7 Months Later and Still Waiting for a Buyer: A 2/2 at 930 N. Wood in West Town

930 n wood

This 2-bedroom condo at 930 N. Wood in West Town first came on the market in December 2014.

We chattered about it in January 2015 as it was listed for $52,000 more than the peak 2005 price. See that chatter here.

Seven months later, it is still on the market.

Built in 2000, the kitchen has maple cabinets, granite counter tops and black appliances.

It has hardwood floors in the main living areas and a fireplace.

In 2011, the listing said it was 991 square feet. This time around, it says 1110 square feet.

The unit has the features buyers look for, including central air, washer/dryer in the unit and deeded parking – although it’s an outdoor space.

It is just a few blocks from the hot Division street restaurant scene

Since January, it has been on and off the market.

It has also reduced $10,000 to $365,000 but that price is still $42,500 above the peak price.

Why isn’t this selling in this hot market?

Linda Metz at Berkshire Hathaway KoenigRubloff still has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1110 square feet

  • Sold in January 2001 for $229,000
  • Sold in April 2002 for $266,900
  • Sold in April 2005 for $322,500
  • Lis pendens foreclosure filed in February 2009
  • Bank owned in October 2010
  • Sold in July 2011 for $236,000
  • Originally listed in December 2014 for $375,000 (including outdoor parking space)
  • Reduced
  • Currently listed at $365,000 (includes the parking space- which the listing now says is 2-car tandem parking)
  • Assessments now $116 a month (they were $119 a month in 2011)
  • Taxes are $4888 (they were $4833 in 2011)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×17
  • Bedroom #2: 10×12

“Mini Condos @ Mini Prices” Are Being Listed Again: 1140 N. LaSalle in the Gold Coast

1140 n lasalle #1

This studio in The Flats on LaSalle at 1140 N. LaSalle in the Gold Coast just came on the market.

The building was constructed in 1924 as a luxury hotel. All of the units are either small one bedrooms or studios. There is no parking.

And there are no washer/dryers in the units as there is no space for them.

Long time housing market watchers will remember this building from its former ads during the boom describing the conversion as “Mini Condos @ Mini Prices”. They also gave away Mini Coopers at one point as a promotion.

This studio is just 281 square feet.

The main living spaces is 15×11 and is carpeted.

The kitchen is a Pullman kitchen with a stainless steel refrigerator and stove.

There is window units for air conditioning.

The building has a doorman.

The listing says the “Lincoln Park Zoo and the Lake” are a half a mile away.

With all the new construction going up in the area, and therefore producing a LOT of competition for renters, would you buy in this building as an investor?

1140 n lasalle entrance

Zack Ivanovic at The Building Group has the listing. See the pictures here.

1140 N. LaSalle: studio, 281 square feet

  • Sold in June 2010 for $83,000
  • Currently listed for $85,000
  • Assessment of $269 a month (includes heat, water, gas, cable, doorman)
  • Taxes of $803
  • Window unit air conditioning
  • No washer/dryer in the unit
  • No parking
  • Studio: 15×11

 

 

Hottest Market Ever? A $1.5 Million Bucktown Penthouse Went Under Contract in Just 9 Days

1615 n wolcott

This 3-bedroom penthouse in the Urban Sandbox at 1615 N. Wolcott in Bucktown came on the market in early June 2015.

If it looks familiar, it’s because we chattered about this unit in May 2012.  See our chatter here.

Back then, it was listed at $1.2 million.

Many of you wondered how Bucktown could support a $1.2 million penthouse in a 4-story midrise building.

The Urban Sandbox is an 8-unit mid-rise modern building with an elevator which was originally marketed in 2007, just before the bust hit.

The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.

See the architect’s website here.

The penthouse is 70 feet wide and has a 490 square foot wrap around terrace as well as a 500 square foot rooftop deck with a hot tub and sauna.

It has 10 foot ceilings and floor to ceiling windows.

The kitchen has Arclinea cabinets with Subzero and Miele appliances.

It also has 2-car garage parking.

This unit ended up selling for $1.085 million in August 2012.

It came back on the market this year listed at $1.5 million and went under contract almost immediately.

After Lincoln Park, is Bucktown now the most prestigious neighborhood in the city?

Unit #402: 3 bedrooms, 2.5 baths, no square footage listed, 2 car garage parking

  • Sold in August 2009 for $1.1 million
  • Was listed in May 2012 for $1.2 million
  • Sold in August 2012 for $1.085 million
  • Originally listed in June 2015 for $1.5 million
  • Under contract in 9 days
  • Assessments now $491 a month (they were $379 a month in 2012)- includes water
  • Taxes are now $14371 (they were $17,522 in 2012)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×19
  • Bedroom #2: 11×15
  • Bedroom #3: 11×10

 

 

 

Get a 2-Bedroom Duplex Down Brick and Timber Loft in West Town: 2250 W. Ohio

2250 w ohio approved

This 2-bedroom loft in the Bodine Building Lofts at 2250 W. Ohio in West Town came on the market in March 2015.

