Market Conditions: Is Chicago’s Spring Market Now Happening in June?
While home selling/buying was considered “essential” and was not shutdown in Chicago during the COVID-19 restrictions, sales still plunged in March and April.
Those are key months in the spring home buying season.
The question was, would we see a big rebound in both buyers and inventory when the city reopened or would the recession keep sales depressed?
From Dennis Rodkin at Crain’s:
At the beginning of June, Rachel Frenzel was representing six homes for sale in Bridgeport, Midlothian and other locations. By mid-month, four were under contract, all after receiving multiple offers.
“It was crazy,” said Frenzel, a HomeSmart Realty Group agent. “It seems like after being stuck at home from the pandemic, suddenly people were out in force ready to find their next home.”
Linda Lee Tuggle, a Berkshire Hathaway HomeServices Chicago agent, put a two-bedroom condo in the Narragansett, an Art Deco skyscraper in the Chicago Beach section of Kenwood, on the market June 10, priced at $239,000. Five buyers called to look at it right away, she said, and once a solid offer was in hand, “I started turning people away when they called.” It was under contract June 14.
Here’s some stats that back up the anecdotal.
The week ended June 15 was the second in a row when more Chicago-area homes went under contract than in the corresponding week a year ago. It was also the first time that more homes went under contract than the week ended March 16, the last week before the crisis took hold. Buyers put 4,846 homes under contract in the week ended June 15, an increase of nearly 39 percent from the same time a year ago.
Open houses and showings are also up.
The June market appears to be hot.
Was fear about a big hit to Chicago’s housing market overblown?
Or is the housing downturn still to come later in the year as the recession impacts are felt?
Here comes the residential rebound [Crain’s Chicago Business, by Dennis Rodkin, June 16, 2020]
Why the pix of Poinsettia?
What’s the city/suburban split compared to March and last year? Is this a sign of a rush (even if rather small) away from the city, for more space, or both?
Listing for the unit Rodkin references:
https://www.redfin.com/IL/Chicago/1640-E-50th-St-60615/unit-13C/home/13948639
Very nice, and super cheap for the size and updates, but almost $1 psf assessments for zero amenities.
Interesting article about “panic moving” https://www.theatlantic.com/health/archive/2020/06/pandemic-cities-moving-remote-work/613069/
“Interesting article about “panic moving” ”
It won’t be just panic buying or remote working that destroys downtown urban areas, it will companies returning to the cheap and plentiful suburban office markets. Few are willing to return to the offices if it means squeezing into a cramped commuter train or bus.
The suburban office market revival started before the pandemic and even before the stay at home orders in mid-march, the market was predicted to continue improving. The days of packing thousands and thousand of people into cramped 50 story office buildings are over in the era of the coronavirus.
https://www.cpexecutive.com/post/will-chicagos-suburban-office-revival-continue/
The riots surely didn’t help and if history is any indicator, Chicago is in for another decades long decline.
The goal of every Chicago, for my entire life, has been to prevent CHicago from turning into a blighted Detriot or Baltimore. That day has finally arrived with Lori Lightfoot uttering obscenities at her aldermen, letting her voters burn their neighborhoods to the ground, and pleading with retailers to come back and open up ship without any assurances that it won’t happen again.
Good bye Lori! It was nice voting for you, while it lasted!
“Listing for the unit Rodkin references:
https://www.redfin.com/IL/Chicago/1640-E-50th-St-60615/unit-13C/home/13948639
Very nice, and super cheap for the size and updates, but almost $1 psf assessments for zero amenities.”
I’ve heard heating a place like this is a $1000/mo
Cool looking place but along with the assessments, no AC and having to go thru a bedroom to get to a bathroom makes it challenging to see any value here
So, we’re like 3 weeks from the start of the protests and there doesn’t appear to be any spike in covid cases in the cities where large protests took place, right?
What does this mean for outdoor events? Are protests sorta unique because people are mostly moving? Or does this give us a data point about all large outdoor gatherings?
“Are protests sorta unique because people are mostly moving?”
Don’t think they were moving much in Lafayette Square except when there was smoke/gas/pepper in the air. But that’d be people from at least 3 (and probably more like 10+) states, so tracking that would be more complicated.
But yeah, by the end of June, we should have a really good idea about relative risk of outdoor, warm-ish weather, gatherings, and so far it seems pretty low.
“having to go thru a bedroom to get to a bathroom”
That might be an easy fix, with the back to back closets into the hall.
Here’s a reasonable comp (mainly in price being killed by HOA) on the northside:
https://www.redfin.com/IL/Chicago/3314-N-Lake-Shore-Dr-60657/unit-2D/home/13374053
The HP (yeah, I know, Kenwood) unit is waaaaaay nicer.
The racist, ignorant, HD rears his ugly head…
He cites a *TRADE* publication article from *2018* to talk up the suburban office market…. hahahaha
He ridiculed Pritzker and others for overreacting to Covid 19, now he says it’s going to permanently destroy cities…
You are an ignorant joke, my man…
“So, we’re like 3 weeks from the start of the protests and there doesn’t appear to be any spike in covid cases in the cities where large protests took place, right?”
It’s because covid-19 is bullshit. What you really should fear is not covid but what the coordinated global lock down is really about.
“what the coordinated global lock down is really about.”
Should we ask Q?
“It’s because covid-19 is bullshit.”
