Will the Stock Market Correction Slow Luxury Sales? 1542 W. Nelson in Lakeview

1542 w nelson

This 6-bedroom single family home at 1542 W. Nelson in Lakeview came on the market in June 2015.

Built in 2011 on an oversized lot measuring 35.8 x 124, it has 6600 square feet and an attached 3-car garage.

The house has 4 fireplaces and built-in bookcases as well as multiple terraces 4 of the bedrooms are on the second floor with the fifth on the third and the sixth in the lower level.

The kitchen has white cabinets and appliances with a large kitchen island with stone counter tops.

If the house looks familiar it’s because we chattered about it 4 years ago in August 2011.

See our chatter here.

Back then, the house had newly been built, but the market was much different.

Listed for $2.25 million, it was reduced and then finally sold in November 2011 for $1,534,500.

It came back on the market in June of this year for 60% higher, at $2,690,000.

The house has since been reduced to $2.595 million.

This is the hottest luxury market since the boom years.

Will the recent stock market correction slow luxury sales?

Or will it take an even bigger stock market sell off to put a damper on the upper bracket?

Linda Shaughnessy at Jameson Sotheby’s has the listing. See the pictures here.

1542 W. Nelson: 6 bedrooms, 5 full baths, 2 half baths, 6600 square feet, 3 car garage

  • Old frame house being sold for the land value originally listed in September 2008 for $745,000
  • Reduced numerous times
  • Sold in January 2010 for $480,000
  • New construction home listed in May 2011 for $2.25 million
  • Reduced
  • Sold in November 2011 for $1,534,500
  • Originally listed in June 2015 for $2,690,000
  • Reduced
  • Currently listed at $2.595 million
  • Taxes are $27,086
  • Central Air
  • 4 fireplaces
  • Bedroom #1: 18×18 (second floor)
  • Bedroom #2: 17×13 (second floor)
  • Bedroom #3: 14×13 (second floor)
  • Bedroom #4: 12×12 (second floor)
  • Bedroom #5: 21×15 (third floor)
  • Bedroom #6: 18×15 (lower level)
  • Media room: 15×12 (lower level)
  • Recreation room: 28×18 (lower level)

Live in One of Lakeview’s Grand Dames: A 2-Bedroom in 3750 N. Lake Shore Drive

3750 n lake shore drive approved

This 2-bedroom in 3750 N. Lake Shore Drive in Lakeview came on the market in August 2014.

3750 N. Lake Shore Drive is one of the grand dames of the co-op buildings.

Designed by Robert DeGolyer and built in 1926, it has 127 units. It’s a full service building with one of the best indoor pools in the city. It also has an exercise room and a doorman.

This unit has north and east exposures with lake views.

The listing says it has a new kitchen, with white cabinets and black granite counter tops along with stainless steel appliances and a wine refrigerator.

It also has “upgraded” baths with heated floors.

Not all units have washer/dryer in the unit, but this one does, along with central air.

There’s no parking directly with the building but it can be leased right behind the building.

Yes, the assessments are $2074 a month. But that includes heat, gas, cable and taxes, among other things.

There are 9 units on the market in the building and 3 are under contract but they are the units listed under $190,000. Several of the other units are also estate sales and the units need full renovation.

This building was built to be homes in the sky with generous room sizes and “maid’s” quarters.

But in 2015, who’s the target buyer for this building?

Jennifer Ames at Coldwell Banker has the listing. See the pictures here.

Unit #4B: 2 bedrooms, 2.5 baths, no square footage listed

  • I couldn’t find a prior sales price because it’s a co-op
  • Was originally listed in August 2014
  • Currently listed at $549,000
  • Assessments of $2074 a month (includes heat, gas, water, cable, taxes, doorman, pool, exercise room)
  • Taxes of $5377
  • Central Air
  • Washer/Dryer in the unit
  • Parking available for lease behind the building
  • Gas burning fireplace
  • Bedroom #1: 21×13
  • Bedroom #2: 19×13
  • Den: 18×8
  • Galley: 16×9

 

Love City Views? A 2-Bedroom Penthouse at 235 W. Van Buren in the Loop

235 w van buren #2 2015

This 2-bedroom penthouse on the 45th floor of 235 W. Van Buren in the Loop just came on the market.

It has CMK aesthetics with 10 foot concrete ceilings.

The unit has city and lake views (looks like north and east) with a clear view of Chicago’s loop skyline.

It has dark stained wood floors.

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

The listing talks about the possibility of a third bedroom as the “den” can be enclosed.

