A 2-Bedroom Loft on the Market 4 Months in Wicker Park: 1400 N. Milwaukee

1400 n milwaukee

This 2-bedroom loft at 1400 N. Milwaukee in the hot Wicker Park/Bucktown corridor came on the market in early September 2014.

The 21-unit building was converted into lofts in 2001 and has an elevator and parking.

This unit faces south and east.

It has 12-foot ceilings, exposed brick and a balcony.

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

The loft has the features that buyers look for including central air, washer/dryer in the unit and heated garage parking.

It is right in the middle of the restaurants and shops on Milwaukee which is one of the most popular few blocks in the city.

Listed since early September, it hasn’t had any price reductions.

What will it take to sell this property?

R. Matt Leutheuser at Jameson Sotheby’s has the listing. See the pictures here.

Unit #203: 2 bedrooms, 1.5 baths, no square feet listed

  • Sold in August 2001 for $256,000
  • Sold in August 2012 for $305,000
  • Listed in September 2014 for $365,000 (garage parking included)
  • Currently still listed for $365,000
  • Assessments of $352 a month (includes water and snow removal)
  • Taxes of $4224
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×11
  • Bedroom #2: 11×9

Can You Sell Just 4 Months Later for a Profit? A 2/2 at 2819 N. Lakewood in Lakeview

2819 n lakewood

This top floor 2-bedroom at 2819 N. Lakewood in Lakeview came on the market on Nov 1, 2014.

It might look familiar to some, however, because it was a previously bank owned unit that was listed in May 2014 and sold at the end of June.

You can see what the unit looked like when the bank owned it here.

From those pictures, the kitchen looked to be fully intact, with stainless steel appliances and cherry cabinets.

In June, there were cherry floors throughout.

There were no pictures of the bathrooms however.

The current kitchen looks identical, except for a new backsplash.

The unit has 12 foot ceilings with crown moldings.

It also has two decks, a back deck and a private roof top deck with an outdoor kitchen with a grill, refrigerator and granite counter tops.

It has central air, in unit washer/dryer and a covered carport parking space.

In June 2014 it sold for $407,000.

It came back on the market in November for $485,000 and it remains at $485,000.

Is the market hot enough in 2015 for this seller to get the premium to the 2014 price?

Susan Beyler at 33 Realty has the listing. See the current pictures here.

Unit #3S: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 2005 for $490,000
  • Lis pendens foreclosure filed in July 2011
  • Bank owned in May 2014
  • Listed in May 2014 for $371,500
  • Sold in June 2014 for $407,000
  • Listed in November 2014 for $485,000
  • Currently still listed for $485,000
  • Assessments of $124 a month
  • Taxes of $6,501
  • Central Air
  • Washer/Dryer in the unit
  • Covered carport parking included
  • Private roof top deck
  • Bedroom #1: 15×13
  • Bedroom #2: 11×11

2015 Housing Market Predictions: What Do You Think Will Happen Next Year?

Statue of Abe Lincoln in Lincoln Park

2015 is fast approaching.

You know what that means. It’s time for our predictions!

2014 was a lackluster year for Chicago’s housing market after sales and prices exploded in both 2012 and 2013. There were high expectations going into the year, but higher mortgage rates slowed further gains.

But rates are back near record lows and inventory is higher than in 2013 making it an attractive buyers market once again.

The job market is also much stronger than a year ago, both locally and nationally.

Luxury apartments continue to be built at a record pace.  Is there a luxury apartment bubble in the making downtown?

Thanks to a stock market at record highs, luxury home sales, of both condos and houses, are the highest they have been since the bubble peak.

In more good news, the rebound in home prices, and, in some neighborhoods, appreciation beyond the bubble peak, has allowed many formerly trapped home owners the chance to sell and move on.

Will the housing market heat up this spring?

Will prices appreciate, remain flat, or decline?

What about mortgage rates? All of the experts got it wrong in 2014. Will the Fed begin to raise rates in 2015? And if so, will it even influence mortgage rates?

Inventory is off the lows, which nationally was in January 2013. Will it continue to rise?

