Flipper Alert: Parkside of Old Town Midrises Closing this Summer
Here we go.
The flippers are turning up, where else, but on Craigslist for the midrise buildings at Parkside of Old Town, two new buildings at the intersection of Division with Clybourn. The Hudson is a nine story building. The Cambridge is the eight story building.
You will know The Hudson if you ride the Brown Line as it’s clearly visible on the western side of the El near the Dominicks on Division.
The flippers are putting up ads such as this one for an 1100 square foot 2 bedroom, 2 bath:
$410000 LUXURIOUS 2 BEDROOM 2 BATH CONDO NEVER LIVED IN AVAILABLE IN JULY
UPPER FLOOR CORNER UNIT WITH SOUTH EXPOSURE AND HUGE BALCONY. EXCELLENT AMENITIES NEVER LIVED IN.
I AM LIVING IN THE BURBS BUT BOUGHT THIS CONDO YEARS AGO BEFORE IT WAS BUILT. IT IS NOW READY FOR DELIVERY.
THIS UNIT IS IN THE BUILDING THAT IS THE FURTHEST EAST. BEST LOCATION! A SHORT WALK TO THE RED LINE AND ADJACENT TO THE GOLD COAST. PARKING SPOT AVAILABLE FOR 30,000 EXTRA.
Here is another seller who appears to be willing to negotiate:
$279500 PARKSIDE OF OLD TOWN – 1br + DEN! PRICE DROP!
I can no longer take this unit & must transfer the purchase contract to another buyer ASAP! My loss is your gain so take it my off my hands and get a STEAL!
The 1BR+ Den unit is in SOLD OUT tier of the Cambridge building at the new Parkside of Old Town development at Division and CLybourn! Be the first to live in this quiet, south facing unit that overlooks the park and has amazing city views. September delivery expected.
Unit & Building Features: 856 square foot 1BR+ Den, AMAZING VIEW, 10 foot ceilings, hardwood floors, SS appliances, thick granite countertops, flat panel maple cabs, kitchen island, undermount sink, garbage disposal, dishwasher, washer/dryer hookup, high-end bath finishes, extra large balcony, extra storage lockers, dog/pet friendly, FITNESS center, business lounge, garage parking $30k.
NO AGENT commission can be paid. $1000 CASH to anyone that brings me a buyer!
I purchased this unit at for $279,500 plus $30,000 for parking but am moving out of state and must reassign it ASAP. These units have already been appreciating since 2006 and this building is sold out. This contract will be reassigned to you and you will close on the unit.
The developer is also still trying to sell units in both buildings.
The Hudson Building, Unit #803
Nine Story Building with secured entry, fitness center and business center with on-site management.
2 Bedroom 2 Bath, located on the 8th Floor with North Exposure. This home is 1,182 sq. ft. with an open layout. This home looks over Lincoln Park all from the front windows of the home and has a spacious balcony which can be accessed from every room of the home.
This home is priced at $389,900. Parking is an additional purchase if needed of $30,000 or $35,000 for a Deeded Parking Space.
One of the developers of Parkside, Kimball Hill Homes, just filed Chapter 11 Bankruptcy on April 24. However, in their filing, the company said it will continue its normal business operations, including finishing construction on buildings and homes. From the Chicago Tribune:
“Our issues are financial, not operational,” said President and Chief Executive Ken Love. “The next step in our restructuring is to strengthen our capital structure and position our company to weather the current storm that has hit the housing and capital markets.”
At the time of the filing, Kimball said, it had about $60 million in cash, which it said will “provide the company with more than ample liquidity to fund daily operations,” including making payments to contractors and suppliers, and to meet its obligations to customers and employees during the restructuring.
Parkside of Old Town [website]
Historic Beauty in Logan Square: 2057 N. Kedzie
There are wonderful greystones and other historic houses along or near the boulevard system, including in Logan Square.
This is one that was renovated around 2004.
Unit #1S: 3 bedrooms, 2 baths, 1600 square feet, one car parking
- Sold in August 2004 for $349,000
- Currently listed for $409,000
- Assessment of $155 a month
- Rubloff North Shore has the listing
Short Sale at Riverbend Lofts: 2620 N. Clybourn Ave.