Both bedrooms have ensuite baths.

It has central air, washer/dryer in the unit and tandem parking is available for $44,000 extra.

If this unit looks familiar to some of you it could be because a penthouse unit came up in discussion about this building years ago after YoChicago posted a December 2010 sponsored video titled “Lauren and Matt’s penthouse at 235 W Van Buren”.

You can watch the 13 minute video here.

I don’t know if it’s the same unit, but the finishes and view are similar to the pictures in the current listing.

Now that the market is red hot, will this penthouse sell quickly?

Scott Newman at Newman Realty has the listing. See the pictures here.

Unit #4501: 2 bedrooms, 3 baths, 1879 square feet

  • I couldn’t find the public listing as the PINs seem really messed up for this building but Redfin says it sold in August 2010 for $687,000
  • Currently listed at $600,000 (plus $44,000 for parking)
  • Assessments of $756 a month (includes a/c, gas, cable, doorman, snow removal)
  • Taxes of $8499
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 16×13
  • Bedroom #2: 11×10
  • Den/Media Room: 13×17

 

 

Andrew Rebori Vintage Elegance Returns 6 Years Later in the Gold Coast: 40 W. Schiller

50 w schiller #1

This 2-bedroom vintage duplex at 40 W. Schiller in the Gold Coast recently came on the market.

But if it looks familiar, that’s because we originally chattered about this unit all the way back on August 20, 2009 (and I’m just realizing that it is nearly 6 years later to the day). See our chatter here.

That prior chatter has some of the interior pictures. Go check it out to see what it looked like 2009.

This building is an Andrew Rebori built 19-unit courtyard building constructed in 1923.

It is a co-op.

For the long-timers on this site, you may recall that this unit has a 2-story atrium as well as a restored sweeping staircase and skylight.

It also has the original limestone fireplace.

The kitchen has Dacor appliances and white cabinets (in 2009 it didn’t have any appliances but it had the same cabinets.)

The bathrooms have white subway tiles.

The listing says there is a brand-new laundry room.

The unit has space pac cooling but no parking.

In 2009, the building allowed 70% financing.

In 2009, Sonies gave his assessment of this property:

Things wrong with this place and why it won’t sell ever

1) 30% down
2) redonkulous assessments
3) need co-op approval
4) no appliances (easy fix)
5) no parking except “leased nearby”
6) $500 a sqft WITH redonkulous assessments of $1860 a month.
7) Those awful domed doorways/doors, this isn’t Arizona, its not cool.
8) Bedroom #2: 10’×10? and this place like most vintages have terrible closet space
9) 3rd & 4th floor of a non elevator building, so most old people aren’t going to want to hike up 3 flights of stairs with an armful of groceries
10) This place hasn’t been lived in, in years.
11) No view of anything
12) No private outdoor space

Reasons why it will sell

1) Fantastic location

Will the hot market of 2015 produce a sale?

Jeff Lowe at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #D2: 2 bedrooms, 2 baths, no square footage listed but in 2009 it was 1400 square feet

  • I couldn’t find an original sales price but it last sold in 2006 and was then renovated
  • Originally listed in December 2008 for $775,000
  • Redfin has it pending in December 2009 at $699,000 but no sale is recorded- did it sell?
  • Assessments now $1915 a month (they were $1860 a month in 2009) includes taxes, heat, gas, exterior maintenance and snow removal
  • Taxes now $5524 (they were $5937 in 2009)
  • Wood burning fireplace
  • Space Pac
  • Washer/Dryer in the unit
  • Leased parking nearby
  • Bedroom #1: 12×10 (second floor)- in 2009 this was 14×11
  • Bedroom #2: 12×10 (second floor) – in 2009 this was 10×10

Market Conditions: July Sales Rise 9.7% YOY as the Median Price Jumped Again

Chicago skyline from Webster Bridge August 2015

We already know that July was another hot month but it wasn’t quite as strong as June.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,989 homes in July 2015, up 9.7 percent from last year when 2,725 homes were sold. The median price of a home in Chicago was $285,000, up 5.2 percent over July 2014 when the median price was $271,000.

