Selling a 3-Bedroom Six Years Later in Ukrainian Village: 2408 W. Rice

2408 w rice

This 3-bedroom at 2408 W. Rice in the Ukrainian Village neighborhood of West Town recently came on the market.

This 12-unit building is on the corner of Rice and Western Avenue.

It was built in 2008-2009, just as the bust was hitting.

This unit is one of those on the curve, with a circular living room with floor to ceiling windows.

The kitchen has modern cabinets with wood and silver cabinets and stainless steel appliances.

The master bedroom has a spa-like bath.

It has the features buyers look for including central air, washer/dryer in the unit and parking is available for $25,000 extra.

It’s hard to believe that it’s now been 6 years since these units were originally on the market. We used to chatter about this building as being “new.”

With the parking included, this unit is listed for $66,000 more than the 2009 purchase price.

3-bedroom units are the most popular on the market right now.

Will this seller see the premium?

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

Unit #201: 3 bedrooms, 2 baths, 1800 square feet

  • Sold in March 2009 for $434,000 (included the parking)
  • Currently listed for $475,000 (plus $25,000 for the parking)
  • Assessments of $239 a month
  • Taxes of $4098
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 15×12
  • Bedroom #2: 12×9
  • Bedroom #3: 11×10

 

Has the South Loop Recovered? A 2/2 in 1720 S. Michigan

1720 s michigan

This 2-bedroom at 1720 S. Michigan in the South Loop came on the market in September 2014.

This is one of the larger 2-bedroom units in the building at 1146 square feet.

It is a corner unit with floor to ceiling windows with north and west views.

The unit has a galley kitchen with stainless steel appliances and granite counter tops.

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

This building was built in 2007 at the height of the boom. With 498 units, it became a poster child of the bust with many units going into foreclosure or short sale. We chattered about it many times over the years.

This unit was originally listed for $325,000 in February 2014 and then de-listed in April.

It came back on the market in September at $339,000 and has been on the market ever since.

It last sold in 2008 for $345,000 so it is listed just under the boom-era price.

Have prices in the South Loop finally recovered from the bust?

Kimberly Jones at Baird & Warner has the listing. See the pictures here.

Unit #918: 2 bedrooms, 2 baths, 1146 square feet

  • Sold in August 2008 for $345,000 (didn’t include parking)
  • Originally listed in February 2014 for $325,000
  • De-listed in April 2014
  • Re-listed in September 2014 for $339,000
  • Currently still listed for $339,000
  • Assessments of $430 a month (includes cable, doorman)
  • Taxes of $4548
  • Central Air
  • Washer/Dryer in the unit
  • The listing doesn’t say anything about parking but there is parking in the building
  • Bedroom #1: 16×11
  • Bedroom #2: 13×10

“Potential to be a huge money maker” in East Lincoln Park: 427 W. Grant Place

419 w grant #2 approved

This 3-bedroom duplex up at The Portals at 427 W. Grant Place in East Lincoln Park came on the market in September 2014.

We’ve chattered about various Portal units over the last 7 years.

The complex was built in the 1970s and has about 50 3-bedroom duplex units. They have outdoor parking, washer/dryers in the units and central air.

According to the listing, this unit is also located in the Lincoln Elementary boundaries.

All three bedrooms are on the upper floors along with two full bathrooms.

There are also hardwood floors throughout the unit, including in the bedrooms.

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

The listing says it has the “potential to be a huge money maker with a bit of vision.”

In 2010 and 2011, we chattered about some of these units but they were selling for under $400,000.

This unit came on the market in September 2014 at $499,900 and has reduced to $485,000.

Are The Portals still a deal?

419 w grant #1 approved

Santiago Valdez at Re/Max Signature has the listing. See the pictures here.

