Who’s Buying All the New Construction in Lakeview? A 6-Flat at 1165 W. Eddy

1165 w eddy

This new construction 6-flat at 1165 W. Eddy in Lakeview just came on the market.

Last week, Crain’s discussed the teardown and new construction phenomena in Chicago. Over the last 5 years, Lakeview was the most popular neighborhood for teardowns in the city.

On the 3700 block of North Greenview Avenue, construction is under way on a house with five bedrooms, five baths and a rooftop deck. It will replace a humble two-bedroom, one-bath cottage that was there for 125 years before it was demolished last fall.

It’s a familiar transition in Lakeview. In the past five years, nearly 300 older residential buildings in the neighborhood have been torn down and replaced with new homes, according to data compiled by Chicago Cityscape, which tracks building-industry permits in the city.

Lakeview is the epicenter of teardowns in the city, with more than twice the number in the second-ranked neighborhood, North Center. There, 124 residential buildings were torn down to make way for new homes from 2011 through 2015.

But it’s not just single family homes that are being built, it’s also 3-flat and 6-flat buildings like this one at 1165 W. Eddy.

In 2011, we actually chattered about the 1893 2-bedroom Victorian house that was on one of the lots at 1167 W. Eddy.

1167 w eddy approved

You can see that chatter here.

In 2011, that house, which was on a standard city lot, sold for $493,000.

In 2016, it, and the lot next door, are now 6 luxury condominiums with these price points:

  • #1E: 4 bedrooms, 2.5 baths, duplex down, $899,900
  • #1W: 4 bedrooms, 2.5 baths, duplex down, $899,900contingent
  • #2E: 2 bedrooms, 2 baths, $559,900contingent
  • #2W: 2 bedrooms, 2 baths, $559,900
  • #3E: doesn’t appear to be on the market
  • #3W: 2 bedrooms, 2 baths, $679,900

At least 2 of the 6 units are already under contract.

The units have Subzero and Wolf appliances, natural stone bathrooms and custom millwork.

Each unit has a large front balcony. The top floor units have private rooftop decks. Each unit comes with 1-car parking in the garage.

As was the case in 2011, this is still your view across the street:

1167 w eddy across the street approved

During the housing bust, we often discussed who it would be that would buy up all the 2/2 condos that were built in the boom that were listed at $400,000.

The $400,000 price point now seems quaint, even in Lakeview and Bucktown.

No 2/2s are being built new construction at that price. They are all “luxury” and priced over $500,000.

Who’s buying a 1450 square feet 2-bedroom in Lakeview near Wrigley Field for $679,900?

Has a new type of buyer emerged in Lakeview?

Has the era of 27-year old newlyweds buying their first condo while still going to Southport or Wrigleyville bars passed?

Brian Henderson at Jameson Sotheby’s has all the listings. You can see the interior pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1450 square feet, penthouse

  • New construction
  • Currently listed at $679,900 (includes 1-garage parking space)
  • Assessments of $125 a month (includes water, common insurance)
  • Taxes are “new”
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 15×12
  • Bedroom #2: 12×10
  • Private rooftop deck

 

Nearly a Year on the Market for this Millennium Park 2-Bedroom: 310 S. Michigan

310 s michigan #2 approved

This 2-bedroom in the Metropolitan Tower at 310 S. Michigan across from Millennium Park in the Loop originally came on the market in February 2015.

The unit has east views, which includes the Park and the Lake.

It has hardwood floors in the living and dining room.

The listing calls the kitchen “gourmet.” It has granite counter tops and stainless steel appliances.

Other than a single glass dining room table, without any chairs around it, there is no other furniture or staging in the unit.

There don’t even appear to be window treatments in the living room. There aren’t pictures of the other windows in the listing.

It has central air, washer/dryer in the unit and parking is $50,000 extra.

After a year on the market, should this unit be officially staged?

Or is it all about price?

Yelena Bernshtam at Continuum Real Estate has the listing. See the pictures here.