Anything would be an improvement over last July as it actually saw an 8.2% year over year decline in sales.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

  • 1997: 1,694
  • 1998: 2,139
  • 1999: 2,186
  • 2000: 2,013
  • 2001: 2,410
  • 2002: 2,661
  • 2003: 3,105
  • 2004: 3,429
  • 2005: 3,487
  • 2006: 3,088
  • 2007: 2,819
  • 2008: 2,200
  • 2009: 2,040
  • 2010: 1,631
  • 2011: 1,666
  • 2012: 2,088
  • 2013: 2,902
  • 2014: 2,725
  • 2015: 2,989

“The busy summer homebuying season is closing out on a high note,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-President of Realty and Mortgage Co. in Chicago. “We’ve seen solid gains throughout the year, and there is every expectation that we’ll see the market momentum continue into the fall as buyers select from reduced inventories.”

“The strong year-over-year gains we saw in July suggest there is plenty of steam left in this market,” said Jim Kinney, ABR, CRB, CRS, GRI, SRES, president of the Illinois Association of REALTORS® and vice president for luxury sales for Baird & Warner in Chicago. “Buyers are finding they have to work quickly once they find the home they want since inventories are very low.”

The time it took to sell a home in July averaged 58 days statewide, down from 65 days a year ago and faster than 63 days last month. Available housing inventory remained tight with 72,371 homes for sale, a 7.7 percent decline from July 2014 when there were 78,373 homes.

The 30-year mortgage rates were also lower year over year at 4.04%, down from 4.11% a year ago.

Will these perfect selling conditions continue into the fall season?

Illinois home sales and median prices surge higher in July [Illinois Association of Realtors, Press Release, Aug 20, 2015]

The Heartbreak is Over in the Heartbreak Lofts: 17 N. Loomis in the West Loop

17 N Loomis

This 2-bedroom in the Heartbreak Lofts at 17 N. Loomis in the West Loop just came on the market.

The last time we chattered about the Heartbreak Lofts was in 2007 and 2008 and it was causing heartbreak for sellers as many were in foreclosure or were selling for much less than they bought for. See our 2007 chatter here.

This building has 42-units and was part of the original Loftminium World loft sales in 2000-2001.

This loft is a northeast corner unit with 12 foot concrete ceiling and amazing industrial windows along both sides of the loft.

It has hardwood floors and some exposed brick.

The master bedroom is fully enclosed.

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

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

Most interesting of all, this property is actually bank owned. The original lis pendens was filed in 2008.

The bank took it back in May of this year.

It took the bank SEVEN years to take it back. That is the longest time lapse for a foreclosure I have seen yet in Chicago. This is what is commonly referred to as “shadow inventory.”

The wait might have paid off for the bank because the loft has come on the market for $154,000 above the 2003 purchase price.

Have prices fully recovered from the bust in the West Loop loft buildings?

Kevin Maloney at Exclusive Real Estate Limited has the listing. See the pictures here.

Unit #1F: 2 bedrooms, 2 baths, no square footage listed

  • Sold in May 2001 for $297,500
  • Sold in September 2003 for $315,000
  • Lis pendens filed in March 2008
  • Lis pendens foreclosure filed in May 2010
  • Bank owned in May 2015
  • Currently listed for $469,000 (includes garage parking)
  • Assessments of $388 a month (includes exterior maintenance and snow removal)
  • Taxes of $4202
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×13
  • Bedroom #2: 13×10

Is the Ugliest Condo Building in Lincoln Park Going to be Torn Down? 2518 N. Lincoln

2518 n lincoln

We’ve chattered in the past about this condo building at 2518-2540 N. Lincoln in Lincoln Park.

According to DNA Info, the rumors about it being torn down and replaced with a new apartment building are true.

Demolition on the condo building on Lincoln Avenue just southeast of Sheffield Avenue will begin in March to make way for a 107-foot-tall apartment building dubbed Lincoln Centre, according to developer Warren Baker.

Baker’s latest plans to build a transit-oriented development at 2518-2540 N. Lincoln Ave. — complete with 200 residential units and ground-floor retail — were approved by the city’s zoning board of appeals and the full city council in late July.

The building will have a three-story parking garage with 138 parking spaces, which will be split between residents of the building and commercial businesses along Lincoln Avenue.

Studio apartments will start at about $1,600 per month and the penthouse will rent for about $6,000 per month, Baker said.

Original plans called for a courtyard that faced the “L” tracks, but Baker changed it so the courtyard now faces Lincoln Avenue, thanks to a suggestion from Smith.

“We hit it out of the park when it came to coming up with tremendous improvements over the previous plans,” Baker said.

Condo owners are apparently already starting to move out of the building.

The new building will rise just to the east of these El tracks.

2518 n lincoln back side

Will this be the revitalization needed to jump start retail and restaurants in this part of Lincoln Park?

And will anyone else be sad to see the tennis courts on the back of the building go?

