The February housing numbers are out from the Illinois Association of Realtors. From Crain’s:
The city’s condo market showed a mix bag, as sales dropped 9.7% to 1,047 units while the median price rose 10.5% to $314,900.
These numbers were compared with February of 2007. The greater Chicagoland area seemed to fare worse than the City.
Chicago-area home sales dropped 26.9% in February from the same month last year, according to the Illinois Assn. of Realtors.
In the nine-county Chicago Primary Metropolitan Statistical Area, home and condominium sales last month totaled 4,310, compared with 5,894 in February 2007, the association said Monday in a news release.
The median price in the nine county Chicagoland area actually rose slightly, just 0.1%, to $240,230.
Five weeks ago I chattered about this authentic loft at 531 S. Plymouth in Printer’s Row.
It has since had a price reduction.
Unit #502: 1 bedroom, 1 bath, 1300 square feet, corner unit
- Sold in April 2003 for $279,000
- Was listed in February 2008 for $364,900 (parking included)
- Currently listed for $349,000 (parking included)
- Craigslist ad says “Incentives: $3,000 towards closing costs”
- Assessments of $498 a month
- Simona at Century 21 SGR has the listing
We’ve been chattering about buyers who bought at the peak of the market in 2005 and 2006 who are now trying to sell for a profit.
How long do you have to own real estate before it becomes profitable? In the last few years- the answer has been “not very long.” But in a “normal” housing market, the calculation changes.
Take this unit at 2048 N. Sheffield in Lincoln Park. It is a gorgeous two bedroom condo built in 2005 with its own rooftop deck- complete with a hot tub- and parking.
Square footage isn’t given but from the room sizes it appears to be on the smaller side.
- Bedroom 1: 14 x 10
- Bedroom 2: 11 x 10
- Living/dining: 18 x 17
- Kitchen: 9 x 8
Unit #3: 2 bedrooms, 2 baths
- Sold in July 2005 for $630,000
- Currently listed for $660,000 (parking included)
- Assessments of $150 a month
- Keller Williams Gold Coast has the listing
Closings continue at MoMo, at 8 E. Randolph, in the Loop. More units are coming back on the market as flips.
There are numerous listings either for sale or for rent on Craigslist. There are also several reductions on the rentals already on Craigslist- specifically on the one bedroom units.
Currently, I’ve found at least one of the 951 square foot one bedrooms listed for $1700 a month- that doesn’t include any parking.
Here are a couple of flips to give you an idea of what kind of mark-up the flippers are asking for:
Unit #2204: 2 bedrooms, 2 baths, 1446 square feet
- Currently listed for $555,000 (listing doesn’t say if parking is included or not)
- I don’t have an original sales price yet but probably somewhere in the high $400,000s
- Assessment of $623 a month
- Sudler Sotheby’s has the listing
Unit #1108: 2 bedroom, 2 bath, 1450 square feet
- Sold in February 2008 for $420,000
- Currently listed for $515,000 (also doesn’t say if parking is included)
- Assessments of $483 a month
- Berg Properties has the listing
Unit #1002: 1 bedroom, 1 bath, 951 square feet
- Sold in February 2008 for $300,000
- Currently listed for $349,000 (parking available for lease or purchase)
- Assessments of $348 a month
- Rubloff has the listing
In December 2007, I chattered about this loft at 110 N. Peoria in the West Loop that had an elevator shaft in the living room.
It has since been reduced.
Unit #206: 1 bedroom, 1 bath, 1450 square feet
- Sold in May 2000 for $252,500
- Listed in December 2007 for $323,000 (plus $25,000 for parking)
- Currently listed for $305,000 (plus $25,000 for parking)
- Assessments of $319 a month
- Keller Williams West Loop Realty has the listing
The Warehouse Lofts at 312 N. May in the West Loop was converted several years ago. It’s a brick and timber warehouse building with 13 foot ceilings near the Fulton Market District with 59 units.
Want a true loft? Look no further.
Unit #3E: 1 bedroom, 1.5 baths, 1600 square feet
- Sold in March 2001 for $254,000
- Sold in June 2003 for $302,000
- Currently listed for $349,999
- It doesn’t appear that there is parking with the unit
- Assessments of $318 a month
- Amanda Sharp at @Properties has the listing
Closings began on 600 N. Lake Shore Drive, Belgravia’s new towers on the lake in Streeterville, last fall.
One of the three units I chattered about in late January has sold.
Unit #1704: 3 bedrooms, 2 baths, 2149 square feet
- I’m not sure if this unit sold previously as I couldn’t find an original sales price
- Was listed for $1.2 million in January 2008 (including two parking spaces)
- Sold for $1,113,000 (including two parking spaces)
Below are the closing prices for some other 04 tier units:
- #1304: 1,115,000
- #1504: 1,136,500
- #1604: 1,135,500
- #1804: 1,164,500
The listing said it was under developer’s pricing. Apparently, that turned out to be true.
Unit #1905, a 3 bedrooms, 3.5 baths, 2500 square feet unit, was available for rent at $8900 a month (including two parking spaces.)
It rented for $7,000.
The last unit, a two bedroom, is still on the market. They have put some furniture in the unit and painted it. It was empty two months ago.
Unit #2201: 2 bedrooms, 2.5 baths, 1621 square feet
- Sold for $768,500 in December 2007
- Was listed for $850,000 in January 2008 (parking extra)
- Currently listed for $850,000 (parking $60,000 extra)
- Assessments of $492 a month
- Baird & Warner has the listing
In October 2007, I chattered about a foreclosure auction on a two bedroom unit in The Lancaster at 201 N. Westshore Drive in Lakeshore East. It was the first condo building to be completed in the Lakeshore East complex.
In October, it had an auction price of $516,000.
It didn’t sell at the auction and is now back on the market and owned by the bank.
Unit #1208: 2 bedrooms, 2.5 baths
- I still can’t locate an original sales price
- Foreclosure auction price of $516,000 in October 2007
- Current list price of $540,900 (doesn’t look like there is parking)
- Assessments of $409 a month
- Arc Realtors, Inc. has the listing
You can’t help but notice the Manor House at 1021 W. Bryn Mawr when you’re in Edgewater. Built in 1907, it now has 16 units.
I chattered about it in November 2007.
At the time, two units were for sale. Unit #3C, a 1600 square foot two bedroom, two bath that was listed for $349,000 which finally sold for $340,000.
Unit #3B is still on the market and has been reduced. It’s definitely not cookie-cutter.
Unit #3B: 3 bedrooms, 2 baths, with three different outdoor spaces
- Was listed in November 2007 for $539,000
- Currently listed for $499,000 included one heated parking space
- Assessments of $450 a month
- I can’t locate an original sales price
- Century 21 Sussex & Reilly has the listing
1620 S. Michigan is the modern CMK-developed building in the South Loop that closed in 2006.
There are 249 units in the building. I have chattered about flippers taking losses in the building before and wondered how long other investors could hold on.
A foreclosure has now appeared as well.
Unit #326: 2 bedrooms, 1 bath, 935 square feet
- Sold in November 2006 for $332,000
- Foreclosure auction price of $314,946
- Currently available to rent for $1800 plus $175 a month for parking
The rental listing states:
CORNER TWO BEDROOM ONE BATH. WITH PRIVATE TERRACE.WASHER/ DRYER IN UNIT. HEAT,AIR,WATER,GAS INCLUDED. LESSEE PAYS ELECTRIC & CABLE. PET OK W/ADD’L DEPOSIT. INDOOR HEATED PARKING SPACE $175/MO. AVAILABLE ASAP.
Cacciatore Harper has the rental listing.