I guess you should ask those 16 women who went out for a night out on the town in Jacksonville on June 6, spent time inside the crowded bar, and all got COVID, along with 7 employees. Is it bullshit to them? I hope they all recover.
And if this is a “coordinated” global lock down, please tell me who’s in on the coordination (and who is not) because Mexico never shut down. Neither did Brazil. Egypt only partially shut down and now they’re in an emergency situation as the hospitals are out of space. Vietnam totally crushed it and also never shut down.
So, again, marko- what was the point of the “coordinated global lock down” if not everyone locks down?
LMFAO.
“Or does this give us a data point about all large outdoor gatherings?”
It’s still unclear Madeline but the big outbreaks are all seemingly coming from indoor activities like the church in Oregon and the bar in Jacksonville. Lake of the Ozarks didn’t produce an outbreak. And people have been eating out at restaurants in Florida, Georgia and Arizona for over a month with no big outbreaks at those particular restaurants.
It seems the air can really disperse it.
“it will companies returning to the cheap and plentiful suburban office markets.”
No. All the employees they want are still in the cities. And Chicago over the last weekend just shows you that if you live in Lakeview and work at Google in Fulton Market, you’re not going to move anywhere. They shut down Broadway to put tables out in the street and it was packed.
No one is afraid. Only those of you in the suburbs are. Companies will let workers work from home for the rest of the year, if they want to. No reason to move.
And hopefully in 2021 they’ll have a vaccine. Then, where do you want to be? In the city.
Also, no one “burned their neighborhood to the ground.”
Just stop the gaslighting HD. The country has bigger issues than the crap you complain about all the time on this blog. There are 20 million people out of work and their unemployment is only going to last another 7 weeks. Then what?
Good article Madeline. Thanks for posting it.
So most of the people in the article were already planning on moving to the suburbs even before COVID. But being stuck in a 1-bedroom apartment with their 13 month old only sped up their decision making process. Additionally, no use staying a few extra months, or a year, in NYC if everything is mostly closed anyway. Might as well move now while rates are 3%.
“Why the pix of Poinsettia?”
Because it’s a cool building.
COVID is a hoax. It’s just the flu. A form of the flu.
It’s part of a Deep State simulation to test Gvt. measures, like how the Patriot Act was implemented, and we can never get rid of it. The Patriot Act is not used any more for “islamic terrorism” but to control Americans. Funny how they aren’t using it against Antifa however.
“Was fear about a big hit to Chicago’s housing market overblown?”
Yes, COVID will eventually cease to be a significant threat over time, if it ever was one.
It is deeply disgusting to see the Left completely disrgard COVID and all the measures to let anti-white hate and rioting occur. They’re going to lock up COVID scofflaws now? LOL, instead of all the looters?
I think this, like 9/11, will pass. But the Gvt. measures will remain. All the anti-white quotas and racism will remain too. BLM’s tantrum produced results for the covetous rioters who want what they didn’t work for or study for.
It’s super hot out there now (both literally and figuratively.)
Multiple bids. Properties going under contract within hours/days.
Luxury condos only thing lagging and that’s because there IS inventory there. But even luxury SFH in many neighborhoods are in demand.
Does this last all summer?
Seems to be a good sign for the economy that real estate remains this hot.
“It’s part of a Deep State simulation to test Gvt. measures”
So the Deep State in Britain, France and Italy all decided to “test government measures” too? All the Deep States are coordinating? How’d New Zealand get left out of the plan? And did Sweden’s Deep State just revolt and decide not to do the “test” of the “measures”?
My god. The delusions are amazing, aren’t they?
“Britain, France and Italy” and NZ
Of course. It’s all part of the same scheme. Nobody in any of these countries wants the program: open borders, being flooded with non-white racists, anal taught in schools, abortion, jobs shipped overseas.
You think it’s not coordinated? Japan somehow gets to be exempt, and Israel too.
NZ has the biggest c*unt prime minister no different in any significant way from the governor of Michigan.
Wow, Sabrina you must think things aren’t connected. Stop living in the Middle Ages, lol.
So, Hof’s answer to my question is a hearty “YES, ASK Q!”
If I ever need a tinfoil hat I know who to ask!
“So, Hof’s answer to my question is a hearty “YES, ASK Q!””
Yep. Such little minds.
We’ve always known HH was a racist, sexist, homophobic, anti-Semite, but the conspiracy theories are just beyond.
This is what happens when you’re retired and have nothing else to do with your life. Damn. ‘
“Wow, Sabrina you must think things aren’t connected. Stop living in the Middle Ages, lol.”
How does Egypt, India and Mexico fit in?
Egypt’s hospitals are full. Cases and deaths are spiking. They don’t want open borders either?
India shut down its economy for…fun? To join in on the conspiracy?
And Mexico’s economy has gone to the dogs as tourism is a big part of GDP. What’s in the conspiracy for them? Why would they want closed borders when that means millions out of work?
You didn’t reply to my question about how Sweden was left out of the conspiracy. Based on your theory, it would make sense that they WOULD want to shut down their economy. So why didn’t they?
“COVID is a hoax. It’s just the flu. A form of the flu.”
Kinda like a hurricane is just a form of wind and rain.
“Multiple bids. Properties going under contract within hours/days.”
Plain and simple the data does not support this. In fact, May market times increased slightly from a year ago.
