Market Conditions: October Sales Fall 8.6% in Chicago YOY While Median Price Rose Again

2733 n hampden

The October sales numbers are out. As expected, sales fell year over year as the Chicago housing market took a break.

The city of Chicago saw an 8.6 percent year-over-year decrease in home sales in October 2014 with 2,082 sales, down from 2,279 in October 2013. The median price rose to $237,500 versus $218,000 in October 2013, an annual increase of 8.9 percent.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

  • 1997 1,731 $129,900
  • 1998 1,855 $138,000
  • 1999 1,978 $159,500
  • 2000 2,106 $174,710
  • 2001 2,177 $200,000
  • 2002 2,503 $215,000
  • 2003 2,996 $236,000
  • 2004 2,651 $241,000
  • 2005 2,846 $268,500
  • 2006 2,630 $278,000
  • 2007 2,007 $285,000
  • 2008 1,564 $261,000
  • 2009 2,068 $215,000
  • 2010 1,225 $183,000
  • 2011 1,324 $162,000 (44% short/REO sales)
  • 2012 2,009 $175,000
  • 2013: 2,231 $218,500
  • 2014: 2,082 $237,500

“Heading into the holiday season, what many see as an off-peak time for the housing market actually offers many incentives for buyers and sellers. Buyers who purchase a home now still have time to deduct home purchase costs on their taxes to reap benefits,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Median home prices continue to be strong, and sales times are swift. Less competition from other buyers also is a great motivator to put your home on the market now.”

“The housing market appears to be pausing in its positive sales growth trends, not unusual for this time of the year,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “Prices continue to improve and the forecasts suggest growth in the next three months.  Recent declines in the reduction in the foreclosure housing inventory suggest that we may have to wait until 2016 at the earliest for a return to pre-bubble levels.”

The average 30-year mortgage was 4.03 in the month, down from 4.2% last year.

Will this unseasonably cold November have an impact on home sales in the next few months?

Or do Chicago buyers not care about the weather?

Illinois home sales see slight gain in October; Statewide home prices increase 6.0 percent annually [Illinois Association of Realtors, Press Release, November 20, 2014]

Remember The Quince? A 2-Bedroom at 565 W. Quincy in the West Loop

565 w quincy approved

This west facing 2-bedroom in The Quince at 565 W. Quincy in the West Loop recently came on the market.

Do they still call it “The Quince”?

That was the original name of this building when it was built by Belgravia at the tail end of the housing boom in 2008-2009.

The building has 241 units, with some original loft-like units in the base of the building, and an indoor parking garage.

It also has some unique amenities including a movie theater and a bowling alley for residents.

This unit has a split floor plan with floor to ceiling windows.

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

It has the finishes that buyers look for including central air, washer/dryer and parking, which is included.

Back during the housing boom, this building was originally marketed to first time home buyers.

Who is the targeted buyer now?

Molly Marino at Baird & Warner has the listing. See the pictures here.

Unit #1007: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in June 2009 for $415,500
  • Currently listed at $379,000 (parking included)
  • Assessments of $419 a month
  • Taxes of $5417
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×13
  • Bedroom #2: 14×10

Vintage Grandeur With a Lofted Library in East Lakeview: A 3-Bedroom at 3020 N. Sheridan

3020-n-sheridan

This top floor 3-bedroom at 3020 N. Sheridan Road in East Lakeview just came on the market.

Built in 1902, the building has 9-units and is just a block from the lake shore bike baths.

This unit has many of its original features, including crown molding and built-ins.

There is a unique two-story living room with a spiral staircase leading to a library with built-in bookcases.

The living room also has a wood-burning fireplace.

The dining room has original wood covered walls and a box beamed ceiling along with stained glass windows.

There is a “gourmet kitchen” with maple cabinets and black granite counter tops.

The unit has north, east and west exposures and a large west facing deck.

While there is central air and a washer/dryer in the unit, there’s no parking with this building. It’s available for rent in the neighborhood.

The listing says it is 2800 square feet.

Listed for $679,900, is this a deal for that square footage?

Phil Staffa at Genesis Residential has the listing. See the pictures here.

Unit #4N: 3 bedrooms, 2.5 baths, 2800 square feet

  • Sold in August 1992 for $205,000
  • Sold in July 2008 for $590,000
  • Currently listed for $679,900
  • Assessments of $417 a month
  • Taxes of $8267
  • Central Air
  • Washer/Dryer in the unit
  • No parking- rental available nearby
  • Wood burning fireplace
  • Bedroom #1: 13×15
  • Bedroom #2: 11×15
  • Bedroom #3: 11×13
  • Lofted library: 10×12

 

Buying in the Hot Near North Side: A 3/2 at 1322 N. Clybourn

1322 n clybourn approved

This 3-bedroom at 1322 N. Clybourn on the Near North Side came on the market in October 2014.

We’ve chattered about this 6-unit building before. See that 2011 chatter here.

Built in 2008, just before the housing bust, it was a Leed-certified building with bamboo floors and other eco-friendly finishes.

Although, the current listing doesn’t mention it’s Leed-certified (maybe it isn’t anymore?).

