Vintage Charm in the Heart of the Gold Coast: A Studio at 1255 N. State Parkway

1255 n state parkway better

This studio in The Churchill at 1255 N. State Parkway in the Gold Coast just came on the market.

The Churchill was built in 1926 and has 66 units.

This studio has southern exposure with high ceilings and moldings.

It has oak floors throughout, including the 8×8 dining room.

The kitchen has white cabinets, counter tops and appliances.

There’s no central air, just window a/c. There’s also no in-unit washer/dryer although some units in this building do have it in the unit.

There’s no parking with the building but there’s a rental lot across the street.

In the agent notes on Redfin, one agent wrote:

“Elevator modernization complete and completing roof deck project – major special assessment.”

If you have a budget under $200,000 but want a Gold Coast location, is this a good option?

Collin Wasiak at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #4G: studio, no square footage listed

  • Sold in April 1997 for $55,000
  • Sold in August 1998 for $85,000
  • Sold in September 2002 for $140,000
  • Sold in July 2005 for $165,000
  • Sold in July 2008 for $182,000
  • Currently listed for $169,000
  • Assessments of $735 a month (includes heat, electric, gas, cable, doorman, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $2817
  • No central air- window units only
  • No in-unit washer/dryer
  • No parking. Rental parking available across the street.
  • Living room: 21×13
  • Dining room: 8×8
  • Kitchen: 8×7

A 2-Bedroom Duplex Loft Under $400,000 at 3151 N. Lincoln in West Lakeview

3151 n lincoln

This 2-bedroom duplex up loft at 3151 N. Lincoln in West Lakeview just came on the market.

This building has 52 concrete lofts with a heated parking garage.

It has exposed brick and ductwork along with industrial windows.

The living/dining and kitchen are on the main floor.

The kitchen has stainless steel appliances and granite counter tops.

The two bedrooms are on the second floor with a spiral staircase in the second bedroom that accesses the private rooftop deck.

It has central air, washer/dryer in the unit and the garage parking space is included.

The new huge Whole Foods is being built directly across the street, on Belmont and Ashland.

Properties listed under $400,000 with the features buyers look for (including parking) have been selling almost immediately due to tight inventory.

This loft is having an open house on Saturday. Will it be under contract before then?

Michael Andrikanich at @Properties has the listing. See the pictures here.

Or see it at the Open House on Saturday at 12 PM.

Unit #321: 2 bedrooms, 1.5 baths, duplex, 1400 square feet

  • Sold in April 1997 for $217,000
  • Sold in May 2000 for $300,000
  • Sold in April 2002 for $310,000
  • Sold in April 2007 for $333,000
  • Currently listed for $385,000 (includes parking)
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×15 (second floor)
  • Bedroom #2: 14×15 (second floor)
  • Private rooftop deck

The Theurer-Wrigley House Returns With Pictures of Its Wonderful Ballroom: 2466 N. Lakeview

2466 n lakeview #1

The Theurer-Wrigley 9-bedroom mansion at 2466 N. Lakeview in Lincoln Park has returned to the market.

We’ve chattered about it several times over the years, with the last time in November 2014 when it recently came back on the market.

See our chatter here.

Back in 2014, it was unclear what was happening with it as a lis pendens foreclosure had been filed.

Now we know.

According to Dennis Rodkin at Crain’s, the mansion reverted to Bank of America in September 2016.

From Crain’s:

The palatial house was built in 1896, designed by architect Richard Schmidt in a late-Italian Renaissance style for Joseph Theurer, president of the Schoenhofen Brewing Company. In 1911, he sold it to William Wrigley, Jr. the chewing gum company’s founder. He died in 1932, but the family held onto the home until 1984.

The house was empty much of that time, and at one point was considered for use as the official residence of the mayor of Chicago. It was declared a Chicago landmark in 1979. An art publisher, Nicholas Jannes, bought the mansion from the Wrigley family in 1984 and put it through an extensive renovation over the next four years. He sold it to the Tetzlaffs in 2004.

