Are Buyers Balking at the High Prices? A Townhouse at 1818 N. Bissell in Lincoln Park

This 2-bedroom townhouse at 1818 N. Bissell in Lincoln Park came on the market on June 23, 2015.

It has a split floor plan with a bedroom on the second floor and one on the third floor.

The kitchen has white 42 inch cabinets, granite counter tops and stainless steel appliances.

It has a lower level family room and a 1-car garage.

This townhouse came on the market just 12 days after a similar townhouse just 2 doors down the street at 1814 N. Bissell had come on the market.

We chattered about that townhouse in June 2015. See our chatter here (the link is still active- so you can see the interior pictures as well.)

1814 n bissell approved

Here’s the timeline for the two units:

  • June 11: 1814 N. Bissell came on the market at $549,000
  • June 17: 1814 N. Bissell cuts its price to $509,000
  • June 23: 1818 N. Bissell comes on the market at $509,000
  • June 24: 1814 N. Bissell goes under contract
  • July 6: 1818 N. Bissell reduces to $497,500
  • July 23: 1818 N. Bissell reduces to $469,000
  • Today: 1818 N. Bissell is still on the market

The El runs behind both townhouses equally. They are just a few steps from each other.

This townhouse has now been reduced by $40,000 in just the last month.

Are buyers starting to balk at the record high prices?

Coleen Kent at @Properties has the listing. See the pictures here.

1818 N. Bissell: 2 bedrooms, 2 baths, 1635 square feet

  • Sold in January 1999 for $273,000
  • Sold in March 2003 for $335,000
  • Sold in November 2005 for $410,000
  • Sold in May 2010 for $418,500
  • Originally listed in June 2015 for $509,000
  • Reduced twice
  • Currently listed at $469,000
  • Assessments of $100 a month
  • Taxes of $7755
  • 1 car garage
  • Central Air
  • Bedroom #1: 15×13 (third floor)
  • Bedroom #2: 16×10 (second floor)
  • Family room: 16×14 (lower level)

 

Live in the River North Gallery District: A 3-Bedroom at 215 W. Huron

215 w huron

This 3-bedroom at 215 W. Huron in River North recently came on the market.

It is one of the few residential buildings located in what is known as the River North Gallery District.

The 5-unit building was converted into condominiums in 1997.

The elevator opens privately into each unit.

The unit has 11-foot high ceilings and crown moldings along with North, South and East views.

The listing says it is a “new kitchen” with granite counter tops and stainless steel appliances.

It has central air, washer/dryer in the unit and 1-car garage parking.

The unit is currently listed at $265,000 higher than the 2013 sale price, at $915,000.

Is nearly a million dollars the new 3-bedroom price point to gain entry in the Gallery District now?

Jayne Alofs at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, 2400 square feet

  • Sold in April 1997 for $335,500
  • Sold in November 1998 for $310,000
  • Sold in March 1999 for $419,500
  • Sold in March 2001 for $599,000
  • Sold in July 2003 for $600,000
  • Sold in June 2013 for $650,000
  • Originally listed in July 2015 for $987,000
  • Reduced
  • Currently listed at $915,000 (includes garage parking)
  • Assessments of $375 a month (includes exterior maintenance)
  • Taxes of $10,292
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 24×12
  • Bedroom #2: 12×9
  • Bedroom #3: 12×9

 

Get Your Own Indoor Pool: A 3-Bedroom SFH at 3012 S. Emerald in Bridgeport

This 3-bedroom home at 3012 S. Emerald in Bridgeport just came on the market. (Sorry, I don’t have a picture in my vast collection of photos.)

The house was built in 1974 on a 120×25 lot.

But what sets it apart is a glass enclosed 10×18 indoor pool in a great room attached to the back of the house.

The master bedroom on the third floor has a balcony that overlooks the pool.

The house also has a sauna and a full, finished basement.

The kitchen has black appliances and the house comes with a 2.5 car garage.

The listing says the “seller is very motivated.”

Is an indoor pool a pro or a con with a single family home?

David Wong at First Key Realty has the listing. See the pictures here.

3012 S. Emerald: 3 bedrooms, 2.5 baths, 3450 square feet, 2.5 car garage

  • Sold in October 1996 for $110,000
  • Currently listed for $595,000
  • Taxes are $4852
  • Central Air
  • Bedroom #1: 17×12 (third floor)
  • Bedroom #2: 15×9 (third floor)
  • Bedroom #3: 12×9 (third floor)
  • Indoor pool: 10×18

 

What Will a Newer 3-Bedroom Condo Cost You in Lincoln Park? 1307 W. Wrightwood

1307 w wrightwood

This 3-bedroom condo at 1307 W. Wrightwood in Lincoln Park just came on the market.

This complex of 19 units was built in 2010.

The building has an elevator and a heated garage.

