We Love Authentic Lofts in Lakeview: A 2/2 at 1122 W. Newport

1122 w newport #2

This 2-bedroom duplex down loft at 1122 W. Newport in Lakeview came on the market in September 2014.

It has the loft features that buyers like such as 14 foot timber ceilings and exposed brick.

The kitchen was updated by the prior owner and has modern cabinets and stainless steel appliances.

The master bedroom is in the lower level, which has a large master bedroom suite.

There is central air, washer/dryer in the unit and heated garage parking (a big sell during the winter months.)

Originally listed for $424,995 in September, it has been reduced $34,995 to $390,000.

At 1910 square feet, that is just $204 a square foot.

This unit is within a short stroll of Wrigley Field and Southport as well as the Red Line stop at Addison.

What will it take to sell this loft in 2014?

Brenton Goldman at Baird & Warner has the listing. See the pictures here.

Unit #1B: 2 bedrooms, 2 baths, 1910 square feet, duplex down

  • Sold in September 1989 for $346,000 (could be a typo as the mortgage was much lower- maybe $246,000?)
  • Sold in December 1999 for $253,000
  • Sold in April 2012 for $337,500
  • Originally listed in September 2012 for $424,995
  • Reduced several times
  • Currently listed at $390,000
  • Assessments of $325 a month (includes snow removal)
  • Taxes of $6180
  • Bedroom #1: 16×20 (lower level)
  • Bedroom #2: 17×10 (main floor)

8 Months on the Market in Old Town: A 2/2 at 1814 N. Lincoln Park West

1814-n-lincoln-park-west

This vintage 2-bedroom at 1814 N. Lincoln Park West in Old Town came on the market in May 2014.

The building was built in 1890 and has 4 units.

The unit still has some of its vintage features including pocket doors and the original fireplaces, which have been converted to gas logs.

There is a black and white checkered marble entry way, a separate dining room, complete with a fireplace, and a beamed ceiling in the kitchen, which has white cabinets, stainless steel appliances and dark wood counter tops.

There’s a big private deck and 1 parking space.

It has radiator heat and space pak cooling and there’s a washer/dryer in the unit.

The building is on an extra wide 36×125 lot.

Originally listed in May 2014 for $709,000 it has been reduced $15,000 to $694,000.

This building is in a top Old Town location, not far from the restaurants on Wells and also close to Lincoln Park.

Is this a deal for the square footage and location?

Kathleen Menigham at KoenigRubloff has the listing. See the pictures here.

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

  • Sold in September 2004 for $553,000
  • Originally listed in May 2014 for $709,000
  • Reduced several times
  • Currently listed at $694,000
  • Assessments of $350 a month
  • Taxes of $10934
  • Central Air
  • Washer/Dryer in the unit
  • Parking included
  • 2 fireplaces
  • Bedroom #1: 19×13
  • Bedroom #2: 10×9
  • Dining room: 17×15

 

 

Buying, Rehabbing and Selling Within 3 Months in River North: 405 N. Wabash

405 n wabash

This 2-bedroom penthouse unit in 405 N. Wabash just came on the market.

If it looks familiar it’s because just sold 3 months ago, in September 2014.

The new listing says that the “interior appointments” have been  “all refinished”.

The unit now has ebony stained floors and new Bosch appliances in the kitchen.

The listing doesn’t say that the kitchen is new.

There are no pictures of the bathrooms in the new listing and the furniture has been “virtually staged.”

It has the finishes buyers look for including washer/dryer in the unit and central air.

It also has north, south and east exposures.

Parking is available for extra.

405 N. Wabash is a full amenity building with 697 units and has a pool and doorman.

This unit was bought for $713,000 in September and is now listed, just 3 months later, for $899,000.

Will this seller be able to cash in quickly?

Tom Witt at Executive Realty Consultants has the listing. See the current pictures here. But you should also look at the previous pictures here.

Unit #5110: 2 bedrooms, 2.5 baths, 2750 square feet

  • Sold in March 1997 for $550,000
  • Sold in September 2014 for $713,000 (looks like it included the parking)
  • Currently listed for $899,000 (parking is extra)
  • Assessments of $2942 a month (includes a/c, parking, doorman, cable, pool)
  • Taxes of $18198
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×15
  • Bedroom #2: 18×10

 

Trying to Sell a Vintage 2/2 in Logan Square: 3636 W. Wrightwood

3634 w wrightwood

This 2-bedroom at 3636 W. Wrightwood in Logan Square came on the market in September 2014.

It is one of just 4-units in the building.

It has 3 exposures, North, South and West, along with 10 foot ceilings.

It has some of its original vintage mill work including pocket doors.

