Get a 3-Bedroom Duplex Up in West Town for Under $500,000: 1708 W. Chicago

1702 w chicago

This 3-bedroom duplex up at 1708 W. Chicago in West Town came on the market in June 2017.

This is a 10-unit vintage building above 5-units of commercial space.

2 of the 3 bedrooms are on the main floor with the master suite on the second floor with a walk-in closet, bathroom and outdoor deck.

The kitchen has granite counter tops and stainless steel appliances.

There are also two other outdoor spaces.

It has the features buyers look for including central air, washer/dryer in the unit and 2-car parking. There’s apparently a parking space in a 2-car garage along with a second spot on the driveway behind the car in the garage.

According to one of the agent’s notes on Redfin: “Per listing agent, reserves are under $20K for this 10 residential plus 5 commercial unit building and a deck project is being discussed.”

With condo buildings from the boom years now 10+ years old or older, should buyers be concerned about building maintenance in these smaller condo buildings?

Caroline Weston at Big Shoulders Realty has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2.5 baths, duplex up, 1730 square feet

  • Sold in May 2003 for $330,000
  • Sold in May 2010 for $390,000
  • Originally listed in June 2017 for $479,900
  • Reduced
  • Currently listed at $474,900
  • Assessments of $302 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $7184
  • Central Air
  • Washer/dryer in the unit
  • 2-car parking included (one garage space, one space on the driveway)
  • Bedroom #1: 14×14 (second floor)
  • Bedroom #2: 10×11 (first floor)
  • Bedroom #3: 16×14 (first floor)

 

 

Is Chicago a Deal? A Renovated Vintage 2-Bedroom at 1320 N. State Parkway in the Gold Coast

1320 n state

This 2-bedroom at 1320 N. State Parkway in the Gold Coast came on the market in March 2017.

The building was designed by Robert S. De Goyler in 1927.

It has 40 units and a brick and limestone façade. There’s no parking with the building.

It is a co-op building with a doorman, bike storage, an exercise room and individual mail delivery to each apartment.

The listing for this unit says it has been renovated.

The kitchen has limestone checkerboard floors, Farrow & Ball painted cabinets, London subway tile throughout and a large kitchen island.

There’s decorative plaster molding and an imported Francois & Co French limestone fireplace mantle in the living room.

The master suite has a walk-in closet and an attached marble bath.

The third bedroom in this apartment has been converted to a family room with built-ins.

The unit has space pak cooling, washer/dryer in the unit but no parking. It’s available for lease in the neighborhood.

If you love the furniture, it’s available furnished.

Because it’s a co-op, the HOAs include the taxes.

This unit has been reduced $200,000 since March to $1.599 million.

Compared to other major cities, is Chicago’s luxury real estate a deal?

Nancy Tassone at Jameson Sotheby’s has the listing. See the pictures here.

Unit #11A: 2 bedrooms, 3 baths, 2700 square feet

  • Sold in November 2012 for $550,000 (per Redfin)
  • Originally listed in March 2017 for $1.799 million
  • Reduced
  • Currently listed for $1.599 million
  • Assessments of $4497 a month (includes heat, taxes, doorman, exercise, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $16,917
  • Space pak cooling
  • Washer/dryer in the unit
  • Wood burning fireplace
  • Bedroom #1: 14×18
  • Bedroom #2: 12×21
  • Laundry room: 7×12
  • Den: 11×19

Market Conditions: June Sales Tumble 1.7% But Still Near 10-Year High

Shakespeare head 2017

The Illinois Association of Realtors is out with the June numbers. It was another strong month as last year, June was the strongest since 2006.

The city of Chicago saw a 1.7 percent year-over-year home sales decline in June 2017 with 3,266 sales, down from 3,321 in June 2016. The median price of a home in the city of Chicago in June 2017 was $308,000, up 2.7 percent compared to June 2016 when it was $299,900.

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: 3321
  • June 2017: 3266

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: $299,900
  • June 2071: $308,000

Inventory continues to be a problem and is likely holding back home sales from being even more vigorous.

