Crib Chatter

We’ve been waiting to get the updated data to see what is happening in the downtown apartment and condo markets.

As we’ve been chattering about for several months, residents of New York City and San Francisco have been flocking out of the city center to the suburbs, and other states, to escape the city after COVID and due to new work-from-home options.

But what about Chicago?

Crain’s provides an update on the downtown second quarter apartment market.

Remember the second quarter was April through June, or the height of the pandemic.

According to Integra Realty Resources, a consulting firm, occupancy fell to 89.2%, the lowest since 2002.

From Crain’s:

Net rents at the most-expensive Class A downtown buildings fell 12.4 percent in the second quarter from a year earlier, while Class B rents dropped 14.9 percent.

Suburban landlords, meanwhile, are faring surprisingly well. The suburban occupancy rate has edged lower, to 95.1 percent from 95.3 percent in second-quarter 2019, but the median net rent has risen 1.6 percent, according to Integra.

“Everything’s moving against living in the city right now,” says Maurice Ortiz, director of operations at the Apartment People, a Chicago-based brokerage. “It’s going to come back, but I think we are in for a year or two of difficulties.”

That’s bad if you own a multifamily building in the city, but not if you are in the hunt for a new apartment. Ortiz found an apartment in the neighborhood near DePaul University for about $1,600 per month, down from $2,000 before. To fill their buildings, some landlords are offering two months rent-free, concessions that would have been unheard of at the beginning of the year.

“If you are a renter right now, the bargains are everywhere,” Ortiz says.

First you had COVID, then you had layoffs, now the $600 a week unemployment has expired, and then you had the protests and looting.

Add onto that, that many of the big downtown companies including Facebook, Google and Salesforce, are allowing employees to work-from-home until at least August of 2021, why renew your lease in downtown Chicago?

Putting more pressure on landlords is the continued construction of new apartment high rises that are expected to come on the market with hundreds of more units.

How low will occupancy go before it stabilizes?

New figures show downtown is being drained of apartment dwellers [Crain’s Chicago Business, by Alby Gallun, September 4, 2020]

This 3-bedroom new construction condo at 2939 N. Clark in East Lakeview came on the market in August 2020.

This development consists of 2 buildings with 6 units and indoor heated garage parking.

There is private elevator access into each unit.

The top floor units have rooftop decks. The second floor units have a big deck off the back of the building (over the parking garage?).

This is a third floor unit with a front balcony.

The pictures show wide plank wood floors.

It also has a modern gray and wood kitchen with a breakfast bar.

The master bathroom has a walk-in shower and the on trend black faucets (the formerly trending gold faucets seemed to have faded quickly.)

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

New construction is rare for this neighborhood as it’s mostly filled in.

Restaurants, shops and public transportation are right outside your door.

Is this a rare chance to buy “new” in this popular location?

Boris Lehtman and Connor Dragel at Fulton Grace Realty have the listing. See the pictures here.

Unit #3N: 3 bedrooms, 2 baths, 1737 square feet

• New construction
• Currently listed at $749,000
• Includes a  heated garage parking space
• Assessments of $400 a month (includes security system, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×17
• Bedroom #2: 10×11
• Bedroom #3: 11×10
• Living room: 19×15
• Kitchen: 11×10

This 5-bedroom single family home at 1246 W. George in Lakeview came on the market in July 2020.

I don’t know when it was built but it’s on a 25×124 lot. The listing says it was gut-rehabbed by G-Corp.

It has an extra wide 23-foot floor plan and many loft-like features including 12 foot ceilings and exposed brick wall with black industrial-looking windows.

The listing says it has a “custom” kitchen with black cabinets, Wolf and Subzero appliances, a 12 foot Calacatta gold quartz island, and a Butler’s pantry with wet bar.

The master suite takes up the entire third floor.

Three other bedrooms are on the second floor with the fifth bedroom on the main level.

The listing says there’s an au pair suite- is it in the lower level recreation room?

There’s a second floor family room that walks out to the 1100 square foot designed outdoor space (on top of the garage?)

There’s a 2.5 car attached garage.

The house has central air.

It also has climate controlled wine storage and “multiple” laundry rooms.

Listed at $2.85 million, does this house have what it takes in the coronavirus world?

Mark Icuss at Compass has the listing. See the pictures here.

