Looking for that Starter East Lakeview 1-Bedroom With Parking? 434 W. Aldine

434-w-aldine-approved

This 1-bedroom at 434 W. Aldine in East Lakeview just came on the market.

At 1000 square feet, it’s bigger than your average one bedroom.

It has south facing windows, hardwood floors and some of its vintage features including built-in bookcases and a fireplace.

The kitchen has white cabinets, “new” stainless steel appliances, and a tile backsplash.

There’s no washer/dryer in the unit or central air, but there is a rare, for this location, deeded private garage space.

At $279,900 and with low mortgage rates, is this a better deal than renting?

Ali Gursoy at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2F: 1 bedroom, 1 bath, 1000 square feet

  • Sold in February 1997 for $160,000
  • Sold in September 1998 for $169,000
  • Sold in November 2000 for $196,000
  • Sold in October 2003 for $233,000
  • Listed at $279,900 (includes private garage parking)
  • Assessments of $332 a month (includes heat, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4361
  • No central air- but there are window units
  • No in-unit washer/dryer but there’s a laundry room in the building
  • Bedroom: 14×14
  • Living room: 26×13

 

Can You Afford Wicker Park? A 2/2 for $579,000 at 1741 W. Division

1741 w division

This 2-bedroom at 1741 W. Division in Wicker Park just came on the market.

Built in 2006, the building has 3 units and what looks to be outdoor parking.

This unit has 1640 square feet with a 650 square foot private deck off the back.

The kitchen is “contemporary” with dark cabinets, stone counter tops and stainless steel appliances.

Both bathrooms have similar contemporary finishes with dark cabinetry.

It has central air and washer/dryer in the unit.

It is also in a prime Wicker Park/West Town location, just a few blocks from the Division Blue Line stop and surrounded by coffee shops and restaurants.

Listed at $579,000, Division Street is certainly no longer an “up and coming” area.

Who can afford Wicker Park now?

And will it change the dynamics of the neighborhood?

Carly Stein at d’aprile properties has the listing. See the pictures here.

Unit #201: 2 bedrooms, 2 baths, 1640 square feet

  • Sold in February 2008 for $466,000
  • Currently listed for $579,000
  • Assessments of $100 a month (includes water and scavenger)- just a 3 unit building
  • Taxes of $5876
  • Central Air
  • Washer/Dryer in the unit
  • Looks like it has an outdoor parking space
  • 650 square foot private deck
  • Bedroom #1: 16×11
  • Bedroom #2: 12×10

The 5000 Square Foot Loft Penthouse: 8 W. Monroe in the Loop

8 w monroe

This 4-bedroom 2-story penthouse at 8 W. Monroe in the Loop came on the market in May 2016.

It appears to be a loft on the main level, with high ceilings.

The building is a former office building that was converted during the housing boom last decade.

It has north, south and east facing views.

There are two kitchens, including a kitchenette on the second level (don’t be confused by the pictures and think “that’s the kitchen???” when you see the smaller one.)

The smaller kitchen has maple cabinets and stainless steel appliances.

The larger, main kitchen has dark cabinets and stainless steel appliances.

There’s a balcony and a large private terrace with city and lake views.

The unit has central air, a laundry room with side-by-side washer/dryer and 1-car parking.

The listing says it’s 5000 square feet and can be customized.

It sold in 2010 for $777,500 and is now listed for $2.55 million.

Will it get the premium for a location that isn’t on Grant Park or Millennium Park?

Anne Fan at Jameson Sotheby’s has the listing. See the pictures here.

Unit #2100: 4 bedrooms, 2.5 baths, duplex, 5000 square feet

  • Sold in July 2010 for $777,500
  • Currently listed for $2.55 million (includes 1-car garage parking)
  • Assessments of $2277 a month (includes heat, a/c, gas, doorman, exercise room, exterior maintenance and scavenger)
  • Taxes of $14199
  • Central Air
  • Side-by-side washer/dryer
  • Bedroom #1: 20×21 (second floor)
  • Bedroom #2: 11×15 (main floor)
  • Bedroom #3: 11×15 (main floor)
  • Bedroom #4: 11×15 (main floor)
  • Family room: 33×21 (second floor)

 

Get a 2/2 in a Classic Beaux Arts Building at 3314 N. Lake Shore Drive for Under $200K

3314 n lake shore drive approved

This 2-bedroom in 3314 N. Lake Shore Drive in Lakeview has been on and off the market since 2013.