Two lofts are currently for sale in the Riverbend Lofts at 2620 N. Clybourn Avenue. I’m not sure exactly what neighborhood this is in- far west Lincoln Park? The “Clybourn Corridor”?
One is in short sale. One is not.
The building is an older “original” loft conversion from the mid-1990s.
Unit #205 is NOT a short sale.
Unit #205: 3 bedrooms, 2 baths, 1500 square feet, 1 parking spot
- I couldn’t find an original sales price but the most expensive unit to sell in the building was for $425,000 in January 2006 (there’s no unit number attached to the sale)
- Currently listed for $399,000 (one parking space included)
- Duplex
- Balcony and roof rights
- Assessments of $271 a month
- Baird & Warner has the listing
Unit #105 IS under short sale. Alas, there are no pictures available of the interiors (yet).
RIVERBEND LOFTS- REFRESHED & REJUVINATED HUGE 2STORY-TIMBER LOFT-LINCOLN PARK-EXPOSED BRICK-16FT CEIL-SS APPL-GRANITE CNTR & BRKFST ISLAND-HARDWOOD FLRS ON 1ST FL-ALL NEW KT CAB 16FT WOOD BURN FP – EAST WALL ALL WINDOWS-LRG PATIO+40X9 FT SIDE YARD! GREAT FOR PETS, KIDS OR PARTY.
MARBLE BTH W/STEAM SHOWER-THICK EXP. TIMBER-RECESSED LIGHTS – SHOWS VERY WELL.1 SPACE+VISTR+SHORT SALE- BEST DEAL IN AREA! AVIALBLE IMMED!
Unit #105: 2 bedrooms, 2 baths, 1800 square feet, 1 parking spot
- Sold in May 2002 for $318,500
- Sold in September 2005 for $376,000
- Currently listed for $338,000 (one parking spot included)
- Assessments of $213 a month
- Telesis Corp. has the listing
Is Unit #105 a deal?
Empty Homes in Every Neighborhood: 1919 N. Drake in Logan Square
Inventory continues to build around the city. If you look at enough listings you’ll notice that much of it is empty.
Take these three townhomes at 1919 N. Drake near Logan Square. (Not sure it’s actually IN that neighborhood though.) Built in 2005, I don’t believe they have ever sold.
Two of them have a sale in 2006 but they’re to the same buyer so I’m assuming those aren’t long-arm transactions.
Unit #J: 4 bedrooms, 3.5 baths, 2 car garage, 2700 square feet
- Sold in September 2006 for $469,900
- Currently listed for $514,900
- No Assessment
- Baird & Warner has the listing
Or, you can rent it for $2200 a month.
Unit #A: 4 bedrooms, 3.5 baths, 2700 square feet, 2 car garage
- Sold in September 2006 for $469,900
- Currently listed for $514,900
- No Assessment
- Baird & Warner has the listing
Unit #G: 4 bedrooms, 3.5 baths, 2 car garage, 2700 square feet
- Currently listed for $499,000
- No Assessment
- Baird & Warner has the listing
How long will it take to clear the inventory? These townhomes have been on the market for a long, long time.
What Million Dollar Upgrades Look Like: The Palmolive
I recently chattered about a new two bedroom unit in The Palmolive in the Gold Coast that the listing said had “ONE MILLION DOLLARS IN UPGRADES CLIVE CHRISTIAN KITCHEN.”
What exactly do you get for a million bucks?
Here is what a standard kitchen in The Palmolive from the developer looks like:
Yes, the master bedroom (see above) is enormous at 13 x 25.
Sorry, no pictures of the bathroom remodels.
Unit #5B: 2 bedrooms, 2.5 baths, 1 car parking, 2800 square feet
- Sold in April 2007 from the developer for $1,669,500
- Currently listed for $2,495,000 (includes the parking)
- Assessments of $1697 a month
- Sudler Sotheby’s has the listing
Waiting for a Buyer: 2814 N. Sheffield in Lakeview
Is it just me, or are market times increasing?
I haven’t seen any data lately. Most of the stats seem to focus on number of sales or prices.
But market time is also illustrative of the market conditions. Take 2814 N. Sheffield in Lakeview. It has been on the market for about 270 days.