Unit #1405: 2 bedrooms, 2 baths, 1410 square feet

  • I can’t find a prior sales price.
  • Listed in February 2015 for $899,000
  • Reduced
  • Currently listed at $829,000 (parking is $50,000 extra)
  • Assessments of $976 a month (includes heat, a/c, cable, doorman, exercise room)
  • Taxes of $8693
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 11×17
  • Bedroom #2: 10×9

 

Does Staging Matter in a Hot Market? 1325 N. State Parkway in the Gold Coast

1325 n state parkway

This 2-bedroom in the Ambassador House at 1325 N. State Parkway in the Gold Coast just came on the market.

It has been completely renovated with a new kitchen, baths, flooring and electrical service.

New solid wide plank rift sawn white oak flooring was put in throughout the unit. (The light floors are back “in” again!)

The kitchen has similar light wood modern cabinets, stainless steel appliances and stone counter tops.

The unit has a separate laundry room with a sink.

It also has central air and there is parking available to rent in the building for just $135 a month, which is cheap for the Gold Coast.

The unit has also been staged with just the basic furniture: living room, dining room and beds in the bedrooms. There are no pictures on the walls, or mirrors or other art objects and no carpets on the floor. There are no curtains or plants either.

I would call this the most basic furniture “staging.”

In a red hot market where properties are going under contract within days, do you even need to do a basic furniture staging at all?

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

Unit #13F: 2 bedrooms, 2 baths, 1650 square feet

  • Sold in January 2000 for $315,000
  • Lis pendens foreclosure filed in 2010 and 2011
  • Bank owned in August 2015
  • Sold in September 2015 for $370,000 (according to Redfin)
  • Currently listed for $629,000
  • Assessments of $1107 a month (includes heat, a/c, cable, doorman, pool, exterior maintenance, scavenger, snow removal and lawn maintenance)
  • Taxes of $5595
  • Central Air
  • Washer/Dryer in the unit
  • Parking is rental in the building at $135 a month
  • Bedroom #1: 16×17
  • Bedroom #2: 14×14
  • Laundry room: 5×4

Market Conditions: December 2015 Sales Basically Flat Year Over Year as Inventory Remains Low

State Street at Christmas 2011

The Illinois Association of Realtors is out with December 2015 sales data.

The city of Chicago saw a 0.4 percent year-over-year home sales increase in December 2015 with 2,029 sales, up from 2,020 in December 2014. The year-end 2015 home sales totaled 27,439, up 7.8 percent from 25,461 home sales in 2014.

The median price of a home in the city of Chicago in December 2015 was $242,500, up 6.4 percent compared to December 2014 when it was $228,000. The year-end 2015 median price reached $262,000, up 6.9 percent from $245,000 in 2014.

I’m surprised it wasn’t up more because December 2014 was a little soft. Additionally, the weather was so much better this year.

We have sales data going back 11 years.

  • December 2004: 3,719 sales and median price of $267,000
  • December 2005: 2,847 sales and median price of $283,000
  • December 2006: 2,241 sales and median price of $279,000
  • December 2007: 1,629 sales and median price of $287,000
  • December 2008: 1,263 sales and median price of $235,000
  • December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
  • December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
  • December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
  • December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
  • December 2013: 2137 sales and median price of $210,000
  • December 2014: 2020 sales and median price of $228,000
  • December 2015: 2029 sales and median price of $242,000

“The Chicago market continues to post strong price gains, reflecting consumer interest in being in a vibrant city and a continuing shortage of available homes from which to choose,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for The Inland Real Estate Group. “All indicators are that the momentum we saw in 2015 will bridge over into the new year.”

“The housing market in December behaved in a similar way to its historical pattern,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Activity in both prices and sales was modest but increases were recorded for month-over-month and compared to the same month last year.  Consumer sentiment remains positive towards housing purchases with inventory levels perhaps posing problems in some submarkets.”

According to Crain’s, Chicago inventory started January at its lowest level in 9 years, or basically since they started keeping track of inventory.

As of the middle of January, inventory levels remained at 9 year lows.

We’re not yet in the spring selling/buying season. That doesn’t start until February. There’s plenty of time for sellers to begin listing.

Mortgage rates have fallen to 3 month lows and the job market remains strong.

Will the Chicago market be able to post year over year gains in 2016 after 2015’s very strong showing? Or will low inventory hamper sales?

