We Love 3-Bedroom Authentic Brick And Timber Lofts: 1040 W. Adams In The West Loop

This 3-bedroom authentic loft in the Number 10 Lofts at 1040 W. Adams in the West Loop just came on the market.

This building was converted into condo lofts at the height of the boom in 2006.

It has authentic features that loft buyers look for including a lot of exposed brick and 12 foot timber ceilings.

It also has diagonal hardwood floors (sorry Sonies) and 2 balconies.

It is a southeast corner unit with views of downtown.

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

The listing says there are 2 master suites and it appears that all three bedrooms have windows, which is unusual for a loft.

Heated garage parking is $15,000 extra.

This loft is listed $14,900 over the 2008 price (if you buy the parking.)

With the low inventory in the West Loop, will it get the premium?

Christopher Stephens at Coldwell Banker has the listing. See the pictures here.

Or see it in person at the Open House on Sunday February 17 from 12:00 until 2 PM.

Unit #201: 3 bedrooms, 2.5 baths, 1450 square feet

  • Sold in March 2006 for $405,000
  • Sold in March 2008 for $425,000 (included the parking)
  • Currently listed at $424,900 (plus $15,000 for heated garage parking)
  • Assessments of $634 a month (includes doorman and cable)
  • Taxes of $4687
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×13
  • Bedroom #2: 12×11
  • Bedroom #3: 7×9

Market Conditions: What Could Go Wrong? “Supply Will Induce Demand” In The Chicago Apartment Market

The housing market is heating up in all directions as single family homes, condos and townhouses are selling briskly in a low inventory market and a plethora of new apartment buildings are under construction as people shun the buyers market and prefer to rent.

We’ve been chattering about all the new apartment high rises for the last year.

From Crain’s:

Demand isn’t likely to cool off anytime soon, according to Appraisal Research Vice-President Ron DeVries.

“We’re going to start out this year with a bang,” he said at a Tuesday luncheon at the Standard Club downtown.

The question is whether demand will be strong enough to absorb the flood of new apartments under construction. Developers are on track to complete 2,695 units this year and 2,530 in 2014, he said. In the coming months, the first residents will start moving into Coast, a 499-unit tower in the Lakeshore East development being built by Magellan Development Group LLC, and a 500-unit building that Related Midwest is developing at 500 N. Lake Shore Drive.

One reason to be worried: Absorption, or the change in the number of leased downtown apartments, totaled just 1,100 apartments in 2012. At that rate, it will take about five years to soak up all the new apartments.

The counterargument: Absorption has been artificially low because there is effectively a shortage of apartments downtown. More renters will emerge when more apartments become available, or “supply will induce demand,” Mr. DeVries said.

“I don’t view this as a five-year supply issue,” he said.

On the flip side, the problem in the condo market is no longer too much inventory, it’s too little. The Tribune reports on the hot downtown new construction condo market.

In addition, only 1,104 newly constructed condo units remain unsold downtown.

“When we see more transactions occurring, that’s a really good indication of demand,” said Gail Lissner, a vice president at the firm. “The look of the condo market has changed in terms of unsold inventory.”

Lissner’s remarks came Tuesday during a lunchtime briefing on the local housing market.

Most of the unsold inventory, more than 500 units, is in the South Loop and the bulk of it is in the newly named and repositioned 500-unit South Loop Luxury by Related.

The three buildings, once called One Museum Park West, 1600 Museum Park and Museum Park Place 2 were taken over by New York-based Related Cos. in July have been renamed the Grant, Adler Place and Harbor View, respectively.

Since December, 40 units there are under contract, according to Related Midwest, which officially launched sales in the project Tuesday.

Other new projects reporting positive sales trends are Park Monroe Phase II, a 48-unit adaptive reuse project with 16 sales and CA3, a 40-unit building with 18 sales.

“These are all great indicators of strong sales,” Lissner said. “Price stabilization has occurred in the market. You don’t hear people talking about bottoming out. That was so yesterday.”

A lot of the bigger “new construction” projects still on the market are left over from the boom (i.e. the Related units). There hasn’t been many genuinely new big developments that have been built from the ground up since the bust.

I once said that it would take 10 years before a new condo highrise building was built.  We’re in year 7 right now.

Was I wrong?

