Market Conditions: Will State Budget and CPS Chaos Impact the Green Zone Housing Market?

Roscoe Village kiosk 2015

This is one of the hottest housing markets that Chicago has ever seen…in the Green Zone.

The entire city isn’t as hot as it was in 2005-2007, but in certain Green Zone neighborhoods, the price is well past peak with multiple offers, bidding wars, buying sight unseen and other nonsense association with super hot housing markets.

In many of the listings in certain neighborhoods you would see the mention of the school such as “it’s in the highly desirable Nettlehorst school district” or “it’s in Blaine” or “it’s an affordable option in Bell.”

But now, some of the teachers and principals are fleeing CPS and heading to the suburbs.

According to the Chicago Tribune, Lake View high school principal Scott Grens is going to Lincolnwood:

The School Board announced Thursday that Lake View High School principal Scott Grens would be the new principal of Rutledge Hall for the 2016-17 school year.

Rutledge Hall is an elementary school serving about 400 students in grades 3 through 5.

And nearby Lane Tech principal Kathryn Anderson, who had been principal for less than a year, is going to Deerfield. From DNA Info:

“It is with a heavy heart that I am writing to inform you that I have accepted a new position outside of the district, as the principal at Deerfield High School effective July 1, 2016,” Anderson said.

“While I look forward to the opportunities that await me, I will never forget my experiences at Lane that have shaped my educational outlook,” she said.

According to the job posting for the Deerfield postion, the principal’s job paid “in the range of $165,000 plus an excellent comprehensive benefits package.” According to CPS data, her salary at Lane Tech was $134,511 plus benefits as of March of 2016.

Lane Tech is one of the largest high schools in the state.

Over the past 15 years, home buyers in the Green Zone have been sold the idea that CPS was turning around and that families didn’t need to move to the suburbs for the schools anymore.

It’s not a surprise that home prices in both Bell and Blaine are now among the highest in the city as that’s where Blaine and Bell, highly touted neighborhood elementary schools, are located.

Is that narrative about to change?

Could it be the state budget problems, and not the Fed or a recession, that cools off the Green Zone housing market?

In 1891, When This 3-Bedroom Victorian Was Built, the El Wasn’t There: 2138 W. Caton in Bucktown

2138 w caton #1

This 3-bedroom Victorian, complete with a turret, at 2138 W. Caton in Bucktown came on the market in February 2016.

Built in 1891, on an extra wide 50×100 lot, it is a vintage lover’s dream with nearly all of its vintage features preserved including:

  • leaded glass windows
  • plaster walls
  • medallions
  • cove moldings
  • a grand carved staircase
  • ornate oak leaf woodwork
  • a pier mirror

And 3 fireplaces, which are gas.

There are two bedrooms on the second floor with the third in the renovated attic, along with a playroom and a full bath.

The kitchen has blue or green cabinets (I can’t tell which from the pictures) and commercial grade stainless steel appliances.

The house also has a lower level recreation room.

It has a 2-car garage and central air.

Caton is an unusual street as it is a landmarked block filled with mansions.

When those houses were built, the El wasn’t yet a reality.

Now, the blue line runs just behind the property. They don’t try to hide it in the pictures. You can see it in my picture of the house from the side.

2138 w caton #2

Originally listed for $1.495 million, it has been reduced $300,000 to $1.195 million.

Is this a deal for a vintage 4700 square foot mansion in a hot neighborhood even with the El nearby?

Jennifer Ames at Coldwell Banker has the listing. See the pictures here.

2138 W. Caton: 3 bedrooms, 4.5 baths, 4700 square feet, 2 car garage

  • Sold in August 1994 for $479,000 (per Zillow)
  • Originally listed in February 2016 for $1.495 million
  • Reduced
  • Currently listed at $1.195 million
  • Taxes of $10,636
  • Central Air
  • 2 car garage
  • 3 fireplaces
  • Bedroom #1: 12×14 (second floor)
  • Bedroom #2: 12×11 (second floor)
  • Bedroom #3: 13×33 (third level)
  • Playroom: 15×20 (third level)
  • Recreation room: 17×24 (lower level)

 

Live in the Wicker Park Historic District in an Italianate Mansion: 1356 N. Hoyne

1356 n hoyne

This 5-bedroom Italianate mansion in the Wicker Park Historic District at 1356 N. Hoyne in Wicker Park came on the market in March 2016.

