Crib Chatter

As predicted, sales continued to slide year over year into the end of the year with no tax credit or other incentives to get buyers off the couch.

Median price also continued to fall.

From the Illinois Association of Realtors:

December home sales (single family and condominiums) for the city of Chicago totaled 1,444 sales, up 26.2 percent from 1,144 sales in the previous month of November; year-over-year sales were down 18.3 percent from 1,767 homes sold in December 2009. For the year, home sales are down 1.6 percent with 19,089 sales in 2010 compared to 19,398 sales for 2009.

The December monthly data for the last 4 years:

• December 2007: 1578 sales– with median price of $287,450
• December 2008: 1265 sales– with median price of $235,000
• December 2009: 1767 sales– with median price of $210,000
• December 2010: 1444 sales– with median price of $199,250

Sales for the last four years in Chicago:

• 2007: 27,503
• 2008: 20,946
• 2009: 19398
• 2010: 19089

A few months ago, the IAR was confident that yearly sales in 2010 would surpass 2009 but the slowdown in the fourth quarter negated that hope.

“December closed a year in the city of Chicago with just 1.6 percent fewer units sold in 2010 over 2009. Buyers are finding value and opportunities in the marketplace and making long-term investments in real estate due to compelling pricing and low interest rates. The median price for the city of Chicago in 2010 was $207,000, down from $225,000 the previous year, reflecting the influence of distressed properties in communities across Chicago,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “In 2011, REALTORS® will continue to lead the conversation regarding FHA and creative condo financing, loan limits and reasonable loosening of credit for qualified buyers.”

One of the most telling stats is that the median price continues to fall. It tells you the mix of what is selling.

“The recent income and corporate tax increases passed by the Illinois state legislature provide further complications for those trying to analyze the interaction between the economy and the housing market,” said economist Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “If workers and businesses are convinced that these actions will go some way to solving part of the state’s fiscal crises, then the outcome may be positive. The tax increases have also created some uncertainty about how these actions might affect Illinois’ economic recovery vis-à-vis surrounding states.”

Adds Hewings: “The picture is further complicated by the temporary upsurge in housing sales in the first quarter of 2010 that was fueled by the incentives to new and existing home owners; these increases set the stage for an expected dampening in the annual sales growth data for 2011 for the first quarter.”

Illinois Home Sales in December Up 11.1% from Previous Month; Sales and Price Declines Moderating [Illinois Association of Realtors, Press Release, January 20, 2011] 

This 3-bedroom penthouse in The Belvedere, at 270 E. Pearson in Streeterville has been on the market since March 2010.

After price reductions totaling $251,000, including another $100,000 reduction just last week, the unit has now gone under contract.

It is listed for $919,000 over the 2006 purchase price.

The Belvedere is a luxury boutique condo building with just 42 units.

7 of them are currently on the market.

There are just two penthouses in the building and this one was the only one on the market.

It has 800 square feet of outdoor space, including a 33×20 terrace and a balcony.

The duplex unit has a second floor great room measuring 28×21.

There are 12 foot ceilings throughout and a custom kitchen.

Caroline Druker at Baird & Warner has the listing. See the pictures here.

Unit #16E: 3 bedrooms, 3.5 baths, 3613 square feet

• Sold in June 2006 for $2.58 million
• Originally listed in March 2010 for $3.75 million
• Reduced twice
• Currently listed for $3.499 million (includes 2 parking spaces)
• Under contract shortly after latest reduction
• Assessments of $3163 a month (includes gas, doorman)
• Taxes of $25,333
• Bedroom #1: 17×12 (main level)
• Bedroom #2: 15×13 (main level)
• Bedroom #3: 15×12 (main level)

This 2-bedroom unit at 2017 W. Evergreen in Wicker Park recently came on the market.

(sorry for the bad picture! It was taken last year- and I forgot how bad it was.)

Located on the top floor of an 1880s vintage building, it has many vintage features from that era including 14 foot ceilings, inlaid floors, oversized windows with the original wood trim and 8 foot wood doors.

This building is also interesting because in the back of the vintage structure there was a new(er) building built so the association actually has 7 units.

