Now’s Your Chance to Buy in the Carl Street Studios: 155 W. Burton in Old Town

155 w burton

 

This 4-bedroom in the Carl Street Studios at 155 W. Burton in Old Town recently came on the market.

The Carl Street Studios is one of the most unique properties in Old Town.

Originally built as a mansion in the 1880s, it was converted into the “studios” in 1927. There are only 15 units.

Each one is unique with its own lay out.

This is one of the larger units with 5,000 square feet.

It has a dramatic two story stained glass window in the living room.

The unit has carved doors, built-ins and the mosaics that are famous in these units.

The kitchen is designed to fit in with the house with what looks like custom wood cabinets and stainless steel appliances.

It has a private 22×31 roof terrace and a library.

There are also 5 fireplaces.

While it has central air, there is no parking with this complex. The listing says there is 2-car parking a half a block away for $450 a month.

Will the hot market mean a quick sale for this unique property?

Mille Rosenbloom at Baird & Warner has the listing. See the pictures here.

Unit #7: 4 bedrooms, 4 baths, 5000 square feet

  • Sold in March 2003 for $1.8 million
  • Currently listed for $1.5 million
  • Assessments of $3676 a month (includes heat, water)
  • Taxes of $28,168
  • Central Air
  • Washer/Dryer in the unit
  • No parking- but 2 spots available a half a block away for $450 a month
  • 5 fireplaces
  • Bedroom #1: 11×19 (main floor)
  • Bedroom #2: 13×19 (third floor)
  • Bedroom #3: 18×11 (third floor)
  • Bedroom #4: 14×18 (third floor)
  • Library: 7×26

 

New Record High Prices For 2/1 Lofts in the Sexton? 360 W. Illinois in River North

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This 2-bedroom loft in The Sexton at 360 W. Illinois in River North only came on the market a few days ago.

If you needed confirmation about how hot this market is, this unit is already under contract in less than a week.

The loft is in the concrete portion of the building so it has concrete ceilings with exposed brick.

Only one of the bedrooms has windows.

The kitchen has white cabinets, stainless steel appliances, including a wine fridge, and a large island with a stone countertop.

The loft has the other features that buyers look for including central air, washer/dryer in the unit and garage parking is available for $35,000.

It came on the market for $415,000 plus the parking which is the most expensive price this unit has ever sold for since the building was converted into lofts in 2000.

Historically, the 2/1 lofts have sold for less than the 2/2 lofts in this building.

It is also listed $70,000 above the 2013 sales price.

How do these units that are selling for much higher multiples than prior sales prices even appraise out?

Are buyers waiving appraisals?

Tamara Kasey at Redfin has the listing. You can still see the pictures here.

Unit #4C: 2 bedrooms, 1 bath, no square footage listed

  • Sold in September 2000 for $212,500 (no parking listed)
  • Sold in April 2002 for $332,000 (no parking listed)
  • Sold in August 2013 for $345,000 (no parking listed)
  • Currently listed for $415,000 (plus $35,000 for the parking)
  • Under contract
  • Assessments of $470 a month (includes doorman)
  • Taxes of $4532
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 12×11

 

Crib Chatter on Vacation Through the July 4th Weekend

I’m in Harbor Country in Southwest Michigan on vacation through the Fourth of July Weekend.

Therefore, there will be more limited posts. But I DO have some planned to end this week and one or two for next week.

The housing market seems to be taking a break after a red hot spring.

There isn’t much new inventory coming on the market right now so it’s a good time for me to take a break as well.

Thanks everyone for chiming in this year.

With prices in the GreenZone mostly back, or exceeding, prior record highs, it sure is an interesting time in Chicago real estate.

Happy Fourth of July!

Market Conditions: Sales Jump 10.1% YOY as the Median Price Continues to Rise

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The spring market continues to be hot as home sales and median price rose in May.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,700 homes in May 2015, up 10.1 percent from last year when 2,453 homes were sold. The median price of a home in Chicago was $287,500, up 6.8 percent over May 2014 when the median price was $269,250.

May sales:

  • May 2008: 2119 sales
  • May 2009: 1557 sales
  • May 2010: 2057 sales
  • May 2011: 1705 sales
  • May 2012: 2037 sales
  • May 2013: 2834 sales
  • May 2014: 2453 sales
  • May 2015: 2700 sales

Median price data:

  • May 2008: $319,500
  • May 2009: $225,000
  • May 2010: $230,000
  • May 2011: $190,000
  • May 2012: $203,000
  • May 2013: $234,000
  • May 2014: $269,250
  • May 2015: $287,500

“Chicago has seen home buyers enter the market with vigor since February,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “The increase in median prices and the relative lack of inventory compared to a year ago show consumers are comfortable with buying in the city and they believe the investment is worth paying a bit more.”

Statewide, the average number of days on the market fell to 72 days from 75 days a year ago. Inventory also fell 6.7% statewide.

Mortgage rates will be interesting to watch. The rates only recently rose above 4% again. Most of the homes that closed in May would have had older mortgage rates.