Built in 1888, the 6,000 square foot house is on an oversized lot of 44×150 and has a 3-car garage.

4 of the 5 bedrooms are on the second floor, including the master bedroom.

It has a lower level family room which is at grade level because of the stairs leading up to the front door. The lower level, in addition to a family room, has a mud room, a full bar and a guest room with bath.

There’s also a third floor recreation room which leads to a rooftop deck.

The kitchen has custom cabinets with Subzero, Viking and Bosch appliances.

The house has been updated with all of the current amenities including central air, an outdoor irrigation system, and skylights.

Originally listed for $2.7 million in March, it has been reduced $200,000 to $2.5 million.

It’s amazing how the Wicker Park neighborhood has been transformed in the last 20 years.

This house sold in 1997 for just $240,000.

Who’s the buyer for this type of home in this neighborhood?

Beth Gomez at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

1356 N. Hoyne: 5 bedrooms, 4.5 baths, 6000 square feet

  • Sold in July 1997 for $240,000
  • Sold in June 2004 for $675,000
  • Sold in September 2007 for $2.234 million
  • Originally listed in March 2016 for $2.7 million
  • Reduced
  • Currently listed at $2.5 million
  • Taxes of $18,088
  • Central Air
  • Gas fireplace
  • Rooftop deck
  • 3-car garage
  • Bedroom #1: 23×19 (second floor)
  • Bedroom #2: 14×12 (second floor)
  • Bedroom #3: 14×11 (second floor)
  • Bedroom #4: 13×11 (second floor)
  • Bedroom #5: 12×12 (third floor)
  • Recreation room: 29×16 (third floor)
  • Family room: 22×21 (lower level)

A 37% Price Reduction on a Benjamin Marshall 2/2 at 1200 N. Lake Shore Drive in the Gold Coast

1200 n lake shore drive

This 2-bedroom at 1200 N. Lake Shore Drive in the Gold Coast originally came on the market in October 2015.

This Benjamin Marshall building was constructed in 1912 and has just 34 units.

This unit has direct lake views and has the curved wall of windows in the living room.

It has dark hardwood floors and crown molding along with tall ceilings.

The kitchen has new cabinets, quartz counter tops and stainless steel appliances.

It also has the large bedrooms that were common in units from this era.

It doesn’t have in-unit washer/dryer although it is allowed by the building. It also doesn’t have central air.

There’s no parking with the building but rental is available next door at 1212 N. Lake Shore drive for $375 a month.

Originally listed for $1,199,900 in October 2015, it has been reduced 37% and is now listed at just $755,000.

Is it a deal at this price?

Billie Diamond at @Properties has the listing. See the pictures here.

Unit #701: 2 bedrooms, 2 baths, 1754 square feet

  • I couldn’t find a prior sales price
  • Originally listed in October 2015 for $1,199,900
  • Reduced several times
  • Currently listed for $755,000
  • Assessments of $1762 a month (includes heat, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $9510
  • Parking available next door for $375 a month
  • No in-unit washer/dryer
  • No central air- window units
  • Bedroom #1: 22×12
  • Bedroom #2: 18×11

Vintage 2-Bedroom in Lincoln Park Finds Another Bathroom: 2034 N. Seminary

2034 n seminary

This top floor vintage 2-bedroom at 2034 N. Seminary in Lincoln Park just came on the market.

Some of you may recognize it because we chattered about it in August 2011 and again June 2012 when it still hadn’t sold.

You can see our June 2012 chatter here.

The building was built in 1891 and the unit has much of its original features including 11 foot ceilings, woodwork, built-in bookcases, a fireplace in the living room and stained glass windows.

The kitchen is the same as in 2011/2012 with light wood cabinets, a Subzero refrigerator and a “commercial grade” stove.

If you recall, this was a 3 bedroom, 1 bath unit which was turned into a 2 bedroom unit because the third bedroom became a 9×9 walk-in closet.

In 2012, many of you complained about paying nearly $400,000 for a 2/1 and that they should have used some of the space from the master bedroom closet on another bathroom.

While the current owners didn’t do that, they DID add another bathroom elsewhere in the unit- in what was formerly the laundry room/storage room off the kitchen.

So this unit is now a 2/2 with 1400 square feet, including the 9×9 master bedroom closet, and garage parking.

However, it still doesn’t have central air.

After being on the market for over a year in 2011 and 2012, it finally sold for $385,000.

But that was at the bottom of the market and times have now changed.

