Crib Chatter

Closings are beginning at 550 St. Clair in Streeterville.

These are the first pictures I have seen of the interiors of the units.

These are from the developer.  And yes, the kitchen is still missing some appliances.  They are of an 800 square foot one bedroom, one bath that is listed for $423,000.  The unit faces west towards the Mag Mile.

There are a few rentals on Craigslist.  (Sorry, no pictures on the Craigslist ads yet.)

You can apparently rent a studio for $1300 a month (parking an extra $250 a month.)

OR

You can buy it for $319,500 plus $45,000 for the parking. “Call Now! Won’t Last!”

There is also a one bedroom available for $1600 a month. The ad doesn’t say anything about parking.

Stay tuned.

I last chattered about the flippers at 451 W. Huron in River North in December 2007.

451 W. Huron is a 135 unit new construction building that was 95% sold when closings began in the fall of 2007.

Current statistics:

• 19 for sale
• 9 for rent

The units that I chattered about two months ago, are all still for sale.  And they all have been reduced.

Unit #501: 2 bedrooms, 2 baths, 1015 square feet

• Sold in September 2007 for $402,000
• Was listed in December 2007 for $419,900 plus $35,000 for parking
• Now listed at $409,900 plus extra for parking
• Or available to rent for $2500 a month
• Christopher Pagano at Coldwell Banker has the listing

Unit #512: 2 bedrooms, 2 baths, 1100 square feet

• Sold in September 2007 for $395,000
• Was listed in December 2007 for $484,000 plus $35,000 for parking
• Now listed for $449,000 plus the parking
• Or available to rent for $2975 a month
• CitySpace Realty has the listing

Unit #503: 1 bedroom, 1 bath, around 770 square feet

• Sold in September 2007 for $280,000
• Was listed in December 2007 for $293,000 plus parking
• Now listed for $292,000 plus parking
• Brenda Tabak at Coldwell Banker has the listing

Unit #804: 1 bedroom, 1 bath, around 770 square feet

• Sold in September 2007 for $287,500
• Was listed in December 2007 for $294,900
• Now listed for $289,900
• Or available to rent for $1650 a month (parking extra)
• Christopher Pagano at Coldwell Banker has the listing

Closings are not yet completed in the building. Stay tuned.

I hope some  of you saw the full-page ad in the Sunday Chicago Tribune for Museum Park at Central Station.  It had a headline which stated:

“An Unmatched Record of Value and Appreciation in Chicago’s Most Successful Lakefront Neighborhood”

The ad then listed 7 buildings and various units from the buildings to show buyers how much money people are making on real estate in the South Loop.

The other headline said: “Re-Sale Information For the Period January 1, 2007 through December 31, 2007”

A tiny disclaimer at the bottom of the ad also said:

“The above information shows the increase/decrease in price of all condominium units re-sold at Museum Park from the period January 1, 2007 through December 31, 2007 based on a comparison of the re-sale prices (as disclosed in the Chicagoland Multiple Listing Service) to the original sale price when the unit was purchased from the developer. The developer makes no guaranty as to whether your unit will increase or decrease in value.”

When I first looked at the ad I was assuming that it meant that these units all sold for these prices sometime in 2007.

But, upon closer examination, that’s not correct.

Take, for instance, Loft 1- 125 E. 13th.

This building started closings in 2004. When did the original sales center open? I don’t know, but I’m assuming maybe 2000.

Unit #702: 2 bedrooms, 2 baths, 1289 square feet

• Sold in June 2004 for $324,690
• Sold in December 2006 for $375,000
• Was just listed again.  Currently priced at $399,900 (parking extra)

Is the current seller going to “make” money?  You be the judge.

Would anyone be surprised that the original seller made some money during the biggest housing boom Chicago has ever known?  That seller could have entered his contract as early as 2000.

I’ve looked up a few of the listings in the other buildings. Yes- the sellers all sold for more.

But many of these buildings were completed in 2006.  If you bought 3 or 4 years before and resold in the last 2 years, you made money.

Is this a persuasive argument to current buyers?

It’s the “if you owned you would have made XYZ so if you buy now you will make XYZ” without them actually saying you’ll make a profit (because they can’t, of course, say that, as per the disclaimer at the bottom of the ad.)

Just wondering.

It was a full-page ad.  Was it money well-spent?

Museum Park [website]

This news warrants a weekend posting.

Thanks to Mike for pointing out that the 2/2 we’ve chattered about before in The Sterling, at 345 N. LaSalle in River North, has dropped in price again.

Just a recap:

Unit #206: 2 bedroom,  2 bath, around 1200 square feet

• Sold in September 2004 for $445,000
• Sold in September 2005 for $600,000
• Went into foreclosure
• Bank originally listed it for $299,000
• Went under contract in 2 days
• Fell out of contract
• Has been listed for several weeks at $299,000
• Now reduced to $259,900
• Assessments of $476 a month

It is now listed less than all of the one bedroom units in the building.

Sudler Sotheby’s has the listing.

Another foreclosure we’ve chattered about has also reduced its price.

Unit #4701: 3 bedrooms, 3 baths, penthouse, 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
• Was listed at the end of December 2007 for $725,900
• Now listed at $709,900
• Assessment of $816 a month

Jax Realtors has the listing.

There are certain price points that appear to be struggling more than others in this market.

One of them are condos over $400,000.

