You Can Still Get a 2/2 in Lincoln Park With Views for Under $400K: 345 W. Fullerton Parkway

345 w fullerton

This 2-bedroom at 345 W. Fullerton Parkway in Lincoln Park came on the market in August 2017.

These buildings were constructed in 1972 and has 216 units along with rental parking.

The listing for this unit says “just completed rehab.”

The kitchen has new quartz countertops and stainless steel appliances with white cabinets.

The bathrooms have quartz vanities with vessel sinks.

The living room and bedrooms have new carpet and there are hardwood floors in the entry way and kitchen.

This unit has straight on views of Lincoln Park.

It has central air and “rare” washer/dryer in the unit (as not all the units have it.)

Parking is rental in the building.

Listed at $324,900 in August, it is now listed higher at $339,900.

Thinking of buying to rent it out? Other listings in the building, that have closed recently, said there was a rental cap with a wait list for renting.

At under $340,000, is this a deal for someone looking for a 2/2 in East Lincoln Park?

Kyle Miller at Carl Miller & Son has the listing. See the pictures here.

Unit #1208: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in February 1993 for $140,000
  • Sold in May 2005 for $296,000
  • Sold in June 2010 for $245,000
  • Originally listed in August 2017 for $324,900 (per Zillow)
  • Raised
  • Currently listed for $339,900
  • Assessments of $787 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
  • Taxes of $5147
  • Central Air
  • Washer/dryer in the unit
  • Parking is rental for $175-$215
  • Bedroom #1: 16×12
  • Bedroom #2: 11×10
  • Living room: 24×14
  • Dining room: 8×7

 

Looking for a Duplex Penthouse with a Private Roof Deck? 40 E. 9th in the South Loop

40 e 9th

This 3-bedroom penthouse in Burnham Park Plaza at 40 E. 9th in the South Loop recently came on the market.

It’s a duplex that acts like a single family home or a townhouse.

The main level is an open concept with the living/dining and kitchen, the 3 bedrooms and a den.

The kitchen has stainless steel appliances, dark cabinets, and what looks like granite counter tops.

The second floor has a 26×24 great room, which could possibly be a fourth bedroom as there is a full bath as well as a closet.

The second floor also has a huge 26×46 wraparound private roof deck with city views.

It has central air and washer/dryer hook up in the unit (not sure why you wouldn’t install this if the hook-ups are there). The assessments include the heat and air.

The unit also has 2 car deeded garage parking included.

Back in the bust, this unit became bank owned in 2010. They couldn’t sell it but finally did at an auction sale in 2011 for $365,500.

It has come back on the market for $675,000.

Has the market finally healed itself from the bust?

Patrick Natale at Coldwell Banker has the listing. See the pictures here.

Unit #1916: 3 bedrooms, 4 baths, no square footage listed, duplex up

  • Sold in September 2006 for $1.55 million
  • Bank owned in February 2010
  • Listed but didn’t sell
  • Finally sold at auction in March 2011 for $365,500
  • Currently listed for $675,000 (2 car parking included)
  • Assessments of $2191 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $14,313
  • Central Air
  • Washer/Dryer hook-ups in the unit
  • Bedroom #1: 15×29 (main level)
  • Bedroom #2: 15×10 (main level)
  • Bedroom #3: 11×8 (main level)
  • Den: 13×8 (main level)
  • Family room: 26×24 (second level)
  • Deck: 26×46

 

 

Is 4-Bedroom Condo Demand Weakening? 3760 N. Fremont in Lakeview

3760 n fremont

This 4-bedroom penthouse at 3760 N. Fremont in the Wrigleyville neighborhood of Lakeview has been on the market since May 2017.

Built in 1999, the building has 3 units and garage parking.

This is the preferred layout with a duplex up.

It has 18 foot cathedral ceilings in the living room and a all purpose loft on the second floor.

The unit has a private rooftop deck with views of Wrigley Field and the city in the distance. It has a wood pergola and planters.

There’s a master suite with a walk-in closet on the second floor and a second master suite on the first floor.

The kitchen has granite counter tops and stainless steel appliances. It also has maple cabinets, but there are pictures in the listing that show those cabinets painted white. (Complaints from possible buyers that they’re not white???)

There’s central air and garage parking is included.