There’s a lot to watch in 2015. But conditions, economically, are some of the best seen since the bust. That would usually imply a strong housing market.

What are your predictions for 2015?

 

 

Market Conditions: Chicago Sales Drop 11.5% in November- Was it the Weather?

State Street at Christmas 2011

The November 2014 sales data is in and, as expected, sales dropped 11.5% from a year ago. From the Illinois Association of Realtors:

The city of Chicago saw an 11.5 percent year-over-year decrease in home sales in November 2014 with 1,632 sales, down from 1,844 in November 2013. The median price rose to $230,000 versus $200,000 in November 2013, an annual increase of 15.0 percent.

Here is the November sales data for the last 8 years (thanks to G for some of the data):

  • November 2007: 1859 sales and median price of $290,000
  • November 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
  • November 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
  • November 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
  • November 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
  • November 2012: 1750 sales and median price of $180,000
  • November 2013: 1844 sales and median price of $200,000
  • November 2014: 1632 sales and median price of $230,000

(Last year’s press release actually listed 1800 sales and a median of $220,500 so I’m not sure where they’re getting the numbers from on this year’s press release. Those 44 extra sales must have been in the real low bracket to push down the median price by $20,500. But I’m going with what they put out.)

What caused the drop in home sales, which fell statewide, as well as in the Chicago metropolitan area and in the city?

Why- of course- THE WEATHER!

“Illinois’ fourth coldest November on record had a negative effect on housing sales,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “While prices continue to improve, the sales forecast for the next three months indicates declines on a monthly and annual basis.  Foreclosure sales continue to decline as a share of total sales; good news on the one hand but extending the time for return to pre-bubble levels.”

“As we round out the year, higher median sales prices and low inventory continue to be the market pattern. Buyers are primed to invest in the home that fits their needs despite facing fewer choices,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Predictions that interest rates will pick up next year should drive both potential buyers and existing homeowners to take advantage now and seize the opportunity.”

Last year it truly WAS the weather with the polar vortex hitting in December all the way through February.

But now the IAR seems to be indicating that sales will again be slow through the winter months.

Interestingly, in this press release the IAR didn’t list what the average 30-year fixed mortgage rate was for the month compared to a year ago. The press release almost always includes this information. For example, here’s what it said in the November press release:

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.03 percent in October 2014, down from 4.16 percent in September, according to the Federal Home Loan Mortgage Corp. In October 2013 it averaged 4.20 percent.

Is the IAR setting it up so that no one is disappointed by lower sales over the next few months? Any guesses on when this sales decline stops?

Illinois median home prices increase 6.9 percent in November; Sales decline 9.5 percent [Illinois Association of Realtors, Press Release, December 22, 2014]

Looking for “New” on Lincoln Park? A 1-Bedroom at 1550 N. Lake Shore Drive

1550 n lake shore drive

This 1-bedroom at 1550 N. Lake Shore Drive in the Gold Coast came on the market in November 2014.

But it had previously sold just two months before, in September.

It has come back on the market as “brand new.”

There are new dark hardwood floors.

The bathroom has been renovated.

There’s also a completely new, and open, kitchen with glass tile, quartz counter tops, white cabinets and stainless steel appliances.

The unit doesn’t have a washer/dryer or central air. There is coin laundry in the building and wall unit air conditioning.

There is also leased parking in the building.

But the building is on Lake Shore Drive with Lincoln Park across the street.

This unit has south and east views.

Originally listed at $285,000, it has been reduced to $282,500.

Will this rehab get its price?

Karen Neal at Kale Realty has the listing. See the pictures here.

Unit #19D: 1 bedroom, 1 bath, 800 square feet

  • Sold in February 1989 (price not listed)
  • Sold in September 2014 for $181,000
  • Originally listed in November 2014 for $285,000
  • Reduced
  • Currently listed at $282,500
  • Assessments of $593 a month (includes heat, doorman, cable)
  • Taxes of $420 (senior exemption)
  • Coin laundry
  • Wall units for air conditioning
  • Leased garage parking
  • Bedroom: 15×14

4 Years Later, This 2/1 at 1120 W. Armitage in Lincoln Park Returns

1120 w armitage

This vintage 2-bedroom at 1120 W. Armitage in Lincoln Park just came on the market.

