Crib Chatter

The listing on this short sale at 1934 N. Washtenaw at the Metropolis Lofts in West Bucktown says the bank will consider “all offers.”

Is this loft cheap enough to be considered a deal?

Unit #207: 2 bedrooms, 2 baths, 1200 square feet

• Sold in December 2001 for $216,900
• Sold in July 2004 for $266,750
• Sold in February 2007 for $283,000
• Currently listed in pre-foreclosure for $269,900 (1 indoor parking space included)
• Assessments of $290 a month
• ReMax Professionals Select has the listing

The unit is already “back” to 2004 pricing at the current asking price.

It is the only unit currently on the market in the building.

A 1 bedroom sold in the building in May 2007 for $250,000.

A 2 bedroom, 1.5 bath unit sold in the building in September 2007 for $335,000.

Uptown has always had such promise.  Tucked between Lakeview and Edgewater with access to the Lake, it has just never really taken off.  But during the boom,  even Uptown saw price appreciation.  It’s no longer unusual for someone to pay $300,000 for a two bedroom condo in Uptown.

But how long will that last in the bust?

Thanks to the Tipster who gave me information on these units at the Theater District Lofts at 1107 W. Lawrence near Broadway in Uptown.

The 1920s building was converted in 2004. The hallways are still the original marble. The lofts have 11.5 foot ceilings, french doors that lead to balconies and there is parking available.

Two units, with clearly different circumstances, are currently on the market.

Unit  #207: 2 bedrooms, 1 bath, 960 square feet

• Sold in July 2004 for $232,000
• Currently listed for $253,000
• Assessments of $197 a month
• The Kuehl Group Inc. has the listing

Unit #203: 2 bedrooms,  1 bath, 1100 square feet

• Sold in September 2004 for $285,498
• Currently listed for $235,900
• Assessments of $225 a month
• There’s one car parking with this unit but it’s unclear if that’s included in the price
• Alana Golubic at Coldwell Banker has the listing

The Columbian at 1160 S. Michigan in the South Loop started closings in late summer of 2007.

At the time of closings, it was only 70% sold.  The developer still has dozens of units for sale.

I haven’t been able to find any units that have flipped even though there are 38 units on the market (including developers units) out of 220 total units.

I’ve already chattered about the rental deals in this building (on two bedroom, two bath units, for instance.)

But let’s look at a few of the units currently for sale from flippers. The first unit faces North with some views of the lake (but not dead on views.)

Unit #3304: 2 bedroom, 2 bath, 1582 square feet

• Sold in October 2007 for $642,000 including the parking
• Currently listed for $635,000 (parking is extra)
• Assessments of $415 a month
• Listing says this tier is “sold out” from the developer
• Listing states “New incentive of $5,000 cash toward closing for contract by March”
• Keller Williams Gold Coast has the listing

These two units are Northwest facing.

Unit #2205: 2 bedrooms, 2 baths,  1479 square feet

• Closed in December 2007 for $507,500
• Currently listed for $575,000 (parking is $35,000 extra)
• Assessments of $356 a month
• Baird and Warner has the listing

Unit #3105: 2 bedrooms, 2 baths, 1479 square feet

• Sold in October 2007 for $540,000
• Currently listed for $599,000 (plus parking at $35,000)
• Assessments of $371 a month
• Sudler Sotheby’s has the listing

If you visit the Columbian’s website and check out the “news” section- the developer still has the old news story about the “grand opening” several years ago.  It turns out over 500 people showed up to put their money down on pre-construction condos that year.

The Columbian [website]

There is a listing from Baird & Warner for 60 E. Monroe that keeps popping up in the Sunday Tribune.  I was confused about it until I realized that it was for a unit in The Legacy– which is currently under construction and not scheduled to be completed until 2009 or 2010, at the earliest.

These are pictures of the “views” you’d have from the unit. But notice that 340 on the Park has not yet been built (nor most of LakeShore East).

Trump Tower is also missing.

As is One Museum Park to the South.

It’s amazing how much the skyline has changed in the last past three or four years.

Question is, how well is this building selling? A lot of investors bought in this building as it was the heyday of condomania.

There are 1 bedroom, 1.5 bath units still for sale starting at $559,000 (without the parking.)  They’re 1189 square feet.

They’ve been about 80% sold for a long, long time.

Unit #6902: 3 bedrooms, 3.5 baths, 4757 square feet, 1 car parking

• Currently listed for $4.25 million
• Listing states: ULTRA LUXURY OPPORTUNITY AT A FANTASTIC VALUE.
• Assessments of $3,005 a month

Kim Jones at Baird and Warner has the listing.

The Legacy at Millennium Park [website]

Only five years ago, you used to have buyers moving to the West Loop because it was considered a “value” compared to the more expensive north side of the city.  You got more bang for your buck.

Currently, however, that doesn’t seem to be the case.

Is that a good thing or a bad thing for the neighborhood?  Is it completing the gentrification cycle and becoming more “mature”?

Take this new conversion at 1528 W. Monroe.  Only a few years ago this would have been considered far,  far west.  It is only a few blocks east of United Center, at Ashland.

Yet, look at the prices on these units.  They are listed for over $300 a square foot.  The pictures are of the staged “penthouse” unit.

