Get a 2-Bedroom Loft in Lakeview for Under $300,000: 3150 N. Sheffield

3150 n sheffield

This 2-bedroom loft in the Vic Lofts at 3150 N. Sheffield in Lakeview just came on the market.

The Vic Lofts were converted into condos in 2005.

It has exposed concrete ceilings and ductwork with hardwood floors throughout.

The kitchen has wood cabinets, glass tile backsplash, granite counter tops and black appliances.

Both bedrooms have windows, which can be rare in lofts.

The loft has central air, but no washer/dryer in the unit. The building has a laundry room.

There also isn’t deeded parking but there’s rental parking in the garage next door. But with the Belmont El stop just steps away, who needs a car?

Listed at $285,000, is this a deal for Lakeview?

Veronica Miklusicak at @Properties has the listing. See the pictures here.

Unit #509: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in October 2005 for $235,000
  • Sold in March 2006 for $279,000 (remember when people would buy pre-construction and flip the unit after they closed it for more?)
  • Sold in October 2009 for $255,000
  • Sold it for November 2012 for $235,000
  • Currently listed for $285,000
  • Assessments of $314 a month (includes exterior maintenance and scavenger)
  • Taxes of $3050
  • Central Air
  • No washer/dryer in the unit- but laundry room in the building
  • No deeded parking- rental parking in the garage next door available
  • Bedroom #1: 13×8
  • Bedroom #2: 10×8

Did the Price of this Silver Tower 3-Bedroom Double in 6 Years? 303 W. Ohio in River North

303 w ohio approved

This 3-bedroom duplex in the Silver Tower at 303 W. Ohio in River North just came on the market.

It is on the 12th floor which has some unique features for the building including 13 foot ceilings on the main level of this unit and a 900 square foot lighted and covered terrace with a 30 foot high ceiling and city views.

The outdoor furniture, Weber grill and outdoor television are included in the sale.

There’s also a deeded storage corridor on that level.

The main floor of this unit includes the living/dining room and kitchen along with 2 of the 3 bedrooms.

The master bedroom is on the second floor.

The unit has a smart home upgraded thermostat and Bluetooth lighting system.

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

There’s central air, washer/dryer in the unit and 2 side-by-side deeded parking spaces are available for $70,000.

If you include the parking, this unit is listed for $1,469,999 which is more than double the 2010 purchase price of $720,500, which did include the parking.

It’s also listed for $654,999 more than the 2014 sale- which was just 19 months ago- and also included both parking spaces.

Is a doubling of prices in 6 years the new reality facing buyers in River North?

Will the sellers get the premium?

Weston Harding at X PWS Real Estate has the listing. See the pictures here.

Unit #1201: 3 bedrooms, 2.5 baths, 1800 square feet, duplex

  • Sold in January 2010 for $720,500 (included 2 parking spaces)
  • Sold in July 2014 for $815,000 (included 2 parking spaces)
  • Currently listed for $1,399,999 (2 parking spaces are $70,000 extra) = $1,469,999
  • Assessments of $927 a month (includes doorman, cable, exercise room, lawn care, scavenger, snow removal)
  • Taxes of $8890
  • Central Air
  • Washer/Dryer in the unit
  • Outdoor furniture, Weber grill and outdoor television included in sale
  • Bedroom #1: 13×16 (second floor)
  • Bedroom #2: 12×10 (main level)
  • Bedroom #3: 9×9 (main level)
  • Covered terrace: 22×23

 

 

A New Record High Price for a 2/2 in Crilly Court? 1708 N. Wells in Old Town

1708 n wells

This 2-bedroom in Crilly Court at 1708 N. Wells in Old Town just came on the market.

We’ve chattered about this complex many times since it was converted from apartments into condos right at the peak of the boom in 2007.

Built in 1866, it has two fireplaces, crown molding and a deck off the back of the unit that overlooks the courtyard.

The units sold quickly originally and prices have never looked back as not only has the complex held its value, but it has gone up in price even during the dark times of 2011-2012.

The collection of buildings is right in the heart of Old Town, near restaurants, shops, transportation and Second City.

This 2-bedroom with den has come on the market after a full kitchen renovation.

The original kitchen was the old dark wood cabinets with dark granite counter tops. The unit now has white custom cabinets and a big kitchen island with Carrera counter tops.

There’s a built-in Leibherr refrigerator, a BlueStar range, a Bosch dishwasher and Restoration Hardware finishes.

The unit has a custom in-ceiling speaker system throughout and new lighting in each room.

