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

 

 

Live the Gold Coast Dream in this 1-Bedroom Vintage Beauty: 1255 N. State Parkway

1255-n-state-approved

This 1-bedroom in The Churchill at 1255 N. State Parkway in the Gold Coast just came on the market.

The Churchill was built in 1924 and has 64 units.

This is an oversized 1-bedroom with 1100 square feet and 3 exposures.

It has a foyer and a dining room.

The unit has hardwoods throughout along with crown molding and high ceilings.

The kitchen has upgraded wood/glass cabinetry, granite counter tops and stainless steel appliances.

There are Waterworks fixtures in the baths.

The listing says the building has new elevators and a shared roof deck.

It has central air, washer/dryer in the unit but no parking. There is a rental lot directly across the street.

The assessments include everything except Internet.

Is this the dream for those who love vintage Gold Coast character?

Amy Morro at Baird & Warner has the listing. It is agent owned. See the pictures here.

Unit #5D: 1 bedroom, 1.5 baths, 1100 square feet

  • Sold in December 1996 for $126,000
  • Sold in May 2003 for $298,000
  • Sold in April 2012 for $256,000
  • Currently listed for $329,000
  • Assessments of $1284 a month (includes heat, a/c, electric, gas, doorman, cable, exterior maintenance, scavenger, snow removal)
  • Taxes of $4364
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 18×12

A Bank Owned Penthouse That Just Needs a Little TLC: 3200 N. Lake Shore Drive in Lakeview

3200 n lake shore drive approved

This 2-bedroom penthouse in the Harbor House at 3200 N. Lake Shore Drive in Lakeview came on the market in May 2015.

It is bank owned.

The unit used to be a 3-bedroom but a wall was taken down and a big, custom, wood bar was installed (see the listing pictures.)

The kitchen appears to be intact. It has wood cabinets, stainless steel appliances and stone countertops.

The living room has a unique sunken living room feature.

You can party all summer from your 50×20 roof deck, which appears to be on the side of the building (maybe north facing?).

The unit has central air, washer/dryer in the unit and parking is available to rent in the building.

The bank is getting a little antsy. It recently reduced it $75,000 to $849,900.

Is this a deal for someone with a flare for interior décor?

Michael Olszewski at Area Wide Realty has the listing. See the pictures here.

Unit #2901: 2 bedrooms, 3 baths, 2100 square feet

  • Sold in August 2002 for $1.025 million
  • Lis pendens foreclosure filed in April 2010
  • Bank owned in May 2013
  • Originally listed in May 2015 for $1.1 million
  • Reduced several times
  • Currently listed for $849,900
  • Assessments of $1923 a month (includes heat, a/c and other things but the bank listing doesn’t give a complete list)
  • Taxes of $8906
  • Central Air
  • Washer/Dryer in the unit
  • Parking is valet and rental in the building
  • Bedroom #1: 19×18
  • Bedroom #2: 16×12
  • Family room: 16×11

Get Your Lake Views And Your Old Town Scene: A 2-Bedroom at 1749 N. Wells

1749 n wells

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

Kennelly Square was built in 1972 and has 22 floors.

This unit is on the 13th floor and has direct views east of Lincoln Park and the Lake but the building fronts one of the main thoroughfares in the middle of Old Town, complete with all its bars, restaurants and shops.

It was combined from 2 smaller units.

The kitchen has Euro-style cabinets along with luxury appliances by Subzero and Miele.

The master bedroom has an ensuite bathroom with a towel warmer along with a 17×7 walk-in closet.

There’s also a bonus utility room.

There’s central air, but no washer/dryer in the unit or deeded parking. Parking is rental in the building.

This is a full amenity building with on-site management Monday through Friday, 24/7 doormen, a party room, a bike room, a pool and an exercise room.

Is this the best of both worlds: having views and also being within the heart of Old Town?

Maria Casciaro at @Properties has the listing. See the pictures here.