This penthouse unit at 3815 N. Damen in North Center is indicative of what a lot of sellers will discover this spring: if they bought in the last two or three years they will see no appreciation.

And likely, they will take a loss.

This building was new construction in 2005.

There are three units. The unit on the market is the top floor penthouse.

Unit #C: 2 bedrooms,  2 baths, private rooftop deck

• Sold in December 2004 for $424,900
• Currently listed for $425,000 (includes two parking spots- which appear to be outdoor)
• Assessment of $100 a month
• ReMax Experts has the listing

Closings are finally starting at MoMo at 8 E. Randolph (or 151 N. State, depending on where you look) in the Loop.

The lobby for the building is actually at 8 E. Randolph, so I’m assuming that is the “official” address.

There seem to be more rentals available than flips for sale (for now).

This Craigslist ad is for a 1 bedroom, 1 bath on the 16th floor with east facing views.

Rental price of $1975 (parking is extra).

What do you think of that frosted glass on the bottom tier of the windows?

Or you can rent a 2 bedroom, 2 bath, Southwest corner, 1450 square foot unit for $2700 a month.  The Craigslist ad doesn’t say anything about parking, so I’m assuming that’s extra.  (Remember, you could buy parking with the two bedroom units.  The one bedroom units did not have parking available.)

Stay tuned for more to come on this building.

Recently, I chattered about a loft building that is south of the Stevenson Expressway at 50 E. 26th Street and some people wondered who would live that far south.

Just about a block away is the new loft conversion, The Opera Lofts, at 2545 S. Dearborn.

The building is the old storage facility for the Chicago Opera (hence the name.) It is a nice brick building, with some ceilings up to 30 feet tall.  The developer is trying to keep some of the natural features of the building, which is rare in loft conversions these days.

The north side of the building, with the largest units, is right on the Stevenson Expressway however.

The building has been selling since last summer.  It still has a mix of units available and there are “incentives”.

You can get a 1050 square foot 1 bedroom for $249,900.  Parking is $22,500.

Here are some pictures of the one of the bedroom units (not necessarily the 1050 square foot unit):

The building has 93 units.  As of September 2007, 26 had sold.

There are a variety of units available such as:

2 bedrooms, 2 baths,  1,135 square feet: from $269,900

2 bedrooms, 2 baths, 1,842 square feet: from $529,900

The Opera Lofts [website]

3023 N. Kenmore in Lakeview is a three unit building that has changed hands several times, went condo, and now it looks like some buyers are under stress.

The building originally sold in October 2004 for $739,000.  It sold again in June 2005 for $998,000.

The three units were then sold as condos in 2006.

Unit #3:

• Sold in October 2006 for $669,000

Unit #2: 3 bedrooms, 2 baths

• Sold in October 2006 for $664,000
• Currently listed for $339,500
• Jones Realty has the listing

From the listing:

AFFORDABLE LAKE VIEW LOCATION! PREVIOUS OWNER APPEARS TO HAVE MODERNIZED THIS UNIT AND NOW JUST REQUIRES A LITTLE TLC TO RESTORE. NO ASSOCIATION. SELLING ‘AS IS – WHERE IS;’

SELLER EXEMPT FROM DISCLOSURE-NO SURVEY OR INSPECTIONS. BUYER RESPONSIBLE FOR COMPLIANCE AND ESCROW IF NEEDED. PRE- QUAL/PROOF OF FUNDS AND COPY OF CERTIFIED EARNEST MONEY MUST ACCOMPANY ALL OFFERS. NO ASSIGNEES.

Unit #1:

• Sold in October 2006 for $574,000
• Foreclosure auction price this week of $459,200

These are pictures of Unit #2:

The boundaries of the “South Loop” keep expanding as construction and conversions continue.

It used to be that Cermak Road was the cut-off.  And then it the Stevenson Expressway.

But now- new developments are going up even south of the expressway.

50 E. 26th actually isn’t new.  It was an old warehouse converted into duplex lofts in 2003.

Back in the day, the developer sold the “downtown views” of the Sears Tower because what else was there to sell?  The warehouse wasn’t near anything- at 26th and Wabash.

This two bedroom is currently on the market.

Unit #208: 2 bedrooms, 2 baths, 1350 square feet

• Sold in December 2003 for $182,000
• Sold in May 2006 for $172,000
• Currently listed for $299,000 with parking extra
• Assessments of $287 a month
• 20 foot high ceilings
• North and East views
• Sound Realty LLC has the listing

We’ve seen one or two early “flip” attempts in Burnham Pointe at 730 S. Clark in the South Loop in the last few months.  Closings are expected to start in the building in late summer/early fall of this year.

The building will have 298 units.

When I last chattered about the building in October 2007, it was only 50% sold.  Here are some pictures from the developers website:

Currently, the developer is offering $5,000 to buyers who send their friends to the building to buy units.

But this investor recently appeared on Craigslist trying to sell a penthouse unit.

He is not trying to sell it for more than he paid- he simply wants someone to buy out his contract.  The ad says closing is expected in December 2008.

Unit PH-2709 – Gorgeous North/East Corner Unit
PENTHOUSE – 1601 Sq Ft. PLUS 200 Sq Ft TERRACE
The ENTIRE N/E Corner “09” Tier in this building is SOLD-OUT
In Central Station this unit would be $1M
This unit is FABULOUS!

Price: $849,900 (includes 1 parking space)

The Residences at Burnham Pointe [website]