Crib Chatter

We’ve seen a Spanish Hacienda in Beverly, why not a Tuscan Villa in Lakeview?  You tell me, does this look much like a Tuscan Villa to you?

Hm…

What about the Tuscany orange/terra cotta color?  Are Tuscan Villas even this color?

2965 N. Sheridan: 5 bedrooms, 4.5 baths, 5000 square feet

• Currently listed for $2.8 million
• Home has a 2.5 car garage

The listing describes it as:

TRADITIONAL MEDITERRANEAN DESIGN ON CHICAGO’S LAKEFRONT! OVER 5K SQ FEET OF INCREDIBLE DESIGN. OAK FLRS WITH INLAY THROUGHOUT, GALLEY STYLE KITCHEN W/ ALL NEW APPS & CANDLE OPERA DINING AREA IN ENCLOSED ATRIUM W/ WATERFALL. MASTER SUITE W/ 2-PERSON JACUZZI & STEAM SHOWER. 5 BDR/4.5 BTH W/ SPA-LIKE EXERCISE, MASSAGE, AND SUN-ROOM LAKE BREEZES ON OUTDOOR 2ND FLOOR DECK & 1ST FLOOR PATIO.

If anyone has ever driven down this stretch of Sheridan Road, it is the part just north of Lincoln Park. As you can see from the picture above, this home is sort of attached to a string of other two levels homes on this block. The homes right next door to this one are reasonably maintained and attractive looking.  A home at 2967 N. Sheridan sold for $630,000 in July 2005.

Too bad you can’t see down the street a few houses in the picture above, because several of these homes are falling into complete and utter disrepair. It’s a shame.

But back to this listing. It’s clearly undergone a recent gut renovation.

What is with the dozens of strange canister lights in this family room?

It’s supposed to have some kind of enclosed atrium.   Perhaps pictures can’t do it any justice but the picture below isn’t signaling what a neat feature this is:

The bedrooms also seem so-so.

I don’t know about you, but $2.8 million to live on that stretch of Sheridan Road?  Without any kind of lake views or even a swanky address?

Maybe I’m missing something.

Century 21 Sussex and Reilly has the listing.

I’m a sucker for the old “pre-war” buildings that were built along the lake and parks in the 1920s.  They have great construction, views and are usually really large units.  No 700 square foot one bedrooms here.  They’ll have dining rooms, dens, butler pantries, maids quarters- the works.  Some of the buildings have parking, some don’t.  Some allow washer/dryers in the units, some don’t.

But one thing many of them have in common (especially those buildings that are co-ops) are that they are slow to sell.  There are several reasons for this, even in good markets.

1. The assessments are always really high because many times that includes the taxes,  heat, doorman, cable etc.  It includes EVERYTHING.  Also, it costs a lot to run these massive stone buildings (many of which have pools and other amenities.) 
2. Many times, as I said, there is no parking and when you combine that with already high assessments, it seems financially not prudent to purchase there.
3.   Also, several of them don’t allow dogs (and some don’t allow either cats or dogs.)

Such is the case with one of my favorite buildings, 2440 N. Lakeview, which sits directly on the south end of Lincoln Park.  There are several units for sale in the building which has parking.  That’s it pictured on the right below.

Unit #5C: 1 bedroom, 1 bath, dining room

• Currently listed for $234,000
• Assessements of $1273 a month – includes taxes, parking, cable,  heat
• No dogs or cats allowed
• No washer/dryer (but does the building let you put it in???)
• No central air

The room sizes are very generous:

• Dining room (looks like it’s used as a den): 20 x 12

• Master Bedroom is 21×11

• Kitchen is 15 x 9

• Livingroom is 21 x 13

• There’s a foyer that is 11 x 10 (is this the foyer?  It looks like it)

What’s the total square footage?   Over 1100???   The building also has a nice rooftop deck:

$234,000 seems cheap, doesn’t it?  Except you have that big assessment looming out there.

