Crib Chatter

This 3-bedroom condo at 55 W. Erie in River North came on the market in September 2020.

Built in 1882, this building has 9 units with no parking.

It’s one of the rare vintage buildings that has survived in this neighborhood.

This is a first floor unit with some of its vintage features still intact.

It has high ceilings with beams in the living/dining room along with exposed brick walls and a stained glass window.

The unit has 2 wood burning fireplaces, one in the living room and one in the primary bedroom.

The listing says the property has an “updated kitchen” with dark wood cabinets, granite counter tops and stainless steel appliances.

It has central air but there’s no in-unit laundry. The listing says its available for “free” in the basement just below this unit.

There’s also no parking with the building but rental parking is available in the neighborhood.

This unit hasn’t been sold in nearly 15 years.

Is this a rare opportunity to get a vintage home in River North?

William Goldberg and Konrad Dabrowski at Fulton Grace Realty have the listing. See the pictures here.

Unit #1W: 3 bedrooms, 1.5 baths, 1700 square feet

• Sold in July 2006 for $375,000
• Originally listed in September 2020 (I can’t find a price)
• Currently listed at $435,000
• Assessments of $544 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8622
• Central Air
• No washer/dryer in the unit but available for free in the basement
• No parking but available to rent in the neighborhood
• 2 wood burning fireplaces
• Bedroom #1: 14×14
• Bedroom #2: 14×10
• Bedroom #3: 14×10
• Living/dining room: 17×15
• Kitchen: 11×9

The Illinois Association of Realtors is finally out with the October home sales results after having some database and technology issues.

The market remained red-hot this fall.

The city of Chicago saw year-over-year home sales increase 21.9 percent with 2,541 sales in October, compared to 2,084 a year ago. The median price of a home in the city of Chicago in October was $315,000, up 14.5 percent from October 2019.

Out of the 2541 sales, single family home sales were up 20.1% to 1,122 while condos/townhouses were up 23.4% to 1419.

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: 2,128 $236,000
• 2015: 2,173 $240,000
• 2016: 2,046 $260,100
• 2017: 2,109 $260,000
• 2018: 2,108 $271,500
• 2019: 2,084 $275,000
• 2020: 2,541 $315,000

“Demand remains strong, with continued year-over-year increases in closed sales and median sales prices, coupled with a large drop in the days on market. While every neighborhood is reacting differently to the pandemic, overall, single family homes continue to be popular with homebuyers and condos are also keeping pace,” said Nykea Pippion McGriff, president of the Chicago Association of REALTORS® and vice president of brokerage services of Coldwell Banker Realty. “For those looking to move or sell, these are all signs of a healthy market as we move into the winter months.”

In Illinois, sales were up 34.9% and in the Chicago Metro area, sales were up 39% year-over-year.

Statewide, the number of days on the market fell 17.3% to 43 days.

In Chicago, days on the market fell to 34 from 42.

Statewide, inventory plunged 34.4% year-over-year to 39,419 from 60,127 a year ago.

But in Chicago, inventory was actually up 4.3% year-over-year to 10,579 properties from 10,138 a year ago.

“The Illinois housing market continues to be resilient with a spike in October home sales and an uptick in home prices,” said Sue Miller, president of Illinois REALTORS® and designated managing broker of Coldwell Banker Real Estate Group in McHenry. “Buyer demand remains strong, but inventory is still an issue. This is a great time for homeowners who have been thinking of selling to put a for sale sign in the yard.”

The 30-year fixed mortgage rate averaged 2.83% in October, down from 2.89% in September and significantly lower than 3.69% in October of 2019.

When will this hot market end?

Will the COVID outbreaks put a damper on winter sales?

Illinois home sales jump 34.9 percent in October; inventory continues to decline [Illinois Association of Realtors, press release, December 1, 2020]

This 2-bedroom in Gaslight Court at 1407 N. Wells in Old Town came on the market in September 2020.

Gaslight Court was constructed between 1900 and 1920 and has 19 units built around a brick courtyard. Each unit is unique and there are several buildings.

According to TimeOut magazine, gas lanterns once lit the alley way, now replaced by electric versions, hence the name.

It was converted into condos in 2000.

The complex doesn’t have any parking.

