Want New Construction in Southport? It’ll Cost You $3.695 Million: 3531 N. Janssen

3531 N Janssen #1

This 6-bedroom single family home at 3531 N. Janssen in Southport came on the market in May 2015.

This is a custom new construction home on an oversized Chicago lot measuring 37.5 x 125.

It has the layout most buyers prefer, with 4 out of the 6 bedrooms, including the master suite, on the second floor.

The master bathroom has stone heated floors and a steam shower.

The other two bedrooms are in the lower level along with the recreation room, media room, second laundry room, wet-bar and wine cellar.

The kitchen has white cabinets and a large island with stone counter tops. The listing says there’s a “professional appliance package.”

There’s also a family room on the main level with built-in bookcases.

The house has a heated 3-car attached garage.

It also has a raised terrace with outdoor fireplace.

This house was on the market for a year, between May 2015 and May 2016, before being withdrawn.

It came back on the market at the same price, $3.695 million, in September 2016 and is listed at that today.

Janssen has many vintage homes, including Victorians. And you can see the type of home that is next door to this one in the picture below.

This is a prime block in hot Southport.

How long will it take to sell this?

3531 n janssen #2

Richard Kasper at Conlon has the listing. See the pictures here.

3531 N. Janssen: 6 bedrooms, 5 baths, 6930 square feet

  • Prior house sold October 2014 for $1.14 million
  • New construction listed in May 2015 for $3.695 million
  • Withdrawn in May 2016
  • Re-listed in September 2016 for $3.695 million
  • Currently still listed at $3.695 million
  • Taxes aren’t listed
  • 3-car heated garage
  • Central Air
  • Bedroom #1: 17×17 (second floor)
  • Bedroom #2: 14×12 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 14×12 (second floor)
  • Bedroom #5: 13×12 (lower level)
  • Bedroom #6: 13×12 (lower level)
  • Recreation room: 19×20 (lower level)
  • Family room: 21×18 (main level)

There’s a Renovation Boom in Southport: A 5-Bedroom House at 1217 N. Cornelia

1217 w cornelia

This 5-bedroom single family home at 1217 N. Cornelia in Southport came on the market in February 2017.

Built in 1906 on a 30×125 lot, it was formerly a 2-flat that was completely renovated into a single family home, including with new water and sewer.

It has the layout that buyers like, with 4 out of the 5 bedrooms on the second level, including the master suite.

The master suite has a “spa-like” master bath with dual vanities, heated floors and a steam shower.

The 5th bedroom is in the lower level with a recreation room, home office, the laundry room and a bathroom.

There’s also a family room off the kitchen on the main level.

The kitchen has white cabinets, stone counter tops and luxury appliances.

There’s a new full masonry 2-car garage.

If you drive down Cornelia or Newport, east of Southport, you can see a bunch of dumpsters lining the street as many of the vintage, formerly 2 and 3-flats, are being gutted for new luxury single family homes.

These blocks used to be filled with 20-somethings working their first jobs, who would hang out at Southport bars and go to Cubs games, but these renovations are taking a lot of apartments out of the rental pool.

The listing says this house is in the Hamilton school district.

Since February, it has been reduced $70,000 to $1.925 million.

Is there any limit on the demand for these greystones in this prime part of Southport?

Christine Paloian at @Properties has the listing. See the pictures here.

1217 W. Cornelia: 5 bedrooms, 4.5 baths, 4500 square feet, 2 car garage

  • Sold as a 2-flat in July 2014 for $880,000
  • Originally listed in February 2017 as a single family home for $1.995 million
  • Reduced
  • Currently listed for $1.925 million
  • Taxes of $11906
  • Central Air
  • Bedroom #1: 16×16 (second floor)
  • Bedroom #2: 15×10 (second floor)
  • Bedroom #3: 14×12 (second floor)
  • Bedroom #4: 14×12 (second floor)
  • Bedroom #5: 16×13 (lower level)
  • Family room: 18×15 (main level)
  • Recreation room: 31×17 (lower level)

 

 

 

Want to be a Landlord? A Rare 2-Flat in Hot Southport: 1205 W. Cornelia

1205 w cornelia

This 2-flat at 1205 W. Cornelia in Southport just came on the market.

