Fully Renovated Duplex Up Asking 43% More Than 2015: 600 N. Kingsbury in River North

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This 3-bedroom duplex up at 600 N. Kingsbury in River North just came on the market.

It was on the market last year and sold in September.

But it has now been “fully renovated” with a new kitchen with Italian cabinetry, Italian quartz counter tops, Subzero and Wolf appliances and a wine refrigerator.

There are walnut hardwood floors and Porcelanosa tile throughout.

The bathrooms have also been renovated. The master bathroom has a walk-in rain shower and floating dual vanities.

There are 20 foot floor-to-ceiling windows with river views.

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

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

Last October, this unit was on the market as a rental listed for $4800 a month (not sure it was “renovated” then.)

It was reduced to $4475 by January 2016 before it was withdrawn from the market.

The unit has come on the market for sale for 43% more than the September 2015 sales price of $585,000 (which included the parking.)

Buyers love “new.”

Will this seller get the premium?

Nick Hira at @properties has the listing. See the pictures here.

Unit #309: 3 bedrooms, 2.5 baths, 2000 square feet, duplex up

  • Sold in August 2002 for $623,000 (parking included)
  • Sold in March 2006 for $580,000 (parking included)
  • Sold in September 2015 for $585,000 (parking included)
  • Currently listed for $995,000 (parking is $35,000 extra)
  • Assessments of $1029 a month (includes heat, a/c, gas, doorman, cable, exercise facilities, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $10116
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 26×14 (second floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 12×11 (main floor)

 

Market Conditions: Is the Luxury Apartment Market About to Bust?

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The building above is The Aurelien at 833 N. Clark in the Gold Coast. (Who thinks up these building names???)

It is expected to begin leasing in 2017.

We’ve chattered about the luxury apartment market off and on over the last several years on Crib Chatter.

Thousands of new apartments have been built since the housing bust and developers aren’t stopping.

In 2016, a record 3830 apartments are expected to begin leasing in downtown Chicago. Remember, “downtown” doesn’t even include those that are built in Lakeview, Wicker Park etc.

From Crain’s:

Landlords are starting to feel the impact of an historic building boom that is adding thousands of apartments to the downtown market. While rents are holding steady so far, the occupancy rate for high-end buildings fell in the third quarter to its lowest level in nearly seven years, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.

The occupancy rate at Class A buildings fell to 92.2 percent in the quarter, down from 94.8 percent in the second quarter and 93.7 percent in third-quarter 2015, according to the report. The Class A occupancy rate, which does not include buildings in their lease-up phase, hasn’t been that low since late 2009.

Rental incentives are common place now with 1 to 2 months free being the most common deal.

New high-rises are creating a challenge for existing buildings nearby because the developers that built them are more willing to offer free rent just to fill them up. In some cases, developers are giving new tenants two months of free rent if they sign an 18-month lease.

That’s hard to match, said developer Tony Rossi, chairman of RMK Management. A 332-unit tower near Millennium Park that Rossi completed in 2014 is facing tough competition from Marquee at Block 37, a 690-unit tower that recently opened about two blocks away, and Mila, a new 402-unit building that’s offering two months of free rent.

“When someone across the street is offering two months free, at these rent levels that’s four or five thousand dollars,” Rossi said. “If they’re doing two months’ free rent, you might be able to get away with one. You’re going to have to give something.”

Rossi’s building at 73 E. Lake was 85.8 percent occupied at the end of the third quarter, down from 92.8 percent in the second and 90.1 percent a year earlier, according to the Appraisal Research report. The building’s net rent fell to $3.20 per square foot, down 4.8 percent from a year earlier.

2017 is expected to be another record year with 4500 units completed. All of those are already under construction so they will be coming to market.

But another 4200 units are “planned” for 2018. This includes buildings like the second tower at Wolf Point that is expected to have around 700 units.

Foundation equipment has also arrived south of Grant Park for the 76-story Rafael Vinoly building which will have 792 units. Construction has also started at the Riverline project in the South Loop which will be thousands of units unto itself when completed.

With occupancy rates falling, is the luxury apartment boom finally coming to an end?

Also- is a golden period for renters coming in 2017 and 2018?

For downtown apartment landlords, tough times ahead [Crain’s Chicago Business, Alby Gallun, November 14, 2016]

5000 Sq Ft on the “Best Block” in the Gold Coast: 1246 N. State Parkway

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This 6-bedroom vintage row house at 1246 N. State Parkway in the Gold Coast came on the market in April 2016.

