What’s Going on in The Vision on State 8 Years After the Bust? 1255 S. State in the South Loop

1255 s state

This 2-bedroom in Vision on State at 1255 S. State in the South Loop came on the market in September 2015.

It went under contract on Oct 5. (Yes- I KNOW it’s under contract but this unit has some nice pictures.)

At 990 square feet, this 2/1 has west facing views so you don’t look at the El.

There are hardwood floors in the main living areas.

It has 11 foot ceilings.

The kitchen has 42 inch cherry cabinets, granite counter tops and stainless steel appliances.

The listing says there is an “upgraded” bath.

The unit has all the other features buyers look for including central air, washer/dryer in the unit and parking is included.

There’s a renter in the unit, however, with a lease through July 2016.

We haven’t chattered about this building since the early days of the bust.

It was built in 2007 as “affordable luxury” near the Roosevelt El stop.

We chattered about all the flips going on in the building in December 2007. You can see that chatter here, with interior pictures of the units. Some of them are similar floorplans to this unit which is under contract.

8 years later, Unit #1503 is listed for just $18,000 under its 2007 purchase price.

If you were a reluctant landlord, why not sell and finally get out?

Stephen Porter at Redefined Residential LLC has the listing. See the pictures here.

Unit #1503: 2 bedrooms, 1 bath, 995 square feet

  • Sold in August 2007 for $333,500 (included the parking)
  • Originally listed in September 2015 for $315,500 (includes the parking)
  • Under contract as of Oct 5
  • Assessments of $562 a month (includes heat, a/c, water, gas, doorman, cable, Internet, doorman, exercise room, scavenger, snow removal)
  • Taxes of $3128
  • Central Air
  • Washer/Dryer in the unit
  • Leased through July 2016
  • Bedroom #1: 11×12
  • Bedroom #2: 10×11

Paris on the Parkway? A 2-Bedroom at 640 W. Fullerton Parkway in Lincoln Park

640 w fullerton

This high first floor 2-bedroom at 640 W. Fullerton Parkway in Lincoln Park just came on the market.

This 4-unit building has always reminded me of Paris, maybe because of the French doors with balconies.

It has other features that are also Parisian, however, including crown molding, wainscoting and a ceiling medallion along with a wood burning fireplace.

In addition to the small balcony in the front of the building, there is also a 18×14 private deck off the kitchen.

The listing says the kitchen has been “newly updated.” If you look at the 2013 listing pictures, which you can still see here, you can see this is true.

It has modern wood-looking cabinets (how do you describe this look?) along with black counter tops and stainless steel appliances.

There is a den adjacent to the kitchen which also has the same built-in cabinetry.

The master bathroom is also “new” with marble tile.

It has the other features buyers look for including washer/dryer in the unit, garage parking and central air.

At over 2000 square feet, is this a good townhouse alternative?

Zachary Koran at Conlon has the listing. See the pictures here.

Unit #1: 2 bedrooms plus den, over 2000 square feet, 1 car garage

  • Sold in June 1992 for $302,500
  • Sold in September 1994 for $323,500
  • Sold in July 1998 for $425,000
  • Sold in June 2013 for $425,000
  • Currently listed for $649,000
  • Assessments of $325 a month (includes heat, water, exterior maintenance, scavenger, snow removal)
  • Taxes of $8425
  • Central Air
  • Washer/Dryer in the unit
  • Wood burning fireplace
  • Bedroom #1: 14×12
  • Bedroom #2: 14×10
  • Family room/den: 14×10
  • Dining room: 19×11

 

The Rare 4-Bedroom Roscoe Village Townhouse: 2044 W. Roscoe

2044 w roscoe

This 4-bedroom townhouse at 2044 W. Roscoe in Roscoe Village just came on the market.

While the building may not look like townhouses from the street, it actually has a bigger complex behind the Roscoe Street façade that houses 6 townhouses.

This unit is in the back of the complex, so it does not face onto Roscoe.

It has custom wood work on the main level, including a wood ceiling.

It has an antique fireplace mantle and exposed brick.

The kitchen has wood cabinets and stainless steel appliances along with a large kitchen island with slate floors.

This townhouse is unique because it is has the coveted 4 bedrooms, which is very difficult to find in a townhouse.

But even more rare, all 4 bedrooms are on the second floor.

The third floor has a family room with a deck and a full sized bath.

There is 2-car attached parking included.

It’s unusual to find any townhouses in Roscoe Village, let alone right in the middle of all the shops and restaurants.

