Crib Chatter

Apparently, several of you have recently toured this two bedroom flip at 550 St. Clair in Streeterville.

Tipsters told me that it has pocket doors that lead into several of the bedrooms.  You can’t tell it from the pictures, but the master bathroom is apparently completely open into the master bedroom- ala “European style.”  Basically, if you’re standing at the sink washing your face, anyone in the bedroom can watch what you’re doing.

There is also, apparently, a sliding pocket door to close off the toilet area. So there is privacy there.

Anyone else see this unit?  Do you have comments on this unique configuration?

Unit #1104: 2 bedrooms, 2 baths, no square footage given as the developer didn’t provide square footage on the units pre-construction so there isn’t any given now

• Sold for
• Currently listed for $589,500 plus $45k for parking
• Assessments of $433 a month
• Leone Belmonte at Coldwell Banker has the listing

The building also has a pool.

Will 550 St. Clair give 600 N. Fairbanks a run for its money?

The Chicago Journal on March 12 also reported on developments involving a foreclosure filing on the developer of 830 S. Michigan, a proposed 80-story highrise across from Grant Park.

The Chicago Journal:

Hermes Capital Limited Liability Corporation filed a foreclosure lawsuit against the developers of a proposed condominium building at 830 S. Michigan. The project is being developed by Renaissant Development Group, of Oak Brook. Renaissant wants to build an 80-story building on the site containing 376 condominiums.

Hermes, in the foreclosure suit, claims the developers failed to pay a mortgage worth $4.25 million. But a spokesman for the firm said the note was merely a “mezzanine” loan, and not the primary funding for the project.

In a statement, Warren Barr, a principal at Renassaint, said “The majority of the financing for the 830 South Michigan Avenue project remains intact.”

“I am confident that the remaining financing will be secured and this project will continue to move forward,” Barr said.

Barr and Renaissant are also developing 1000 S. Michigan which has yet to break ground.

South Loop Developers Shrug Off Foreclosures [Chicago Journal]

The Park Michigan [website]

The Park 1000 [website]

The Chicago Journal reported in its March 12 edition that the foreclosure filing against Terrapin by IndyMac Bank over its Kenosha, Wis. property won’t affect the developer’s Chicago buildings.

Terrapin developed 901 W. Madison in the West Loop, which has already completed construction. 

It is also building Burnham Pointe in the South Loop.

From the Chicago Journal:

Michael Ezgur, one of Terrpin’s principals, said the foreclosure in Wisconsin will not affect its projects in the South and West Loop. The projects are independent, he said.

“In this difficult credit time, the banks are very concerned about things that are not performing as they’re supposed to,” Ezgur said. “It’s one of those unfortunate things we’re going through.”

Ezgur said the Burnham Pointe project is 50 percent sold, and should be completed by September. A high-end dry cleaner has committed to the ground floor retail space and negotiations with other retailers are ongoing, Ezgur said.

At 901 W. Madison, Ezgur said there are only 17 units left out of 148 total.

“We’re still selling units to people,” he said. “This is a great time to buy, because interest rates are so low.”

Still, Ezgur said, in his career in real estate development, he has never “experienced a market anything close to this.”

“The residential market is not as bad as the credit market and general economy,” he said.

Terrapin reportedly owes IndyMac Bank another $13 million on the Kenosha project.

South Loop Developers Shrug Off Foreclosures [Chicago Journal]

Remember this small studio loft in the Grand Ohio at 211 E. Ohio in Streeterville?

I chattered about it in November 2007.

It sold.

The third floor is unique in the building because the space was formerly offices. There are washer/dryers allowed in the units and they have 16 foot high ceilings.

Unit #314: studio (no square footage given but around 700 or so)

• Sold in July 2005 for $218,000
• Was listed at $225,000 in November 2007
• Sold for $227,000 in March 2008
• Assessments are $320 a month
• Parking is available for $35,000
• The “lofted” bedroom measures 8 x 12 (and you can fit a bed up there)

A second studio loft recently sold as well.

Unit #318: studio loft (about 700 square feet)

• Sold in July 2005 for $240,000
• Originally listed for $280,000 in summer of 2007
• Sold in February 2008 for $222,000

In January 2008, we chattered about a one bedroom loft foreclosure in 300 W.  Grand in River North.

Several people were interested in bidding on it due to its relatively low price for a one bedroom in River North.

300 W. Grand #504: 1 bedroom, 1 bath, about 900 square feet

• Sold in April 1999 for $195,000
• Sold in May 2004 for $250,000
• Was listed for $209,900 (including parking)
• Assessments of $378 a month

The unit closed for $220,050. It was on the market only five days before going under contract.

There is another one bedroom currently available on the same floor.

Unit #501: 1 bedroom, 1 bath, 895 square feet

• Sold in August 1999 for $184,000
• Currently listed for $289,000 plus $35,000 for parking
• Assessments of $345 a month
• Krain has the listing

A few weeks ago I chattered about a 2 bedroom, 2 bath foreclosure in City Centre Club, at 212 W. Washington, in the Loop.

It has since been reduced again.  Is it truly a “deal” now?

Unit #1902: 2 bedrooms, 2 baths, 950 square feet

• Sold in October 2002 for $270,000
• Was listed for $319,900 – including the parking space – on February 25, 2008
• Now listed for $299,900 (still including the parking space)
• Assessments of $469 a month
• Re/Max Market has the listing

The Olympia Centre, at 161 E. Chicago in Streeterville, is a 63 story high rise that was completed in 1985. 