This unit is a southeast corner unit.

It has dark hardwood floors with professionally outfitted closets.

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

The master bedroom has a spa bath with marble tile and a steam shower with a rain shower head.

One heated indoor parking space is included but you can also purchase a coveted second space for $30,000.

The listing says its in the Oscar Meyer school district.

This unit has come on the market at $739,000, or $169,000 more than the 2011 purchase price if you include the second parking space.

If you want newer construction and 3-bedrooms, are you guaranteed to be over $700,000 in this neighborhood?

Jennifer Mills at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #205: 3 bedrooms, 2 baths, no square footage listed

  • Sold in January 2011 for $600,000 (included 2 parking spaces)
  • Currently listed for $739,000 (includes one parking space but a second one is available for $30,000)
  • Assessments of $355 a month (includes exterior maintenance)
  • Taxes of $8230
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×14
  • Bedroom #2: 11×13
  • Bedroom #3: 10×13

 

Market Conditions: Sales Up 9.3% YOY in the Hottest June Since 2007

5555-n-sheridan

The Illinois Association of Realtors is out with June sales. As expected, sales are strong as the Chicago housing market continues with its hottest year since the housing boom.

From the Illinois Association of Realtors:

“The city of Chicago saw sales of 3,110 homes in June 2015, up 9.3 percent from last year when 2,846 homes were sold. The median price of a home in Chicago was $290,000, up 5.5 percent over June 2014 when the median price was $275,000.”

Thanks to G for the historical sales data:

  • June 1997: 1,817
  • June 1998:  2,214
  • June 1999:  2,435
  • June 2000: 2,513
  • June 2001: 2,451
  • June 2002: 2,590
  • June 2003: 2,891
  • June 2004: 3,752
  • June 2005: 3,850
  • June 2006: 3,557
  • June 2007: 3,127
  • June 2008: 2282
  • June 2009: 1981
  • June 2010: 2526 (tax credit sales)
  • June 2011: 1841
  • June 2012: 2246
  • June 2013: 2729
  • June 2014: 2846
  • June 2015: 3110 sales

Here is the monthly median price data:

  • June 2008: $309,945
  • June 2009: $242,050
  • June 2010: $234,250
  • June 2011: $207,000
  • June 2012: $216,700
  • June 2013: $254,900
  • June 2014: $275,000
  • June 2015: $290,000

“Median prices in Chicago have increased steadily since October 2012, providing a remarkable comeback story for the city’s real estate market,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. in Chicago. “Consumer interest remains keen, as shown by the month-over-month increases in sales recorded since February and the relatively short time it is taking to sell a home.”

“Sellers keep reaping the rewards of a market that has continued to see median prices edge higher every month this year,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury sales at Baird & Warner in Chicago. “A decrease in the number of days it takes on average to sell a home in Illinois shows that buyers are undeterred by the steady upward tick in prices.”

The time it took to sell a home in June averaged 63 days statewide, down from 68 days a year ago and faster than 72 days last month. Available housing inventory remained tight with 70,999 homes for sale, a 6.9 percent decline from June 2014 when there were 76,287 homes.

With the housing market red hot, is it possible we will see the monthly sales surpass even the bubble years shortly?

Strong housing momentum continues in June with double-digit gains in Illinois home sales [Illinois Association of Realtors, Press Release, July 22, 2015]

A New Peak Price in Lofthaus? A 2/2 at 321 S. Sangamon in the West Loop

321 s sangamon

This 2-bedroom in Lofthaus at 321 S. Sangamon in the West Loop came on the market in June 2015.

Lofthaus was built in 2004 and has 70 units.

This is a southwest corner unit with a 125 square foot wrap around balcony.

It has wood floors and concrete ceilings.

The kitchen has stainless steel appliances and granite counter tops with a Grohe faucet.

The listing says it has a $5,000 drapery upgrade.

It has the other features buyers look for including central air, washer/dryer in the unit and garage parking which is $30,000 extra.

Including the parking, the unit is now listed $37,900 above the 2007 housing bubble price.

Are new record high prices a reality in the hot West Loop?

Brian Caron at AMS Realty has the listing. See the pictures here.

Unit #405: 2 bedrooms, 2 baths, 1372 square feet

  • Sold in March 2004 for $333,000 (included the parking)
  • Sold in June 2007 for $412,000 (included the parking)
  • Originally listed in June 2015 for $439,900
  • Reduced
  • Currently listed at $419,900 plus $30,000 for parking
  • Assessments of $452 a month (includes heat and a/c)
  • Taxes of $5462
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11
  • Bedroom #2: 11×10

 

 

Looking for a Brick and Timber Downtown Loft? A Big 1-Bedroom at 728 W. Jackson

728 w jackson #2 approved

This 1-bedroom in the Haberdasher Square Lofts at 728 W. Jackson in the West Loop came on the market in June 2015.