This unit has come back on the market, with its new full bath, priced $130,000 higher, at $515,000.

It’s still just a few blocks from the shops and restaurants on Armitage as well as the Armitage brown line El stop.

Will it get the premium this time around?

Ryan Gehris at US Realty.com has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1400 square feet

  • Sold in August 1999 for $308,000
  • Sold in December 2004 for $425,500
  • Originally listed in February 2011 for $435,000
  • Reduced in July 2011
  • Was listed in August 2011 at $409,000
  • Withdrawn in October 2011
  • Was listed in June 2012 for $399,000
  • Sold in August 2012 for $385,000
  • Currently listed for $515,000
  • Assessments are now $147 a month (they were $139 a month in July 2012)
  • Taxes now $5578 (they were $3159 in July 2012)
  • No central air (window units only)
  • Washer/Dryer in the unit
  • Private garage parking included
  • Bedroom #1: 16×14
  • Bedroom #2: 13×10
  • Walk-in closet: 9×9 (was bedroom #3?)
  • New second bathroom

Looking for that Starter East Lakeview 1-Bedroom With Parking? 434 W. Aldine

434-w-aldine-approved

This 1-bedroom at 434 W. Aldine in East Lakeview just came on the market.

At 1000 square feet, it’s bigger than your average one bedroom.

It has south facing windows, hardwood floors and some of its vintage features including built-in bookcases and a fireplace.

The kitchen has white cabinets, “new” stainless steel appliances, and a tile backsplash.

There’s no washer/dryer in the unit or central air, but there is a rare, for this location, deeded private garage space.

At $279,900 and with low mortgage rates, is this a better deal than renting?

Ali Gursoy at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2F: 1 bedroom, 1 bath, 1000 square feet

  • Sold in February 1997 for $160,000
  • Sold in September 1998 for $169,000
  • Sold in November 2000 for $196,000
  • Sold in October 2003 for $233,000
  • Listed at $279,900 (includes private garage parking)
  • Assessments of $332 a month (includes heat, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4361
  • No central air- but there are window units
  • No in-unit washer/dryer but there’s a laundry room in the building
  • Bedroom: 14×14
  • Living room: 26×13

 

Can You Afford Wicker Park? A 2/2 for $579,000 at 1741 W. Division

1741 w division

This 2-bedroom at 1741 W. Division in Wicker Park just came on the market.

Built in 2006, the building has 3 units and what looks to be outdoor parking.

This unit has 1640 square feet with a 650 square foot private deck off the back.

The kitchen is “contemporary” with dark cabinets, stone counter tops and stainless steel appliances.

Both bathrooms have similar contemporary finishes with dark cabinetry.

It has central air and washer/dryer in the unit.

It is also in a prime Wicker Park/West Town location, just a few blocks from the Division Blue Line stop and surrounded by coffee shops and restaurants.

Listed at $579,000, Division Street is certainly no longer an “up and coming” area.

Who can afford Wicker Park now?

And will it change the dynamics of the neighborhood?

Carly Stein at d’aprile properties has the listing. See the pictures here.

Unit #201: 2 bedrooms, 2 baths, 1640 square feet

  • Sold in February 2008 for $466,000
  • Currently listed for $579,000
  • Assessments of $100 a month (includes water and scavenger)- just a 3 unit building
  • Taxes of $5876
  • Central Air
  • Washer/Dryer in the unit
  • Looks like it has an outdoor parking space
  • 650 square foot private deck
  • Bedroom #1: 16×11
  • Bedroom #2: 12×10

The 5000 Square Foot Loft Penthouse: 8 W. Monroe in the Loop

8 w monroe

This 4-bedroom 2-story penthouse at 8 W. Monroe in the Loop came on the market in May 2016.

It appears to be a loft on the main level, with high ceilings.

The building is a former office building that was converted during the housing boom last decade.

It has north, south and east facing views.

There are two kitchens, including a kitchenette on the second level (don’t be confused by the pictures and think “that’s the kitchen???” when you see the smaller one.)

The smaller kitchen has maple cabinets and stainless steel appliances.

The larger, main kitchen has dark cabinets and stainless steel appliances.

There’s a balcony and a large private terrace with city and lake views.

The unit has central air, a laundry room with side-by-side washer/dryer and 1-car parking.

The listing says it’s 5000 square feet and can be customized.

It sold in 2010 for $777,500 and is now listed for $2.55 million.