The Baird and Warner mortgage tracker shows that if you put 20% down (for a loan amount of $187,920) you would pay about $2450 a month with the 30 year fixed loan (it doesn’t say what the interest rate is on that loan.)  Also- the tracker includes the taxes so I subtracted those as those are included in the assessment.

That’s pretty pricey- even at the “lower” sales price.  That could be the reason it’s been on the market for quite some time now.   (I saw it listed over a year ago.)

There are two 2 bedroom, 2 bath units also available in the building.  Both are priced under $400,000.

Unit #14D: 2 bedroom, 2 bath, 1400 square feet 

• Last sold in September 2000 for $316,500
• Currently listed for $399,000
• Has been on the market for several YEARS now
• Koenig & Strey has the listing

Unit #6D: 2 bedroom, 2 bath, 1400 square feet

• Last sold in February 2001 for $330,000
• Currently listed for $395,000
• Baird and Warner has the listing

Yep, it’s hard to sell these co-ops with these big fees- even if they ARE cool.

There have been signs for a new construction tower called The Huron at 8 E. Huron (corner of State and Huron) for some time but no sales center.

YoChicago is now reporting that Tricia Fox at Keller Williams, who handles the sales, is having a “grand opening” on November 14 and then will open a sales center.  From YoChicago:

The 28-story high-rise, designed by Solomon Cordwell Buenz, will have 42 condos, with either one, two, or three units per floor. Building perks include a heated dog run, a private health club, a pool, terraces for all units and indoor parking.

The 42 condos range from 1,676 to 5,819 square feet, with starting prices from the $990s to $4.9 million. The developers are reporting that 30 percent of the units have moved from reservations to contracts since October 29.

Let me get this straight then.

They’ve sold 12 units in the past several months (without a sales center but with the signs on the street etc.)

Have they talked to Canyon Ranch lately (having only sold 20 units in the past five or six months?) Or maybe they should go and check out the empty Peshtigo sales center (more on that in a later post.)

To see more on the finishes and floorplans on The Huron, check out Tricia Fox’s website. They are putting in the Italian style kitchens, which seem to be “in” right now.

Anyone want to start a betting pool over the odds that this building will actually be built?

Just saying.

The Sterling, at 345 N. LaSalle in River North, continues to live up to its name as the #1 building for foreclosures in downtown Chicago (and possibly ALL of Chicago).  Two new auctions were held this week:

Unit #2710: 1 bedroom, 1 bath

• Sold in December 2003 for $329,500
• Auction price of $269,643

Unit #2804: studio

• Sold in January 2004 for $226,700
• Auction price of $201,763

Anyone attend the auction for that unit that was being auctioned off (before foreclosure) on the south side a few weeks ago?  I’m wondering how that turned out.  The Sterling continues to keep the banks busy, that’s for sure.

There are just certain buildings that keep their cache and 55 E. Erie is one of them.  Popular with the uber-rich because of the location (in the middle of River North, just off the Mag Mile) and the finishes (which were tastefully upscale), the building has always seen stellar sales and re-sales.  It also isn’t that large of a building, with 194 units, making it feel a bit more exclusive.

But it seems that even the best of buildings isn’t immune to the real estate slowdown.

Several two bedroom units have been on the market in the building and have had more drawn-out market times than have been seen in the past.  Some units are also sporting price reductions.  Is it bad luck, timing, or a sign of the times?

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

• Sold in December 2003 for $581,903
• Sold in January 2006 for $710,000
• Currently listed for $729,000 plus $50,000 for the parking
• Rubloff has the listing

Unit #4604: 2 bedrooms, 2 baths, 1598 square feet, large terrace

• Sold in December 2003 for $702,849
• Sold in May 2005 for $765,000
• Sold in October 2006 for $835,000
• Currently listed for $895,000
• Second City Realty has the listing

Neither one of these sellers is going to make much money (if any) on the transaction.

Does that designate a slowing market or does it affirm the old adage that you have to own the property for at least 3 to 5 years before you’ll see a profit? (Something neither of these owners has done.)

A one bedroom, one bath condo just went into foreclosure at 630 N. Franklin, the 2 year old 165 unit CMK mid-rise loft style building in River North.

