Crib Chatter

I’m taking a break to start November. As you can tell from my lack of posting on this site in parts of October, it’s just been a very busy time in my “real” life.

Vacations are good. Everyone needs time off.

However, I do think some interesting projects are coming online and the luxury market, outside of downtown condos, is very active.

It looks like low inventory will be the norm into 2025, so we will have to get used to it.

But I intend to pick up the baton again with new posts in mid-November. I’m hoping to cover more single family home listings, if possible.

I’ll be checking in on the site from the beach. Please play nice.

See you then-

Sabrina

Chicago’s September sales fell 12% as inventory remains low. It was the lowest number of sales since 2011, which was during the housing bust. (The picture above was actually taken in October 2011 in Lincoln Park.)

From the Illinois Association of Realtors:

The city of Chicago saw a 12.0 percent year-over-year home sales decrease in September 2024 with 1,643 sales, down from 1,867 in September 2023. The median price of a home in the city of Chicago in September 2024 was $350,000, an increase of 7.7 percent from September 2023 when the median price was $325,000.

September sales for the last 18 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: 2414 sales
• 2016: 2398 sales
• 2017: 2355 sales
• 2018: 2040 sales
• 2019: 2006 sales
• 2020: 2635 sales
• 2021: 2684 sales
• 2022: 2064 sales
• 2023: 1867 sales
• 2024: 1643 sales

Median prices for the last 18 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
• 2016: $260,000
• 2017: $275,000
• 2018: $285,000
• 2019: $292,250
• 2020: $322,350
• 2021: $320,000
• 2022: $320,000
• 2023: $325,000
• 2024: $350,000

“In September, closed sales trended down, but the need to buy and sell was still evident in the decrease of days on market and increase in median sales price,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “With interest rates hitting their lowest in September, and knowing a transaction cycle is around 60 days, we should see the impact of dropping interest rates in the coming months.”

The average 30-year fixed rate mortgage fell to the lowest level of the year at 6.18%. That was down from 6.5% in August and 7.2% in September of last year.

However, there is a lag on the mortgage rates as buyers tend to lock in the rate and then buy several months later.

September’s low rates won’t really show up until October and November closings.

Also of note, rates have risen again here in October.

Statewide, inventory continued to recover off of its lows for the second month in a row, gaining 6.1% to 22,284 from 21,010 homes last year. Inventory still remains extremely low statewide.

But Chicago inventory continued to drop, falling 8.9% to 5,254 homes.

For comparison purposes, for the month of September:

• 2021: 9,478
• 2022: 8,163
• 2023: 5,768
• 2024: 5,254

“Our three-month forecast expects statewide closed sales activity in the fourth quarter of 2024 to be about 6 percent lower than levels seen in the fourth quarter of 2023, and prices of single-family homes are expected to increase by nearly 14 percent by the end of the year compared to December 2023,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago.

“Homebuying conditions continue to be challenging with affordability remaining a concern, but there are some signs that these conditions may ease with statewide housing inventories increasing starting in the second half of 2024 and recent declines in mortgage interest rates.”

Condo sales slumped more than single-family-home sales with condos down 15% to 976 while SFH sales were down just 7.2% to 667.

Number of days on the market in Chicago fell to 29 from 30 last year. It was also 30 days in September 2022. 29 to 30 days seems to be the new norm.

Given the lag in mortgage rates, and that they are again rising, are they a non-factor in influencing Chicago’s market for the rest of the year?

Illinois home sales fall while inventory and median prices rise in September [Illinois Association of Realtors Press Release, October 23, 2024]

This 2-bedroom in 320 W. Oakdale in East Lakeview came on the market in October 2024.

The building was designed by Milton Schwartz in 1955 and has 51 units and covered parking. It has many mid-century modern fans.

This is from Wikipedia about the building’s history:

The building at 320 West Oakdale is representative of the apartment building boom in Chicago, Illinois in the 1950s and 1960s. Milton M. Schwartz served as the building’s architect, contractor, and developer, and the building was his first major design. As such, he had complete control over the creative direction of the building, and so was able to tailor it to his interests.

Schwartz intended the building to serve as luxury apartments for the city elite. The apartment was designed so that residences had windows in three or four directions. Rooms were designed to resemble single-story ranch homes. The building was one of the first completely air conditioned all-glass apartments in Chicago.

Stark in its repetition and simplicity, it is a good example of the International Style. The building was highlighted in a 1955 Architectural Forum article about recent Chicago apartment buildings. In the article, it was compared favorably to nearby works by Ludwig Mies van der Rohe and Skidmore, Owings & Merrill. On April 23, 2013, the building was recognized by the National Park Service with a listing on the National Register of Historic Places.