The kitchen has granite counter tops and stainless steel appliances.

There is a large marble bath with a double vanity and jacuzzi tub.

The unit has central air, in-unit washer/dryer and deeded parking- all of which are somewhat rare for vintage units from this era.

First listed for just a month last year, it was recently re-listed for $40,000 less.

It is also now listed for $40,000 under the 2007 purchase price and also $30,000 under the 2004 purchase price.

Is this now a deal for the location and square footage?

Julie Siragusa at Koenig Strey Real Living has the listing. See more pictures here.

Unit #301: 2 bedrooms, 2 baths, 1500 square feet

• Sold in October 2001 for $299,000
• Sold in December 2001 for $310,000
• Sold in July 2004 for $405,000
• Sold in April 2007 for $415,000
• Originally listed in May 2010 for $415,000
• Withdrawn in June 2010
• Currently listed for $375,000 (parking included)
• Assessments of $215 a month
• Taxes of $5403
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 10×9
• Bonus room: 6×6

We’ve chattered several times about this 5-bedroom renovated vintage house at 1722 N. North Park in Old Town over the last 18 months.

See our October 2010 chatter here.

Originally listed for $2.3 million in June 2009, we watched the price fall, and fall, and fall again.

Still there was no sale.

Located in a prime location in the Old Town Triangle, and completely renovated, the only thing it was missing was deeded parking.

Crain’s reports that the house finally sold in December 2010.

Many homeowners understand that in this market they have to price their homes to sell, says Karen Peterson, a sales associate in the Lincoln Park Plaza office of Coldwell Banker NRT.

“Buyers aren’t flexible and they’re coming in low,” Ms. Peterson says. “If they don’t get what they want, they move on.”

One of her clients recently sold a 4,500-square-foot home in Old Town last month, after several price cuts over an 18-month period. The buyer paid just under $1.6 million, or about 27% less than the $2.2 million it cost the seller to buy and renovate the six-bedroom residence on North Park Avenue.

“The market is brutal,” she says.

Here’s the final listing history for the house:

1722 N. North Park: 5 bedrooms, 4.5 baths, plus family room, 4500 square feet

• Sold in July 2007 for $1.435 million (per the Tribune)
• Was listed in June 2009 for $2.3 million
• Reduced
• Was listed in September 2009 for $2 million
• Reduced
• Was listed in December 2009 for $1.985 million
• Reduced
• Was listed in April 2010 for $1.895 million
• Reduced
• Was listed in October 2010 at $1.69 million
• Reduced
• Sold in December 2010 for $1,572,500
• Taxes of $16,848
• No parking – but one year paid for by the seller
• Central Air

As we’ve chattered about recently, sales in the upper bracket appeared to be picking up, especially at the end of 2010, compared to the prior year- during the darkest days of the financial crisis.

Crain’s has the final numbers- and sales DID rise in 2010 compared to 2009.

House and condo sales of $1 million or more in the city of Chicago jumped 31% to 630 units in 2010, compared with 480 units in 2009, according to brokerage Baird & Warner Inc., which analyzed information from Midwest Real Estate Data LLC.

In the Chicago metropolitan area, sales of $1 million or more rose 21% last year to 1,442, compared to 1,195 in 2009.

Unfortunately, Crain’s does not break out what sales were like in prior years such as 2007 and 2008. We know 2009 was bad. Anything would be an improvement over that year. But how did 2010 stack up against, say, 2008 or 2006 or a “normal” year like 2000?

Inventories have come down recently, but I’ve seen many listings simply pulled off the market for the holidays. I’m expecting most, if not all of those, to come back on the market this spring.

The backlog of unsold luxury homes in the city has actually fallen since the summer. The supply was 18 months of houses and 21 months of condos on Aug. 31, the last time the Chicago-based brokerage studied the luxury market. In the city, the number of luxury homes on the market fell 21%, to 889 units on Dec. 31, compared to 1,124 units Aug. 31.

But the decline in unsold inventory is likely to be short-lived, says James Kinney, vice-president of luxury sales at Chicago-based Baird.