Dennis got his data from the MLS system. When they run last year’s contracts written all the contracts that fell apart afterwards are removed. Then they compare that to this year’s contracts written, none of which have had time to fall apart yet. This makes this year’s contracts always appear to be 10 – 15% higher than it really is.
In addition, the city is not doing as well as the suburbs in recovering. Hmmmm. I have the weekly contract data for the week ending June 6. On an apples to apples comparison detached contracts are down 9% from last year while attached contracts are down 12%. When I say apples to apples I mean comparing this year’s numbers to the numbers which were reported a year ago on the same basis as the numbers reported this year. However, if you go back now and try to calculate last year’s numbers they will be lower for the reason I stated above.
The market is recovering but it’s not super hot.
Hey Jack-ass, the article was dated 3/12/2020, not 2018. Why do you have to lie?
As for the ‘racist’ comment, I’ve never posted a racist comment on this website, ever. None of this has anything to do with race. Keep in mind that Nancy Pelosi’s father and brother have been mayor of Baltimore for all but 8 of the last 50 years.
Sabrina you should consider moderating the comments on the blog. Sure it may hamper instantaneous posting but will prevent the nasty comments from being posted. Thx
Thanks Gary for the non-shill data and non-shill reporting of said data
Now if we can get rid of the shill anecdata…
Sabrina, I implore you to not let comments like helmethofer continually makes, stand on this blog. There is no place for his brand of horrific hate spewing, and now is the time for us to stand up and say enough.
“As for the ‘racist’ comment, I’ve never posted a racist comment on this website, ever. None of this has anything to do with race. Keep in mind that Nancy Pelosi’s father and brother have been mayor of Baltimore for all but 8 of the last 50 years.”
said the ignorant racist…
“That day has finally arrived with Lori Lightfoot uttering obscenities at her aldermen, letting her voters burn their neighborhoods to the ground, and pleading with retailers to come back and open up ship without any assurances that it won’t happen again.”
Lori only got something like 15% of the city to vote for her (I can’t remember if that was of total population or voters). She started out unpopular from the “left” and it looks like she’s gotten more unpopular overall. I never bought into her “outsider” shtick – outsiders don’t get appointed by Rahm or Daley.
The south side really got hit badly by looting (it looks like around 1/3 of stores are boarded up, on average, depending on where) and I think people are starting to get their houses listed and are voting with their feet – especially the black middle class. A lot of people feel like lori protected the north side more than us.
“Nancy Pelosi’s father and brother have been mayor of Baltimore for all but 8 of the last 50 years.”
There have been 8 mayors of Baltimore over the last 50 years, half of the time being a black man or woman (6 of them), and ~12 years a black woman (3).
Aside from the math, you’re saying that Governor Schaeffer is Pelosi’s father, and Governor O’Malley is her brother?
Or, aside from the math, do you think it is 1971? When it was 16 of the last 24 that a D’Alesandro was mayor.
all you losers like jack, NONA, MZ clearly have no sense of humor and are total losers by telling someone running a blog to CENSOR someone on the internet. You are no better than him you fucking karens
“You are no better than him you fucking karens”
——————————-
Actually I’ve been told I’m pretty good, and yes, some of those women were named Karen.
Cook County Treasurer’s website has 2nd installment 2019 tax bills available as of …. now. The bill will be mailed in two weeks but check it out early online.
I live in that little sliver of Long Grove that is in Cook County so I get a Cook County Tax bill.
“I live in that little sliver of Long Grove that is in Cook County”
I would have to guess that you’ve lived there for all but 8 of the last 50 years, too.
Nancy Pelosi’s father and brother have been mayor of Baltimore for all but 8 of the last 50 years.
Even if this were true (it’s not), WTF does this have to do with the discussion at hand?
“WTF does this have to do with the discussion at hand?”
It’s the deep state Madeline. If you knew the *real reason* for the global lockdown, then you’d understand. QAnon has the answers! And will share them with all who come with open hearts and clear minds.
Since you’ve been told, and refuse to believe, that means you’re either part of the deep state, otherwise on the Soros take, or a minister of the Rothschild cabal.
Hail Xenu!!
“Since you’ve been told, and refuse to believe, that means you’re either part of the deep state, otherwise on the Soros take, or a minister of the Rothschild cabal.”
Since Pederast island has shut down (Epstein didn’t kill himself), they’ve switched from Comet pizza to Jeni’s Ice Cream
“Since you’ve been told, and refuse to believe, that means you’re either part of the deep state, otherwise on the Soros take, or a minister of the Rothschild cabal.”
Qanon is the Russia conspiracy theory for the right. Except that like maybe 1% of conservatives playfully go along with the Qanon deep state conspiracy, 99.8% of Democrats actually believed the Russia nonsense, and no matter how much you show them evidence other side, their unwavering faith won’t let them see the truth.
Here’s an article about protests and the ‘rona:
https://slate.com/news-and-politics/2020/06/protests-covid-outdoor-masks.html
When tens of thousands of people hit the streets protesting the police killing of George Floyd, many worried that the crowds—often too dense to allow the recommended 6 feet of social distancing—would spark a new wave of COVID-19 cases. Yet in New York, city and state officials tell me, there have been no spikes of the illness.
Nor have there been sudden surges in several other cities where large demonstrations were held, including Minneapolis, where Floyd was killed and the first protests erupted, and Philadelphia. Spikes have occurred elsewhere—especially Texas, Arizona, Florida, and California—but they coincided with the reopening of bars, restaurants, and other indoor establishments, making it hard to trace the upticks to the protests.