It was listed on the National Register of Historic Places in 1980.

It has much of the features of a mansion built in 1896 including original cherry and mahogany wood paneling and staircases. It has crown molding and 5 fireplaces along with herringbone floors.

The main house has 9-bedrooms in 13,705 square feet. 5 of the bedrooms are on the second floor, three are on the third and one is in the lower level.

From the listing of what else the house includes:

“a grand foyer; a solarium; butler’s pantry; wine bar; walk-in vault; game rooms; staff quarters; a mahogany paneled library; sprawling master suite with his and hers baths; and top floor ball room with unobstructed Lincoln Park and Lake Michigan views.”

Where else have you seen a house with an actual ballroom? You MUST look at the pictures. They seem so much better this go-around.

There is also a 2000 square foot coach house with 2 residential units on the 85×120 property with 5-car parking, 3 cars in a garage and 2-cars on the driveway.

2466 n lakeview #2

There’s no central air, only window units.

And, according to the Crain’s story, the kitchen needs updating.

Given the bones of this house, and the strong luxury market, will this sell quickly at this lower price?

Anthony Disano at Parkvue Realty has the listing. See the pictures and floor plan here.

2466 N. Lakeview: 9 bedrooms, 7.5 baths, 13,705 square feet in the main house, coach house with 2 apartments, 5 car parking

  • Sold in April 2004 for $9 million
  • Lis pendens foreclosure filed in May 2011
  • Was listed in October 2011 for $9.5 million
  • Withdrawn in October 2012
  • Was listed in November 2014 for $8.695 million
  • Withdrawn
  • Bank owned by Bank of America in September 2016
  • Currently listed for $7.15 million
  • Taxes are now $150,325 (they were $145,294 in 2014 and $118,395 in 2011)
  • No central air- window units only
  • 2 apartments in coach house for staff
  • 5 fireplaces
  • Bedroom #1: 20×17 (second floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 20×13 (second floor)
  • Bedroom #5: 15×12 (second floor)
  • Bedroom #6: 18×13 (third floor)
  • Bedroom #7: 19×16 (third floor)
  • Bedroom #8: 11×10 (third floor)
  • Bedroom #9: 15×12 (lower level)

Want a Vintage East Lakeview Penthouse? A 2-Bedroom at 433 W. Briar

433 w briar #1 approved

This 2-bedroom penthouse in the vintage building at 433 W. Briar in East Lakeview just came on the market.

The building was built in 1929 and has 34 units.

We’ve chattered about this building many times but most of it was in 2008-2011. The building was converted in 2007, at the end of the housing bubble, and it got caught in the bust.

This penthouse has tall ceilings with crown molding and wainscoting.

There are hardwood floors, arched doorways and French doors.

There’s no pictures of the kitchen (directly) but you can see it in one of the pictures. All the kitchens and baths in this building were replaced in 2007 when the building was converted.

It appears to have wood cabinets and a stainless steel refrigerator.

Where do the stairs go? (see the pictures)

Is this a duplex?

The listing says there’s a master bedroom designer suite. Is that what is on the second floor?

This unit has central air and washer/dryer in the unit. There’s no parking with the building but the listing says you can buy it across the street for $40,000.

The listing also says it’s leased until 2/28/2017.

At $619,000 is this a deal for a penthouse in this neighborhood?

Anthony Zaskowski at Keller Williams has the listing. See the pictures here.

Unit #11C: 2 bedrooms, 2.5 baths, 1690 square feet

  • Sold in October 2007 (no price listed in the CCRD)
  • Sold in April 2011 for $423,000
  • Currently listed for $619,000
  • Assessments of $533 a month (includes exterior maintenance, scavenger, and snow removal)
  • Taxes of $7426
  • Parking available across the street for $40,000
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×13
  • Bedroom #2: 13×12

How Closely Do You Look at the Condo Association? A 2/2 at 1749 N. Wells in Old Town

1749 n wells

This 2-bedroom duplex in Kennelly Square at 1749 N. Wells in Old Town came on the market in January 2017.

