Market Conditions: February Sales Rebound 2.2% in Chicago But Median Price Still Declines 6.7% YOY

The February 2012 Chicago sales data is out. Sales rebounded but couldn’t even reach 2010 levels, which, you’ll recall, were juiced by one of the first time homebuyers tax credits (remember those?).

In the city of Chicago, February 2012 home sales (single family and condominiums) totaled 1,079, up 2.2 percent from 1,056 homes sold in February 2011. The city of Chicago median home sale price for February 2012 was $140,000, down 6.7 percent compared to February 2011 when it was $150,000.

Here is the sales data for February going back to 1997 (courtesy of G). It is slightly different from the IAR’s data:

  • 1997: 881 sales
  • 1998: 991
  • 2000: 1383
  • 2001: 1151
  • 2002: 1677
  • 2003: 1566
  • 2004: 1814
  • 2005: 2228
  • 2006: 1855
  • 2007: 1703
  • 2008: 1454
  • 2009: 870
  • 2010: 1257
  • 2011: 1092 (IAR= 1056)
  • 2012: 1224 sales (IAR = 1079)

Here is the Median Price Data also going back to 1997 (thanks G!):

  • 1997: $117,000
  • 1998: $132,000
  • 1999: $143,750
  • 2000: $161,500
  • 2001: $180,200
  • 2002: $212,000
  • 2003: $215,000
  • 2004: $229,900
  • 2005: $268,900
  • 2006: $267,500
  • 2007: $270,000
  • 2008: $290,000
  • 2009: $218,125 (with 31% being REO/Short Sales)
  • 2010: $176,000 (with 46% being REO/Short Sales)
  • 2011: $150,250 (with 50% being REO/Short Sales)
  • 2012: $140,300 (with 52% being REO/Short Sales)

The Condo/Townhouse sales data since 2008 (thanks to G again):

  • 2008: 1087 sales, median price of $314,900
  • 2009: 451 sales, median price of $280,000 (with 18% being REO/Short Sales)
  • 2010: 660 sales, median price fo $250,000 (with 33% being REO/Short Sales)
  • 2011: 604 sales, median price at $193,500 (with 46% being REO/Short Sales)
  • 2012: 692 sales, median price at $165,250 (with 50% being REO/Short Sales)

“A mild Chicago February continues to prove positive for the city’s housing market,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and Broker/Owner of Bob Floss and Son Realty. “Sellers and buyers are closely watching opportunities to make the move right for them in this economy. While sellers are motivated to close on their homes, they are also strategic in looking for ways to make opportune investments in the purchase of their next home, garnering them more value for their dollar. First-time homebuyers are equally measured, looking for distressed or right-priced traditional purchases of homes to help make their investment dreams a reality.”

Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, said the mild winter is helping the housing market move upward. The Illinois and Chicago PMSA Pending Home Sales Indices surged in the first two months in 2012. This spring surge is typical in a cyclical housing market with activity levels high when the weather warms. However, this year’s spring surge is stronger and came earlier than last year, according to Hewings.

“The other good sign is from the labor market. Last month, the U.S. unemployment rate was unchanged at 8.3 percent and the nonfarm payroll employment rose by 227,000. According to the Thomson Reuters/ University of Michigan’s survey of consumers, consumer’s confidence level is high and this high confidence level is due to a record number of consumers that were aware of ongoing increases in jobs,” Hewings said.

“For Illinois, the most relevant factor would be a surge in job creation and the state’s economy has been showing consistent signs of life in the last 12 months. For most of 2011, Illinois’ job growth kept pace with the nation, whereas for much of the previous two decades the job growth hovered at rates between one third and one half the national levels.”

IAR’s sales data isn’t even as promising as G’s showed for February. (Why the big difference? A couple of hundred closings is a BIG deal. Is the data messsed up again?)

The rest of the state and the 9 county Chicagoland area actually showed much stronger sales.

Why is Chicago lagging?

Is it really much of a recovery if the data isn’t even back to 2010 levels even as prices continue to fall?

Illinois sees 15.1 percent increase in home sales; strongest February sales report since 2008, data show [Illinois Association of Realtors, Press Release, March 21, 2012]

5-Bedroom SFH in Lincoln Square Sells For $437,500: 2140 W. Montrose

We last chattered about this 5-bedroom single family home at 2140 W. Montrose in Lincoln Square in December 2011.