“While the housing market continues to record gains in prices and sales, the inventory problem remains an important issue,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Hopefully, now that the state has a budget, a recovering state economy will encourage more investment in housing – both new construction and investment by first-time buyers.”

“In June, the market exhibited a bit of a holding pattern,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Inventory was a contributing factor, as once you sell your home, you’ll need to then buy another – so, sellers are being firm on their pricing, and while some buyers are willing to wait for their perfect home, other motivated buyers are driving down the time on market. As the weather continues to heat up, people will get down to business, provided the price is right.”

30-year fixed mortgage rates continue to be higher than a year ago. They averaged 3.9% in June 2017 compared with 3.57% last year.

The fall market is fast approaching.

Will we see the hot summer sales extend into the fall?

Illinois median prices climb in June while home sales hold steady [Illinois Association of Realtors, July 24, 2017, Press Release]

 

Crib Chatter is On Vacation: Open Post About June Sales and Market Conditions

I will be on vacation this week.

But I know you are all DESPERATE to talk about the June sales numbers and tight inventory.

So while I can’t post the numbers here in the post, I’m sure someone (er…Gary) will post them in the comments section.

We know from Gary’s prior updates that June was another hot month.

For properties under $500,000, sales are brisk with many seeing multiple offers.

But is there too much luxury inventory now? How many $1 million condos do we need built?

Over 500 new condos are currently under construction in addition to existing inventory.

Will this hot market continue into the fall season?

I’ll return from the beach on July 29.

Be nice to each other while I’m away.

-Sabrina

 

Renovated Bristol 1-Bedroom Still Available 4 Months Later: 57 E. Delaware in the Gold Coast

57 e delaware

This large 1-bedroom in The Bristol at 57 E. Delaware in the Gold Coast came on the market in March 2017.

The Bristol was built in 2000 and has 178 units along with a parking garage.

It’s a full service building with an indoor pool and was considered one of the top luxury buildings when it was built 17 years ago.

You may remember this renovated unit because we chattered about it back in March 2017. It was one of the first units we saw with the barn-like sliding door leading to the bedroom.

You can see our chatter here.

You may recall that this 1135 square foot corner unit, with South and West views, has new wide plank hardwood floors as well as a built-in media/storage unit along one wall.

There’s now a custom kitchen has dark cabinets with stainless steel appliances, quartz counter tops with full  height backsplash and a waterfall island with seating.

There are motorized window treatments.

It has a new powder room and washer/dryer.

The unit has central air and parking is included in the price.

And, of course, there is the new sliding door that leads to the bedroom.

Since March, this unit has been reduced $79,000 to $580,000. BUT, parking is now additional.

What price will it take to finally sell this unit?

Patricia Papatheodore at Baird & Warner still has the listing. See the pictures here.

Unit #2101: 1 bedroom, 1.5 baths, 1135 square feet

  • Sold in July 2000 for $371,000
  • Sold in June 2005 for $370,000 (included the parking)
  • Was listed in March 2017 listed for $659,000 (includes the parking)
  • Reduced
  • Currently listed for $580,000 (parking additional)
  • Assessments of $774 a month (includes doorman, cable, exercise room, indoor pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $7663
  • Central Air
  • Washer/dryer in the unit
  • Bedroom: 14×13
  • Living room: 24×19
  • Kitchen: 9×9

The “Old” Loft is Now “New”: A 2-Bedroom at 14 N. Sangamon in the West Loop

14 n sangamon

This 2-bedroom in the Arthouse Lofts at 14 N. Sangamon in the West Loop just came on the market.

But it had been listed in 2016 and sold in May of 2017.

It has been quickly put back on the market as “completely renovated.”

The loft has timber ceilings and exposed brick along with a balcony off the living room.

According to the listing there is a “new kitchen” with white shaker cabinets, stainless steel appliances and quartz counter tops (granite is so “out” now).

The bathrooms have been renovated and now have high end marble and modern vanities.