Built in 1875, it still has some of its vintage features intact including original moldings and built-ins along with 12 foot ceilings.

It also has 4 fireplaces.

But this row house also has modern features including central air and a coach house with a 2-car garage.

It has 5100 square feet with east and west exposures along with a mudroom and a butler’s pantry.

Two bedrooms, including the master, are on the third floor, with 4 bedrooms on the top level.

The eat-in kitchen has granite counter tops and luxury stainless steel appliances along with an island.

The listing says this is the “best block in the neighborhood.” It’s just a block away from the restaurants and stores in the Rush Street corridor yet surrounded by historic properties.

Originally listed for $3.25 million, it has been reduced $255,000 to $2.995 million.

Why isn’t this property selling?

Lissa Weinstein at Coldwell Banker has the listing. See the pictures here.

1246 N. State Parkway: 6 bedrooms, 4.5 baths, 5100 square feet, 2 car garage

  • Sold in September 1996 for $1 million (according to Zillow. The CCRD was “down” yesterday.)
  • Originally listed in April 2016 for $3.25 million
  • Reduced
  • Currently listed for $2.995 million
  • Taxes of $28,641
  • Central Air
  • Coach house
  • Back patio
  • 4 fireplaces
  • Bedroom #1: 15×17 (third floor)
  • Bedroom #2: 13×15 (third floor)
  • Bedroom #3: 13×17 (fourth floor)
  • Bedroom #4: 12×9 (fourth floor)
  • Bedroom #5: 8×13 (fourth floor)
  • Bedroom #6: 7×13 (fourth floor)
  • Library: 13×20 (second floor)
  • Laundry room: 13×18 (basement)

The Most Unusual Place for a Shower Ever? 15 E. Division in the Gold Coast

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This 3-bedroom duplex down in The Kirkwood at 15 E. Division in the Gold Coast came on the market in August 2016.

This is a 6-unit building with outdoor parking behind it.

It has tall ceilings and hardwood floors on the main floor along with 2 of the 3 bedrooms.

The kitchen has white cabinets along with some open shelving, granite and butcher block counter tops, and stainless steel appliances.

This unit has 2 fireplaces and exposed brick in the basement.

The third bedroom is also in the basement, along with a family room and a full bath which appears to be open to the bedroom.

The shower in the bathroom looks like it has 3 glass walls and a 4th wall that is open to the rest of the bathroom but also seems to be in the middle of the bedroom.

Is this the most unusual place you’ve ever seen a shower?

This unit has central air, washer/dryer in the unit and an outdoor parking space behind the building.

It was under contract in September but came back on the market and is still available at $699,000.

The listing says this unit is 2400 square feet.

Is this a good townhouse alternative?

Pamela Rueve at Coldwell Banker has the listing. See the pictures here.

Unit #1W: 3 bedrooms, 3 baths, 2400 square feet, duplex down

  • Sold in April 1998 for $272,500
  • Sold in September 2002 for $589,000
  • Sold in June 2012 for $535,000
  • Sold in July 2014 for $650,000
  • Originally listed in August 2016 for $699,000
  • Under contract in September
  • Re-listed
  • Currently listed at $699,000
  • Assessments of $589 a month (includes exterior maintenance and scavenger)
  • Taxes of $11,910
  • Central Air
  • Washer/Dryer in the unit
  • Outdoor parking
  • Bedroom #1: 19×21 (main level)
  • Bedroom #2: 13×11 (main level)
  • Bedroom #3: 13×11 (lower level)
  • Family room: 29×22 (lower level)

 

Get a 3-Bedroom With Vintage Charm in Blaine for under $420,000: 4055 N. Greenview

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This 3-bedroom at 4055 N. Greenview in Graceland West in Lakeview came on the market in August 2016.

This is a vintage 6-flat building across from Lake View High School. This unit is on the second floor.

It has some of its vintage features including a bay window, hardwood floors, moldings and transom windows.

The listing says it is “designer owned.”

There is a master suite with its own bathroom.

The kitchen has wood cabinets and stainless steel appliances. There is a bonus television area off the kitchen.

This unit has garage parking, washer/dryer in the unit and “partial” air conditioning.

The listing says this property is in the Blaine school district, one of the top public schools in the city.

Originally listed in August 2016 for $460,000, it has been reduced $41,000 to $419,000.

Is this a good starter condo in this neighborhood?

