A Rare Landmark District Single Family Greystone: 538 W. Deming in Lincoln Park

538 w deming

This 6-bedroom vintage Greystone at 538 W. Deming in Lincoln Park came on the market in February 2016.

This home is smack in the middle of the Arlington-Deming Landmark District.

Built in 1883 on an oversized 27×190 lot, when it was built this wasn’t even part of the city of Chicago. Instead, it was in the Township of Lake View, which stretched from Fullerton all the way north to Devon.

Here’s some more background from the Landmark Commission about how this neighborhood developed thanks, in part, to the Chicago Fire:

These building regulations, besides determining the type of construction allowed within Chicago city limits, also encouraged the development of new neighborhoods just outside Chicago, including the Arlington-Deming District, where property owners built new housing using more affordable wood-frame construction. (As a suburban town, Lake View was initially not subject to City building code requirements which prohibited frame construction in Chicago after the Fire of 1871.) The district’s earliest buildings—small-scale frame cottages and houses—most likely were built during the years of suburban development following the 1871 Fire and are important for their historic associations to the District’s earliest years of development. These include, among others, the cottage at 2454 N. Orchard St. and the house at 2466 N. Orchard St.

During the 1880s, and extending into the early 1890s, residential development on the southern edge of Lake View Township was encouraged first by the extension of city mass transit services into the suburb, then by the annexation of Lake View itself into the City of Chicago in 1889. During this period, the Arlington-Deming District began to develop as a somewhat more densely-populated residential neighborhood. Again, its adjacency to Chicago’s northern border proved a lure for residents wanting suburban-style living close to the City. In 1887 the Town of Lake View was incorporated as a city, electing its own mayor and city council. Two years later, in 1889, Lake View was annexed to the City of Chicago.

This house still has its original leaded windows and at least one stained glass window.

It has high ceilings you find in vintage homes of this era but no crown molding (maybe a renovation along the way?).

It has 2 wood burning fireplaces and an English garden apartment, with 2 bedrooms.

The main house has 4 bedrooms, including three on the third floor.

The kitchen has white cabinets, white appliances and stone counter tops.

It has central air, a 2-car garage and modern floor to ceiling windows overlooking the wooded backyard.

This home has been under the same owners since at least 1987.

This is a rare opportunity to buy a vintage home with all the bells and whistles in a coveted East Lincoln Park location.

Does it still appeal to today’s buyers who all seem to want open concept?

Natasha Motev at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

538 W. Deming Place: 6 bedrooms, 4.5 baths, no square footage listed

  • There’s no prior sales price. In the same family since 1987.
  • Was listed briefly in 2009-2010withdrawn
  • Originally listed in February 2016 for $2.295 million
  • Currently still listed at $2.295 million
  • Taxes of $22,258
  • 2 wood burning fireplaces
  • 2-bedroom English Garden apartment – included in the bedroom count
  • 2 car garage
  • Central Air
  • Bedroom #1: 11×21 (second floor)
  • Bedroom #2: 21×15 (third floor)
  • Bedroom #3: 16×14 (third floor)
  • Bedroom #4: 8×16 (third floor)
  • Bedroom #5- in the garden apartment: 15×15
  • Bedroom #6- in the garden apartment: 11×13

 

Is Chicago Back in a Bubble? $575 a Sq Ft for this Lakeview Loft: 3201 N. Seminary

3201 n seminary

This 2-bedroom loft in the Lakeview Lofts at 3201 N. Seminary in Lakeview came on the market in February.

It is a top floor unit with 18 foot timber ceilings and exposed brick walls.

Both bedrooms are enclosed and have windows, which isn’t always the case for lofts.

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

There’s a wood burning fireplace, central air, washer/dryer in the unit and deeded parking is included.

We last chattered about this building in 2012 when a 1-bedroom was priced back at the 1999 price, of $195,000, and most thought it was still overpriced. (no surprise!)

See that chatter here.

Originally listed for $399,999, this loft has been reduced $9,999 to $390,000.

It’s not listed anywhere near its 1990s price. In fact, it is listed for double it.

At just 700 square feet, that is $575 per square foot.

Is bubble pricing making a big comeback?

Mary Gibala at 33 Realty has the listing. See the pictures here.

Unit #310: 2 bedrooms, 1 bath, 700 square feet

  • Sold in January 1997 for $178,000
  • Sold in May 2000 for $255,000
  • Sold in October 2009 for $330,000
  • Originally listed in February 2016 for $399,999 (includes the parking)
  • Reduced
  • Currently listed at $390,000 (includes the parking)
  • Assessments of $223 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
  • Taxes of $4526
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×14
  • Bedroom #2: 10×12

There Are Still Foreclosures Available: A Vintage 2/2 at 5646 N. Kenmore in Edgewater

5646-n-kenmore

This 2-bedroom in Kenmore Court at 5646 N. Kenmore in Edgewater came on the market in November 2015.