Will some of these new construction apartment towers that are slated for occupancy in 2014 really be new condo towers instead?

Downtown apartment owners face test amid construction boom [Crain’s Chicago Business, Alby Gallun, February 12, 2013]

Downtown condo market showing signs of life [Chicago Tribune, Mary Ellen Podmolik, February 12, 2013]

How Much Are Prices Really Rising? A 3-Bedroom At 508 W. Melrose In Lakeview

This 3-bedroom at 508 W. Melrose in East Lakeview came on the market in early February 2013.

Some long time readers might recognize this building as we chattered about it several times in 2008 when distress sales were happening in the building.

Built in 2004, the units were originally sold at the height of the boom.

It has 22 units and an elevator.

This unit has a back deck with views of Wrigley Field.

It has a master suite, central air and washer/dryer in the unit.

The kitchen is a “chef’s kitchen” with granite counter tops and stainless steel appliances.

The unit has a 1-car garage with an option for a second spot.

This unit was originally listed on February 2 for $549,000 and then withdrawn two days later and re-listed for $575,000.

That is just $33,000 under the 2006 purchase price.

With the hotter market, will this unit get the higher price?

Laura Renaldo at TRD Property Group has the listing. See the pictures here.

Unit #6B: 3 bedrooms, 2 baths, 1732 square feet

  • Sold in February 2006 for $609,000 (per Zillow- for some reason the ccrd couldn’t find the property)
  • Sold in July 2008 for $485,000 (per Zillow)
  • Originally listed on February 2, 2013 for $549,900
  • Withdrawn on February 4
  • Re-listed February 11, 2013 for $575,000
  • Assessments of $400 a month
  • Taxes of $6452
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included (option for second space)
  • Bedroom #1: 18×13
  • Bedroom #2: 15×12
  • Bedroom #3: 13×9

Nearly 5 Years Later, This 3-Bedroom Is Still 3 Blocks From The Water Tower: 29 W. Chestnut In The Gold Coast

We last chattered about this 3-bedroom unit in a vintage carriage house at 29 W. Chestnut in the Gold Coast all the way back in August 2008 (when Crib Chatter was first getting started!).

See our 2008 chatter here.

The triplex unit never sold and was on and off the market the last 5 years.

The property came back on the market in January 2013 to try again.

Despite it being nearly 5 years later, the listing sounded basically the same.

The carriage house was built in 1889 and has 5 units.

It still has a “newly remodeled kitchen designed by award-winning architect: John Vinci” with stainless steel appliances and stainless looking cabinets.

2 of the 3 bedrooms are on the third floor with the third on the main floor. The living/dining and kitchen are on the second floor.

It has 12.5 feet ceilings, central air and a private attached garage.

Both the listing from 2008 and the one from 2013 point out that the property is just 3 blocks from the Water Tower.

When we  last chattered about it in 2008 it was listed at $849,000.

It came on the market in January 2013 for $795,000 and was just recently reduced to $785,000.

Will this finally sell in 2013 and at what price?

Marlene St. George at Baird & Warner still has the listing. See the pictures here.

Unit #5A: 3 bedrooms, 2.5 baths, 2000 square feet, triplex, attached 1-car garage

  • Sold in January 1997 for $265,000
  • Sold in November 2001 for $440,000
  • Was listed in August 2008 for $849,000
  • Withdrawn in February 2009
  • Re-listed in January 2013 for $795,000
  • Reduced
  • Currently listed at $785,000
  • Assessments of $122 a month (they were $183 a month in 2008)
  • Taxes of $3900 (they were $5469 in 2008)
  • Central Air
  • Bedroom #1: 13×18 (third level)
  • Bedroom #2: 11×10 (third level)
  • Bedroom #3: 10×10 (main level)

 

Is This The Best 1960s Retro Kitchen We’ve Ever Seen? A 1-Bedroom At 1300 N. Astor In The Gold Coast

This 1-bedroom in 1300 N. Astor in the Gold Coast has been on and off the market since June of 2012.

The unit has been reduced $10,000 since June to $190,000.

The building was designed by Bertrand Goldberg in 1963.

The unit has a south west corner view.

From the pictures in the listing, it appears the original kitchen, and possibly bath, are still in the unit.

The listing calls the kitchen “retro.” The cabinets appears to be yellow metal and match the yellow stove.

