Looking for a 1-Bedroom Duplex Loft With a Patio? 1632 S. Indiana in the South Loop

1632 s indiana

This 1-bedroom corner duplex loft in the Bicycle Station Lofts at 1632 S. Indiana in the South Loop just came on the market.

It has 22-foot timber ceilings and exposed brick along with large industrial windows.

The bedroom is on the second level. There is also a 10×8 den on the first level that is currently being used as a bar.

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

It’s on the first floor of the building and has a large patio.

The full bathroom is on the second level with a half bath on the main floor.

The listing says the building is 100% owner occupied and there are no rentals allowed.

The loft has the other features buyers look for including central air, washer/dryer in the unit and outdoor gated parking.

If it sells at full asking price, it will see 28% appreciation over the last sale 4 years ago.

How hot are 1-bedroom lofts in this market?

Brian Felder at @Properties has the listing. See the pictures here.

You can also go to one of the open houses on Sunday, Jan 17 at 12 pm and on Sunday, Jan 24 also at 12 pm.

Unit #101: 1 bedroom, 1.5 baths, 1300 square feet

  • Sold in February 1998 for $172,000
  • Sold in January 2004 for $230,000
  • Sold in July 2009 for $262,000
  • Sold in October 2012 for $253,500
  • Currently listed for $324,900 (includes the parking)
  • Assessments of $407 a month (includes cable, internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $4076
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 15×14 (second level)
  • Den: 10×8 (main level)

 

No Down Payment? Just Need $100 to Buy This 1-Bedroom at 1525 S. Michigan in the South Loop

This 1-bedroom loft at 1525 S. Michigan in the South Loop just came on the market. (For some reason, I don’t think I have a picture of this building in my archives. Sorry.)

It is owned by HUD.

It has exposed brick and what looks like timber ceilings with diagonal hardwood floors.

The kitchen cabinets appear to be intact but the appliances are missing.

There isn’t a picture of the bathroom.

The unit is on the first floor and has a balcony as well as underground garage parking.

There appears to be central air and there should be washer/dryer hook-ups in the unit (if the old listing from 2008 is to be believed.)

Don’t worry if you don’t have any money for a down payment. According to the listing:

Choose FHA financing to qualify for $100 down payment.

With just $100 down, even though you have to buy some appliances, this would definitely be cheaper than renting in the neighborhood, right?

Will this go under contract this week?

Loose lending is back!

Anthony Trotto at Anthony Trotto Real Estate has the listing. See the pictures here.

Unit #104: 1 bedroom, 1 bath, 975 square feet

  • Sold in January 2004 for $219,000
  • Sold in April 2009 for $232,500 (included the parking)
  • Lis pendens foreclosure filed in December 2012
  • HUD owned in August 2015
  • Currently listed for $190,600 (includes the parking)
  • Assessments of $336 a month (includes cable, internet, exterior maintenance, scavenger and snow removal)
  • Taxes of $2557
  • Central Air ? (probably)
  • Washer/Dryer hook-ups (according to 2008 listing)
  • Fireplace
  • Bedroom: 11×13

72.9% Appreciation in 7 Years for this River North Penthouse Loft: 550 N. Kingsbury

550 n kingsbury

This 2-bedroom duplex penthouse loft at 550 N. Kingsbury in River North came on the market in December 2015.

It faces west which is the Chicago River view and has two private outdoor spaces, a balcony facing west on the first level and a private 12×8 rooftop deck on the second level.

The loft has authentic loft features including exposed brick walls and timber ceilings.

There’s a spiral staircase that leads to an office, or the listing says a third bedroom, that is on the second level which is the roof.

The listing says the kitchen has been “completely remodeled.” It has dark wood cabinets, stone counter tops and luxury stainless steel appliances.

There’s also a unique 2-level storage room measuring 23×17 across the hall.

It has washer/dryer in the unit, central air and 1 heated garage space is included.

This loft last sold in November 2008. It has come on the market 72.9% higher than the 2008 sale.

Will it get the premium?

Stephanie LoVerde at Baird & Warner has the listing. See the pictures here.