The building is in the Bryn Mawr Historic District and was built in 1927. It has 28 units.

It is a Fannie Mae HomePath property.

It’s been under contract once but came back on the market.

It has wood floors in the main living room along with a wall of windows.

The kitchen has white cabinets, granite counter tops and white appliances (which appear intact in the pictures.)

There’s an in-unit washer/dryer.

While there is no central air, you can use window units and the unit has ceiling fans. There also is no deeded parking, but leased parking is available (there’s a picture in the listing.)

Fannie Mae keeps cutting the price. It is now listed at $184,500, which is $45,500 under the 2005 purchase price.

Is this a deal?

Stanislaw Krozel at Royal Service Realty Metro Properties has the listing. See the pictures here.

Unit #3A: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in August 2000 for $143,000
  • Sold in March 2005 for $230,000
  • Lis pendens foreclosure filed in July 2012
  • Bank owned in February 2015
  • Originally listed in November 2015 for $257,000
  • Under contract in December 2015
  • Re-listed
  • Reduced several times
  • Currently listed for $184,500
  • Assessments of $396 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $3392
  • No central air- but window units
  • In-unit washer/dryer
  • Leased parking available
  • Bedroom #1: 17×11
  • Bedroom #2: 10×10

 

 

Looking for that Elusive West Loop Loft? A 2/2 at 11 N. Green

11-n-green

This 2-bedroom duplex up loft in 11 N. Green in the West Loop just came on the market.

It has 17 foot timber ceilings with exposed brick and a wall of glass block for extra light.

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

The master bedroom is on the second floor with its own bathroom.

The second bedroom is directly under the master on the main level.

It has central air, washer/dryer in the unit and garage parking is $25,000.

If you need extra storage there is also a 200 square foot storage space in the basement of the building.

This unit hasn’t been on the market since 2009.

With inventory near record lows, will this loft get multiple bids?

Allen Schild at Charles Rutenberg Realty has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 2 baths, 1400 square feet, duplex up

  • Sold in October 1995 for $194,500
  • Sold in September 2000 for $312,000
  • Sold in June 2003 for $315,000
  • Sold in June 2009 for $332,500
  • Currently listed for $410,000 (plus $25,000 for the parking)
  • Assessments of $368 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $4287
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom#1: 16×11 (second floor)
  • Bedroom #2: 11×11 (first floor)

Love City Views? A 3-Bedroom River North Penthouse: 150 W. Superior

150 w superior PH4 view approved

This 3-bedroom penthouse at 150 W. Superior in River North came on the market in March 2016.

It’s a southeast corner unit with a private 300 square foot terrace with views of the downtown skyline.

The unit has 12 foot ceilings and crown molding.

The kitchen has luxury stainless steel appliances by Sub-Zero, Wolf, Viking and Bosch along with granite counter tops.

The master suite has a spa-like bathroom.

It has the other features buyers look for including central air, washer/dryer in the unit and 1 car parking is included, with a second space available for $45,000.

This is a boutique building constructed in 2006 with just 54 units and a doorman.

Do the downtown city views beat the lake views?

150 w superior PH4 living room approved

150 w superior PH4 kitchen approved

150 w superior PH4 terrace approved

Nicole Tempesta at City Point Realty has the listing. See all the pictures here.

Unit #PH4: 3 bedrooms, 2.5 bathrooms, no square footage listed

  • I couldn’t find a prior purchase price
  • Currently listed for $1,249,900 (includes 1 parking spot, a 2nd spot available for another $45,000)
  • Assessments of $1597 a month (includes doorman, cable, Internet, lawn care, exterior maintenance, scavenger and snow removal)
  • Taxes of $16,455
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×16
  • Bedroom #2: 12×11
  • Bedroom #3: 10×11

38% Appreciation in 5 Years for This 2-Bedroom Bucktown Loft: 1750 N. Wolcott

1750 n wolcott

This 2-bedroom loft at 1750 N. Wolcott in Bucktown just came on the market.

This building is right in the heart of the neighborhood and butts up against the 606- literally.

This loft is a first floor unit with a wrap-around balcony, part of which runs up against the 606.

It has timber ceilings and exposed brick.

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

The master suite contains a walk-in closet and a bathroom with a double vanity.

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

If it sells at its list price of $599,900, that would mean 38.5% appreciation over the last 5 years as it sold in 2011 for $433,000.

If prices continue to rise at this rate, does this make Bucktown the most lucrative GreenZone neighborhood?

Peter Basile at AP Realty has the listing. See the pictures here.