Unit #D: 3 bedrooms, 2.5 baths, 1670 square feet

  • Sold in April 1988 for $71,000
  • Sold in April 1991 for $185,000
  • Sold in September 1995 for ? (county records say $571,000- but assuming it’s a typo)
  • Sold in December 1998 for $267,000
  • Sold in May 2003 for $380,000
  • Sold in July 2011 for $342,000 (but also for $380,000- so I’m not sure which)
  • Sold in July 2013 for $450,000
  • Originally listed in September 2014 for $499,900
  • Reduced
  • Currently listed at $485,000
  • Assessments of $342 a month (includes cable, water)
  • Taxes of $5909
  • Central Air
  • Washer/Dryer in the unit
  • Outdoor parking included
  • Bedroom #1: 17×12 (second floor)
  • Bedroom #2: 14×11 (second floor)
  • Bedroom #3: 11×9 (second floor)

Get a 3-Bedroom Across from the Zoo for Under $500K: 1920 N. Clark in Lincoln Park

1920 n clark

This 3-bedroom at 1920 N. Clark in Lincoln Park came on the market in June 2014.

It faces east and has direct views of Lincoln Park and Lincoln Park Zoo from a 24 foot private deck.

In the summer, it is also easy to stroll down the street to the Green City Market.

The kitchen has white cabinets and appliances, including a Subzero refrigerator.

It has 2-car leased parking and central air but no in-unit washer/dryer. There is coin laundry in the building.

Originally listed at $528,800 in June 2014, it has been reduced to $499,988.

In the building next door, I noticed signs for a soon-to-open day care.

Three bedroom units are in high demand in the Green Zone because they’re considered large enough for a family.

Is this a deal?

Ron Goldstein at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #5A: 3 bedrooms, 2 baths, 1600 square feet

  • Sold in March 1992 for $186,000
  • Originally listed in June 2014 for $528,800
  • Reduced several times
  • Currently listed at $499,988
  • Assessments of $881 a month (includes snow removal)
  • Taxes of $6283
  • Central Air
  • No in-unit washer/dryer- coin laundry in the building
  • 2 car leased parking
  • Bedroom #1: 18×17
  • Bedroom #2: 15×10
  • Bedroom #3: 15×10

 

 

A 2-Bedroom Loft on the Market 4 Months in Wicker Park: 1400 N. Milwaukee

1400 n milwaukee

This 2-bedroom loft at 1400 N. Milwaukee in the hot Wicker Park/Bucktown corridor came on the market in early September 2014.

The 21-unit building was converted into lofts in 2001 and has an elevator and parking.

This unit faces south and east.

It has 12-foot ceilings, exposed brick and a balcony.

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

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

It is right in the middle of the restaurants and shops on Milwaukee which is one of the most popular few blocks in the city.

Listed since early September, it hasn’t had any price reductions.

What will it take to sell this property?

R. Matt Leutheuser at Jameson Sotheby’s has the listing. See the pictures here.

Unit #203: 2 bedrooms, 1.5 baths, no square feet listed

  • Sold in August 2001 for $256,000
  • Sold in August 2012 for $305,000
  • Listed in September 2014 for $365,000 (garage parking included)
  • Currently still listed for $365,000
  • Assessments of $352 a month (includes water and snow removal)
  • Taxes of $4224
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×11
  • Bedroom #2: 11×9

Can You Sell Just 4 Months Later for a Profit? A 2/2 at 2819 N. Lakewood in Lakeview

2819 n lakewood

This top floor 2-bedroom at 2819 N. Lakewood in Lakeview came on the market on Nov 1, 2014.

It might look familiar to some, however, because it was a previously bank owned unit that was listed in May 2014 and sold at the end of June.

You can see what the unit looked like when the bank owned it here.

From those pictures, the kitchen looked to be fully intact, with stainless steel appliances and cherry cabinets.

In June, there were cherry floors throughout.

There were no pictures of the bathrooms however.

The current kitchen looks identical, except for a new backsplash.

The unit has 12 foot ceilings with crown moldings.

It also has two decks, a back deck and a private roof top deck with an outdoor kitchen with a grill, refrigerator and granite counter tops.

It has central air, in unit washer/dryer and a covered carport parking space.