Illinois home prices, prices higher in December; Strong gains seen in 2015 [Illinois Association of Realtors, Press Release, January 22, 2016]

Living the Downtown Life in River North: A 1-Bedroom at 757 N. Orleans

757 n orleans

This 1-bedroom at 757 N. Orleans in River North just came on the market.

This building was completed in 2008, just as the bust was hitting, and investors ended up buying a block of units in the building.

Last year, at least one investor said he as probably going to sell off his units as prices had rebounded.

It has 198 units and amenities like an exercise room and an outdoor pool.

The building does abut the Brown and Purple line El tracks next to the Chicago Avenue El stop.

This unit is north and east facing with an east facing balcony.

At 1070 square feet, it has almost as much square footage as many two-bedrooms, as it also has a 10×8 den.

The kitchen has 42 inch cabinets, granite counter tops and stainless steel appliances.

There’s a double vanity in the full bath and a half bath for guests.

There are hardwood floors in the living/dining room as well as in the bedroom.

It has central air, washer/dryer in the unit and while there is parking in the building this unit doesn’t appear to have a space. It looks like it is leased parking.

With 3 new luxury apartment rental buildings being built within about a block of this building, is buying this unit a better deal than renting?

Aaron Galvin at Luxury Living Chicago Realty has the listing. See the pictures here.

Unit #1908: 1 bedroom, 1.5 baths, 1070 square feet

  • Sold in July 2013 for $348,000 (according to Redfin- as I can’t find it on the public records)
  • Currently listed for $369,900
  • Assessments of $466 a month (includes heat, a/c, cable, Internet, doorman, exercise room, pool, exterior maintenance, scavenger and snow removal)
  • Taxes of $4599
  • Central Air
  • Washer/Dryer in the unit
  • No parking- possibly leased in the building
  • Bedroom: 17×11
  • Den: 10×8

A Pre-War 3-Bedroom in East Lakeview for Under $420,000: 419 W. Aldine

415 w aldine #1

This vintage 3-bedroom in 415 W. Aldine in East Lakeview just came on the market.

The building was constructed in 1927 and has just 2 units per floor.

Like a lot of construction from the pre-war era, this unit is large with many vintage features including crown molding, built-ins and French windows.

The Gallery foyer has coved ceilings and there is a separate dining room.

The third bedroom is currently a walnut paneled library with built-in bookcases.

The listing says there is an “updated kitchen” with gray and white cabinets, white appliances and stone counter tops.

There’s no parking with the building, however, and it doesn’t have central air or washer/dryer in the unit. There is coin laundry in the building and window a/c units.

But at 2,000 square feet, is this a deal for those looking for a large vintage unit near the lake?

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

Unit #3B: 3 bedrooms, 2.5 baths, 2000 square feet

  • Sold in June 1997 for $170,000
  • Sold in November 1999 for $249,500
  • Sold in September 2002 for $395,000
  • Sold in July 2006 for $434,000
  • Currently listed at $419,000
  • Assessments of $1014 a month (includes heat, security system, cable, exterior maintenance, scavenger, snow removal)
  • Taxes of $5365
  • No central air- window units only
  • No washer/dryer in the unit
  • No parking with the building
  • Bedroom #1: 16×14
  • Bedroom #2: 16×12
  • Bedroom #3: 12×8
  • Gallery: 14×8

Has the Park Tower Lost Its Cachet? A 3-Bedroom at 800 N. Michigan in the Gold Coast

800 n michigan

This 3-bedroom in the Park Tower at 800 N. Michigan in the Gold Coast just came on the market in January 2016.

But it has been on and off the market since February 2014.

It looks like it’s now bank owned.

On the 24th floor, it has south, east and west views and has a balcony.

The listing says there’s a “huge chef kitchen” with black granite counter tops.

2 bedrooms are ensuite and the master bedroom is huge, at 15×30.

From the pictures, it appears that the bathrooms are still intact.

It has central air, washer/dryer in the unit and 1-car garage parking.

The Park Tower was built in 2000 and has 117 units.

For years, it has been considered one of the premier luxury buildings in the city but in the last 16 years many new buildings have been built.

There are 9 units currently on the market, with one of those pending.

Has Park Tower lost some cachet or is it still the go-to building in the city?

Victoria Perryman at Coldwell Banker has the listing. See the pictures here.