If you recall, there are only 8 parking spots in the courtyard and those sold originally with the larger 3-bedroom units.

So this unit doesn’t have parking. It is leased in the neighborhood.

It does have the other features buyers look for, however, including central air and washer/dryer in the unit.

The unit is listed at $615,000 or $104,000 more than the 2013 sales price. This would be a new record sales price for a 2/2 unit on the Wells Street side of this complex.

Will it get the premium?

Phyllis Hall at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2 baths, 1520 square feet

  • Sold in July 2007 for $461,000
  • Sold in March 2013 for $511,000
  • Currently listed for $615,000 (with a new kitchen)
  • Assessments of $442 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $8214
  • Central Air
  • Washer/Dryer in the unit
  • No parking- it’s leased in the neighborhood
  • Bedroom #1: 12×17
  • Bedroom #2: 11×13
  • Family room: 10×15

 

South Loop Loft Sells for $15,100 Over List Price in 4 Days: 1439 S. Michigan

1439 s michigan

This 2-bedroom penthouse loft in Trevi Square at 1439 S. Michigan in the South Loop came on the market on March 3, 2016.

It was a duplex corner unit with 17 foot ceilings and walls of exposed brick and concrete ceilings.

The kitchen had white cabinets, granite counter tops and stainless steel appliances.

The master bedroom was on the second floor while the second bedroom was on the main level.

It had the features buyers look for including central air, washer/dryer in the unit and heated garage parking which was $30,000 extra but had to sell with the unit (most likely because it’s not deeded separately in the public records.)

Listed at $349,900 plus $30,000 for the parking, this loft was under contract in just 4 days.

It just closed, including the parking, for $15,100 over the list price at $395,000.

Are you ready to bid over the asking price to get the property you want this spring?

Jacqueline Colando at Redfin had the listing. You can still see the pictures of the loft here.

Unit #612: 2 bedrooms, 2 baths, 1300 square feet, duplex up

  • Sold in February 1998 for $188,000
  • Sold in May 2007 for $375,500
  • Originally listed on March 3, 2016 for $349,900 plus $30,000 for the parking = $379,900
  • Under contract on March 7, 2016
  • Sold on April 20, 2016 for $395,000 (included the parking)
  • Assessments of $464 a month (includes cable, internet, exterior maintenance, scavenger, and snow removal)
  • Taxes of $4292
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×12 (second floor)
  • Bedroom #2: 11×9 (main floor)

 

Chicago Market Conditions: March Sales Decrease 3.4% as Tight Inventory Squeezes Buyers

Lincoln Park spring flowers April 2012

The March sales numbers are out. While the market remains hot, inventory is still tight. Many are blaming the tight inventory on the year over year decline in sales.

From the Illinois Association of Realtors:

The city of Chicago saw a 3.4 percent year-over-year home sales decrease in March 2016 with 2,099 sales, down from 2,173 in March 2015. The median price of a home in the city of Chicago in March 2016 was $268,500, up 3.3 percent compared to March 2015 when it was $260,000.

Historic data courtesy of G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500
2014 1,875 $235,000
2015 2,173 $260,000
2016 2.099 $268,500

“Consumers this spring will be challenged to find just the right property from a diminished pool of homes to choose from,” said Illinois REALTORS® President Mike Drews, GRI, broker-associate with Charles B. Doss Co. in Aurora. “Based on increasing median prices and average days on market, it’s clear if they do find the home of their dreams they are going to have to move quickly and be prepared in some instances to pay more in the face of heightened competition.”

The time it took to sell a home in March averaged 77 days, down from 85 days a year ago. Available housing inventory totaled 58,613 homes for sale, a 12.3 percent decline from March 2015 when there were 66,852 homes on the market.

Average 30-year mortgage rates were similar to a year ago at 3.70% down from just 3.76% in March 2015.

Inventories remain near record lows in some parts of the City of Chicago and for certain product, i.e. single family homes in certain neighborhoods or 3-bedrooms in others.

“Intense buyer interest during the first months of the year further reduced the already low number of properties which were on the market,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oakbrook-based Inland Real Estate Group of Companies, Inc. “With more properties coming on the market as consumers embrace the spring selling season, we should see inventories better able to meet significant buyer demand. Homes are selling faster than they were last year, so consumers need to act quickly if they are interested in buying.”

Will low inventories strangle this booming market?

Or will sellers finally start to list later this spring as prices hit new highs in many neighborhoods?