In June 2014 it sold for $407,000.

It came back on the market in November for $485,000 and it remains at $485,000.

Is the market hot enough in 2015 for this seller to get the premium to the 2014 price?

Susan Beyler at 33 Realty has the listing. See the current pictures here.

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

  • Sold in June 2005 for $490,000
  • Lis pendens foreclosure filed in July 2011
  • Bank owned in May 2014
  • Listed in May 2014 for $371,500
  • Sold in June 2014 for $407,000
  • Listed in November 2014 for $485,000
  • Currently still listed for $485,000
  • Assessments of $124 a month
  • Taxes of $6,501
  • Central Air
  • Washer/Dryer in the unit
  • Covered carport parking included
  • Private roof top deck
  • Bedroom #1: 15×13
  • Bedroom #2: 11×11

2015 Housing Market Predictions: What Do You Think Will Happen Next Year?

Statue of Abe Lincoln in Lincoln Park

2015 is fast approaching.

You know what that means. It’s time for our predictions!

2014 was a lackluster year for Chicago’s housing market after sales and prices exploded in both 2012 and 2013. There were high expectations going into the year, but higher mortgage rates slowed further gains.

But rates are back near record lows and inventory is higher than in 2013 making it an attractive buyers market once again.

The job market is also much stronger than a year ago, both locally and nationally.

Luxury apartments continue to be built at a record pace.  Is there a luxury apartment bubble in the making downtown?

Thanks to a stock market at record highs, luxury home sales, of both condos and houses, are the highest they have been since the bubble peak.

In more good news, the rebound in home prices, and, in some neighborhoods, appreciation beyond the bubble peak, has allowed many formerly trapped home owners the chance to sell and move on.

Will the housing market heat up this spring?

Will prices appreciate, remain flat, or decline?

What about mortgage rates? All of the experts got it wrong in 2014. Will the Fed begin to raise rates in 2015? And if so, will it even influence mortgage rates?

Inventory is off the lows, which nationally was in January 2013. Will it continue to rise?

There’s a lot to watch in 2015. But conditions, economically, are some of the best seen since the bust. That would usually imply a strong housing market.

What are your predictions for 2015?

 

 

Market Conditions: Chicago Sales Drop 11.5% in November- Was it the Weather?

State Street at Christmas 2011

The November 2014 sales data is in and, as expected, sales dropped 11.5% from a year ago. From the Illinois Association of Realtors:

The city of Chicago saw an 11.5 percent year-over-year decrease in home sales in November 2014 with 1,632 sales, down from 1,844 in November 2013. The median price rose to $230,000 versus $200,000 in November 2013, an annual increase of 15.0 percent.

Here is the November sales data for the last 8 years (thanks to G for some of the data):

  • November 2007: 1859 sales and median price of $290,000
  • November 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
  • November 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
  • November 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
  • November 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
  • November 2012: 1750 sales and median price of $180,000
  • November 2013: 1844 sales and median price of $200,000
  • November 2014: 1632 sales and median price of $230,000

(Last year’s press release actually listed 1800 sales and a median of $220,500 so I’m not sure where they’re getting the numbers from on this year’s press release. Those 44 extra sales must have been in the real low bracket to push down the median price by $20,500. But I’m going with what they put out.)

What caused the drop in home sales, which fell statewide, as well as in the Chicago metropolitan area and in the city?

Why- of course- THE WEATHER!

“Illinois’ fourth coldest November on record had a negative effect on housing sales,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “While prices continue to improve, the sales forecast for the next three months indicates declines on a monthly and annual basis.  Foreclosure sales continue to decline as a share of total sales; good news on the one hand but extending the time for return to pre-bubble levels.”

“As we round out the year, higher median sales prices and low inventory continue to be the market pattern. Buyers are primed to invest in the home that fits their needs despite facing fewer choices,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “Predictions that interest rates will pick up next year should drive both potential buyers and existing homeowners to take advantage now and seize the opportunity.”

