Has Lincoln Square Fallen Out of Favor? A 3-Bedroom at 2555 W. Leland

2555 w leland

This 3-bedroom at 2555 W. Leland in the Ravenswood Gardens neighborhood of Lincoln Square came on the market at the end of June.

This is a 16-unit building that was built in 2004 when Lincoln Square was seeing a lot of development.

It has 11 foot ceilings, crown moldings and hardwood floors in the main living areas.

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

The building is built on an angle property so the unit has some unique angles as well.

It shares a triangle patio with one other unit.

The unit has central air, washer/dryer in the unit and garage parking, which looks to be $10,000 extra.

The Rockwell brown line stop is just a half a block away. The restaurants of Lincoln Square are also just about 5 to 6 blocks to the east.

Lincoln Square was considered the hottest neighborhood in the city before the bust with home values up well over 100%.

A decade ago, it seemed that every 20-something was moving to Lincoln Square.

But since the bust, the energy, and new construction, has shifted to the West Town neighborhoods of Ukrainian Village, and Wicker Park, as well as to Logan Square.

Has Lincoln Square lost its edge?

Maximilian Ortega at Artizen Realty has the listing. See the pictures here.

Unit #207: 3 bedrooms, 2 baths, 1450 square feet

  • Sold in April 2004 for $395,500
  • Sold in August 2007 for $455,000 (included the parking)
  • Currently listed for $425,000 (plus $10,000 for the parking)
  • Assessments of $289 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $5166
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 26×11
  • Bedroom #2: 16×9
  • Bedroom #3: 15×9

We Love 2-Bedroom Penthouse Lofts With Views: 1322 S. Wabash in the South Loop

1322 s wabash

This 2-bedroom penthouse loft in the Filmworks Lofts at 1322 S. Wabash in the South Loop recently came on the market.

It is an authentic loft with exposed brick and ductwork and concrete ceilings.

There are two 12×12 north facing windows with views of the city and a unique vaulted ceiling with what looks like decorative exposed wood beams.

At 2136 square feet, it has a family room with a double sided gas fireplace.

It doesn’t appear that either bedroom has windows. The master suite has a 12×6 walk-in closet.

The kitchen has dark cabinets, granite counter tops, stainless steel appliances and a stone tile backsplash.

There’s also a 45×5 balcony along with central air and washer/dryer in the unit.

I can’t tell if parking is included or not. (???)

This loft was sold by the bank in 2010 and, from the pictures, looked to be in pretty bad shape.

But it’s listed at nearly the 2006 high.

Will they get the price?

Jeffrey Stewart at @Properties has the listing. See the pictures here.

Or go to the Open Houses on Sat July 9 from 1:30 to 3:00 or Sun July 10 from 11:00-12:30.

Unit #PH6: 2 bedrooms, 2 baths, 2136 square feet

  • Sold in December 2002 for $465,000
  • Sold in June 2004 for $520,000
  • Sold in September 2006 for $599,000
  • Lis pendens filed in November 2008
  • Bank owned in March 2010
  • Sold in November 2010 for $225,000
  • Currently listed for $575,000
  • Assessments of $764 a month (includes cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $8758
  • Central Air
  • Washer/Dryer in the unit
  • No parking (???) None of the sales on the ccrd indicate a separate parking space but it may not be deeded. The listing doesn’t mention parking either.
  • Bedroom #1: 16×13
  • Bedroom #2: 12×11
  • Living room: 22×20
  • Family room: 21×16

 

Will the Hot 2016 Market Be the Charm For This Streeterville 1-Bedroom? 550 N. St. Clair

550 n st clair approved

This 1-bedroom in 550 N. St. Clair in Streeterville just came on the market.

But this unit had been listed in 2014 and was withdrawn, unsold, in early 2015.

At 1225 square feet, it used to be a 2-bedroom but was reconfigured to have just 1-bedroom and a 16×8 dining room.

The unit has 11 foot floor to ceiling windows which face south and west.

This building was constructed around the same time as Helmut Jahn’s 600 N. Fairbanks so it has similar exposed concrete ceilings and pillars.

The listing says the kitchen is a “chef’s kitchen” with Subzero, Gaggenau, and a Bosch oven and dishwasher along with modern gray cabinets and what look like stone counter tops.

The master bathroom is “spa-caliber” with a walk-in shower and a rare bathroom window (rare for a high rise, at least.)

It has all the features that buyers look for including central air, washer/dryer in the unit and parking is available for $45,000.

Will the hot 2016 market make all the difference in getting this sold this time out?