The listing says it has been fully rehabbed with a new kitchen and baths.

The wraparound kitchen has granite counter tops,  including on the breakfast bar, stainless steel appliances and wood cabinets.

The two bedrooms are on the top floor accessed by a spiral staircase.

While the unit has central air, it doesn’t have in-unit washer/dryer and parking is rental in the building.

Built in 1972, Kennelly Square is a full service building with an outdoor pool, doorman and exercise room.

Many of Chicago’s 1960s and 1970 apartment and condo towers are facing repair.

From DNAInfo:

An Old Town condominium building is facing an estimated $18 million repair bill — leaving some residents on the hook for one-time payments of as much as $80,000.

Bruce Theobald, a condo owner at the Kennelly Square condominium at 1749 N. Wells St., said the more than 260 unit owners had been told that estimated repairs were $18 million, requiring a special assessment.

According to Theobald, that would mean “rough numbers” of about $30,000 for a studio, $50,000 for a one-bedroom and as much as $80,000 for a two-bedroom.

“This problem has been developing literally for decades,” Theobald said, adding that repairs were put off too long.

Theobald, who is also a real estate broker, said that makes a compelling case for selling the building in a so-called deconversion, returning it to apartments. He accused the Kennelly Square Condo Association Board of not adequately pursuing that as an option.

Theobald called it “a building in a state of crisis,” saying that the property manager had passed along figures that the city was mandating $2 million in necessary repairs, while “reskinning” the building — a practice that has been called an “energy-saving face lift” — would bring the total cost to $18 million.

The building is supposedly assessed at about $60 million.

It is considering its options, including de-converting back to apartments. According to DNAInfo, it was converted to condos in 1979.

How closely do you look at the condo association when you’re buying?

And is the day of reckoning coming for many older buildings who have put off repairs?

Joel Holland at Coldwell Banker has the listing. See the pictures here.

Unit #409: 2 bedrooms, 2 baths, 1400 square feet, duplex

  • Sold in September 1991 for $132,000
  • Sold in June 2013 for $295,000
  • Currently listed at $375,000
  • Assessments of $863 a month (includes heat, doorman, cable, exercise room, outdoor pool, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $5348
  • Central Air
  • No washer/dryer in the unit. Laundry room in the building
  • Garage parking is rental
  • Bedroom #1: 21×12 (second floor)
  • Bedroom #2: 15×13 (second floor)

 

A 2-Bedroom Penthouse Loft in Lincoln Park With Rooftop City Views: 1445 W. Belden

1445 w belden approved

This 2-bedroom penthouse loft in the Thomas School at 1445 W. Belden in Lincoln Park came on the market in June 2016.

The Thomas School is a converted school with 18 units and parking in west Lincoln Park.

This unit has 15 foot ceilings and dark wood floors along with big windows with multiple exposures.

The open kitchen has maple cabinets, stainless steel appliances including a wine refrigerator and granite counter tops. There’s also a skylight in the kitchen.

The master bedroom has a fireplace and a spa master bath.

The second bedroom is currently being used as a den/office and leads out to a shared deck (looks like it shares it with the other penthouse.)

There’s a spiral staircase that leads to a private rooftop deck.

The unit has central air, a side-by-side washer/dryer and a private garage space is included.

Originally listed for $785,000 in June 2016, it had been reduced to $699,000 before being withdrawn in December.

It has come back on the market at $675,000.

Will this new price get the sale done?

Connie Atterbury at Dream Town Realty has the listing. See the pictures and floor plan here.

