Crib Chatter

Can you buy an older property, renovate it and flip it in this housing market?

This seller at 1952 N. Seminary in Lincoln Park thinks they can.

Location, location, location- right?

Here’s the listing:

STUNNING REHAB IN THE HEART OF LINCOLN PARK! STEPS FROM GREAT SHOPPING, DINING AND THE EL ON ARMITAGE, THIS ONE-OF-A KIND PENTHOUSE UNIT OFFERS HIGH END LIVING WITH CLASSIC ARCHITECTURE.

WITH SOARING 10′ CEILINGS, CUSTOM MILLWORK, SMART WIRING AND DESIGNER APPOINTMENTS, THIS GEM OFFERS THE DISCERNING BUYER SOMETHING BEYOND COOKIE CUTTER NEW CONSTRUCTION. THIS IS A MUST SEE! BONUS: ASSESSMENTS PAID…

I can’t tell if it has parking or not. It looks as if it might be leased parking.

Here are the bedroom sizes:

• Bedroom #1: 17 x 12
• Bedroom #2: 12 x 9

Unit #3: 2 bedrooms, 2 baths, dining room, no square footage listed

• Sold in June 2001 for $417,500
• Sold in October 2004 for $455,000
• Sold in August 2007 for $496,000
• Currently listed for $597,000
• Assessments of $187 a month
• Taxes of $5950
• 606 Development Group, Inc. has the listing (here’s the website)

Will the professional staging help sell this unit?

Market times are increasing for many properties.

You’ve seen them if you read Craigslist regularly. Month after month after month. The same condo unit. The same listing. Only, with “price reduced” on the Craigslist ad.

Take this cute one bedroom unit at 1520 S. Wabash, a 9-unit building in the South Loop. It is one of the few condo units in that area that isn’t in a big, brand-new high rise.

It’s been on the market since September 2007 and has had two price reductions.

Why?

Unit #4N: 1 bedroom, 1 bath,  850 square feet

• Sold in March 2004 for $156,500
• Originally listed in September 2007 for $259,900
• Reduced
• Lowered to $239,900 by March 2008
• Reduced
• Currently listed for $229,900
• Assessments of $154 a month
• No parking- but leased behind the building
• W/D in the unit
• Central air
• @Properties has the listing

Sometimes market times surprise even me.

Take this two bedroom unit at 1516 W. Grand in West Town. It has been on the market nearly a year and a half. The seller has slowly been reducing the price every few months.

Here’s the listing:

34K PRICE REDUCTION FROM ORIG LISTING!THIS IS A STEAL & PRICED TO SELL!OVERSIZED LOT OFFERS VERY SPACIOUS & BRIGHT FLR PLAN W/ BONUS OFFICE NOOK!HUGE CLOSETS+XTRA STORAGE.2 OUTDOOR DECKS W/SKYLINE VIEWS FROM FRONT BALCONY & PRIV BALC OFF MASTER.

UNIT FEATURES ALL THE BELLS & WHISTLES:42′ CABS, SS APPL/GRAN KIT, MARBLE BTHS, WBFP & W/D.BUS STOP RIGHT OUTSIDE YOUR FRONT DOOR & WALK TO EL!GARAGE PKG INCLUDED!

Unit #3W: 2 bedrooms, 2 baths, 1400 square feet

• Sold in May 2004 for $321,000
• Originally listed in February 2007 for $414,000
• Reduced in April 2007 to $399,900
• Reduced
• Then listed in June 2007 at $389,900
• Reduced
• Then listed in January 2008 at $379,900
• Reduced
• Lowered by a $1,000 here and there to $377,400 by May 2008
• Price increased
• Currently listed at $379,900
• Assessments of $108 a month
• @Properties has the listing

We just chattered about this “deal of a lifetime” on a two bedroom at 1101 S. State in the South Loop.

Remember the stats?

Unit #1302: 2 bedrooms, 2 baths, 1100 square feet

• Sold  in July 2007 for $415,000
• Currently listed as a short sale for $249,900 (includes the parking)
• Assessments of $550 a month
• 4 Sale Realty, Inc. has the listing

Thanks to the tipster who sent me info about what happened to the unit.

There were at least a dozen offers with the highest at $329,000. The bank told the buyers that they would take the top four offers. For those offers, they’ll get back to them in 60 to 90 days.

That could mean that the bank will counter at that time or maybe not.

How many buyers are willing to wait a few months and then not even get the unit?

Stay tuned.

Remember, Unit #1002, with the same layout and square footage but NOT in short sale, is currently listed on the market at $364,900 (parking included.)

The condo/hotel units have been closing in Trump Tower, at 401 N. Wabash, in River North, for about six months. The condo units are about to start closing in July and August.

If you wonder what the studios in The Spire are going to rent for, why not check out what’s happening in Trump Tower?

The condos start on the 28th floor and all have numbers such as 28A, 29K, 32J etc.- compared to the condo/hotel units which have numbers like 1813 or 2646.

A one bedroom rental just came on the market. Here’s the listing:

ONE OF THE FIRST RENTALS AVAILABLE IN TRUMP TOWER CHICAGO! STUNNING LUXURY CONDO WITH 5 STAR HOTEL AMENITIES INCLUDING STATE OF THE ART FITNESS CENTER AND SPA.