The absence of surges in the cities with massive demonstrations but few other large gatherings has taken many officials and health analysts by surprise. However, as they’ve examined the data and the video footage, one thing has clarified matters, to an extent: A large percentage of the protesters wore masks.
Actually meant to quote this part:
What’s new in the data about the demonstrations is that social distancing may be much less important, may be not much of a factor at all—at least if the crowds wear masks and the crowding takes place outdoors.
“like maybe 1% of conservatives playfully go along with the Qanon deep state conspiracy, 99.8% of Democrats actually believed the Russia nonsense”
Cite, please.
Or did a Realtor* do the research for you?
*tm
Suzanne researched this!
https://www.youtube.com/watch?v=20n-cD8ERgs
It’s always a good time to buy, or sell, a home!
“What’s new in the data about the demonstrations is that social distancing may be much less important, may be not much of a factor at all—at least if the crowds wear masks and the crowding takes place outdoors.”
If this is true, and Slate’s anonymous New York state and city officials mean nothing to me, then Fat Billionaire’s Pritzker’s shutdowns were for naught, and his dumbass used bad science, and even worse data, to purposely destroy Illinois’s economy, and send our state’s finances over the cliff. Our surrounding neighbors are all mostly open – there will be 4th of July fireworks in Indiana – while IL remains mostly shut down. There’s no other conclusion except that he’s a fraud who can dine indoors himself in Fontana, Wisconsin, or visit his family in FL, but the rest of us are forced to stay-at-home with unnecessary travel forbidden.
^racist… and ignorant
Pritzker’s shutdowns were for naught
How do you figure? Were you planning to go to a lot of outdoor events in mid-March?
Outdoor dining has been allowed in Illinois restaurants for the last 3 weeks. Before that, there were maybe 4 days that were warm enough to dine outside. Indoor dining still appears to be unsafe.
I’m not a big Pritzker fan (I voted for Rauner), but it’s ironic to hear him being called a “fat billionaire” by someone who doesn’t want to acknowledge there’s also a fat billionaire in the White House. If being fat and a billionaire is bad, why is it only Pritzker being called out?
“Russia nonsense?” I believe what I saw and heard with my own eyes and ears. “Russia, if you’re listening…”
Because J.B. is fatter, And as you all like to say, trump isn’t really even a billionaire.
As for Russia Russia Russia, like I said above, your irrational beliefs supersede the three years of factual investigations.
“Our surrounding neighbors are all mostly open – there will be 4th of July fireworks in Indiana – while IL remains mostly shut down.”
Thank god.
Based on the temperature app, Missouri is next in line for an outbreak, apparently. Temperatures are spiking there. Usually takes a week or two before there is a confirmed outbreak. They never shut down completely although some cities like St. Louis did manage to put restrictions in place.
“so is practically everyone else here, including the dumb GZ whites and single-forever feminists who support people who hate them but are still hiding it.”
Wouldn’t we all like to know why HH never married or had kids?
This is why.
“Or, aside from the math, do you think it is 1971? When it was 16 of the last 24 that a D’Alesandro was mayor.”
HH is old, as I’ve said. Only someone Nancy’s age even knows about Nancy’s family (or cares.) And most of his comments on this blog are set like 30 or 40 years ago.
“And most of his comments on this blog are set like 30 or 40 years ago.”
Not to defend HH, because he is an evil, angry person with dangerous thoughts, but calling out his ‘age’ is ageism, and is another insidious form of bigotry that HH himself traffics in.
Keep in mind that Nancy Pelosi’s father and brother have been mayor of Baltimore for all but 8 of the last 50 years.
I’m sorry. I’m apologizing to HH for my other comment. It was HD who brought up the nonsense about Nancy Pelosi, which has nothing to do with anything, not HH.
I assumed it was HH since he’s close to her age enough to obsess about her.
Lol.
You both are nuts. I can’t tell which is making the dumb comments these days.
“Plain and simple the data does not support this. In fact, May market times increased slightly from a year ago.”
Location, location, location Gary.
You know it’s the number one thing in real estate. If you have a 3-bedroom townhouse in Southport you will sell it within 2 days with multiple offers (as we just saw.)
If you have a 4-bedroom $2 million condo in River North, you’re not getting multiple offers, nor a contract in 2 days. Market times will go way out for some of those properties.
Also, Chicago hadn’t reopened in May. We’re discussing the June market here.
“Sabrina, I implore you to not let comments like helmethofer continually makes, stand on this blog. There is no place for his brand of horrific hate spewing, and now is the time for us to stand up and say enough.”
I have deleted them over and over again.
“I think people are starting to get their houses listed and are voting with their feet – especially the black middle class.”
So there is a surge of properties going on sale in Chatham?
That used to be the big black middle class neighborhood.
“Not to defend HH, because he is an evil, angry person with dangerous thoughts, but calling out his ‘age’ is ageism, and is another insidious form of bigotry that HH himself traffics in.”
You ARE defending him. Because birds of a feather and all of that.
And yes, I’m calling out his age. I’m tired of people saying “he’s old” to excuse the racist bullshit.
“You know it’s the number one thing in real estate. If you have a 3-bedroom townhouse in Southport you will sell it within 2 days with multiple offers (as we just saw.)”