This unit is in one of the buildings that looks out on Wells Street (on the right in the picture above).

It has 11 foot ceilings, exposed brick, arched doors and textured plaster walls.

The unit also has a wood burning fireplace in the living room.

The listing describes the kitchen as a “chef’s kitchen” with light wood-looking cabinets, what looks like stone counter tops, stainless steel appliances and terra cotta floors.

There’s no dining room in the unit but the kitchen is large enough to be an eat-in.

It has a den which could also be an office.

But one of the big selling features is the 350 square foot private outdoor terrace which overlooks Wells Street.

The unit has some of the features that buyers look for including central air, washer/dryer in the unit but no parking. Parking is available for rent in the neighborhood.

Originally listed at $699,000, it remains priced at $699,000.

The price is just $9,000 above the 2007 purchase price.

Have prices finally reached peak bubble pricing again in some neighborhoods?

John Vossoughi at Compass has the listing. See the pictures here.

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

• Sold in August 2000 for $242,000
• Sold in September 2004 for $386,000
• Sold in September 2006 for $490,000
• Sold in September 2007 for $690,000
• Sold in October 2013 for $640,000
• Currently listed at $699,000
• Assessments of $415 a month (includes exterior maintenance and scavenger)
• Taxes of $7956
• Central Air
• Washer/dryer in the unit
• No parking- but available to rent in the neighborhood
• Wood burning fireplace
• Bedroom #1: 15×11
• Bedroom #2: 13×10
• Living room: 21×16
• Kitchen: 17×12
• Office: 9×8
• Foyer: 10×4
• Deck: 23×14

This 2-bedroom loft at 2804 N. Lakewood in Lakeview came on the market in July 2020.

Built in 1945, this building has 20 lofts and garage parking.

This loft has authentic loft features including 13 foot timber ceilings and exposed brick walls.

It has a wood burning fireplace.

The kitchen has gray cabinets with white cabinets on the island which has a concrete counter tops, and stainless steel appliances.

The listing says the cabinets were new in 2016.

The primary bedroom has a window and an en suite bathroom with a custom vanity made from reclaimed barn wood. It also has a walk-in-closet.

The second bedroom doesn’t appear to have a window.

The listing says the loft has RH lighting.

The building has a shared rooftop deck, but why use that when this loft has its own yard with a private gate and new fencing. It has its own private entrance.

The listing says the outdoor garden was designed by Urban Rooftops. It has a brick patio.

This loft has the features buyers look for including central air, a new Bosch washer/dryer in the unit and gated garage parking with access to the back gate of the yard.

Originally listed at $659,000, it has been reduced $30,000 to $629,000.

With the private attached yard, is this a townhouse alternative?

Kristi Gunther at Re/Max 10 Lincoln Park has the listing. See the pictures here.

Unit #108: 2 bedrooms, 2 baths, 1650 square feet

• Sold in May 2002 for $375,000
• Sold in May 2014 for $450,000
• Sold in October 2016 for $610,000
• Originally listed in July 2020 for $659,000
• Reduced
• Currently listed at $629,000
• Assessments of $318 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $10,245
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Wood burning fireplace
• Bedroom #1: 19×12
• Bedroom #2: 16×13
• Living room: 26×17
• Dining room: 14×12
• Kitchen: 12×12
• Foyer: 7×10
• Terrace/yard

This 5-bedroom greystone row house at 507 W. Barry in East Lakeview came on the market in July 2020.

Built in 1895 on a 20×118 lot, this row house shares just one wall with its partner next door.

The listing says this greystone has updated electrical and mechanicals.

It has tall ceilings of 11 foot and 13 foot with crown molding and 2 fireplaces, including one in the living room and one in the primary bedroom.

There’s a living room, dining room and family room on the first floor along with a kitchen in the back of the row house with a breakfast bar.

The listing describes the kitchen as a “chef’s kitchen” with wood cabinets, stainless steel appliances and stone counter tops.

The kitchen overlooks the private deck.

The second floor has 2 bedrooms including the primary suite with a dressing room and en suite bathroom.

The other bedroom on that floor also has an en suite bath.

The remaining 3 bedrooms are on the third floor and share one bathroom.

The basement has a recreation room, storage rooms, a powder room and full-sized laundry room.

