Chatterers and lovers of Chicago housing:
It’s summer and it’s time to go on vacation.
Alas, due to COVID-19, I won’t be traveling to the Caribbean this year and, given the outbreaks in states along the Gulf Coast, which have lovely beaches, I won’t be traveling there either.
Looks like Galena for me.
See you in the middle of July.
Happy Summer-
Sabrina
This 3-bedroom duplex up penthouse at 120 W. Oak in the Gold Coast came on the market in May 2020.
Built in 2001, this building has 14 units, a garage and an elevator.
This penthouse has south and east windows and views.
It has an interesting layout with one bedroom, the living/dining rooms, the kitchen and the family room on the main floor, but the master suite was on the second floor.
And this isn’t your standard master suite.
It’s 1400 square feet with vaulted ceilings and skylights. There’s an exercise area, a custom closet, a spa bath and a separate office which could also be the second bedroom.
The kitchen has wood cabinets, luxury stainless steel appliances and what look like stone counter tops.
With everyone desperate for outside space, this penthouse could be the answer as it has 4 private south facing balconies, including 2 on each level.
The unit has a climate controlled wine room.
It has central air, washer/dryer in the unit and 2 garage parking spaces.
Originally listed in March 2018 for $1.729 million, it has been reduced $454,000 to $1.275 million.
It last sold in 2003 for $1.25 million.
Is this penthouse now a deal?
Keith Goad at BerkshireHathaway Homeservices has the listing. See the pictures here. (sorry- no floor plan)
Unit #5AB: 3 bedrooms, 2.5 baths, 3800 square feet
This 4-bedroom Victorian row house at 900 W. Webster in Lincoln Park came on the market in February 2020.
Built in 1886 on a 25×116 corner lot, it has a two car garage with space for 2 cars on the parking pad which is on Fremont.
The listing describes this row house as being “newly renovated.”
If you look at the 2016 listing, it says that they did a bunch of renovation and then were getting transferred. If you have Redfin, you can see the pictures from that listing.
It has a lot of its original vintage details including pocket doors, medallions, crown moldings, the staircase, marble fireplaces and original marquetry hardwood floors.
There are 11 foot ceilings on the first floor.
The row house has 3 fireplaces including the marble fireplace in the living room, one in the master bedroom and the third in the lower level, which has been gutted, and which has a fireplace mantle from England.
The listing says the kitchen was “completely redone” in 2018. It has Subzero, Wolf and Bosch appliances with walnut cabinets and Quartzite counter tops.
3 bedrooms are on the second floor, including the master bedroom which has an attached bath and a balcony.
The listing says the smallest bedroom is being used as a closet, but can be converted back into a bedroom. There’s a second full bathroom on the second floor and skylights.
The fourth bedroom is in the lower level walk-out basement, along with a full bath and the family room.
The listing says there’s new landscaping and the house has been on the Sheffield Garden Walk.
The house has central air.
Originally listed in February 2020 for $1.895 million, it has been reduced to $1,799,900.
For vintage lovers, is this a dream house?
Stella Cordero Wagner at Coldwell Banker has the listing. See the pictures and floor plan here.
900 W. Webster: 4 bedrooms, 3.5 baths, no square footage listed, row house
Here on Crib Chatter, we’ve been debating what’s going to happen to Chicago’s real estate market this year.
What will happen to all the luxury apartment rentals that have been going up downtown for the last decade?
The above picture is of One Bennett Park at 451 E. Grand in Streeterville which has an apartment tower on the lower levels and luxury condos on the upper part of the building.
The rental building is currently offering 2 months free rent as an incentive.
Will COVID-19, and the economic recession, crash Chicago’s apartment boom?
Crain’s has the story.
“It kind of looked like the car was headed off to the ditch,” said DeVries, senior managing director at Integra Realty Resources, a Chicago-based appraisal and consulting firm. “We hit the brakes, and it looks like we’re not going to get into a big wreck.”
First, the bad news: The downtown apartment boom is over. The average net rent at top-tier, or Class A, downtown apartment buildings fell to $3.01 per square foot by mid-May, down 7.7 percent from first-quarter 2019, according to Integra. That was the biggest quarterly drop since at least 2001, even bigger than the declines during the last recession. Integra’s 2020 data runs through mid-May because the firm was unable to collect data after the end of the first quarter because of the coronavirus.
Absorption, which is the number of apartments rented in the quarter, was just 325 apartments over a 4 month period. That’s the lowest since 2012.
What about current tenants not paying rent?
Another positive: Though the number of tenants not paying their rent has risen over the past three months, rent delinquencies downtown generally are not high enough to be a major concern. Downtown high-rise apartment dwellers tend to be employed higher-income white-collar workers who are not struggling to pay their bills.
Crain’s checked in with Wolf Point East, the new luxury tower on Wolf Point with 698 apartments.