(Yes- people are STILL listing- even the week before Christmas.)

If the address looks familiar, it’s because we chattered about this unit several times back in 2008 and 2009.

See our August 2009 chatter here for insight into what the market was like back then and what we thought about this unit.

The building has 8 units. This one has south and west exposures.

This unit still has some of its vintage details intact including trimwork, the fireplace and hardwood floors. An older listing said that the fireplace mantle was original.

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

The bathroom has been “updated” with granite counter tops.

It has all the features buyers look for with central air and washer/dryer in the unit. It also has a rare garage parking space.

It’s on a popular street, just minutes from the Brown Line El stop, shops and restaurants.

This unit was first listed for sale in May 2008 for $415,000.

It got all the way down to $317,500 in April 2010 before being de-listed.

Over four years later, it has come back on the market at $329,000.

Now that the market has heated up, is this a deal for the neighborhood and location?

Nancy Yockel at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #301: 2 bedroom, 1 bath, no square footage listed

  • Sold in March 1992 for $162,500
  • Sold in January 1997 for $179,000
  • Sold in April 2004 for $321,500
  • Originally listed in May 2008 for $415,000
  • Numerous reductions
  • Was listed at $317,500 in January 2010
  • De-listed in April 2010
  • Currently listed for $329,000 (includes garage parking)
  • Assessments of $211 a month (they were $210 a month in 2009)
  • Taxes of $4902 (they were $4133 in 2009)
  • Central Air
  • Washer/Dryer in the unit
  • Shared deck
  • Fireplace
  • Bedroom #1: 12×10
  • Bedroom #2: 11×9
  • Living room: 16×11
  • Dining room: 11×8
  • Kitchen: 12×10

 

Selling a 2-Bedroom Lincoln Park Townhouse Less Than 2 Years Later: 1443 W. Wrightwood

1443 w wrightwood #1

This 2-bedroom townhouse at 1443 W. Wrightwood in Lincoln Park came on the market in November 2014.

We chattered about it in November 2012 as a condo alternative. You can see our chatter here.

Built in 1987, it is not one of the main townhouses on Wrightwood, but one of those that sits behind the front units.

It has dark stained hardwood floors on the main level and in the master bedroom but carpet in the second bedroom and the lower level family room.

Both bedrooms are on the second level along with a bonus loft.

The kitchen has white cabinets (white is in!), stainless steel appliances and a granite counter tops and backsplash.

The townhouse has central air and an outdoor parking space.

It sold less than 2 years ago for $380,000 and is now asking a nearly $70,000 premium.

Will it get it?

1443 w wrightwood #2

Christopher Gaggero at @Properties now has the listing. See the pictures and the floorplan here.

Unit #B: 2 bedrooms, 2.5 baths, no square footage listed, parking included

  • Sold in June 1991 for $184,000
  • Originally listed in September 2012 for $400,000
  • Sold in February 2013 for $380,000
  • Originally listed in November 2014 for $449,900
  • Still listed at $449,900
  • Assessments now $220 a month (they were $216 a month in November 2012)
  • Taxes now $5127 (they were $4662 in November 2012)
  • Central Air
  • Bedroom #1: 15×11 (second floor)
  • Bedroom #2: 11×10 (second floor)
  • Loft: 10×7 (second floor)
  • Family room: 20×14 (lower level)

You Can Still Buy a Foreclosure: A 3/3 Duplex Up at 1316 W. Fletcher in Lakeview

1316 w fletcher

This 3-bedroom duplex up at 1316 W. Fletcher in Lakeview came on the market in September 2014.

It has a 2 story living room with the three bedrooms on the second floor.

It’s being sold “as-is” and the listing says the buyer is responsible for 6 months past due assessments which are $218 a month.

From the pictures, it appears that the kitchen is intact. It has white cabinets, white appliances and dark stone counter tops.

