Crib Chatter

Ask anyone who is trying to sell a home right now.  It stinks out there.  There is a lot on the market and very few buyers.

And no, it’s not just your imagination (maybe you shouldn’t think about firing your current real estate agent after all.)

Crain’s is confirming what every homeseller already knows: sales were down yet again in October (compared with October 2006).

For the nine-county Chicago Primary Metropolitan Statistical Area, sales were down 27.2% from the previous October, according to a report released Wednesday by the Illinois Assn. of Realtors. A total of 6,558 single-family homes and condos were sold last month, compared to 9,007 in October 2006.

Sales in the Chicago PMSA dropped 27% in September from the same month last year.

The Chicago PMSA includes nine counties: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Statewide, sales of homes and condos were down 23.1%.

Prices actually rose slightly. The Chicago area saw a 3.1% rise in the median to $250,000. October 2006’s median was $242,000. Nationwide, prices dropped 5.1% year over year.

Conclusion: Prices are holding up but sales are getting crushed.

Ask anyone who lives in Edgewater about the Tudor castle like building at 1021 W. Bryn Mawr, at Bryn Mawr and Kenmore, and they will tell you that the building is the former British Consulate.

Or, at least, that’s what they told me.

But apparently that belief is just an old real estate myth.  Maybe it got started back in the day because some agent from the bygone era believed making the building a consulate would help sell the units.

Who knows?  But the building is certainly impressive indeed- consulate or not.  Built in 1907, it was designed by architect J.E.O. Pridmore.  From the Edgewater Historical Society:

“The Manor House” originally housed only six apartment homes – two to a floor. It probably was the grandest 6-flat ever built in Chicago. Because the building reflects its English Tudor heritage and because the crest above the courtyard is that of England, it has been rumored for years that it was the home of the British consulate. This rumor, however, has never been confirmed.

The building is now composed of 16 units, many of them still quite generous in size. Two units are currently on the market.

Unit #3C: 2 bedrooms, 2 baths, 1600 square feet

• Sold in March 2000 for $220,000
• Sold in February 2004 for $265,000
• Currently listed for $349,000
• Assessments of $300 a month
• This unit has been on the market for months
• Parking is apparently available to rent (and purchase?) nearby
• Realty Chicago has the listing

A larger unit that is on the top floor and has the turret is also available.

Unit #3B: 3 bedrooms,  2 baths

• Currently listed for $539,000
• At least one parking spot seems to be included.  Is it in the building or next door?
• I can’t locate an original sales price
• Century 21 Sussex & Reilly has the listing

Definitely a unique building.

The Uptown neighborhood of Chicago has held promise for years.  Situated north of Lakeview along the lakefront with historic avenues and great housing stock, you’d think that the Lakeview gentrification would have spread years ago to the neighborhood.

And it has- a little.

But Uptown still seems to suffer from a lack of retail, lack of restaurants and higher crime.

Yet housing prices have risen there just like everywhere else.  The question becomes: how much are you willing to spend to live in Uptown?

This lovely single family home at 833 W. Lakeside Place is on the market on a quiet street not far from the lake.  It was converted from a two flat and has a 2.5 car garage.

But it’s only 2 bedrooms and 1.5 baths.  And it is listed for the pricey price tag of $799,000.

With everything else that is on the market in many different neighborhoods at this similar price point, are buyers willing to pay that high of a price for Uptown?

Ginger Bonneau at @Properties has the listing.

Avenue East, at 160 E. Illinois, is one of the smaller new construction buildings to start closings in Streeterville in the past few months. It only has 133 units.

So far, though, it’s among the most active in the flipping game. 

There are currently 32 units for sale. Another 15 units are available to rent (some units may be both for sale AND for rent.)

I don’t think closings have finished in the building.

As far as I can tell, not a single unit has re-sold despite the fact that at least one investor has had a higher floor two bedroom listed since the summer.

The location is great, but the finishes aren’t up to par for these price points.  600 N. Fairbanks has far superior finishes including upgraded cabinets and marble in the bathrooms.  Also, the single strand of lights across the full sized mirror in the bathrooms went out of style in 1998.

The flipping prices range from:

• 1 bedrooms starting at $349,900 plus $50,000 for parking
• Penthouse units with 3 bedrooms, 4.5 baths at $1,450,000 plus $62,000 per parking space

The inventory in this area and this price range is growing.  Several new buildings are in the process of closing and more units are coming on the market weekly.  Right now, I’m counting at least 20 units in the $400,000 to $600,000 price range on the market at just Avenue East, 600 N. Fairbanks, 240 E. Illinois and 600 N. Lake Shore Drive.

There will be lots of competition to sell (and rent) these units in the coming months.

You’d think for a million bucks you’d at least get two bedrooms.  But that is not the case in the prestigious Park Tower at 800 N. Michigan in the middle of the Magnificient Mile.  Since it was built in 2000, above the Park Hyatt and NoMI restaurant,  Park Tower has been the address for some of Chicago’s most elite residents.

Originally a two bedroom, 1.5 bath unit, this home was converted into a massive one bedroom condo.