D. Waveland Kendt at @Properties has the listing. See the pictures here.

Unit #2204: 1 bedroom, 1.5 baths, 1225 square feet

  • Sold in October 2011 for $340,000 (doesn’t appear to include the parking)
  • Originally listed in October 2014 for $550,000
  • Withdrawn in February 2015
  • Currently listed for $499,900 (plus $45,000 for the parking)
  • Assessments of $487 a month (includes heat, a/c, gas, doorman, cable, exercise room, Internet, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $5619
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 14×12
  • Dining room: 16×8
  • Living room: 20×14
  • Laundry room: 4×6

 

A Vintage But New 1-Bedroom: 1366 N. Dearborn Parkway in the Gold Coast

1366 n dearborn

This 1-bedroom at 1366 N. Dearborn Parkway in the Gold Coast came on the market in June 2016.

Built in 1926, this building has just 40 units.

This unit has been renovated with a new kitchen and custom paint.

The kitchen has white and dark cabinets, marble counter tops, Wolfe stainless steel appliances and Ann Sacks subway tile.

The wood floors are refinished and the Restoration Hardware chandelier in the bedroom is included.

There’s space pac cooling but no parking with the building.

I also can’t tell if it has an in-unit washer/dryer. Neither this listing nor the 2014 listing list a washer/dryer in the unit (or in the building.)

The 2-bedroom unit also currently on the market has one in-unit, however, so the building apparently allows it.

This apartment has north and south views.

At $399,000, is this a deal for a renovated vintage apartment in this Gold Coast location?

Victoria Mattera at Baird & Warner has the listing. See the pictures here.

Unit #13B: 1 bedroom, 1 bath, 976 square feet

  • Sold in March 1994 for $120,000
  • Sold in September 1998 for $195,000
  • Sold in July 2004 for $262,500
  • Sold in January 2007 for $375,000
  • Lis pendens foreclosure filed in June 2012
  • Bank owned in February 2014
  • Sold in September 2014 for $225,000
  • Currently listed for $399,000
  • Assessments of $862 a month (includes heat, gas, cable, exterior, lawn care, scavenger, snow removal)
  • Taxes of $5486
  • Steam heat
  • Space pac cooling
  • No mention of laundry in the unit (or the building???)
  • No parking
  • Bedroom: 12×12
  • Living/Dining: 25×14
  • Kitchen: 7×16

Will Chicago Save This 140-Year Old Gold Coast Workers Cottage From Demolition? 1241 N. State Parkway

1241 n state

This 2-bedroom worker’s cottage at 1241 N. State Parkway in the Gold Coast came on the market on June 2, 2016.

It is well known simply because of its location in the Gold Coast and the fact that it isn’t a big rowhouse but is a simple cottage.

The sale closed late last week.

Listed for $1.495 million, it sold for $1.5 million.

According to DNAinfo, the developer who is buying it has already filed for a demolition permit.

The cottage was built in 1872, just a year after the Great Chicago Fire. According to DNAinfo, it was built to house workers participating in the rebuilding of the city.

It is built on a smaller than standard lot of 22.5 x 150 but has a 2-car garage.

Measuring just 1072 square feet, both bedrooms are on the second floor.

The listing agent told DNAinfo the property was in bad shape:

It has vintage charm, but is also in “severe disrepair” and doesn’t have any kitchen appliances, co-listing agent Stefanie Lavelle of Coldwell Banker told DNAinfo Chicago last week. The home sits on an extra-long lot that could be developed or remain a nice backyard that’s rare in the neighborhood, she said.

The cottage “is a special place, but it’s sitting on a gold mine,” Lavelle said earlier this month. The home is being sold by the estate of a man who died last year.

This is the last remaining cottage in the neighborhood. It is located in the Gold Coast Historic District but that, apparently, isn’t enough to save it from demolition.

From DNAinfo:

The cottage is one of 9,600 buildings considered to have enough historical significance to warrant a 90-day demolition delay. That allows city officials time to explore alternatives, such as giving the home landmark protection.

The hold worked for three vintage buildings set to be demolished on nearby Bellevue Street two years ago when city officials ultimately convinced those developers to keep the properties intact.

Demolition alternatives are devised by the city’s department of planning and development, then relayed to the city’s commission on landmarks for consideration. Peter Strazzabosco, the city’s deputy commissioner of planning and development, declined to say whether the department would work to save the Gold Coast cottage.

Will this cottage be saved?

Should historic structures like this be landmarked or is a teardown simply progress?

C Bryce Fuller at Coldwell Banker had the listing. You can see the listing pictures here (no pictures of the interior but there are pictures of the backyard – which are interesting to see.)

1241 N. State Parkway: 2 bedrooms, 1 bath, 1072 square feet, 2 car garage

  • There’s no prior sales price. It was put into a Trust in 1994
  • There was no mortgage on the property
  • Originally listed on June 2, 2016 for $1.495 million
  • Sold on June 30, 2016 for $1.5 million
  • Filed for permit to demolish the cottage
  • Taxes of $5088
  • Central Air
  • Bedroom #1: 15×14 (second floor)
  • Bedroom #2: 15×12 (second floor)
  • Living room: 30×13

 

7 Years Later, We’re Chattering About this Vintage Triplex Again: 1920 N. Seminary in Lincoln Park

1920 n seminary

This 3-bedroom triplex in the Seminary Flatirons building at 1920 N. Seminary in Lincoln Park just came on the market.

