Crib Chatter

Some of the oldest loft conversions are near Greektown in the West Loop. 400 S. Green is one of those. The brick and timber five story building was converted in the mid-90s before anyone thought of the area as a residential haven.

The units are big and have interesting layouts.  There is some parking available with the building.

Unit #508 is on the market. It is a top floor duplex loft with a big 25 x 8 covered terrace. The listing says it has “power operated skylights” but there are no pictures of them (too bad.)

Unit #508: 2 bedrooms, 2 baths,  office, 1700 square feet

• Sold in July 1995 for $170,000 (Records said that it was a one bedroom)
• Sold in May 1998 for $155,000
• Currently listed for $425,000 (not sure if parking is included)
• Assessments of $284 a month
• Unit also has roof rights
• @Properties has the listing

This townhouse at 1655 W. Ontario has an interesting history. (Yes, I know- it looks like a single family home but the listing says its a townhouse.) 

It was built in 2002 and has sold four times already and now is up for sale again.

But the good times of ever increasing appreciation are now clearly over.

1655 W. Ontario: 3 bedrooms, 2.5 baths,  3500 square feet

• Sold in October 2002 for $646,500
• Sold in April 2005 for $560,000
• Sold in January 2006 for $785,000
• Sold in June 2006 for $890,000
• Currently listed as “pre-foreclosure” for $650,000
• No assessments
• @Properties has the listing

$100,000 price appreciation in only six months in 2006? Those were the days….

521 – 525 W. Superior is actually the same building complex in River North (most know it by 521 W. Superior.) The buildings are timber lofts with lots of authentic brick. They were converted in the late 1990s- early 2000s.

Mysteriously, a listing for a foreclosure in the building appeared on Craigslist yesterday morning, April Fool’s Day, and then was mysteriously deleted within hours.

It was for a 2/2, 1390 square feet, with the parking included, for $319,831.

Maybe someone snatched it up in a matter of hours.

Or maybe it’s this listing that just appeared on the MLS (the one on Craigslist had no unit number):

521 W. Superior, Unit  #123: 2 bedrooms, 2 baths, 1400 square feet

• I couldn’t find an original sales price
• Currently on the market for $320,000 (can’t tell if that includes the parking- but it might)
• Assessments of $415 a month
• Royal Crest Realty, Inc. has the listing

There is another unit that the listing says is a short-sale but from the records it appears that it has now gone into foreclosure as well.

525 W. Superior, Unit #426: 2 bedrooms, 2 baths, 1395 square feet

• I couldn’t find an original sale price
• Was listed as a short-sale for $420,000 with the parking extra
• Foreclosure auction price of $364,881
• Assessments of $430 a month
• First Chicago Real Estate, Inc. has the listing

To give you an idea of what the non-foreclosures are being listed for:

521 W. Superior, Unit #324: 2 bedrooms, 2 baths, no square footage given

• Sold in April 2005 for $394,000
• Currently listed for $439,000 (parking included)
• Listing states: “Stunning renovation”- but there are no pictures
• Assessments of $456 a month
• First Source Realty has the listing

I managed to find some pictures of one of the interiors of a unit in the building.

This is Unit #531 a 2/2 that was for sale recently for $464,900 with the parking included.  I can’t find any record that it sold.

I last chattered about Village Pointe at 845 N. Kingsbury in River North in December 2007 and profiled five units.

At the time, flippers were trying to sell several units. Three out of the five from December have now sold.

