Crib Chatter

Yes, you can have views of the lake and three bedrooms for under $100,000. You just have to know where to look. The south side has some great vintage buildings in Kenwood, Hyde Park and further south in the South Shore neighborhood. Built in 1928 at the height of the pre-war and pre-depression luxury housing boom in Chicago, 7321 S. South Shore Drive, otherwise known as the Bannerman Building, is built in the Spanish-Moorish architectural style. According to Emporis, the building’s footprint resembles a Maltese Cross.

Unit #2D: 3 bedroom, 2.5 baths (though the listing on Prudential says one bath- but the MLS says 2.5 baths)

It has a private beach!

• Currently listed at $97,500
• It’s a co-op so it requires board approval
• No washer/dryer in the unit
• Parking available for $20 in a lot next door
• There is a special assessment with the building. And the assessments, because it’s a co-op run higher than normal.

Bernadette Kettwig at Prudential Preferred has the listing.

Want to live in Old Town but want washer/dryer in the unit, parking and two bedrooms for under $400,000?

Yes- it can be done. The best deals in Old Town are at 1309 N. Wells, otherwise known as Michael’s Terrace. It’s that ugly black glass building that is at the south end of Wells, towards Division. It almost looks like an office building.

It was built in 1990, with 18 stories and only 80 units. Yes, it’s a bit dated and has a truly horrible lobby. Check it out below. Disco lives!

But every unit has a balcony and great views. And when you walk out of the ugly lobby, you’re on the best street in Old Town, with all the restaurants and stores at your fingertips.

Units come on the market pretty regularly. Only a year or so ago you could get a two bedroom, two bath for around $335,000 (that included the parking.) Sometimes, they would even be renovated with new kitchens and baths.

Recently, the prices have been inching up, making Michael’s Terrace a bit less of a “deal” than it was even a year or two ago. The two bedroom units aren’t glamorous. Many still have carpeting. They are all around 1190 square feet. But it’s a great neighborhood in which to live and the remodeled units are quite pleasant.

Unit #1004 is under contract. It was listed for $358,000 – which, again, is on the high end for the building.

Unit #1105: 2 bedroom, 2 bath, 1190 square feet

• Currently listed for $349,000 which includes the parking
• The pictures above are of Unit #1105

Add this to the category of “they just don’t make them like this anymore.” Yes, the new developers are still putting in indoor pools (and some outdoor ones as well) but none come close to the oppulance of the pre-war buildings.

Here’s one of my favorites. This is the pool at the Edgewater Beach Apartments at 5555 N. Sherdian in Edgewater.

It has gorgeous windows and carvings along the walls.

Anyone who has looked for a one bedroom vintage condo in Lakeview or Lincoln Park knows it is hard to get one with both a washer/dryer in the unit and deeded parking. And to keep it under $300,000? Good luck. Heck, even some of the expensive units lack one or both (usually lacks the parking.)

Vintage lovers should check out the Greenbrier at 559 W. Surf. Built in 1898, the building actually has attached deeded parking.

I love the vintage boxed ceiling in the unit pictured above.

Unit #405: 1 bedroom, 1 bath

• Currently listed for $239,900 or $269,900 with the parking
• Assessments aren’t horrible at $320 a month
• Ben Osbun at Chicago Home Estates has the listing

Yes, the kitchen needs updating but it’s not horrible.

They just don’t make loft buildings like the originals anymore.  Even when they convert an old warehouse today- for whatever reason – the units still turn out boring.  Either the developers strip out the natural features or they skimp on square footage.

But 15 to 20 years ago they didn’t.  If you want a “real” loft, you have to look at the old conversions first.

Kind of like this one at 400 S. Green in Greektown.  This building is a favorite of mine because it has both washer/dryers in the units and there is parking available.  It also has really interesting layouts and recessed terraces.  This unit caught my attention on Craigslist:

400 S. Green: 1 bedroom, 2 bath, 1200 square foot duplex

• For sale by owner (?) for $349,000 with parking available for $30,000
• Top floor with four skylights and rooftop rights (but no deck right now)
• Spiral staircase to second floor bedroom
• Assessments of only $186 a month (without the parking assessment)

It’s grown increasingly difficult to find any affordable two bedroom condos in River North.  Most now run well over $400,000.

But if you look around, you can find decent square footage for less.  Such has always been the case with Admiral’s Pointe at 645 N. Kingsbury.  Surrounded by more glamorous neighbors such as Kingsbury on the Park and Erie on the Park by world famous architects, Admiral’s Pointe seems out of place.  No one would say it was a feat of architectural brillance.  But if you look past the ugly facade, you might be surprised at what you find inside. 

And as an owner there, you’re walking your dog down the street the same as Erie on the Park residents, right?

Admiral’s Pointe was built in 2002 and has 171 units.  It wasn’t built as  “luxury” building.  That means many of the units were “average” and many had white appliances and corian countertops.  But you can still get a two bedroom for under $400,000 with hardwood if you look.

