Has the Luxury Market Cooled? A 4-Bedroom in the Playboy Mansion at 1340 N. State Parkway

1340 n state parkway

This 4-bedroom half-floor unit in the Playboy Mansion at 1340 N. State Parkway in the Gold Coast came on the market in early November 2015.

It was publicized all over the media because units rarely come on the market in this famed mansion.

According to Wikipedia, the 70-room French brick and limestone mansion was built in 1899 for Dr. George Swifth Isham.

Hugh Hefner moved in in 1959. Apparently the top two floors served as dorms for the bunnies.

Hefner moved to his California mansion full-time in 1974. The mansion was turned into 7 condos in 1994.

We chattered about this unit when everyone else was talking about it last fall. So the media blitz “worked” except that it didn’t find a buyer.

You can see our November 2015 chatter here.

If you recall, this unit has tall ceilings, 3 fireplaces and a foyer and is on the south, east and west corner.

It is all on one level and includes a 16×11 covered terrace.

The listing says it has had a recent renovation.

The all white custom kitchen has luxury stainless steel appliances.

There is a master suite and 2 en suite bedrooms.

It has central air, washer/dryer in the unit and 2 heated garage parking spaces.

The house is always a stop on walking and biking tours of the Gold Coast. It’s living in a Chicago landmark.

The last unit we chattered about in the Playboy Mansion, the “ballroom unit” because it was formally the house’s ballroom, sold in just 9 months for $5.2 million when the market was still awful, in May 2012.

But that was the “ballroom” unit, which was unique in its own way.

See our chatter about that unit here.

Eight months later, this 4-bedroom unit is still available and has been reduced $600,000 to $5.15 million.

Has the luxury market cooled over the last year? Or is this building and unit so unique that it can’t be put in the same category as all the luxury $5 million high rise condos?

Janet Owen at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3S: 4 bedrooms, 4.5 baths, 4300 square feet

  • Sold in June 1994 for $535,000
  • Sold in January 1998 for $1.475 million
  • Sold in August 2004 for $1.575 million
  • Sold in August 2008 for $3.275 million
  • Was listed in November 2015 for $5.75 million
  • Reduced
  • Currently listed for $5.15 million
  • Includes 2-car garage parking
  • Assessments of $2847 a month (includes water, exterior maintenance, scavenger)
  • Taxes of $48229
  • Central Air
  • Washer/Dryer in the unit
  • 3 fireplaces
  • Bedroom #1: 18×18
  • Bedroom #2: 15×13
  • Bedroom #3: 14×12
  • Bedroom #4: 13×12
  • Family room: 25×17
  • Office: 10×10

Is the West Loop Now the Hottest Neighborhood for Price Gains? A 2-Bedroom at 203 S. Sangamon

203-s-sangamon-approved

This 2-bedroom duplex in the Beacon Lofts at 203 S. Sangamon in the West Loop came on the market in May 2016.

This loft has 18 foot ceilings and faces south.

While it has the tall ceilings and exposed duct work,  it doesn’t have exposed brick, beams or other factory type features.

But it does have 1840 square feet.

One bedroom and a den are on the main floor and a second bedroom is on the second level.

The kitchen has granite counter tops and black appliances with 42 inch cabinets.

The loft has all the features buyers look for including central air, washer/dryer in the unit and garage parking, which is $30,000 extra.

This loft is located right in the middle of the West Loop, which means you can walk to a variety of restaurants on Randolph Street, various supermarkets and even stroll over to Greektown.

Originally listed for $699,900, which was 70% appreciation over the 2012 sale price, it has been reduced over the last few months.

There’s always one neighborhood that sees incredible appreciation during a boom.

Last time, Lincoln Square was the big winner.

Will it be the West Loop this time?

Gorge Furla at North Clybourn Group has the listing. See the pictures here.

Unit #310: 2 bedrooms, 2 baths, duplex, 1840 square feet

  • Sold in August 1999 for $309,000
  • Sold in November 2004 for $420,000
  • Sold in October 2012 for $410,000
  • Originally listed in May 2016 for $699,900
  • Reduced
  • Currently listed for $649,000 (parking is $30,000 extra)
  • Assessments of $505 a month (includes cable, exercise room, scavenger, Internet)
  • Taxes of $7872
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 16×12 (second floor)
  • Bedroom #2: 14×12 (main floor)
  • Den: 12×10 (main floor)

 

 

Unique Condos Do Exist in the West Loop: A 2-Bedroom at 1016 W. Madison

1016 w madison

This 2-bedroom at 1016 W. Madison in the West Loop came on the market in May 2016.

This 8-unit elevator building with just 2 units per floor was converted into condominiums in 1998 but it’s not a loft. It’s one of the rare, older boutique buildings in this neighborhood.