There is on-site management, including an engineer, but no door staff. It has a bike room and a laundry room.

The listing calls this unit “mid-century modern perfection.”

It has walls of floor-to-ceiling glass windows with panoramic views of the lake, park and cityscape from the 20th floor.

There are hardwood floors in the main living areas.

The unit has a unique arched formal entry foyer.

It has a large great room which can really be used almost as 2 living rooms.

There’s a separate dining room which is open to the great room.

The kitchen has the original St Charles wood cabinets but has been updated with quartz countertops, stainless steel appliances, including a wine refrigerator, and terrazzo tile floors. It also has a peninsula which seats 3.

This unit has some of the features buyers look for including central air and parking for $25,000 extra but it doesn’t have in-unit washer/dryer. There is a laundry room in the building.

It also has just 1.5 baths instead of 2 full bathrooms.

This building is near Lincoln Park, the Diversey driving range, the shops and restaurants of Broadway and East Lakeview and multiple bus routes.

Listed in October 2024 at $550,000,  is this a dream unit for those who love mid-century modern architecture?

Brad Lippitz and Anne Killarney at Compass have the listing. See the pictures here (sorry, no floor plan).

Unit #2003: 2 bedrooms, 1.5 baths, 1600 square feet

• Sold in January 1996 for $140,000
• Sold in July 2007 for $384,000
• Lis pendens foreclosure filed in July 2012
• Bank owned in May 2013
• Sold in March 2014 for $259,000
• Sold in January 2022 for $465,000
• Currently listed at $550,000
• Assessments of $1235 a month (includes heat, a/c, security, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $8176
• Central Air
• No washer/dryer in the unit (laundry room in the building)
• Parking for $25,000
• Bedroom #1: 16×12
• Bedroom #2: 12×11
• Kitchen: 14×13
• Living room: 29×15
• Dining room: 16×14
• Foyer

This new construction 4-bedroom duplex down at 1457 W. Roscoe in the Southport neighborhood of Lakeview came on the market in September 2024.

Built in 2024, 1457 W. Roscoe is on a corner lot on Roscoe and Greenview. It has 3 units and garage parking.

The listing says it is a full masonry and limestone construction by Surf Development.

At 3100 square feet, it “truly lives like a single family home.”

It has an extra-large floor plan with 10 foot high ceilings.

The home has extensive crown moldings, wainscotting, and millwork throughout.

It has 3.5″ white oak floors throughout.

The living room has a custom built fireplace mantel with a marble surround. There is also a fireplace in the great room with built-in bookcases.

The first floor has the living room, dining room, great room and kitchen.

The kitchen has white cabinets, an extra large quartz island, luxury appliances including Subzero and a 48″ Wolf range, Wolf microwave and Cove dishwasher.

The lower level has all 4 bedrooms, 3 baths and a second family room.

The primary suite has a “spa-like” bathroom with double vanity, separate steam shower, heated floors along with a walk-in-closet.

There are 3 outdoor spaces including over the garage and a private deck off the primary suite.

It has central air and washer/dryer in the unit on the lower level.

This building is near the Southport corridor including all of its shops and restaurants and also near the Southport Brown Line stop.

Unit #2 in the building is already under contract listed at $874,000. It’s a 3 bedroom, 2 bath at 1550 square feet.

You can look at those pictures here.

This unit was originally listed in September 2024 for $1,549,999, went under contract in October, but came back on the market with a $50,000 price cut at $1.495 million.

Is $1.495 million the new price point for a luxury duplex down in Southport?

Mary McCauley at Surf Real Estate has the listing. See the pictures and floor plan here.

Unit #1: 4 bedrooms, 3.5 baths, 3100 square feet, duplex down

• New construction in 2024
• Originally listed in September 2024 for $1,549,999
• Under contract in October 2024
• Re-listed
• Reduced
• Currently listed at $1.495 million
• It doesn’t list an assessment
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Garage parking space included
• 2 fireplaces
• Bedroom #1: 13×13 (lower level)
• Bedroom #2: 11×10 (lower level)

This 2-bedroom at 3359 N. Clifton in the Wrigleyville neighborhood of Lakeview came on the market in October 2024.

Built in 1895, 3359 N. Clifton has 6 units and attached heated garage parking. The building is a walk-up.

It was converted into condos in 2003.

This unit is one of the turet units with a “blend of charm and comfort.”

It has 10-foot ceilings and oversized windows with 3 exposures.