The Seminary Flatirons building is an 8-unit building constructed in 1883.

The listings for this unit from 2009 and 2010 said the building was on the National Register of Historic Places (and there is also a plaque on the building saying as much.)

If this building and unit looks familiar to some of you long time readers, that’s because we first chattered about it in 2009 and again in 2010 when it didn’t sell and was reduced.

You can check out the 2009 chatter here, where anon(tfo) and Homedelete get into an argument about whether or not this building is actually on the National Historic register (or if that plaque on the side of the building is fake) and Groove initially loved this unit but then decides they have included the rooftop deck in the square footage.

Good times in 2009.

This unit has vintage flair including 12 foot ceilings and exposed brick.

The kitchen still has the white cabinets it had in 2009/2010 but it now has stainless steel appliances and a white subway tile backsplash.

The main living area floors are also stained dark.

The three bedrooms are on the second floor with the laundry room and private rooftop deck on the third level.

It has the other modern features buyers look for including central air and garage parking.

This unit never sold in 2009/2010. It was on and off the market and finally sold in 2014 for $524,000.

2 years later it has come back on the market for 14.5% more at $599,900.

Will they get the premium?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2 baths, now 1600 square feet (was 1550 square feet in 2009)

  • Sold in March 1993 for $236,000
  • Sold in February 2001 for $385,000
  • Originally listed in August 2009 for $575,000 (parking included)
  • Reduced several times
  • Withdrawn
  • Re-listed in April 2014 for $539,000
  • Sold in June 2014 for $524,000
  • Currently listed at $599,900 (includes the garage parking)
  • Assessments now $343 a month (they were $312 a month in 2009) includes exterior maintenance, lawn care, scavenger
  • Taxes now $9148 (they were $5767 in 2009)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×15 (second floor)
  • Bedroom #2: 14×14 (second floor)
  • Bedroom #3: 11×10 (second floor)
  • Laundry room: 12×7 (third floor)
  • Rooftop deck: 21×13

Sizzle! 3-Bedroom Duplex Price Jumps $375,000 in Under 3 Years in River North: 600 N. Kingsbury

600 n kingsbury

This 3-bedroom duplex up penthouse/townhouse at 600 N. Kingsbury in River North just came on the market.

It’s in the lower part of the building that is along the River and the park.

If this unit looks familiar it’s because we chattered about it in 2013.

See that chatter here (where HD wonders why this unit sells every 3 or 4 years…)

The living/dining and kitchen along with one bedroom are on the first floor with two other bedrooms on the second floor.

It has 2-story windows with views of the River.

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

The unit has central air, washer/dryer in the unit and it has a parking spot on the same level as the unit in the garage so there is no reason to use an elevator.

The listing says “aprox $150K in complete gut remodeling” but if you look at the pictures from the 2013 sale, the kitchen, baths and floors look the same.

In fact, it looks like some of the pictures in the current listing are actually pictures from the 2013 listing (as there was furniture in 2013.)

You can still see the 2013 listing pictures here.

At $935,000 including the parking, this unit is listed for $375,000 more than the 2013 sales price of $560,000.

The market is sizzling hot, but is it that hot?

Stella Tahrilova at Jameson Sotheby’s has the listing. See the current pictures here.

Unit #509: 3 bedrooms, 2.5 baths, 2100 square feet, duplex up

  • Sold in October 2002 for $666,000 (included one parking space)
  • Sold in October 2006 for $647,500 (included 2 parking spaces)
  • Sold in September 2010 for $525,000 (included 2 parking spaces)
  • Sold in October 2013 for $560,000 (included 2 parking spaces)
  • Currently listed for $895,000 (plus $40,000 for 1 parking space)
  • Assessments of $996 a month (includes heat, a/c, doorman, cable, Internet, exercise room, outdoor pool, exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $9689
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 11×10 (main floor)
  • Bedroom #2: 13×11 (second floor)
  • Bedroom #3: 13×10 (second floor)

 

Will Skybridge Become the Hottest Building in the West Loop? 737 W. Washington

737 w washington

This 2-bedroom in Skybridge at 737 W. Washington in the West Loop just came on the market.

Skybridge was built in 2003 and has 237 units. It won a bunch of design awards at the time of its construction.

It is the tallest building in the West Loop. The East side has views of the entire Loop while the west has views out to the suburbs.

This unit has east facing, or downtown city, views.

It has Brazilian hardwood floors in the living/dining area and carpeted bedrooms.