Unit #304: 1 bedroom plus “den”, 1 bath, 909 square feet

• Originally sold in July 2007 for $138,300
• Listed in December 2007 for $269,900 plus $30,000 for the parking
• Sold in February 2008 for $150,000 (not sure if this was because it was some kind of income requirement unit)

Unit #512: 1 bedroom plus “den”, 1 bath, 909 square feet

• Sold in July 2007 for $269,900
• Listed in December 2007 for $288,900 plus $30,000 for parking
• Sold in December 2007 for $308,000

Unit #611: 1 bedroom plus “den”, 1 bath, 909 square feet

• Sold in July 2007 for $291,500
• Listed in December 2007 for $287,500 plus $30,000 for parking
• Sold in December 2007 for $315,000

This larger unit is still on the market four months later:

Unit #201: 2 bedrooms, 2 baths, den, 1700 square feet

• Sold in June 2007 for $437,500
• Was listed in December 2007 for $488,900 plus $30,000 for parking
• Reduced and now listed for $475,000 (parking $30,000 extra)
• Assessments of $439 a month
• Quest Realty Group has the listing

 I can’t find info on the fifth unit I chattered about. It was for sale and/or rent so it might have rented.

Want a 2700 square foot unit in River North at 30% off 2005 prices? Check out Millenium Centre, at 33 W. Ontario.

Short sales and reductions have hit hard there over the last few months.

Unit #55E is just one of many examples. The listing states:

CONTRACT CONTINGENT ON LENDER ACCEPT OF SHORT SALE. MUST LIQUIDATE ESTATE. BRING ANY/ALL REASONABLE OFFERS.

Thanks to the tipster who sent me information on this unit. It’s been on the market for six months already.

Unit #55E: 3 bedrooms, 2.5 baths, 2700 square feet

• Sold in April 2005 for $1.4 million
• Was originally listed last fall for $1.39 million
• Currently listed at $975,000 (parking included)
• Assessments of $1450 a month
• American Invsco Realty has the listing

But if you think that’s a “deal” maybe it’s not.

Unit #52E, similarly sized, just re-sold two months ago. Here’s its price history:

• Sold in February 2005 for $1.45 million
• Sold in October 2005 for $1,799,500
• Re-sold in February 2008 for $865,000

Imagine getting 2000 square feet in Streeterville for under $600,000?

This listing, for a 2000 square foot loft in 540 N. Lake Shore Drive, says it’s the “best deal on LSD.”

Is it?

The unit has “high end appliances” including “Bosch, Grohe & Kohler”.

Unit #411: 2 bedrooms, 2 baths, 2000 square feet

• Sold in August 1995 for $257,000
• Sold in October 1998 for $336,500
• Sold in December 2000 for $372,500
• Sold in April 2003 for $340,000
• Currently listed for $548,999
• Assessments of $714 a month
• Jameson Realty Group has the listing

This 1906 building at 814 W. Aldine in Lakeview was converted in 2006. Unit #2S is the first unit to come back on the market since the original sales.

There is no square footage given, but it appears to be on the smaller side.  Here are the room measurements:

• Bedroom #1: 14 x 12
• Bedroom #2: 11 x 9
• Livingroom: 14 x 12
• Kitchen: 11 x 9

Unit #2S: 2 bedrooms, 2 baths

• Sold in April 2006 for $359,000
• Currently listed for $339,900 plus $35,000 for parking
• Assessments of $115 a month
• Jameson Realty has the listing

A bunch of huge custom mansions were built in recent years in River North on Kingsbury and Huron. The area apparently calls itself “Kingsbury Park.”

They were in the news last summer after Miami Heat NBA player Antoine Walker was robbed at gunpoint in his home on the block. From the Chicago Tribune:

A source close to the Walker family said the former Mt. Carmel High School basketball star, a 6-foot-9-inch forward for the Miami Heat, was tied up with duct tape by masked intruders and robbed of jewelry, cash and his black Mercedes.

Chicago police recovered the Mercedes — minus its wheels — on Tuesday but declined to confirm other details of the investigation.

The source told the Chicago Tribune on Tuesday that two intruders wearing masks and covering their eyes entered through the garage at Walker’s home Monday evening. One held a weapon, likely a small handgun, to Walker’s head.

“He acted as if he knew Antoine and was talking to him about knowing the consequences of the robbery,’’ the source said.