There are currently several two bedrooms under $400,000 on the market, but one is a foreclosure that is under contract (listed for $309,000).

Unit #1602: 2 bedroom, 2 bath, 1290 square feet

• Currently listed for $375,000 plus $50,000 for parking for a side by side double parking spot
• Sold in August 2003 for $350,000
• The pictures above are Unit #1602
• Elizabeth Lowis at Baird and Warner has the listing

Admiral’s Pointe is a good “starter” condo for 20 and 30-somethings who want the River North scene.

Want a single family mansion on Astor Street?  You have your pick as there are at least 10 currently on the market ranging from $2.5 million to $9.995 million.

The house pictured above has been listed for over two years.  According to the listing:

In 1894, George W. Meeker, A Confidant Of Abraham Lincoln, Commissioned Holibard & Root To Build This Spectacular Home. This Impressive & Spacious Residence, Offered For Sale For Only The 3rd Time, Features Beautiful Original Millwork & Paneling, Extraordinary Ceiling Heights, 2 Libraries,7 Fire- Places, Garden Terrace, Wine Cellar & 2 Car Attached Garage.

1431 N. Astor: 5 bedrooms, 4 baths, 3 half baths

• Currently listed for $4.2 million
• Originally listed for $6 million
• 30% reduction

Why the slow sales of gold coast mansions?  Many people don’t want the upkeep of a single family house and prefer to buy the expensive condos in the sky.  Also, blame it on the new construction fad that has swept nearby Lincoln Park.  You can build your own McMansion for the same price – with all the modern bells and whistles.

But nothing quite adds up to Astor Street (in my opinion.)

Forget about new construction.  If you really want a condo “deal” in a certain neighborhood (outside of foreclosures or short sales) you need to look to the older condo buildings.  You might be surprised at what you get for your money.

Yes, some of them might need some minor updating (countertops or appliances) but if you pick the right building- you can get the great neighborhood at a fraction of the cost of your new construction neighbor who is buying literally, sometimes, right across the street.

Such is the case with 208 W. Washington.  The building is smack in the middle of the loop- so no views of the Lake or the River- but it’s a great location if you want to walk to work and it’s a short stroll to River North, Streeterville and Millennium Park.  Originally an office building, it was converted around 1998 into condos.

They aren’t glamorous, but the building has washer/dryers in every unit and parking is available for purchase.  Some of the two bedroom corner units are quite nice, with pretty city views.  There are also numerous roof-top units with large brick enclosed terraces which are especially nice.

What makes the building a deal is that you get a lot of square footage for the price.

Currently on the market are two two bedroom units listed for under $400,000 with the parking included.  Compared to any nearby new construction buildings, such as MoMo, that’s at least $150,000 to $200,000 cheaper.

Unit #911: 2 bedroom,  2 bath, 1380 square feet

• Currently listed at $389,000 with the parking included
• The pictures above are of the Unit #911
• Assessments are very affordable for a two bedroom unit
• Brad Lippetz Real Estate Group has the listing

Unit #1105: 2 bedroom, 2 bath, 1200 square feet

• Currently listed at $375,000 with the parking included
• Sudler Sotheby’s has the listing

A two bedroom, two bath with windows in at least one bedroom AND parking for under $375,000 in the loop?  Yes- it’s possible.

Who doesn’t drive by the Pink Palace on Lake Shore Drive, ala the Edgewater Beach Apartments at 5555 N. Sheridan, and smile?  It’s a historic landmark, built in 1929.  And yes, it really is pink.

It’s a co-op which means high assessments and you have to have 20% for the downpayment.  But there are some huge vintage units available as well as some funkier units you won’t likely see anywhere else.

Take this one bedroom unit, with its own spanish looking atrium.  Love the atrium!  Who has that in one of these old highrises?  The listing says it is one of only two units like that in the building.

Unit #139: 1 bedroom plus den, 1 bath, 8 x9 atrium

• Listed at $175,000
• Assessments of $812 a month
• Alice Casey at Lakefront Group Realty Associates has the listing

If you listened to the media, you might think that all of the crazy exotic loans have gone away and now all you’re left with is a 30 year fixed at 7.25%. You’d be wrong.

I was in a new downtown Condo development recently and saw an interesting flier in the sales office.  It was touting the loan programs you could use to purchase. Usually these fliers are put out to convince you that you’ll only have to pay $2,000 a month for your $700,000 condo. This one didn’t list monthly amounts, but still touted how easy it could get you into a loan.

Seems like Countrywide hasn’t learned from all of those “bad” loans:

• Extended Rate Lock programs for up to 2-years
• First 6 months are at no cost!
• Free Rate Float down
• Loan amounts up to $6 million – P&I or Interest-Only
• Full documentation – Stated Income – No document

Better yet “Pre-approvals completed in 2 hours!”

If all you saw was this flier- you’d think the good times were going on for forever. Oh- and you can get one of these loans for you “primary residence, 2nd home or investment property.”

Are there still people out there buying investment properties?

Countrywide will provide you with “loan programs to meet every need.” Don’t you worry.