Built in 1914 on an oversized 30×126 lot, the brick building has a 2-car brick garage.

There are 3 units in the building.

  • Unit #1: 2 bedroom, 1 bath “owners unit” on the first floor
  • Unit #2: 2 bedroom, 1 bath on the second floor
  • Unit #3: 1 bedroom, 1 bath in the basement

The basement also has a storage room and a coin-operated laundry room.

The building has gas heating. There’s no air conditioning in the units. The listings indicate that there are window air conditioning units.

The 2-bedroom units have dining rooms and sunrooms.

The owner’s unit, on the first floor, has an upgraded kitchen with stainless steel appliances and granite counter tops. It has been opened into the back porch and has a breakfast bar.

The listing indicates that Unit #2, on the top floor, is currently rented for $1700 a month. The other two units say “owner.”

The listing also says projected rents for the building are “easily $6000 a month.”

From public records, it looks like this building has only had 2 owners in the last 30 years.

This is a rare opportunity to get a 2-flat in this neighborhood.

This 2-flat is in one of the most desirable locations in all of Southport. It’s just a few blocks to all the shops/restaurants/El and also just a few blocks to Wrigley Field.

Would this make sense as a “live in one and rent out the others” type of scenario for someone who wants to get into the landlord game?

Nicole Norwalk-Galanis at @Properties has the listing. See the pictures here.

1205 W. Cornelia: 2-flat, 5 bedrooms, 3 baths, 2-car garage

  • Sold in September 1988 for $260,000
  • Sold in September 1992 for $501,750 (not sure this is correct for this era but this is according to the ccrd)
  • Currently listed for $1,000,000
  • Taxes of $12,353
  • No central air. Window units only
  • Coin laundry room
  • Projected rents “easily $6000 a month
  • Unit #1: 2/1 owner’s unit
  • Unit #2: 2/1 rented for $1700 a month
  • Unit #3: 1/1 in basement; also owner’s unit
  • Dining rooms and sunrooms in the 2/1 units

 

What Does a Million Dollar Loft Look Like in the East Village? 835 N. Wood

835 n wood

This 2-bedroom loft in the Meter Building at 835 N. Wood in the East Village neighborhood of West Town recently came on the market.

It is a top floor authentic corner loft with exposed brick and timber ceilings along with large industrial windows and dark wood floors.

It has a custom kitchen with modern cabinetry, concrete counter tops, luxury stainless steel appliances, a wet bar and a built-in espresso machine.

The master suite has a dressing room/closet and a wet room style bath with a full wall of subway tile.

It has roof rights so you could build a rooftop deck.

The loft has all the features buyers look for including central air, a laundry room with in-unit washer/dryer and 2-car parking.

The listing says it is “over” 2400 square feet.

Listed at $1.25 million, it is the most expensive loft in the neighborhood currently on the market.

Can the East Village support the million dollar plus price point now?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

Unit #401: 2 bedrooms, 2 baths, “over” 2400 square feet

  • Sold in June 1991 for $195,500
  • Sold in May 2009 for $640,000
  • Currently listed for $1.25 million
  • Assessments of $462 a month (includes exterior maintenance and scavenger)
  • Taxes of $9213
  • Central Air
  • Washer/Dryer in the unit
  • 2-car parking included
  • Bedroom #1: 20×14
  • Bedroom #2: 14×12

 

Reviewing Offers in 4 Days for this 1/1.5 at 600 W. Drummond in Lincoln Park

600 w drummond

This 1-bedroom in Lincoln Park Commons at 600 W. Drummond in Lincoln Park just came on the market.

This complex was built in 2003 and has 57 units and a parking garage.