With single family homes in the neighborhood scarce at under $1 million, will this townhouse, priced at just $749,000, go under contract this week?

Jennifer Ames at Coldwell Banker has the listing. See the pictures here.

Unit #1N: 4 bedrooms, 3.5 baths, 2300 square feet, 2 car garage

  • Sold in May 1999 for $380,000
  • Sold in August 2006 for $718,000
  • Sold in May 2012 for $625,000
  • Currently listed for $749,000
  • Assessments of $265 a month (includes water, exterior maintenance, parking, scavenger, snow removal)
  • Taxes of $9605
  • Central Air
  • Bedroom #1: 15×14 (second floor)
  • Bedroom #2: 10×14 (second floor)
  • Bedroom #3: 10×13 (second floor)
  • Bedroom #4: 11×13 (second floor)
  • Family room: 13×19 (third floor)

 

Market Conditions: “No Significant Weakening in Demand” in September As Sales Jump

Millennium Park in the fall 2010

The Illinois Association of Realtors is out with the September home sales and the hot market continues to get even hotter.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,358 homes in September 2015, up 5.2 percent from last year when 2,242 homes were sold. The median price of a home in Chicago was $250,000, up 0.4 percent over September 2014 when the median price was $249,000.

September sales for the last 9 years:

  • 2007: 2172 sales
  • 2008: 1816 sales
  • 2009: 1918 sales
  • 2010: 1403 sales
  • 2011: 1498 sales
  • 2012: 1845 sales
  • 2013: 2395 sales
  • 2014: 2242 sales
  • 2015: 2358 sales

Median prices for the last 9 years:

  • 2007: $267,750
  • 2008: $268,600
  • 2009: $225,000
  • 2010: $180,000
  • 2011: $190,000
  • 2012: $188,900
  • 2013: $230,000
  • 2014: $249,000
  • 2015: $250,000

“With increased sales and even stronger median price numbers, the Chicago market still shows a lot of life as we enter the last few months of the year,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president of government relations for The Inland Real Estate Group. “The continued low number of homes available for sale shows consumers are still very much interested in buying.”

While the state-wide numbers showed that this was the best September in a decade, the numbers I have in the list above indicate that 2013 was still slightly better than this year. But 2013 was a hot year too.

No one is saying the market is “slow” right now.

“The fall housing market has shown little sign that there’s any significant weakening in demand,” said Mike Drews, GRI, President of the Illinois Association of REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. “While we always see a seasonal slowdown this year, this month’s numbers were quite strong, and indeed were the best sales numbers for September in a decade.”

The time it took to sell a home in September averaged 64 days statewide, down from 69 days a year ago. Available housing inventory remained tight with 70,547 homes for sale, a 10 percent decline from September 2014 when there were 78,373 homes.

“The annual pattern of home sales continues with modest annual gains but negative month-over-month growth rates,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “The dampening effect of less-than-expected job growth has not yet affected the housing market and housing prices continue to climb modestly.  At the state level, the median price index, adjusted for inflation, is 91 percent of the 2008 peak; for Chicago, the comparable figure is 86 percent.”

The data is more interesting if you drill down into the actual neighborhoods. Some are hot and some are not and median price is really completely random.

In Lakeview, sales of condos and townhouses were down 13.6% year over year.

  • 2014 closed sales: 184
  • 2015 closed sales: 159

Median price for condos/townhouses fell 5.1% to $305,000 from $321,500 last year.

Market time fell 7% to 66 days from 71 last year.

Inventory was down, declining 14.5%.

  • Inventory in 2014: 663
  • Inventory in 2015: 587

When you see the single family home data, it just doesn’t seem all that hot. Market times and inventory are both spiking. Are they simply building too many of the $1.5 million new builds? There seems to be one every block.

  • 2014 closed single family homes: 15
  • 2015 closed single family homes: 13

Market times were up 182%.

  • 2014 market time: 39 days
  • 2015 market time: 110 days

Inventory of single family homes rose 46%.

  • Inventory in 2014: 63
  • Inventory in 2015: 92

Low inventories continue to be a problem city wide. But none might be as bad as the condo/townhouse market in West Town.

Inventory fell 34% in West Town in September to 274 properties from 415 last year. Good luck West Town condo buyers.

Median price remained unchanged year over year at $390,000.

Mortgage rates continue to be lower than 2014 and near the lows of this cycle.

Is this hot market going to continue to steam on through the December holidays?

What would slow it down?

