Crib Chatter

Live in Renaissance Splendor in Lincoln Park: 2042 N. Clark

Perhaps you’ve walked by this building on at 2042 N. Clark in Lincoln Park and wondered about it. I have. It has a distinctly renaissance look on the outside.

A top floor unit with a balcony and a terrace is on the market. The last unit to sell in the building was in June 2006.

There are only two units per floor.

Unit #6N: 2 bedrooms, 2 baths

Sold in June 2002 for $582,500
Currently listed for $529,000 plus $70,000 for tandem parking
Balcony at 16 x 8
Terrace at 28 x 15
Assessments at $410 a month
@Properties has the listing

April 15th, 2008 | Posted in Lincoln Park | 11 Comments

Rent Versus Own Dilemma: 130 N. Garland

Should you buy or should you rent?

That’s the question a buyer would have to ask about a three bedroom unit in The Heritage, at 130 N. Garland in the Loop.

This is a west facing, high floor unit (so no lake views.) These are the city views:

Unit #5202: 3 bedrooms, 2 baths, 1700 square feet, west facing

Sold in December 2005 for $829,500
Currently listed for $950,000 (includes the parking)
Taxes of $10,093 a year
Assessment of $768 a month
Rubloff has the listing

You can rent it for:

$3750 a month (includes one parking spot)
Rubloff has the rental listing

How much of a deal is the rental?

I plugged in the numbers into the New York Times Rent v. Own calculator (linked to on the site.)

I put 10% down as a downpayment and used 6.25% as the mortgage rate. That gives you a monthly mortgage payment of $5264.

I put the tax rate at 1.07% of the purchase price which approximates the actual taxes. I used the advance features to include the HOA.

Conclusion:

A buyer should NEVER buy this unit.

It is better to rent for the next 30 YEARS than to buy this unit (with 2% annual appreciation in housing costs and 4% annual appreciation in rents.)

Is this unit a rental deal?

Even with a 10% downpayment, it is nearly 50% cheaper to rent it per month than to own it.

April 15th, 2008 | Posted in Loop | 73 Comments

Foreclosures and Short Sales Pepper 440 N. Wabash in River North

By popular demand: Plaza 440, at 440 N. Wabash in River North. Built in 1992 as apartments, it was converted into condominiums in 2005 by American Invsco.

The building has 497 units.

Sellers in this building like to describe it as “Next door to Trump at a fraction of the price.”

There IS parking available, but no washer/dryers in the units. (Can you install it? It’s unclear. I didn’t see any units with it.)

Currently, there are approximately 42 units for sale and 10 for rent.

There are several short sales and at least one bank-owned unit in the building.

Unit #1009: 2 bedrooms, 2 baths

Sold in February 2005 for $406,000
Currently listed as a “short sale” for $380,000 including the parking
Assessments of $497 a month
REIT Homes has the listing

Unit #3606: 2 bedrooms, 2 baths, 1324 square feet

Sold in February 2005 for $509,500
Bank-owned
Currently listed for $374,900
Assessments of $697 a month
Sociohomes has the listing

Unit #609: 2 bedrooms, 2 baths, 1150 square feet

Sold in March 2005 for $398,500
Currently listed as a “short sale” for $365,000 plus $40k for parking
Assessments of $489 a month
Keller Williams Lincoln Park has the listing

Unit #705: 2 bedrooms, 2 baths, 1118 square feet

Sold in January 2005 for $374,000
Currently listed as a “short sale” for $324,900 plus $30k for parking
Assessments of $511 a month
Koenig & Strey has the listing

Stay tuned for more developments in this building.

April 15th, 2008 | Posted in Foreclosures, Short Sales | 17 Comments

Gold Coast Living for $225,000: 40 E. Delaware

40 E. Delaware in the Gold Coast is a 1928 building surrounded by new construction.

Behind it, the Elysian is going up.

Down the street is 10 E. Delaware and 2 W. Delaware, or Walton On the Park.

All of those buildings are “luxury”. The one bedrooms in Walton On the Park are being marketed in the $500,000s for 900 square feet.

Is it a deal to buy an older, and yes, smaller one bedroom down the street for a fraction of the cost?