There’s also a stone framed fireplace and barn doors leading into the two bedrooms.

Only one bedroom appears to have windows, however.

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

The Arthouse Lofts have 26 units and was one of the original buildings converted in the neighborhood.

It’s been 18 years since the conversion.

If you want to sell a condo for top dollar in this market, do you have to do a full scale renovation like what was done in this unit?

Collin Walker at Chicagoland Property Group has the listing. See the pictures here.

Unit #207: 2 bedrooms, 2 baths, no square footage listed

  • Sold in October 1999 for $198,500 (with parking)
  • Sold in December 2001 for $268,000 (with parking)
  • Sold in May 2017 for $410,000 (with parking)
  • Currently listed for $549,000 (parking included)
  • Assessments of $396 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $5253
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×12
  • Bedroom #2: 12×11
  • Living room: 27×15
  • Kitchen: 15×8

A Penthouse to Top All Penthouses? A 2-Bedroom at 600 N. Fairbanks in Streeterville

600-n-fairbanks-approved

This 2-bedroom penthouse at Helmet Jahn’s 600 N. Fairbanks in Streeterville just came on the market.

At 4500 square feet, it has 300 degree floor to ceiling views of the city and 3 covered terraces.

There are Terrazzo flooring throughout and custom black walnut millwork.

In the center of the unit is a library which is specially equipped with complete soundproofing and an exhaust system so you can smoke.

There is a condo wide entertainment systems which connects 6 cable devices to 15 television screens.

The HVAC has 7 zones.

The kitchen has Poggenpohl cabinets with an island that seats five.

There is a sunroom, an office, an exercise room and a spa.

The unit has central air and 3 garage parking spaces.

This penthouse last sold in the original closings of the building in 2008.

Is this the ultimate Streeterville penthouse?

Caryl Dillon at Baird & Warner has the listing. See the pictures here.

Unit #3901-4: 2 bedrooms, 3.5 baths, 4500 square feet

  • Sold in April 2008 for $3,085,500 (included 3 car parking)
  • Currently listed at $4.5 million (includes 3 car parking)
  • Or you can rent it at $18,000 a month
  • Assessments of $3581 a month (includes doorman, exercise room, pool, exterior maintenance and scavenger)
  • Taxes of $53,160
  • Central Air
  • Spa
  • Bedroom #1: 22×15
  • Bedroom #2: 19×15
  • Library: 15×13
  • Office: 22×10
  • Sunroom: 15×15
  • Exercise Room: 14×12
  • Laundry Room: 8×8

What $1 Million Gets You in Aqua: A 2/2 at 225 N. Columbus in Lakeshore East

225 n columbus

This 2-bedroom in Aqua at 225 N. Columbus in Lakeshore East came on the market in February 2017.

It is on the 62nd floor and has lake views from 2 balconies.

There are hardwood floors throughout.

The kitchen has stainless steel appliances.

It has central air, washer/dryer in the unit and parking is available for $60,000.

The listing calls Aqua “The true definition of luxury.”

This unit has been reduced $125,000 to $950,000 since February. If you add on the parking, it’s priced at $1,010,000.

This is the hottest market in a decade but this unit has been on the market for 5 months.

What do they need to do to sell this unit?

Nancy Furth at Magellan Realty has the listing. See the pictures here.

Unit #6206: 2 bedrooms, 2 baths, 1218 square feet

  • Sold in July 2011 for $625,000
  • Sold in September 2012 for $730,000
  • Originally listed in February 2017 for $1.075 million
  • Reduced several times
  • Currently listed at $950,000 (plus $60,000 for parking) = $1,010,000
  • Assessments of $871 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger and snow removal)
  • Taxes of $12,012
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 12×11

 

The Grand Daddy of the Carl Street Studios Still Awaits a Buyer: 155 W. Burton in Old Town

155 w burton 2017 picture

This 3-bedroom duplex in the Carl Street Studios at 155 W. Burton in Old Town recently came on the market again in July 2016.

