Market Conditions: Record Low Inventory and Multiple Offers on 820 W. Wolfram in Lakeview
It’s been difficult to find properties to crib on as the inventory continues to drop in the GreenZone.
November and December are usually the low points of the year anyway, due to the holidays and the slower winter market. Sellers wait until January to list to get the spring buyers.
This year, inventory was already at a low in November but it has fallen further. I was wondering if Lincoln Park would eventually fall under a 100 homes, and now it has.
All this data is from a Redfin neighborhood search..
- Lincoln Park: 98 homes
- Lakeview: 165 homes
- Bucktown: 26 homes
- Wicker Park: 23 homes
- West Loop: 115 homes
- Streeterville: 185 homes
- Andersonville: 13 homes
- Hyde Park: 57 homes
- South Loop: 195 homes
For some perspective, when I started this blog in 2007, Lakeview would have 4,000 properties listed on any given day. In the South Loop, during the housing bubble, developers were planning 10,000 new condos (they all didn’t get built before the bust.)
The low inventory in the downtown markets should help boost prices there.
We have already seen low inventory cause bidding wars in the other GreenZone neighborhoods like Lincoln Park and Lakeview.
This townhouse at 820 W. Wolfram in Lakeview just came on the market this week. If it looks familiar, that’s because we have chattered about it several times over the years.
Built in 1979, it’s one of the front-facing units with “seamless indoor/outdoor” living.
The unit was remodeled in 2014 and last sold in 2020.
From our 2019 chatter which you can read here:
It has a glass wall that opens to a protected, brick walled landscaped garden that faces the street thus the “indoor/outdoor” seamless living.
The kitchen has white modern cabinets with Wolf, Bosch and Subzero appliances and waterfall countertops.
There are frosted sliding room doors and walls of marble.
The third bedroom is on the third floor with the other two bedrooms on the second floor.
This floor has walls of solid glass doors that opened and closed depending on how you want to define the space.
There is no basement.
The townhouse has the other features buyers look for including central air and an outdoor parking space.
The current listing now says:
***MULTIPLE OFFER RECEIVED, HIGHEST AND BEST DUE WEDNESDAY AT 7.
What will this sell for this time with record low inventory in Lakeview?
Will prices continue to soar in 2026 due to low inventory?
Jim Abbott at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #F: 3 bedrooms, 2 baths, no square footage listed once again (but old listings show these townhouses as 1530 square feet)
- Sold in April 1990 for $360,000
- Sold in November 1993 for $197,000
- Sold in August 2013 for $80,000 (according to public records)
- Renovated
- Sold in August 2014 for $775,000
- Sold in October 2018 for $715,000
- Sold in May 2020 for $705,000
- Currently listed at $825,000
- “Multiple offers, highest and best due”
- No assessments because it’s fee simple
- Taxes are now $12,448 (they were $9,362 in 2019, $11,220 in 2018 and $6916 in 2014)
- Central Air
- Parking included
- Washer/dryer in the unit
- Bedroom #1: 17×15 (third floor)
- Bedroom #2: 12×11 (second floor)
- Bedroom #3: 12×11 (second floor)
- Kitchen: 18×9 (main floor)
- Living room: 15×14 (main floor)
- Walk-in-closet: 8×6 (third floor)
- Laundry: 3×3 (main floor)
- Terrace: 20×15
If you are looking to buy in 2026, what’s your strategy going to be?
Are we going to be like San Francisco’s market where you have a budget of $600,000 to $700,000 so you look at properties priced at $500,000 to $600,000 so you can bid over and still get it?
The lack of inventory is really pushing prices up now.
That being said, it still seems like buyers are rejecting homes that haven’t been updated and which would take considerable money to update. No one wants to do renovations in a condo.
Will this townhouse sell for $900k+?
It’s not even 1600 square feet.
that ceiling lighting along those beams is horrendous. way too white and needs to be softer.
“Sold in April 1990 for $360,000”
For inexplicable reasons, who (or what) ever did the data entry did 4x the Cook stamp instead of 2x. That price should be $180k.
“August 2013 for $80,000”
Accurate, but…was an estate sale. Does not appear to have been the owner’s principal residence.
“Will this townhouse sell for $900k+?”
If it does…winner’s curse! And that’s even acknowledging that Aug-14 pp + cpi = $1.058m
“AI image of the patio”
Can I use AI to increase the size of my yard by 75%, too?? It’s like magic!!
On the topic of repeat CC appearances of LV THs, there are TWO units in the 2701-2709 Racine complex currently u/c, both with list of $750k.