No
Either quit lying or admit you are a shill. Plenty more but not sure how many links are allowed.
https://www.zillow.com/homedetails/3814-N-Greenview-Ave-3-Chicago-IL-60613/65559701_zpid/
https://www.zillow.com/homedetails/3708-N-Southport-Ave-3-Chicago-IL-60613/2103101501_zpid/
https://www.zillow.com/homedetails/1211-W-Belmont-Ave-3W-Chicago-IL-60657/2079293791_zpid/
“If you have a 3-bedroom townhouse in Southport you will sell it within 2 days with multiple offers (as we just saw.)”
If you have a 4-bedroom $2 million condo in River North, you’re not getting multiple offers, nor a contract in 2 days.”
Don’t you think it depends on price?
“Either quit lying or admit you are a shill. Plenty more but not sure how many links are allowed.”
Um…yes, Johnny U. Quit being an asshole.
https://www.redfin.com/IL/Chicago/3543-N-Bosworth-Ave-60657/unit-A/home/13384074
And the one we just chattered about this week:
https://www.redfin.com/IL/Chicago/3401-N-Janssen-Ave-60657/unit-B/home/13383574
“ Don’t you think it depends on price?”
Does it matter when she’s lying?
I posted a links that showed that she was lying re:Southport
Funny it’s not there anymore…
As I said JohnnyU: townhouses.
None of the links you provided were townhouses.
They are selling really quickly in the $500,000s. Obviously. Within 3 days both of these were under contract.
Sabrina quit being a intellectually vapid lying shill
There’s plenty more properties that are contra to your statement. Let me know if you want more
I await the goalpost moving
“Don’t you think it depends on price?”
Like I said, location, location, location.
Oh- and let’s add on inventory.
Is there ANY inventory in the lower price points on the north side? No. So when something comes on it sells instantly.
How many months of inventory for condos over $2 million? I genuinely don’t know but I’m guessing about 24 months. Maybe more. And when the Vista starts closings it will get even worse. Only place the expensive condos have been hot is in the West Loop.
Lying liar
https://www.zillow.com/homedetails/3842-N-Southport-Ave-K-Chicago-IL-60613/99346214_zpid/
https://www.zillow.com/homedetails/3150-N-Lakewood-Ave-UNIT-6-Chicago-IL-60657/80832112_zpid/
https://www.zillow.com/homedetails/3940-N-Janssen-Ave-Harvey-IL-60613/3710856_zpid/
Here’s two townhouses that have sold this week. Under contract within a few days.
LIKE I SAID.
https://www.redfin.com/IL/Chicago/3543-N-Bosworth-Ave-60657/unit-A/home/13384074
This is the property we chattered about earlier this week.
https://www.redfin.com/IL/Chicago/3401-N-Janssen-Ave-60657/unit-B/home/13383574
Go to bed JohnnyU. Get some sleep. Wake up and be a better person tomorrow.
I said the townhouses came on the market in June. It is HOT in a certain price point and neighborhood because there is NO inventory. Record low inventory.
You didn’t
Have another boxed Prosecco and pet your cats and give it a rest
“Not to defend HH, because he is an evil, angry person with dangerous thoughts…”
Oh dear. I’m having a cup of coffee and plotting “dangerous thoughts” today! HD, you are moron. Chicago has multiple murders a day, God knows how many rapes, robberies, and drug fueled bitch-slapping assaults… but it’s those “dangerous thoughts” that you worry about? Moron. You have no sense of humor either.
“horrific hate spewing”
Lol!! that’s another gem. How about the actual racist BLM hate tantrum which resulted in actual deaths and massive destruction in the billions $? Not horrific apparently.
“If being fat and a billionaire is bad, why is it only Pritzker being called out?”
Trump is not obese like Pritzker. Trump has been a thin person his entire life and women threw themselves at the guy repeatedly. Before Trump became a Republican almost any woman alive would’ve wanted to be with him. He attracted as many women as pro athletes. Pritzker on the other hand has always been a slob. If a person cannot even control his own urges, falls into gluttony and refuses to control it, then why should we trust such a person with bigger decisions? Pritzkers are horrific people, the brother James had a sex change. We deserve what we have, voting for loser Democrats all these years. Now the CPS might not even open in the Fall. Horrific and dangerous.
hmmm, HH sounds a lot like a self-loathing, closeted homosexual to me…
3-bed for under $600K in Southport (absent things wrong with them) selling quickly doesn’t suggest a very hot market.
Like Gary said, price is what determines how fast properties are selling.
The middle class has been seeping out of Chatham and Pill Hill for years, but has accelerated over the past few years. There used to be a lot of stable middle/lower middle areas, but I think they are stressed and will see a lot of black flight, not just to the south suburbs, but out of the area or to less expected places.
A lot of black families have moved from places like Bucker Park, among others, to Olympia Fields and Homewood for bigger houses and better schools. I’m waiting to see what happens to Bronzeville/Grand Boulevard/Douglas which have had crazy price increases over the past 5-6 years.
“I’m tired of people saying “he’s old” to excuse the racist bullshit.”
There are *so many* excuses. And they are all bullshit.
“3-bed for under $600K in Southport (absent things wrong with them) selling quickly doesn’t suggest a very hot market.”
Not to leave out TH, too, as a requirement.