This unit has 14-foot ceilings and, the listing says, new windows.

The kitchen was gut-finished in 2015 and has custom white cabinets, stainless steel appliances including a double oven and quartz counter tops.

The listing says the bathrooms have been updated.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

Originally listed in May for $740,000, it has been reduced $10,000 to $730,000.

It’s rare to see a property on the market for long in this hot neighborhood. This has been listed for 70 days.

Is an upper price limit developing for 2-bedroom condos in the West Loop?

Jo Simmons at Midwest Realty Services has the listing. See the pictures here.

Unit #2S: 2 bedrooms, 2 baths, 1850 square feet

  • Sold in August 1998 for $270,000
  • Sold in June 2014 for $560,000
  • Originally listed in May 2016 for $740,000
  • Reduced
  • Currently listed for $730,000 (including the parking)
  • Assessments of $493 a month (includes scavenger, snow removal)
  • Taxes of $7177
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×12
  • Bedroom #2: 17×10
  • Laundry room: 6×7

A 1-Bedroom Brick and Timber Printers Row Loft With Rare Garage Parking: 732 S. Financial

732 s financial

This 1-bedroom in the Printers Row Lofts at 732 S. Financial in the Printers Row neighborhood of the South Loop came on the market in July 2016.

Built in 1906, the building was among the first converted to loft apartments in this neighborhood. It was converted in 1996.

But all of those original apartment buildings were then converted to condos, with his one being converted in 2003-2004.

Because of its early conversion, many of the units have unique layouts and kept their original loft features.

This unit is a northeast corner unit with two walls of exposed brick and timber ceilings.

The bedroom doesn’t have enclosed walls but it does have a window.

The kitchen is open to the large living/dining space. It has white cabinets and white appliances.

The loft has central air and washer/dryer in the unit.

It also has something rare for the loft buildings in this neighborhood: garage parking.

The listing says there are 138 units in the building with just 54 deeded garage spots. This is one of them. It doesn’t have to be sold with the unit.

There’s also an additional HOA and taxes for the spot, if you purchase it.

There’s no square footage listed with this unit, but the measurements of the rooms add up to more than your typical, new construction 725 square foot 1-bedroom luxury rental.

At $290,000, including the parking, is this a deal compared with renting in the neighborhood?

Judy Howard at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #315: 1 bedroom, 1 bath, no square footage listed

  • Sold in March 2004 for $211,000 (no parking with this sale)
  • Currently listed for $250,000 (plus $40,000 for the parking)
  • The parking doesn’t have to be sold with the unit
  • Assessments of $319 a month (includes cable, part-time doorman, exterior maintenance, scavenger and snow removal)
  • Parking HOA: $35.91 a month
  • Taxes of $3172
  • Taxes for parking space: $388.67
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 11×16
  • Living room: 18×32
  • Kitchen: 10×9

Chicago Market Conditions: June Sales Remain Hottest Since 2006

Sign of the Times Oct 12, 2011 Lincoln Avenue

The Illinois Association of Realtors is out with the June and half year numbers:

The city of Chicago saw a 0.2 percent year-over-year home sales increase in June 2016 with 3,210 sales, up from 3,202 in June 2015. The median price of a home in the city of Chicago in June 2016 was $300,000, up 4.1 percent compared to June 2015 when it was $288,250. Year to date home sales totaled 13,953, a 4.1 percent increase compared to last year and the median price averaged $275,000, a 3.5 percent gain.

Thanks to G for the historical sales data:

  • June 1997: 1,817
  • June 1998:  2,214
  • June 1999:  2,435
  • June 2000: 2,513
  • June 2001: 2,451
  • June 2002: 2,590
  • June 2003: 2,891
  • June 2004: 3,752
  • June 2005: 3,850
  • June 2006: 3,557
  • June 2007: 3,127
  • June 2008: 2282
  • June 2009: 1981
  • June 2010: 2526 (tax credit sales)
  • June 2011: 1841
  • June 2012: 2246
  • June 2013: 2729
  • June 2014: 2846
  • June 2015: 3202
  • June 2016: 3210

Here is the monthly median price data:

  • June 2008: $309,945
  • June 2009: $242,050
  • June 2010: $234,250
  • June 2011: $207,000
  • June 2012: $216,700
  • June 2013: $254,900
  • June 2014: $275,000
  • June 2015: $288,250
  • June 2016: $300,000

If inventory was higher, I think we would have seen 2005-2006 type sales numbers. But inventory continues to fall.

“Sellers continue to reap the rewards of a summer market where buyers are choosing from a greatly diminished pool of properties,” said Mike Drews, GRI, president of Illinois REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. “The market dynamics we have experienced throughout the spring and early summer persist as the number of homes for sale struggle to keep pace with buyer demand.”