The IAR said the average mortgage rate for May was 3.82%, up from 3.64% in April but down from May 2014 when it was 4.18%.

Rates should be higher for June and even July closings.

What level do rates have to rise to before we see a real slowdown in sales?

Or do higher rates not really matter with an improving job market and record high stock prices?

Illinois home sales climb 5.6 percent; Median price up 8.7 percent in May [Illinois Association of Realtors, Press Release, June 22, 2015]

 

Stretching the Price Point in River North: A 2/2 at 700 N. Larrabee

700 n larrabee

This 2-bedroom plus a den at River Place on the Park at 700 N. Larrabee in River North just came on the market.

Built in 2006, at the peak of the housing boom, the building has 220 units and sits on the Chicago River.

This is a Southeast corner unit with city views east of the John Hancock and southern views of the Chicago River and the Willis Tower/Loop.

It has 10 foot floor to ceiling windows with custom shades and a balcony.

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

There’s a slate fireplace.

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

This is apparently the first sale since the original sale of this unit in 2006.

It is listed at $605,000, including the parking, or $175,000 more than the 2006 bubble price of $430,000.

Will this seller get the premium?

Michael Rosenblum at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #1809: 2 bedrooms, 2 baths, den, 1245 square feet

  • Sold in December 2006 for $430,000 (included the parking)
  • Currently listed for $575,000 plus $30,000 for parking
  • Assessments of $635 a month (includes heat, air conditioning, cable, doorman)
  • Taxes of $6575
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×12
  • Bedroom #2: 12×11
  • Den: 8×8

 

 

A Crilly Court 3-Bedroom With a Rare Parking Spot: 211 W. St. Paul in Old Town

Crilly Court approved

This 3-bedroom in Crilly Court at 211 W. St. Paul in Old Town came on the market in May 2015.

Crilly Court is a 90-unit development that was apartments for decades and converted into luxury condominiums in 2007, at the height of the bubble.

It has four buildings around a center courtyard.  The building in the picture above is of the Wells Street side of the complex. I don’t think I have a picture of the St. Paul side.

In that courtyard are only a handful of outdoor parking spaces (I want to say something like 8 to 10 spots). They were originally sold only with the most expensive 3-bedroom units in the complex.

Everyone else was out of luck.

This 3-bedroom unit in the St. Paul side of the building is one of those few units WITH the coveted parking space.

It has 4 exposures and a large terrace that faces south.

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

The master bedroom has a fireplace and a master suite bathroom.

The listing says this unit is in the Lincoln school district.

Crilly Court has always commanded top prices.

This unit is now listed $181,000 higher than the peak bubble pricing of 2007.

How high will prices go in this complex?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

Or you can see it at the Open House on Saturday, June 20 from 1:00- 3:00 pm.

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

  • Sold in March 2007 for $534,000 (included the parking space)
  • Sold in December 2011 for $625,000 (included the parking space)
  • Originally listed in May 2015 for $729,000
  • Reduced
  • Currently listed at $715,000 (parking included)
  • Assessments of $468 a month (includes water)
  • Taxes of $8558
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×14
  • Bedroom #2: 13×10
  • Bedroom #3: 13×10

Vintage Elegance (and Pocket Doors) in East Lakeview: A 3-Bedroom at 559 W. Surf

 

559 w surf approved

This 3-bedroom vintage unit in the Green Brier at 559 W. Surf in East Lakeview came on the market in March 2015.

The building was built in 1903 and has 78 units.

Most of the units, including this one, have many of the vintage features of that era including 10 foot ceilings, thick crown molding and pocket doors.

This unit also has a decorative fireplace and a foyer with a pier mirror.

From the listing pictures, it looks like most of the moldings are in original condition (i.e., not painted.)

This particular tier of units has all 4 exposures.

The kitchen has stainless steel appliances.

Even though this unit is vintage, it has many of the features buyers look for including central air, washer/dryer in the unit and parking is available for $25,000.

Is this unit a vintage lover’s dream?

Kim Kerbis at @Properties has the listing. See the pictures here.

Unit #400: 3 bedrooms, 2 baths, 2000 square feet

  • Sold in November 2000 for $341,500
  • Originally listed in March 2015 for $465,000
  • Reduced
  • Currently listed for $437,000 (plus $25,000 for parking)
  • Assessments of $979 a month (includes doorman, cable)
  • Taxes of $7058
  • Central Air
  • Washer/Dryer in the unit
  • Decorative fireplace
  • Bedroom #1: 15×14
  • Bedroom #2: 17×14
  • Bedroom #3: 17×14

 

Looking for Pocket Doors? A 3-Bedroom at 1210 N. Astor in the Gold Coast

1210 n astor

This 3-bedroom vintage unit at 1210 N. Astor in the Gold Coast just came on the market.

The Holabird & Roche designed building was constructed in 1897 for John McConnell, who had recently purchased the corner lot.

Called the McConnell Apartments, there were 2 units per floor in the 8 story structure. According to Neil Harris’ Chicago Apartments, the units were rented by socially prominent families with the top floor housing the servants quarters.