It most recently came back on the market in February of this year.

If you’re a fan of Parisian architecture, this is the building for you.

Built in 1916, it was the first shoreline high rise apartment building constructed north of North Avenue.

It was, of course, meant for the rich.

According to “Chicago Apartments: A Century of Lakefront Luxury” when it opened, each floor contained a single unit 18-room, 5 bath apartment that rented for about $10,000 a year. Residents included all the ritzy families of Chicago at the time, including those with the names of Spiegel, Ward, Peacock and Goldblatt.

Over the years, the units were reconfigured and when the building was sold to a new owner in 1951 for under $400,000 it contained 49 apartments. Since then, units have been reconfigured so that there are now 29.

The building was converted to condominiums in 1983.

This unit, however, is not one of those that looks out over Lake Shore Drive.

On the second floor, it doesn’t have the vintage features of the building.

It does, however, have a rare small terrace.

The kitchen has granite counter tops, stainless steel appliances and the white cabinets with wood trim that were once popular.

This unit has features buyers look for including central air and washer/dryer in the unit.

There’s no parking but it is available in the neighborhood for between $150 and $250 a month.

This unit has recently been reduced to $199,000.

Given the exploding rents in the neighborhood, is this a deal?

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

Unit #2D: 2 bedrooms, 2 baths, 1315 square feet

  • Sold in June 1989 for $140,500
  • Sold in March 2000 for $165,000
  • Was listed in 2013, 2014 and 2015
  • Re-listed in February 2016 for $219,000
  • Reduced
  • Currently listed at $199,000
  • Assessments of $1202 a month (includes heat, a/c, cable, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $5795
  • Central Air
  • Washer/Dryer in the unit
  • No parking- but available in the neighborhood for $150 to $250 a month
  • Bedroom #1: 16×15
  • Bedroom #2: 13×11

11 Months on the Market for this Manhattan Building 3-Bedroom: 431 S. Dearborn in the Loop

431 s dearborn

This 3-bedroom in the Manhattan Building at 431 S. Dearborn in the Loop came on the market in June 2015.

The Manhattan Building was built in 1891. It was converted to condos in the late 1990s. It’s a doorman building.

This unit is 1 of only 4 top floor units.

It has south and west views.

It has a split floor plan with hardwood floors in the living room and one of the bedrooms. There is carpet in the other two bedrooms.

The kitchen has white appliances and what look like maple cabinets.

It has the features buyers look for including central air and washer/dryer in the unit. There’s no parking with the building, but in this location, would you need a car?

The blue, red, brown and orange line stops are within a few blocks.

It even has a wood burning fireplace, which is rare for a high rise.

Since June, this has been reduced $24,900 to $325,000 yet it still can’t find a buyer.

Why isn’t this selling?

Is it a deal for the square footage?

Steven Paige at Re/Max has the listing. See the pictures here.

Unit #1602: 3 bedrooms, 2 baths, 1600 square feet

  • Sold in September 1997 for $224,500
  • Sold in September 1999 for $289,000
  • Originally listed in June 2015 for $349,900
  • Reduced
  • Currently listed at $325,000
  • Assessments of $846 a month (includes doorman, exterior maintenance, scavenger, snow removal)
  • Taxes of $3922
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 16×14
  • Bedroom #2: 16×12
  • Bedroom #3: 12×12

 

 

Vince Vaughn Splits Penthouse Into 2 and They Are Already Both Under Contract: 159 E. Walton in the Gold Coast

159 e walton approved

We’ve chattered about Vince Vaughn’s Palmolive penthouse at 159 E. Walton in the Gold Coast several times over the years.

You can see the 2012 chatter here.

He’s been trying to sell it since 2011 to no avail.

Last week, he took the unusual step of splitting the triplex penthouse into two units composed of one full floor unit and a top floor duplex.

The full floor unit, which is 4292 square feet, will be priced at $4.2 million.

The penthouse duplex, with 7880 square feet, will set you back $8.5 million.

Apparently, no one wanted all that space.