Illinois home prices climb 4.3 percent in March; sales increase 1.9 percent [Illinois Association of Realtors, Press Release, April 20, 2016]

Are First Time Buyers Priced Out of the West Loop? A 2-Bedroom Penthouse at 910 W. Madison

910 w madison

This 2-bedroom top floor unit at 910 W. Madison in the West Loop came on the market in March 2016.

This building was constructed in 2003 when loft-living was at its peak, especially in this neighborhood.

This unit, therefore, has higher ceilings and exposed air ducts.

The main living areas face south with the bedrooms facing north.

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

There’s a south facing terrace that runs the length of the unit.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

Including the parking, this 1378 square foot 2-bedroom will cost you $625,000.

Are first time buyers priced out of the West Loop now?

Edwin Diaz at Baird & Warner has the listing. See the pictures here.

Unit #1001E: 2 bedrooms, 2 baths, 1378 square feet

  • Sold in January 2003 for $441,000 (included the parking)
  • Originally listed in March 2016 for $625,000
  • Reduced (???)
  • Currently listed for $590,000 (plus $35,000 for parking) = $625,000
  • Assessments of $652 a month (includes exterior maintenance, scavenger and snow removal)
  • Taxes of $6718
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 10×17
  • Bedroom #2: 10×11

Love Brick and Timber Lofts? A 3-Bedroom at 1040 W. Adams in the West Loop

1040 w adams

This 3-bedroom loft at 1040 W. Adams in the West Loop recently came on the market.

This building has 266 units. It was converted in into lofts in 2006 and takes up nearly an entire city block.

This loft is a southeast corner unit with exposed brick walls and timber ceilings.

It has two balconies.

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

The bedrooms have the preferred loft design of enclosed walls with doors, including the third bedroom which the listing says has “a window and a door and is smaller than the other bedrooms.”

The loft has the features that buyers want including central air, washer/dryer in the unit and deeded indoor parking.

This loft is listed for $174,900 more than the 2006 purchase price at $599,900.

Is $600,000 the new price point for 1300 square feet in the hot West Loop?

Mariam Harpur at @Properties has the listing. See the pictures here.

Unit #301: 3 bedrooms, 2.5 baths, 1300 square feet

  • Sold in March 2006 for $425,000
  • Currently listed for $599,900 (includes garage parking)
  • Assessments of $752 a month (includes doorman, exercise room including yoga room, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4746
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×16
  • Bedroom #2: 14×12
  • Bedroom #3: 7×10
  • Living room: 19×19

 

From Price Cuts in 2009 to $500,000 2/2s in 2016 at 659 W. Randolph in the West Loop

659 w randolph

This 2-bedroom at R+D 659 at 659 W. Randolph in the  West Loop just came on the market.

If you recall, this building completed construction in 2008 and therefore got caught in the grip of the Great Recession.

It was one of several new construction buildings that had to slash prices in order to sell units.

Here is a sample of some of the 2009 the reductions:

01 Tier: 2 bedrooms, 2 baths, 1147 square feet, Northeast facing

  • Old Price: $459,000-$492,000
  • New Price: $341,000-$367,000
  • Parking included
  • Assessments of $430 a month

Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, North facing

  • Old Price: $409,000-$421,000
  • New Price: $293,000-$301,000
  • Parking included
  • Assesments of $370 a month

Tier 18: 1 bedroom, 1 bath, 840 square feet, South facing

  • Old Price: $342,000-$369,000
  • New Price: $254,000-$260,000
  • Parking Included
  • Assessments of $317 a month

Tier 20: 2 bedrooms, 2 baths, 1200 square feet, Southeast facing

  • Old Price: $482,000-$500,000
  • New Price: $357,000-$372,000
  • Parking Included
  • Assessments of $450 a month

Tier 11: 1 bedroom, 1 bath, 654 square feet, West facing

  • Old Price: $273,000-$276,000
  • New Price: $192,000-$194,000
  • No Parking with these units- wait list for a spot
  • Assessments of $244 a month

You can see our chatter on the price cuts here.

The unit that just came on the market is #620, a Southeast facing 2/2.

It has a split floor plan with exposed concrete ceilings.

The kitchen has modern cabinets, a tile backsplash, granite counter tops and stainless steel appliances.

The master bathroom is marble.

It has central air, washer/dryer in the unit and parking is available for $35,000.

If you buy the unit with the parking, it is asking $500,000.

As you can see from the prices above, as this is a 20 tier, that is equivalent to the old bubble pricing in this building.

