7 Years Later in The Columbian: A 2/2 at 1160 S. Michigan in the South Loop

1160 s michigan

This two-bedroom in The Columbian at 1160 S. Michigan in the South Loop came on the market in February 2014.

It’s a northwest corner unit with floor-to-ceiling windows.

The kitchen has granite counter tops and stainless steel appliances along with wood cabinets.

The master bathroom is marble with an upgraded walk-in shower.

The Columbian, with 220 units, was finished just as the housing bubble was bursting. Many buyers got caught in the decline in the market.

We’ve chattered about the foreclosures/short sales in The Columbian over the years.

This unit last sold in 2007.

7 years later, it has come back on the market and is now listed for about $100,000 under the 2007 price.

Are the buildings that came on the market at the height of the boom, those that will take the longest to recover?

Stephanie Derderian at KoenigRubloff has the listing. See the pictures here.

Unit #3803: 2 bedrooms, 2 baths, 1511 square feet

  • Sold in September 2007 for $587,500
  • Originally listed in February 2014 for $518,000
  • Reduced
  • Currently listed at $487,000 (parking is $35,000 extra)
  • Assessments of $599 a month (includes doorman, central air, gas, cable)
  • Taxes of $6815
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×20
  • Bedroom #2: 12×13

3-Bedroom on Wicker Park Reduces Another $34,000: 1523 N. Wicker Park

1523 N Wicker Park

This top floor 3-bedroom at 1523 N. Wicker Park in Wicker Park came on the market in August 2014.

We last chattered about it in September. See our prior chatter here.

If you recall, at 1750 square feet, it has hardwood floors throughout.

The kitchen has stainless steel appliances and cherry cabinets.

The master bathroom is marble.

It has the features buyers look for like central air, washer dryer in the unit and it has not just one, but 2-car gated parking.

There’s no doubt that this property is IN Wicker Park as it sits directly across the street from the park and is around the corner from some of the areas most popular stores and restaurants, including Big Star. You could almost roll out of bed and be on the Blue line at the Damen El stop as well.

This is one of the hottest neighborhoods in the city with restaurant bigwigs vying for space on Milwaukee and Damen and new restaurants being announced almost monthly.

When we last chattered about it, it was listed at $539,000 or almost $100,000 more than the 2005 sales price.

It has since been reduced several times and was just reduced another $34,000 to $465,000.

Is this now priced to sell?

Sean Glascott at @Properties has the listing. See the pictures here.

Unit #3: 3 bedrooms, 2 baths, 1750 square feet, 2 car parking

  • Sold in August 2005 for $424,500
  • Was listed in September 2014 for $539,000 (parking included)
  • Reduced several times
  • Currently listed at $465,000 (parking included)
  • Assessments of $250 a month
  • Taxes of $5558
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 10×10
  • Bedroom #3: 11×8
  • Den: 10×6

Looking for Something Unique in Lakeshore East? A Custom 1-Bedroom in 340 E. Randolph

340 e randolph

This oversized 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in May 2014.

The listing says it is “highly customized” with cinnamon bark ledge stone wall accents.

It also has arched stone accent doorways and 2 fireplaces.

The bedroom has the stone wall accents along with maple wood siding on the ceiling and wall.

The stone wall accents continue into the half bathroom.

The rest of the finishes were standard in the building including the Snaidero cabinets and quartz counter tops in the kitchen.

This unit faces north towards Lakeshore East’s central park.

It has been reduced $50,000 since May to $549,000.

Is it possible to over customize a condo?

What will it take to sell this property?

Nicholas Colagiovanni at Baird & Warner has the listing. See the pictures here.

Unit #406: 1 bedroom, 1.5 baths, 1081 square feet

  • Sold in July 2007 for $354,000
  • Looks like it also sold in August 2008 but no price is listed
  • Originally listed in May 2014 for $599,000
  • Reduced
  • Currently listed at $549,000 (parking is $60,000 extra)
  • Assessments of $527 a month (includes gas, doorman, cable, pool, snow removal)
  • Taxes of $7418
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 16×10

Is the Bloom Off the Rose in Lincoln Square? A 2/2 at 2326 W. Giddings

2326 w giddings

This 2-bedroom at 2326 W. Giddings in Lincoln Square just came on the market.