The row house has dual zoned space pac and rare 2-car parking that is accessed from the street as it’s in front of the row house.

The listing says it’s in the Nettlehorst school district and its near all the shops and restaurants of East Lakeview.

Originally listed in July 2020 for $1.399 million, it has been reduced $100,000 to $1.299 million.

Does this row house check all the boxes for vintage lovers?

John Irwin at Baird & Warner has the listing. See the pictures and floor plan here.

507 W. Barry: 5 bedrooms, 3 full baths, 2 half baths, 4500 square feet, row house

• Sold in January 2007 for $1,140,000
• Originally listed in January 2020 for $1.399 million
• Reduced
• Currently listed at $1.299 million
• Taxes of $24,058
• No central air but dual zoned space pac
• 2-car parking on the front driveway
• 2 fireplaces
• Bedroom #1: 27×17 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 18×12 (third floor)
• Bedroom #4: 12×11 (third floor)
• Bedroom #5: 17×11 (third floor)
• Living room: 30×14 (main floor)
• Dining room: 17×12 (main floor)
• Family room: 14×12 (main floor)
• Kitchen: 20×8 (main floor)
• Recreation room: 24×9 (basement)
• Laundry room: 13×12 (basement)
• Deck: 14×9 (main floor)
• Terrace: 10×7 (main floor)

This 5-bedroom historic row house at 428 W. Roslyn in East Lincoln Park came on the market in January 2020.

Built in 1895, it’s on an 18×86 lot with no parking.

The listing says it’s a Benjamin Green-built Victorian brownstone which was “recently renovated.”

The listing also says the façade was “architecturally restored” in 2017.

This row house has some of its historic features including 2 wood burning fireplaces, with one in the living room and the second in the primary bedroom.

There are hardwood floors throughout, leaded glass and woodwork.

There is a Liebherr eat-in Kitchen with white cabinets and black granite counter tops.

The listing says all five bedrooms are on the second and third floors but then the listing has the fifth bedroom in the lower level.

But 3 bedrooms are on the second floor, including the primary bedroom. There’s a walk-in-closet on that floor.

A fourth bedroom is on the third floor.

The fifth bedroom is (maybe?) on the lower level along with a family room and rec room but this doesn’t show up like that on the floor plan.

There are skylights.

The row house has a private courtyard/terrace measuring 20×19.

There’s no parking with this property but the listing says you can buy or rent it just steps away.

There’s also no central air but window units.

This row house is in a prime East Lincoln Park location, just steps from Lincoln Park and Clark Street’s shops and restaurants.

The listings says it’s in the Roslyn/Arlington Place Historic Districts.

Originally listed at $1,649,500 in January 2020, it has been reduced $250,000 to $1,399,500.

From Redfin’s data, it appears as if this row house hasn’t changed hands in 40 years.

Is someone going to get a deal?

Mario Greco at BerkshireHathaway HomeServices has the listing. See the pictures and floor plan here.

428 W. Roslyn: 5 bedrooms, 4 baths, 4600 square feet, row house

• Sold in September 1980 for $185,000 (per Redfin)
• Originally listed in January 2020 for $1,649,500
• Reduced several times
• Currently listed at $1,399,500
• Taxes of $24,859
• No central air- window/wall units
• 2 wood burning fireplaces
• No parking included
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 17×12 (third floor)
• Bedroom #5: 12×10 (lower level)
• Living room: 23×14
• Dining room: 15×14
• Kitchen: 11×11
• Family room: 17×14 (lower level)
• Laundry room: 10×3 (lower level)
• Walk-in-closet: 13×7 (second floor)
• Terrace: 20×19

Crain’s is reporting on the third quarter rental market and, as expected, it’s not good for landlords.

The downtown occupancy rate fell to 87.1 percent in the third quarter, down from 93.8 percent a year earlier, according to the Chicago office of Integra Realty Resources, a consulting and appraisal firm. The rate has never been that low in the 22 years since the firm’s executives began tracking the downtown market.

Prices are down on downtown apartments anywhere from 18% to 23%.

If the vaccines “turn out to be successful, I think things could turn around on a dime,” he said.