Check out the stone floors and pillars in the entryway:

Unit #5002: 1 bedroom, 1.5 baths,  2052 square feet

• Sold in August 2001 for $1,200,000
• Currently listed for $1,500,000 (includes the parking)
• Or you can rent it for only $6500 a month (which seems to be quite the bargain for the location and square footage)
• Marie Campbell at Koenig & Strey has the listing

What is it about Millennium Centre anyway?  Not only is it in the top three of condo buildings for foreclosures, but it is winning the unfortunate title of having the most expensive units under foreclosure.

There was a million dollar foreclosure a few weeks back. This new one is even pricier:

33 W. Ontario Unit #PHD: (no information about the size of the unit, but probably quite large)

• Sold in June 2005 for $1,900,000
• Sold in September 2006 for $2,100,000
• Also sold in October 2006 for $2,999,500 (the public records show this sale, but I think someone messed up inputting the data)
• Going to auction for $2,386,914

Water Tower Place Condominiums, at 180 E. Pearson, is considered to be one of the premier condo towers in Chicago.  Its location, right above the Ritz Carlton hotel, virtually right on the Mag Mile and the fact that Oprah Winfrey lived there for years, added to the allure.

Built in 1974, the building has 260 units and has always sold in the upper bracket.

But now, Oprah has moved out and there are a dozen new construction towers that have gone up in the last several years with more amenities and newer finishes.

Does Water Tower Place still hold up among the luxury buildings?

There are about 14 units currently on the market in the building, all of them listed over $1 million.

There is an interesting duplex unit for sale on the penthouse floor:

Unit #7105: 2 bedrooms, 2.5 baths, 2268 square feet

• Currently listed for $1,494,000
• Assessments of $1840 a month
• Leased parking available
• Ritz Carlton amenities available
• Laura Rubin at Baird and Warner has the listing

The kitchen and baths appear to be showing a bit of their age in that unit.

This two bedroom unit looks like it was recently updated.  A flip perhaps?

Unit #3703: 2 bedrooms, 2 baths, 1775 square feet

• Sold in September 2006 for $825,000
• Currently listed for $1,399,000
• Estate Properties has the listing

The new kitchen and baths make a big difference in the unit.  But the ceilings are still lower than is common in luxury buildings today (8-9 feet versus 10 or higher today) and there are no balconies on the units.

If you were looking for luxury, would you consider Water Tower Place?

Why is it that the same properties keep coming on the market at the same inflated prices?

If the condo didn’t sell during the “peak” selling period in the spring and summer, it’s certainly not going to sell now at the same price.

As they say in real estate, price (and location) are everything.

Take this unique loft built into an elevator shaft at the Hale Lofts at 14 N. Peoria in the West Loop.  Originally part of the Loftminium conversion about 8 years ago, the building has only 47 units.

This unit on the top floor in the elevator shaft has been appearing on Craigslist off and on for the past 8 months.

Unit #8A: 1 bedroom, 1 bath, three story duplex

• Originally sold during Loftminium in November 2000 for $179,000
• Sold in September 2003 for $275,000
• Sold in June 2006 for $276,500
• Currently listed for $359,000
• Parking is extra
• You have to go outside of the building to enter your unit (somehow you have to walk on the rooftop to get to it.)

It has a very tiny layout (due to it being the elevator shaft.)  The living room is only 12 x 11.  The bedroom is 12 x 10.  And the kitchen is 7 x 7.  The square footage is never listed.  Perhaps it’s about 650 to 700 square feet.

For $359,000????

Maybe I’m missing something.  Maybe it’s just too cool for words.  Maybe real estate in the west loop is still shooting up as it did from 2000 to 2003 to justify the nearly $100,000 price increase in only a year.

And the funny thing is, this unit has been listed at the same crazy price of $359,000 for forever.  It’s not like they’re lowering the price to try and sell it.

And yet, it sits.  Unsold.  Still priced at the crazy price.

Tracy Gola at New West Realty has the listing.

Rick Levin & Associates had a large ad in the Sunday Chicago Tribune announcing the auction of condos and parking spaces at The Metropolis, at 8 W. Monroe, and State Place, at 1101 S. State Street.

These are “developer closeouts” which means that the developer just wants to get rid of the units.

The Metropolis will have the following auctioned:

Unit #1200: 3 bedroom, 2 bath, 1614 square feet

• Previously priced at $649,800
• Suggested opening bid of $250,000

35 Parking Spots:

• Previously priced at $44,900
• 10 spaces to be sold subject to a minimum bid of $25,000

State Place will have the following auctioned:

Unit #607T: 3 bedroom, 1.5 baths, 1966 square feet

• Previously priced at $725,000
• Suggested opening bid of $250,000
• To be sold “absolute” (regardless of price)

10 Parking Spots:

• Previously priced at $45,000
• Suggested opening bids of $15,000
• Four to be sold “absolute” (regardless of price)

The auction will be held on December 13, 2007.  You can tour the properties at open houses on the weekends prior to the auction.

The developers are obviously turning to the auction process as a way of standing out in an already crowded marketplace.  How many people have been to look at units at the Metropolis (which I’ve already talked about is a troubled building) or State Place recently? 

At least with the auction- someone might notice. 

I did.

I’ll be taking a Turkey break over the next few days to celebrate the holiday.

Crib Chatter will return next week with new posts on what is happening in the Chicago housing market.

What are you seeing in the market in your neighborhood?

Have a great Thanksgiving everyone!