Crib Chatter

There may be $400,000 750 square foot one bedrooms for sale in the South Loop past Roosevelt Road, but closer to the loop you can still get a wide open loft for a lot less.

The Pope Building at 633 S. Plymouth is one of the authentic loft buildings in Printer Row.  Only 12 stories, the building was originally apartments and was converted in 1999-2000 to condos.  Many were converted in their original condition- meaning the units were simply wide open loft spaces with no walls.  While lacking original brick walls like other Printers Row buildings,  the building has 12 foot barrel vaulted concrete ceilings and historic floor to ceiling windows.  The building was used in the printing industry and has a large freight elevator.

There is no parking with the building and washer/dryers are not allowed in units (with the exception of a few 2 bedroom, 2 bath units.  I’ve seen them in those units.  But there are only 1 or 2 of those in the building.)

Original owners had an option of purchasing an upgrade package with newer kitchen cabinets, black appliances and granite countertops.  Some purchased it and some didn’t.  This is one that didn’t.  It also still has the carpeting.  Most of the units now have hardwood floors.

Unit #209: 970 square foot studio

• Sold in August 2000 for $118,300
• Currently listed for $199,000
• Assessment of $213 a month
• Castle Keepers Realty has the listing

This is a picture of Unit #1207 which is upgraded and looks a bit larger.  It is listed for $230,000.  You can also see the distinctive barrel vaulted concrete ceilings better in this picture.

Rubloff has the listing.

2008 has only just gotten here and already I’m seeing things stirring in the Chicago real estate market. 

In the last week of 2007, I’ve seen a bunch of aggressive price reductions.  I’ve also seen a sharp uptick in the number of new listings coming on the market.  Will it be that anxious sellers won’t be able to wait until the “traditional” selling period begins- which is usually after the Superbowl?

And the other big story, in the condo market, will be the flippers.  Who is able to flip and who will not be able to hold on?

There will be a lot to chatter about this year.

I’m taking the rest of the day off and will be chattering normally the rest of the week. 

Happy New Year!

In the last few decades, the South Loop used to be known as the “cheaper” part of downtown.  But not anymore.  One Museum Park, with its million dollar condos with lake and Grant Park views, is only one element that is changing the perception of the area for those looking for “luxury” living.

There are expensive townhomes and condos tucked into the Prairie Historic District that give the Gold Coast a run for its money and are returning the area to its “moneyed” past.

232 E. 14th, Unit #1E: 4 bedrooms, 2 full and 2 half baths, 4400 square feet

• Sold in June 2004 for $1,391,645
• Currently listed for $2,599,000
• 2 car attached garage
• The listing states there is a “walnut elevator”
• Cynthia Bauer at Sudler Sotheby’s has the listing

Or you can actually live in luxury in the past in the old Marshall Field Jr. Mansion at 1919 S. Prairie.  Built in 1890 when South Prairie was where the rich wanted to live, the 30,000 square foot mansion has undergone a complete renovation into six luxury condo units.

Unit #2: 3 bedrooms,  2.5 baths,  4148 square feet, 2 car heated garage parking

• Currently listed at $1,575,000
• Two fireplaces
• Nadine Ferrata at Coldwell Banker has the listing

Two other units (out of six) sold in the building in the Fall of 2006:

1. Unit #3: 3 bedroom, 2.5 bath for $1,757,000
2. Unit #4: 2 bedroom, 2.5 bath for $850,000

Marshall Field Jr. Mansion [website]

Restoring the Legacy of a Historic Neighborhood [New York Times]

A “penthouse” in The Sterling at 345 N. LaSalle has come on the market after foreclosure.  It didn’t sell at auction and is now bank-owned.

Unit 4701: 3 bedroom, 3 bath, 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
• Currently listed for $725,900
• Assessment of $816 a month

Here’s the Craigslist ad:

This is a great chance to own a Penthouse condo at a remarkable price. (SOLD FOR $895,000 IN 2005.) Great views. High quality interior finish. Bank-owned, so make an offer!!!

Is this a good deal?

Or not?

Michigan Avenue Tower II at 1400 S. Michigan in the South Loop was one of the buildings I inadvertently left off of the “list” of condo buildings that will be closing in 2008.

It’s not scheduled to close until Fall 2008, but already some anxious flippers are trying to sell. This flipper posted on Craigslist under the title: “$330000 Luxurious Preconstruction 1 bed condo with Amazing Lakeviews”:

1 bed/1 bath Premium high floor unit in luxurious Michigan Ave Condo Tower 2. Unobstructed Lake Views in South Loop, with floor to (9ft) ceiling glass windows. Cherry cabinets, 1 ¼ English granite, under mount sink, SS appliances, upgraded hardwood floors, stone tiled bathroom, maple cabinets in bathroom, glass door enclosed shower, Grohe faucets throughout, Storage locker included.
Heated Garage Parking on low floor 35g extra.
Delivery Fall ’08.

The unit is 751 square feet.

You can still buy one of these from the developer on the 22nd floor for $345,900 including the parking. Maybe the view is facing west (to account for the cheaper price.)

The website says that the building is 87% sold.

Michigan Avenue Tower II at 1400 S. Michigan [website]

2008 may go down as the year when downtown Chicago saw a glut of high rise condo units.

The list of buildings scheduled to be finished with construction and closing on units in the new year is pretty staggering.  I’m putting a list here but I doubt it’s complete.  If anyone has any other buildings/information- please pass it along.

Of course, several dozen other high rises are in some state of construction but are not scheduled to be completed until 2009 and beyond.