See our prior chatter here.

At that time, it was listed at $499,000 and most of you thought it was a deal for the large yard and square footage (even if only 2 of the bedrooms were on the second floor.)

It was reduced to $449,000 by February before finally selling in March 2012 for $437,500.

Built in 1929, it was on an oversized 37×125 lot.

And no- there was no El in the backyard.

The listing said it was a “new rehab in 2007.”

It had hardwood floors throughout the main level. The kitchen had cherry cabinets and what appeared to be stainless steel appliances but no granite counter tops.

Two of the 5 bedrooms were on the second floor, the third was on the main level and two were in the basement.

The house had central air but no garage- although there appeared to be space for 2 car parking (so presumably you can probably add a garage.)

Alan Candea at Dream Town Realty had the listing. You can still see interior pictures here.

2140 W. Montrose: 5 bedrooms, 3 baths, no square footage listed

  • I couldn’t find any prior sales for this property
  • Originally listed in November 2011 for $529,000
  • Reduced
  • Was listed in December 2011 for $499,000
  • Reduced
  • Was listed in February 2012 for $449,000
  • Sold in March 2012 for $437,500
  • Taxes of $4646
  • Central Air
  • No garage but it looks like there is 2 car parking
  • Bedroom #1: 14×21 (second floor)
  • Bedroom #2: 14×11 (second floor)
  • Bedroom #3: 12×11 (main floor)
  • Bedroom #4: 10×10 (lower level)
  • Bedroom #5: 10×10 (lower level)

Do You Love Light and Need 3-Bedrooms? 2555 W. Leland in Lincoln Square

 

This 3-bedroom duplex-up penthouse at 2555 W. Leland in the Rockwell neighborhood of Lincoln Square has been on the market since September 2011.

It has been reduced $49,900 since then and is now listed about 18% below the 2005 purchase price at $425,000.

The southwest corner unit has 20 foot vaulted ceiling in the main living areas with tons of light from several exposures.

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

The unit also has two outdoor spaces, including a private 21×10 roof deck with skyline views.

It has all the new construction amenities such as central air, washer/dryer in the unit and parking is included.

The unit is also just seconds to the Rockwell El stop.

2 other penthouses are also currently on the market in the building:

  • Unit #305: a similar 3/2 with parking listed for $449,900
  • Unit #307: a bigger 3/3 at 2200 square feet listed for $469,000- under contract

Is this a deal for this neighborhood?

Brett Huelat at @Properties has the listing. See the pictures here.

Unit #304: 3 bedrooms, 2 baths, duplex up, no square footage listed

  • Sold in February 2005 for $515,000
  • Originally listed in September 2011 for $474,900
  • Reduced
  • Currently listed at $425,000
  • Assessments of $328 a month
  • Taxes of $7642
  • Central Air
  • Washer/Dryer in the  unit
  • Parking included
  • Bedroom #1: 15×12 (second floor)
  • Bedroom #2: 12×11 (main floor)
  • Bedroom #3: 8×10 (main floor)

Get 8 Bedrooms and Stained Glass For Under $850K in Uptown: 4527 N. Malden

This 8-bedroom “mini-mansion” at 4527 N. Malden in Uptown has been on the market for ten months.

Built in 1908 on an oversized 50×143 lot, it has most of its original architectural features intact including the original hardwood floors, stained glass windows, beamed ceilings, oakd and mahogany trim, pocket doors and a grand entry with an oak staircase.

The kitchen sports wood cabinets and white appliances.

5 of the bedrooms are on the second floor with the remaining three on the third floor.

There is also an unfinished basement.

The house has been reduced $140,000 since May of 2011.

What price will it take to get someone to take this on?

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

4527 N. Malden: 8 bedrooms, 4 baths, no square footage listed, 2 car garage

  • Looks like it was last sold in July 1998
  • Lis pendens foreclosure filed in March 2011
  • Originally listed in May 2011 for $985,000
  • Reduced
  • Currently listed for $845,000
  • Taxes of $5718
  • No central air
  • Bedroom #1: 15×15 (second floor)
  • Bedroom #2: 13×15 (second floor)
  • Bedroom #3: 15×11 (second floor)
  • Bedroom #4: 13×11 (second floor)
  • Bedroom #5: 13×11 (second floor)
  • Bedroom #6: 27×14 (third floor)
  • Bedroom #7: 16×14 (third floor)
  • Bedroom #8: 21×13 (third floor)

Get a Wicker Park 3-Bedroom For $3,000 Under the 2004 Price: 2026 W. Pierce

This 3-bedroom at 2026 W. Pierce in Wicker Park came on the market in February 2012.