Unit #4J: 2 bedrooms, 2 baths, 2060 square feet

  • Sold in May 1994 for $295,000
  • Sold in August 1997 for $339,000
  • Sold in November 2003 for $480,000
  • Sold in January 2007 for $650,000
  • Originally listed in June 2016 for $785,000
  • Reduced several times
  • Listed in December 2016 for $699,000
  • Withdrawn
  • Re-listed in January 2017 for $675,000 (parking included)
  • Assessments of $492 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $6059
  • Central Air
  • Washer/Dryer in the unit
  • 2 decks including rooftop deck
  • 2 fireplaces including one in the master bath
  • Bedroom #1: 14×16
  • Bedroom #2: 16×12
  • Laundry: 7×4

Could You Raise Kids in River North? A 3-Bedroom at 33 W. Ontario

33 w ontario approved

This 3-bedroom in Millennium Centre at 33 W. Ontario in River North recently came on the market.

Millennium Centre was built in 2003 and has 341 units and a parking garage.

This unit is a corner unit on the 41st floor with east and south views.

The listing says that it has been remodeled with $75,000 worth of work including a remodeled entry and foyer.

It now has 5 inch bamboo floors, new lighting, scones and crown molding.

The kitchen has granite counter tops and Subzero and Bosch appliances.

The unit has a laundry room with a side-by-side washer/dryer.

It has central air and parking is available for extra.

This is a full service building with a doorman, an outdoor pool, a gym and party room.

At 1900 square feet, it has 2 full bathrooms and a half bath.

Is this a good family alternative if you want to stay in River North?

Rohit Malik at Jameson Sotheby’s has the listing. See the pictures here.

Unit #41B: 3 bedrooms, 2.5 baths, 1900 square feet

  • Sold in December 2003 (no price listed)
  • Sold in March 2004 for $780,000 (parking included)
  • Sold in July 2004 for $755,000 (relocation sale)
  • Sold in October 2013 for $780,000 (parking included)
  • Currently listed for $849,900
  • Assessments of $1332 a month (includes heat, a/c, gas, doorman, cable, exercise room, outdoor pool, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $10,576
  • Central Air
  • Washer/dryer in the unit
  • Parking is extra
  • Bedroom #1: 17×13
  • Bedroom #2: 15×12
  • Bedroom #3: 9×12
  • Laundry room: 6×4

 

Market Conditions: December Sales Fall 7% As Inventory Falls and Rates Rise

Lincoln Park Zoo holiday lions 2014

We’ve finally got the “official” December sales data and as Gary has already told us, sales declined.

From the Illinois Association of Realtors:

The city of Chicago saw a 7.0 percent year-over-year home sales decrease in December 2016 with 1,932 sales, down from 2,077 in December 2015. Year-end home sales totaled 28,033, a 1.9 percent increase compared to 27,513 in 2015.

The median price of a home in the city of Chicago in December 2016 was $260,000, up 8.3 percent compared to December 2015 when it was $240,000. The year-end 2016 median price reached $272,000, up 4.2 percent from $261,000 in 2015.

  • December 2004: 3,719 sales and median price of $267,000
  • December 2005: 2,847 sales and median price of $283,000
  • December 2006: 2,241 sales and median price of $279,000
  • December 2007: 1,629 sales and median price of $287,000
  • December 2008: 1,263 sales and median price of $235,000
  • December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
  • December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
  • December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
  • December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
  • December 2013: 2137 sales and median price of $210,000
  • December 2014: 2020 sales and median price of $228,000
  • December 2015: 2077 sales and median price of $242,000
  • December 2016: 1932 sales and median price of $260,000

“The predominant trends that we’ve witnessed over the past few months continued into the winter break, and the market behaved exactly as we’d expect,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “The increase in rates coupled with a significant reduction in inventory due to the holidays, are helping to drive prices up as buyers get serious about purchasing a new home. In January, the homes that were pulled off the market for the holidays will return, and the busy season should begin in earnest.”