Marlene Granacki at Re/Max Exclusive Properties has the listing. See the pictures here.

Unit #2S: 3 bedrooms, 2 baths, 1330 square feet

  • Sold in March 1996 for $160,500
  • Sold in September 1999 for $264,500
  • Sold in August 2004 for $358,000
  • Originally listed in August 2016 for $460,000
  • Reduced
  • Currently listed for $419,000 (includes garage parking)
  • Assessments of $365 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $5286
  • Partial air???
  • Bedroom #1: 16×13
  • Bedroom #2: 10×10
  • Bedroom #3: 10×9
  • Walk-in closet: 10×6

 

Is This Bank Owned Potter Palmer Row House a Deal?: 42 E Schiller in the Gold Coast

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This 2-bedroom vintage row house at 42 E Schiller in the Gold Coast came on the market in October 2016.

It is bank owned.

Built in 1885, the listing says it’s a “Potter Palmer” row house.

Potter Palmer was one of Chicago’s most prominent businessmen. He was involved in the creation of Marshall Fields and built the Palmer House Hotel.  In 1885, he moved from the glitzy Prairie Street neighborhood to the North Side, where he apparently filled in a swamp and created Lake Shore Drive.

He had one of the most opulent houses in the “new” neighborhood which encouraged other wealthy families to move north.

These row houses on Schiller would have been among the early homes built in the Gold Coast.

This row house is fee simple.

While it is vintage on the outside, it no longer has any of its vintage features inside. It actually has a modern interior.

The kitchen is intact with stainless steel appliances, white cabinets and marble counter tops.

Two bedrooms are on the second floor and the listing says there’s a third in the basement but it is listed as only a 2-bedroom row house.

There are three baths, including a master bathroom.

The row house has 3 fireplaces. It’s not clear from the listing if they are wood burning or not.

There are three outdoor spaces including a rooftop deck and a back patio.

It has central air but no parking.

This property has come on the market for $363,000 under the 2001 purchase price, at $1,212,000.

Is this a Gold Coast deal?

Scott Newman at Newman Realty has the listing. See the pictures here.

42 E. Schiller: 2 bedrooms, 3 baths, 2997 square feet, row house

  • Sold in December 1994 for $760,000
  • Sold in May 2001 for $1,575,000
  • Lis pendens foreclosure filed in January 2010
  • Bank owned in July 2016
  • Originally listed in October 2016 for $1,212,000
  • Currently still listed at $1,212,000
  • No HOA- fee simple
  • Taxes of $30692
  • Central Air
  • No parking
  • 3 fireplaces
  • Bedroom #1: 19×16 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 14×19 (basement)
  • Family room: 19×16 (second floor)
  • Laundry Room: 18×12 (lower level)

 

Get a South Loop Duplex 3-Bedroom Penthouse for Under $800,000: 125 E. 13th

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This 3-bedroom duplex penthouse at the 13th Street Lofts at 125 E. 13th Street in the South Loop came on the market in October 2016.

Built in 2004, the building has 149 units.

These were considered new construction lofts because they have exposed concrete ceilings and exposed ductwork along with 3/4th walls in some bedrooms.

This unit has hardwood floors and a dry bar with a wine refrigerator.

The listing says there’s a “chef’s kitchen” with double oven and 1.25″ granite counter tops and stainless steel appliances.

2 of the bedrooms are on the second floor along with the laundry room. The third bedroom is on the main level and doesn’t appear to have windows.

There’s a private 25×10 north facing terrace with gas and water hook-ups.

This unit has central air and one parking space is included, with a second one available for purchase.

I can’t figure out where the stairs are in this unit (even when looking at the 2012 pictures) so if anyone has any ideas, please chatter about it.

With 2000 square feet, which his similar to many townhouses, is the $775,000 price tag a deal for this neighborhood?

Judy Howard at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #1405: 3 bedrooms, 2 baths, 2000 square feet, duplex-up

  • Sold in July 2012 for $610,000 (included 2 parking spaces)
  • Originally listed in October 2016 for $775,000 (includes 1 parking space with a second available for purchase)
  • Currently still listed for $775,000
  • Assessments of $635 a month (includes heat, gas, exercise room, exterior maintenance, lawn care, scavenger, and snow removal)
  • Taxes of $9448
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×17 (second floor)
  • Bedroom #2: 15×12 (second floor)
  • Bedroom #3: 12×11 (main level)
  • Laundry room: 6×7 (second floor)
  • Terrace: 25×10

 

Market Conditions: Did the Cubs World Series Run Depress Chicago Home Sales?