It has a “gourmet kitchen” with luxury appliances by Miele, Bosch and Fisher Paykel along with a granite island.

There are stone baths.

The unit has the features buyers look for including central air, washer/dryer in the unit and attached garage parking (for $20,000 extra.)

This area has seen a lot of development in recent years.

The Target has opened and further north, the New City development which will include a movie theater, supermarket, apartment high rise and shops/restaurants is being built.

Is it time to buy into this hot neighborhood?

Jenny Fultz at Jin’s Group Corporation has the listing. See the pictures here.

Unit #3S: 3 bedrooms, 2 baths, 1800 square feet

  • Sold in March 2008 for $589,000 (included the parking)
  • Currently listed for $539,000 (parking is $20,000)
  • Assessments of $448 a month
  • Taxes of $6800
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×12
  • Bedroom #2: 13×11
  • Bedroom #3: 12×11

 

This 2-Bedroom Lakeview Duplex Has Been Reduced $40K: 2859 N. Southport

2959 n southport

This 2-bedroom corner duplex at 2859 N. Southport in Lakeview came on the market in August 2014.

The complex was converted into condos in the early 1990s and has 4 units.

This unit has its own private entrance on Southport.

It also has 12 foot ceilings and a 600 square foot private deck.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances and is open to the first floor living area. There’s also a powder room on that floor.

The second floor has the two bedrooms and two full baths.

There is an attached garage which is included.

It originally came on the market in August for $539,900 but has now been reduced to $499,500.

The $400,000 to $500,000 market had been hot in 2013 and the first half of 2014.

Has that price point cooled off?

Mario Greco at KoenigRubloff has the listing. See the pictures here.

Unit #A: 2 bedrooms, 2.5 baths, 1700 square feet, duplex

  • Sold in September 1994 for $250,000
  • Sold in January 1998 for $270,000
  • Sold in May 2007 for $478,000
  • Originally listed in August 2014 for $539,900
  • Reduced several times
  • Currently listed for $499,500 (parking included)
  • Assessments of $202 a month
  • Taxes of $6810
  • Central Air
  • Bedroom #1: 15×13
  • Bedroom #2: 13×10

The Thuerer-Wrigley House is Back on the Market: 2466 N. Lakeview in Lincoln Park

2466 n lakeview #1

We last chattered about this 9-bedroom mansion at 2466 N. Lakeview in Lincoln Park in November 2011.

You can see our previous chatter here.

Strangely enough, I just mentioned this house in a comment on another post and here it is being re-listed.

The house is known as the Theurer-Wrigley House.

Located directly on Lincoln Park on the corner of Lakeview and Arlington, the mansion was built in 1894 for brewery baron Joseph Theurer in the Italian Renaissance style.

According to Wikipedia, he sold it to the Wrigley family in 1911 but they largely abandoned the property in the 1930s. Apparently, during the Great Depression, according to Wikipedia, many mansions became subject to burglaries and kidnappings, such as that of the Lindbergh baby.

It was listed on the National Register of Historic Places in 1980.

The house last sold in 2004 for $9 million.

It has much of the features of a mansion built in 1894 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces.

The main house has 9-bedrooms in 15,000 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

There is also a coach house on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.

There’s no central air, only window units.

The listing also doesn’t have any pictures of the kitchen or baths.

In 2011, it was listed at $9.5 million. It was on the market for a year before being removed.

It has come back on the market at $8.695 million.

In May 2011, there was also a lis pendens foreclosure filed against the property.

Crain’s investigated what was going on with the foreclosure filing:

The status of the foreclosure suit is unclear. Court records show case documents were filed as recently as July. Mr. Tetzlaff and James Benak, a local lawyer representing him in the foreclosure suit, did not immediately return messages seeking comment.

In 2011, some of you thought a developer might buy this house and turn it into condos similar to what they did with the McCormick Mansion in the Gold Coast and the Marshall Field Mansion in the Prairie District.

What do you think will happen now?

Will it find a buyer this time around?

2466 n lakeview #2

Mary Bennett at KoenigRubloff again has the listing. See the pictures here.

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 15,000 square feet in the main house, coach house with 2 apartments, 5 car parking

  • Sold in April 2004 for $9 million
  • Lis pendens foreclosure filed in May 2011
  • Was listed in October 2011 for $9.5 million
  • Withdrawn in October 2012
  • Currently listed at $8.695 million
  • Taxes are now $145,294 (they were $118,395 in 2011)
  • No central air- window units only
  • 2 apartments in coach house for staff
  • 5 fireplaces
  • Bedroom #1: 20×17 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 20×13 (second floor)
  • Bedroom #5: 15×12 (second floor)
  • Bedroom #6: 18×13 (third floor)
  • Bedroom #7: 19×16 (third floor)
  • Bedroom #8: 11×10 (third floor)
  • Bedroom #9: 15×12 (lower level)

 

Should Sellers Renovate Before Listing? A 1/1 in 1645 W. School in Lakeview

1645 w school

This 1-bedroom in the 60657 Lofts at 1645 W. School in Lakeview recently came on the market.

The listing says it has a “100% new interior.”