In that time, the unit has been reduced $10,000.

It is now listed for $3,000 under the 2004 price at $409,000.

It is a second floor unit in an 8-unit building.

The unit has a south facing view, hardwood floors and California closets.

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

The unit has the amenities buyers look for including central air, washer/dryer in the unit and parking.

It is also just seconds from the Damen El stop and the shops and restaurants of both Bucktown and Wicker Park.

Is this property priced to sell?

Maryl Wilson at Realty Executives Service has the listing. See the pictures here.

Unit #6: 3 bedrooms, 2 baths, 1450 square feet

  • Sold in June 2001 for $349,000
  • Sold in April 2004 for $412,000
  • Sold in May 2007 for $465,000
  • Originally listed for $419,000
  • Reduced
  • Currently listed for $409,000
  • Assessments of $218 a month
  • Taxes of $5878
  • Central Air
  • Washer/Dryer in the unit
  • Looks like parking is included
  • Bedroom #1: 16×13
  • Bedroom #2: 12×10
  • Bedroom #3: 11×10

Looking for a 2/2 in Central Lincoln Park With All the Amenities? 917 W. Webster

This top floor 2-bedroom at 917 W. Webster in the middle of Lincoln Park has been on the market since January 2012.

It has a private entry with a skylight.

At 1300 square feet, the unit has the high ceilings characteristic of a vintage unit.

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

There is a south facing private patio, central air, washer/dryer in the unit and garage parking.

The unit has been reduced $20,000 to $429,000 since January.

Will this property be able to command over $400,000 in this location?

Scott Maesel at Sperry Van Ness has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 2 baths, 1300 square feet

  • Sold in March 1988 for $164,500
  • Sold in March 1992 for $181,000
  • Sold in April 1993 for $183,000
  • sold in March 1995 for $190,000
  • Sold in August 2003 for $359,000
  • Originally listed in January 2012 for $449,000
  • Reduced
  • Currently listed at $429,000 (parking included)
  • Asssessments of $175 a month
  • Taxes of $5964
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11
  • Bedroom #2: 9×8

 

After 5 Years, Has This “Boarded Up” 5-Bedroom House Finally Found a Buyer? 2030 W. Leland in Lincoln Square

This 5-bedroom new construction home at 2030 W. Leland in Lincoln Square was first listed for sale in April 2007.

It was on the market, and under contract at least once, until 2010 when it vanished without ever selling.

I took the picture in this post in August 2010 before it was boarded up. I just happened to be walking by one day and noticed a lockbox on the house, newspapers piling up on the front stoop, bushes that hadn’t been trimmed- all which led to my CribChatter senses tingling.  “Something” was going on with the property.

The house just came back on the market in the last few days as a short sale.

The listing says it’s sold “as is” and is “unfinished and boarded up.”

The boarded up windows didn’t stop someone from being interested, apparently, as it is already under contract.

The house was built on an oversized 37.5×120 lot and has a 2-car garage.

4 of the 5 bedrooms are on the second floor.

First listed for $1.789 million in 2007, it had been as low as $1.359 million before being withdrawn from the market in 2010.

What will this ultimately sell for?

Is someone buying for the land?

Kirby Pearson at Pearson Realty has the listing. See the listing here (no interior pictures).

2030 W. Leland: 5 bedrooms, 4.5 baths, 3500 square feet, 2 car garage

  • Sold in October 2005 for $590,000 (prior house)
  • Originally priced in April 2007 for $1.789 million
  • Reduced
  • Was listed “as-is” with a “motivated seller” in May 2009 for $1.399 million
  • Reduced in 2010 to $1.359 million
  • Withdrawn
  • Lis pendens foreclosure filed in May 2010
  • Currently re-listed as a “short sale” and “unfinished and boarded up” for $1.49 million
  • Under contract
  • Taxes of $7028
  • “Classically constructed”

Re-Selling a 2-Bedroom In The Silver 3 Years Later: 303 W. Ohio in River North

This 2-bedroom re-sale in The Silver, the newer construction tower at 303 W. Ohio in River North, just came on the market.