Still, DeVries expects the downtown market won’t come back fully until the spring of 2023, more than two years from now. It has fallen hard: Including concessions, the average rent at Class A buildings—the fanciest and most expensive of the bunch—fell to $2.53 per square foot in the third quarter, down 18.4 percent from a year earlier, according to Integra. The last time the average Class A rent was that low was in late 2013.

The average Class B rent fell even more: 23.3 percent, to $2.07 per square foot—where it was in 2011.

Buildings are giving away 3 to 4 months worth of free rent.

This new Gold Coast apartment building at the corner of Clark and Division called The Clark, at 1201 N. Clark, recently started leasing.

It is directly above the Division Red Line stop, across from the Jewel and next to the Walgreens.

It has studios up to 2-bedrooms.

The building has a rooftop terrace with grills.

It’s offering 4 months free rent.

Here’s the rental offer, net concessions:

• Studios: $1252
• One Bedrooms: $1555
• Two Bedrooms: $2722

I think this is on an 18 month lease. Most buildings are asking for 18 months to get the 3 to 4 months free.

You can see The Clark pictures here.

Third quarter absorption downtown was -531 units which means more units came on the market than were rented.

According to Crain’s, Integra forecasts -1300 units for 2020, the first year of negative absorption since 2005.

And there are thousands of more apartments still to come on the market next year. That means that apartment inventory is going to remain very high for the next several years.

Renters can ask for the moon right now and probably get it.

Will developers end up converting some of this excess inventory into condos instead?

There aren’t any entry-level new condo buildings out there for buyers.

Downtown apartment market falls further but suburbs stay strong[Crain’s Chicago Business, by Alby Gallun, November 18, 2020]

This 2-bedroom corner loft at 2332 S. Michigan in the Motor Row neighborhood of the South Loop came on the market in October 2020.

Built in 1901, this building was converted into lofts at the height of the housing bubble, in 2007.

It has 22 units, and elevator and garage parking.

This loft has exposed brick walls, big industrial windows and high timber ceilings in the living room.

There are bamboo hardwood floors in the living/dining rooms.

The kitchen has black modern cabinets, granite counter tops with a large island, a subway tile backsplash and stainless steel appliances that the listing says were new in 2018.

The listing says the primary suite was updated in 2019 and has stone flooring, a large walk-in-closet and a renovated bath with a dual sink vanity and walk-in shower along with heated floors.

The second bedroom has two walls of windows and stone floors with exposed brick walls and an updated bath.

There’s a balcony off the living room.

The loft has all the features that buyers look for including washer/dryer in the unit and central air. The listing said the furnace and A/C condenser were new in 2018.

There’s garage parking but it’s additional and I can’t find how much they’re asking for it in the listing.

Listed at $425,000, is this Motor Row loft a deal?

Nadine Ferrata at Compass has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, 1521 square feet, loft

• Sold in July 2007 for $407,000 (included parking)
• Originally listed in October 2020 for $425,000 (garage parking is additional- but doesn’t say how much)
• Currently still listed at $425,000 (plus garage parking additional)
• Assessments of $400 a month (includes exterior maintenance and scavenger)
• Taxes of $7113
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 15×13
• Bedroom #2: 14×11
• Living room: 20×18
• Kitchen: 15×10
• Foyer: 10×5
• Balcony: 9×5

This 6-bedroom co-op penthouse at 1500 N. Lake Shore Drive in the Gold Coast just came on the market.

Built in 1927, 1500 N. Lake Shore Drive was designed by famed NY architect Rosario Candela, with the listing saying it was his only residential commission in Chicago, and outside of New York.

The building was constructed by McNally & Quinn and has 57 units and heated valet garage parking.

It’s a full service building with a doorman, an on-site property manager and a new state-of-the art exercise room.

This penthouse is designed as an Italianate villa and takes up the entire top floor of the building.

It’s three levels with 8,000 square feet of indoor space and a 5,000 square foot east facing terrace.

The listing says it’s the first time on the market in 50 years.

The unit has direct elevator access.

There’s a 40 foot long walnut-paneled gallery hall with vaulted ceilings finished in a fresco theme.

The living room has the original 20 foot coffered ceilings.

There are hand carved doors throughout.

Surprisingly, there’s just one wood burning fireplace and it’s in the living room.

There’s no picture, or description, of the kitchen.