In the last 3 years, per Redfin, there have been 7 sales of 3+ bed THs in “Southport” (IPR-Belmont b/t Ashland-Racine) for $650k or less: 3 at 1350 Byron, and 2 at 3728 Janssen, along with 3543 Bosworth, and 3614 Lakewood.
There is currently one listed (and the two at 3401 Janssen under contract): https://www.redfin.com/IL/Chicago/3940-N-Janssen-Ave-60613/unit-E/home/13385219
That would be mainly a story of a lack of inventory at the price point. I think that any builder who could get a 50’+ x 125′ corner in that area could do very well building 5 or 6 THs. BUt I don’t know that there are a lot of older buildings left on the corners (could go ride around and count, but it’s hot today).
JB was born a billionaire, Trump actually has done a few developments and projects of value…
also regarding JB how the fuck are you a billionaire with no job and are horrendously fat? can’t afford a personal trainer? don’t have the time for it?
f-u on the Ths:
3940 Janssen looks like a totally typical 3/2.5 TH, but it doesn’t have any bonafide outdoor space–there’s a bit of a porch, but it’s small, and pretty much faces a neighboring condo building. End units in the complex seem to have a little usable outdoor space.
It’s been on the market for 50 days, but I’d bet a fiver that they’ve had offers that start with a 5 and they aren’t biting.
Was $280 new in ’96 (+cpi = $458); $437.5 in ’01 (+cpi = $634). Which is thus part of why they think $649 is the right price.
“3-bed for under $600K in Southport (absent things wrong with them) selling quickly doesn’t suggest a very hot market.”
Not to leave out TH, too, as a requirement.
In the last 3 years, per Redfin, there have been 7 sales of 3+ bed THs in “Southport” (IPR-Belmont b/t Ashland-Racine) for $650k or less: 3 at 1350 Byron, and 2 at 3728 Janssen, along with 3543 Bosworth, and 3614 Lakewood.
There is currently one listed (and the two at 3401 Janssen under contract): https://www.redfin.com/IL/Chicago/3940-N-Janssen-Ave-60613/unit-E/home/13385219
That would be mainly a story of a lack of inventory at the price point. I think that any builder who could get a 50’+ x 125? corner in that area could do very well building 5 or 6 THs. BUt I don’t know that there are a lot of older buildings left on the corners (could go ride around and count, but it’s hot today).”
So if you have a unicorn (Amenities and price) and you can sell said unicorn, it signals a Hawt ™ Market?
https://www.zillow.com/homedetails/2743-N-Wayne-Ave-APT-B-Chicago-IL-60614/3729244_zpid/
Interesting what the lead is to the above property
“*See Virtual Tour* Suburb-like living in this absolutely beautiful 3 bed/3 bath townhouse in a quiet pocket of Lincoln Park!”
Why would a realator want to give the impression of suburban living in the Heart of the city? After all everyone want to live & work in the city
There is no inventory and people are looking.
I love how people who don’t live in Chicago are all commenting that the market isn’t hot. You are all clueless. Lol.
But hopefully that’s why you read Cribchatter.
Also, we’ve had the “city is doomed” folks on this cite several times over the last 10 years. Hasn’t worked out for them yet.
Where did Bob go? I guess his bearish thesis isn’t working out (for now) so he’s just lurking and waiting until he can come back and post some gloom. Maybe when we have the second wave.
“There used to be a lot of stable middle/lower middle areas, but I think they are stressed and will see a lot of black flight, not just to the south suburbs, but out of the area or to less expected places.”
This has been happening for 2 decades now. It’s well documented. The black population of Chicago has been on the decline. They have moved to the suburbs and to other cities like Atlanta. We’ve chattered about this in the past.
Regarding the market time vs. pricing debate…I actually did an analysis a couple of years ago that proved what I thought was obvious. The lower you price a home the faster it sells. Duh! See the aggregate statistics in the second graph here: http://www.chicagonow.com/getting-real/2018/08/chicago-real-estate-market-how-fast-homes-have-been-selling-in-2018/
“https://www.redfin.com/IL/Chicago/3543-N-Bosworth-Ave-60657/unit-A/home/13384074
This is the property we chattered about earlier this week.
https://www.redfin.com/IL/Chicago/3401-N-Janssen-Ave-60657/unit-B/home/13383574”
I see these properties are less than $600K. I hear Chase and other major banks are not processing jumbo loans now. Which banks are people using to purchase more expensive SFH?
We just closed one about a month ago using Wells Fargo. At the time there were rumors that nobody was doing them.
“We just closed one about a month ago using Wells Fargo. At the time there were rumors that nobody was doing them.”
Jumbo loans were halted at the height of the coronavirus sell-off. The mortgage market was a complete mess and came to a halt.
But that was fixed months ago and they have resumed lending.
“The black population of Chicago has been on the decline. ”
See: CPS failures, a move to the suburbs (halfway down)
https://www.chicagotribune.com/opinion/letters/ct-letters-vp-061820-20200617-uyb5k6c2gfholdbar4ayndfr2a-story.html
Sad story of abject failure. Refreshing to read honesty, as opposed to lies, mendacity, Trump-blaming, hysteria, left wing hate, etc. spewed by idiotic feminist whites or some social-sciences “educated” anti-white persons of color.