“Consumers appear to be waiting to see what the new President and Congress plan for the economy,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “As a result, it may be several months before there is an appreciable impact on the housing market. Prices and sales are expected to continue experiencing modest gains over the first quarter.”

Average time on the market statewide fell to 66 days, down from 74 days a year ago. If you recall, average time on the market fell to 62 days in November.

Given what the 10-year treasury did in November, it’s not surprising that the average 30-year fixed-rate mortgage was 4.2% in December, up from 3.77% in November and 3.95% in December of 2015.

Most who were buying in December, however, likely still had a lock on the lower, pre-election rates.

Nationwide, inventory in January is now at 18 year lows.

We are just weeks away from the start of the spring home buying season (i.e. the Super Bowl.)

Will prices soar to new highs simply due to low inventory?

How will buyers cope in 2017?

Illinois home sales dip in December, but 2016 housing market ends on a high note [Illinois Association of Realtors, Press Release, January 24, 2017]

We Love Brick and Timber Soho-Like Lofts: 515 N. Noble in West Town

515 n noble #2

This large 1-bedroom loft at 515 N. Noble in the Noble Square neighborhood of West Town just came on the market.

This building was converted in the early 1990s and has 67 units.

This is a corner loft with south and east views from its industrial windows.

It has the authentic loft features that buyers love including exposed brick and timber ceiling.

At 1250 square feet, it is a wide-open blank slate with no walls for the bedroom or kitchen.

The bathroom is enclosed, however.

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

This loft last sold about 2 1/2 years ago for $285,000. It’s currently listed for $329,900.

Will loft lovers jump at the chance to own in this popular neighborhood?

Alishja Ballard at @Properties has the listing. See the pictures here.

Unit #502: 1 bedroom, 1 bath, 1250 square feet

  • Sold in December 1995 for $138,500
  • Sold in December 2001 for $220,500
  • Sold in May 2008 for $304,000
  • Sold in June 2014 for $285,000
  • Currently listed for $329,900 (outdoor parking included)
  • Assessments of $320 a month (includes cable, exterior maintenance, scavenger, and snow removal)
  • Taxes of $5028
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 22×11

 

A Unique Single Family Home-Like Penthouse in Printers Row: 714 S. Dearborn

720 s dearborn approved

This penthouse unit in the Rowe Building at 714 S. Dearborn in Printers Row just came on the market.

I don’t have a picture of this building but you can see it in the picture above on the right of 720 S. Dearborn with the outdoor fire escape.

The Rowe Building was built in 1891 and has 9 units.

While it is the top floor unit, it looks, and acts, more like a single family home as it was built on top of the existing brick loft building.

The 2-story unit has east, west and north exposures.

It has 4 outdoor spaces including a 400 square foot terrace. The listing says the decking has been removed to replace the roof.

The kitchen has wood cabinets and stainless steel appliances.

It has a second floor family room.

This duplex has central air and an in-unit washer/dryer (you can see it in the bedroom closet picture.)

There’s no parking with this building but you can rent a space for $210 a month at 711 S. Plymouth or you can purchase a space at 801 S. Plymouth for between $35,000 to $70,000.

This unit hasn’t changed hands in 16 years.

Is this a once-in-a-generation chance to get this unique property?

Thomas Feddor at Dearborn Street Realty has the listing. See the pictures and 3D tour here.

Unit #9-PH: 3 bedrooms, 2.5 baths, 2400 square feet, duplex

  • Sold in June 1991 for $392,000
  • Sold in October 2001 for $615,000
  • Currently listed for $1.25 million
  • Assessments of $950 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $9500
  • Central Air
  • Washer/Dryer in the unit
  • No parking
  • Can rent it nearby for $210 a month or buy at 801 S. Plymouth for $35,000 to $70,000
  • Bedroom #1: 15×14 (second floor)
  • Bedroom #2: 22×14 (second floor)
  • Bedroom #3: 22×14 (main floor)
  • Family room: 35×12