Unit #403: 3 bedroom, 2.5 baths, 1 car parking, 1330 square feet

• Currently listed at $409,900 plus $30,000 for parking
• Assessments of $133 a month
• The bedrooms are on the small side: 13 x 10, 12 x 11 and 13 x 13

@Properties has the listings for the development.

Sometimes even the flippers get realistic.

Such is the case with The Chess Lofts which recently started closings and which currently has many more units for rent than for re-sale.

The Chess Lofts, at 320 E. 21st in the South Loop – near the Prairie Historic District – is a true loft conversion of the old Chess Recording Studios.

The developer is also still selling units and offering 1 year of free assessments.

The prices range from $232,000 for 628 square foot one bedrooms to $452,000 for two bedroom, two baths.

Stats for the building out of 119 units:

• 5 for sale (but may be more as the developer doesn’t usually list all of the available units)
• At least 8 for rent

This is one of the rentals:

Unit #210: 2 bedrooms, 2 baths, 1150 square feet

• Currently asking $1900 a month
• Parking is $150 extra
• Rent includes heat, air, cable
• No pets
• From the listing, it looks like both bedrooms have windows
• Koenig & Strey has the listing

Rents range from $1350 to $2000 a month.

One owner is trying a three month “deal” on Craigslist where the renter gets in at $950 a month for the first three months and then goes up to $1350.

Only about a quarter of the building has closed so far.

The Chess Lofts [website]

This post isn’t about Chicago real estate but I just had to chatter about it. 

It seems to be a hoax (as someone told me he looked up the address and said it doesn’t exist) but the writer certainly has a sense of humor out in the DC area.

From Craigslist DC:

Overpriced Condo with Great Views
Reply to: hous-560200648@craigslist.org
Date: 2008-02-02, 3:10PM EST

Overpaid for condo in 2005 thinking the housing market wouldn’t crash! Need desperately to sell for more than the $690K I paid even though no improvements were made to unit, there is an ongoing recession, average sold prices in the 22209 zip code have fallen by 11% in just the last year, I am on a low floor whose views could be blocked by future construction in front of the building, and with the condo fee and taxes the price per month is over $6800 a month – nearly twice what I could rent the unit for!

Took out a 3 year interest-only ARM that resets this summer…need to move fast. Let me know if you are interested!

1200 at Nash Street google map yahoo map

And no, there aren’t any pictures with the ad. Sorry!

Apparently, this poster on Craigslist thinks if he/she just asks if anyone is interested- people will respond.

Are there any interested parties out there who are looking for a high floor one-bedroom in the new Jahn building at 600 N Fairbanks?

I don’t have the exact numbers, but I would estimate there are at least 200 1 bedroom units priced between $375,000 and $500,000 (without the parking) in just Streeterville and River North alone.

Can any agents confirm?

And that doesn’t include the new units that keep coming on the market from 600 N. Fairbanks, 600 N. Lake Shore Drive, Avenue East, and Fairbanks at CityFront Plaza and soon, 550 St. Clair and Park View.

550 St. Clair starts closings this week.  There have been a few more creeping onto Craigslist the last few days.

Only a few weeks ago I chattered about this 3 bedroom, 2 bath unit at 3180 N. Lake Shore Drive that had a Craigslist ad stating that it was $191k below market.

Unit #4A: 3 bedrooms,  2.5 baths, 1800 square feet

• Sold in November 2004 for $283,000
• Listed in January 2005 for $519,900
• Listed in January 2006 for $515,000
• Listed in April 2007 for $570,000
• Then reduced to $399,900 by mid-January 2008
• Assessments of $1,169 a month

It’s still on the market and it’s had another price reduction. 

It also has another Craigslist ad.

• Now currently listed for $384,900

Thomas Hall at Rubloff still has the listing.   

It would seem that is now over $200k “below market.”  Stay tuned.

I talk a lot about condos that aren’t selling here in Chicago, but how about some that are?

55 E. Erie in River North, completed in 2003, is a very popular building with the upper crust set.  Expensive units have always sold well in the building.

Thanks to the Tipster who recently sent me information about two condos in the upper bracket that recently went under contract.

Unit #2105: 3 bedroom, 3 baths, 2384 square feet

• Sold in March 2004 for $912,500
• Listed for $1.275 million
• Listing says it “Sold Before Print” (when was the last time you saw that???)
• Assessments of $848 a month
• Keller Williams Gold Coast had the listing

A large penthouse unit also just went under contract.

Unit #5501: 3 bedrooms,  3 baths, 2 car parking (included), 4165 square feet

• Sold in June 2004 for $2.37 million
• Originally listed in September 2007 at $3.875 million
• Currently listed at $3.65 million
• On the market for 198 days
• Listing says “Never Lived In”
• Assessment of $2254 a month
• Vangel Realty has the listing

Despite the sizzle with some of the more expensive units, a few of the lower priced units I chattered about in November are still on the market, including this 2 bedroom, 2 bath unit.

It has seen another price reduction since I last chattered about it:

Unit #2202: 2 bedroom, 2 bath, 1400 square feet

• Sold in December 2003 for $581,903
• Sold in January 2006 for $710,000
• Was listed in November 2007 for $729,000 plus $50,000 for the parking
• Currently listed for $714,000 plus $45,000 for parking
• Assessments of $613 a month
• Rubloff has the listing