Crib Chatter

I heard one agent say the other day that anything priced up to $450,000 in Lincoln Park and Lakeview is selling quickly.

That would put this top floor condo at 850 W. Diversey in that category. It even has w/d in the unit and parking. And it’s near the “prime” East Lakeview neighborhood with its shops, restaurants and lake access.

It should sell quickly, right?

Unit #3: 2 bedrooms,  2 baths, 1500 square feet

• Sold in March 2003 for $325,500
• Sold in July 2004 for $355,000
• Currently listed for $424,900 (parking included)
• Assessments of $141 a month
• Jameson Realty Group has the listing

Most people probably have never heard of The Villa.  It is a landmark historic district in the Old Irving Park neighborhood that has very well preserved bungalows and tree-lined streets.

From the Chicago Landmarks website:

Attracted by landscaped parkways and the requirement that all houses be in the “bungalow mode,” buyers in this development built residences–largely between 1907 and 1925–that show the influence of the Prairie and Craftsman styles and also the popularity of the American Four-Square. The subdivision originally was marketed under the name of “Irving Park Villa.”

You don’t see that many homes for sale in The Villa, mainly because of its size. It only runs the 3600 to 3800 blocks of north Avers, Hamlin, Harding and Springfield.

This updated 1910 bungalow is on the market.

(And no, I don’t know how the pictures are so leafy, green and lovely when spring hasn’t sprung. Perhaps the house was on the market last summer. Anyone know?)

A master suite was added, with a small bathroom, in the attic for the fourth bedroom. It also has a finished basement.

3707 N. Harding: 4 bedrooms, 2.5 baths, 1 car garage

• Sold in August 2005 for $591,500
• Currently listed for $699,000
• Coldwell Banker has the listing

The house has a lovely website.

3707 N. Harding [website]

Some buildings, for whatever reason, appreciated very little during the boom-boom years.

Take 101 W. Superior in River North. It’s a midrise that was completed in 2004.

Several two bedroom units are on the market for little more than they paid in 2004.

Unit #506: 2 bedrooms, 2 baths, 500 square foot terrace

• Sold in July 2004 for $540,500
• Currently listed for $530,000 parking extra
• Hot tub on the terrace
• Assessments of $600 a month
• @Properties has the listing

Unit #801: 2 bedrooms, 2 baths, 1325 square feet

• Sold in September 2004 for $510,000
• Currently listed for $530,000 including the parking
• Assessments of $771 a month
• Ed Jelinek at Coldwell Banker has the listing

Unit #901: 2 bedrooms, 2 baths, 1325 square feet

• Sold in July 2004 for $503,000
• Currently listed for $539,000 including the parking
• Corporate seller will pay 6 Months Assessments
• Assessments of $792 a month
• Rubloff has the listing

A listing that closed in 2008 tells the story:

Unit #1004:

• Sold in January 2005 for $618,500
• Sold in January 2008 for $620,000

And you thought the only place to find a touch of the Mediterranean was in Lakeview.

Apparently, you can also find it in West Ridge, specifically in the Indian Boundary Park neigborhood, west of Western at 2532 W. Coyle.

This house was built in 1927 and, even though I’ve said it before, they just don’t build them like this anymore.

2532 W. Coyle: 3 bedrooms, 1.5 baths, no square footage given, 2 car garage

• I couldn’t find a previous sales price
• Currently listed for $629,000
• Full Basement
• Coldwell Banker has the listing

Did you know that Indian Boundary Park is the only other park to have a zoo in the city (other than Lincoln Park)?

Indian Boundary Park & Cultural Center [website]

Another sign of the times, but much more serious because they’ve already started construction, is this news from David Roeder of the Sun-Times that construction may have to halt at Waterview Tower, the 90+ story high-rise condo/hotel at 111 W. Wacker Drive in the Loop due to financing issues.

They have already built up to at least the 16th floor.

It doesn’t sound good:

But progress on the building, marketed as Waterview Tower, has been excruciatingly slow. Sources said the the developer, Teng & Associates Inc., has been unable to secure about $320 million in construction financing and may be forced to stop work. With the shell of the lower floors in place, it’s possible the structure will serve merely as a multilevel parking garage until the market for high-priced housing revives.

The project could be put on hold and the structure used for a parking garage.

Five contractors have filed liens on the property since January. The most significant appears to be a claim by Thatcher Engineering Corp. for $207,000. One lien can indicate just a payment dispute; several indicates a project is in trouble and creditors are protecting their interests in case of a bankruptcy or property sale.

Teng is an engineering firm that bought the property at Wacker and Clark for $12 million in 2006 and used its own architect, Thomas Hoepf, to design Waterview. The plans received critical praise. Teng started signing condo sales contracts and a deal with Shangri-La International Hotels Inc. during a roaring economy. With its own money and later a $20 million stopgap loan from LaSalle Bank, Teng started construction in 2006.

These are my fears for The Spire. Yes, they’ve started construction. But what if they only make it up to the 20th or 30th floor?

High end hotel was set for Wacker Drive hit by money crunch [Sun-Times]

According to Crain’s, Lennar has canceled The Parc Huron at 469 W. Huron in River North after marketing it for only the last six months. It was supposed to be a 21-story, 221-unit building.

The sales center opened in October 2007. What is telling is how many units they sold (or didn’t sell):

Lennar began marketing units in it last October, but had signed up buyers for just five units by the end of the year, according to a report by Chicago-based consulting firm Appraisal Research Counselors. Lennar paid $9.5 million for the development site in March 2008, property records show.

