Crib Chatter

As you know, I’m a big fan of neat terraces in condo buildings. But what about the private rooftop terrace that is just stuck on top of a loft building? Or the huge 1000 square foot slab of concrete that is common above the parking garage on most new buildings (allowing the units on that floor to have massive outdoor space)?

Have you ever seen any that were landscaped beautifully that really added value  to the unit? Or do they become wasted space where you simply put a table and chairs out and bake in the summertime sun?

There are two of these units on Craigslist right now.

The first condo is a one bedroom loft in the South Loop at 18th and Michigan with a private rooftop deck. As you can see from the picture, it is simply a wood deck slapped up on the roof and it looks like there are other “private decks” right next to yours. The loft is listed for $250,000.

The second condo is a 2 bedroom, 2 bath at 653 N. Kingsbury currently listed for $454,900 with parking for $35,000. The terrace is 1000 square feet. But as you can see from the pictures below, it looks pretty barren and uninviting.

How much would it cost to actually have a terrace of this size professionally landscaped? Anyone know?

I’m assuming its quite a bit of money which is why you rarely see these big terrace spaces landscaped downtown (outside of the competition that runs in the Chicago Tribune every year for the best City Garden.) I’ve seen many, many listings with these big terraces and all they are are a slab of concrete.

Is the terrace really a selling point?

The original loft conversions were just open spaces with high ceilings and great light. That is because lofts were first occupied in most cities by artists who benefited from the light and the open space. It was only later that walls were added into the mix, destroying the natural spacious feel of most lofts.

But the original loft conversions in the 1980s and 1990s in Chicago kept the open space concept.

There is a loft on the market in Printers Row at 720 S. Dearborn that reflects the authentic feel of a “real” loft.

Unit #703: 2 bedrooms, 1.5 baths, 1700 square feet

The listing describes it as:

Spacious, open, light filled, exceptional & luxurious describe this $100,000 newly rehabbed loft in historic Printers Row. Unique designer kitchen w/Snaidero cabinets, Sub-Zero refrig/freezer drawers, Miele & Gaggenau appliances. Elegant master bath w/18th century wood carved cabinet, separate shower, tub. Walk-in 7×10 closet w/Elfa shelving & marble floor. Exposed brick. Great location. Easy to add walls. Pkg avail.

How many people will add the walls? Many buyers don’t like the open living concept.

• Currently listed for $475,000
• I don’t believe there are washer/dryers in the unit in this building (anyone?)
• Assessments of $841 a month

Kay Garvey and Karen Mason at Rubloff have the listing.

In honor of the Printer’s Row Loft Walk this weekend, I thought we’d see what you can buy in the great industrial buildings in the neighborhood. Who knows, maybe you’ll see some of these lofts on the tour?
The first conversion in the neighborhood was in the Donohue Building at 711 S. Dearborn. The units have large original windows, timber ceilings and brick walls. It is the building for cool lofts in the neighborhood.

Unit #806: 1 bedroom, 1.5 bath penthouse duplex unit

• Currently listed for $569,000
• No parking
• Assessments of $573
• Central air and washer/dryer

This unit is the kind of loft you see in the movies. Some might be turned off by having only one bedroom.

Keller Williams Realty West Loop office has the listing.

Have you always wondered what is behind the curtains at those cool industrial lofts in Printers Row? This weekend is your chance to find out as the South Loop Neighbors host the 10th Annual Printers Row Loft Walk on Sunday, October 21 from 12:00 to 5:00 pm. Tickets are available in advance for $20 at several locations in Printers Row or on the day of the Loft Walk for $25.

It’s a great time to see some neat properties in a neighborhood that Chicago Magazine recently called the “hottest in the country.” I don’t know about that- but if you go to the Loft Walk, you can be the judge. As an added bonus, the weather is supposed to be great.

Everything in this market right now seems to be about new, new, new. Re-sale units are languishing- even the nicer ones.

Lofts used to be the “in” condo to buy in River North but the shift has been made to the high rise. Maybe it’s time to reconsider the loft. You can get a two bedroom, two bath penthouse duplex at the Sexton Lofts at 360 W. Illinois for the bargain price of around $600,000 with the parking. The Sexton was converted in 1999 and has 252 units. The building is well run and has low assessments.

Several of these penthouse units have been on the market in recent months. Unit #606, a two bedroom, a two bath duplex with outdoor deck which is listed at $649,000 plus $35,000 for parking, is finally under contract after months on the market. It has assessments of only $680 a month A sister unit is also currently listed:

Unit #624: 2 bedroom, 2 bath, 2000 square feet, 300 square foot terrace with gas hook-up

• Was listed for $598,000 plus $35,000 for parking
• Currently listed for $588,000
• Sold in January 2005 for $487,500
• Pictures above are of Unit #624

Yes- it has black appliances which dates the unit. But it has lovely brick and a great terrace.

James Faircloth at Prudential Preferred has the listing.

Unit #620 is also on the market for $614,000. It too is a duplex penthouse unit with large outdoor terrace. Koenig & Strey has that listing.

