Bought in 2013 and Selling in 2014: A 2-Bedroom at 1130 W. Cornelia in Lakeview

1130 w cornelia

This 2-bedroom townhouse at 1130 W. Cornelia in Lakeview just came on the market.

But if the interior pictures look familiar, that’s because this property was on the market last year and the pictures with the current listing are the same as the pictures which were used last year.

It has an open layout with a 2-story living room and lofted den.

Both bedrooms are on the second floor.

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

It has the finishes buyers look for including central air and parking.

In spring 2013 it was listed at $350,000, when the market was red hot.

It sold for $15,000 OVER ask at $365,000.

This year, the townhouse has come back on the market at $20,000 higher, at $385,000.

Will it get the appreciation over last year’s sale?

Jesse McGrath at @Properties has the listing. See the pictures here (which are the same as the 2013 listing.)

Unit #J: 2 bedrooms, 2 baths, 1800 square feet

  • Sold in April 1989 for $171,500
  • Sold in April 1992 for $195,000
  • Sold in January 1995 for $225,000
  • Sold in September 2011 for $225,000
  • Originally listed in April 2013 for $350,000
  • Sold in June 2013 for $365,000
  • Currently listed for $385,000 (parking included)
  • Assessments of $247 a month
  • Taxes of $3979
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×12 (second floor)
  • Bedroom #2: 13×9 (second floor)
  • Loft: 10×10 (second floor)

 

Should You Rent or Should You Buy? A 1-Bedroom at 6 N. Michigan in the Loop

6 n michigan

This corner 1-bedroom at 6 North Michigan on Millennium Park in the Loop came on the market in May 2014.

It is one of the rare 1-bedrooms in the building that has a direct east-facing Millennium Park and lake view.

The 950-square foot unit has luxury finishes including a stainless steel Betazzoni stove, a Liebherr refrigerator, a Bosch dishwasher and quartz counter tops.

It has the features buyers look for including central air and washer/dryer in the unit but there is no parking included.

The listing says parking is available for purchase in the building.

Originally listed in May 2014 for $525,000, this unit has been reduced by $50,000 to $475,000.

OR you can also rent it.

It came on the market in October 2014 for $2700 a month and was recently reduced $100 to $2600.

Does it make more sense to buy it or rent it?

Patrick Ryan at Related Realty has the listing. See the pictures here.

Unit #901: 1 bedroom, 1 bath, 950 square feet

  • Sold in September 2009 for $489,000
  • Originally listed in May 2014 for $525,000
  • Reduced several times
  • Currently listed at $475,000
  • Assessments of $537 a month (includes heat, a/c, gas, doorman and cable)
  • Taxes of $699 (building has a historic tax freeze)
  • OR you can rent it
  • Available to rent in October 2014 for $2700 a month
  • Reduced
  • Currently available for $2600 a month
  • No parking (available to buy in the building)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11

Remember This Vintage Gold Coast Mansion? 1500 N. Dearborn Parkway

1500 n dearborn parkway

This 5-bedroom Gold Coast mansion at 1500 N. Dearborn Parkway came on the market in October 2014.

But if it looks familiar, that’s because it is.

We have chattered about it twice before- in April 2010 and July 2011.

The house was built in 1880 and is on a corner lot measuring 33×150.

It comes with a coach house and a 3-car garage with a bricked courtyard between the house and the coach house.

The home has a lot of its original features including crown molding, beamed ceilings and original moldings and doors as well as three fireplaces.

Back in 2010, the house was listed as “priced to sell” and that they would “entertain all offers.”

Additionally, in 2010 and 2011, the main house had light wood floors and the original woodwork was all in its original wood condition.

You can see what it looked like in the pictures in our July 2011 chatter here.

Since 2011, all of the original woodwork looks like it has been painted white and the floors have been stained a darker color (which is “in” right now.)

The walls also have been painted gray.

Otherwise, the kitchen is the same as it was in 2011 with maple cabinets and granite counter tops.