The kitchen is more modern, however, with maple cabinets, granite counter tops and stainless steel appliances.

It has the features that buyers are looking for with central air, washer/dryer in the unit and gated parking.

Originally listed for $299,000 in September 2014, it has been reduced $4100 to $294,900.

In 2013, we chattered about a 3-bedroom with 150 square feet more space in this building. It was listed for $309,000 in January 2013 and sold for $290,000 in June 2013.

See that chatter here.

What will it take to sell this unit?

Chadwick Duda at Dream Town Realty has the listing. See the pictures here.

Unit #2: 2 bedrooms, 2 baths, 1350 square feet

  • Sold in August 2003 for $228,000
  • Originally listed in September 2014 for $299,000
  • Reduced
  • Currently listed at $294,900
  • Assessments of $207 a month
  • Taxes of $3212
  • Central Air
  • Washer/Dryer in the unit
  • Gated parking included
  • Bedroom #1: 10×15
  • Bedroom #2: 9×11

Bought in 2013 and Selling in 2014: A 2-Bedroom at 1130 W. Cornelia in Lakeview

1130 w cornelia

This 2-bedroom townhouse at 1130 W. Cornelia in Lakeview just came on the market.

But if the interior pictures look familiar, that’s because this property was on the market last year and the pictures with the current listing are the same as the pictures which were used last year.

It has an open layout with a 2-story living room and lofted den.

Both bedrooms are on the second floor.

The kitchen has white cabinets and counter tops, stainless steel appliances and a tile backsplash.

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

In spring 2013 it was listed at $350,000, when the market was red hot.

It sold for $15,000 OVER ask at $365,000.

This year, the townhouse has come back on the market at $20,000 higher, at $385,000.

Will it get the appreciation over last year’s sale?

Jesse McGrath at @Properties has the listing. See the pictures here (which are the same as the 2013 listing.)

Unit #J: 2 bedrooms, 2 baths, 1800 square feet

  • Sold in April 1989 for $171,500
  • Sold in April 1992 for $195,000
  • Sold in January 1995 for $225,000
  • Sold in September 2011 for $225,000
  • Originally listed in April 2013 for $350,000
  • Sold in June 2013 for $365,000
  • Currently listed for $385,000 (parking included)
  • Assessments of $247 a month
  • Taxes of $3979
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×12 (second floor)
  • Bedroom #2: 13×9 (second floor)
  • Loft: 10×10 (second floor)

 

Should You Rent or Should You Buy? A 1-Bedroom at 6 N. Michigan in the Loop

6 n michigan

This corner 1-bedroom at 6 North Michigan on Millennium Park in the Loop came on the market in May 2014.

It is one of the rare 1-bedrooms in the building that has a direct east-facing Millennium Park and lake view.

The 950-square foot unit has luxury finishes including a stainless steel Betazzoni stove, a Liebherr refrigerator, a Bosch dishwasher and quartz counter tops.

It has the features buyers look for including central air and washer/dryer in the unit but there is no parking included.

The listing says parking is available for purchase in the building.

Originally listed in May 2014 for $525,000, this unit has been reduced by $50,000 to $475,000.

OR you can also rent it.

It came on the market in October 2014 for $2700 a month and was recently reduced $100 to $2600.

Does it make more sense to buy it or rent it?

Patrick Ryan at Related Realty has the listing. See the pictures here.

Unit #901: 1 bedroom, 1 bath, 950 square feet

  • Sold in September 2009 for $489,000
  • Originally listed in May 2014 for $525,000
  • Reduced several times
  • Currently listed at $475,000
  • Assessments of $537 a month (includes heat, a/c, gas, doorman and cable)
  • Taxes of $699 (building has a historic tax freeze)
  • OR you can rent it
  • Available to rent in October 2014 for $2700 a month
  • Reduced
  • Currently available for $2600 a month
  • No parking (available to buy in the building)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11

Remember This Vintage Gold Coast Mansion? 1500 N. Dearborn Parkway

1500 n dearborn parkway

This 5-bedroom Gold Coast mansion at 1500 N. Dearborn Parkway came on the market in October 2014.

But if it looks familiar, that’s because it is.

We have chattered about it twice before- in April 2010 and July 2011.

The house was built in 1880 and is on a corner lot measuring 33×150.

It comes with a coach house and a 3-car garage with a bricked courtyard between the house and the coach house.

The home has a lot of its original features including crown molding, beamed ceilings and original moldings and doors as well as three fireplaces.

Back in 2010, the house was listed as “priced to sell” and that they would “entertain all offers.”

Additionally, in 2010 and 2011, the main house had light wood floors and the original woodwork was all in its original wood condition.