The number of homes for sale typically falls at the end of the year, when prospective sellers take properties off the market to start again the next year. In a healthy market, the backlog of unsold homes is usually less than nine months, especially at the end of the year when inventory bottoms out.

And inventory is likely to grow even more this summer if sales don’t pick up, Mr. Kinney says.

As a result, the downward pressure on prices is likely to increase, he says.

“That’s going to be the biggest issue going forward,” he says.

The median price for high-end single family homes, according to Baird, fell 12% to $1.3 million from $1.5 million in 2009. Condo prices didn’t fall as much due to several sales at the very highest end in the Elysian (over $6 million) which skewed the data.

There were also a lot more upper end condo sales in 2010 compared to 2009 due to closings in the Elysian and Walton on the Park. It’s amazing how just one or two new buildings closing can skew the data for that year.

Will the luxury market finally break out of its price decline this spring/summer?

High end sales up in 2010; glut persists [Crain’s Chicago Business, Andrew Schroedter, January 18, 2011]

This 2-bedroom unit at 1446 W. Henderson in Southport has been on and off the market since July 2008.

In that time, it has been reduced $114,900.

It is now listed $32,000 under the 2005 purchase price.

Located in a 3-unit building constructed in 1995, it is just a few blocks from the Southport restaurants/shops/bars as well as the Southport brown line stop.

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

It has central air, washer/dryer in the unit and deeded parking included.

What will it take to finally sell this unit?

Ashley Carter at Koenig Strey Real Living has the listing. See the pictures here.

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

• Sold in October 1995 for $285,000
• Sold in July 1998 for $280,000
• Sold in April 2001 for $347,000
• Sold in June 2005 for $407,000
• Originally listed in July 2008 for $489,900
• Reduced numerous times
• Currently listed for $375,000
• Assessments of $90 a month
• Taxes of $5479
• Bedroom #1: 14×18
• Bedroom #2: 12×10

This 1-bedroom loft in the China Club Lofts at 616 W. Fulton in the West Loop is one of the large authentic one bedroom lofts that were built in the 1990s.

At 1000 square feet, it has both exposed brick, 14 foot high timber ceilings and diagonal wood floors.

The kitchen has stainless steel appliances and granite counter tops.

The listing calls the bathrooms updated.

The loft has central air, in-unit washer/dryer and an extra 10×14 “bonus” room.

Parking is also included.

This loft is the most expensive 1-bedroom currently on the market in the building.

What’s the market in 2011 for the large 1-bedroom authentic loft?

Chris McComas at @Properties has the listing. See more pictures here.

Unit #513: 1 bedroom, 1.5 baths, 1000 square feet

• Sold in May 1997 for $156,500
• Originally listed in October 2010 for $285,000
• Apparently went under contract quickly but fell out
• Recently re-listed for $285,000 (parking included)
• Assessments of $292 a month (includes cable, internet and doorman)
• Taxes of $2571
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×11

This 3-bedroom single family home at 4110 N. St. Louis in Irving Park recently came on the market.

It was bank owned in June 2010 and if you look at the prior listing pictures (which you can do if you’re registered with Redfin)- you’ll see that the two-story house was boarded up.

Originally listed by the Bank for $227,700 it finally sold for $188,000 in October 2010.

Now it is back on the market and the listing says it has been “gut rehabbed.”

The kitchen has stainless steel appliances and custom cabinets.

The listing says the 4 baths are marble stone custom baths.

We don’t know what the kitchen and baths looked like in the prior sale as there are only outside pictures in the old listing. The listing did say that repairs were needed.

The first floor is an open floor plan with hardwood floors.

The house is built on a standard 25×125 lot and has a 2-car garage.

It also has central air and a finished lower level.

Is this a steal for this neighborhood for a rehabbed house?

Angel Navarro at Re-Max Signature has the listing. See the pictures here.