The house has come back on the market at the same price as in July 2011, at $3.95 million.

Obviously, the market is much improved, especially at this price point.

Normally, we don’t talk much about the interiors but when you paint all of the crown molding on a 1880’s house, it sticks out.

Will painting all of the original woodwork and staining the floors get the sale done?

Louise Study at Baird & Warner now has the listing. See the current pictures here.

1500 N. Dearborn Parkway: 5 bedrooms, 4 baths, 8000 square feet (includes the coach house. The house is 6290 square feet)

  • Sold in December 2005 for $4.466 million
  • Originally listed in July 2009
  • Was listed in April 2010 for $5.495 million
  • Reduced
  • Was listed in July 2011 at $3.95 million
  • Withdrawn
  • Re-listed in October 2014 at $3.95 million
  • Currently still $3.95 million
  • Taxes are now $34475 (they were $34569 in July 2014)
  • Central Air
  • Coach house
  • Bedroom #1: 21×16 (second floor)
  • Bedroom #2: 17×14 (second floor)
  • Bedroom #3: 15×14 (second floor)
  • Bedroom #4: 21×10 (third floor)
  • Bedroom #5: 12×12 (second floor- which I believe is the coach house)
  • The listing says you can see the floor plan on the website, but I couldn’t find it.

Modern Interior Behind a Classic Facade Returns: 1224 N. Dearborn Parkway in the Gold Coast

1224 n dearborn #2

This 2-bedroom in this vintage building at 1224 N. Dearborn Parkway in the Gold Coast came on the market in September 2014.

If it looks familiar, it’s because we last chattered about it back in July 2010. See that chatter here.

The unit never sold.

It has returned to the market with the same finishes and interior.

The building was built in 1900 and has 13 units. There is no parking, but it’s available for rent in the neighborhood.

For being in a vintage building, the unit has a distinctly modern interior.

The listing says it is architect designed.

The kitchen is unique with a massive island with Italian marble counter tops and Miele and Bosch appliances hidden behind sliding doors.

The bathrooms also sport the modern design with Duravit and Hansgrohe fittings.

There are ten foot ceilings.

The unit faces east, overlooking the parkway.

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

The listing says the unit is in the Ogden Elementary and Lincoln Park High School districts.

Will the improved 2014 housing market be the charm for this property?

Peter Angelo at Jameson Sotheby’s has the listing again. See the pictures here.

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

  • Sold in April 1997 for $190,500
  • Sold in October 2007 for $390,000
  • Was listed in July 2010 for $549,000
  • Withdrawn
  • Was listed in September 2014 for $475,000
  • Reduced
  • Currently listed at $459,000
  • Assessments now are $336 a month (they were $305 a month in July 2014)- it includes snow removal
  • Taxes are now $3994 (they were $3441 in July 2014)
  • Central Air
  • In-unit washer/dryer
  • No parking – available for rent in the neighborhood
  • Bedroom #1: 14×12
  • Bedroom #2: 13×8
  • Living room: 20×14
  • Kitchen: 14×11

Remember the Vetro? A 2-Bedroom at 611 S. Wells in the South Loop

611 s wells

This 2-bedroom in the Vetro at 611 S. Wells in the South Loop came on the market in April 2014.

The Vetro is a 232-unit building built at the height of the housing boom.

It was a big story in 2009 as the developer used both auctions and price cuts to finally sell out the building.

See the full story in our 2009 chatter here.

This unit has south, east and west views from floor-to-ceiling windows.

It has concrete ceilings and maple laminate floors.

There is a galley kitchen with dark cabinets, granite counter tops and stainless steel appliances.

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

Originally listed for $465,000 in April 2014 it has been reduced $30,000 to $435,000.

That’s still $79,000 above the 2009 purchase price.

Are the buyers who bought in the dark times in the Vetro in 2009 having the last laugh?

Saul Zenkevicius at Goodwill Realty Group has the listing. See the pictures here.