Unit #105: 2 bedrooms, 2 baths, no square footage listed

  • Sold in August 2001 for $351,500
  • Sold in September 2011 for $433,000
  • Currently listed for $599,900 (includes the parking)
  • Assessments of $362 a month (includes exterior maintenance and scavenger)
  • Taxes of $7277
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×13
  • Bedroom #2: 11×10
  • Living room: 22×16
  • Kitchen: 16×12

Would You Pay $609,000 For a 5-Bedroom SFH in Portage Park? 5528 W. Wilson

5528 w wilson

This 5-bedroom single family home at 5528 W. Wilson in Portage Park came on the market in February 2016.

A shout out to Icarus who took and sent me the picture of this property. (Nice job!)

It was previously bank owned and has now been rehabbed.

Built on an oversized 40×138 lot, it has a new open floor plan, “eco-friendly” design, new windows and 3 skylights.

They kept the original fireplace in the living room, but it is decorative only.

The lower level is fully finished with a recreation room and a bathroom.

The laundry room is on the second floor with 4 of the 5 bedrooms. The 5th bedroom is on the main level.

The kitchen is a mix of maple and white modern cabinets. There are stainless steel appliances.

This house’s interior is done in all white and has the feel that is popular on design shows like “Fixer Upper” with barn wood paneling on the walls in some of the bathrooms and one of the bedrooms.

It has a fenced yard and a 2-car garage as well as central air.

Even though it’s in Portage Park, whose north boundary is Lawrence, the closest public transportation is the Jefferson Park metra stop.

We’ve seen a lot of these bank foreclosures get bought and flipped by professional rehabbers.

Listed at $609,000, or $406,000 over the previous sale from the bank, this house went under contract immediately in February, but then dropped out of contract.

It is back under contract again.

While this is at the very highest end of the price range for single family homes currently for sale in Portage Park, are prices heading to new luxury heights in this once middle class neighborhood?

And if it sells for anywhere near this price, is this the most lucrative flip ever in this neighborhood?

Kenneth Arrizola at Baird & Warner has the listing. See the pictures here.

5528 W. Wilson: 5 bedrooms, 4 baths, 3833 square feet

  • Sold in 1987 (no price listed)
  • Sold in April 2002 for $279,500
  • Sold in September 2005 for $370,000
  • Lis pendens filed in July 2008
  • Bank owned in February 2015
  • Sold in April 2015 for $203,000
  • Originally listed in February 2016 for $609,000
  • Under contract
  • Re-listed in March 2016 for $609,000
  • Under contract again
  • Taxes of $4888
  • Central Air
  • 2 fireplaces- living room is decorative
  • Bedroom #1: 16×16 (second floor)
  • Bedroom #2: 17×16 (second floor)
  • Bedroom #3: 12×10 (second floor)
  • Bedroom #4: 12×10 (second floor)
  • Bedroom #5: 11×9 (main floor)
  • Recreation room: 36×23 (lower level)

 

How Protected Are Your Views? A 2-Bedroom at 1250 S. Indiana in the South Loop

1250 s indiana

This 2-bedroom at Lakeside on the Park at 1250 S. Indiana in the South Loop just came on the market.

It’s an 11th floor corner unit with north and east views.

The listing says you have Lake, Millennium Park, Navy Pier and skyline views.

There are hardwood floors in the living/kitchen and carpet in the bedrooms.

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

Built in 2005, this unit has all the features buyers look for including central air, washer/dryer in the unit and garage parking which is included.

The listing says the building doesn’t have any rental restrictions. The building reserves are apparently $470,322 and there haven’t been any specials.

In the pictures, there’s an empty lot in front of this building.

Haven’t these big high rises been pitched for the area directly to the north of this building?

How well do you investigate the views, and whether or not they are protected or “safe”, when you are buying a city property?

Do you care or is that part of city living?

Chester Jakala at Telequest Corporation has the listing. See the pictures here.

Unit #1101: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in March 2005 for $342,500 (parking included)
  • Sold in March 2005 for $393,000 (parking included)
  • Currently listed for $395,000 (parking included)
  • Assessments of $403 a month (includes cable, exercise room)
  • Taxes of $3909
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×10
  • Bedroom #2: 11×10

 

Market Conditions: Is Low Inventory to Blame for February’s Lackluster Sales Gains?

Sign of the Times Oct 12, 2011 Lincoln Avenue

February sales data is out. Sales rose only 2.1% year over year, while the median price skyrocketed.

However, it was still the hottest February for sales since the boom year of 2007.