I’d be curious, hypothetically, to know that if it looked like West Town SFHs could fall 30% in value, wiping out 70% of someone’s equity (ahem Gary) would you move to avoid the financial loss? Or stay as a matter of principle because fleeing is supposedly racist? And it wouldn’t be right henceforth to look oneself in the mirror.
IAR is saying May sales declined 44% year/year, the largest such decline in their history.
https://www.chicagobusiness.com/residential-real-estate/home-sales-plunged-most-12-years
Anyone who was thinking that real estate valuations can survive the civil unrest & covid shutdowns must be a grade A idiot as rates can’t really go much lower and property taxes are going much higher.
No one is fleeing Chicago due to COVID or the protests.
Property taxes? Sure. We’ve read stories of some people leaving due to that reason in the Tribune’s story about people who have moved.
If I was a retired Baby Boomer, why would I keep my expensive suburban home with the high taxes? I would move to Florida or Texas with its low income tax rate too. Or Michigan. Lots move to Michigan because it’s pretty favorable to retirees. And it’s still close enough to see the grandkids.
There was always going to be turnover of homes/condos due to the Baby Boomers retiring and downsizing. I expect most of the Gold Coast to turn over to younger buyers in the next 10 years. It’s really old there now.
Also, HH’s view that people are “fleeing” because of CPS failures is old news. From like 20 years ago. Like I keep saying, he’s old and lives in the way, way, way past. He’s not even in the reality of the current era.
And I don’t know why anyone would bring Trump up in regards to the city of Chicago. Presidents don’t have anything to do with the cities except this administration is going to have to bail them all out of their COVID budget hole.
“I’d be curious, hypothetically, to know that if it looked like West Town SFHs could fall 30% in value,”
This didn’t even happen after the largest housing bubble in the history of the city. It’s not going to happen now.
“IAR is saying May sales declined 44% year/year, the largest such decline in their history.”
This makes sense. As those would have gone under contract in March and April, but nothing went under contract then because of the shutdowns.
That’s why June is basically the new spring market. It was delayed by about 3 months.
Bob the Bear is wrong again. The Millennials are the largest generation in US history. They are reaching marriage/children age and they want to live in the city.
Also, just a reminder, HH doesn’t live in Chicago. And he never has.
Sabrina, thanks for posting the pic of the lovely Poinsetta Apartments building. I didn’t know this place existed- I need to get down to Hyde Park more often.
“Sabrina, thanks for posting the pic of the lovely Poinsetta Apartments building. I didn’t know this place existed- I need to get down to Hyde Park more often.”
There are some great vintage buildings in Hyde Park. Not all are condos, as the Poinsetta Apartments have remained apartments. It’s gorgeous and unique on the outside. I have no idea what remains on the inside though. Lol.
Hyde Park is stuffed with gorgeous vintage buildings, rental and for purchase alike. Too bad some of the most beautiful are co-operatives. When this city was growing like a weed in the 1910s and 20s, Hyde Park was one of the most glamorous neighborhoods in the Midwest.
Better, there is more really colorful terra cotta embellishment on buildings around there, than in any other neighborhood in Chicago, or at least it appears to me.
“I’d be curious, hypothetically, to know that if it looked like West Town SFHs could fall 30% in value, wiping out 70% of someone’s equity (ahem Gary) would you move to avoid the financial loss?”
I’m very concerned about financial loss in Chicago real estate. I would leave in a heartbeat if I could. Unfortunately, we have a few reasons to stay here. Given that we are staying I wouldn’t move to another area because I think this area is just as promising/ doomed as some of the other alternatives.
And I don’t give two shits about appearances.
“When this city was growing like a weed in the 1910s and 20s, Hyde Park was one of the most glamorous neighborhoods in the Midwest.”
You can tell in the real estate. It has that vibe again, actually. Lots of energy and cool things happening there. It’s almost like you’re in another city when you’re there. Lol.
“No one is fleeing Chicago due to COVID or the protests.”
Well, this ain’t Syria, so it’s not like there are massive groups of migrants, carrying all their worldly possessions in their arms, walking in a slow moving caravan from Morgan Park, to refugee camps in Morton Grove or Minooka or Midlothian. It’s only been three months since this all started and two of them we were in complete lock down. The pandemic and continuing lockdowns, the riots, the defund the police movement, the financial crisis, it’s all starting to add up. These are all serious headwinds for major cities, including Chicago. Even the most liberal of my friends are reconsidering their commitment to a city full of communist hipsters with fixies spray painting sickles and hammers everywhere. And the 100+ people shot last weekend, the first weekend of summer, is certainly not helping either. There’s been plenty of real evidence showing that people have been fleeing both NY and SF. I read about it every day on other housing and economic blogs. It’s certainly happening in Chicago too. You’d have to be unrealistically optimistic to think that communities are going to just try harder. Jesus, if by some fluke Trump wins the EC but loses the popular vote (again due solely to ‘wasted’ blue votes in CA), the major cities are going to burn to the ground. I’d flee the city for that reason alone.
“Also, HH’s view that people are “fleeing” because of CPS failures is old news. From like 20 years ago”
No, the letter to the editor was 2020. The CPS is COVID hoax, which equals Antifa and BLM, which equals failure and misery, which equal anti-white racists and feminists.
“I’m very concerned about financial loss in Chicago real estate. I would leave in a heartbeat if I could.”
thank you for your honesty. It’s rare that Leftists are honest.