It is in a prime location in Lincoln Square as it overlooks Giddings Plaza with its water fountain, street performers and social gatherings.

It is surrounded by shops and restaurants and is just a half a block to the Western Avenue brown line stop.

This elevator building was built in 2008 and has 18-units and an attached, heated garage.

This south facing unit has a den and hardwood floors.

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

This unit has come on the market for $48,500 under the 2010 purchase price at $449,000.

Yet there is little else on the market in Lincoln Square right now and certainly not in a prime Lincoln Square location right on Giddings Plaza.

Lincoln Square was one of the hottest neighborhoods during the housing boom.

Has the neighborhood lost its luster?

Terry Philips at Coldwell Banker has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1360 square feet

  • Sold in April 2010 for $497,500
  • Currently listed for $449,000 (parking included)
  • Assessments of $213 a month (includes snow removal)
  • Taxes of $6248
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×18
  • Bedroom #2: 10×13
  • Den: 11×11

 

Market Conditions: Chicagoland Housing Inventory Has Risen YOY the Last 4 Months

5235 n ravenswood #2

2013 was famous for having near record low inventory in Chicago.

Lack of product and record low mortgage rates combined to push Chicago housing prices up sharply. In some neighborhoods, prices exceeded previous peaks.

But over the last few months, the Chicago housing market has been changing.

Housing inventories in the Chicagoland area have actually risen, year over year, over the last four months.

In September, according to the MLS, 62,316 homes were on the market, up 5.1% from 59,292 listings last year.

Buyer demand also appears to be slowing as months of inventory has risen three consecutive months to 4.8 months in September. That is, however, still a sellers market as anything under 6 months favors the sellers.

From Crain’s:

“In 2013 we just saw such an acceleration and there was no way that was going to be sustainable,” said Matt Farrell, immediate past president of the Chicago Association of Realtors and managing partner of Chicago-based Urban Real Estate. “In 2014, to me, it’s just kind of a return to normal.”

Inventory steadily fell through the market’s recovery, dipping to just 3.8 months of supply in August 2013 before starting to rise again, according to MRED. Realtors and other groups have cited tight supply as a major force holding back first-time homebuyers and other key cogs of the market competing against multiple bidders or cash buyers. Six months of supply is generally viewed as a balanced market.

“First-time buyers may have had some frustration trying to do something in the last year because they could never beat an all-cash offer, they could never close in 15 days,” Mr. Farrell said. “There are buyers who were discouraged, who were ending up with their third or fourth choice, or deciding to rent for another year.”

The rise in homes for sale has yet to significantly affect sellers, though. Prices are still rising, albeit more slowly than last year, and the average time it takes to sell a home fell to 84 days last month from 98 in September 2013. Distressed home sales have fallen 25 percent through the first eight months of the year, meaning less lender-driven competition and downward price pressure on homeowners.

All the agents are talking about a return to a “normal” market. Yet the Chicago market hasn’t been “normal” for over a decade.

What impact will having a “normal” housing market have going forward?

Is that the end of the dramatic price increases?

More choice for homebuyers as Chicago listings rise [Crain’s Chicago Business, David Lee Matthews, October 30, 2014]

Market Conditions: September Sales Fall 8.7%; Median Price Rises Again

401 n wabash #1

The September home sales data is out. Sales fell again while the median price also rose again.

From the Illinois Association of Realtors:

The city of Chicago saw an 8.7 percent year-over-year decrease in home sales in September 2014 with 2,187 sales, down from 2,395 in September 2013. The median price rose to $250,000 versus $230,000 in September 2013, an annual increase of 8.7 percent.

September sales for the last 8 years:

  • 2007: 2172 sales
  • 2008: 1816 sales
  • 2009: 1918 sales
  • 2010: 1403 sales
  • 2011: 1498 sales
  • 2012: 1845 sales
  • 2013: 2395 sales
  • 2014: 2187 sales

Median prices for the last 8 years:

  • 2007: $267,750
  • 2008: $268,600
  • 2009: $225,000
  • 2010: $180,000
  • 2011: $190,000
  • 2012: $188,900
  • 2013: $230,000
  • 2014: $250,000

“Chicago’s fall housing market features bright spots for both buyers and sellers,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Buyers can be encouraged by a rise in the number of homes available for sale this fall to give them a broader selection. Sellers also continue to be in a strong position with median sales prices posting year-over-year gains and homes selling more quickly.”