Unit #606: 2 bedrooms, 2 baths, 1910 square feet, duplex

  • Sold in December 1995 for $340,500 (included 2 parking spaces)
  • Sold in November 2008 for $535,000 (included 1 parking space)
  • Originally listed in December 2015 for $924,900
  • Currently still listed for $924,900 (includes 1 garage parking space)
  • Assessments of $715 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, and snow removal)
  • Taxes of $8809
  • Central Air
  • Washer/Dryer in the unit
  • Wood burning fireplace
  • Bedroom #1: 12×12 (main level)
  • Bedroom #2: 15×12 (main level)
  • Office: 16×12 (second level)
  • Private rooftop deck: 12×8
  • Storage room across the hall: 23×17

 

 

Will 2016’s Spring Market Be as Hot as Last Year? 3500 N. Lake Shore Drive in Lakeview

3500-n-lake-shore-drive-approved

This 2-bedroom vintage co-op in the Cornelia Apartments at 3500 N. Lake Shore Drive in East Lakeview just came on the market.

Built in 1926, at 17 stories, the Cornelia Apartments was designed with 2 and 3 bedroom floorplans, with most including at least one maid’s room.

There are 64 units. The building has no deeded parking, but there is rental parking available for $275 a month. Washer/dryers are allowed in the units.

This unit has south and west views.

It was renovated after its 2009 sale and now has an updated Snaidero kitchen with Viking, Miele and Subzero appliances.

It has the vintage features buyers look for including arched French doors, a fireplace, crown molding, a butler’s pantry, a gallery foyer and new wood floors.

The maid’s room has been opened up to the kitchen and now functions as a family room.

This unit also has space pak cooling.

If this unit looks familiar to some of you, that’s because it last sold just 9 months ago, in April 2015.

It was on the market just 16 days before going under contract in the hot 2015 spring market.

Will it have the same luck with a quick sale in 2016?

Sophia Worden at Berkshire Hathaway KoenigRubloff has the listing. See the current pictures here.

Unit #4A: 2 bedrooms, 2.5 baths, 2500 square feet

  • Sold in June 2009 for $270,000 (per Redfin)
  • Originally listed in March 2015 for $629,000– under contract in 16 days
  • Sold in April 2015 for $615,000 (per Redfin)
  • Currently listed for $699,000
  • Assessments of $1669 a month (includes heat, water, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $4116 (looks like they are separate from the assessment even though it’s a co-op)
  • No parking- rental for $275 a month
  • Space pak cooling
  • Washer/dryer in the unit
  • Fireplace
  • Bedroom #1: 18×13
  • Bedroom #2: 13×18
  • Family room: 11×11
  • Dining room: 15×18
  • Gallery: 19×7

Are Foreclosures Even Deals? A 2-Bedroom at 3900 N. Pine Grove in Lakeview

3900 n pine grove

This 2-bedroom in the Coronado at 3900 N. Pine Grove in Lakeview just came on the market.

The building was converted into condos at the height of the condo boom in 2005-2006 so there has been a lot of distressed units.

This property is a Fannie Mae Home Path property. It has been in distress since 2011.

This is a southwest corner unit with hardwood floors and crown molding.

The kitchen looks intact with dark wood cabinets, granite counter tops and stainless steel appliances, although the refrigerator is missing.

The bathrooms also appear to be intact with granite/stone counter tops.

It has wall air conditioning units and an outdoor parking space.

We last chattered about this building in 2012 and that unit had in-unit washer/dryer so I think there are hook-ups.

Even though it is now a Fannie Mae property, it has come on the market at $5500 more than the 2005 purchase price.

Is this even a deal for this location in Lakeview?