Unit #2402: 3 bedrooms, 3.5 baths, 3024 square feet

  • Sold in September 2001 for $1,188,000
  • Lis pendens foreclosure filed in June 2010
  • Foreclosure auction in September 2015
  • Currently listed for $2.6 million
  • Assessments of $1696 a month (includes heat, a/c, doorman, cable, exterior, lawn care, scavenger, snow removal)
  • Taxes of $36,780
  • Central Air
  • Washer/dryer in the unit
  • 1-car parking included
  • Bedroom #1: 15×30
  • Bedroom #2: 14×16
  • Bedroom #3 (currently used as an office): 12×16
  • Family room: 13×15

 

 

 

 

Moving from the GreenZone to the Suburbs: Do You Need a Therapist to Cope?

The Chicago Tribune reports on city dwellers who have kids and decide that they can’t make it work and have to move to the suburbs.

Some of the transplants have an identity crisis.

“I see this all the time with my practice,” said David Klow, owner of Skylight Counseling Center, which has offices in Chicago and Skokie. “Where we live gives us a sense of identity.”

Swapping city life for the suburbs is different from moving to another town or neighborhood. Real estate agents say city-to-suburbs folks often need special hand-holding.

“They wake up in the suburbs, and there’s no brunch,” said Karen Gilbert, a broker agent with Dream Town Realty. “There is a different kind of lifestyle.”

With apartment life, she said, “They’re used to having a corner coffee shop and a corner bar. They’re used to pushing their stroller to the store.”

Longtime city dwellers are attached to a lifestyle they’ve intentionally cultivated. Many try to make it work — creating room for a crib in the toddler’s room, gamely carrying a stroller up stairs.

“It’s a long part of their life,” Gilbert said. “They try to do anything they possibly can to stay downtown.”

Moving to the suburbs after a decade, or more, living in the GreenZone of Chicago can apparently be traumatic for some.

For starters, he said, many worry that their social lives will change. They fear missing out on art, culture and restaurants — even, he suggests, a connection to their younger selves.

“What happens when they move to the suburbs, will that be threatened?” he said. “Will they still feel connected to things that will enliven them and their relationships?”

Klow counsels families to think through a personal mission statement of what they value in a fulfilling life. Some of those components, for example, might be education, safety, quiet, diversity or opportunity.

Put aside the worries about becoming a suburban stereotype, he said.

“Some of that is unfounded, because you really can create a life you want wherever you are,” he said.

For some, moving to the suburbs might sprout as school decisions loom. Others may consider it while tripping over toys in their two-bedroom condo downtown.

“That’s our sweet spot — people with a 2-year-old,” said Bernstein, whose local ties include attending the University of Illinois Urbana-Champaign and a husband from Skokie.

Many GreenZone residents find they can recreate many amenities of their lives in their current neighborhood in their new suburban towns.

As we’ve chattered about before, if you live in the Southport neighborhood and shop at Athleta and Anthropologie and eat at the Potbelly and Noodles & Company, it’s not like you cannot do the same in downtown Naperville or downtown Evanston.

The Erwin family loved walking to favorite restaurants and boutiques. But having family in the Hinsdale area gave them a nudge to move.

There, they found many similarities: a home a block from a school and a 7-minute walk from the train. Even the Green Goddess boutique, she said, was in both spots.

“It felt a lot like Lincoln Park,” she said. They traded in their membership to the Shedd Aquarium and Peggy Notebaert Nature Museum for the Brookfield Zoo and Morton Arboretum.

Schools used to be the main reason that city families left for the suburbs. But most of the families highlighted in this article were in what most would consider “good” school districts, i.e. in Lakeview and Lincoln Park.

Recently, traffic and crime concerns, appear to be higher on people’s lists as to why they are willing to leave the city.

Katie Hotze, 36, a Winnetka mom of a 1-year-old son and 4-year-old daughter, said she and her husband were sure they’d buy in the city. Her husband spent his bachelor years in the Gold Coast. Renting in Lakeview, they hoped to buy in Lincoln Park.

“We were shopping in the city, we loved it,” she said. “We would be whisked away in a snowstorm to a fabulous wine bar in River North. It was just amazing. We loved the city for that reason.”