Haberdasher is a full service building with 220 units and a parking garage. Half the building has timber lofts and half is concrete.

It is a corner southeast facing loft with all of the features loft lovers look for including 12 foot timber ceilings, exposed brick and 12 huge 9 foot industrial windows on 2 sides of the unit.

Originally, this unit was a 2-bedroom but the second bedroom was converted into office space (you can see the half wall in the pictures.)

It has the coveted two bathrooms, instead of just 1 or 1.5 baths normally found in large 1-bedroom units.

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

There is carpet in the main living space.

It has all the features buyers look for including washer/dryer in the unit, central air and heated garage parking so you never have to dig your car out of the snow again.

It is listed for $20,000 under its 2006 sales price.

Is this a deal in this super hot market?

Mohammed Khan at TriView Property has the listing. See the pictures here.

Unit #220: 1 bedroom, 2 baths, no square footage listed.

  • Sold in December 1998 for $231,000
  • Sold in April 2006 for $351,000
  • Assessments of $609 a month (includes water, gas, doorman, cable)
  • Taxes of $4273
  • Central Air
  • Washer/Dryer in the unit
  • Garage parking included
  • Bedroom #1: 13×13
  • Loft/Den: 12×11

Vintage With Modern Conveniences: A 2-Bedroom at 1049 W. Wellington in Lakeview

1049 w wellington

This top floor 2-bedroom at 1049 W. Wellington in Lakeview came on the market in June 2015.

The listing says it is a vintage rehab but it has some of its original features such as the original doors and hardware.

Because it’s the top floor, it has 14-foot ceilings.

It has exposed brick walls and the kitchen is actually open to the living room, which is unusual for a vintage unit.

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

The unit also has a master suite, complete with its own remodeled bathroom.

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

The unit is just a quick stroll to the Wellington Brown line stop and the shops and restaurants at Sheffield and Wellington.

Given all its features, does this property sell for full asking price?

Katherine Otto-Sullivan at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3A: 2 bedrooms, 2 baths, 1200 square feet

  • Sold in September 1995 for $198,500
  • Sold in June 1998 for $260,000
  • Sold in September 2005 for $412,000
  • Currently listed at $439,900 (includes the garage parking)
  • Assessments of $208 a month (includes water and snow removal)
  • Taxes of $5268
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×26
  • Bedroom #2: 9×13

Pushing For New Record High Prices in River North: A 2/2 at 630 N. Franklin

630 n franklin approved

This 2-bedroom at 630 N. Franklin in River North just came on the market.

The unit has concrete walls and ceilings, which was common construction throughout the building. The exposed concrete was a “thing” in 2005.

The ceilings are 10 foot and faces east. The listing says there are custom blinds.

The listing also says there was $40,000 in developer upgrades.

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

It has the other features that buyers usually look for, including central air, washer/dryer in the unit and garage parking is $30,000 extra.

Including the parking, the unit is listed $68,000 above the 2006 peak bubble price, at $570,000.

How high will prices go during this latest housing boom?

Jon Dimetros at Main Street Real Estate Group has the listing. See the pictures here.

Unit #910: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in May 2006 for $502,000 (included the parking)
  • Sold in July 2008 for $519,000 (included the parking)
  • Currently listed for $540,000 plus $30,000 for parking
  • Assessments of $560 a month (includes water)
  • Taxes of $5750
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×11
  • Bedroom #2: 13×10
  • Den: 12×10

Has Condo Demand Returned in Albany Park? A 2/2 Soft Loft at 3201 W. Leland

3201 w leland

This 2-bedroom soft loft in Leland Crossing at 3201 W. Leland in Albany Park came on the market in May 2015.

The 45-unit building was built in 2010 and cut prices in 2012.

We chattered about the price cuts. You can see that chatter here.

This building is considered “soft-lofts” because it was new construction (and not an old factory or warehouse that was converted) but it has exposed concrete ceilings and exposed ductwork that makes it loft-like.

This unit has 10 foot ceilings with floor to ceiling windows.

The kitchen has granite counter tops and stainless steel appliances.

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

The building is right next to the brown line stop at Kedzie.

In the listing, it says the “developer controls management” which likely means the developer is still majority unit owner.

In 2012, prices were cut from $289,000 to $249,000 but many of you thought even $249,000 was too high for this location.

This unit is currently listed for $289,900.

Will the seller get it?

Christopher Mandli at Jameson Sotheby’s has the listing. See the pictures here.

Or see it at the Open House on Sunday, July 19 from 12- 2 PM.

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

  • Sold in April 2011 for $287,000
  • Originally listed in May 2015
  • Currently listed for $289,900 (includes parking)
  • Assessments of $232 a month
  • Taxes aren’t listed
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 13×11
  • Bedroom #2: 13×10