The Bodine Building Lofts was converted into lofts in 1994 and has 20 units.

This loft is a corner duplex down with the features loft lovers look for including high timber ceilings and exposed brick walls.

One bedroom is on the main floor with the second bedroom on the lower level along with a study.

The listing says the kitchen is a “new modern kitchen” with dark cabinets, stainless steel appliances and what looks like stone counter tops.

It has central air, washer/dryer in the unit and garage parking is included.

Since coming on the market in March at $525,000, it hasn’t had any price reductions.

What will it take to sell this loft?

Amy Berk at @Properties has the listing. See the pictures here.

Unit #105: 2 bedrooms, 2.5 baths, 2600 square feet

  • Sold in May 1996 for $149,500
  • Originally listed in March 2015 for $525,000 (includes the parking)
  • Currently still listed for $525,000 (includes the parking)
  • Assessments of $318 a month (includes snow removal)
  • Taxes of $4342
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×20 (main level)
  • Bedroom #2: 12×17 (lower level)
  • Study: 9×25 (lower level)
  • Laundry: 7×13 (main level)

 

Are Buyers Balking at the High Prices? A Townhouse at 1818 N. Bissell in Lincoln Park

This 2-bedroom townhouse at 1818 N. Bissell in Lincoln Park came on the market on June 23, 2015.

It has a split floor plan with a bedroom on the second floor and one on the third floor.

The kitchen has white 42 inch cabinets, granite counter tops and stainless steel appliances.

It has a lower level family room and a 1-car garage.

This townhouse came on the market just 12 days after a similar townhouse just 2 doors down the street at 1814 N. Bissell had come on the market.

We chattered about that townhouse in June 2015. See our chatter here (the link is still active- so you can see the interior pictures as well.)

1814 n bissell approved

Here’s the timeline for the two units:

  • June 11: 1814 N. Bissell came on the market at $549,000
  • June 17: 1814 N. Bissell cuts its price to $509,000
  • June 23: 1818 N. Bissell comes on the market at $509,000
  • June 24: 1814 N. Bissell goes under contract
  • July 6: 1818 N. Bissell reduces to $497,500
  • July 23: 1818 N. Bissell reduces to $469,000
  • Today: 1818 N. Bissell is still on the market

The El runs behind both townhouses equally. They are just a few steps from each other.

This townhouse has now been reduced by $40,000 in just the last month.

Are buyers starting to balk at the record high prices?

Coleen Kent at @Properties has the listing. See the pictures here.

1818 N. Bissell: 2 bedrooms, 2 baths, 1635 square feet

  • Sold in January 1999 for $273,000
  • Sold in March 2003 for $335,000
  • Sold in November 2005 for $410,000
  • Sold in May 2010 for $418,500
  • Originally listed in June 2015 for $509,000
  • Reduced twice
  • Currently listed at $469,000
  • Assessments of $100 a month
  • Taxes of $7755
  • 1 car garage
  • Central Air
  • Bedroom #1: 15×13 (third floor)
  • Bedroom #2: 16×10 (second floor)
  • Family room: 16×14 (lower level)

 

Live in the River North Gallery District: A 3-Bedroom at 215 W. Huron

215 w huron

This 3-bedroom at 215 W. Huron in River North recently came on the market.

It is one of the few residential buildings located in what is known as the River North Gallery District.

The 5-unit building was converted into condominiums in 1997.

The elevator opens privately into each unit.

The unit has 11-foot high ceilings and crown moldings along with North, South and East views.

The listing says it is a “new kitchen” with granite counter tops and stainless steel appliances.

It has central air, washer/dryer in the unit and 1-car garage parking.

The unit is currently listed at $265,000 higher than the 2013 sale price, at $915,000.

Is nearly a million dollars the new 3-bedroom price point to gain entry in the Gallery District now?

Jayne Alofs at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, 2400 square feet

  • Sold in April 1997 for $335,500
  • Sold in November 1998 for $310,000
  • Sold in March 1999 for $419,500
  • Sold in March 2001 for $599,000
  • Sold in July 2003 for $600,000
  • Sold in June 2013 for $650,000
  • Originally listed in July 2015 for $987,000
  • Reduced
  • Currently listed at $915,000 (includes garage parking)
  • Assessments of $375 a month (includes exterior maintenance)
  • Taxes of $10,292
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 24×12
  • Bedroom #2: 12×9
  • Bedroom #3: 12×9

 

Get Your Own Indoor Pool: A 3-Bedroom SFH at 3012 S. Emerald in Bridgeport

This 3-bedroom home at 3012 S. Emerald in Bridgeport just came on the market. (Sorry, I don’t have a picture in my vast collection of photos.)