Lennar’s last remaining downtown project is Library Tower, a 184-unit building under construction at 550 S. State St. Buyers had signed contracts for 125 units, or 68% of the total, by the end of 2007, according to Appraisal Research.

It’s interesting to see what is happening to downtown condo sales now that the flippers are out of the market.

Homebuilder scraps downtown condo project [Crain’s]

The developer is trying to close out sales at the conversion at Pearson on the Park at 222 E. Pearson in Streeterville/Gold Coast.

The building was built in 1963 and was converted in 2007.

The lobby and hallways were renovated. The developer put washer/dryers in the units.

Now, the developer is giving away parking when you buy a unit. And it appears there are other incentives for “investors”. From one of the listings:

For A Limited Time: Free Parking Included, A $39k Value. Ask About Developer’s Special Investor Pricing Program.

Unit #201: 3 bedrooms, 2 baths, no square footage given

• Currently listed at $491,900
• Livingroom: 16 x 13
• Master Bedroom: 17 x 12
• Assessments of $692 a month
• Jameson Realty has the listing

Junior one bedrooms are an affordable way to get into condo ownership for many people.

450 W. Briar in Lakeview was converted into condominiums in 2005 and 2006.  The building has 13 floors and was built in 1972.

This seller is trying to move on after two and a half years. Is there profit to be had in buying these small units and selling within only a few years?

Unit #9E: 1 bedroom, 1 bath, no square footage given

• Sold in December 2005 for $197,000
• Currently listed for $234,000 (no parking but rental available)
• W/D in the unit
• Small balcony
• No central air- window unit
• Bedroom: 10 x 7
• Livingroom: 14 x 10
• Assessment of $176 a month
• @Properties has the listing

In late December 2007, I chattered about a three bedroom, three bath unit on the 47th floor in The Sterling, at 345 N. LaSalle in River North, that was in foreclosure.

Here were the stats back in December- along with the Craigslist ad at the time:

Unit 4701: 3 bedroom, 3 bath, 1900 square feet

• An ad on Craigslist says it sold in September 2005 for $895,000
• It also sold in February 2005 for $719,500
• Currently listed for $725,900
• Assessment of $816 a month

Here’s the Craigslist ad:

This is a great chance to own a Penthouse condo at a remarkable price. (SOLD FOR $895,000 IN 2005.) Great views. High quality interior finish. Bank-owned, so make an offer!!!

I asked if this was a good “deal” for a three bedroom unit in River North.

Apparently, no buyers thought so. The unit is still available.

It’s been reduced to $709,900. But even more interesting is the latest Craigslist ad:

DON’T MISS OUT ON THIS PENTHOUSE LIVING AT A WHOLESALE PRICE!! BANK WILL ACCEPT AT LEAST $590,000!!! HURRY…THIS ONE WON’T LAST!!!

UNIT FEATURES:

1900 SQ FT
3 BD
3 BA
HARDWOOD FLOORS
GRANITE
STAINLESS STEEL APPLIANCES
WASHER & DRYER IN UNIT
FLOOR TO CEILING WINDOWS
TERRACE
47TH FLOOR

ASSESMENT = $816/MONTH
INCLUDES: Heat, Air Conditioning, Water, Gas, Common Insurance, Security, Doorman, TV/Cable, Clubhouse, Exercise Facilities, Pool, Exterior Maintenance, Scavenger, Snow Removal, Other

BANK VERY MOTIVATED…..JUST MAKE AN OFFER!!!!

Bank will accept “at least” $590,000???

Why doesn’t the bank just cut the price?

By the way, the foreclosures continue in the building.

This unit just came on the market and is bank-owned:

Unit #4107: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 2004 for $602,500 (parking is rental in the garage next door)
• Sold in August 2005 for $670,000
• Currently listed for $360,000
• Assessments of $663 a month
• T.G. Holmes Realty, Inc. has the listing

That’s a 45% reduction.

No pictures yet.

Also just listed for you buyers looking for “deals” is this two bedroom:

Unit #406: 2 bedrooms, 2 baths, no square footage listed

• Sold in February 2004 for $450,000
• Listed for $285,000
• Assessments of $496 a month
• Great Street Properties, Inc. has the listing

If you remember, Unit #206, with a similar layout to #406 above, was also a foreclosure. Originally listed for $299,000. Reduced to $259,000. Finally sold. Anyone with a closing price on that one? I couldn’t find a close on it.

#206 was, apparently, the new “comp”.

The first rentals in The Emerald, 123 S. Green, in the West Loop near Greektown are now appearing in earnest as the first building is nearing completion.

Several rentals have popped up on the MLS and several more are on Craigslist.

These are pictures from the interiors of a one bedroom and a one bedroom with den.

Unit #410A: 1 bedroom, 1 bath, 794 square feet

• Listed for rent for $1600 a month plus $150 for parking (parking must be leased with the unit)
• Available May 1
• Property Consultants Realty Inc. has the listing

Unit #505A: 1 bedroom plus den, 1 bath,  900 square feet

• Listed for rent for $1700 a month plus $150 for parking (must rent the parking with the unit)
• Available June 1
• Property Consultants Realty Inc. has the listing

Property Consultants Realty is handling the sales center for The Emerald and is co-developer on the project.

Stay tuned.