4110 N. St. Louis: 3 bedrooms, 4 baths, 2 car garage, no square footage given

• Sold in February 2002 for $246,000
• Sold in May 2004 for $460,000
• Lis pendens foreclosure filed in January 2009
• Bank owned in June 2010
• Listed in July 2010 for $227,700
• Reduced
• Sold in October 2010 for $188,000
• Recently re-listed for $369,500
• Taxes of $6217
• Central Air
• Bedroom #1: 17×20 (second floor)
• Bedroom #2: 12×16 (second floor)
• Bedroom #3: 11×9 (main floor)
• Recreation Room: 12×24 (lower level)

We last chattered about this 2-bedroom vintage unit in The Barry, at 3100 N. Sheridan, in East Lakeview in September 2010.

See our prior chatter here.

Back then, it had just come on the market as a bank owned unit and was listed $39,600 under the 2007 purchase price.

Since September it has been reduced again by $44,400.

The unit has dark hardwood floors throughout, french doors and some crown molding.

There is no in-unit washer/dryer, parking or central air (window units only.)

The listing says there is a new kitchen and bath and the pictures indicate that the stainless steel appliances are still in the kitchen along with granite counter tops.

We have been chattering about this unit, originally called a “maisonnette in Paris”, for over 2 years.

What will it take for the bank to finally sell this unit?

The listing says you can purchase with as little as 3% down.

Coya Smith at Smith Partners & Associates still has the listing. See the pictures here.

Unit #1B: 2 bedrooms, 1 bath, no square footage listed

• Sold in September 1995 for $114,500
• Sold in September 1997 for $131,000
• Sold in May 2001 for $236,000
• Sold in January 2003 for $245,000
• Sold in March 2006 for $309,000
• Sold in May 2006 for $325,000
• Sold in July 2007 for $336,500
• Lis pendens filed in August 2008
• Was listed in October 2008 for $389,000
• Lis pendens filed in August 2009
• Bank owned in June 2010
• Was listed in September 2010 for $296,900
• Reduced
• Currently listed for $252,500
• Assessments of $691 a month (includes gas, heat, cable)
• Taxes of $3158
• No central air
• No in-unit washer/dryer
• Bedroom #1: 15×11
• Bedroom #2: 15×9

This 5-bedroom top floor penthouse unit at 3512 N. Southport in the Southport neighborhood of Lakeview just came on the market.

It has 4200 square feet of living space and 4200 square feet for its rooftop terrace.

The rooftop terrace covers the entire length of the building and has a full garden with irrigation, a fireplace and, something we haven’t seen before, a putting green.

This is an elevator building and the elevator opens into a private foyer that leads into the unit.

The unit also has a wine cellar.

The kitchen has custom white cabinets and commercial grade stainless kitchen appliances.

The building was built in 2008. This is the most expensive condo in the neighborhood.

What’s the market for a unit like this?

Jeff Lowe at Prudential Rubloff has the listing. See the pictures here.

Penthouse Unit: 5 bedrooms, 3 baths, 2 half baths, 4200 square feet, 2 car garage and 2 more spaces outside the garage

• Sold in September 2008 for $1.5 million
• Currently listed for $1.699 million
• Assessments of $459 a month
• Taxes of $19361
• Bedroom #1: 19×16
• Bedroom #2: 15×10
• Bedroom #3: 12×12
• Bedroom #4: 12×12
• Bedroom #5: 12×12
• Family room: 21×19

This 4 bedroom home at 1556 W. Wrightwood in Lincoln Park has been on and off the market for 2 1/2 years now.

During that time, it has been reduced $345,100.

While it is located across from Wrightwood Park, it is also on the corner of Wrightwood and Ashland.

The kitchen has stainless steel appliances and granite counter tops.

The house also has a rooftop deck with views of downtown.

3 out of the 4 bedrooms are on the second level with the fourth in the lower level.

The listing says the lower level is unfinished.

The house is built on a 40×50 lot which is a lot smaller than the standard Chicago lot.

Is this house a deal?

Brian Cleary at Jameson has the listing. See the pictures here.

1556 W. Wrightwood: 4 bedrooms, 3.5 baths, 2 car garage, no square footage listed

• Sold in April 2000 for $628,500
• Originally listed in June 2008 for $995,000
• Reduced numerous times
• Was listed in August 2010 for $675,000
• Delisted
• Now back on the market for $649,900
• Taxes of $17,429
• Central Air
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 11×10 (second floor)
• Bedroom #4: 16×12 (lower level)