1899 brick home in West Town. It’s only a few blocks south of the Division Street shops and restaurants.

I don’t have the square footage, but it’s not that large, despite being a four bedroom.

Here are the bedroom sizes:

• Master Bedroom: 19 x 11 (second floor)
• Bedroom: 12 x 7 (second floor)
• Bedroom: 13 x 7 (second floor)
• Bedroom: 15 x 7 (on the first floor)

There is also a 13 x 11 room in the basement.

1017 N. Marshfield: 4 bedrooms, 2 baths, 2 car garage

• Sold in July 2004 for $592,000
• Currently listed for $735,000
• Coldwell Banker has the listing

Are there any “starter-homes” left?

Still interested in that small two bedroom/two bath Lincoln Park townhouse at 2707 N. Lincoln? It’s still on the market.

The price has been reduced by $10,000.

This is the townhouse with the pull down staircase to access the rooftop deck.

Unit #C: 2 bedrooms, 2 baths, “bonus room”, 1 car garage

• Sold in August 2001 for $327,000
• Sold in August 2004 for $353,000
• Sold in March 2006 for $362,500
• Was listed for $399,000 in March 2008
• Reduced
• Currently listed for $389,900
• Assessments of $182 a month
• Apostal Group has the listing

Remember this lovely vintage unit we chattered about back in February 2008 at 592 W. Arlington?

It’s still on the market and has been reduced by $30,000.

Unit #2: 2 bedrooms, 2 baths, family room, 1 car parking, 1600 square feet

• Sold in August 2005 for $600,000
• Was listed in February 2008 for $699,000
• Reduced
• Currently listed for $669,000
• Assessments of $200 a month
• Genesis Residential RE Inc. has the listing

Everyone seemed to like the mid-century modern condo at 235 W. Eugenie in Old Town back in March.

It’s still on the market. No reductions.

Unit #T-4: 2 bedrooms, 1.5 baths

• Sold in August 2004 for $385,000
• Currently listed for $409,900 (includes a parking spot)
• Assessments of $167 a month
• No Central Air- window units
• It does have a w/d in the unit
• Jameson Realty Group has the listing

I would be remiss if I didn’t mention 1887 N. Poe which sparked a debate about prices in Lincoln Park just last week.

Unit #1R (and #1F) are still on the market, despite someone commenting that Unit #1R would be under contract within “days” at its current reduced price.

It has been “days” (actually, more than a handful) since that post and, alas, Unit #1R is still available.

Sorry- I just couldn’t resist.

Unit #1R: 3 bedrooms, 3 baths

• Sold in April 2005 for $577,500
• Originally listed at $599,899 in October 2007
• Reduced
• Currently listed for $559,900 (parking included)
• Assessments of $140 a month
• Koenig & Strey has the listing

The tallest residental building in Chicago has arrived. No, I’m not talking about The Spire (or even the John Hancock Building.)

The tallest purely residential building in Chicago (the John Hancock is both offices and residential), One Museum Park at 1211 S. Prairie in the South Loop, has begun closings.

Brace yourselves.

The building is 65 stories. I couldn’t find the exact the number of units but it is massive.

Current state of the building (for flips):

• 7 for sale
• 6 for rent

As always, some units may be both for rent AND for sale.

Original prices ranged from $650,000 to just over $2 million.  The building is supposed to be “luxury”- with indoor and outdoor pools, a fitness room, a recreation room and a concierge.

I don’t have original closing prices (yet.) Stay tuned on that.

Most expensive flip in the building so far:

Unit #1401: 3 bedrooms, 3 baths,  2910 square feet

• Currently listed for $2.1 million
• Parking is extra (of course)- two parking spaces available (no prices on parking yet)
• Assessments of $992 a month
• Coldwell Banker has the listing

Here are some pictures from #901 – a few floors below:

Unit #901: 3 bedrooms, 3 baths, 2910 square feet

• Currently listed at $2.075 million
• Assessments of $964 a month
• Coldwell Banker has the listing

There are several two bedrooms with den on the market. The pictures with this unit, #1302, seem odd to me (compare them with #1202 below). I think this is really a three bedroom unit but I’m posting the pictures anyway because they’re the best pictures of what the actual units look like.

Unit #1302: 2 bedrooms, 2 baths, den, 1550 square feet

• Currently listed for $915,000
• Parking extra
• OR– you can rent it for $4500 a month
• Assessments of $472 a month
• Coldwell Banker has the listing

Unit #1202: 2 bedrooms, 2 baths, plus den, 1550 square feet

• Currently listed for $890,000
• Parking extra
• Assessments are $500 a month
• Goldstar Realty Inc. has the listing

The cheapest flip in the building so far is:

Unit #1203: 2 bedrooms, 2 baths, 1460 square feet

• Currently listed at $869,000
• Parking is extra (only one space available apparently)
• OR– you can rent it for $4000 a month
• Assessments of $414 a month
• Coldwell Banker has the listing

Cheapest rental so far (here are the views- none of the interiors yet):

Unit #1605: 2 bedrooms, 2 baths, no square footage given

• Currently available for $2900 a month
• North facing split bedroom layout with den
• Parking extra
• Coldwell Banker has the listing

The building was apparently only about 70% sold before closings began.

What do you make of the finishes? Obviously some have upgraded and some have not. The ceilings are also only 9 foot (not 10 as we’ve seen in other new construction buildings.) This building was supposed to be “luxury.”

One Museum Park [website]