Elizabeth Dudeck at Liz Dudeck & Associates has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 2005 for $266,500
  • Lis pendens foreclosure filed in July 2011
  • Fannie Mae owned in October 2014
  • Listed for $272,000 (includes outdoor parking)
  • Assessments of $655 a month (includes security, water, exterior maintenance, scavenger)
  • Taxes of $2655
  • No central air- wall units only
  • In-unit washer/dryer hook-ups (???- maybe)
  • Bedroom #1: 14×12
  • Bedroom #2: 12×10
  • Living room: 22×13
  • Kitchen: 10×8

 

Walk to Wrigley Field for under $370,000: A 2/2 at 1130 W. Cornelia in Lakeview

1130 w cornelia

This 2-bedroom duplex at 1130 W. Cornelia in Lakeview came on the market in July 2015.

While not a traditional loft, it has loft-like features including two story ceilings in the living room and a second floor loft open to the lower level.

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

There’s a massive skylight on the second level which lets in natural light to the loft and the second floor bedroom.

The other bedroom is on the main level but does not appear to have any windows.

This unit has central air, washer/dryer in the unit and gated parking.

It is just blocks from Wrigley Field and near the shops and restaurants of Southport.

Originally listed last July, it has been reduced $20,001 to $369,999.

Given the price of rents in the neighborhood, why isn’t this selling?

Andrew Ogorzaly at Exit Strategy has the listing. See the pictures here.

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

  • Sold in July 1992 for $196,000
  • Sold in June 1998 for $240,000
  • Sold in January 2001 for $315,000
  • Sold in June 2004 for $390,000
  • Originally listed in July 2015 for $390,000
  • Reduced
  • Currently listed at $369,999 (includes outdoor parking)
  • Assessments of $283 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4696
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×13 (second level)
  • Bedroom #2: 14×9 (main level)
  • Loft: 16×12 (second level)

New Year, Same Properties: A “Great Investment” Still Available at 2510 N. Wayne in Lincoln Park

2510 n wayne

This 1-bedroom top floor loft in the Wheelworks Lofts at 2510 N. Wayne in Lincoln Park came on the market in April 2015.

We last chattered about it in September 2015 as a possible “great investment” because the building has no rental cap and it’s not far from DePaul.

You can see that chatter here.

If you recall, the Wheelworks is a former Schwinn factory.

This loft has authentic loft features with exposed brick and 16-foot timber ceilings with a skylight.

This is apparently 2-units that have been combined into one larger unit so it is a rare 1-bedroom with 2 bathrooms.

It also has 2 wood-burning fireplaces.

The kitchen has white cabinets and some appliances are stainless steel.

It has central air, washer/dryer in the unit and deeded, gated secured parking which is included in the price.

Since September it has been reduced another $4,000 to $295,900.

Why isn’t this selling when it could easily be rented out?

Why aren’t investors biting?

Thomas Youngblood at @Properties still has the listing. See the pictures here.

Unit #305: 1 bedroom, 2 bath, 1100 square feet

  • Sold in January 1994 for $217,500
  • Bank owned in October 1998
  • Sold in November 1998 for $175,000
  • Sold in June 2005 for $275,500 (included the parking)
  • Originally listed in April 2015 for $324,900
  • Reduced
  • Was listed in September 2015 at $299,900 (included the parking)
  • Reduced
  • Currently listed at $295,900 (includes the parking)
  • Assessments are now $383 a month (they were $324 a month in September 2015)- includes water, snow removal, exterior maintenance, scavenger
  • Taxes are now $3353 (they were $3622 in September 2015)
  • Central Air
  • Washer/dryer in the unit
  • 2 wood burning fireplaces
  • Bedroom: 13×13

The Biggest Story of 2016: Will Inventory Finally Move Higher?

Lincoln Park Zoo holiday lions 2014

It’s been several years of low inventory in Chicago across all spectrums of properties including single family homes, townhouses and condos.

The result has been bidding wars and rising home prices along with really low market times.

In the last few months of 2015, however, inventory slowly crept up and bidding wars have receded.

From Redfin’s Market Tracker:

The supply of homes for sale was up 3.3 percent year over year and the city had a 6.5-month supply of properties for sale, Chicago’s highest since 2012 and a sign that buyers are starting to gain an advantage.

Buyers have more choice and are more cautious, but sellers haven’t yet gotten the message. They’re pricing their homes too high, which might have contributed to slowing sales last month. Despite a dip in sale prices, asking prices rose nearly 10 percent to $250,000. The typical home sold in 25 days.