Since May, this unit has been reduced $50,000 to $689,000. That is below the 2007 sales price of $725,000.

With so many new 3 and 4 bedroom units on the market in Lakeview, can these older construction condos compete?

Danielle Wylie at Baird & Warner has the listing. See the pictures here.

Unit #3: 4 bedrooms, 3 baths, 3000 square feet

  • Sold in January 2000 for $550,000
  • Sold in July 2002 for $669,000
  • Sold in June 2007 for $725,000
  • Originally listed in May 2017 for $739,000
  • Reduced twice
  • Currently listed at $689,000
  • Assessments of $223 a month (includes exterior maintenance and scavenger)
  • Taxes of $12,719
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included
  • Private rooftop deck
  • Bedroom #1: 18×15 (second floor)
  • Bedroom #2: 11×10 (second floor)
  • Bedroom #3: 18×14 (main level)
  • Bedroom #4: 11×11 (main level)
  • Loft: 16×11 (second floor)

 

 

Are There Too Many Mansions on the Market? A 9 Bedroom at 2466 N. Lakeview

2466 n lakeview #1

According to Crain’s, one of the city’s mansions just sold to an heir of the Thai Red Bull fortune.

They do not, apparently, have ties to Chicago.

The house, which sold on Oct 11 for $7.5 million, is on Bellevue in the Gold Coast. Originally listed for $9 million, it was reduced $1 million before selling.

It is, so far, the most expensive single family home sale of the year.

Read the Crain’s coverage here.

But there are plenty of other expensive homes on the market.

In just Lincoln Park, there are currently 21 single family homes on the market listed for more than $4 million.

Included in those is the Theurer-Wrigley mansion at 2466 N. Lakeview.

We have chattered about it several times over the years and chattered about it again in February 2017 when it returned to the market…again.

See that chatter here.

If you recall, this is a special home.

It was listed on the National Register of Historic Places in 1980.

It has much of the features of a mansion built in 1896 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces along with herringbone floors.

The main house has 9-bedrooms in 13,705 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

From the listing of what else the house includes:

“a grand foyer; a solarium; butler’s pantry; wine bar; walk-in vault; game rooms; staff quarters; a mahogany paneled library; sprawling master suite with his and hers baths; and top floor ball room with unobstructed Lincoln Park and Lake Michigan views.”

Yes, it actually has a grand ballroom.

No one is building one of those in a house anymore.

There is also a 2000 square foot coach house with 2 residential units on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.

2466 n lakeview #2

There’s no central air and the kitchen, according to Crain’s, needs work. There are a few pictures of it in the listing.

In February, it was listed at $7.1 million but has been reduced to $5.5 million.

With the stock market at record highs, sales of the upper bracket have been strong.

But is there simply too much inventory now? Or is Chicago’s economy up to the challenge at that price point?

Anthony Disano at Parkvue Realty still has the listing. See the pictures here (be sure to check out the ballroom) as well as the floor plans, which are helpful:

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 13,705 square feet in the main house, coach house with 2 apartments, 5 car parking

  • Sold in April 2004 for $9 million
  • Lis pendens foreclosure filed in May 2011
  • Was listed in October 2011 for $9.5 million
  • Withdrawn in October 2012
  • Was listed in November 2014 for $8.695 million
  • Withdrawn
  • Bank owned by Bank of America in September 2016
  • Was listed in February 2017 for $7.15 million
  • Reduced
  • Currently listed for $5.5 million
  • Taxes are now $150,325 (they were $145,294 in 2014 and $118,395 in 2011)
  • No central air- window units only
  • 2 apartments in coach house for staff
  • 5 fireplaces
  • Ballroom
  • Library: 16×14 (main floor)
  • Bedroom #1: 20×17 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 20×13 (second floor)
  • Bedroom #5: 15×12 (second floor)
  • Bedroom #6: 18×13 (third floor)
  • Bedroom #7: 19×16 (third floor)
  • Bedroom #8: 11×10 (third floor)
  • Bedroom #9: 15×12 (lower level)

 

 

You Can Get a 2/2 in “Real” Old Town for Under $320K: 1805 N. Orleans

1805 n orleans

This 2-bedroom at 1805 N. Orleans in Old Town came on the market in September 2017.