It’s one of the rare, newer buildings in this Lincoln Park/Lakeview area that has the amenities that buyers look for including an exercise room.

The listing says this is the largest 1-bedroom floor plan in the building.

The kitchen has cherry cabinets, granite counter tops, stainless steel appliances and a breakfast bar.

A hall closet has been turned into a desk space.

The living and dining space is large enough to have a dining room table.

There’s a terrace and a gas fireplace.

The unit has all the features buyers look for including central air, in-unit washer/dryer and garage parking is available for $30,000.

You can see it at the Open House on May 13 from 12 – 2 PM.

Apparently, demand is so intense that they will be reviewing offers in 4 days, on Monday at 12:00.

While bidding wars are common in some areas, like California, how many buyers in Chicago are willing to engage in a bidding war?

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

Unit #502: 1 bedroom, 1.5 baths, 921 square feet

  • Sold in July 2003 for $344,000 (included the parking)
  • Currently listed for $299,900 (plus $30,000 for parking)
  • Assessments of $361 a month (includes cable, exercise room, exterior maintenance, scavenger and snow removal)
  • Taxes of $5001
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 11×14

Market Conditions: As Prices Soar, is the West Loop in Another Bubble?

1000-w-washington-approved

We’ve chattered about the incredible asking prices on some condos in the red hot West Loop this year.

Now, Crain’s is reporting that a new construction penthouse condo listed at $5.6 million has gone under contract in 900 W. Washington.

It would be the most expensive condo ever sold in the neighborhood. By far.

The record purchase price for a West Loop condo is set to more than quadruple, with a buyer agreeing to pay more than $5 million for a not-yet-built penthouse on Washington Street.

The asking price is about $5.6 million for the home, which is under contract. The listing agents declined to provide any details on the buyer, whom they referred to only as “he.”

“We’re getting a younger generation, the tech crowd, in the West Loop,” said Shannon Kelly, one of two Jameson Sotheby’s International Realty agents representing the building, 900 W. Washington. Kelly and Melanie Giglio, the other listing agent, declined to say whether the buyer is part of that tech crowd. But he is paying close to the list price, Giglio said.

Of the 22 units planned for the building, five are under contract, including the penthouse, Giglio said.

Construction is scheduled to start next month, with the building ready for occupancy by summer 2018.

This year, the most expensive condo sale in the West Loop was a $1.2 million sale in the loft building at 1000 W. Washington. That condo was 2400 square feet.

That’s just $500 per square foot.

“It seems like they’re reaching for the sky,” said Colagiovanni, who’s been selling property in the West Loop since the late 1990s and lived there until a few years ago. “The West Loop isn’t Silicon Valley.”

The penthouse prices at 900 W. Washington are over $1,100 a square foot. Existing condos in the West Loop are selling in the range of $475 to $525 a square foot, up from $350 to $375 about two years ago, Colagiovanni said. For new construction at the Hayden West Loop, asking prices are below $800 a foot.

“That’s a big difference” from what the 900 W. Washington units are asking, Colagiovanni said.

The argument I keep hearing for rising West Loop and Fulton Market prices are that all those jobs, including McDonald’s, are coming there.

But prices didn’t skyrocket in the Loop when Boeing moved 500 top executives from Seattle to Chicago nor near the offices of Grubhub, after they went public.

This argument assumes that every McDonald’s employee will move from their suburban homes AND will want to live within a mile of their offices.

But if it’s not McDonald’s, what is causing the soaring prices in the West Loop?

Is it the neighborhood of choice for Millennials now? And aren’t they all renting anyway?

Who’s buying all the condos?

Someone just put a West Loop condo under contract at over $5 million [Crain’s Chicago Business, by Dennis Rodkin, May 5, 2017]

For $3 Million You’ll Get a Workout Room: 1324 W. Webster in Lincoln Park

1324 w webster

This 6-bedroom single family home at 1324 W. Webster in Lincoln Park came on the market in March 2017.