Strong Illinois home sales and prices continue into September [Illinois Association of Realtors, Press Release, October 22, 2015]

Are White Wood Floors In Now? A 2-Bedroom Loft at 1872 N. Clybourn in Lincoln Park

1872 n clybourn

This 2-bedroom authentic loft at 1872 N. Clybourn in Lincoln Park just came on the market.

It has exposed brick walls and ductwork along with white painted timber ceilings which have skylights.

The kitchen has custom Shaker cabinets, stainless steel appliances and quartz counter tops.

One bedroom is on the main level with the second on the second level.

But what is most unique is what the listing calls “white diagonal hardwood floors.”

The wood flooring of choice has been the dark walnut or espresso floors but recently there has been a smattering of the light floors.

These white wood floors are the first ones I’ve seen referenced as “white”, however.

This loft has central air, washer/dryer in the unit and deeded parking is included.

It looks like it is on the market for the first time in 17 years.

Are white hardwood floors going to be the trend going forward?

Are the dark hardwoods finally passé?

Melanie Giglio at Jameson Sotheby’s has the listing. See the pictures here.

Unit #604: 2 bedrooms, 1 bath, no square footage listed, 2 levels

  • Sold in October 1998 for $295,000
  • Currently listed for $649,900 (includes the parking spot)
  • Assessments of $468 a month (includes heat, a/c, water, exterior maintenance, lawn service, scavenger, and snow removal)
  • Taxes of $6001
  • Central Air
  • Washer/dryer in the unit
  • Skylights
  • Bedroom #1: 20×11 (second level)
  • Bedroom #2: 11×9 (main level)
  • Library: 14×4 (second level)

What’s Normal Appreciation? A 2-Bedroom South Loop Loft at 1530 S. State

1530 s state approved

This 2-bedroom duplex loft at 1530 S. State in the South Loop just came on the market.

It has a south exposure with a two story living room and exposed ductwork.

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

There is one bedroom on the main floor and the master suite is on the second level, open to the living room below.

The loft has all the features buyers look for including central air, washer/dryer in the unit and 1 car deeded parking with another space available for $30,000.

The South Loop has dramatically changed since this loft’s last sale in 2001, including prices.

This loft is listed 86.5% higher than the 2001 purchase price.

Is that normal appreciation for a property held for 14 years?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.

Unit #1021: 2 bedrooms, 2 baths, no square footage listed

  • Sold in July 2001 for $268,000 (included the parking)
  • Lis pendens foreclosure filed in April 2012
  • There was a deed transferred in March 2015 but I can’t tell if it’s bank owned
  • Currently listed for $499,900 (includes a parking space but second space available for another $30k)
  • Assessments of $718 a month (includes heat, a/c, water, parking, doorman, cable, exercise room, scavenger)
  • Taxes of $4992
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×13 (second level)
  • Bedroom #2: 9×13 (main level)

When the Washer/Dryer is in the Kitchen: A 2-Bedroom at 1500 N. LaSalle in Old Town

1500 n lasalle

This 2-bedroom in 1500 N. LaSalle in Old Town came on the market in September 2015.

But if it looks familiar, that’s because it last sold just a year ago, in October 2014.

This 24-unit elevator building was constructed in 1892. It was designed by Edmund Krause (1859-1935) who designed 61 buildings in his lifetime. He specialized in mid-rise apartment buildings such as this one and also designed The Commodore at Surf and Broadway in Lakeview.

Krause’s best known building is the Majestic Building at 22 W. Monroe in the Loop, better known as the Schubert Theater.

There are just 2 units per floor.

This unit has a gas fireplace and dark hardwood floors.

The kitchen has white cabinets and stainless steel appliances.

The master bedroom has an ensuite bath.

There’s no parking with the unit.

It does have the other features buyers look for including central air and washer/dryer in the unit, but the washer/dryer is a front-loading combo unit and is located in the kitchen.

Does it matter if the washer/dryer is in the kitchen?

Or is it enough to just have one, no matter where it is located?

Jeffrey Lowe at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #4B: 2 bedrooms, 2 baths, 1500 square feet

  • Sold in April 1996 for $165,000
  • Sold in February 1999 for $247,000
  • Sold in November 2006 for $370,000
  • Sold in March 2011 for $355,000
  • Sold in August 2014 for $436,000
  • Originally listed in September 2015 for $485,000
  • Reduced
  • Currently listed for $449,900
  • Assessments of $487 a month (includes water, exterior maintenance, scavenger and snow removal)
  • Taxes of $6350
  • Central Air
  • Combo washer/dryer in the unit
  • No parking
  • Bedroom #1: 15×12
  • Bedroom #2: 16×10
  • Den: 13×10

 

 

Looking for a Real West Loop Industrial Loft? A 2-Bedroom at 411 S. Sangamon

411-s-sangamon-approved

This 2-bedroom loft in the Sangamon Lofts at 411 S. Sangamon in the West Loop recently came on the market.