Having the penthouse as a duplex and not as a triplex as it’s currently configured — was “originally how the developer had it done,” Malkin said. “We got feedback from buyers that (the triplex) was too much square feet.”

“Like most things in those price points, it’s something that’s a second or third or fourth home for someone,” Malkin said. “So we decided this was a different marketing opportunity. We thought we’d see if this was a better way to do it.”

Malkin said a potential buyer of just the 36th and 37th floors would not need to make many changes to the unit, necessarily. However, the 35th floor likely would require significant alterations, she said. The option also exists that a buyer may come on the scene and choose to buy all three levels, she said.

According to the Tribune, an internal staircase would have to be removed if someone bought the full floor unit.

It looks like it was giving buyers what they wanted, because BOTH units have gone under contract in only a week.

Were there already buyers waiting on the sidelines to buy the split units before they went to the press with this? (And if so- why go to the press with it at all?)

Or did buyers suddenly materialize for the smaller units at the same time within a week of splitting them because the market is that hot?

Or is the same buyer actually buying both listings after all?

Katherine Malkin at Baird & Warner has both listings.

You can see the pictures for the full floor unit here.

159 E. Walton #35: 3 bedrooms, 3.5 baths, 4292 square feet

  • Currently listed for $4.2 million
  • Under contract in just a week
  • Assessments of $4034 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal
  • Taxes are $15,556 (per Redfin)
  • 1 car parking included
  • Central Air
  • Washer/Dryer in the unit

You can see the pictures for the top floor duplex here.

159 E. Walton PH: 3 bedrooms, 5.5 baths, duplex, 7880 square feet

  • Sold in September 2006 for $12 million
  • Originally listed in June 2012 for $18.4 million
  • Reduced
  • Was listed in 2012 for $16.75 million
  • Reduced to $13.9 million
  • Split up the unit into 2 units
  • Now listed as a duplex for $8.5 million
  • Under contract in only a week
  • Assessments now $8988 (they were $11,595 a month as one unit in 2012)
  • Taxes now $34,920 (they were $42,772 as one unit in 2012)
  • Central Air
  • Washer/Dryer in the unit

Market Conditions: Best April in 8 Years Even With Record Low Inventory

Chicago skyline from Grant Park August 2015

As we already knew, things are hot, hot, hot.

I know this “news” is from last week, but it’s our duty to chatter about the monthly sales numbers so here it is.

From the Illinois Association of Realtors:

The city of Chicago saw a 7.9 percent year-over-year home sales increase in April 2016 with 2,628 sales, up from 2,435 in April 2015. The median price of a home in the city of Chicago in April 2016 was $287,500, up 6.0 percent compared to April 2015 when it was $271,325.

Here are the sales statistics for April since 2007:

  • 2007: 2419 sales
  • 2008: 1886 sales
  • 2009: 1407 sales
  • 2010: 1984 sales
  • 2011: 1466 sales
  • 2012: 1816 sales
  • 2013: 2392 sales
  • 2014: 2256 sales
  • 2015:  2435 sales
  • 2016: 2628 sales

Here are the median prices:

  • 2007: $289,800
  • 2008: $300,000
  • 2009: $218,000
  • 2010: $225,000
  • 2011: $169,000
  • 2012: $184,400 (IAR says it was $182,000 but I have $184,400 from last year’s data)
  • 2013: $223,500
  • 2014: $250,000
  • 2015: $271,325
  • 2016: $287,500

“After posting only modest sales gains in March, Chicago saw in April a return to what would be expected in a market marked by high consumer demand,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oakbrook-based Inland Real Estate Group of Companies, Inc. “It’s taking 47 days on average to sell a home, which is a breathtaking pace and shows why inventories have plummeted once again.”

“Any suggestion the state’s housing market was beginning to slow appears to have been premature,” said Illinois REALTORS® President Mike Drews, GRI, broker-associate with Charles B. Doss Co. in Aurora. “A buyer can’t dawdle in a market like this. Any delay can result in losing the home they want as there are so many other motivated buyers in this spring market.”

Mortgage rates were about where they were last year at this time, so it’s not lower rates that is pushing the buyers to jump in.

Are buyers afraid if they don’t buy now they’ll be priced out forever?