It seems that the new price point for luxury larger one bedrooms in Streeterville is now around $600,000. Can this price point be sustained in Chicago?

Case in point is a recent new listing at Fairbanks at Cityfront Plaza at 240 E. Illinois which is just starting closings on the tower portion of the building.

Unit #1107: 1 bedroom, 1.5 baths with study, 1071 square feet

• Listed at $541,900 with parking extra (probably about $50,000)

It will be interesting to see if they can find any buyers at this price point. There are a lot of nice buildings currently closing on units in Streeterville- all competing for the same buyers at these price points.

Pearson on the Park, the recent apartment building conversion at 222 E Pearson was a very successful conversion on a quiet and sought after street in Streeterville/Gold Coast near Northwestern University’s Law School.

The developer is still trying to sell a handful of 2 bedroom, 1 bath units, but otherwise most of the building is sold out.

Several of the larger three bedroom units have recently come onto the market. Flippers or change in life circumstances? Either way- they’re looking to make quite a bit of appreciation in only a short period of time.

Unit #2402: 3 bedroom, 2 bath

• Currently listed for $629,000 plus $39,000 for parking
• Sold in July 2006 for $516,000
• Assessments of $781 a month
• Washer/Dryer in the unit
• Pictures above are of Unit #2402
• Koenig & Strey has the listing

Unit #2101: 3 bedroom, 2 bath

• Currently listed for $597,900 with parking included in the price
• Sold in May 2007 for $498,000
• Listing says $15,000 in upgrades plus 2 storage units included
• Dream Town Realty has the listing

With closings coming up in the next few weeks on the lower floors at 600 N. Fairbanks, investors are trying to get a leg up on flipping their units in the building over other investors. Right now, there are about 10 flips on the market with some of them on the MLS and some of on Craigslist. There are 227 units in the building.

Flippers are trying to net at about $150,000 to $200,000 in the bigger two and three bedroom flips. There are a lot of one bedroom units in the building, so I’m assuming we will see quite a few of the one bedrooms put on the market in the next few months.

Right now, the flippers are pricing the lower floored one bedrooms at about $500,000 (including the parking) for about 830 square feet. Someone named Ved Gupta, presumably an investor in the building, is on Craigslist trying to flip a two bedroom and also a one bedroom.  According to Craigslist, he has a one bedroom unit on the 25th floor for $499,000 plus $55,000 for parking. That price is for less than 1000 square feet as the largest one bedrooms in the building are only around 925 square feet.  (His listing did not give the square footage.)  Compare that with the normal one bedroom luxury condo unit in Streeterville or Millennium Park.  1000 square feet or larger is usually the standard size one bedroom in a “luxury” building such as 250 E Pearson or 340 on the Park.

600 N. Fairbanks is considerably more expensive. Who will be buying at these prices? Stay tuned.

I’ve been saying for awhile that sales are slowing in the red hot luxury market (just as the Spire is to begin marketing the most expensive units ever sold in Chicago.) The Donald still has 200 units for sale in his building. The Legacy still has dozens of units. Same with Waterview Tower.

Now, some of the new buildings that have yet to start construction are reporting just how bad the market is.

YoChicago reports on Canyon Ranch, the 67 story luxury building with the built in spa that is to be built in the middle of River North at 680 N. Rush St.:

It’s unclear at this stage whether Chicago buyers are enthusiastic about Canyon Ranch’s brand of healthy living. The project, which began marketing in the spring of 2007, has sold about 20 units, according to Kerry Dickson, senior vice president of Related Midwest, the developer.

“The market now is different than it was two years ago or even eight months ago,” he says. “One of our strengths as an organization is to ride the ups and downs of the market. On top of that, we feel the products we bring to the market allow us to differentiate ourselves.”

20 units? They started marketing this building about 6 months ago. What do they think they’re going to sell in the winter then, 5 units?

According to YoChicago, the building will have 257 condos and 126 hotel condos priced from $800,000 to $4.5 million.

For now, the developer is showing a brave face. But let’s face it. This building will never be built. There is far too much inventory in the luxury category and simply not enough buyers.

Makes you wonder about the fate of the Spire, doesn’t it?

Rarely do one bedroom units in Old Town come on the market with parking (let alone two parking spaces.) It’s the nature of the older, smaller streets and no alleys as well as the density of the area. Two recent conversions at Crilly Court and 334 W. Menomonee both sold most, if not all, of their units without a parking space. Owners are relegated to parking at Pipers Alley- never an ideal situation.

A duplex unit in a historic building at 1760 N. Wells just came on the market with parking and washer/dryer in the unit.

Unit #2D: 1 bedroom plus small den, 1.5 baths, 2 car tandem parking

• Currently listed for $314,900
• Sold in April 2004 for $275,000
• Sold in May 2001 for $239,000

Would you pay over $300,000 for a one bedroom in Old Town? That’s a higher price point than we’ve seen in recent months. But then again, it DOES have the parking, a very valuable commodity.

Koenig & Strey has the listing.