That includes new hardwood floors, new white kitchen cabinets (white is “in” now), granite counter tops and stainless steel appliances, a new bath, hot water tank and washer/dryer.

It has also been painted (looks like a light gray- which is also the neutral that is “in” right now).

It has the other features buyers look for including central air and parking.

This unit was last listed for sale in 2010 for the same price as it is now: at $275,000.

But back in 2010 it wasn’t “100% new”.

You can see the old finishes, including the maple kitchen cabinets and white appliances, here.

This building was converted into condos in 2001 so the finishes are nearly 14 years old.

Is it necessary in this market for sellers of condos to renovate to today’s “new” standards before listing?

Marcia Cegavske at Coldwell Banker has the listing. See the pictures here.

Or see it at the Open House this weekend: Sunday, Nov 16 from 1-3 PM.

Unit #412: 1 bedroom, 1 bath, no square footage listed

  • Sold in May 2001 for $219,500
  • Sold in June 2004 for $266,500
  • Was listed in August 2010 for $275,000
  • Withdrawn
  • Currently listed for $275,000 (parking included)
  • Assessments of $202 a month (includes cable)
  • Taxes of $3404
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 13×11

Looking for a 2/2 in the Loop Under $320K? 208 W. Washington

208 w washington

This 2-bedroom in Concord at City Center at 208 W. Washington in the Loop came on the market in June 2014.

It is a north-west corner unit with a wall of windows and hardwood floors through out.

Neither bedroom appears to have windows, however.

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

It has central air, washer/dryer in the unit and parking is available for $30,000.

The unit has been reduced $50,000 to $319,000 since June.

Is this a deal for a loop location that is walkable to everything?

Deborah Thomas at KoenigRubloff has the listing. See the pictures here.

Unit #1210: 2 bedrooms, 2 baths, 1265 square feet

  • Sold in November 2001 for $346,500
  • Sold in May 2002 for $337,000
  • Sold in August 2006 for $357,000
  • Originally listed in June 2014 for $369,000 (did not include the parking)
  • Reduced
  • Currently listed at $319,000 (parking is $30,000 extra)
  • Assessments of $746 a month (includes c/a, gas, cable, doorman)
  • Taxes of $4933
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 17×10
  • Bedroom #2: 10×10

6 Years After Lis Pendens, A 2/2 River North Condo is Listed: 10 E. Ontario

10 e ontario

This 2-bedroom in Ontario Place at 10 E. Ontario in River North came on the market in September 2014.

It is a northeast corner unit with 1390 square feet.

It looks to have many of the original finishes and is being sold “as-is.”

It has carpet throughout and the kitchen has white cabinets and appliances.

It has central air but doesn’t say anything about a washer/dryer in unit.

The building is a full amenity building with a doorman, pool, exercise room and clubhouse.

It has a parking garage and 1-parking space is included with this unit.

The 468-unit building was originally apartments and was converted to condos, many which sold to investors, at the height of the housing bubble in 2005 and 2006.

The building has seen plenty of foreclosures.

This particular unit had a lis pendens filed against it in 2008.

It’s taken 6 years for the bank to take it back and for it to come back on the market.

The unit sold in 2005 for $649,500 and is now listed about $180,000 less at $468,825.

Unit #4508, with the same finishes, views and with the parking included, sold in July 2014 for $481,500.

Is this a deal?

Sarah Han at Century 21 SGR has the listing. See the pictures here.

Unit #4008: 2 bedrooms, 2 baths, 1390 square feet

  • Sold in October 2005 for $649,500 (included the parking)
  • Originally listed in September 2014 for $493,500
  • Reduced
  • Currently listed for $468,825 (parking included)
  • Assessments of $814 a month (includes doorman, clubhouse, pool)
  • Taxes of $4746
  • Central Air
  • Washer/dryer?
  • Bedroom #1: 17×12
  • Bedroom #2: 14×12

Remember Printers Corner? A 2/2 at 170 W. Polk in the South Loop

170 w polk #2

This 2-bedroom at Printers Corner at 170 W. Polk in the South Loop came on the market in October 2014.

Do they still even call this building “Printers Corner”?

It was originally marketed under that name in 2006 and 2007 because every unit was on some kind of a corner.

The building has 88 1 and 2-bedroom units on top of an indoor parking garage.

This unit is on a southwest corner and the listing says it has river views.

It has 10 foot floor to ceiling windows.

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

It has the amenities buyers look for including central air, washer/dryer in the unit and parking is included.

The listing says this is a “regular closing” so it can close quickly.

The unit has come on the market $47,000 under the 2007 purchase price at $375,000.

The listing also touts the low monthly assessment of just $391 a month.

Are low monthly assessments in a mid-rise or a high-rise necessarily a good thing for buyers when the building has been around for 7 years?

Thuy Nguyen at 2E Real Estate has the listing. See the pictures here.

Unit #904: 2 bedrooms, 2 baths, 1168 square feet

  • Sold in November 2007 for $422,000 (included the parking)
  • Currently listed for $375,000 (includes the parking)
  • Assessments of $391 a month (includes a/c, gas)
  • Taxes of $4785
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 16×11
  • Bedroom #2: 11×11