Built in 2007, it sits on a 24×120 lot on the corner of Wayne and Webster and has a 2-car garage plus 2-car driveway parking.

It has upgraded millwork and custom wall finishing.

The listing calls the kitchen “gourmet” with white cabinets, stone counter tops and Viking and Miele appliances.

The master suite is on the second floor and has dual walk-in closets and a luxury bathroom.

Two other bedrooms are also on the second floor, with one on the third floor and two on the lower level.

The third floor also has an office and a workout room with skylights.

There’s a recreation room on the lower level as well.

If you’re concerned about walking up and down the stairs with the laundry, don’t worry, there’s an elevator and there’s also two sets of washers and dryers.

Given the corner lot, a deck was put above the garage.

This house last sold in the middle of the Great Recession, in August 2009, for $1.65 million.

That was a buying opportunity for many.

It has come back on the market for 81% more, at $2.999 million.

Is a $3 million Lincoln Park home the new normal?

Brant Booker at Jameson Sotheby’s has the listing. See the pictures here.

1324 W. Webster: 6 bedrooms, 6 baths, 5414 square feet

  • New construction in 2007
  • Sold in August 2009 for $1.65 million
  • Listed in March 2017 for $2.999 million
  • Taxes of $29,809
  • Central Air
  • 2 sets of washer/dryers
  • 2 car garage plus 2 car parking on the driveway
  • Bedroom #1: 22×24 (second floor)
  • Bedroom #2: 12×12 (second floor)
  • Bedroom #3: 12×14 (second floor)
  • Bedroom #4: 15×18 (lower level)
  • Bedroom #5: 15×18 (lower level)
  • Bedroom #6: 10×16 (third floor)
  • Office: 10×16 (third floor)
  • Exercise room: 26×19 (third floor)
  • Recreation room: 22×24 (lower level)

Is There Money to Be Made in the Hancock? 175 E. Delaware in the Gold Coast

175 e delaware #2

This 1-bedroom on the 58th floor in the John Hancock at 175 E. Delaware in the Gold Coast came on the market in December 2016.

It’s 911 square feet and has south city views.

The listing says it has been “completely rehabbed” but it also says that it was done in 2012 and in the interim, there was a sale.

Since the 2014 sale, it appears there are new white (tile?) floors (can’t tell exactly what the floors are made of) but it’s the same kitchen.

There’s a built-in desk with white cabinets which matches the modern white cabinets in the kitchen.

The kitchen also has stainless steel appliances and a backsplash.

The sky terrace off the bedroom has been converted into a sitting area.

It has wall unit heating/cooling. Parking is leased in the building and there is coin laundry (on every floor, I believe.)

The listing says this unit would make a perfect pied-a-terre.

Originally listed in December for $435,000, that was a gain of 24% over the 2014 sales price.

The Hancock has been an up and down investment for owners over the years.

Are we entering into a new “up” cycle in the building?

Lisa McGuirt at Baird & Warner has the listing. See the pictures here.

Unit #5819: 1 bedroom, 1 bath, 911 square feet

  • Sold in June 2002 for $260,000
  • Sold in November 2007 for $394,000
  • Sold in December 2014 for $350,000 (had the renovated kitchen)
  • Originally listed in December 2016 for $435,000
  • Reduced
  • Currently listed for $405,000
  • Assessments of $786 a month (includes doorman, cable, scavenger, snow removal)
  • Taxes of $5501
  • Parking is leased in the building
  • No central air- but wall units
  • No in-unit washer/dryer
  • Bedroom: 15×10

 

Is a Second Bedroom and a Shower Worth $109,000? 164 W. Huron in River North

164 w huron

This 2-bedroom in the vintage mid-rise building at 164 W. Huron at the corner of Huron and Wells in River North just came on the market.

But if it looks familiar, that’s because it sold as recently as August of last year.