Unit #1308: 2 bedrooms, 2 baths, 1650 square feet

  • I don’t have prior sales info since it was a combined unit
  • Currently listed for $559,000
  • Assessments of $1104 a month (includes heat, a/c, gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $6064
  • Central Air
  • No in-unit washer/dryer
  • Rental parking in the building
  • Bedroom #1: 17×16
  • Bedroom #2: 12×11
  • Walk-in closet: 17×7

 

A 3-Bedroom Pre-War Deal in the Gold Coast? 1448 N. Lake Shore Drive

1448 n lake shore drive use this one

This 3-bedroom co-op in 1448 N. Lake Shore Drive in the Gold Coast originally came on the market in August 2015.

The building was constructed in 1928 and has just 52 units with a doorman.

This unit has 3 exposures: north, south and west and also has “treetop views.”

At 2500 square feet, it is a home in the sky with a 14×7 foyer and dining room.

There are hardwood floors throughout, custom built-ins, bookcases and crown molding.

The kitchen has white cabinets and what looks like white appliances.

The fireplace is decorative.

There’s space pac cooling and washer/dryer in the unit. The building doesn’t have parking but it’s available next door for rent.

The HOA includes the taxes.

Priced at $675,000, the listing says this is the lowest priced unit in the building at just $270 a square foot.

Even with the HOAs, is this still a deal compared to renting something of similar size?

Eugene Fu at @Properties has the listing. See the pictures here.

Unit #4C: 3 bedrooms, 2.5 baths, 2500 square feet

  • I don’t have the previous sales price because it’s a co-op
  • Originally listed in August 2015 for $750,000
  • Reduced several times
  • Currently listed at $675,000
  • Assessments of $3257 a month (includes heat, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes are $13184 (included in HOAs)
  • Space pak cooling
  • Washer/Dryer in the unit
  • Parking is rental next door
  • Decorative fireplace
  • Bedroom #1: 18×13
  • Bedroom #2: 15×13
  • Bedroom #3: 14×11
  • Foyer: 14×7
  • Dining room: 16×15

How High Will Prices Go? A Million Dollar 1-Bedroom in Lakeshore East: 340 E. Randolph

340 e randolph

This 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East just came on the market.

It’s on the 14th floor and faces south, which is the preferred view, with views of Millennium Park, the Lake, Grant Park and the historic wall of buildings on Michigan Avenue.

It has the original Snaidero kitchen cabinets which were standard in the building, with quartz counter tops and stainless steel appliances.

It has bamboo floors.

The unit has central air, washer/dryer in the unit and parking is included.

As we’ve chattered about numerous times, prices have been moving higher in Chicago and all over the Chicagoland area over the last few years.

The median home price in the Chicagoland area rose 11.6% year over year in December to $217,700. It rose 4.3% for condos.

In Chicago’s GreenZone, the price increases have been even greater.

According to RealtyTrac, 38 out of 87 metropolitan areas saw record high prices last year. Inventory remains tight around the country so the number of record highs is expected to continue to rise in 2016.

From Bloomberg:

In March 2014, Steven and Bernadette Doherty paid $183,000 for a two-bedroom home in Charlotte, North Carolina, $6,000 more than its appraised value. Today, similar houses in the neighborhood are being priced at $300,000 or more.

“We bought at the right time,” said Bernadette, a retired Wells Fargo & Co. information technology worker. “In retrospect, we were lucky as prices have gone up so much more.”

In Charlotte, price gains have been led by in-town neighborhoods, which have seen “huge gains,” said Mark Vitner, a senior economist at Wells Fargo Securities who lives in the city. “Charlotte did not see home prices fall all that much during the recession and the recovery here has been very strong.”

Doherty moved in-town because she and her husband enjoyed amenities and events including nice restaurants and professional football and basketball. They also wanted to be closer to their grandchildren.

The purchase also has helped fuel spending. After buying a “fixer-upper,” the couple poured more than $100,000 into construction, repairing termite damage and installing new air conditioning, electrical fixtures, roofing and siding. Next year, they plan to expand with a new master-suite bedroom and bath that could cost another $70,000.

Rising values of neighboring homes make them confident they are making a worthwhile investment.

“It was a little bit risky” to buy at the time, Doherty said. “The market has turned in our favor.”

