Crib Chatter

In October 2007, I chattered about a foreclosure auction on a two bedroom unit in The Lancaster at 201 N. Westshore Drive in Lakeshore East. It was the first condo building to be completed in the Lakeshore East complex.

In October, it had an auction price of $516,000.

It didn’t sell at the auction and is now back on the market and owned by the bank.

Unit #1208: 2 bedrooms, 2.5 baths

• I still can’t locate an original sales price
• Foreclosure auction price of $516,000 in October 2007
• Current list price of $540,900 (doesn’t look like there is parking)
• Assessments of $409 a month
• Arc Realtors, Inc. has the listing

You can’t help but notice the Manor House at 1021 W. Bryn Mawr when you’re in Edgewater. Built in 1907, it now has 16 units.

I chattered about it in November 2007.

At the time, two units were for sale. Unit #3C, a 1600 square  foot two bedroom, two bath that was listed for $349,000 which finally sold for $340,000.

Unit #3B is still on the market and has been reduced. It’s definitely not cookie-cutter.

Unit #3B: 3 bedrooms,  2 baths, with three different outdoor spaces

• Was listed in November 2007 for $539,000 
• Currently listed for $499,000 included one heated parking space 
• Assessments of $450 a month
• I can’t locate an original sales price 
• Century 21 Sussex & Reilly has the listing

1620 S. Michigan is the modern CMK-developed building in the South Loop that closed in 2006.

There are 249 units in the building. I have chattered about flippers taking losses in the building before and wondered how long other investors could hold on.

A foreclosure has now appeared as well.

Unit #326: 2 bedrooms, 1 bath, 935 square feet

• Sold in November 2006 for $332,000
• Foreclosure auction price of $314,946
• Currently available to rent for $1800 plus $175 a month for parking

The rental listing states:

CORNER TWO BEDROOM ONE BATH. WITH PRIVATE TERRACE.WASHER/ DRYER IN UNIT. HEAT,AIR,WATER,GAS INCLUDED. LESSEE PAYS ELECTRIC & CABLE. PET OK W/ADD’L DEPOSIT. INDOOR HEATED PARKING SPACE $175/MO. AVAILABLE ASAP.

Cacciatore Harper has the rental listing.

I last chattered about a penthouse unit in The Heritage at 130 N. Garland in Millennium Park/Loop in September 2007. 

I commented that the $4.4 million asking price was a new price point for the Millennium Park area, if they could get it.

It has since been reduced by $1.1 million.

Unit #5701: 4 bedrooms, 4.5 baths, 4668 square feet, 4 car parking

• I couldn’t find an original sales price
• Was listed in September 2007 for $4.4 million
• Currently listed for $3.3 million includes two parking spaces but two more available
• Assessments of $2934 a month
• Listing states over $400,000 in upgrades
• Koenig & Strey has the listing

I’ve chattered about the rash of foreclosures in River City, the conversion at 800 S. Wells, in Printer’s Row/South Loop before.

Many of the large 1600 square foot 3 bedroom, 2 bath duplexes have gone into foreclosure.

One of them finally sold.

Unit #551: 3 bedrooms, 2.5 baths

• Sold in December 2004 for $511,700
• Was listed in October 2007 for $254,900 (bank owned)
• Sold in December 2007 for $221,000

The cheapest 3 bedroom, 2.5 bath unit currently on the market is Unit #542.   It is also a foreclosure.

Unit #542: 3 bedrooms, 2.5 baths

• Sold in July 2005 for $500,000
• Was listed for $318,000 in October 2007
• Is still listed for $318,000 (fee parking available)
• Assessments of $856 a month
• Chicago Realty Partners, Ltd. has the listing

The cheapest one bedroom in the building is also a foreclosure.

Unit #1320: 1 bedroom, 1 bath

• Sold in February 2006 for $265,000
• Currently listed for $149,000
• Assessments of $419 a month
• Riklin Realty has the listing

The current building statistics:

• 40 units for sale
• 18 units for rent

Some units might be both for sale AND for rent.

We’ve been chattering about renting instead of buying. And why not? There are plenty of lovely rentals in all of the new buildings.

340 On the Park, at 340 E. Randolph, near Millennium Park seems especially popular as the rents are cheaper than what it would cost to buy the same unit.

This one bedroom rental especially caught my eye (thanks to the tipster who brought it to my attention.)

You have not one, but TWO, south facing balconies because it’s a duplex.

Unit #2702: 1 bedroom, 1.5 baths, 1314 square feet

• Sold in January 2008 for $626,500
• Available to rent for $3500 a month plus $300 for parking
• Market time of 76 days
• Prudential Preferred has the rental listing

The bedroom is 14 x 13.  The livingroom is 21 x 13.

535 N. Michigan in Streeterville on the Mag Mile was built in 1962. You might not even notice the building when you’re walking by on the street.

The units don’t have washer/dryers but there is attached leased parking. There is also a penthouse indoor pool.

But apparently the housing slowdown is affecting even units for sale on the Mag Mile as this remodeled one bedroom was recently reduced.

From the listing:

OVER $60,000 IN UPGRADES! THIS AMAZING UNIT IS OVER THE TOP. BAMBOO FLOORS; GERMAN-DESIGNED KITCHEN W/SUBZERO; MIELE APPLS.; GRANITE AND STAINLESS KITCHEN; NEW BLOND CABINETS W/SELF-CLOSE DRAWERS; REMODELED BATH WITH NEW PLUMBING AND FIXTURES (2-PERSON SHOWER); ORGANIZED, MIRRORED CLOSETS; AND MORE.