The time it took to sell a home in June averaged 55 days, down from 62 days a year ago. Available housing inventory totaled 64,724 homes for sale, a 15.1 percent decline from June 2015 when there were 76,207 homes on the market.

There were no statistics given for inventory specifically in Chicago.

“Chicago homebuyers are having to work harder to find properties which meet their criteria and budget,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oakbrook-based Inland Real Estate Group of Companies, Inc. “A combination of low mortgage rates and a limited number of properties on the market is pushing median prices higher, a continuation of a trend we have seen for much of the warm-weather selling season.”

When will some of the newer apartment high rises downtown be converted to condos to meet the growing demand?

Why aren’t we seeing more building on the lower end of the spectrum, even in areas where land prices are cheaper like the far South Loop?

Illinois home sales, prices climb higher in June and first half of 2016 [Press Release, Illinois Association of Realtors, July 21, 2016]

Get a “Secret Garden” With Your Townhouse in the South Loop: 1254 S. Federal

1254 s federal

This 2-bedroom townhouse in Dearborn Park II at 1254 S. Federal in the South Loop came on the market in early July 2016.

This complex was built in 1990 and because of its age, comes complete with large trees and lush greenery.

In fact, if you didn’t know better, you might not believe you were just blocks from the center of the city if you were standing in the middle of this complex.

This is one of the rare corner townhouses with 3-exposures and a 2-car garage.

It also has a big “secret garden” that extends out to Federal.

The townhouse has a first floor library, which also accesses the garden and has built-in bookcases.

The living room/dining and kitchen, along with a powder room, are on the second floor.

The kitchen has white cabinets, black granite counter tops and stainless steel appliances.

The third floor has two bedrooms and a bath.

This townhouse has central air and a skylight.

It has been on the market for more than 2 weeks, which is forever in this market.

Why isn’t this selling?

Terri Buseman at Re/Max Premier Properties has the listing. See the pictures here.

Unit F: 2 bedrooms, 1.5 baths, 1510 square feet

  • Sold in April 1994 for $186,000
  • Sold in September 1998 for $285,000
  • Currently listed for $595,000
  • Assessments of $275 a month (includes lawn care, snow removal)
  • Taxes of $6929
  • Central Air
  • 2-car garage
  • Bedroom #1: 16×12 (third floor)
  • Bedroom #2: 11×19 (third floor)
  • Library: 10×9 (main level)

 

Looking for an Organic Vegetable Garden? A 2-Bedroom in the South Loop: 1322 S. Wabash

1322 s wabash

This 2-bedroom in the Filmworks Lofts at 1322 S. Wabash in the South Loop just came on the market.

If it seems familiar to some of you, that’s because this “ONCE IN A LIFETIME LIVE/WORK OPPORTUNITY” was last on the market just 20 months, in 2014.

It’s on the first floor of this building but that gives it a rare 1350 square foot, enclosed, landscaped garden.

The listing says it has a deck, fountain, natural blue stone patio and an organic raised bed veggie garden.

The loft itself has exposed brick and concrete ceilings.

The kitchen has custom wood cabinets and stainless steel Bosch appliances.

The listing says there’s a new central air and GFA furnace.

It has in-unit washer/dryer and parking is included.

This loft has come on the market for 29.4% more than it sold for just 20 months ago, at $549,900.

Will it get the premium?

Yvonne Carns at @Properties has the listing. See the pictures here.

Unit #109: 2 bedrooms, 2 baths, 1536 square feet

  • Sold in June 1995 for $155,500 (included 2 parking spaces)
  • Sold in June 2004 for $380,000
  • Sold in October 2014 for $425,000 (included 1 parking space)
  • Currently listed for $549,900 (includes the parking)
  • Assessments of $433 a month (includes cable, Internet, exercise room, exterior maintenance, scavenger, snow removal)
  • Taxes of $4489
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×16
  • Bedroom #2: 10×11

Can the West Loop Get Any Hotter? A 2/2 Renovated Loft at 1000 W. Washington

1000-w-washington-approved

This 2-bedroom loft at 1000 W. Washington in the West Loop just came on the market.

It’s in the middle of one of the hottest neighborhoods in the city with new restaurants and hotels opening up just a block away on Randolph Street and just a short stroll from Fulton Market.

The loft has exposed brick walls with concrete ceilings and exposed duct work.

It last sold in 2013 and appears to have undergone a renovation.

There are wide plank dark wood floors throughout.

The kitchen has been renovated since the 2013 sale and has white cabinets, stone counter tops and a gray subway tile backsplash.

It appears that both bathrooms have also been renovated.

The loft has barn doors that lead to the bedroom as well as in the bedroom to the master bathroom.