A year ago, however, it was simply a large 1325 square foot 1-bedroom with 1.5 baths.

Now, it has come back on the market as a 1325 square foot 2 bedroom with 2 baths.

What happened?

Here are the rooms in the 2016 listing:

  • Bedroom: 25×13
  • Living room: 42×16
  • Dining room: 10×10
  • Kitchen: 12×8

Here are the current rooms:

  • Bedroom #1: 25×13
  • Bedroom #2: 10×10
  • Living room: 42×16
  • Dining room: 10×10
  • Kitchen: 12×8

But if you look at the pictures, you can see that the second bedroom has been carved out of the living room. So the living room size is most likely incorrect.

It also looks like the second full bath was carved out of the older half bath and washer/dryer closet. A stand-up shower was added there.

The unit has exposed brick walls which have been painted white. You can see the brick in last year’s listing.

See that listing here.

The kitchen and other bath are unchanged from a year ago.

The kitchen has maple cabinets, stainless steel appliances, granite counter tops and a wood breakfast bar.

The unit has south and west exposures.

It has the other features buyers look for including central air and there is an exterior parking spot behind the building.

This vintage building, with 14 units, used to be in no-man’s land but in the last several years a handful of new high rises have been built within one to two blocks. You can see the pictures of two of them in the picture above.

This unit has come back on the market just 9 months after its last sale for $109,000, or 30%, more.

Will they get the premium for the second bedroom and the shower?

Kevin Binkley at Dream Town has the listing. See the pictures here.

Or you can see it at the Open House today, Friday May 5 from 5:00 PM to 6:00 PM or on Saturday, May 6, from 1-3 PM.

Unit #2A: 2 bedrooms, 2 baths, 1325 square feet

  • Sold in November 2000 for $225,000
  • Sold in July 2004 for $289,500
  • Sold in February 2006 for $350,000
  • Sold in September 2012 for $255,000
  • Sold in August 2016 for $360,000
  • Currently listed for $469,000
  • Assessments of $322 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $5522
  • Central Air
  • Washer/Dryer in the unit
  • Parking space behind the building included

Looking for a Lakeview Pied a Terre With Views? A 1-Bedroom at 340 W. Diversey

340 w diversey

This 1-bedroom in 340 W. Diversey in East Lakeview came on the market in March 2017.

Built in 1957, these two buildings were designed by Mies Van der Rohe.

They have 330 units with an exercise room and a pool.

There is leased parking in the building for $200 to $215 a month.

This unit is a south and west corner unit with floor-to-ceiling windows and views of Lincoln Park.

The listing says it’s a “complete gut renovation.”

It has built-ins, including bookcases, cabinets and a wine fridge. There’s track lighting in the living room and what look to be all new doors.

The kitchen appears to have custom cabinets in the farmhouse style with stone counter tops and a subway tile backsplash.

There are built-ins in the bedroom.

The unit has central air but no in-unit washer/dryer.

The listing says this unit would make a perfect pied a terre.

It came on the market in March for $415,000 and has been reduced $16,000 to $399,000.

At just 850 square feet, that’s $469 a square foot for East Lakeview.

Is this neighborhood hot enough to command that price point?

Sophia Worden at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #1415: 1 bedroom, 1 bath, 850 square feet

  • Sold in November 1991 for $93,500
  • Sold in June 1993 for $102,500
  • Sold in June 1998 for $143,000
  • Sold in July 2000 for $189,000
  • Sold in November 2002 for $240,000
  • Sold in September 2006 for $280,000
  • Sold in September 2010 for $282,000
  • Originally listed in March 2017 for $415,000
  • Reduced
  • Currently listed for $399,000
  • Assessments of $731 a month (includes heat, a/c, doorman, cable/Internet, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $4299
  • Central Air
  • No in-unit washer/dryer
  • Leased parking for $200 to $215 a month
  • Bedroom: 15×12
  • Living room: 23×20
  • Kitchen: 10×8