But it has been on and off the market since 2009.

We first chattered about it in June 2009. You can see our chatter here.

The Carl Street Studios is a unique 15 unit complex built by architect Edgar Miller and Sol Kagen. Originally constructed as a Victorian home and coach house in 1880, it was renovated into the studios in 1927.

There is nothing like it in the city.

This unit is the largest in the complex at 3500 square feet.

It has the original mosaic, stained glass, Art Deco tiles, and carved doors.

The house has parquet floors and carved and painted ceilings.

There are 3 fireplaces.

155 w burton front door

The listing says the house was “modernized” in 2004.

It’s now 13 years later, is that still a new renovation as far as buyers are concerned?

The kitchen has wood cabinets and stainless steel appliances.

There’s a private rooftop deck and space pak cooling.

The complex doesn’t have parking although the listing seems to indicate it includes parking.

In years past, there was the option to rent 2-car parking for around $420 a month nearby.

Also in prior listings, this unit was much larger, at 5,000 square feet. But this go-around, they have stripped out the 745 studio that is available to also purchase.

It was also listed at $3.1 million in 2009, but, again, that appears to include the studio, which is Studio #7.

Back in our 2009 chatter, some of you said it was the type of property that would either sell in a week or would still be on the market 5 years later.

The property is now listed at $1.6 million, without Studio #7.

With the luxury market the best since 2007, will this unique home finally find a new buyer?

Linda Shaughnessy at Jameson Sotheby’s has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2.5 baths, 3500 square feet

  • Sold in March 2003 for $1.8 million (included #2 and #7)
  • Listed in June 2009 for $3.1 million (included #2 and #7)
  • Reduced
  • On and off the market over the years
  • Re-listed in July 2016 for $1.6 million (only includes #2)
  • Assessments of $2548 a month (they were $3578 a month in 2009 with #7)- includes heat, exterior maintenance, lawn care, scavenger
  • Taxes of $27,284 (they were $29,704 in 2009 which included #7)
  • Space Pak cooling
  • Parking? (was rental in prior listings for $420 a month for 2 spots)
  • 3 fireplaces
  • Rooftop deck
  • Bedroom #1: 13×23 (second floor)
  • Bedroom #2: 13×18 (second floor)
  • Bedroom #3: 8×12 (second floor)
  • Breakfast room: 19×10 (second floor)

 

 

Do You Love Tall Ceilings? A 2-Bedroom Penthouse Loft at 70 E. 18th in the South Loop

70 e 18th

This 2-bedroom penthouse loft in the Casablanca Lofts at 70 E. 18th in the South Loop just came on the market.

The building was converted to lofts in 2005 and has 17 units and garage parking.

This loft has 18-foot ceilings with large, sunny south facing windows.

The living room is open to the second level, which has a den and loft that overlook the lower level.

Both bedrooms are also on the second level (and I’m not sure they have windows. Thoughts?)

The kitchen has 42″ cherry cabinets, granite counter tops and stainless steel appliances.

There are marble baths.

This loft has a tidbit of exposed brick on one wall and exposed ductwork. Otherwise, it doesn’t have any authentic loft features.

The unit has the other features buyers look for including central air, washer/dryer in the unit and garage parking is available for $25,000.

What would you do with those loft spaces that are off the bedrooms? It is unique space.

This unit hasn’t been sold in 11 years.

Will long time South Loop owners finally start listing en mass now that the market has recovered?

Kimberly Smith at Re/Max Vision 212 has the listing. See the pictures here.

Unit #4D: 2 bedrooms, 2 baths, duplex, 1700 square feet

  • Sold in April 2006 for $497,500
  • Currently listed for $479,000 (parking is $25,000 extra)
  • Assessments of $454 a month (includes cable, exterior maintenance and scavenger)
  • Taxes of $6782
  • Central Air
  • Washer/Dryer in the unit
  • Fireplace
  • Bedroom #1: 16×12
  • Bedroom #2: 15×13
  • Loft: 12×3
  • Den: 24×11