Before it did so, however, the seller must have gotten approval from the bank to try a short sale.  It came too little, too late.

Unit #810:  1 bedroom, 1 bath

• First sold in November 2005 for $239,000
• Sold in November 2006 for $335,000
• Originally listed for $340,000 a few months ago
• Lowered to $235,000 by late October 2007

The listing states:

SELLER IN DISTRESS! MUST SELL BY 10/30/07! ZERO DOWN AVAILABLE, MAY HELP WITH CLOSING COST! SLEEK, STEEL & GLASS BUILDING IN HIP RIVER NORTH! CLOSE TO WORK & PLAY, PERFECT FOR THE BUSY PROFESSIONAL. LARGE ENOUGH FOR ENTERTAINING, SMALL ENOUGH FOR EASY MAINTENANCE. OPEN LAYOUT LR/KIT FEATURESS STAINLESS STEEL APPS, MAPLE CABINETRY & GRANITE COUNTERTOPS. IN UNIT W/D FOR YOUR CONVENIENCE.

The condo likely was foreclosed on last week.  It showed up on the auction lists. 

• Auction price of $357,902

But the interesting thing is- it still wasn’t selling even at the “bargain” price of $235,000. Maybe buyers really don’t consider that to be all that cheap after all.

That is basically the 2005 price.  Below are a few pictures of the unit:

The building was not originally built to be “upscale” or luxury- yet some of the prices they are asking now would make you think so.  It has CMK’s signature use of concrete for the ceilings and walls.  The picture below is the living room of Unit #802, which is also for sale:

Realty Executives Residential has the listing for the foreclosed Unit #810.  Re/Max City has the listing of #802, priced at $259,000 plus $34,000 for the parking.

Great lake access isn’t just available in downtown Chicago.  If you venture north or south of the loop, you can come across some areas that are literally right on the lake- with private beach access.  (Meaning no Lake Shore Drive or bike paths to block you.)  Last time I talked about private beaches, I posted about a building on the south side.  This time, check out this two bedroom unit in a 27 unit, 1923 vintage building in Rogers Park.

1200 W. Sherwin, Unit #3-G: 2 bedroom, 2 bath

• Currently listed for $549,900
• Assessments of $340 a month
• The building actually has parking (rare for a vintage building of that time period because the building added its own parking structure in 2005.  See pictures of the construction here.)

The listing description says:

Absolutely Fabulous! Complete renovation of 1920’s Lakefront hotel. Private beach. Gourmet kitchen. Incredible lake views throughout. Hardwood floors. High ceilings. Formal dining area. In-unit laundry. Amazing master suite. Central Air. Kayak storage. Attached garage space included in price. There is nothing else like this!

Check out the pictures of the beach. Who needs California? (at least in the summertime?)

Unfortunately, the realtor, Re/Max Northcoast, forgot to put any pictures of the actual condo unit on the listing.  Therefore, we have no idea what the “fabulous” interior really looks like.

But I did find this 1 bedroom, 1.5 bath unit with a dining room for sale or for rent in the same building (available for $349,900 plus extra for parking or to rent for $1700 a month) on Craigslist.

Parking is available for extra with the rental.  Who wouldn’t love the huge terrace with direct on lake views?  If you close your eyes in the summer, you just might think you’re in Malibu.

Maybe.

You’ve probably walked by this restaurant dozens of times in Streeterville and not noticed it (especially now- as construction on 550 N. St. Clair is happening right next door.)  It’s right off of Michigan Avenue- next door to the Gap.  But now, apparently, you not only can eat at Sayat Nova, you can live above the restaurant in a four story walk-up for pretty darn cheap.

Sayat Nova Restaurant is located at 157 E. Ohio in a cute little four story brick building that is now dwarfed by 550 N. St. Clair which built right up to its wall.  Sayat Nova describes itself as:

Located just steps from Michigan Avenue in the heart of Chicago’s thriving Streeterville neighborhood, Sayat Nova is a cozy, romantic enclave tucked back from the city’s urban sprawl. Since 1970, we have offered Armenian cuisine that presents a slightly earthier variation on typical Mediterranean fare.