At 1445 square feet it has an open concept with a wall of industrial windows stretching across one wall.

The ceilings are concrete and it has exposed brick, which looks as though it has been painted.

The kitchen is uniquely shaped in a triangle configuration with maple cabinets, stainless steel appliances and gray counter tops (are they concrete?).

The listing says the unit was designed by an architect.

The loft has central air and washer/dryer in the unit but parking is rental for $135 a month.

This building was converted into condos in the early 1990s so these lofts tend to have the larger, open loft concept which loft buyers love.

With inventories so low, is this the perfect time to list a unique industrial loft in this neighborhood?

Kayla Gelsomino at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 1 bath, 1445 square feet

  • Sold in September 1991 for $120,000
  • Sold in June 2005 for $279,000
  • Currently listed for $380,000
  • Assessments of $333 a month (includes cable, scavenger and snow removal)
  • Taxes of $3177
  • Parking is rental for $135 a month
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 12×21
  • Bedroom #2: 11×11

Is Chicago the Most Affordable Big City in America? 1550 N. Lake Shore Drive

1550 n lake shore drive

This 1-bedroom in 1550 N. Lake Shore Drive in the Gold Coast came on the market a year ago, in October 2014.

It has been under contract once, in April 2015.

The unit is on the fourth floor and faces North with Lincoln Park and Lake Michigan views.

The listing says the kitchen is “updated”. It has white cabinets, granite counter tops and stainless steel appliances.

It also says the bathroom is updated with marble

There is no washer/dryer in the unit nor central air but it has window units. There is also parking available to rent in the building.

Originally listed at $249,995 in October 2014, it has been reduced to $214,900.

In what other big city in America can you get a 1-bedroom overlooking a prestigious park and lake on a coveted road for under $225,000?

Is Chicago the most affordable big city in America?

Scott Rife at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #4E: 1 bedroom, 1 bath, no square footage listed

  • Sold in March 1999 for $119,000
  • Sold in November 1999 for $175,000
  • Sold in March 2002 for $247,000
  • Sold in December 2009 for $229,500
  • Originally listed in October 2014 for $249,995
  • Reduced
  • Under contract in April 2015
  • Reduced
  • Currently listed at $214,900
  • Assessments of $646 a month (includes heat, water, cable, doorman, exercise room, exterior maintenance, lawn, scavenger, snow removal)
  • Taxes of $3552
  • No central air- window units only
  • No in-unit washer/dryer
  • Parking available to rent
  • Bedroom: 15×13
  • Living room: 15×17
  • Kitchen: 10×6

The Perfect Loop Home? A 3-Bedroom With a Private Terrace at 310 S. Michigan

310 s michigan #2 approved

This 3-bedroom in the Metropolitan Tower at 310 S. Michigan in the Loop came on the market in July 2014.

While it is not a penthouse unit, it still has some unique features starting with 14-foot vaulted ceilings in the living and dining room.

It has a custom Christopher Peacock kitchen with white cabinets, white marble countertops and stainless steel appliances.

There’s a matching Butler’s pantry as well.

There are dark Asian walnut hardwood floors in the living/dining room.

The master suite has suede walls and a luxury bathroom with walk-in shower.

The listing says there are 3 storage rooms included and deeded garage parking is available for $50,000.

The living/dining area as well as the master suite overlook the extensive north facing terrace which measures 405 square feet and has city views.

Originally listed at $2.65 million, it has been reduced $651,000 to $1.999 million.

Is this the perfect Loop home?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.

Unit #2209: 3 bedrooms, 2.5 baths, 2482 square feet

  • Sold in January 2009 but no price was listed in the public record
  • Originally listed in July 2014 for $2.65 million
  • Reduced several times
  • Currently listed at $1.999 million
  • Parking is extra at $50,000
  • Assessments of $1447 a month (includes heat, a/c, gas, water, cable, internet, doorman, exercise room, exterior maintenance, scavenger, and snow removal)
  • Taxes of $11332
  • Central Air
  • Washer/dryer in the unit
  • Terrace: 45×9
  • Bedroom #1: 21×15
  • Bedroom #2: 18×15
  • Bedroom #3/Den: 12×12