Why?
It’s on Sheffield at Diversey. Is the El Line the problem? Or something else?
From the listing:
PENTHOUSE UNIT! NEW ROOF DECK WITH UNOBSTRUCTED CITY VIEWS AS WELL AS A FRONT BALCONY & REAR DECK. 3 BEDROOM, 2 BATH WITH 11′ CEILINGS & WIDE CROWN MOLDINGS; FRENCH DOORS OPEN TO 3RD BEDROOM. SPEAKERS IN EACH ROOM & ON ROOF. DUAL VANITY SEPARATE SHOWER IN BRIGHT MASTER BATH. SAME SIZE AS NEW CONSTRUCTION SELLING FOR $649K ON THE BLOCK! FIREPLACE, WASHER/DRYER, STORAGE & ATTACHED GARAGE INCLUDED.
Unit #4S: 3 bedrooms, 2 baths, rooftop deck
- Sold in February 2003 for $423,000
- Sold in July 2004 for $470,000
- Currently listed for $529,000
- Assessments of $250 a month
- Baird and Warner has the listing
An Albany Park Single Family Home Under $400,000: 3740 W. Agatite
Many people are looking for “affordable” single family homes on the North Side. Prices have surged in the last few years so that the “starter” home is virtually non-existent.
Or is it?
Foreclosures are creeping into the north side- even in the single family home market. Such is the case with this house at 3740 W. Agatite in Albany Park.
The listing says it’s in “need of repairs”. Anyone game?
3740 W. Agatite: 3 bedrooms, 2.5 baths, 2 car garage
- Sold in October 2004 for $235,000
- Sold in May 2005 for $400,000 (bought by D & S Builders LLC)
- Sold in January 2006 for $660,000
- Currently listed “as-is” for $399,000
- Chicago Realty Partners, Ltd. has the listing
Flipper Alert: Another Major Price Reduction in 600 N. Fairbanks
It seems the 01 tier, which is a three bedroom, two bath southeast facing unit, isn’t re-selling as quickly as sellers had hoped in 600 N. Fairbanks in Streeterville.
Currently, there are eight of the 01 tier units on the market. Two have now had substantial price reductions: #1301 and now #1901.
- #3201: $1,199,900
- #2901: $1,199,000
- #1501: $1,100,000
- #3301: $1,050,000
- #3001: $1,050,000
- #2001: $989,000
- #1301: $839,000
Unit #1901 was recently reduced $165,000.
Unit #1901: 3 bedrooms, 2.5 baths, 1746 square feet
- Sold in November 2007 for $838,000
- Originally listed for $1,140,000
- Reduced
- Currently listed for $975,000
- Listing says parking on the 2nd floor so probably $70,000
- Assessments of $605 a month
- Prudential Preferred has the listing
Crain’s Confirms: Burnham Pointe To Go Rental
As we talked about earlier this week, it appears that Terrapin is trying to convert Burnham Pointe in Printers Row into a rental tower.
At Burnham Pointe, the question is whether a buyer will be willing to pay more than the roughly $98 million, or about $327,000 a unit, that Terrapin borrowed to finance the project. HFF has not set an asking price, but sources say the broker is aiming to sell the property for about $110 million, or $369,000 a unit.
The building will have high-end finishes for a rental property, including granite countertops and stainless steel appliances, which could allow a new owner to charge high rents. But the only pure downtown apartment building to sell for more than $300,000 a unit last year was the Streeter, a luxury high-rise in Streeterville that sold for $210 million, or $437,000 a unit. And the real estate investment market has gone south since then, as skittish lenders have curtailed their lending.
“If they’re going to get a deal done in today’s environment, it’s going to take a lot of creativity from both the buyer and seller,” says Mark Stern, senior vice-president of acquisitions at Waterton Associates LLC, a Chicago-based apartment investor. Mr. Stern says he doesn’t plan to bid on the property.
How high of rents do you think someone can charge for this South Loop location?
Many investors are renting out similar units in nearby buildings, including The Vetro. I’ve seen one bedrooms renting in that building for $1600 a month– which is far below what The Streeter charges in Streeterville.
Terrapin Seeks To Sell Condo Project to an Apartment Investor [Crain’s]