““When this city was growing like a weed in the 1910s and 20s…”
This city was then White. It was the City that Worked, the city of Big Shoulders. Today, it’s like Brazilian hellhole, not white, not productive. The Whites are pro-anal, an embarrassment to their ancestors, feminist obese losers who will never find a mate, etc.
Chicago used to be world class, now it’s compared to Milwaukee. Even Houston and Seattle have passed us up on price per sf.
I have lived in Chicago my whole life except for college and living in SF on Nob Hill. I know SF and that bugs Sabrina.
PS Move to San Diego, NEVER San Francisco.
meant today’s whites are pro-anal, not the successful past.
“This city was then White. It was the City that Worked, the city of Big Shoulders. ”
That’s not true HH and you know it. Mayor Stupidfoot said at her post-riot press conference that black people have been suffering in Chicago since 1619, and up through the Red Summer of 1919, through the looting of 2020.
Because my fresh off the boat ‘white’ ancestors from Italy who couldn’t speak a lick of English, and had probably never seen a Black person in their life prior to getting off the boat at Ellis Island – Lori slandered their very existence as no more then a bunch of black hating racists lynching black people in the streets of Chicago, even back then. What a shameful comment of her, that was so reverse racist of her.
So the city was definitely not white. And further, don’t forget that for many, many years, Italians were not white either. And especially Sicilians. Not white. No different than blacks or in some cases, even lower than blacks on the supposed racial hierarchy of the late 1800’s.
Mayor Stupidfoot
Man, how do you guys come up with these clever nicknames?
that was so reverse racist of her.
There’s no such thing as reverse racism. The reverse of racism is “not being a racist”.
today’s whites are pro-anal
I mean, I get that HH is an incel and is thus ignorant of sex in general, but are there people who are anti-anal? Not just personally uninterested, but actively against? It’s kind of a weird thing to take a stance on.
“There’s no such thing as reverse racism. The reverse of racism is “not being a racist”.”
No, you are wrong. Reverse racism absolutely exists and you only deny it exists because you yourself are a racist with privilege.
“Because my fresh off the boat ‘white’ ancestors from Italy who couldn’t speak a lick of English, and had probably never seen a Black person in their life prior to getting off the boat at Ellis Island”
Um…Italy was the Roman Empire. The Roman Empire was in Africa. I’m pretty sure most Italians had seen an African in their lifetimes.
Read up on your history and check your geography. Most Italians probably have quite a bit of African blood in their veins. You should do a 23 and Me, HD, to find out.
Oh, and just FYI, Chicago was always Indian. First and forever more. Then French. Chicago is a French name.
And you need to seriously learn your history if you’re going to compare the Italian experience with the African American one, HD.
“I have lived in Chicago my whole life except for college and living in SF on Nob Hill. I know SF and that bugs Sabrina.”
Nope. Has never lived here. Trust me.
And is STILL not living here. Why would someone torture themselves in their 70s to live in a city they hate? Just MOVE already. As I’ve said over and over again, unless you’re in prison, the country is a big place. Why are you so afraid HH?
No wife, no kids, no ties. Move to your nirvana. Wherever that may be. Because it’s NOT Chicago. But, we know that, because he doesn’t live here.
No one would be that stupid to live somewhere they think is “like a Brazilian hellhole.”
Life is short.
“PS Move to San Diego, NEVER San Francisco.”
Don’t forget, he literally lived in San Francisco in the 1960s. Lol.
I don’t think I’d take his advice about anything having to do with San Francisco or Chicago.
“There’s been plenty of real evidence showing that people have been fleeing both NY and SF.”
The only “evidence” of anyone fleeing has been in NY. SF housing inventory remains at rock bottom. No evidence anyone is terrified there, listing, and moving.
Same in Chicago. If everyone was “fleeing” there would be inventory coming on the market. Where is it? Because it’s still near decades lows. In some categories, as we discussed, like single family homes under $750,000 on the north side, it’s at nearly nothing. 3-bedroom townhouses under $600,000 go under contract quickly. Even million dollar family sized condos in the West Loop are selling quickly.
Areas where it’s not hot? Luxury homes and condos in the Gold Coast and LP. And there’s about to be too many luxury condos downtown again thanks to the Vista, One Bennett and a smattering of other new buildings putting another 500+ condos on the market.
“Jesus, if by some fluke Trump wins the EC but loses the popular vote (again due solely to ‘wasted’ blue votes in CA), the major cities are going to burn to the ground.”
Nothing is going to burn down to the ground except your imagination.
Why does the right always incite violence?
I guess when you can’t win the argument any other way, you have to go that way.
Remember when Obama was going to initiate martial law after Ferguson and stay in office another 20 years? Lol. The only one who has come close to martial law is the current occupant in the White House.
But as I’ve said on this blog in the past, the presidential election is already over. It’s almost July. The pandemic is getting worse, not better, and the Federal government still has offered no solutions. How un-American. We can’t even travel to Europe because our government is so incompetent.
The only question is how much will Trump’s implosion impact races down ballot? Could see a massive blue wave that wipes out the Senate.
It’s going to take all of Biden’s Washington skills to bring morale back at the federal agencies. We have a long haul ahead of us as a country. Unfortunate.
“It’s going to take all of Biden’s Washington skills to bring morale back at the federal agencies. We have a long haul ahead of us as a country. Unfortunate.”
Senility, Sending minorities to jail, and sniffing little girls hair?