This is a 9-unit complex without parking in the heart of the historic Old Town neighborhood.

This is a garden unit.

It has hardwood floors and each bedroom has an en suite bathroom.

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

The unit also has a separate dining room.

It has in-unit washer/dryer but wall cooling.

There’s no parking but the listing says “easy street parking” and you’re in the middle of Old Town near grocery stores, restaurants and public transportation.

The deck in the pictures is shared with other units.

There isn’t high turn over of this unit. Three of the last four owners have each owned it for 5+ years.

Listed for $330,000, it has been reduced to $317,500.

Is this a good way to get into the Old Town neighborhood as a first time buyer?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.

Or you can see it at the Open Houses this weekend: Saturday, Oct 28 from 11-1 PM and Sunday, Oct 29 from 11-1 PM.

Unit #2G: 2 bedrooms, 2 baths, no square footage listed, garden unit

  • Sold in January 2000 for $150,000
  • Sold in April 2002 for $261,000
  • Sold in June 2007 for $329,000
  • Sold in May 2012 for $282,000
  • Originally listed in September 2017 for $330,000
  • Reduced
  • Currently listed for $317,500
  • Assessments of $282 a month (includes heat, gas, scavenger)
  • Taxes of $2727
  • No central air- wall units
  • Washer/dryer in the unit
  • No parking
  • Bedroom #1: 10×10
  • Bedroom #2: 12×10
  • Office: 7×6
  • Dining room: 8×7
  • Living room: 19×15

 

Do Millennials Want to Live on Historic Alta Vista Terrace? 3808 N. Alta Vista in Lakeview

3808 n alta vista

This 3-bedroom row house at 3808 N. Alta Vista Terrace in Lakeview came on the market in June 2017.

Alta Vista Terrace is a Chicago Landmark District.

These 40 row homes were built from 1900 to 1904 and were built to look like London row homes.

From the Chicago Landmark website:

This street represents one of the last real estate developments of Samuel Eberly Gross, a highly colorful realtor responsible for the construction of thousands of houses in the Chicago area. Sometimes called “A Street of Forty Doors,” Alta Vista Terrace displays a lively variety of architectural styles and detail, yet every townhouse on one side is duplicated with only minor variations at the diagonally opposite end of the block. The distinctly human scale creates a unity and harmony rarely found elsewhere in the city.

There is no parking on the east side of the street but the west side has space behind the row homes for a garden or 1-car parking.

This row house is on the preferred west side of the street and has 1-car secured parking along with a landscaped patio.

The lot measures 25×40.

The house has some vintage features, including oversized bay windows with leaded glass in the living room and a built-in hutch and brick fireplace in the dining room.

The three bedrooms are on the second floor along with a 6×7 den and a bathroom.

The listing says there is a “chef’s kitchen” with white cabinets, stainless steel appliances, granite counter tops, the original tin ceiling and a built-in banquette.

It also has an “English basement” with a family room, a laundry room, a full bath and storage.

The row house has 2 fireplaces and central air.

The listing also says it has new mechanicals and a new roof.

Originally listed for $899,000 in June, it has been reduced $100,000 to $799,000.

We’ve chattered about several of these row homes over the years. In 2011-2012, some of these would sell in the $500,000s.

But that was in a slow market.

Now, at $799,000, this row house is no longer in the starter home category.

Who are the target buyers for these now?

Won’t these be turning over to the next generation of buyers, i.e. the Millennials?

Will Millennials want to live on a historic street such as this?

There are currently 3 of these row homes on the market.

Julie Sachs Capps at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

3808 N. Alta Vista Terrace: 3 bedrooms, 2 baths, 2010 square feet, row house

  • Sold in January 1988 for $235,000
  • Sold in June 1996 for $350,000
  • Sold in March 2000 for $450,000
  • Sold in May 2005 for $720,000
  • Originally listed in June 2017 for $899,000
  • Reduced
  • Currently listed at $799,000
  • Taxes of $11,351
  • Central Air
  • 1-car outdoor parking
  • Bedroom #1: 12×12 (second floor)
  • Bedroom #2: 9×12 (second floor)
  • Bedroom #3: 12×11 (second floor)
  • Family room: 14×20 (lower level)
  • Laundry room: 10×8 (lower level)
  • Den: 6×7 (second floor)

The 3-Bedroom North Side Starter Home: 3037 W. Leland in Ravenswood Manor

This 3-bedroom single family home at 3037 W. Leland in Ravenswood Manor came on the market in May 2017.