Is the West Loop really that hot?

Tim Zielonka at Redfin has the listing. See the pictures here.

Unit #620: 2 bedrooms, 2 baths, no square footage listed

  • I couldn’t find a prior sales price. It looks like it was bought in 2011 along with a bunch of other units by a corporate entity
  • Currently asking $465,000 plus $35,000 for parking
  • Assessments of $657 a month (includes heat, gas, cable, exercise room, exterior maintenance)
  • Taxes of $4498
  • The unit is currently leased through June 2016
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 14×11
  • Bedroom #2: 11×10

Vintage With Views of the Lake for just $72 a Square Foot: 5555 S. Everett in Hyde Park

5555 s everett

This 1-bedroom in the Jackson Towers at 5555 S. Everett in Hyde Park has been on and off the market since May 2014.

Built in either 1924 or 1926 (the listings are all over the place with the date), it was designed by Walter W. Ahlschlager who also designed the Sheridan Plaza Hotel and the Uptown Broadway Building.

There are 72 units on 19 floors. Some of the units are quite grand with duplexes and simplexes.

This is one of the smaller units but it has views of the Lake and the Museum of Science and Industry.

At 1165 square feet, it has a dining room and the spacious room sizes you would expect from a vintage unit.

The listing says it has updated plumbing and electrical.

There’s no central air, only window units. And there’s no washer/dryer in the unit.

There’s also no parking with the building but according to this 2014 Chicago Magazine article about the building, there is a nearby lot that many park at which costs $200 a month.

Also according to Chicago Magazine, most of the major building renovations were completed a couple of years ago so there are no big special assessments coming.

This unit has been reduced to just $85,000, or $72 per square foot.

Is this a deal, even with the $988 a month assessment?

Pamela Tuggle at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit B8: 1 bedroom, 1 bath, 1165 square feet

  • Sold in April 1988 for $47,000
  • Originally listed in May 2014
  • Has been under contract
  • Was listed in June 2015 for $99,500
  • Reduced
  • Currently listed for $85,000
  • Assessments of $988 a month (includes heat, doorman, exterior maintenance, scavenger and snow removal)
  • Taxes of $2540
  • No central air- just window units
  • No in-unit washer/dryer
  • No parking – nearby lot is available for around $200 a month
  • Bedroom #1: 15×12
  • Living room: 18×14
  • Dining room: 14×16

This Crown Molding Beats Yours: A 4-Bedroom at 3400 N. Lake Shore Drive in Lakeview

3400 n lake shore drive

This 4-bedroom at 3400 N. Lake Shore Drive in Lakeview just came on the market.

Built in 1922, this unit still has the amazing original mahogany millwork and paneling in the living room and library.

It also appears to stretch into the 23×10 foyer.

They just don’t build them like this anymore. There aren’t the craftsmen who can do it.

The apartment has a carved mantle in the living room and 2 fireplaces in total, both with gas starters.

It just so happens we chattered about this unit the last time it was on the market in January 2009.

See our chatter here.

It did not sell in 2009.

The millwork is as beautiful now as it was then.

These are the pictures from the PRIOR listing.

3400-n-lake-shore-_8ef-livingroom-approved

3400-n-lake-shore-_8ef-den-approved

Check out the intricate plaster ceiling in the dining room.

3400-n-lake-shore-_8ef-diningroom-approved

The listing says the master bathroom has been renovated.

It has the other features buyers of THIS era look for, including central air, washer/dryer in the unit and garage parking.

At 4,000 square feet, it is as big as most single family homes in the GreenZone.

Yes, the assessment is $2760 a month, but there are only 46 units in the building.

At $2 million, is this a bargain compared to all the new construction high rise units out there?

Meredith Manni at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #8EF: 4 bedrooms, 4 baths, 4000 square feet

  • Sold in September 2000 for $852,500
  • Sold in April 2002 for $1.05 million
  • Sold in June 2005 for $1.425 million
  • Was listed in January 2009 for $2.25 million
  • Withdrawn
  • Currently listed for $2 million
  • Assessments now $2760 a month (it was $2300 a month in January 2009)- includes heat and air conditioning
  • Taxes now $18,500 (they were $18,000 in January 2009)
  • Parking included
  • Central Air
  • 2 Fireplaces
  • Bedroom #1: 21×15
  • Bedroom #2: 15×14
  • Bedroom #3: 14×22
  • Bedroom #4: 13×13
  • Foyer: 23×10