“As the housing market enters a normally slow season, the trend of the last few months of declining sales on a month-to-month basis is expected to continue, but with gains on a year-over-year basis for the remainder of 2014,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “However, prices are still forecast to increase and inventories are slowly expanding.”

The headline on the press release touted the median price increase as, statewide, sales also dropped.

But just because the median price is rising, that doesn’t mean home prices are rising. The median price only tells you the mix of what is selling. If it’s rising, that’s because more of the expensive homes are selling.

One bright spot was the average mortgage rate. It declined to an average of 4.1% from 4.5% in 2013 which should help make housing more affordable.

There was nothing surprising in this report given anecdotal information from buyers and sellers.

Will it simply be more of the same (i.e. declining sales) for October, November and December?

Illinois median home prices increase 4.5 percent in September; Statewide home sales down 4.4 percent [Illinois Association of Realtors, Press Release, October 21, 2014]

Historic “Race House” Tries Again in Old Irving Park: 3945 N. Tripp

3945 n tripp #1 approved

This 5-bedroom Victorian Italianate single family home at 3945 N. Tripp in Old Irving Park came on the market in May 2014.

But it may look familiar to many of you. It has been on and off the market since August 2007.

We last chattered about it in June 2011. You can see that chatter here.

Built for Stephen Race, one of the members of the founding family of Irving Park, the house was designated a Chicago landmark in 1988.

According to Wikipedia, the house originally cost $12,000 to build in 1873.

It has been fully renovated and now has a chef’s kitchen with double oven, stainless steel appliances, a farmhouse sink and custom white cabinets.

It has also retained many of its original features including arched doorways, thick moldings, pocket doors, stained glass windows and 4 fireplaces.

There is a full english basement and a 3000 bottle wine cellar.

It has a large master bath with custom walk in shower.

There are also numerous skylights.

Built on a 50×75 lot, it has central air and 2-car parking on a side driveway.

3945 n tripp #2 approved

Back in 2011, it was pulled from the market while listed at $779,000.

But that was a completely different housing market.

It returned to the market in May 2014 at $839,000.

It has since been reduced to $799,000.

Old Irving Park is considered to be one of the hottest neighborhoods in the city. There is little on the market below $1 million (or above it, for that matter.)

Will the Race House finally sell in 2014?

Heather Lange at @Properties has the listing once again. See the pictures here.

3945 N. Tripp: 5 bedrooms, 4 baths, 2 half baths, 5800 square feet, 2 car parking

  • Sold in November 1997 for $285,000
  • Sold in January 2002 for $639,500
  • Originally listed in August 2007
  • Was listed in January 2009 for $1.199 million
  • Reduced
  • Was listed in October 2010 for $947,000
  • Reduced
  • Was listed in June 2011 at $799,000
  • Reduced to $779,000
  • Withdrawn in September 2011
  • Re-listed in May 2014 for $839,000
  • Reduced
  • Currently listed at $799,000
  • Taxes now $9371 (they were $3881 in June 2011)
  • Central Air
  • 4 fireplaces
  • Bedroom #1: 30×18 (third floor)
  • Bedroom #2: 16×15 (second floor)
  • Bedroom #3: 17×14 (second floor)
  • Bedroom #4: 17×10 (second floor)
  • Bedroom #5: 13×11 (second floor)
  • Library: 22×12 (main floor)

7.7% Price Reduction on Vintage 2-Bedroom in the Gold Coast: 1427 N. Dearborn

1427 n dearborn

This 2-bedroom in The Cordova at 1427 N. Dearborn in the Gold Coast came on the market in April 2014.

The Cordova is an 8-unit vintage building with an elevator.

If this unit seems familiar, that’s because it is. It has been on and off the market since July 2010.

