Crib Chatter

There’s something about the look and feel of the units at 50 W. Schiller.  They cannot be replicated into today’s new construction.  The building was built in 1922.

Yes, the building has “issues.”  It is a co-op and has very high assessments.  There is no parking (have to lease next door.)  Some units don’t have washer/dryer (but you can apparently add it.) 

But there is a lovely courtyard and the units are interesting duplexes.

Unit #1-I, a two bedroom, 1. 5 bath duplex, is currently on the market for $649,000.  The listing says it was completely renovated in 2004.  Still seems pretty pricey to me compared to recent sales.  The unit last sold for $400,000 in March 2004.  Is the kitchen renovation worth $249,000?  We’ll soon find out.

Unit I2, a 3 bedroom 2 bath, was listed over a year ago at $619,000 and finally drama price reduced it to $499,000.   It sold for $477,500 in early August.

Unfortunately, those owners bought it for $498,000 in 2004. 

Still, lovely to look at – for the right price.

River City, the American Invsco conversion at 800 S. Wells, has struggled in the last few years.

But this latest foreclosure, listed on Craigslist, is one that’s sure to raise some eyebrows.  It is a 2 bedroom,  2.5 bath 1500 square foot duplex.

• Original sale price on March 8, 2006 for $543,000
• Now listed for $268,800

That’s nearly a 50% reduction.  It’s hard to believe. What does that do to the comps in that building?

There is a one bedroom unit for sale for $264,000. What are the odds of selling that?  (There are many one bedrooms priced under $200,000 as well.)

There seem to be numerous foreclosures in the building. We’ll have to wait and watch this one and see if the price continues to slide.

Closings began a few weeks ago on 340 on the Park, one of the world’s tallest residential buildings.  Flips have already begun.

Two of note:

Unit 307, a 1 bedroom, 1.5 bath approximately 1,100 square feet.

• Original sale price of $415,000
• New list price: $625,000 plus $50,000 for parking

I don’t know if the original price included the parking or not.  Does anyone know? Also, it has north views of Lakeshore East.

Unit 403, three bedroom, three bath with south views of the park.

• Original sale price: $944,000
• New list price: $1,150,000 plus $50,000 for parking

Again, I don’t know if the original sales price included the parking.  It is also available to rent for $6500 a month.

Looks like the “flipper premium” in the building is about $200,000.

Also of interest, there are a lot of rentals in the building already.  I’ve located at least 16 rentals.  There may be even more than that.  Some have interesting listings such as offering one month’s free rent if rented by the end of  August (guess that didn’t work.)

Unit 307 is the cheapest unit for sale, so far, in the building.

We are now starting to see the stresses of the slowing housing market in trendier neighborhoods of Chicago.

I couldn’t resist commenting on this loft on Craigslist that is in pre-foreclosure in the West Loop if only because of the name of the building: Heartbreak Lofts.

17 N. Loomis #2K, 2 bedroom/2 bath, 1700 square feet, original white kitchen and baths (aka, not updated from when it was an apartment)

Heartbreak Lofts was one of the buildings in American Invsco’s Loftominium World conversion in the West Loop from 1997-2001. These were a group of buildings that Invsco bought from Annie Properties, a longtime west loop landlord, who had converted old factories into apartments starting in the mid-1980s.

This unit was originally purchased in January 2006 for $378,000. It’s been on the market for over 400 days (originally went on the market in July of 2006.) Only recently have the ads said it’s in pre-foreclosure. 

Original List: $399,000
Current List: $350,000
Owner Paid: $378,000

Unit 3K is also on the market. Originally listed in February for $394,000.  Currently listed for $374,000. It has updated kitchens and baths.

Welcome to a new site devoted to Chicago area real estate.  If you’re like me, you’ve found this site because there really isn’t a good website on Chicago’s housing scene discussing what is really going on with the new construction buildings, the re-sale market, and the McMansions that are for sale. 

Are prices still going up?  Or down?

Can you still flip a new construction condo and make money?

Where are the bargains?

How many foreclosures are going on?

I’ll try to cover all of these questions and more.  If you have any tips (especially those of you who are real estate professionals) please send them along to me.

There is a lot going on so let’s get started!