You can see what it looked like in the pictures in our July 2011 chatter here.

Since 2011, all of the original woodwork looks like it has been painted white and the floors have been stained a darker color (which is “in” right now.)

The walls also have been painted gray.

Otherwise, the kitchen is the same as it was in 2011 with maple cabinets and granite counter tops.

The house has come back on the market at the same price as in July 2011, at $3.95 million.

Obviously, the market is much improved, especially at this price point.

Normally, we don’t talk much about the interiors but when you paint all of the crown molding on a 1880’s house, it sticks out.

Will painting all of the original woodwork and staining the floors get the sale done?

Louise Study at Baird & Warner now has the listing. See the current pictures here.

1500 N. Dearborn Parkway: 5 bedrooms, 4 baths, 8000 square feet (includes the coach house. The house is 6290 square feet)

  • Sold in December 2005 for $4.466 million
  • Originally listed in July 2009
  • Was listed in April 2010 for $5.495 million
  • Reduced
  • Was listed in July 2011 at $3.95 million
  • Withdrawn
  • Re-listed in October 2014 at $3.95 million
  • Currently still $3.95 million
  • Taxes are now $34475 (they were $34569 in July 2014)
  • Central Air
  • Coach house
  • Bedroom #1: 21×16 (second floor)
  • Bedroom #2: 17×14 (second floor)
  • Bedroom #3: 15×14 (second floor)
  • Bedroom #4: 21×10 (third floor)
  • Bedroom #5: 12×12 (second floor- which I believe is the coach house)
  • The listing says you can see the floor plan on the website, but I couldn’t find it.

Modern Interior Behind a Classic Facade Returns: 1224 N. Dearborn Parkway in the Gold Coast

1224 n dearborn #2

This 2-bedroom in this vintage building at 1224 N. Dearborn Parkway in the Gold Coast came on the market in September 2014.

If it looks familiar, it’s because we last chattered about it back in July 2010. See that chatter here.

The unit never sold.

It has returned to the market with the same finishes and interior.

The building was built in 1900 and has 13 units. There is no parking, but it’s available for rent in the neighborhood.

For being in a vintage building, the unit has a distinctly modern interior.

The listing says it is architect designed.

The kitchen is unique with a massive island with Italian marble counter tops and Miele and Bosch appliances hidden behind sliding doors.

The bathrooms also sport the modern design with Duravit and Hansgrohe fittings.

There are ten foot ceilings.

The unit faces east, overlooking the parkway.

It has central air and washer/dryer in the unit.

The listing says the unit is in the Ogden Elementary and Lincoln Park High School districts.

Will the improved 2014 housing market be the charm for this property?

Peter Angelo at Jameson Sotheby’s has the listing again. See the pictures here.

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

  • Sold in April 1997 for $190,500
  • Sold in October 2007 for $390,000
  • Was listed in July 2010 for $549,000
  • Withdrawn
  • Was listed in September 2014 for $475,000
  • Reduced
  • Currently listed at $459,000
  • Assessments now are $336 a month (they were $305 a month in July 2014)- it includes snow removal
  • Taxes are now $3994 (they were $3441 in July 2014)
  • Central Air
  • In-unit washer/dryer
  • No parking – available for rent in the neighborhood
  • Bedroom #1: 14×12
  • Bedroom #2: 13×8
  • Living room: 20×14
  • Kitchen: 14×11

Remember the Vetro? A 2-Bedroom at 611 S. Wells in the South Loop

611 s wells

This 2-bedroom in the Vetro at 611 S. Wells in the South Loop came on the market in April 2014.

The Vetro is a 232-unit building built at the height of the housing boom.

It was a big story in 2009 as the developer used both auctions and price cuts to finally sell out the building.

See the full story in our 2009 chatter here.

This unit has south, east and west views from floor-to-ceiling windows.

It has concrete ceilings and maple laminate floors.

There is a galley kitchen with dark cabinets, granite counter tops and stainless steel appliances.

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

Originally listed for $465,000 in April 2014 it has been reduced $30,000 to $435,000.

That’s still $79,000 above the 2009 purchase price.

Are the buyers who bought in the dark times in the Vetro in 2009 having the last laugh?

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

Unit #907: 2 bedrooms, 2.5 baths, 1555 square feet

  • Sold in June 2009 for $356,000 (included the parking)
  • Originally listed in April 2014 for $465,000
  • Reduced
  • Currently listed at $435,000 (parking included)
  • Assessments of $578 a month (includes gas, doorman, cable)
  • Taxes of $5272
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×20
  • Bedroom #2: 10×13
  • Living room: 16×21
  • Dining room: 10×15
  • Kitchen: 9×9
  • Laundry: 7×3

 

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]