It started leasing just as the pandemic hit.
Surprisingly, leasing volume is on pace with the developers’ forecast, and rents are actually a little higher than projected, Galvin said. He expects to have half the units leased in “the near term,” he said, declining to be more specific. Average asking rents for an apartment at Wolf Point East range from $2,207 per month for a studio to $9,250 for a three-bedroom unit.
One statistic to keep an eye on is how many people are moving to Chicago from out of town. At Luxury Living, which is leasing Wolf Point East and several other buildings, renters moving to Chicago from other cities fell 22%.
Occupancy fell to 91.8% in the quarter, which was just a 3 year low and wasn’t as low as the financial crisis level.
Has Chicago avoided a downtown apartment crash? Or is one still to come?
Some landlords remain nervous.
Tony Rossi Sr. isn’t so sure. Rossi, who leads companies that develop, own and manage apartments, is “reasonably nervous” about the future, citing uncertainty over the direction of the job market and the country’s ability to contain the coronavirus.
He worries that many young professionals who moved back home with their parents in recent months won’t return and renew their leases in downtown buildings. One multifamily tower in which Rossi is an investor, at 73 E. Lake St., has a meaningful number of graduate students, many from overseas.
“You have to say ‘Are they coming back?” said Rossi, president of M&R Development, an apartment developer, and chairman of RMK Management.
“We did OK in May, we did OK in June,” he said. “But I just don’t like where we’re headed.”
Downtown apartment market slumps, but it could be worse [Crain’s Chicago Business, by Alby Gallun, June 26, 2020]
This vintage 2-bedroom at 2139 N. Sheffield in Lincoln Park just came on the market.
Built in 1894, the building has 3 units and outdoor parking.
This is the top floor unit and has many of its vintage features intact including refurbished original pine and oak wood flooring in the living/dining and kitchen.
It still has the original wood burning fireplace with stone surround that the listing says was removed, rebuffed and replaced.
There are original plaster ceiling medallions in the living and dining rooms along with original baseboard and moldings throughout.
The bedrooms have carpet and the listing says the second bedroom is big enough to fit a queen bed.
There’s an office nook next to the living room.
The kitchen is in the back of the unit and has white cabinets, a small island, a new Kohler faucet and sink, stainless steel GE appliances and quartz Calacatta Auro counter tops along with exposed brick.
The kitchen also has unique French doors which lead to an enclosed sunroom with custom herringbone wood floors and double doors that lead to a private balcony.
The listing says the bathroom has had a custom rehab including granite counter tops on the vanity, white hex tile flooring and textured wallpaper.
It has the features that buyers look for including central air, washer/dryer in the unit (in the kitchen, see the pictures) and 2-car tandem parking.
Yes, that’s the El right behind the building.
If you’re concerned about the noise from the El, the listing says the exterior bedrooms have 2 sets of windows for sound abatement.
The property is located near shops and restaurants of central Lincoln Park and is close to DePaul University.
Listed at $415,000, is this the dream starter condo for those who love Lincoln Park vintage?
Danny Pogofsky at Pogofsky Real Estate Group has the listing. See the pictures here.
Unit #3: 2 bedrooms, 1 bath, 1200 square feet
This 1-bedroom at 657 W. Fulton in Fulton Market came on the market in June 2020.
Built in 2007, 657 W. Fulton has 75 units and a heated parking garage.
This 1-bedroom is extra large at 1000 square feet and has a den, which has French doors and a closet.
There’s a master suite with an en suite bath with a dual vanity and a walk-in-closet.
The kitchen has dark wood cabinets, granite counter tops and stainless steel appliances.
It also has a living/dining room combination with a fireplace.
The unit has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is $30,000 extra.
But the big selling point is the 400 square foot private terrace that faces south.
It’s big enough to have an outdoor living room and dining room.
The Fulton Market neighborhood was one of the hottest in the city prior to the pandemic. The Alderman has purposefully kept out residential construction, which means to live “in” it you are a few blocks away.
But this building is among those closest to the shops and restaurants of the neighborhood.
Will all the condos with big outdoor spaces sell quickly this summer?
Philip Higgins at Compass has the listing. See the pictures and floor plan here.
Unit #201: 1 bedroom, 1.5 baths, 1000 square feet
This 3-bedroom corner penthouse in Fulton House at 345 N. Canal on the Near West Side came on the market in May 2019.
Built in 1903, Fulton House was originally an old cold storage warehouse.
It became apartments in the 1970s and was converted into condos in the 1990s. There are 104 units. However, it’s also a live-work building where businesses can operate.
It has a doorman.
This penthouse is a southeast corner unit with views down the Chicago River.
The listing says it’s the former unit of architect Harry Weese.
It has double height ceilings.