The kitchen has white cabinets and white appliances but it doesn’t look like there are granite counter tops.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking is included.

This building has a Whole Foods in its base and the Mariano’s is just across the street. You can stroll to the hot Fulton Market restaurants or Greek Town as well as Randolph Street.

With McDonald’s moving its corporate headquarters just a few blocks away, and very few high rises in this neighborhood, is Skybridge destined to become one of the West Loop’s hottest buildings?

Peter Fotopoulos at Dream Town has the listing. See the pictures here.

Unit #1704: 2 bedrooms, 2 baths, 1328 square feet

  • Sold in July 2003 for $350,000 (included the parking)
  • Sold in October 2004 for $365,000 (included the parking)
  • Sold in June 2008 for $424,000 – per Redfin (I couldn’t find this sale in the public records)
  • Currently listed at $499,000 (includes the parking)
  • Assessments of $641 a month (includes heat, a/c, parking, doorman, cable, exercise room, exterior maintenance, lawn service, scavenger, snow removal)
  • Taxes of $4580
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 22×17
  • Bedroom #2: 15×11

Market Conditions: May Sales Jumped 5% to Highest Level in 9 Years

Fountain in Millennial Park August 2015

The Illinois Association of Realtors is out with the May housing sales data and it’s another hot month.

The city of Chicago saw a 5.0 percent year-over-year home sales increase in May 2016 with 2,887 sales, up from 2,750 in May 2015. The median price of a home in the city of Chicago in May 2016 was $291,000, up 3.6 percent compared to May 2015 when it was $281,000.

May sales:

  • May 2008: 2119 sales
  • May 2009: 1557 sales
  • May 2010: 2057 sales
  • May 2011: 1705 sales
  • May 2012: 2037 sales
  • May 2013: 2834 sales
  • May 2014: 2453 sales
  • May 2015: 2750 sales
  • May 2016: 2887 sales

Median price data:

  • May 2008: $319,500
  • May 2009: $225,000
  • May 2010: $230,000
  • May 2011: $190,000
  • May 2012: $203,000
  • May 2013: $234,000
  • May 2014: $269,250
  • May 2015: $281,000
  • May 2016: $291,000

“Sellers are still seeing healthy median price gains in the Chicago market, particularly in the single-family segment,” 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. “The 40 days it’s taking to sell a home in Chicago underscores the fast-moving nature of this market and shows that the city is powerfully attractive to buyers.”

The hot market isn’t limited to Chicago. Statewide, inventory continues to drop dramatically as does market times.

“Inventories continue to be tight across the state as buyers scour the market for deals,” said Mike Drews, GRI, Illinois REALTORS® president and broker-associate with Charles B. Doss & Co. in Aurora. “The pronounced demand we have seen for more than a year appears to be setting this selling season up to be one where homes go quickly and for more money, which is a huge advantage for sellers.”

The time it took to sell a home in May averaged 59 days, down from 70 days a year ago. Available housing inventory totaled 62,445 homes for sale, a 15.3 percent decline from May 2015 when there were 73,724 homes on the market.

With these inventory numbers, why aren’t developers building more product?

Where are all the new condo towers?

There have been a few announced in recent months, but these are almost all exclusively at the luxury price point.

Will we see apartment towers converted into condos soon?

May brings strong growth to Illinois sales and prices [Illinois Association of Realtors, Press Release, June 22, 2016]

A Loft With A Wrap Around Terrace and City Views: 900 N. Kingsbury in River North

900 n kingsbury #1

This 2-bedroom in the Domain Lofts at 900 N. Kingsbury in River North came on the market in January 2016. (I think this is a picture of the office part of the building- which houses Groupon and other businesses).

It’s a top floor loft with exposed concrete beams and columns along with exposed ductwork.

The ceilings look like they’re finished with drywall, however.

There is a 1400 square foot wrap-around terrace that is accessible from all rooms which has views of the entire city skyline.

The bedrooms are both massive in size with the master suite having its own sitting area.

The kitchen appears to have maple cabinets, granite counter tops and stainless steel appliances.

There’s central air, washer/dryer in the unit and 2 garage parking spaces are available for $30,000 each.

What’s keeping this from selling in this hot market?

Susan Miner at Premier Relocation has the listing. See the pictures here.

Unit #1078: 2 bedrooms, 2.5 baths, 2500 square feet

  • Sold in July 2004 for $954,000 (included the two parking spaces)
  • Listed in January 2016 for $1.4 million (parking is $30,000 extra for each space- with 2 spaces available)
  • Still listed at $1.4 million
  • Assessments of $1470 a month (includes heat, a/c, gas, wifi, cable, doorman, lawn care, exterior maintenance, scavenger)
  • Taxes of $10406
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 17×24
  • Bedroom #2: 16×24
  • Terrace: 76×11