SPACIOUS 938 SQ FT UNIT INCLUDES HARDWOOD FLRS, SNAIDERO CABINETS, MIELE, WOLF AND SUB-ZERO IN SS, 10′ CEILINGS, SPA-LIKE BATH W/SEPARATE SHOWER. LEASE DATE AFTER AUG ‘08 CLOSING. NO SMOKING/NO PETS PRKG ADDITIONAL $250

There aren’t any pictures yet.

Unit #33E: 1 bedroom, 1.5 baths, 938 square feet

• Available to rent at $3000 a month (plus $250 for parking)
• Koenig & Strey has the listing

As a rent versus own comparison, a slightly larger one bedroom on the 42nd floor is also already on the market:

Unit #42D: 1 bedroom, 1.5 baths, 1046 square feet

• Currently listed for $799,000 plus extra for parking
• Assessments of $633 a month
• Koenig & Strey has the listing

Stay tuned. There are 758 units in the building.

What kind of townhouse can you get in Lincoln Park for under $600,000?

These townhouses on North Wayne were built in 1987. While I wouldn’t call that “new”- it certainly isn’t the 1960s (as some others in the neighborhood.)

Prices have risen strongly in the last couple of years. Three are currently on the market, two on the MLS and on one Craigslist.

All three are 2 bedrooms, 2.5 baths, 2400 square feet and have a garage. They are in a 50-unit association called the Lakewood Commons.

For those trying to sell after only two years, once again, it doesn’t look promising.

2349 N. Wayne: 2 bedrooms,  2.5 baths, 2400 square feet

• Sold in September 2001 for $420,000
• Currently listed for $559,000
• Assessments of $273 a month
• Coldwell Banker has the listing

2329 N. Wayne: 2 bedrooms, 2.5 baths, 2400 square feet

• Sold in August 2002 for $473,000
• Sold in August 2006 for $560,000
• Currently listed at $579,000
• Assessments of $249 a month
• Listing is on Craigslist (FSBO???)
• Panorama of Homes has the listing- it’s for sale by an agent/broker

2343 N. Wayne: 2 bedrooms, 2.5 baths, 2400 square feet

• Sold in June 2004 for $490,000
• Sold in July 2006 for $550,000
• Currently listed for $597,900
• Assessments of $273 a month
• Coldwell Banker has the listing

In some buildings, the price declines are obvious.

Such is the case in The Regent,  at 190 E. Walton, in the Gold Coast. It has a superb location, just a few blocks east of the Mag Mile. The building, built in 1999, sports large units, in-unit laundry, balconies and a heated garage parking.

What’s there not to like?

But several two bedroom units have fallen in price over the last nine years.

Unit #302 was on the market last year. It’s a 1600 square foot two bedroom, two bath.

• Sold in April 2001 for $807,000
• Sold in October 2007 for $762,000

Maybe you’re thinking this seller just had to sell and the price is an anomaly. But then you see Unit #202.

Unit #202 has been on the market, on and off, since 2005.

Unit #202: 2 bedrooms, 2 baths, den, 1600 square feet

• Sold in October 2000 for $705,000
• Sold in September 2003 for $710,000
• Was originally listed in 2005 for $795,000
• Reduced
• On and off the market
• Currently listed for $649,999 (parking extra)
• Assessments of $570 a month
• Keller Williams Lincoln Park has the listing

We chattered about One Museum Park, at 1211 S. Prairie in the South Loop in April. Closings were just beginning and flips were coming on the market.

None of the flips we chattered about in April have sold or rented. One has had a price reduction and another one a rental price reduction.

Current stats on the building (out of 300 units):

• 20 for sale
• 15 for rent

Units may be both for sale AND for rent.

We now have closing price info on these units.

This big three bedroom unit has been reduced by $150,000.

Unit #901: 3 bedrooms, 3 baths, 2924 square feet

• Sold in April 2008 for $1,391,500
• Was listed in April 2008 at $2.075 million
• Reduced
• Now listed at $1.925 million
• Assessments of $964 a month
• Coldwell Banker has the listing

Unit #1203 has reduced its rental price by $1000 a month.

Unit #1203: 2 bedrooms, 2 baths, den, 1460 square feet

• Sold in April 2008 for $627,000
• Currently listed at $869,000
• Parking is extra
• OR- you can rent it
• Was listed in April 2008 for $4000 a month
• Reduced
• Currently listed for $3000 a month plus $200 a month for parking
• Assessments of $414 a month
• Coldwell Banker has the listing

It appears to be difficult to be selling a unit in a recent conversion these days.

Take this two bedroom unit in 2522 N. Halsted in Lincoln Park which was converted in 2005.

I don’t have the square footage but here are the room sizes:

• Bedroom #1: 15 x 11
• Bedroom #2: 11 x 8
• Livingroom: 21 x 14
• Kitchen: 13 x 10

Unit #205: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 2005 for $339,900
• Currently listed for $344,500 (no parking- but rental down the street for $125 a month)
• Assessments of $155 a month
• Koenig & Strey has the listing

We last chattered about Catalpa Gardens, at 1122 W. Catalpa in Edgewater, in December 2007.

Current stats for the building  (out of 126 units):

• 58 for sale
• 1 for rent

Most of those for sale are still from the developer. How do you flip in a building that is barely 50% sold?

Unit #413: 2 bedroom, 2 bath, 1070 square feet

• Sold in November 2007 for $325,997
• Was listed in December 2007 for $369,000 (parking extra)
• Reduced
• Currently listed for $359,000
• W/D in the unit
• Kim Jones at Baird and Warner has the listing