Unit #907: 2 bedrooms, 2.5 baths, 1555 square feet

  • Sold in June 2009 for $356,000 (included the parking)
  • Originally listed in April 2014 for $465,000
  • Reduced
  • Currently listed at $435,000 (parking included)
  • Assessments of $578 a month (includes gas, doorman, cable)
  • Taxes of $5272
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×20
  • Bedroom #2: 10×13
  • Living room: 16×21
  • Dining room: 10×15
  • Kitchen: 9×9
  • Laundry: 7×3

 

Market Conditions: October Sales Fall 8.6% in Chicago YOY While Median Price Rose Again

2733 n hampden

The October sales numbers are out. As expected, sales fell year over year as the Chicago housing market took a break.

The city of Chicago saw an 8.6 percent year-over-year decrease in home sales in October 2014 with 2,082 sales, down from 2,279 in October 2013. The median price rose to $237,500 versus $218,000 in October 2013, an annual increase of 8.9 percent.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

  • 1997 1,731 $129,900
  • 1998 1,855 $138,000
  • 1999 1,978 $159,500
  • 2000 2,106 $174,710
  • 2001 2,177 $200,000
  • 2002 2,503 $215,000
  • 2003 2,996 $236,000
  • 2004 2,651 $241,000
  • 2005 2,846 $268,500
  • 2006 2,630 $278,000
  • 2007 2,007 $285,000
  • 2008 1,564 $261,000
  • 2009 2,068 $215,000
  • 2010 1,225 $183,000
  • 2011 1,324 $162,000 (44% short/REO sales)
  • 2012 2,009 $175,000
  • 2013: 2,231 $218,500
  • 2014: 2,082 $237,500

“Heading into the holiday season, what many see as an off-peak time for the housing market actually offers many incentives for buyers and sellers. Buyers who purchase a home now still have time to deduct home purchase costs on their taxes to reap benefits,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Median home prices continue to be strong, and sales times are swift. Less competition from other buyers also is a great motivator to put your home on the market now.”

“The housing market appears to be pausing in its positive sales growth trends, not unusual for this time of the year,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “Prices continue to improve and the forecasts suggest growth in the next three months.  Recent declines in the reduction in the foreclosure housing inventory suggest that we may have to wait until 2016 at the earliest for a return to pre-bubble levels.”

The average 30-year mortgage was 4.03 in the month, down from 4.2% last year.

Will this unseasonably cold November have an impact on home sales in the next few months?

Or do Chicago buyers not care about the weather?

Illinois home sales see slight gain in October; Statewide home prices increase 6.0 percent annually [Illinois Association of Realtors, Press Release, November 20, 2014]

Remember The Quince? A 2-Bedroom at 565 W. Quincy in the West Loop

565 w quincy approved

This west facing 2-bedroom in The Quince at 565 W. Quincy in the West Loop recently came on the market.

Do they still call it “The Quince”?

That was the original name of this building when it was built by Belgravia at the tail end of the housing boom in 2008-2009.

The building has 241 units, with some original loft-like units in the base of the building, and an indoor parking garage.

It also has some unique amenities including a movie theater and a bowling alley for residents.

This unit has a split floor plan with floor to ceiling windows.

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

It has the finishes that buyers look for including central air, washer/dryer and parking, which is included.

Back during the housing boom, this building was originally marketed to first time home buyers.

Who is the targeted buyer now?

Molly Marino at Baird & Warner has the listing. See the pictures here.

Unit #1007: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in June 2009 for $415,500
  • Currently listed at $379,000 (parking included)
  • Assessments of $419 a month
  • Taxes of $5417
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×13
  • Bedroom #2: 14×10

Vintage Grandeur With a Lofted Library in East Lakeview: A 3-Bedroom at 3020 N. Sheridan

3020-n-sheridan

This top floor 3-bedroom at 3020 N. Sheridan Road in East Lakeview just came on the market.