INDOOR POOL, HUGE ROOF-TOP GYM, PARTY ROOM, SUNDECK. PARK: $245. NO DOGS.

Unit #706: 1 bedroom, 1 bath, 755 square feet

• Sold in August 1996 for $83,000
• Sold in September 2002 for $168,000
• Was listed for $274,000
• Currently listed for $249,000
• Assessments of $428 a month
• Koenig & Strey has the listing

Ontario Place Private Residences, at 10 E. Ontario, is a massive River North high rise with 467 units. The building was a rental building until a few years ago when it was converted by American Invsco into condominiums.

The building was built in 1982 and has a rooftop pool.

American Invsco is still trying to sell units in the building.

It was also marketed to overseas investors. Several years ago, a friend sent me an advertisement for the building out of the Irish Times newspaper that she saw when she was visiting Dublin.

It has parking available for purchase (or rent) in the building but no washer/dryers in the units.

There are several  short sales in the building and I’ve also seen several foreclosures.  A lot of other sellers are “motivated.”

Current building statistics:

• 60 for sale
• 6 for rent on the mls (but also more on Craigslist)

Most expensive one bedroom currently on the market (from the developer):

Unit #802: 1 bedroom, 1 bath, 995 square feet

• Currently listed for $504,000 (includes the parking space)
• American Invsco Realty has the listing

The listing states:

LOCATION-LOCATION-LOCATION, PRICE INCLUDES INDOOR DEEDED PARKING SPACE! DEVELOPER WILL PAY ASSESSMENTS FOR 2 YEARS! WOW!

ONTARIO PLACE HAS IT ALL-NEW CONDO CONVERSION – ALL UNITS HAVE GIANT 150SQ FT BALC, LARGE LUXURIOUS ONE BED WITH OPEN KITCHEN! UNIT-AMENITIES INCLUDE HEALH CLUB,POOL,DECK, PARK,PARTY RM & DOORMAN.

Assessments are $465 a month.

Here is a unit where the listing states: “Well Below Market Value!”

Unit #3810: 1 bedroom, 1 bath, 765 square feet

• Sold in December 2005 for $334,000
• Currently listed for $250,000 plus $40,000 for parking
• Assessments of $377 a month
• Keller Williams Chicago Properties- River North has the listing

Unit #1010 is also on the market. The listing states it is “as-is” and “possible short sale.”

Unit #1010: 1 bedroom, 1 bath, 765 square feet

• Sold in November 2005 for $302,630
• Currently listed for $250,000 plus $40k for parking
• Assessments of $310 a month
• Exit Realty Group has the listing

This is another short sale:

Unit #3605: 1 bedroom, 1 bath, 965 square feet

• Sold in February 2006 for $458,900
• Currently listed as a short sale for $367,000 (includes the parking)
• Assessment of $471 a month
• Century 21 McMullen has the listing

A lot of the kitchens look like they are white with the white appliances such as this one for Unit #1708 which is NOT a short sale:

Unit #1708: 1 bedroom, 1 bath, 845 square feet

• Sold in July 2006 for $418,500
• Currently listed for $389,000 plus $42,800
• Listing states: “OWNER IS VERY MUCH MOTIVATED. ALL OFFERS WELCOME.”
• This is not a short sale.
• Assessments of $400 a month
• Re/Max Villager has the listing

Ontario Place Residences [website]

This building will be one to watch as closings began in 2005, which was the peak of the housing mania.

The Emerald, the 212 unit two building development at 125 S. Green in the West Loop near Greektown, is nearing completion.

The first apparent flip has appeared on Craigslist (thanks to the Tipster who sent me the link.) This is a sure sign that the building will be closing soon.

Fifth Floor 1 Bedroom + Den:

About the unit:
Prime 5th floor spacious Unit-900 sq feet
1 bedroom + den.
Floor to Ceiling windows tons of light.
Unobstructed view of dowtown skyline…unbelievable view!!!!
Wired for surround sound home theater,
Pre-wired home security,
Stainless steel appliances and countertops,
Ultra chic bamboo cabinets,
Unique flooring treatments
Huge modern all marble Bathroom, garden tub with LCD TV and seperate walk-in shower, and double vanity .

Walk out Balcony perfect for enjoying the view.
Ample Closet space.
In unit washer and dryer hookup
One Indoor secured heated parking space

The price?

$385,000

It doesn’t say whether or not the heated parking space is included in the price.

The listing says it’s available in May 2008.

Stay tuned.

Or, you can rent in the building.  The first rental has also appeared on Craigslist:

Brand New 1 bedroom/1 bath condo with garage parking in the brand new emerald development in the heart of greektown/restaurant row. Unit is 800sq feet. Also, all utilities included in rent. Move in will be approx april timeframe.

Rental price?

$1400 a month (also isn’t totally clear if parking is included in that price or not.)

The Emerald is still selling units from the developer.  As a special deal for Leap Year, they were giving away free parking. The website says the offer was good through March 2, however.

The Emerald [website]

I last chattered about the penthouse unit at 375 W. Erie in River North with the huge 1000 square foot terrace in January 2008.

It has since had a price reduction:

Unit #610: 2 bedrooms, 2 baths, 1800 square feet

• Sold in April 2003 for $560,000
• Listed in January 2008 for $680,000 (plus $35,000 for parking)
• Currently listed for $655,000 (plus $35,000 for parking)
• Assessments of $511 a month
• 11 foot high ceilings
• Skylights
• Prudential Preferred Properties has the listing