Built in 1906, it is on a larger than standard Chicago lot of 30×140.

It has a 2-car detached garage and a deck with a hot tub.

The house has hardwood floors in the living and dining room.

The kitchen has white cabinets, stainless steel appliances and a breakfast bar.

It has the layout most buyers look for with all three bedrooms on the second floor, including the master suite.

The second floor also has skylights.

The listing also says it has an unfinished basement.

This house is about 6 blocks from the Francisco brown line stop. The Rockwell street restaurants and Lincoln Square shops are within walking distance.

Originally listed for $475,000, it has been reduced and is now listed at $424,900.

This house was under contract in September but has now come back on the market.

We’ve been chattering about the high prices in some parts of the city, especially on the north side.

Is this house a good starter home for those looking on the north side?

Thomas Moran at @Properties has the listing. See the pictures here (sorry, I don’t have a street shot of this house but I wanted to crib about it anyway.)

3037 W. Leland: 3 bedrooms, 2.5 baths, 1952 square feet

  • Sold in December 1986 but there’s no price listed
  • Sold in June 2011 for $375,000
  • Originally listed in May 2017 for $475,000
  • Reduced
  • Under contract in September 2017
  • Currently listed for $424,900
  • Taxes of $5919
  • Central Air
  • 2-car garage
  • Bedroom #1: 19×14 (second floor)
  • Bedroom #2: 18×10 (second floor)
  • Bedroom #3: 13×10 (second floor)

 

Looking for a Renovated Loft? A 1-Bedroom at 523 S. Plymouth in Printers Row

523 s plymouth

This 1-bedroom loft in the Peterson Lofts at 523 S. Plymouth in Printers Row in the South Loop came on the market in September 2017.

The Peterson Lofts was built in 1917 and has 49 units. It’s one of the rare buildings with indoor parking.

This loft is west facing, which means its views are not blocked by Library Tower, which was built on the east side of this building on State Street.

It has concrete ceilings, exposed ductwork, exposed brick and a wall of industrial windows.

The listing says it has been “totally remodeled” and has a custom kitchen and new baths.

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

The bedroom is not fully enclosed but has new carpet, a full bath with a double vanity and a walk-in closet.

This loft has features buyers look for including central air, washer/dryer in the unit and parking is available to rent in the building.

Originally listed for $329,500, it has been reduced $30,500 to $299,000.

At 1100 square feet, is this a deal compared with renting in the neighborhood?

Stefan Harbov at Avian Realty has the listing. See the pictures here.

Unit #702: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in May 1995 for $145,000
  • Sold in September 1997 for $156,500
  • Sold in July 2006 for $285,500
  • Lis pendens foreclosure filed in January 2015
  • Judicial county sale in December 2016 for $230,000
  • Originally listed for $329,500
  • Reduced
  • Currently listed for $299,000
  • Assessments of $525 a month (includes heat, cable, exercise room, exterior maintenance, scavenger, snow removal)
  • Taxes of $4509
  • Central Air
  • Washer/Dryer in the unit
  • Parking is leased in the building or neighborhood
  • Bedroom: 14×16

Chicago Market Conditions: September Sales Fall 3.7% YOY While Median Price Rises

tombstones in the gold coast Oct 2017

The Illinois Association of Realtors is out with the September home sales.

Sales have slipped from last year, which follows the trend that existed over the summer of weaker year-over-year sales.

The city of Chicago saw a 3.7 percent year-over-year home sales decline in September 2017 with 2,309 sales, down from 2,398 in September 2016. The median price of a home in the city of Chicago in September 2017 was $275,000, up 5.8 percent compared to September 2016 when it was $260,000.