It has central air and parking is included.

The unit originally came on the market in September at $574,900 and is being reduced $10,000 a month so that it’s now down to $544,900.

Is this a deal?

Jason Shapiro at Rising Realty has the listing. See the pictures here.

Unit #3E: 3 bedrooms, 3 baths, 2000 square feet

  • Sold in September 2003 for $685,000
  • Lis pendens foreclosure filed in October 2009
  • Bank owned in June 2014
  • Originally listed in September 2014 for $574,900
  • Reduced $10,000 every month
  • Currently listed at $544,900 (includes parking)
  • Assessments of $218 a month (includes snow removal)
  • Taxes of $7018
  • Central Air
  • Washer/Dryer hook-ups
  • Bedroom #1: 14×13 (second floor)
  • Bedroom #2: 13×11 (second floor)
  • Bedroom #3: 16×14 (second floor)

 

 

Why Isn’t Anyone Buying This Bank Owned Lincoln Park Coach House? 2616 N. Orchard

This 2-bedroom coach house at 2616 N. Orchard in Lincoln Park has been on and off the market since July 2007.

We’ve actually chattered about it twice, with the first time all the way back in April 2010. See that amusing chatter here (something about the microwave being in the sink.)

Since then, the coach house was taken back by the bank and came back on the market in April 2014 being sold “as-is.”

The listing says it needs “TLC.”

The coach house has hardwood floors and 2 fireplaces.

The refrigerator is missing in the kitchen but the cabinets and other appliances are intact (and no sign of the microwave this time.)

The living/dining area is on the first floor with the bedrooms on the second floor. There’s also a small loft area on the third floor.

It’s a rare coach house that also has a 1-car garage.

It even has central air.

This coach house originally came back on the market in April 2014 for $449,900. It has now been reduced all the way down to $374,900 but yet it is still sitting there for sale.

That is $73,100 under the 1999 sales price.

Is this a deal for the location and square footage?

Matthew Putnick at Jameson Sotheby’s has the listing. See the pictures here. (Sorry, I’ve never had a picture of this property since it sits behind the main building.)

Unit #4: 2 bedrooms, 2.5 baths, 1800 square feet, 1 car garage

  • Sold in September 1989 for $576,000 (?)
  • Sold in October 1999 for $448,000
  • Originally listed in July 2007 for $719,000
  • Lis pendens filed in May 2010
  • Bank owned in February 2014
  • Originally listed in April 2014 for $449,900
  • Reduced several times
  • Currently listed for $374,900
  • Assessments of $188 a month (includes water, snow removal)
  • Taxes of $8203
  • Central Air
  • Bedroom #1: 15×13 (second floor)
  • Bedroom #2: 13×10 (second floor)
  • Living room: 16×14 (main floor)
  • Loft: 12×9 (third floor)

Why Not Raise Your Kids in a Loft? A 3-Bedroom at 1439 S. Michigan

1439 s michigan

This corner 3-bedroom loft in Trevi Square at 1439 S. Michigan in the South Loop came on the market in October 2014.

It is a concrete loft (preferred by many loft lovers because it is virtually soundproof) with exposed brick and 3 exposures: North, South and West.

There are hardwood floors throughout and 2 fireplaces as well as 2 balconies.

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

The loft also has a coveted in-unit laundry room.

It has central air and there is 2-car parking available for an extra $40,000.

The listing says this loft is in the South Loop Elementary school district.

With 3-bedrooms, shouldn’t this loft be getting snatched up by a city family?

Connie Gunwaldt at @Properties has the listing. See the pictures here.

Unit #312: 3 bedrooms, 2.5 baths, no square footage listed

  • Sold in November 1995 for $92,000
  • Sold in June 2013 for $475,000 (doesn’t look like it included the parking)
  • Currently listed for $519,000 (with 2-car parking for $40,000 extra)
  • Assessments of $493 a month (includes cable)
  • Taxes of $4885
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 19×12
  • Bedroom #2: 12×11
  • Bedroom #3: 11×10
  • Laundry room: 8×5