And will that “median” (which just means that a lot more luxury properties are selling)- finally reach new record highs this year?

April brings strong gains in Illinois home sales and prices [Illinois Association of Realtors, Press Release, May 20, 2016]

Crib Chatter is On Vacation This Week

Record low inventory?

It is WORSE than 2013 when I had to go to like 2 posts a month because there was nothing to chatter about. But, there’s a lot that appears to be coming on the market in the upper bracket. We may have to concentrate on the upper bracket market for the rest of the summer if things continue like this.

If you aren’t under contract in a week or two, then you’re priced wrong because nearly everything is selling instantly.

Do you have stories of getting involved in bidding wars?

Have you heard of buyers waiving inspections?

Tell us your war stories this week.

Thanks-

Sabrina

Cheaper Than Renting? A Studio in The Brewster at 2800 N. Pine Grove in Lakeview

2800 n pine grove approved

This studio in the historic Brewster building at 2800 N. Pine Grove in East Lakeview just came on the market.

The Brewster was built in 1893 as a luxury apartment building and it has internal iron staircases, cat walks and a huge skylight.

Not only did Charlie Chaplin live in one of the penthouses in 1915-1916, but several movies were filmed in the building including the Untouchables and Child’s Play.

The listing says this studio is one of the largest studios in the building.

It has high ceilings with crown molding and a fireplace along with parquet floors in the main living area.

The kitchen has a big window and wood cabinets and what looks like an original built-in cabinet.

It has white appliances and a European style washer/dryer unit, which is somewhat rare for this building which also has a laundry room.

There is a window air conditioning unit.

There’s no parking with the building. It’s available to rent in the neighborhood.

The listing says this is being sold “as-is.”

It is listed at $110,000. If you put 5% down and finance for 30 years at 3.8%, even while paying PMI, that’s a monthly payment of $732.

There’s taxes and the $238 HOA too.

But does it make sense to buy this rather than pay the record high rents in the neighborhood?

Lucas Augustyn at Chel Group Realty has the listing. See the pictures here.

Unit 7J: studio, 525 square feet

  • Sold in September 1995 for $24,000
  • Lis pendens foreclosure filed in June 2015
  • Currently listed “as-is” for $110,000
  • Assessments of $238 a month (includes doorman, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $1874
  • No central air- window unit
  • Euro-style washer/dryer in the unit
  • No parking
  • Living area: 21×9
  • Kitchen: 9×7

4-Bedroom Victorian on a Double Lot in Roscoe Village Returns: 1805 W. Cornelia

1805 w cornelia

This 4-bedroom single family home at 1805 W. Cornelia in Roscoe Village just came on the market.

If it looks familiar that’s because we chattered about it numerous times in 2012. You can see our original April 2012 chatter here.

In 2012 it was described as a “Victorian”.

Built on a double sized Chicago lot of 50×125, it has a pergola, fire pit, perennial garden and greenhouse. In 2012, it also had a koi pond. I wonder what happened to that?

For a time, the property was also marketed as the house and the second lot separately.

You can see the two separate listings in our October 2012 chatter here.

But none of it sold and it was withdrawn.

It has since returned to the market with a “total remodel.”

In 2012, the main level was carpeted with those individual flooring squares. It now has hardwood floors.

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

There are two master suites. Two bedrooms are upstairs while two are on the main level.

The location, near the El line and the Metra line, is still the same.

It also still doesn’t have parking, but the house does have central air.

Last time, they tried to sell at the bottom of the market.

This time, they are selling at the top.

Will they be more successful this time?

Leigh Marcus at @Properties has the listing. See the pictures here.

1805 W. Cornelia: 4 bedrooms, 3.5 baths, no square footage listed

  • Sold in September 1995 for $93,500
  • Sold in April 2002 for $335,000
  • Was listed in April 2012 for $899,000
  • Withdrawn
  • Currently listed for $750,000
  • Taxes now $15410 (they were $9965 in 2012 which was just for one lot. Second lot was $6279)
  • Central Air
  • No parking
  • Bedroom #1: 17×25 (second floor)
  • Bedroom #2: 15×14 (second floor)
  • Bedroom #3: 8×12 (main floor)
  • Bedroom #4: 11×11 (main floor)