September sales for the last 10 years:

  • 2007: 2172 sales
  • 2008: 1816 sales
  • 2009: 1918 sales
  • 2010: 1403 sales
  • 2011: 1498 sales
  • 2012: 1845 sales
  • 2013: 2395 sales
  • 2014: 2242 sales
  • 2015: 2414 sales
  • 2016: 2398 sales
  • 2017: 2309 sales

Median prices for the last 10 years:

  • 2007: $267,750
  • 2008: $268,600
  • 2009: $225,000
  • 2010: $180,000
  • 2011: $190,000
  • 2012: $188,900
  • 2013: $230,000
  • 2014: $249,000
  • 2015: $250,000
  • 2016: $260,000
  • 2017: $275,000

“Although the market has slowed somewhat from peak summer activity, it continues to push forward, with decreases in overall inventory and market time reflecting continued interest in investing in a home,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and Vice President of Agent Development at @properties.

“Moving into the colder months, pricing properties correctly will continue to be the key to capturing serious buyer attention, and quick decision making and flexibility will gain greater importance as inventory declines.”

Average time on the market fell again to just 51 days from 58 days a year ago.

Total statewide inventory plunged to 60,669 from 67,796 in September 2016.

The mortgage rates remained low, with the 30-year fixed averaging 3.81% from 3.46% last year.

“Housing inventory continues to dampen sales,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “This problem is reflected in the significant increases in the sales prices of foreclosed properties, increasing by over 15 percent compared to 5 percent for regular sales.”

Would we see record sales if they were actually building more new properties?

And with prices at all time highs, the baby boomers retiring, and presumably wanting to move to warmer climates with fewer taxes, why aren’t more properties coming on the market?

Strong buyer demand, lower inventory push Illinois home prices higher in September (Illinois Association of Realtors, Press Release, October 20, 2017)

 

Chicago Market Conditions: Will Starter Condos Ever Again Be Built in the GreenZone?

2 w delaware approved

In the decade before the 2008 housing bust, thousands of “starter” condos were built in the GreenZone neighborhoods of Chicago.

By “starter”, I mean they were condos ranging in prices from $150k to $400k and ranged in size from studios to 2-bedrooms.

Since the bottom of the bust in 2012, nearly all the new construction in the GreenZone has been “luxury” including new brick 3-flats in Lincoln Park and Lakeview where 2/2s start at $500,000 to 3-bedroom and 4-bedroom family units in River North, Streeterville and Gold Coast high rises.

Even new townhouses are priced above $500,000 now.

And while new construction luxury buildings keep getting announced, today, Crain’s reported that one of the new condo developments that had been a condo building at 2 W. Delaware in the Gold Coast, then went to apartments, then were being sold again, are now going back to apartments.

From Crain’s:

A venture led by Letchinger bought more than 150 rented condos last year in the high-rise at 2 W. Delaware Place, a project that stalled after the crash. With the condo market rebounding, Letchinger planned to renovate the building and sell the unsold units at prices ranging from $715,000 to $4.4 million.

Now, after selling just nine units, he’s changing course. With tenants willing to pay sky-high rents to live in the building, Letchinger plans to keep renting out the remaining 144 unsold units, some at more than $10,000 a month.

“While we would love to sell them, it’s just the path of least resistance,” said Letchinger, president of JDL Development. “From a pure economic standpoint, it doesn’t make sense to sell them.”

Though the downtown condo market is healthy, it’s not booming, and JDL and its partners, Norridge-based Harlem Irving and New York-based Angelo Gordon, ultimately decided it made more sense to swim with the tide than against it.

“There’s just not a lot of velocity” in the condo market, Letchinger said. Though traffic at 2 W. Delaware’s sales center was good, “there’s not a lot of depth to the market.”

Letchinger’s JDL is the developer behind the nearly sold out 70-unit No. 9 Walton that is going up next door to this building. That’s also a luxury building.

There are also numerous other luxury high rises currently being built including One Bennett Place and the Wanda Vista.

The Vista has 406 units and is, I’ve been told, about 45% sold. But even with that sales rate, that still leaves over 200 units that are priced at $1 million+.

2 W. Delaware has 198 total units. Some will remain condos while the others will be apartments (again).

But for those hoping that the over building in the apartment market would ultimately result in some apartment to condo conversions, hopefully at lower prices than the $1 million price point, are their hopes now dashed?

Are the days of starter condos in the GreenZone over?

And is that just a normal development as Chicago becomes a more successful city?

Developer aborts condo sales at Gold Coast tower [Crain’s Chicago Business, Alby Gallun, October 18, 2017]