It is a full service condo building with washer/dryers in the units, parking and an amenities floor.  It is best known as the Neiman Marcus building, because the store anchors it on Michigan Avenue.

There are units of varying sizes in the building. This one, in particular, struck me because the entire unit has marble floors.

Unit #44G: 1 bedroom, 1 bath, approximately 975 square feet

• Sold in June 1999 for $290,000
• Sold in April 2004 for $424,500
• Sold in November 2006 for $450,000
• Currently listed for $450,000 (not sure if parking is included or not)
• Assessment of $500 a month
• Baird & Warner has the listing

It’s rare to see skylights in a large condo building, but you can find them in the penthouse units at 330 S. Michigan in the Loop.

The building was constructed in 1911 but converted about 8 years ago into condominiums. The building faces the lake and Millennium Park and has parking.

One of the penthouses is currently on the market.  You can see the skylights pretty clearly in the pictures.

Unit #2002: 2 bedrooms, 2 baths, 1500 square feet

• Sold in April 2000 for $290,000
• Currently listed for $499,000 plus $45,000 for parking
• Duel skylights in the living/dining area
• Full-sized washer dryer in its own laundry room area
• Assessments of $650 a month
• Keller Williams- River North Office has the listing

Metropolitan Tower, at 310 S. Michigan, in the Loop is finally closing on units after seemingly years of delays.

This is a conversion building that faces Millennium Park.

Current building statistics:

• 13 units for sale
• 12 units for rent

It’s interesting to see the sheer number of rentals. There are two 3 bedroom units and five 2 bedroom units on the rental market. There is only one two bedroom unit for sale. No three bedroom units are yet being flipped.

Seems to me that some flippers are realizing they won’t be able to sell at a profit and are choosing to rent and wait it out instead.

The cheapest rental, so far, is this smaller one bedroom:

Unit #1406: 1 bedroom, 1 bath, 791 square feet

• Available to rent for $1775 a month (parking extra)

Unit #1206, an identical unit, is available for sale. The listing states:

YOU KNOW THE AREA IS WONDERFUL AND YOU KNOW THE BUILDING HAS INCREDIBLE AMENITIES. WHAT YOU DON’T KNOW IS THAT THE UNIT IS VACANT AND THIS LOVELY HOME IS MOVE IN READY-FOR YOU OR YOUR RENTERS.

FULLY LOADED AND COMPLETE WITH STUNNING VIEWS OF LAKE MICHIGAN. WELCOME HOME TO A GREAT INVESTMENT.

Unit #1206: 1 bedroom, 1 bath, 791 square feet

• Sold in February 2008 for $358,500 (Could this be a typo in the public records and really should be $318,500???)
• Currently listed for $349,000
• Assessments of $305 a month
• Century 21 Sussex & Reilly has the listing

Or you can buy Unit #1006: (the same unit)

• Sold in January 2008 for $318,000
• Currently listed for $347,900
• Berg Properties has the listing

There is a bigger one bedroom that doesn’t have the balcony.

Unit #1311: 1 bedroom, 1 bath, 825 square feet

• I couldn’t find an original sales price
• Currently listed for $379,000 including the parking
• Assessments of $247 a month
• Eve Kronen and Robert Craig at Coldwell Banker have the listing

Here are some pictures of a two bedroom unit.

Unit #1004: 2 bedroom, 2 bath, 1252 square feet

• I couldn’t find an original sales price
• Currently available to rent for $3150 a month
• Rubloff has the listing

There are some condo units that are listed for a million dollars that you just know aren’t luxury units. And then there are others that when the listing says, “upgraded”- well, it looks it.

A unit recently came on the market at The Belvedere,  the popular mid-rise building at 270 E. Pearson in the Gold Coast/Streeterville neighborhood, that says it was completely upgraded.

The listing states:

SPECTACULAR 2BR RESIDENCE IN PREMIERE BLDG. ALL ROOMS FACE SOUTH. LARGEST 2BR FLOOR PLAN W/2 TERRACES. COMPLETELY UPGRADED. GOURMET KITCHEN: DACOR, GAGGENAU, FISHER PAYKEL, BOSH, DOWNSVIEW, LIGHTOLOGY.

STUNNING MASTER BATH W/LARGE STEAM SHOWER, DRESSING TABLE, FULL SLAB GRANITE, HEATED GRANITE FLOORING, CUSTOM CLOSETS, CUSTOM GLASS & WOOD DOORS RECESS LIGHTING, BAR AREA, PANTRY, LAUNDRY, BUILT-INS.

The unit has no “view” but all the view is on the inside. No hardwood floors here. Everything is top of the line. It doesn’t hurt that the furniture matches the rest of the upgrades. Not a speck of clutter.

Is this really good staging, or does someone actually live here?

Unit #303: 2 bedrooms, 2 baths, 1940 square feet

• Sold in June 2004 for $832,500
• Currently listed for $1.549 million
• Assessments of $1,085 a month
• Baird and Warner has the listing

I chattered about a one bedroom in this building a few months ago. It’s been on the market for months.

Unit #302: 1 bedroom, 1.5 bath, 1100 square feet

• Sold in June 2004 for $525,000
• Listed in December 2007 for $749,700 plus $50k for parking
• Reduced and now listed at $719,000 plus $50k for parking
• Rubloff now has the listing (Baird and Warner had it last December)