The bathroom has the best hollywood lights mirror I’ve ever seen and a yellow toilet (is the bath tub yellow too?).

The unit has carpeting throughout and 10 foot floor to ceiling windows.

It has central air but there’s no washer/dryer in the unit and parking is leased in the building for $175 to $250 a month.

Would it be worth it to keep this 1960s kitchen and bath?

If retro is just not your style- how much do you think you could sell the kitchen cabinets for to a collector?

Sophia Klopas at Koenig & Strey Real Living has the listing. Check out those kitchen pictures here.

Unit #8D: 1 bedroom, 1 bath, 750 square feet

  • Sold in August 1989 for $49,000
  • Sold in July 1998 for $70,000
  • Originally listed in June 2012 for $200,000
  • Reduced
  • Currently listed at $190,000
  • Assessments of $662 a month (includes cable, a/c, heat, doorman)
  • Taxes of $2546
  • Central Air
  • No washer/dryer in the unit
  • Parking is leased for $175 to $250 a month
  • Bedroom: 14×12

 

 

Over 3 Years Later, The Bank Finally Takes Back This 2-Bedroom Gold Coast Duplex: 39 E. Schiller

We last chattered about this 2-bedroom duplex up at 39 E. Schiller in the Gold Coast in April 2010.

See our prior chatter here.

Back then, it was listed as a short sale for $550,000.

The building was built in 1980 and many of you thought the unit looked like something out of suburbia.

It never sold.

The bank finally took it back just over 3 years after it filed the lis pendens foreclosure (and everyone is wondering why the housing market isn’t totally “healed” yet.)

It has come back on the market for $399,900.

If you recall, it has a fireplace and two balconies. There are hardwood floors in the main living space.

The two bedrooms are on different floors with the master bedroom on the second level.

From the listing pictures, the kitchen appears intact with white appliances and a white sink.

There are also listing pictures of the 3 1/2 baths and they also appear intact.

It has central air and an in-unit washer/dryer but it doesn’t have deeded parking.

The unit is listed about 44% under the 2005 purchase price.

Is this now a deal?

Frankie Scibior at Illinois Real Estate Partners has the listing. See the pictures here.

Unit #1W: 2 bedrooms, 3.5 baths, 2400 square feet, duplex

  • Sold in May 1999 for $510,000
  • Sold in August 2002 for $662,500
  • Sold in March 2005 for $710,000
  • Originally listed in October 2009 for $680,000
  • Lis pendens foreclosure filed in November 2009
  • Reduced several times
  • Was listed in April 2010 for $550,000
  • Withdrawn
  • Bank owned in December 2012
  • Currently listed at $399,900
  • Assessments now $804 a month (they were $875 a month in April 2010) (includes cable and did include special assessment in 2010)
  • Taxes now $4471 (they were $7196 in April 2010)
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 26×14 (second level)
  • Bedroom #2: 20×14 (main level)
  • Family room: 13×12 (main level)

 

Trying To Sell A Vintage Coach House 2-Years Later: 1845 N. Halsted In Lincoln Park

Some of you might remember this 3-bedroom coach house at 1845 N. Halsted in Lincoln Park from when it was on the market in 2010 and 2011.

It’s actually a unique property which is more like a vintage townhouse than your typical coach house.

The coach house is in the back of the property but there’s a side drive which gives it more of a townhouse/single family home feel. (You can see the coach house just to the right of the main building in the picture above.)

This property is on three levels.

The first floor is the living room and dining room with an open kitchen with cherry cabinets, granite counter tops and stainless steel appliances.

The family room, third bedroom and a new bathroom are in the lower level.

The master bedroom and the second bedroom is on the second floor.

It has central air and a parking space.

In 2010 it was listed for $590,000 and sold for $549,000 in April 2011.

This time it is listed for $579,000 but the market has improved since 2011.

Will it get the premium this time out?