There’s pictures of just 2 of the 6.5 bathrooms.

But it’s the outdoor space that’s the big selling point.

With a U-shape that faces the Lake, the landscaped terrace boasts a fountain, mature trees, grass and a covered loggia.

According to Dennis Rodkin at Crain’s, this penthouse was a private listing, i.e. not on the MLS, in July of this year at $24.5 million.

It has been reduced to $17 million.

The owner, who has lived in the property since 1975, apparently told the Wall Street Journal over the summer that he’s moving to Florida.

You can see the Crain’s article here.

This penthouse has space pak cooling, radiator heating (which is included in the assessments), washer/dryer in the unit and 2-car valet parking.

Some co-op buildings in the Gold Coast are cash only but after looking at some of the other listings in this building, it appears that the Board will allow up to 50% financing.

This is a unique opportunity to own a rare pre-war property with all the bells and whistles along with a massive terrace.

Will someone get a deal on it?

Mark Icuss and Cheryl Prosperi at Compass have the listing. See the pictures here (no floor plan, unfortunately).

Unit PH: 6 bedrooms, 6.5 baths, 8000 square feet

• Sold in 1975 (per Crain’s)
• Originally listed as a “private listing” in July 2020 for $24.5 million
• Reduced
• Currently listed on the MLS for $17 million
• Co-Op
• Assessments are $8,207 a month (includes heat, water, electric, 2-car valet parking, doorman, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes should be included in the monthly assessments
• Space pak cooling
• Washer/dryer in the unit
• 2-car valet garage parking
• 1 wood burning fireplace
• 50% financing allowed?
• Bedroom #1: 22×18 (main floor)
• Bedroom #2: 14×12 (main floor)
• Bedroom #3: 14×19 (main floor)
• Bedroom #4: 17×13 (main floor)
• Bedroom #5: 17×15 (main floor)
• Bedroom #6: 14×16 (no floor listed)
• Living room: 39×22 (main floor)
• Dining room: 25×16 (main floor)
• Kitchen: 22×27 (main floor)
• Office: 11×11 (main floor)
• Gallery: 12×39 (main floor)
• Exercise room: 22×21 (second floor)
• Game room: 13×12 (third level)
• 5000 square foot private terrace

This 2-bedroom loft in Cornelia Village at 1111 W. Cornelia in Lakeview came on the market in November 2020.

Built in 1925, the building has been converted into 20 lofts with attached heated garage parking.

I don’t think we’ve ever chattered about this building before, which is shocking given it’s location.

This loft has 15 foot concrete ceilings with exposed brick.

It has hardwood floors on the main level along with a wood burning fireplace.

Instead of a flat panel television, there’s a 133″ projector TV.

It has a skylight with a remote shade.

The listing says the kitchen has been “updated” with quartz counter tops, gray subway tile, stainless steel appliances, an eat-in kitchen island and a built-in banquette.

The primary bedroom is on the second floor and overlooks the lower level living room. It has carpet.

The second bedroom is on the main floor and looks like it might have a window.

There’s only one bathroom but it has 2 separate vanities and sinks.

It has the features buyers look for including central air, which the listing says was new in 2016, washer/dryer in the unit and an attached heated garage space.

But a big selling point of this loft is the large, private, fenced in and landscaped patio off the living room which has plenty of space for entertaining and for a grill.

This loft is within just a few blocks of the shops and restaurants of Southport and is near Wrigley Field and all the shops and restaurants now around the park.

Is this a perfect summer home for after the pandemic?

Kristin Gonnella and Margaret Bergin at Coldwell Banker have the listing. See the pictures and floor plan here.

Unit #110: 2 bedrooms, 1 bath, 1500 square feet, loft

• Sold in April 1988 for $145,000
• Sold in August 1990 for $162,500
• Sold in April 1999 for $209,000
• Sold in March 2005 for $345,000
• Sold in July 2013 for $314,000
• Sold in November 2015 for $332,000
• Currently listed at $369,000 (includes heated garage parking space)
• Assessments of $277 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6192
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 21×10 (second floor)
• Bedroom #2: 13×10 (main floor)
• Living room: 21×17 (main floor)
• Kitchen: 17×13 (main floor)
• Storage: 9×6 (second floor)
• Terrace: 22×17