From the Illinois Association of Realtors:

The city of Chicago saw a 2.1 percent year-over-year home sales increase in February 2016 with 1,528 sales, up from 1,497 in February 2015. The median price of a home in the city of Chicago in February 2016 was $238,000, up 12.3 percent compared to February 2015 when it was $212,000.

Here is the sales data for February going back to 1997 (courtesy of G). It is slightly different from the IAR’s data:

  • 1997: 881 sales
  • 1998: 991
  • 2000: 1383
  • 2001: 1151
  • 2002: 1677
  • 2003: 1566
  • 2004: 1814
  • 2005: 2228
  • 2006: 1855
  • 2007: 1703
  • 2008: 1454
  • 2009: 870
  • 2010: 1257
  • 2011: 1092
  • 2012: 1250
  • 2013: 1411
  • 2014: 1361
  • 2015: 1497
  • 2016: 1528

Here is the Median Price Data also going back to 1997 (thanks G!):

  • 1997: $117,000
  • 1998: $132,000
  • 1999: $143,750
  • 2000: $161,500
  • 2001: $180,200
  • 2002: $212,000
  • 2003: $215,000
  • 2004: $229,900
  • 2005: $268,900
  • 2006: $267,500
  • 2007: $270,000
  • 2008: $290,000
  • 2009: $218,125 (with 31% being REO/Short Sales)
  • 2010: $176,000 (with 46% being REO/Short Sales)
  • 2011: $150,250 (with 50% being REO/Short Sales)
  • 2012: $140,300 (with 52% being REO/Short Sales)
  • 2013: $158,000
  • 2014 $175,000
  • 2015: $212,000
  • 2016: $238,000

“Now is the time to sell your home if you’ve been thinking about doing that,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for The Inland Real Estate Group. “Compared to last year, the median sales price for all closed sales is up about 12 percent and there is a faster turnaround time between when a home is listed and when it sells.”

“The housing market in Illinois continues to record comfortable increases in both sales and prices,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.  “Particularly important has been the consistent decrease in the percentage of sales accounted for by foreclosed properties in Chicago.  The influence of foreclosed properties on aggregate prices seems to be diminishing while the foreclosure inventory remains at levels above those during the pre-recession period.”

Statewide, the number of properties on the market decreased by 11.3% from February 2015. What’s striking about that is that last February the state was still in the midst of a polar vortex type winter. The statistic should be reversed. There should have been fewer properties listed in February last year- not this year with our mild winter.

The number of days on the market, statewide, also plunged to 81 days from 90 days a year ago.

The press release makes a big deal about the increase in median sales price, but, as we know, that number can really be skewed by the types of properties that are selling at any given time. It’s not an actual indicator about what price is doing.

There doesn’t seem to be any relief from the low inventory problem we also saw in January. It remains as tight as ever which is leading to multiple offers and higher prices for many properties.

What will slow this market down, if anything?

Strong Illinois home sales and prices continue into February[Illinois Association of Realtors, Press Release, March 21, 2015]

Why Move to Chicago? The Views: A 1-Bedroom at 405 N. Wabash in River North

405 n wabash

This 1-bedroom on the 16th floor of River Plaza at 405 N. Wabash in River North just came on the market.

It has south east views, including of some of the most iconic buildings in all of Chicago.

Not only are you looking directly at the Wrigley Building, but in the distance, across the River, is the London Guarantee Building at Michigan and Wacker which was built in 1923 in the Beaux Art style.

According to Wikipedia, along with the Wrigley Building, it is considered one of the four historic anchors of the Michigan Avenue bridge.

Big changes are coming for that building. It previously housed Crain’s, but it will be the LondonHouse Hotel this spring, along with a 3-level rooftop terrace/restaurant.

You can read about that conversion here.

River Plaza was built in 1977 and has 697 units. It was converted to condos in the mid-1990s.

At 50-stories, it is one of the tallest purely condominium buildings in the city.

This unit has hardwood floors in the living/dining area.

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

There is central air, but no in-unit washer/dryer. Parking is available in the building for $45,000.

This is a full amenity building which has a clubhouse, exercise room, and indoor pool.

If you work in the loop, in the summer time, you can take the water taxi which docks just in front of the building.

Listed at $319,000, is this a deal for its location near the Mag Mile and the River, including the new River Walk that is just across the bridge?

Haroon Khan at Streeterville Realty has the listing. See the pictures here.

Unit #1611: 1 bedroom, 1 bath, 950 square feet

  • Sold in November 1996 for $159,500
  • Currently listed for $319,000 (parking is $45,000 extra)
  • Assessments of $728 a month (includes heat, A/C, doorman, cable, Internet, clubhouse, exercise room, pool, lawn care, scavenger, and snow removal)
  • Taxes of $4150
  • Central Air
  • No in-unit washer/dryer
  • Bedroom #1: 16×11