The buildings listed below either just started closings in December 2007 or will do so in 2008.

In the South Loop:

1. The Vetro (611 S. Wells) – started closings
2. Burnham Pointe (710 S. Clark)
3. Library Tower (542 S. State)
4. The Marquee (1454 S. Michigan) in January
5. One Museum Park (1215 S. Praire)- tallest residential building in Chicago until Trump officially closes on condo units

In the Loop:

1. Metropolitan Tower (310 S. Michigan)- started closings
2. 6 N. Michigan
3. MoMo (8 E. Randolph or 151 N. State- no one seems to know the exact address)

In Streeterville:

1. 550 N. St. Clair
2. ParkView (445 E. Illinois)
3. 600 N. Lake Shore Drive

In the West Loop:

1. Zen (225 S. Sangamon)- has started closings
2. The Emerald (123 S. Green)
3. Odyssey Lofts (775 W. Jackson)

The highly anticipated opening of Trump Tower Chicago will finally happen in 2008. The hotel is scheduled to open this spring (if they can get finally figure out those recent permit problems.)  The hotel/condos are also expected to close starting this spring.  The condos in the top of the Tower aren’t scheduled to close until 2009.

Excitement is building about the Tower’s new restaurants which includes chef Frank Brunacci’s Sixteen which will be, surprise, surprise, on the 16th floor.  From TimeOut Chicago:

Big plans for an upscale all-day eatery dubbed Sixteen (for its 16th-floor location) that’s outfitted with 30-foot-high curved windows and a multitiered chandelier of Swarovski crystals. An updated tea service is called “Champagne High,” the wine list is said to be world-class, and the New American menu includes dishes such as quail breast with leg confit, beet puree and cilantro salad.

Big questions remain about this development.

• Will buyers of the condo-hotel units actually close on their units?
• How many flips will there be?
• Will the Donald have any success in selling more of the condos in 2008?

I’m really looking forward to the opening of this landmark building.

Trump Tower Chicago [website]

“Me” pointed out in the last post on The Sterling that Unit #1902 is for sale on eBay.

Auction for Unit #1902 [eBay]

Unit #1902: 1 bedroom, 1 bath, 725 square feet

• Listing says “appraised value” is $295,000
• Last sold in February 2002 for $253,000
• Current “bid” is $140,000
• Auction ends on January 6, 2008

The seller has a store under “Dizzy Bid Real Estate” where he/she sells a book on how to sell real estate on eBay for $9.95.

But the seller also is selling a second property in Heartbreak Lofts in the West Loop.  I’ve talked about foreclosures in Heartbreak Lofts before.  This is not the same unit that went into foreclosure for $301,000.

17 N. Loomis (no unit number given): 2 bedrooms, 1.5 baths, 1250 square feet

• Current “bid”$152,350
• No “appraised value” given- but lofts in this building have been selling over $300,000
• Auction ends January 6, 2008

Auction for 17 N. Loomis [eBay] 

While we’re talking about The Sterling again, Unit #4804, a 2/2 (don’t know the square footage) sold in September 2007 for $335,000.  It last sold in April 2004 for $589,000.

It seems that around $300,000 is the new price point for a 2/2 in The Sterling (even on the higher floors.)

What does that mean for 400 N. LaSalle – which is still trying to sell units right across the street?

As we  head into 2008, I thought I would post about what the “big” real estate stories will be in Chicago in 2008.

THE story, in my opinion, will be the opening of the sales center for the Chicago Spire.  Slated to open next month with a full unit model- we will finally be able to get a handle on sales in the building.

Basically- how many will sell and at what prices?

Will units be purchased by Europeans looking for an investment?  Or will some Chicagoans plop down the mega-dollars to say they’re one of the few living in the world’s tallest residential tower?

They are already heavily advertising the building, including taking out full page ads in national magazines like Vanity Fair.

Stay tuned…

In the meantime, check out the website.  The opening video is pretty stunning (with the video showing the building from day into night.)

Chicago Spire at 400 N. Lake Shore Drive [website]

If you don’t want to pay nearly $3 million for your “home in the sky,” take a look at the 1920s luxury apartment buildings that line the lake front both on the South Side and as far north as Edgewater.

The 1920s marked the last time “luxury” was springing up all over the city.  Several dozen high rises with 2,000 to 4,000 square foot units were built from 1920-1930 until the Depression put a halt to “luxury” building.  These buildings were meant to be cutting edge, with working fireplaces, maid quarters, galleys and, in some cases, parking.

One of the buildings built during this period was 3500 N. Lake Shore Drive, otherwise known as the Cornelia Apartments.  Built in 1926, at 17 stories, it was designed with 2 and 3 bedroom floorplans, with most including at least one maid’s room.

Today, the building has no parking but it does allow washer/dryers (some of these vintage buildings allow washer/dryers in the unit and some do not.)

You can pay 60% less than either 50 East Chestnut or 1418 N. Lake Shore Drive and still get the same size and luxury amenities.

Unit #8C: 4 bedrooms, 3 baths, 3000 square feet

• Sold in July 1999 for $450,000
• Sold in March 2004 for $910,000
• Currently listed at $950,000
• Assessment of $2,529 a month (doesn’t include property taxes)
• Washer/Dryer in-unit
• Central zoned air conditioning
• Harbor views
• Listing says unit recently renovated

The maid’s rooms can vary in size.  There is one room that is 5 x 6 in the listing.  I’m assuming that’s probably one of the maid’s rooms.  (See picture below.)

Suzanne Gignilliat at Koenig & Strey has the listing.