Although the building is vintage, it doesn’t have much of its vintage charm on the interiors outside of hardwood floors throughout. There is no crown molding or fireplace.

The kitchen has been “refreshed” and has freshly painted gray cabinets (looks like they were white in the 2020 sale) and new white countertops (they were black granite previously).

The listing says there is a breakfast bar, but it looks like an island with seating for 2.

There is a living/dining room combo with gold light fixtures.

Even though it’s a vintage building, the unit has the features that buyers look for with central air, washer/dryer in the unit and one heated garage space included.

It also has private outdoor space with a deck off the kitchen for grilling and entertainment.

There’s also extra storage in the basement.

This building is located near both Wrigley Field and the Southport corridor but I choose to call it as being in Wrigleyville as it’s east of Racine.

However, shops and restaurants are just a short stroll away, with Two Hearted Queen cafe just a block away, as are bus lines and the subway.

It is not on the El (which is across the street on Roscoe)

Listed at $475,000, does this unit have it all for buyers looking under $500k in this popular neighborhood?

Curtis Crotty at Keller Williams ONEChicago has the listing. See the pictures here (sorry, no floor plan).

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

• Sold in November 2003 for $345,000
• Sold in July 2015 for $348,000
• Sold in June 2020 for $402,500
• Originally listed in October 2024 for $475,000
• Assessments of $300 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $7173
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Bedroom #1: 8×19
• Bedroom #2: 10×10
• Sitting room: 9×7
• Living room: 31×17
• Dining room: 10×9
• Kitchen: 10×13

This 3-bedroom in No. 9 Walton at 9 W. Walton in the Gold Coast came on the market in October 2024.

Built in 2018, No 9 Walton has only 66 units and attached garage parking. When it was built, it sold out quickly.

The listing says these are the amenities: “fitness room, indoor pool, hospitality room with catering kitchen, 2 guest suites, Pilates studio, golf simulator, 24-hour security/doorman, and house car.”

This unit is on the 27th floor and faces north and west.

The listing says  it is a “Donna Mondi masterpiece” with no detail missed. Every inch has been upgraded.

It has wide plank hardwood floors and crown moldings along with a a fireplace with custom marble surround.

The kitchen is “bespoke” with O’Brien Harris cabinetry, a large island with Iceberg Quartzite countertops, chef caliber appliances, a wet bar, wine storage and walk-in-pantry.

There is a living room and family room.

The primary suite is north facing and has access to a terrace. It has an en suite bath with oversized tub and separate his and her water closets.

The unit has a 2-sided terrace with lake and sunset views.

This unit has motorized window treatments and sound.

It has the features buyers look for including central air, washer/dryer in the unit in the form of a large laundry room measuring 14×11, and 2 garage parking spaces included.

This building is in the south part of the Gold Coast near the Rush street corridor, Washington Park, Oak Street and dozens of restaurants and shops.

There are currently 8 units for sale in the building but 4 of them are under contract:

• Unit #2402: listed at $5.65 million
• Unit #2902: listed at $6.495 million
• Unit #3700: (one of Ken Griffin’s 2 unfinished penthouse units) listed at $9 million– went under contract within days of being listed last week
• Unit #3800: (one of Ken Griffin’s 2 unfinished penthouse units) listed at $11 million– listed in July 2024 and under contract in October 2024 (has its own private pool)

This unit is #2702 and is listed at $6.895 million.

Is Chicago’s luxury market red-hot or is it just No. 9 Walton?

Susan Miner at Premier Relocation has the listing. See the pictures here (sorry no floor plan).

Unit #2702: 3 bedrooms, 3.5 baths, 4500 square feet

• Sold in July 2018 for $3.979 million
• Originally listed in October 2024 for $6.895 million
• Assessments of $4700 a month (includes heat, a/c, gas, parking, doorman, exercise room, pool, exterior maintenance, scavenger)
• Taxes of $123,841
• Central Air
• Washer/dryer in the unit
• 2-car garage parking
• Fireplace
• Bedroom #1: 24×20
• Bedroom #2: 15×14
• Bedroom #3: 14×12
• Living room: 18×12
• Dining room: 14×14
• Kitchen: 20×13
• Eating Area: 12×12
• Family room: 20×15
• Laundry room: 14×11
• 2 terraces

This 3-bedroom duplex penthouse in Grand Plaza at 545 N. Dearborn in River North came on the market in June 2024.

Built in 2003, Grand Plaza has 283 units and attached garage rental parking.

It’s a full amenity building with 24-hour door staff, on-site management, a party room, an exercise room, a basketball court and an outdoor pool and sundeck.