Every neighborhood is different, however. In Logan Square, the average home sold in just 9 days in November versus the 40 days it took in Streeterville.

And in some neighborhoods, single family homes are selling within hours whereas condos will sit.

But a rise in inventory would bring some relief to buyers from bidding wars and price increases.

The last couple of months could have just been a temporary slowdown. The real test will be in about 6 weeks when the spring buying season begins.

With prices back to record highs in many neighborhoods, will homeowners finally be looking to move in 2016?

 

Second Biggest Story of 2016: Will the Rental Market Remain Red Hot?

Crib Chatter doesn’t cover much of what is going on in the rental market, but you’d have to be dead not to notice apartment rental tower after apartment rental tower going up all over the GreenZone.

In 2015, developers were on track to deliver a record 3100 new apartments downtown.

But they aren’t stopping there.

They are scheduled to deliver at least 3500 more in 2016 and 4500 in 2017.

Apartment rental prices at the “top” luxury buildings have hit record highs.

From Crain’s:

The average effective rent at top-tier, or Class A, buildings in downtown Chicago rose to $2.82 per square foot in the quarter, up 6.0 percent from a year earlier, according to a report from Appraisal Research Counselors. But the Class A occupancy rate slipped to 93.7 percent from 94.2 percent in third-quarter 2014.

With the downtown apartment boom stretching into its sixth year, these are the best of times for landlords, who are still filling up their buildings even as they keep jacking up rents. The average Class A apartment now rents for 36 percent more than it did at the bottom in 2009.

Appraisal Research, however, estimates that downtown apartment absorption rates are about 2500 units a year. Doing the math, that implies an excess inventory in the next few years of several thousand apartments.

A lot of individual properties have also gone rental, including condos, townhouses and even single family homes.

This 1-bedroom Dearborn Park II 3-story townhouse at 1214 S. Federal in the South Loop recently came on the market as a rental after just selling in October.

It is listed at $2199 a month.

1242 s federal dearborn II entrance

It appears that the kitchen has been renovated with new cabinets and granite counter tops and that there is a new bathroom vanity.

You can see the pictures of the townhouse rental here.

Here was the townhouse when it was listed for sale earlier this year.

1214 S. Federal #H: 1 bedroom, 1.5 baths, 1200 square feet, 1-car garage

  • Sold in October 1995 for $135,500
  • Originally listed in July 2015 for $315,000
  • Sold in October 2015 for $298,000
  • Now listed as a rental for $2199 a month
  • Assessments of $275 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $4598
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 14×21 (third floor)

Will the expected big increase in inventory in the luxury rental high rises impact pricing in all of the other rentals down the chain?

Or will the rental market stay hot enough to keep prices elevated even for the smaller landlords?

 

Third Biggest Story of 2016: The Luxury New Construction Boom – Will It Continue?

Developers are finally building mid-rise and high-rise condo buildings in Chicago again but nearly all of the new builds have been in the luxury price points.

No.9 Walton in the Gold Coast is a good example of the type of new construction that dominated 2015. It will have just 66 units with the average size at 4,000 square feet. These are clearly meant to be family homes in the sky for the rich.

They start around $2 million.

But the luxury new construction isn’t limited to River North, Streeterville and the Gold Coast.

Webster Square, a 95-unit new construction high rise near the intersection of Webster and Lincoln at 540 W. Webster in Lincoln Park, will begin deliveries in 2016.

540 w webster

This is the largest new construction building in Lincoln Park since 2520 N. Lakeview which is right on the Park and has lake views.

You can get a 1 bedroom, 1.5 bath unit with 927 square feet on the second floor at Webster Square for $459,000 but price points escalate quickly from there.

Check out the development’s website here.

In 2015, the developers showed no interest in building anything but luxury. The price points for the big River South developments aren’t yet known, however. Perhaps those will be more “affordable.”

Is this just the way the city is going?

Will there ever be affordable new construction again in the GreenZone?