But while they were shopping, a variety of factors — from crime to a 20-minute 2-mile drive to her daughter’s day care — had them second guessing.

“We did a complete 180,” she said, asking the agent to instead target Winnetka, where a friend had invited her to coffee.

Now they delight in the ease of safe, traffic-less streets, abundant parks, a house and a driveway.

“It’s so much easier up here,” she said.

Given future budget cuts and tax increases that Chicago faces, along with the recent surge in property crimes in some neighborhoods like Lakeview, will young families face an easier choice to move to the suburbs?

And are record high housing prices in the GreenZone neighborhoods one of the reasons they are being pushed out to the suburbs?

You can get a 3-bedroom house in Winnetka for less than that 3-bedroom $900,000 duplex down in Lakeview or Lincoln Park, where the bedrooms are all in the basement.

Relax. Take a deep breath. Moving to the suburbs is going to be okay. [Chicago Tribune, Alison Bowen, January 12, 2016]

Are Buyers Over Vintage Units? A 4-Bedroom at 2256 N. Lincoln Park West in Lincoln Park

2256 n lincoln park west

This 4-bedroom in the Shakespeare Building at 2256 N. Lincoln Park West in Lincoln Park has been on the market since March 2015.

The Shakespeare Building is a co-op directly across from the Lincoln Park, putting it in one of the most prestigious areas of the city.

Built in 1909, the mid-rise courtyard building has 24 units with assigned parking. There’s an on-site engineer.

According to the listing, it’s in Lincoln Elementary.

This unit is a front facing unit with east facing windows.

It has some of its original features including prairie-style woodwork, a barrel vaulted family room, crown molding and a wood burning fireplace.

The kitchen has white cabinets and some white and some stainless steel appliances.

There’s a washer/dryer in the unit and space pak air conditioning.

First listed in March 2015 for $969,000, this unit has been reduced $120,000 to $849,000.

That is less than many of the new duplex downs that are being built all over the north side of the city.

Are buyers disenchanted with vintage properties?

What will it take to sell this property?

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

Unit #C3: 4 bedrooms, 2 baths, 2700 square feet

  • I don’t have a prior purchase price because it’s a co-op
  • Originally listed in March 2015 for $969,000
  • Reduced
  • Currently listed for $849,000 (includes assigned parking)
  • Assessments of $1211 a month (includes heat, gas, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $12,822
  • Space pak air conditioning
  • Washer/Dryer in the unit
  • Wood burning fireplace
  • Bedroom #1: 15×15
  • Bedroom #2: 15×13
  • Bedroom #3: 15×13
  • Bedroom #4: 10×10
  • Foyer: 23×7
  • Family room: 12×16
  • Sunroom: 11×7

 

 

 

Would You Use a 29th Floor Outdoor Terrace? 401 N. Wabash in River North

401 n wabash #1

This 1-bedroom in Trump Tower at 401 N. Wabash in River North came on the market in November 2015.

It is on the 29th floor and faces west and north.

It has 11.5 foot ceilings and floor-to-ceiling windows.

The unit has luxury finishes including cherry Snaidero kitchen cabinets, granite counter tops and Subzero, Miele and Wolf appliances.

The listing calls the bathroom a “spa bath” with a whirlpool tub.

It has central air, washer/dryer in the unit and parking is available for lease in the building.

In Trump Tower you also get all of the services of the Trump hotel.

The listing says it is in “seldom used condition.”

This is a unique 1-bedroom unit in that it has a rare west facing 200 square foot private terrace. Very few of the Trump units have outdoor space because of the design of the building.

Would you use an outdoor terrace that was on a high floor like this one is? It’s on the 29th floor and it’s not recessed.

Or is the terrace wasted space?

Peter Tortorello at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #29E: 1 bedroom, 1.5 baths, 938 square feet

  • Sold in March 2012 but no price is listed in the public records
  • Originally listed in November 2015 for $879,000
  • Currently still listed for $879,000
  • Assessments of $508 a month (includes gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $7322
  • Central Air
  • Washer/Dryer in the unit
  • Parking is leased in the building from $250 to $350 a month
  • Bedroom: 15×14
  • Living room: 17×15
  • Terrace: 24×8
  • Laundry room: 6×4