The listing says this unit “lives like a single family residence in the sky.”

At 2465 square feet, the living room, dining room, kitchen and one bedroom are on the main floor with the primary suite and second bedroom on the second floor.

The listing says “no expense was spared” in customization and upgrades.

It has 26-foot ceilings in the great room with two floors of windows, a custom brick fireplace, and a crystal chandelier.

The unit has a “state-of-the-art” kitchen with white cabinets a macauba quartzite island with seating for two, a custom tile backsplash and stainless steel appliances including a 5-burner gas range.

It has an additional wet/dry bar/kitchenette with 2 beverage refrigerators and custom Italian cabinetry.

The primary suite, on the second floor, has a walk-in-closet with Italian cabinetry and an en suite bath with dual sink vanity and walk-in-shower.

There are several private outdoor balconies on each floor.

This unit has the features that buyers look for including central air, washer/dryer in the unit and garage parking is available to rent.

This building is in the heart of east River North, near the Bally’s temporary casino, the Trader Joe’s and it’s just a block from the Eataly. There are restaurants and stores, the Red line subway and many bus lines nearby.

Listed in June 2024 for $1.38 million, it has been reduced $185,000 to $1.195 million.

The unit last sold in 2017 for $1.125 million.

Is this a deal for the size of the unit?

Benjamin Lissner at Baird & Warner has the listing. See the pictures here (sorry, no floor plan).

Unit #W3601: 3 bedrooms, 2 baths, 2465 square feet, duplex penthouse

• Couldn’t find the original sales price
• Sold in March 2017 for $1.125 million
• Originally listed in June 2024 for $1.38 million
• Reduced several times
• Currently listed at $1.195 million
• Assessments of $2555 a month (includes heat, a/c, gas, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $23,447
• Central Air
• Washer/dryer in the unit
• Rental parking available in the building
• Fireplace (gas)
• Bedroom #1: 12×17 (second floor)
• Bedroom #2: 12×14 (main floor)
• Bedroom #3: 16×14 (second floor)
• Living room: 22×18 (main floor)
• Dining room: 13×14 (main floor)
• Kitchen: 8×13 (main floor)
• Balconies (main and second floor)

This 2-bedroom in the John Hancock at 175 E. Delaware in the Gold Coast came on the market in October 2024.

Yes, I’m still calling it the Hancock even though the name has been removed. It will forever be named this, naming rights be damned.

Built in 1970, it has 703 units and commercial space at the base. It has attached rental garage parking.

It’s a city within the city as the building is full of amenities including a grocery store, USPS office, an indoor pool, a fitness room, 24-hour door staff, onsite maintenance and management, and coin laundry rooms.

The building now allows in-unit washer/dryers.

This unit has been “exquisitely renovated.”

Here is the prior listing description:

Northwest corner, two-bedroom/two-bathroom with stunning views of Lake Michigan is READY FOR YOUR DESIGNER! **THIS IS IN ORIGINAL CONDITION AND WILL REQUIRE REMODELING**

There are new “premium” hardwood floors throughout, with what looks like diagonals in the living and dining rooms.

There is a new Chef’s kitchen with modern European style white/gray touch open-close cabinets, Bosch appliances including the refrigerator and electric cooktop which also has a vent hood. It has a Miele microwave and oven, a Porcelanosa Spanish tile backsplash and Cambria countertops.

There is a dining room and built-in cabinets in the living room.

The unit also has wood wall features.

The primary suite has custom ceilings, a walk-in-closet with built-ins and a “spa-like” en suite bath with dual vanities, Porcelanosa Spanish tiles and Cambria countertops.

It has some of the features buyers look for including washer/dryer in the unit, but it doesn’t have central air as the Hancock has wall cooling units, and parking is rental in the building.

The unit has views of the lake, DuSable Lake Shore Drive north and city views northwest.

The Hancock is located on the Mag Mile and has a Starbucks, Cheesecake Factory and Benihana in its base. It is near Oak Street Beach, the shops and restaurants of the Gold Coast, Streeterville and River North. If you don’t want to shop in the in-building supermarket, the Whole Foods is just a few blocks away.

This unit sold in 2022 in its original condition for $355,000. It has come back on the market fully renovated at $850,000.

Buyers love “new.”

Will this sell quickly?

Matt Laricy at Americorp and Paul Ciccone at Zillow have the listing. See the pictures and floor plan here.