40 E. Delaware doesn’t have parking. But the small one bedrooms have w/d in the unit.

Unit #1104: 1 bedroom, 1 bath, about 700 square feet

I couldn’t find a prior sales price
Currently listed for $225,000
Wall unit A/C
Assessments of $434 a month
Bedroom is 12 x 11
Coldwell Banker has the listing

April 14th, 2008 | Posted in Gold Coast | 12 Comments

Cheapest House in Lincoln Park Reduced Again: 1846 N. Bissell

In October 2007 I chattered about the cheapest house for sale in Lincoln Park at 1846 N. Bissell.

It’s still for sale and has been reduced again.

1846 N. Bissell: 2 bedrooms, 1 bath, 950 square feet

Originally listed in March 2007 for $525,000
Listed in October 2007 for $375,000
Now listed for $350,000

The house is right next to the El tracks. Here’s the listing:

BUILT IN 1888.2 STORIES.ON EL SIDE OF BISSELL.TREMENDOUS POTENTIAL ON BLOCK OF $1M NEW HOMES.VERY EASY TO SHOW. TEAR DOWN OR REMODEL. SOLD ‘AS-IS’ PRICED WAY BELOW VALUE.GARAGE FROM REAR ALLEY CAN BE BUILT BY BUILDING THE NEW HOUSE TO THE FRONT PROPERTY LOT LINE.HAVE APPRAISAL FROM 2006 FOR $ 560,000. BRING YOUR DEVELOPERS! R-4 ZONING.

How low will it go?

There are no interior pictures available.

April 14th, 2008 | Posted in Lincoln Park | 7 Comments

Deal of the Week: 1800 Sq Ft for $350,000 in the South Loop

The foreclosures are getting interesting in the downtown market.

This week’s deal is a three bedroom unit at 1529 S. State in the South Loop.

The building was built in 2001 and has 143 units.

It was NOT built as a “luxury” building. But if it’s size you want, then this three bedroom unit is for you.

Unit #CT2: 3 bedrooms, 2.5 baths, 1800 square feet, 1 car parking

Sold in October 2006 for $550,000
Bank-owned
Currently listed for $349,900 (which I believe includes the parking)
Assessments of $943 a month
Area Wide Realty has the listing

There aren’t any pictures available of the interior.

But here are pictures of another three bedroom also on the market. Most of the units have these types of standard finishes.

Unit #19J: Three bedrooms, two baths, 1600 square feet, listed at $429,900 plus $30k for parking

@Properties has the listing for Unit #19J.

April 14th, 2008 | Posted in Foreclosures | 13 Comments

Another Chance for a Townhouse in Lincoln Park for under $380,000

It seems the more you look, the more you find these smaller townhouses all over Lincoln Park.

This one at 2644 N. Wayne was built in 1983. You can’t tell much from the pictures. I don’t have square footage, but it appears pretty small.

Livingroom: 13 x 11
Kitchen: 12 x 6
Family Room: 16 x 13
Bedroom: 13 x 11
Bedroom: 11 x 10

What do you expect for $379,000?

There is also the “pull down stairs to roof for summer fun” as we’ve seen before.

2644 N. Wayne #C: 2 bedrooms, 1 bath

Sold in April 2002 for $294,000
Currently listed for $379,000
“Assigned parking” included
Assessment of $60 a month
Re/Max Exclusive Properties has the listing.

The other two townhouses in Lincoln Park we’ve chattered about are still for sale:

2707 N. Lincoln #C listed at $399,000

2128 N. Lincoln listed at $367,000

April 11th, 2008 | Posted in Lincoln Park | 7 Comments

Flipper Alert: Closings Begin in ParkView at 505 N. McClurg

ParkView, MCL’s 47 story high rise in Streeterville at 505 N. McClurg, is to start closings any day.

The flips and rentals are now starting to appear.

There is a one bedroom rental already available with “move-in in April”.

Unit #1104: 1 bedroom, 1 bath, 921 square feet

Available to rent for $1900 plus $300 a month for parking
Baird & Warner has the listing

Or, if you’re interested in buying, a similar tier one bedroom is still available for sale from the developer.