Will it get the premium for a location that isn’t on Grant Park or Millennium Park?

Anne Fan at Jameson Sotheby’s has the listing. See the pictures here.

Unit #2100: 4 bedrooms, 2.5 baths, duplex, 5000 square feet

  • Sold in July 2010 for $777,500
  • Currently listed for $2.55 million (includes 1-car garage parking)
  • Assessments of $2277 a month (includes heat, a/c, gas, doorman, exercise room, exterior maintenance and scavenger)
  • Taxes of $14199
  • Central Air
  • Side-by-side washer/dryer
  • Bedroom #1: 20×21 (second floor)
  • Bedroom #2: 11×15 (main floor)
  • Bedroom #3: 11×15 (main floor)
  • Bedroom #4: 11×15 (main floor)
  • Family room: 33×21 (second floor)

 

Get a 2/2 in a Classic Beaux Arts Building at 3314 N. Lake Shore Drive for Under $200K

3314 n lake shore drive approved

This 2-bedroom in 3314 N. Lake Shore Drive in Lakeview has been on and off the market since 2013.

It most recently came back on the market in February of this year.

If you’re a fan of Parisian architecture, this is the building for you.

Built in 1916, it was the first shoreline high rise apartment building constructed north of North Avenue.

It was, of course, meant for the rich.

According to “Chicago Apartments: A Century of Lakefront Luxury” when it opened, each floor contained a single unit 18-room, 5 bath apartment that rented for about $10,000 a year. Residents included all the ritzy families of Chicago at the time, including those with the names of Spiegel, Ward, Peacock and Goldblatt.

Over the years, the units were reconfigured and when the building was sold to a new owner in 1951 for under $400,000 it contained 49 apartments. Since then, units have been reconfigured so that there are now 29.

The building was converted to condominiums in 1983.

This unit, however, is not one of those that looks out over Lake Shore Drive.

On the second floor, it doesn’t have the vintage features of the building.

It does, however, have a rare small terrace.

The kitchen has granite counter tops, stainless steel appliances and the white cabinets with wood trim that were once popular.

This unit has features buyers look for including central air and washer/dryer in the unit.

There’s no parking but it is available in the neighborhood for between $150 and $250 a month.

This unit has recently been reduced to $199,000.

Given the exploding rents in the neighborhood, is this a deal?

Brad Lippitz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2D: 2 bedrooms, 2 baths, 1315 square feet

  • Sold in June 1989 for $140,500
  • Sold in March 2000 for $165,000
  • Was listed in 2013, 2014 and 2015
  • Re-listed in February 2016 for $219,000
  • Reduced
  • Currently listed at $199,000
  • Assessments of $1202 a month (includes heat, a/c, cable, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $5795
  • Central Air
  • Washer/Dryer in the unit
  • No parking- but available in the neighborhood for $150 to $250 a month
  • Bedroom #1: 16×15
  • Bedroom #2: 13×11

11 Months on the Market for this Manhattan Building 3-Bedroom: 431 S. Dearborn in the Loop

431 s dearborn

This 3-bedroom in the Manhattan Building at 431 S. Dearborn in the Loop came on the market in June 2015.

The Manhattan Building was built in 1891. It was converted to condos in the late 1990s. It’s a doorman building.

This unit is 1 of only 4 top floor units.

It has south and west views.

It has a split floor plan with hardwood floors in the living room and one of the bedrooms. There is carpet in the other two bedrooms.

The kitchen has white appliances and what look like maple cabinets.

It has the features buyers look for including central air and washer/dryer in the unit. There’s no parking with the building, but in this location, would you need a car?

The blue, red, brown and orange line stops are within a few blocks.

It even has a wood burning fireplace, which is rare for a high rise.

Since June, this has been reduced $24,900 to $325,000 yet it still can’t find a buyer.

Why isn’t this selling?

Is it a deal for the square footage?

Steven Paige at Re/Max has the listing. See the pictures here.

Unit #1602: 3 bedrooms, 2 baths, 1600 square feet

  • Sold in September 1997 for $224,500
  • Sold in September 1999 for $289,000
  • Originally listed in June 2015 for $349,900
  • Reduced
  • Currently listed at $325,000
  • Assessments of $846 a month (includes doorman, exterior maintenance, scavenger, snow removal)
  • Taxes of $3922
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 16×14
  • Bedroom #2: 16×12
  • Bedroom #3: 12×12