Last year it truly WAS the weather with the polar vortex hitting in December all the way through February.

But now the IAR seems to be indicating that sales will again be slow through the winter months.

Interestingly, in this press release the IAR didn’t list what the average 30-year fixed mortgage rate was for the month compared to a year ago. The press release almost always includes this information. For example, here’s what it said in the November press release:

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.03 percent in October 2014, down from 4.16 percent in September, according to the Federal Home Loan Mortgage Corp. In October 2013 it averaged 4.20 percent.

Is the IAR setting it up so that no one is disappointed by lower sales over the next few months? Any guesses on when this sales decline stops?

Illinois median home prices increase 6.9 percent in November; Sales decline 9.5 percent [Illinois Association of Realtors, Press Release, December 22, 2014]

Looking for “New” on Lincoln Park? A 1-Bedroom at 1550 N. Lake Shore Drive

1550 n lake shore drive

This 1-bedroom at 1550 N. Lake Shore Drive in the Gold Coast came on the market in November 2014.

But it had previously sold just two months before, in September.

It has come back on the market as “brand new.”

There are new dark hardwood floors.

The bathroom has been renovated.

There’s also a completely new, and open, kitchen with glass tile, quartz counter tops, white cabinets and stainless steel appliances.

The unit doesn’t have a washer/dryer or central air. There is coin laundry in the building and wall unit air conditioning.

There is also leased parking in the building.

But the building is on Lake Shore Drive with Lincoln Park across the street.

This unit has south and east views.

Originally listed at $285,000, it has been reduced to $282,500.

Will this rehab get its price?

Karen Neal at Kale Realty has the listing. See the pictures here.

Unit #19D: 1 bedroom, 1 bath, 800 square feet

  • Sold in February 1989 (price not listed)
  • Sold in September 2014 for $181,000
  • Originally listed in November 2014 for $285,000
  • Reduced
  • Currently listed at $282,500
  • Assessments of $593 a month (includes heat, doorman, cable)
  • Taxes of $420 (senior exemption)
  • Coin laundry
  • Wall units for air conditioning
  • Leased garage parking
  • Bedroom: 15×14

4 Years Later, This 2/1 at 1120 W. Armitage in Lincoln Park Returns

1120 w armitage

This vintage 2-bedroom at 1120 W. Armitage in Lincoln Park just came on the market.

(Yes- people are STILL listing- even the week before Christmas.)

If the address looks familiar, it’s because we chattered about this unit several times back in 2008 and 2009.

See our August 2009 chatter here for insight into what the market was like back then and what we thought about this unit.

The building has 8 units. This one has south and west exposures.

This unit still has some of its vintage details intact including trimwork, the fireplace and hardwood floors. An older listing said that the fireplace mantle was original.

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

The bathroom has been “updated” with granite counter tops.

It has all the features buyers look for with central air and washer/dryer in the unit. It also has a rare garage parking space.

It’s on a popular street, just minutes from the Brown Line El stop, shops and restaurants.

This unit was first listed for sale in May 2008 for $415,000.

It got all the way down to $317,500 in April 2010 before being de-listed.

Over four years later, it has come back on the market at $329,000.

Now that the market has heated up, is this a deal for the neighborhood and location?

Nancy Yockel at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #301: 2 bedroom, 1 bath, no square footage listed

  • Sold in March 1992 for $162,500
  • Sold in January 1997 for $179,000
  • Sold in April 2004 for $321,500
  • Originally listed in May 2008 for $415,000
  • Numerous reductions
  • Was listed at $317,500 in January 2010
  • De-listed in April 2010
  • Currently listed for $329,000 (includes garage parking)
  • Assessments of $211 a month (they were $210 a month in 2009)
  • Taxes of $4902 (they were $4133 in 2009)
  • Central Air
  • Washer/Dryer in the unit
  • Shared deck
  • Fireplace
  • Bedroom #1: 12×10
  • Bedroom #2: 11×9
  • Living room: 16×11
  • Dining room: 11×8
  • Kitchen: 12×10