According to Harris, the red-brick, limestone and terra-cotta structure is supported by a steel frame, similar to some of the early Loop high rises.

The building is now 14 condominium units. Masonry facade work was done on its 100th birthday- in 1997.

The building also still has the original European style elevator.

That’s not your typical crown molding in the living/dining room. It’s over a half foot thick.

It also has 10.5 foot ceilings, curved walls and 3 fireplaces.

The kitchen has white custom Amish cabinets, a 4-burner Viking stove and Wolf, Subzero and Miele appliances.

The unit has the original 8 foot pocket doors. Why don’t builders put in pocket doors anymore?

It has space pak cooling but there is no washer/dryer in the unit.

There is no parking but it’s available for rent next door.

Before everyone complains about the HOAs, remember this building has just 14 units and has to be maintained.

At $699,900, is this unit a steal for the location and square footage?

Harry Maisel at @Properties has the listing. See the pictures and floor plan here.

Unit #4B: 3 bedrooms, 2 baths, 1800 square feet

  • Sold in December 1989 for $755,000
  • Sold in April 1998 for $490,000
  • Sold in November 1998 for $525,000
  • Sold in August 2001 for $765,000
  • Sold in December 2011 for $525,000
  • Currently listed for $699,900
  • Assessments of $2023 a month (includes heat, water, snow removal)
  • Taxes of $14305
  • Space pak cooling
  • No in-unit washer/dryer
  • No parking- but available to rent next door
  • 3 fireplaces
  • Bedroom #1: 17×17
  • Bedroom #2: 15×13
  • Bedroom #3: 13×11

Not Everything is Selling in Hours: A 1-Bedroom Penthouse at 340 W. Superior in River North

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This 1-bedroom penthouse at 340 W. Superior in River North has a market time on Redfin of 52 days.

Yet, we chattered about it last year, in September 2014.

You can see our chatter here.

At 1016 square feet, it is a “true” penthouse with a 31×12 private terrace that looks west with “sunset and city views.”

The old listing said the apartment was “conceived by renowned designer William Eubanks” and has 10 foot ceilings with crown molding.

The kitchen has light cabinets (white?) with granite counter tops and stainless steel appliances.

The bathrooms are marble.

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

In September 2014, it was listed for $475,000 plus $35,000 for the parking.

It has since been reduced to $425,000 plus $30,000 for the parking.

With the market red hot, why is this property getting lost in the shuffle?

Nancy Thomas at Berkshire Hathaway KoenigRubloff still has the listing. See the pictures here.

Unit #PH5: 1 bedroom, 1.5 baths, 1016 square feet

  • Sold in October 2002 for $357,500
  • Was listed in September 2014 for $475,000 plus $35,000 for the parking
  • Re-listed in April 2014 for $445,000 plus $30,000 for the parking
  • Reduced
  • Currently listed for $425,000 plus $30,000 for the parking
  • Assessments of $861 a month (includes heat, a/c, gas, doorman, cable)
  • Taxes of $8151
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 13×11

A New Peak Price for 2-Bedroom Lincoln Park Townhouses? 1814 N. Bissell

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This 2-bedroom townhouse at 1814 N. Bissell in Lincoln Park recently came on the market.

If it looks familiar, it’s because we chattered about it twice in 2010 and 2011.

It was bank owned in June 2010 and sold for $19,720 under the 1999 sales price.

Five months later, it came back on the market as a gut rehab with a new kitchen and baths.

The kitchen has still has the same white cabinets, granite counter tops and stainless steel appliances as it did in 2010.

The bathrooms were renovated in 2010 with marble.

The floors are the popular dark stained wood floors.

There is a small outdoor space on the first floor (leading to a shared garage) along with a back deck off the master bedroom.

The two bedrooms are not on the same floor. The master bedroom is on the top floor and the second bedroom one floor down, on the third level.

Yes, that’s the El brown/purple line running directly behind the townhouse.

The original renovator tried to get $449,000 in 2010’s market but ended up selling for $425,000.

Some of you thought that the 2010-2011 buyer overpaid.

See our interesting chatter here about living on the El line, how 2011 was a “bubble” again and other topics.

The townhouse has come back on the market at a new peak price for this unit: at 29.2% higher than the 2011 purchase price at $549,000.

If some of you thought the 2011 price was a new bubble, what about now?

How high will prices on 2-bedroom Lincoln Park townhouses go in this hot market?

Emily Smart LeMire at Coldwell Banker has the listing. See the pictures here.

1814 N. Bissell: 2 bedrooms, 2 baths, 1 car parking, no square footage listed

  • Sold in April 1989 for $182,500
  • Sold in December 1999 for $239,720
  • Lis pendens filed in April 2006
  • Bank owned in May 2009
  • Sold in June 2010 for $220,000
  • Was listed in November 2010 for $449,900
  • Sold in February 2011 for $425,000
  • Currently listed for $549,000
  • Assessments still $100 a month
  • Taxes are now $7602 (they were $4405 in November 2010)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×13 (third floor)
  • Bedroom #2: 16×10 (second floor)
  • Kitchen/living room on the main level
  • Family room: 16×16 (lower level)