Charlotte, Dallas, San Francisco, Denver and Portland are all at record highs. Prices still lag in Miami, Phoenix and Las Vegas but are well off their 2012 lows.

This unit at 340 On the Park is listed for $299,000 more than the 2008 sales price. The building has already been setting records the past several years.

Is this building an outlier? Or is it foreshadowing what’s to come in the rest of the GreenZone?

Chris Cho at Baird & Warner has the listing. See the pictures here.

Unit #1407: 1 bedroom, 1.5 baths, 1186 square feet

  • Sold in September 2007 for $619,000 (included the parking)
  • Sold in March 2008 for $690,000 (included the parking)
  • Currently listed for $989,000 (includes the parking)
  • Assessments of $596 a month (includes doorman, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $10,803
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 12×11

 

Totally Rehabbed 2/2 With City and Lake Views for $325,000: 4170 N. Marine Drive in Buena Park

4170 n marine

This 2-bedroom in The Waterford at 4170 N. Marine Drive in the Buena Park neighborhood of Uptown came on the market in June 2015.

The Waterford was built in 1973 and is a full service building with a doorman and an indoor pool.

This unit was a 1970s delight when it was purchased in 2015, complete with a yellow stove and dishwasher in the kitchen and yellow and silver wallpaper in one of the bathrooms.

Go here to see the 1970s awesomeness.

But it’s been “totally rehabbed” and now has the dark wide plank floors throughout.

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

The bathrooms now have contemporary finishes.

It has wall air conditioning and a washer/dryer in the unit.

Parking is rental in the building.

The listing says it has south and east views of the Lake and Wrigley Field.

Originally listed at $365,000, it has been reduced $40,000 to $325,000.

It was under contract once in 2015 but didn’t close.

With tight inventory and buyers wanting “new”, why isn’t this selling?

Mark Keppy at @Properties has the listing. See the pictures here.

Unit #11J: 2 bedrooms, 2 baths, 1350 square feet

  • Sold in February 2015 for $233,000
  • Originally listed in June 2015 for $365,000
  • Reduced
  • Under contract in November 2015
  • Currently listed for $325,000
  • Assessments of $668 a month (includes cable, pool, lawn care, scavenger, snow removal)
  • Taxes of $4282
  • No central air- wall units only
  • In-unit washer/dryer
  • Rental parking available in the building
  • Bedroom #1: 11×18
  • Bedroom #2: 11×13
  • Office: 4×6

 

This Is What a Million Dollar East Lakeview Triplex Loft Looks Like: 811 W. Aldine

811 w aldine approved

This 3-bedroom triplex loft in the Mandel Brothers Lofts at 811 W. Aldine in East Lakeview just came on the market for the first time in 12 years.

It’s a brick and timber loft with 12 foot ceilings on the main level and 14 foot ceilings on the second level.

The main floor has the living/dining/kitchen and one of the three bedrooms.

The second floor contains the master suite and a second bedroom.

The third floor has a family room, a deck, and stairs that lead to a rooftop deck.

The kitchen has modern gray cabinets and stone counter tops with stainless steel appliances.

The listing says it has a new hot water heater and 2 new HVACs.

It has central air, washer/dryer in the unit and 2 garage parking spaces.

The listing also says it has no common walls.

Listed at $1.299 million, that’s appreciation of 72.7% since the 2004 purchase.

At 3100 square feet, which is larger than many Lakeview single family home, is this property actually priced too low?

Eric Carlson at Baird & Warner has the listing. See the pictures here.

Unit #6S: 3 bedrooms, 3 baths, 3100 square feet

  • Sold in December 1995 for $350,000
  • Sold in September 1999 for $655,000
  • Sold in October 2003 for $715,000
  • Sold in November 2004 for $735,000
  • Currently listed for $1.299 million
  • Assessments of $611 a month (includes cable, exterior maintenance, scavenger and snow removal)
  • Taxes of $15,521
  • Central Air
  • Washer/dryer in the unit
  • 2-car garage parking included
  • Bedroom #1: 16×13 (second floor)
  • Bedroom #2: 12×10 (second floor)
  • Bedroom #3: 15×14 (first floor)