You can see the 2013 unit pictures here.

This loft has the other features buyers look for including central air, washer/dryer in the unit and garage parking.

It is listed for $319,000 more than the 2013 sale, at $649,000.

With almost no inventory in the West Loop, will they get the premium?

Peter Childs at Berkshire Hathaway KoenigRubloff has the listing. See the current pictures here.

Unit #214: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in April 1997 for $185,000 (included the parking)
  • Sold in July 2000 for $279,000 (included the parking)
  • Sold in December 2004 for $335,000 (included the parking)
  • Sold in November 2013 for $330,000 (included the parking)
  • Currently listed for $649,000 (includes the parking)
  • Assessments of $558 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
  • Taxes of $4162
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×15
  • Bedroom #2: 11×14

A 53% Gain in Just 29 Months for this Millennium Park Penthouse? 6 N. Michigan

6 n michigan

This 4-bedroom penthouse in the Park Millennium Condos at 6 N. Michigan across the street from Millennium Park just came on the market.

If it looks familiar it’s because we’ve chattered about it numerous times, most recently in 2014. You can see that chatter here.

If you recall, it was, at one time, raw space but had fantastic windows overlooking the park.

It was bought in 2012 and built out with the kitchen and baths.

It re-sold, after the build out, in 2014.

The signature room is this great room with 20 foot ceilings with views of the Lake. Here are the pictures of the space unfinished.

6-n-michigan-second-interior-penthouse-approved

It has a wrap-around terrace and a rooftop deck, which still does not appear to have been landscaped or built out.

The unit sprawls on 4 floors and is 6400 square feet.

Three of the four bedrooms are on the second floor with the master bedroom on the third level.

There appears to be two family rooms with one of them located near the kitchen/dining room and another on the fourth floor with a massive skylight.

The kitchen has white cabinets, luxury stainless steel appliances and stone counter tops.

It comes with 2 parking spaces and heat and air conditioning are included in the $6200 a month assessment.

The unit has come on the market for $2.1 million more than the 2014 sale, at $6 million.

Is the upper bracket market hot enough that this penthouse will get the premium?

Philip Skowron at @Properties has the listing. See the latest pictures here.

Unit #1901: 4 bedrooms, 4.5 baths, 6400 square feet, 4 levels

  • Originally listed in 2010 for $7 million (but was 8000 square feet)
  • Was listed as raw space in July 2012 for $4.5 million
  • Reduced
  • Was listed in October 2012 for $3 million
  • Sold in December 2012 for $1.9 million
  • Listed in June 2013 after it was built out for $4.75 million
  • Sold in February 2014 for $3.9 million
  • Currently listed for $6 million (includes 2 parking spaces)
  • Assessments still $6200 a month (includes heat, a/c, doorman, gas, snow removal, exercise room, scavenger)
  • Taxes are now $87,838 (they were $13,233. There was an 8 year historic tax freeze on the building but I believe it didn’t transfer to the second owner. Only the current owner – or the first one after the developer- g0t the tax freeze.)
  • 2000 square feet of outdoor space
  • Bedroom #1: 23×18 (third floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 19×15 (second floor)
  • Bedroom #4: 16×15 (second floor)
  • Family room: 28×20 (fourth floor- with a skylight)
  • Great room: 35×34

 

Will You Only Live in a Corner Condo? A 2-Bedroom at 1414 N. Wells in Old Town

1414 n wells

This 2-bedroom at 1414 N. Wells in Old Town just came on the market.

It is a southeast corner unit with views of Wells and the skyline.

The living room has two walls of windows, crown molding and dark stained oak floors.

The kitchen has maple cabinets, granite counter tops, including on a large kitchen island, stainless steel appliances and a glass subway tile backsplash.

The  master bathroom has duel sinks and an extra large steam shower with dual shower heads.

It has central air, washer/dryer in the unit and garage parking is available for $35,000.

This building has 52 units and an elevator but no doorman.

It has always been one of the most popular buildings in Old Town and buyers have paid a premium to live there.

This corner unit hasn’t been on the market in 9 years.

Are you a condo buyer who will only live in a corner unit for maximum light?

Bari Levine of @Properties has the listing. See the pictures here.

You can also see it in person at the Open House on Saturday, July 16 from 12- 2 PM.

Unit #408: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 1995 for $231,000 (included the parking)
  • Sold in April 1998 for $310,000 (included the parking)
  • Sold in August 2007 for $550,000 (included the parking)
  • Currently listed for $580,000 (plus $35,000 for the parking)
  • Assessments of $576 a month (includes cable, Internet, exterior maintenance, scavenger, and snow removal)
  • Taxes of $8454
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×15
  • Bedroom #2: 15×10