Robert Safranski at @Properties has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, no square footage listed, 1 parking space

  • Sold in September 1988 for $182,000
  • Sold in September 1999 for $345,000
  • Sold in October 2002 for $407,500
  • Sold in December 2007 for $560,000
  • Sold in April 2011 for $549,000
  • Currently listed for $579,000
  • Assessments of $231 a month
  • Taxes of $7297
  • Central Air
  • Bedroom #1: 16×15 (second floor)
  • Bedroom #2: 17×11 (second floor)
  • Bedroom #3: 13×9 (lower level)
  • Family room: 16×15 (lower level)

A Bank Owned Lincoln Park 2/2 Comes On The Market For 18% Under The 2005 Price: 807 W. Lill

This 2-bedroom at 807 W. Lill in Lincoln Park recently came on the market.

It’s a Freddie Mac Homesteps property.

This building, at the corner of Lill and Halsted, was converted to condos at the height of the market in 2005.

This unit has an exposed brick wall, a fireplace and hardwood floors in the main living area. The bedrooms have carpeting.

At 1000 square feet, it has washer/dryer in the unit but the listing doesn’t say anything about central air.

There doesn’t appear to be any parking.

From the pictures in the listing, it appears that the kitchen and baths are intact. The kitchen has stainless steel appliances and what looks like granite counter tops.

The unit has come on the market for 18% under the 2005 sales price.

Is this even much of a deal?

Gerard Lewis at Homes for America has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in September 2005 for $345,000
  • Lis pendens foreclosure filed in April 2010
  • Bank owned in August 2012
  • Currently listed as a Freddie Mac Homesteps for $284,900
  • Assessments of $162 a month
  • Taxes of $4594
  • Central Air (?)
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 11×11
  • Bedroom #2: 13×9

 

Looking For A 3/2 In Lakeview For Under $300K? In The Barry Quad At 864 W. Barry

This 3-bedroom garden unit in the Barry Quad at 864 W. Barry in Lakeview has been on the market since October 2012.

At 1600 square feet, it has a galley kitchen with white cabinets, granite counter tops and stainless steel appliances.

There is a brick fireplace.

The listing says the bathrooms are new.

The unit has a laundry room and central air but no parking (that is available for rent across the street for $170 a month.)

The Barry Quad is one of the few courtyard buildings in Lakeview that has high rise amenities such as a work out room, a pool and a sundeck.

The notes left by the Redfin agent indicate that this garden unit is just a few steps under ground.

If people are willing to buy duplex downs for nearly a million dollars, is this a deal at $300,000?

Andrew Gersten at Prudential Rubloff has the listing. See the pictures here.

Unit #G: 3 bedrooms, 2 baths, 1600 square feet

  • Sold in July 1988 for $89,000
  • Sold in April 1994 for $114,000
  • Sold in September 2000 for $241,000
  • Sold in August 2006 for $375,000
  • Sold in March 2010 for $345,000
  • Originally listed in October 2012 for $329,000
  • Reduced
  • Currently listed at $300,000
  • Assessments of $435 a month (includes cable, pool)
  • Taxes of $5522
  • Central Air
  • Washer/Dryer in the unit
  • Parking is rental across the street for $170 a month
  • Bedroom #1: 12×12
  • Bedroom #2: 14×14
  • Bedroom #3: 17×11

Related Introduces The “Signature” Units At Harbor View: 1901 S. Calumet In The South Loop

Many of you have been chattering about when Related would list some of the South Loop condos it bought from the bank in 2012.

Wonder no more.

Related just listed a bunch of units in Harbor View at 1901 S. Calumet.

The most expensive appears to be Unit #2501, a 3-bedroom with 1580 square feet. It is listed at $509,000. (I can’t tell if that includes the parking or not.)

The “Signature” units have 9 foot ceilings.

The kitchens have Snaidero cabinets, quartez counters, and Bosch stainless steel appliances.

The baths are stone and porcelain.

If you’re just itching for the excitement of a newly opened sales center, you can check out the open houses this weekend on all of these units from 11-4 pm on both Saturday and Sunday.

Will the addition of the Snaidero cabinets and quartz counter tops (which separates them from the cherry/granite combo which is prevalent in the South Loop) help spur sales?

And if inventory is really just 100 units in the South Loop- is Related positioned to sell these quickly?

David Wolf at Related has the listings. See the pictures here.

Unit #2501: 3 bedrooms, 2 baths, 1580 square feet

  • Currently listed at $509,000
  • Not sure if that includes the parking
  • Assessments of $568 a month (includes heat, doorman, a/c, pool)
  • Taxes of $7645
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×12
  • Bedroom #3: 15×10