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The Chicago housing market appears to have slowed in October.

But was it any worse than any other October?

Data from agents about the number of showings on properties says “yes.”

From Crain’s:

Foot traffic through local homes for sale plunged more last month than in any of the previous four Octobers, according to data gleaned from local real estate agents.

That includes October 2012, the last time a presidential campaign was going on.

“You have the election and the World Series distracting buyers, or making them nervous,” said the data provider, Paul Lazarre, a co-founder of Chicago-based real estate site Truepad. The site gathers data from about 25 percent of the region’s real estate agents.

Lazarre gauges demand using data that essentially compares the number of homes on the market to the number of showings buyers’ agents request. In the three weeks that ended Oct. 29 (a popular day for open houses), Chicago-area showings dropped about 30 percent, he said.

In the comparable period in the past four years, the drop was from about 3 percent to about 10 percent, Lazarre said. Data for years before 2012 is available but not quite comparable, he said, because the real estate market was so depressed.

Was everyone so busy watching the Cubs World Series championship run that they didn’t go see any properties for sale?

And does that mean the market will be picking up now that the Cubs are champs and the election is over on Tuesday?

House hunting takes back seat to Cubs, campaign [Crain’s Chicago Business, by Dennis Rodkin, November 2, 2016]

Has the Price of this River North Penthouse Doubled in 4 Years? 303 W. Ohio Street

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This 3-bedroom penthouse in the Silver Tower at 303 W. Ohio in River North came on the market in October 2016.

It is on the Northeast corner with views of the John Hancock building and the rest of downtown.

The kitchen has dark cabinets, granite counter tops, stainless steel appliances and a breakfast bar.

There’s a marble bath in the master suite.

The unit has a private 24×6 balcony with city views.

It has central air, washer/dryer in the unit and 2-car parking is available for $40,000 each.

This unit sold in 2012 with the 2-car parking for $510,000 and has come back on the market, with the parking included, with a price gain of over 100% at $1,029,900.

Will it get the premium?

Gail Spreen at Streeterville Properties has the listing. See the pictures here.

Unit #4001: 3 bedrooms, 2.5 baths, 1888 square feet

  • Sold in February 2012 for $510,000 (included 2 parking spaces)
  • Originally listed in October 2016 for $949,900 (plus $80,000 for 2 parking spaces) = $1,029,900
  • Currently still listed at $1,029,900
  • Assessments of $914 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
  • Taxes of $10,847
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 12×12
  • Bedroom #2: 12×9
  • Bedroom #3: 12×10
  • Balcony: 24×6

 

A Lincoln Park Vintage Row House Returns 3 Years Later: 1845 N. Halsted

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This 3-bedroom vintage row house at 1845 N. Halsted in Lincoln Park came on the market in September 2016.

It’s actually the building behind this main building- where the realtor sign is in the picture.

If it looks familiar that’s because we chattered about it when it was last on the market in February 2013. You can see that chatter here.

Back in 2013, this row house was red brick but it has since been painted- is that yellow and green/gray?

It has three levels with two bedrooms on the second floor and one bedroom in the basement.

The basement also has a family room.

The kitchen has 42 inch cabinets, quartz counter tops, stainless steel appliances and a glass subway tile backsplash.

The row house also has an original stain glass window and crown molding.

It has central air and an outdoor parking space.

This is the third sale of this property in the last 5 years. They are asking $650,000, or 14% more than the 2013 selling price of $569,500.

Will they get the premium?

Michael Shenfeld at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, no square footage listed, 1 parking space

  • Sold in September 1988 for $182,000
  • Sold in September 1999 for $345,000
  • Sold in October 2002 for $407,500
  • Sold in December 2007 for $560,000
  • Sold in April 2011 for $549,000
  • Was listed in February 2013 for $579,000
  • Sold in April 2011 for $549,000
  • Originally listed in September 2016 for $650,000
  • Currently still listed for $650,000
  • Assessments are now $286 a month (they were $231 a month in 2013)- includes exterior maintenance, scavenger and snow removal
  • Taxes are now $9506 (they were of $7297 in 2013)
  • Central Air
  • Bedroom #1: 15×15 (second floor)
  • Bedroom #2: 17×11 (second floor)
  • Bedroom #3: 13×9 (lower level)
  • Family room: 16×15 (lower level)