The restaurant’s namesake is inspired by the 18th century troubadour, Haroutiun Sayakian. He is remembered by the Armenians as Sayat Nova or King of Songs, an homage to his status in the Armenian community. His poems are sung and recited by Armenians all over the world.

The interior is cute:

The restaurant has been around for 27 years and still gets consistently good reviews on the various restaurant websites (such as Metromix.)  They are similar to this review in the Chicago Reader:

The unassuming facade of this Armenian restaurant is misleading — the interior is cavernous yet cozy, with low ceilings, romantic semiprivate alcoves, funky hanging light fixtures, and interesting artifacts on display. The pleasantly seasoned cuisine makes for an enjoyable casual lunch, and a few Raters rave about the consistency, saying “We have never had a bad meal at this place” and “Been going for years! It is always good.” The jajik, a creamy, refreshing cucumber-yogurt spread, is a Rater favorite, as are the lamb chops, various couscous dishes, and nicely charbroiled kebabs of chicken, beef, and lamb.

Yes, there is a real estate angle to what I am talking about. I can’t find the article, but a few years back, the owner of Sayat Nova told reporters he had turned down an offer for his building by the big bad developers. Turned down a couple of million dollars apparently.

So if you walk by today- you ARE struck by how close the 550 N. St. Clair building is. But thank goodness. Sayat Nova is a cute little building and makes a statement in the neighborhood. Many people know the restaurant is there- but I didn’t know you could rent apartments above it.

From Craigslist: “2 bedroom , hardwood floors ceramic tile kitchen and bath , in unit washer and dryer. Includes heat and hot water available immediately”

They’re asking $1450 a month. Which, compared to what the flippers in the St. Clair will be charging- right next door- seems like a bargain to me. Here are some not so great pictures off the Craigslist ad:

Yes, you have to walk up four flights of stairs every day.  But think of the exercise!  You won’t have to join a gym.

You can get a house for under $400,000 in Lincoln Park.

Yes,  it’s true.

1846 N. Bissell: 2 bedrooms, 1 bath, 950 square feet, no parking

There are no pictures of the interior because, well, it’s probably nasty.

• Originally listed in March 2007 for $525,000
• Currently listed for $375,000

Here is the description:

BUILT IN 1888.2 STORIES.ON EL SIDE OF BISSELL.TREMENDOUS POTENTIAL ON BLOCK OF $1M NEW HOMES.VERY EASY TO SHOW. TEAR DOWN OR REMODEL. SOLD ‘AS-IS’ PRICED WAY BELOW VALUE.GARAGE FROM REAR ALLEY CAN BE BUILT BY BUILDING THE NEW HOUSE TO THE FRONT PROPERTY LOT LINE.HAVE APPRAISAL FROM 2006 FOR $ 560,000. BRING YOUR DEVELOPERS! R-4 ZONING.

Who cares what the old appraisal is for anyway?  Things have changed in the market.  2006 is old data.  But you do have to ask: is this a “deal” at under $400,000?

Imagine Realty has the listing.

It’s not impossible to get a townhouse, with a parking space (or sometimes a garage) for under $400,000 in Lincoln Park.  You just have to keep an open mind.

Currently, there are three available (though one is under contract.)

917 N. Dickens #917: 2 bedrooms, 1.5 baths, 1 Parking space (under contract)

It is currently listed for $379,000 and assessments are only $95 a month. Century 21 Sussex & Reilly has the listing.

Option #2 is:

556 W. Armitage #556: 3 bedroom, 1 bath, 1 parking space (outdoor spot)

It is currently listed for $389,000 with assessments of only $140 a month. Re/Max City has the listing.

Option #3:

1732 N. Bissell #1732: 2 bedroom, 2 bath, 1 parking space in garage

1732 N. Bissell is listed at $395,000 and the unit has no assessments (it’s a fee simple townhouse.)  This unit just had a price reduction as well.  Janice A. Smith & Associates has the listing.