The intruders ordered Walker into his house, where they wrapped duct tape around his ankles and wrists. Walker was able to extricate himself from the duct tape after the robbery.

The Tribune article also states that several of the homeowners employ private security guards to “sit behind their brick edifices and monitor suspicious onlookers.”

Apparently, Mr. Walker started packing up to move the very next day and no longer lives on the block.

But the publicity couldn’t have been good for other homes for sale on that street. (Thanks to the tipster who alerted me to the market time and reduction on the Kingsbury house.)

Take 701 N. Kingsbury, a 9000 square foot mansion with four terraces and a roofdeck. It sits on a corner lot at the end of the block.

It’s been on the market since 2006 and has had several price reductions. It was recently reduced another million.

701 N. Kingsbury: 4 bedrooms, 4 baths, 4 half-baths, 9000 square feet, 3 car heated garage

• Sold in December 2003 for $3,773,500
• Originally listed in November 2006 for $5.495 million
• Reduced to $4.995 million and stayed on the market throughout 2007
• Withdrawn from the market in December 2007
• Re-listed in December 2007 at $3.995 million
• Currently listed for $3.995 million
• Century 21 M.B. Real Estate has the listing

Two smaller homes are also on the market.

450 W. Huron’s listing states:

VERY MOTIVATED SELLER !!! FAB 7200 SQFT, 6BR, 6.2 BA HOME W/ THE WORKS!

450 W. Huron: 6 bedrooms, 6 baths, 2 half-baths, 2.5 car garage

• Sold in September 2004 for $3.4 million
• Currently listed for $3.9 million
• Prudential Preferred has the listing

432 W. Huron: 4 bedrooms, 4 baths, 1 half-bath, 2 car garage

• I couldn’t find a prior sale- from the developer?
• Currently listed for $3.3 million
• Coldwell Banker has the listing

1211 N. LaSalle, or famously known as “The Mural Building”, in the Gold Coast was converted from apartments to condominiums in 2006. The building was built in 1924 and has four units per floor.

There is parking available to purchase but there are no washer/dryers in the units.

These two units are in short sale:

Unit #1703: 2 bedroom, 2 baths, 1150 square feet

• Sold in June 2006 for $271,000
• Currently listed for $279,900 (no parking)
• Assessments of $295 a month
• Major Enterprises, Inc. has the listing

Unit #1604: 1 bedroom, 1 bath (no square footage listed but the other 1/1s are 650 square feet)

• Sold in April 2006 for $179,500
• Currently listed for $174,900
• Assessments of $230 a month
• Major Enterprises, Inc. has the listing

The short sales are really hurting the regular sellers.  Other one bedrooms are on the market for around $200,000.

You can see the building’s pretty vintage carved ceilings in some of the pictures below.

This two bedroom is not a short sale:

Unit #1502: 2 bedrooms, 2 baths, 1150 square feet

• Sold in July 2006 for $261,000
• Sold in January 2007 for $296,000
• Currently listed for $328,000 plus $35,000 for parking
• Window A/C units- no central air
• Assessments of $319 a month
• @Properties has the listing

Crilly Court, four 1890s buildings converted into 90 condominiums last year, was a very successful conversion in Old Town that sold out within months.

The buildings had been apartments for decades.

The buildings are smack in the center of Old Town on Eugenie, Crilly, St. Paul and Wells. Units ranged from small one bedrooms to three bedroom units. There were eight parking spots that were sold with the building (outdoor spots in the courtyard). They sold with only the most expensive three bedroom units.

The buildings were totally gutted and fitted with central air and washer/dryers.

One of the two bedroom units in the Crilly building has come back on the market after only 10 months.

What’s the appreciation on a unit like this?

1701 N. Crilly, Unit #4E: 2 bedrooms, 2 baths, 1200 square feet

• Sold in May 2007 for $376,500
• Listed for $459,900
• No parking available
• Assessments of $226 a month
• Sudler Sotheby’s has the listing