Construction on Lincoln Centre project will begin in March, developer says [DNA Info, Mina Bloom, August 19, 2015]

A Touch of Glamour Across from Grant Park: A 2-Bedroom at 888 S. Michigan

888 s michigan

This 2-bedroom at 888 S. Michigan across from Grant Park in the South Loop came on the market in July 2015.

The building was built in 1914 but wasn’t converted into 34 condominiums until 2002.

This unit has south and west exposures through 8 oversized windows.

It has 9 foot ceilings and the listing says there’s been $70,000 in upgrades.

The listing says it has a “new updated kitchen” with Ann Sacks tile, stainless steel appliances and stone countertops (is that green granite?).

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

Valet parking is available in the building for $312 a month.

Before you complain about the assessments, this a vintage boutique building with a 24-hour doorman.

This building is located right across from the quiet gardens of Grant Park yet you can stroll to the more touristy/restaurant areas of Michigan Avenue in minutes.

The unit was under contract once already.

Is South Michigan Avenue a well-kept secret for those who want to live in the heart of downtown but away from the hustle of Millennium Park?

Nadia Rahmani at Jameson Sotheby’s has the listing. See the pictures here.

Unit #403: 2 bedrooms, 2 baths, no square footage listed

  • Sold in May 2002 for $396,000
  • Sold in March 2012 for $374,000
  • Sold in December 2013 for $490,000
  • Originally listed in July 2015 for $514,500
  • Went under contract once
  • Currently still listed at $514,500
  • Assessments of $754 a month (includes doorman, cable, snow removal)
  • Taxes of $2065
  • Valet parking is $312 a month
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 19×13
  • Bedroom #2: 15×11

 

Get a 3-Bedroom Duplex Loft in Printers Row for Just $350,000: 621 S. Plymouth

621 s plymouth

This 3-bedroom penthouse loft in the Moser Lofts at 621 S. Plymouth in Printers Row just came on the market.

The Moser Building was Holabird & Roche designed in 1909. It was converted into 88 lofts in 1985.

This loft has 16-foot concrete ceilings with west facing industrial windows and exposed brick.

It has hardwood floors throughout.

The kitchen has modern contemporary cabinets, stainless steel appliances and a large island that seats 4.

One of the bedrooms is on the main floor while the other two are in the upstairs loft.

It appears that there is one bathroom on the main level and a second on the loft level.

The unit has 2 walk-in closets on the main level.

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

It doesn’t appear to have parking, however, even though there is a garage in this building.

It’s been 14 years since this property last changed owners.

It’s rare to find a 3-bedroom loft under $400,000 in Printers Row.

Will it go under contract this week?

Morgan Sage at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #907: 3 bedrooms, 2 baths, 1100 square feet

  • Sold in June 1993 for $112,000
  • Sold in October 2001 for $213,000
  • Currently listed for $350,000
  • Assessments of $357 a month (includes exterior maintenance, snow removal)
  • Taxes of $2632
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 11×10 (main level)
  • Bedroom #2: 11×10 (second floor)
  • Bedroom #3: 11×9 (second floor)

Affordable Vintage in East Lakeview: A 2-Bedroom at 651 W. Buckingham

653 w buckingham

This 2-bedroom at 651 W. Buckingham Place in East Lakeview just came on the market.

Built in 1900, the building has 6 units.

At 1400 square feet, it has many features that vintage lovers look for including a separate dining room with a coffered ceiling and original hutch as well as other restored woodwork and trim.

The listing says the kitchen has been remodeled. It has modern white and wood cabinets, quartz counter tops and stainless steel appliances.

One of the baths is remodeled with marble flooring. It is rare vintage that isn’t just a 2/1 but instead has an extra half bath.

The unit has both front and back private patios.

While it has in-unit washer/dryer, there’s no central air.

Outdoor parking is included in the price.

Listed at $375,000, is this condo a deal for the square footage and amenities in this location?

Morgan Sage at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2E: 2 bedrooms, 1.5 baths, 1400 square feet

  • Sold in April 1991 for $156,000
  • Sold in September 1998 for $199,000
  • Sold in December 2000 for $254,000
  • Sold in July 2004 for $290,000
  • Sold in September 2008 for $350,000
  • Currently listed at $375,000
  • Assessments of $281 a month (includes heat and snow removal)
  • Taxes of $5179
  • Washer/Dryer in the unit
  • No central air
  • Outdoor parking included
  • Gas fireplace
  • Bedroom #1: 13×13
  • Bedroom #2: 13×11