Unit #504: 1 bedroom, 1 bath, 921 square feet

Currently listed for $388,500
Parking $60,000 extra
Assessments of $312 a month
MCL Management has the listing

These flippers are trying to re-assign their contracts on Craigslist because they must move due to “employment relocation” and “relocation.”

$573,000 two bedroom:

Beautifully upgraded, new construction, corner two bedroom condo located in fabulous Streeterville only one block from Navy Pier and Michigan Avenue! Closings to start in April 2008! Take advantage of this fabulous offer! Unit #805 has a beautiful SW view with tons of light and floor to ceiling windows. Only 6 units per floor! Many ammenities including an outdoor swimming pool!!

Originally purchased this condo over 3 years ago at the first pre-construction pricing offered and needs to sell due to employment relocation! Will assign sales contract at original cost!!

Paying 3% commission to you with your clients sales contract!!

AND

$625,000 two bedroom:

An MCL Company developement – Beautiful corner 2 bedroom unit, fully upgraded unit with a view of Lake Michigan in the fabulous Streeterville neighborhood! Located only one block from Navy Pier and Michigan Avenue! Tons of light and floor to ceiling windows! Unit # 802!!

Will re-assign this sales contract at original pre-construction pricing from 3 years ago!!! Must sell due to relocation!! Closings scheduled to start the end of April 2008! You cannot even get into this SOLD OUT tier for under $700k!!

Paying a 4% commission to you with your clients purchase agreement!!

It’s the same contact info for both of these “re-assignments”.

Park View is only about 70% sold even before closings begin.

Stay tuned for interior pictures.

ParkView Condominiums [website]

April 11th, 2008 | Posted in Flips | 26 Comments

Who Buys a $5 Million Condo in The Palmolive?

Alas, I’m not talking about Vince Vaughn (who was rumored to have bought the top floor penthouse for $10 million several years ago. Did he? Who knows.)

Crain’s recently had a tidbit about the CEO of the Intercontinental Exchange and his “move-up” from a paltry two bedroom condo on the 5th floor of The Palmolive at 159 E. Walton in the Gold Coast to a full-floor, high floor unit in the same building. From Crain’s:

IntercontinentalExchange Inc. CEO Jeffrey Sprecher lost his bid last year to buy the Chicago Board of Trade. But now he’s bought himself a better view.

Mr. Sprecher, whose exchange is headquartered in Atlanta, purchased a condo in the historic Palmolive Building in Streeterville last April. At the time, he was in the midst of a bidding war with the Chicago Mercantile Exchange over Chicago’s second-largest futures market.

CME ultimately won that battle, but Mr. Sprecher kept the condo, outfitting its kitchen with Clive Christian cabinetry and using the home during his frequent stays in the city, where his company has its primary data center.

Now Mr. Sprecher is moving on up, buying a whole-floor, $5.9-million unit on one of Palmolive’s upper floors, public records show. He’s put his fifth-floor digs, bought for $1.7 million, on the block.

This is the unit he bought in April of 2007 (alas, no pictures of the interiors have been posted yet):

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

The listing states:

STUNNING RE-SALE RESIDENCE IN PREMIER CONDOMINIUM BUILDING, STEPS FROM MAGNIFICENT MILE! ONE MILLION DOLLARS IN UPGRADES CLIVE CHRISTIAN KITCHEN. EVERYTHING COMPLETED IN EXCELLENT TASTE BY TOP DESIGNER. WOOD-PANELED STUDY. GLORIOUS FORMAL DINING ROOM. 2 FRPLCS. SPLENDID MASTER SUITE, SITTING AREA. MOVE RIGHT INTO THIS EXTRAORDINARY RESIDENCE. 2 PETS OK. PRICE & ASMT INCL. PRKG. BEST HOME AT SOUGHT AFTER PALMOLIVE

Do you think he did the upgrades AFTER he bought last April or before?

If it was after, the “million dollar upgrades” means he’ll be out some cash on the sale.

The Palmolive is a luxury building that is holding its own. While we’ve seen some of the smaller units struggle to sell, there seem to be buyers for the very expensive units in the building.

Within the last six months, three $5 million+ units have sold in the building, which must be some kind of record for condo re-sales in the city. It’s pretty rare when a $5 million dollar sells at any time- let alone this many units in that price range.