Built in 1902, the building has 9-units and is just a block from the lake shore bike baths.

This unit has many of its original features, including crown molding and built-ins.

There is a unique two-story living room with a spiral staircase leading to a library with built-in bookcases.

The living room also has a wood-burning fireplace.

The dining room has original wood covered walls and a box beamed ceiling along with stained glass windows.

There is a “gourmet kitchen” with maple cabinets and black granite counter tops.

The unit has north, east and west exposures and a large west facing deck.

While there is central air and a washer/dryer in the unit, there’s no parking with this building. It’s available for rent in the neighborhood.

The listing says it is 2800 square feet.

Listed for $679,900, is this a deal for that square footage?

Phil Staffa at Genesis Residential has the listing. See the pictures here.

Unit #4N: 3 bedrooms, 2.5 baths, 2800 square feet

  • Sold in August 1992 for $205,000
  • Sold in July 2008 for $590,000
  • Currently listed for $679,900
  • Assessments of $417 a month
  • Taxes of $8267
  • Central Air
  • Washer/Dryer in the unit
  • No parking- rental available nearby
  • Wood burning fireplace
  • Bedroom #1: 13×15
  • Bedroom #2: 11×15
  • Bedroom #3: 11×13
  • Lofted library: 10×12

 

Buying in the Hot Near North Side: A 3/2 at 1322 N. Clybourn

1322 n clybourn approved

This 3-bedroom at 1322 N. Clybourn on the Near North Side came on the market in October 2014.

We’ve chattered about this 6-unit building before. See that 2011 chatter here.

Built in 2008, just before the housing bust, it was a Leed-certified building with bamboo floors and other eco-friendly finishes.

Although, the current listing doesn’t mention it’s Leed-certified (maybe it isn’t anymore?).

It has a “gourmet kitchen” with luxury appliances by Miele, Bosch and Fisher Paykel along with a granite island.

There are stone baths.

The unit has the features buyers look for including central air, washer/dryer in the unit and attached garage parking (for $20,000 extra.)

This area has seen a lot of development in recent years.

The Target has opened and further north, the New City development which will include a movie theater, supermarket, apartment high rise and shops/restaurants is being built.

Is it time to buy into this hot neighborhood?

Jenny Fultz at Jin’s Group Corporation has the listing. See the pictures here.

Unit #3S: 3 bedrooms, 2 baths, 1800 square feet

  • Sold in March 2008 for $589,000 (included the parking)
  • Currently listed for $539,000 (parking is $20,000)
  • Assessments of $448 a month
  • Taxes of $6800
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×12
  • Bedroom #2: 13×11
  • Bedroom #3: 12×11

 

This 2-Bedroom Lakeview Duplex Has Been Reduced $40K: 2859 N. Southport

2959 n southport

This 2-bedroom corner duplex at 2859 N. Southport in Lakeview came on the market in August 2014.

The complex was converted into condos in the early 1990s and has 4 units.

This unit has its own private entrance on Southport.

It also has 12 foot ceilings and a 600 square foot private deck.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances and is open to the first floor living area. There’s also a powder room on that floor.

The second floor has the two bedrooms and two full baths.

There is an attached garage which is included.

It originally came on the market in August for $539,900 but has now been reduced to $499,500.

The $400,000 to $500,000 market had been hot in 2013 and the first half of 2014.

Has that price point cooled off?

Mario Greco at KoenigRubloff has the listing. See the pictures here.

Unit #A: 2 bedrooms, 2.5 baths, 1700 square feet, duplex

  • Sold in September 1994 for $250,000
  • Sold in January 1998 for $270,000
  • Sold in May 2007 for $478,000
  • Originally listed in August 2014 for $539,900
  • Reduced several times
  • Currently listed for $499,500 (parking included)
  • Assessments of $202 a month
  • Taxes of $6810
  • Central Air
  • Bedroom #1: 15×13
  • Bedroom #2: 13×10