Unit #5402: 2 bedrooms, 2 baths, no square footage listed

• Sold prior to 1991 (in 1970???)- no price listed
• Sold in February 2022 for $355,000
• Listed in October 2024 for $850,000
• Assessments of $1217 a month (includes doormen, cable, exercise room, pool, scavenger, snow removal, Internet)
• Taxes of $9361
• No central air. Wall unit heating and cooling
• Washer/dryer in the unit
• Attached parking in rental garage
• Bedroom #1: 15×15
• Bedroom #2: 11×17
• Living room: 14×16
• Foyer: 5×12
• Kitchen: 8×14
• Dining room: 9×16
• Walk-in-closet: 7×11

This 3-bedroom in Crilly Court in the Old Town Triangle came on the market in September 2024.

Built in 1886, Crilly Court was apartments. It was converted into condos near the end of the housing bubble, in 2007.

There are 90 units and just 8 interior outdoor parking spaces which were set aside for the larger 3-bedroom units.

This unit has high ceilings, crown molding and refinished hardwood floors. But it doesn’t have any other vintage features.

There’s a fireplace in the primary bedroom but it is decorative.

The primary bedroom is also en suite.

The unit has new fixtures and custom window treatments.

It has a “modern” kitchen with dark wood cabinets, stainless steel appliances, and what looks like granite counter tops.

The dining area has a recently added banquette with storage.

There are two baths which have been “updated.”

The unit has the features that buyers look for including central air, and a “brand new” washer/dryer in the unit. This is one of the 3-bedroom units that does NOT have parking.

It has a private deck that overlooks the courtyard.

Crilly Court is in the heart of Old Town and is steps away from restaurants, shops and Second City.

Originally listed in September 2024 for $579,900, it went under contract but has come back on the market in October at the same price.

At under $600,000, is this a deal for an Old Town 3-bedroom?

Patty Cerny at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #1: 3 bedrooms, 2 baths, 1350 square feet

• Sold in February 2007 at $470,000
• Sold in May 2022 for $540,000
• Originally listed in September 2024 for $579,900
• Under contract
• Re-listed in October 2024 for $579,900
• Assessments of $593 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,689
• Central Air
• Washer/dryer in the unit
• No parking
• Decorative fireplace
• Bedroom #1: 20×11
• Bedroom #2: 13×9
• Bedroom #3: 9×12
• Living room: 10×14
• Kitchen: 13×5
• Dining room: 7×13
• Balcony

This 2-bedroom in 73 E. Elm in the Gold Coast came on the market in September 2024.

73 E. Elm is a favorite of vintage lovers. It was designed by famed Chicago architects McNally & Quinn in 1928.

It’s a boutique elevator building with just 48 units. There is 24-hour door staff and a roof deck.

There’s no parking but it’s available at 30 E Elm or 1150 N. Lake Shore Drive for rent.

This listing says the seller’s spared no expense on this unit but it appears, from the pictures, that the renovations might have been done as far back as 2015 (see the listing summary and pictures for the 2015 and 2019 sales).

It has dark hardwood floors in the main living spaces and a formal entry foyer with arched doorways.

There is a decorative fireplace in the living room.

The kitchen is open to a family room and has custom white cabinets, Subzero and Wolf appliances and an island with seating for 3.

There are built-ins in the family room which includes a wine refrigerator and a desk with cabinets.

There are French doors to the primary suite which has a walk-in-closet and a Carrara marble bath with a walk-in-shower and double vanity.

There is a second full bath in the hallway.

The listing says the unit has new windows.

It has space pac air conditioning but there is no washer/dryer in the unit, nor does the building allow them. There is a “full service” laundry room in the building.

This building is near the shops and restaurants of the Gold Coast plus Oak Street Beach and Michigan Avenue. There are several bus lines nearby.

Listed at $800,000, that is $107,500 above the 2019 purchase price of $692,500.

Will this seller get the premium in this hot market?

Ryan Gossett and Omar Gonzalez at Compass have the listing. See the pictures and floor plan here.

Unit #4A: 2 bedrooms, 2 baths, 1600 square feet

• Sold in June 2007 for $440,000
• Sold in December 2009 for $660,000
• Sold in July 2012 for $642,500
• Sold in August 2015 for $685,000
• Sold in July 2019 for $692,500
• Originally listed in September 2024 for $800,000
• Currently still listed at $800,000
• Assessments of $2186 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
• Taxes of $8787
• Space pac cooling
• No washer/dryer in the unit. Laundry room in the building
• No parking but available in the neighborhood
• Decorative fireplace
• Bedroom #1: 12×15
• Bedroom #2: 12×15
• Living room: 12×14
• Dining room: 10×14
• Foyer: 16×6
• Family room: 18×12
• Kitchen: 13×18
• Walk-in-closet: 6×7