The house was built in 1974 on a 120×25 lot.

But what sets it apart is a glass enclosed 10×18 indoor pool in a great room attached to the back of the house.

The master bedroom on the third floor has a balcony that overlooks the pool.

The house also has a sauna and a full, finished basement.

The kitchen has black appliances and the house comes with a 2.5 car garage.

The listing says the “seller is very motivated.”

Is an indoor pool a pro or a con with a single family home?

David Wong at First Key Realty has the listing. See the pictures here.

3012 S. Emerald: 3 bedrooms, 2.5 baths, 3450 square feet, 2.5 car garage

  • Sold in October 1996 for $110,000
  • Currently listed for $595,000
  • Taxes are $4852
  • Central Air
  • Bedroom #1: 17×12 (third floor)
  • Bedroom #2: 15×9 (third floor)
  • Bedroom #3: 12×9 (third floor)
  • Indoor pool: 10×18

 

What Will a Newer 3-Bedroom Condo Cost You in Lincoln Park? 1307 W. Wrightwood

1307 w wrightwood

This 3-bedroom condo at 1307 W. Wrightwood in Lincoln Park just came on the market.

This complex of 19 units was built in 2010.

The building has an elevator and a heated garage.

This unit is a southeast corner unit.

It has dark hardwood floors with professionally outfitted closets.

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

The master bedroom has a spa bath with marble tile and a steam shower with a rain shower head.

One heated indoor parking space is included but you can also purchase a coveted second space for $30,000.

The listing says its in the Oscar Meyer school district.

This unit has come on the market at $739,000, or $169,000 more than the 2011 purchase price if you include the second parking space.

If you want newer construction and 3-bedrooms, are you guaranteed to be over $700,000 in this neighborhood?

Jennifer Mills at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #205: 3 bedrooms, 2 baths, no square footage listed

  • Sold in January 2011 for $600,000 (included 2 parking spaces)
  • Currently listed for $739,000 (includes one parking space but a second one is available for $30,000)
  • Assessments of $355 a month (includes exterior maintenance)
  • Taxes of $8230
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×14
  • Bedroom #2: 11×13
  • Bedroom #3: 10×13

 

Market Conditions: Sales Up 9.3% YOY in the Hottest June Since 2007

5555-n-sheridan

The Illinois Association of Realtors is out with June sales. As expected, sales are strong as the Chicago housing market continues with its hottest year since the housing boom.

From the Illinois Association of Realtors:

“The city of Chicago saw sales of 3,110 homes in June 2015, up 9.3 percent from last year when 2,846 homes were sold. The median price of a home in Chicago was $290,000, up 5.5 percent over June 2014 when the median price was $275,000.”

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: 3110 sales

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: $290,000

“Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. in Chicago. “Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home.”

“Sellers keep reaping the rewards of a market that has continued to see median prices edge higher every month this year,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury sales at Baird & Warner in Chicago. “A decrease in the number of days it takes on average to sell a home in Illinois shows that buyers are undeterred by the steady upward tick in prices.”

The time it took to sell a home in June averaged 63 days statewide, down from 68 days a year ago and faster than 72 days last month. Available housing inventory remained tight with 70,999 homes for sale, a 6.9 percent decline from June 2014 when there were 76,287 homes.

With the housing market red hot, is it possible we will see the monthly sales surpass even the bubble years shortly?

Strong housing momentum continues in June with double-digit gains in Illinois home sales [Illinois Association of Realtors, Press Release, July 22, 2015]

A New Peak Price in Lofthaus? A 2/2 at 321 S. Sangamon in the West Loop

321 s sangamon

This 2-bedroom in Lofthaus at 321 S. Sangamon in the West Loop came on the market in June 2015.

Lofthaus was built in 2004 and has 70 units.

This is a southwest corner unit with a 125 square foot wrap around balcony.

It has wood floors and concrete ceilings.

The kitchen has stainless steel appliances and granite counter tops with a Grohe faucet.

The listing says it has a $5,000 drapery upgrade.

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

Including the parking, the unit is now listed $37,900 above the 2007 housing bubble price.

Are new record high prices a reality in the hot West Loop?

Brian Caron at AMS Realty has the listing. See the pictures here.

Unit #405: 2 bedrooms, 2 baths, 1372 square feet

  • Sold in March 2004 for $333,000 (included the parking)
  • Sold in June 2007 for $412,000 (included the parking)
  • Originally listed in June 2015 for $439,900
  • Reduced
  • Currently listed at $419,900 plus $30,000 for parking
  • Assessments of $452 a month (includes heat and a/c)
  • Taxes of $5462
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11
  • Bedroom #2: 11×10