One was a CC feature earlier this year, asking $825k:
https://cribchatter.com/3-bedroom-lincoln-park-townhouse-bursting-with-charm-returns-at-849900-2701-n-racine/
The 825 ask was a wish. Same realtor when they relisted, contingent in 2 days.
“That being said, it still seems like buyers are rejecting homes that haven’t been updated and which would take considerable money to update. No one wants to do renovations in a condo.”
Champagne taste on a Keystone Light budget
Anecdotal tale (N=1)
Friend had their house up for sale – Very desirable neighborhood in SE Ft Wayne. House was built in the 1920, mostly vintage (not the vintage shlock we see here), updated mechanicals and new roof. Kitchen and baths were functional but not on trend. 3/2, no master suite
Got 10 offers in a week. He noted there’s a complete Bifurcation of the market. Millennials are as you describe, expecting everything to be new and on trend, but aren’t willing/able to pay for what they want. He got a few offers from this group, either lowball or wanted substantial credits for upgrades they wanted him to make and close in 30 days. They were also the group that sent letters on how much they loved the home and wanted to raise their family there. GenZ were a lot more realistic and transactional. They will willing to do the whatever upgrades as time and budget permitted.
Sold over ask to a GenZ couple. The Millennial buyers were crying to their agents about why they didn’t get it
Nice finishes, but you’re really paying for the great location.
In my budget and what size I’m looking for, but the outdoor parking spot and just 2 bathrooms kills it for me.
I’m sure many like the porch area for doors and such, but the living room is quite small. I prefer units further from the actual park so I can get more space for the $ (like in Parklane).
Another note on the price…
May 2020 for $705,000 + CPI = $893k.
May 2020 for $705,000 + C-S (SFH) = $1.068m.
May 2020 for $705,000 + C-S (Condo) = $916k.
The floor plan calls out 1244sf
Interior is the epitome of trying to polish a turd and doing it poorly. It’s nihilism at its absolute worse.
Perfect for a NPC
“The floor plan calls out 1244sf”
The porch count for another 280 sf. And if you redesign it the way the AI shows, that’s at least another 150 sf. So this place is (using MG’s maths) at least 2000 sf.
Sorry, I’ve had a bunch of things come up at home. And inventory continues to drop so I haven’t been enthused to do any new posts.
However, I will try and get one or two done later this week. On the holiday weeks, I will probably only post once but let’s see if anyone dares to list right now.
I can’t imagine what will happen in January. A LOT of people are eager to buy and there is so little on the market. It’s going to be vicious this spring and sellers will cash in.
“Sold over ask to a GenZ couple. The Millennial buyers were crying to their agents about why they didn’t get it”
I’m surprised many GenZ couples are buying at all JohnnyU. And that they have the firepower to engage in bidding wars with the Millennials who are much older and richer. I don’t know how someone who is in their 20s can afford to buy right now, even with good household income, because they usually don’t have a generous down payment.
However, some younger buyers are getting down payment help from their parents so that may be it.
“The 825 ask was a wish. Same realtor when they relisted, contingent in 2 days.”
I have found that there’s still a maximum for what you can get for smaller square foot townhouses. Even if upgraded.
Yet you had no problem understanding how every millennial could afford a 2/2 shit box for $500k back in the day
But then again you do think every millennial is a millionaire.
“Yet you had no problem understanding how every millennial could afford a 2/2 shit box for $500k back in the day”
No older Millennial was spending $500k on a 2/2 in Chicago when they were buying 10+ years ago. That was the era of $350k if they timed it right.
Today, yeah, new buyers are spending $500k to $550k on a basic 2/2. That’s the new reality in Chicago. Oldest Millennials are 45 or 46. They have owned for a while. Youngest is now 30, so they may still be looking to buy.
GenZ is getting old fast. They are next in line and more of them will be buying over the next 10 years. This generation has lived in luxury apartments, though, so sellers better get their units up to that level.
“But then again you do think every millennial is a millionaire.”
If that were true, given that they’re the largest generation, the country would be booming and doing 4% or 5% GDP.
But in Chicago, yes, there are plenty of Millennials buying $500k, $750k, and $1 million+ properties. The oldest Millennials are reaching peak income (early to mid-40s.)
This closed for 860K
Man, I am very glad to not be in the market right now.
“Man, I am very glad to not be in the market right now.”
It’s very unhealthy right now. At least this didn’t sell in the $900,000s. But the inventory remains near record lows. So far, sellers have not yet listed but we aren’t in February yet.
There are a few new listings trickling on but it’s slim pickings. I’m doing the best I can with what is coming on.