One bedroom is on the main level and two are on the second floor which is accessed via a modern spiral staircase.
The kitchen has white cabinets, a breakfast bar, stainless steel appliances and what look like black stone counter tops.
It has the features buyers look for including central air and washer/dryer in the unit. There’s no parking.
As a penthouse, the listing says it has roof rights where you can build a deck or more living space.
Originally listed in May 2019 at $725,000, it has been reduced to $700,000.
Is this a chance to create your own custom rooftop oasis in one of the hottest areas of the city: on the Chicago River?
Ryan Prevett at Jameson Sotheby’s has the listing. See the pictures here.
Unit #1608: 3 bedrooms, 2 baths, duplex up, penthouse, 2202 square feet
The May home sales data is out and, as expected, it was bad as the COVID-19 lockdown continued.
From the Illinois Association of Realtors:
The city of Chicago saw year-over-year home sales decrease 43.6 percent with 1,666 sales in May, compared to 2,952 a year ago. The median price of a home in the city of Chicago in May was $315,000, unchanged from May 2019.
Single family home sales fell 33% while condo sales fell 49.6%.
May Sales:
Median Price Data:
“In May we saw the impact of the prolonged stay at home order, with a sharp 43.6 percent decline in closed sales and 22.4 percent decline in inventory,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “Prices, however, remained steady from last year – a good indicator. We expect that, as Chicago progresses through reopening, the market will respond accordingly.”
The average 30-year fixed rate mortgage was 3.23% in May, down from 3.31% in April and down from 4.07% in May 2019.
Inventory plunged in the city by 22.4% to 7,831 from 10,096 properties a year ago.
“After a two-month lag, the downturn in the economy filtered into the housing market,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “However, as expected by many analysts, prices have declined much less than sales, and forecasts point to slightly positive price increases over the next few months in Chicago.”
Despite the big one-month decline in home sales, May 2020 still wasn’t the worst May for the city.
May 2009 had even fewer sales. That was 2 months after the stock market bottomed and when the Great Recession, and layoffs, were at their peak.
Chicago home prices didn’t hit their lows until 2012 however.
Will home prices decline over the next 3 years like they did the last time sales plunged?
COVID-19 brings steep declines in Illinois home sales and inventory in May [Illinois Association of Realtors, Press Release, June 22, 2020]
This 4-bedroom in Kingsbury on the Park at 653 N. Kingsbury in River North just came on the market.
Built in 2003, it has 126 units and a parking garage. It’s a full amenity building with a doorman and exercise room.
The listing for this unit says it was originally a combined unit bought from the developer.
It has 2800 square feet.
It is now bank owned and being sold “as-is.”
The listing says it needs a kitchen and flooring.
It appears that some of the bathrooms are intact.
It has central air and a washer/dryer hook-up in the unit.
Additionally 2 garage spaces are included in the price.
If you want to know what the unit looked like previously, check out this video from a prior listing (warning- it has music).
Watch it here.
This unit was originally listed in March 2018 for $1,249,900 and was reduced to $900,000 in 2019 before being withdrawn from the market.
It has come back on from the bank at $785,000.
Is this a deal for the square footage in this location?
Sarah Han at Century 21 SGR has the listing. See the pictures here.
Unit #1801: 4 bedrooms, 4.5 baths, 2800 square feet
This 2-bedroom duplex up in the Frank Fisher Apartments at 1209 N. State Parkway in the Gold Coast came on the market in March 2020.
Designed by Andrew Rebori in 1936, the building has 13 units and a 2-car garage with a center courtyard.
It has historic landmark designation.
The building was rental apartments until 2000 when it was converted into condos.
This unit is one of the largest ones in the complex as most are 1-bedroom duplexes.
We actually chattered about this unit the last time it was on the market in 2008-2009.
You can see our chatter and some interior pictures here.
It looks like it is at the front of the complex as it has a small 5×5 private patio where you can grill that looks out on State Street. That’s the patio on the second floor in the picture above.
It has 2-story ceilings with an open living/dining and kitchen on the main floor.
The kitchen has been renovated since the 2009 sale and has contemporary cabinets, a large island, a Fisher & Paykel stove, a Bosch dishwasher, and a wine fridge.
Both bedrooms are on the second level.
The master suite has a “spa-like” master bath with a double vanity and rain shower with body sprays.
There’s a stackable Bosch washer/dryer in the unit and it has central air.
But the big selling point may be the rare deeded garage parking spot which is included in the price. There are only 2 parking spots in this building and this unit has one of them.
Originally listed in March at $619,000, it has been reduced to $574,900.
Does this unit have it all for architecture fans?
Peter Angelo at Jameson Sotheby’s has the listing. You can see the pictures here (no floor plan).
Unit #7: 2 bedrooms, 2.5 baths, 1450 square feet, duplex up