We last chattered about it in July 2012. See our chatter here.

The third floor unit has 1700 square feet and some of its vintage features such as a wood burning fireplace.

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

The listing says there are “upgraded bathrooms.”

It has central air and a washer/dryer in the unit but no deeded parking. Parking is available next door for $275 a month.

It came back on the market this year at $649,000 and recently reduced $50,000, or 7.7%, to $599,000.

Back in 2012, it went as low as $485,000 before it was withdrawn from the market.

Will it finally sell in 2014?

Lauren Leonardi at @Properties has the listing again. See the pictures here.

Unit #3S: 2 bedrooms, 2 baths, 1700 square feet

  • Sold in July 1999 for $390,000
  • Sold in April 2002 for $463,000
  • Sold in June 2005 for $617,500
  • Sold in June 2008 for $635,000
  • Originally listed in July 2010 for $659,000
  • Reduced
  • Was listed in June 2011 at $626,000
  • Withdrawn
  • Re-listed in April 2012 at $485,000
  • Withdrawn
  • Re-listed in April 2014 for $649,000
  • Reduced
  • Currently listed at $599,000
  • Assessments now $505 a month (they were $400 a month in 2012)
  • Taxes now $6012 (they were $8796 in 2012)
  • Central Air
  • Washer/Dryer in the unit
  • No parking- rental available nearby for $275 a month
  • Bedroom #1: 14×12
  • Bedroom #2: 12×12
  • Office/den: 15×9

We Love Authentic Bucktown Lofts: A 2-Bedroom at 1670 N. Claremont

1670 n claremont

This 2-bedroom in the Ironwerks Lofts at 1670 N. Claremont in Bucktown came on the market in July 2014.

The building was converted into loft condos in 1999.

It has all the features loft lovers look for including 12-foot timber ceilings, exposed brick and hardwood floors throughout.

The master bedroom has full height walls so there’s some privacy.

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

The end unit also has a 23×17 interior courtyard terrace.

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

First listed in July, it has been reduced $6,000 to $369,000.

Bucktown is still a hot neighborhood.

What will it take to sell this loft?

Kris Mork at Coldwell Banker has the listing. See the listing here.

Unit #104: 2 bedrooms, 2 baths, no square footage listed

  • Sold in July 2000 for $210,000
  • Sold in October 2002 for $280,000
  • Sold in September 2005 for $352,000
  • Originally listed in July 2014 for $375,000
  • Reduced
  • Currently listed for $369,000
  • Assessments of $249 a month (includes cable)
  • Taxes of $3886
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 14×10

Want a Piece of Wicker Park History? A 3-Bedroom Rowhouse at 1959 W. Schiller

1959 w schiller

This 3-bedroom Victorian rowhouse at 1959 W. Schiller in Wicker Park came on the market in July 2014.

Built in 1879 on an extra long 25×162 lot, it sits directly across the street from Wicker Park.

The listing calls it a single family home- but I don’t see any separation with the home next to it in the picture (the construction above is on the property next to it) so it appears to be a rowhouse. (???)

It has many of its original features including 11-foot ceilings, crown molding and ceiling medallions.

There are 4 wood burning fireplaces.

The house has a finished basement.

It also has an enclosed backyard and a 2-car garage.

The listing says “Bring your design” and if you look at the interior pictures you’ll know what it means.

Originally listed for $1.35 million, it has been reduced $351,000 to $999,000.

This house last sold 19 years ago so it seems it is rarely available for purchase.

Do you have the vision to restore this house to its original grandeur?

Art Collazo at Jameson Sotheby’s has the listing. See the pictures here.

1959 W. Schiller: 3 bedrooms, 2.5 baths, 3400 square feet, 2 car garage

  • Sold in June 1995 for $325,000
  • Originally listed in July 2014 for $1.35 million
  • Reduced several times
  • Pending once
  • Currently listed for $999,000
  • Taxes of $12,337
  • Central Air
  • 4 wood burning fireplaces
  • Bedroom #1: 16×33 (third floor)
  • Bedroom #2: 13×18 (second floor)
  • Bedroom #3: 11×15 (second floor)
  • Family room: 19×36 (basement)