There haven’t been many resales in the building, which the listing now says is 100% sold.

Purchased 3 years ago for $399,500, it is currently listed for $400,000.

At 1080 square feet, it has southern exposure and a split floor plan.

There were some upgrades in the unit including 1.25 inch granite counter tops in the kitchen.

It has the standard new construction amenities including central air, washer/dryer in the unit and parking (which is included in the price.)

With other 2-bedrooms in nearby buildings now listed for under $300,000, how will these sellers make out?

Garry Nusinow at Sandcastle Management has the listing. See the pictures here.

Unit #1806: 2 bedrooms, 2 baths, 1080 square feet

  • Sold in July 2009 for $399,500 (parking included)
  • Currently listed for $400,000 (parking included)
  • Assessments of $441 a month (includes gas, doorman, cable)
  • Taxes of $5802
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×14
  • Bedroom #2: 11×11
  • Living room: 14×16
  • Kitchen: 8×10

 

Eddystone 3-Bedroom “Mansion in the Sky” Reduced to $699K: 421 W. Melrose in Lakeview

We’ve been following this 3-bedroom duplex up vintage gem in The Eddystone at 421 W. Melrose in Lakeview since 2008.

In that time, the price has been reduced $1,191,000 to $699,000.

We last chattered about it in August 2010 when it had been reduced to $999,000. See that chatter here.

Back in 2010, Laura chimed in that she didn’t think it would sell for over $700,000, especially with the high assessments.

If you recall, the unit has amazing vintage details from wood paneled walls, plaster ceilings, leaded and stained glass, and original moldings.

There is a limestone fireplace and paneled first floor study.

This is detail work usually found only in the most luxurious of properties.

You can see more details of the craftsmanship in a post from Craigslist here.

Remember, the kitchen was also recently added. It has maple cabinets, granite counter tops and stainless steel appliances.

This unit does not have central air and does not have parking (but that is available for lease next door for $200 a month.)

The unit DOES have an in-unit washer/dryer and pets are allowed.

Will this go back to the 1999 price?

This is a condo (not a co-op) so taxes are NOT included in the assessment.

Paul Gorney at Prudential Rubloff now has the listing. See the pictures here

Unit #14-15C: 3 bedrooms, 4 baths, no square footage listed (but craigslist ad says 4,000 square feet)

  • Sold in February 1999 for $450,000
  • Was listed in November 2008 for $1.89 million
  • Reduced
  • Withdrawn
  • Re-listed in July 2010 for $1.1 million
  • Reduced
  • Was listed in August 2010 at $999,000
  • Reduced
  • Currently listed at $699,000
  • Taxes of $12201
  • Assessments of $2,878 a month (includes heat, electric, gas, doorman, cable)
  • No central air- window units only
  • Parking is leased next door for $200 a month
  • Washer/Dryer now in the unit
  • Bedroom #1: 18×13 (second floor)
  • Bedroom #2: 16×11 (second floor)
  • Bedroom #3: 16×13 (main floor)
  • Library: 15×13 (second floor)
  • Laundry room: 5×5 (second floor)

Why Buy a Townhouse When You Can Get a 3-Bedroom Cottage Instead? 2225 W. Shakespeare in Bucktown

This 3-bedroom cottage at 2225 W. Shakespeare in Bucktown has been on the market since September 2011.

In that time it has been reduced $24,000 to $575,000.

Built in 1891 on a smaller than standard Chicago lot measuring 24×100, it has a new 2-car garage.

Two of the three bedrooms are on the second floor with the third on the main level.

The master suite is large and has skylights.

There is a partially finished basement with storage.

The listing says the kitchen is “new” and has stainless steel appliances.

The house has central air.

Is this house a good townhouse alternative?

Cindy Wilson at Koenig & Strey Real Living has the listing. See the pictures here.

2225 W. Shakespeare: 3 bedrooms, 2 baths, no square footage listed, 2 car garage

  • Sold in April 1988 for $74,000
  • Sold in October 1993 for $205,000
  • Originally listed in September 2011 for $599,000
  • Reduced
  • Currently listed at $575,000
  • Taxes of $7093
  • Central Air
  • Bedroom #1: 23×14 (second floor)
  • Bedroom #2: 12×9 (second floor)
  • Bedroom #3: 11×7 (main floor)
  • Partially finished basement