1246 W. George: 5 bedrooms, 6 baths, 5800 square feet

• Sold in April 1998 for $200,000
• Sold in July 2003 for $644,000
• Sold in August 2018 for $800,000
• Originally listed in July 2020 for $2.85 million
• Currently still listed at $2.85 million
• Taxes of $19,445
• Central Air
• 2.5 car garage
• Bedroom #1: 16×17 (third floor)
• Bedroom #2: 14×11 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 14×11 (second floor)
• Bedroom #5: 12×12 (main floor)
• Office: 12×12 (main floor)
• Living room: 15×29 (main floor)
• Kitchen: 23×24 (main floor)
• Recreation room: 18×47 (basement)
• Deck: 23×50 (second floor)

This 1 bedroom triplex in the Carl Street Studios at 155 W. Burton in Old Town came on the market in August 2020.

The Carl Street Studios were built in 1917 and are a Chicago landmark. It has 17 units with a front, walled garden, and a rooftop deck.

It has coin laundry and a bike room, but no parking.

This triplex has all the unique features of the Carl Street Studios including hand carved woodwork and marble mosaics.

The first floor is the Euro-style kitchen with a dishwasher, Subzero refrigerator and freezer, Gaggenau cooktop, and a Miele oven.

The second floor is the living room with 12 foot lofted ceiling, a fireplace, inlaid wood floors and stained glass.

There’s also a study on the second floor.

The third floor is a lofted bedroom with a marble tile bath.

The listing says there’s a washer/dryer set-up with board approval (which means you could maybe put it in?).

There’s no central air, only window a/c.

This building is just steps away from the restaurants and shops on Wells in Old Town.

It looks like this unit is still owned by the original buyer, as the building was converted to condos in 1997-98.

Listed at $310,000, is this triplex the solution for those trying to avoid the white box condos?

India Tougne at @Properties has the listing. See the pictures and floor plan here.

Unit #5: 1 bedroom, 1 bath, 700 square feet, triplex

• Sold in July 1998 for $145,000
• Currently listed for $310,000
• Assessments of $436 a month (includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5394
• No central air- window unit
• No parking
• Fireplace
• Bedroom: 14×10 (second floor)
• Living room: 10×12 (main floor)
• Den/study: 6×10 (main floor)
• Kitchen: 6×14 (lower level)

This 5-bedroom former dairy farm turned into a single family home at 321 W. Menomonee in the historic Old Town Triangle just closed.

Normally I don’t crib on closed properties but it went under contract with days of being listed in late June.

Built in 1918, the listing says its a former dairy farm which is now on an irregular lot measuring 48 x 104.

It has a two car garage and a walled in back yard with turf grass and a brick patio.

We chattered about it in 2017, when it was last on the market.

You can see that chatter here.

Here’s a comment from Riz back in 2017:

“This could be a really cool place with some serious changes in paint/ flooring / furniture / lighting. Again, I’d have to say it needs a few 100k in updates to be up to date..

With that being said – who is buying 3.5 million dollar houses in old town that need updating? I understand this is a big house but 3.5 goes a long way in Lincoln park or even Gold Coast, no?”

The listing says it underwent a 2-year rebuild by LG Development.

It has a custom kitchen with a large island, two refrigerators and 3 ovens.

The house has the preferred layout with 4 of the 5 bedrooms on the second floor and all four of those are en suite.

The fifth bedroom is on the main floor.

It has 2 powder rooms and a partial basement.

Listed at $4.5 million in June 2020, it just closed in August 2020 at $4.337 million.

Was this a new record high sales price for Old Town?

Emily Sachs Wong at @Properties had the listing. You can still see the pictures here.

321 W. Menomonee: 5 bedrooms, 5 baths, 2 half baths, 6,739 square feet, 2 car garage

• Sold in September 1988 for $400,000
• Sold in January 1989 for $550,000
• Was listed in June 2017 for $3.45 million
• Sold in October 2017 for $2.8 million
• Originally listed in June 2020 for $4.5 million
• Went under contract in a week
• Sold in August 2020 for $4.337 million
• Taxes of $60,422 (they were $67,417 in 2017)
• Central Air
• Fireplace
• Double Lot

This 3-bedroom in 3534 N. Hermitage in Lakeview just came on the market.

This building was constructed in 2008 and has 8 units. It’s an elevator building with attached garage parking.

This unit has some unique features for recent construction.

It has a wall of exposed brick in the living room and on the kitchen breakfast bar.

There’s exposed wood beams in the living and dining room and arched doorways.

The listing calls it a “Chef’s kitchen” with wood cabinets, high end appliances, granite countertops, heated floors and a large breakfast bar.

The master suite has a spa-like bath and a whirlpool tub with a separate steam shower and heated floors.

It looks like one of the bedrooms doesn’t have any windows, however.

But the big selling point of the property is the private terrace.

Doors from the living room and the master bedroom both lead out to a 1200 square foot landscaped terrace with brick accents, lighting and a natural gas line.

The unit has side-by-side washer/dryer and extra storage.

It comes with a coveted 2 attached heated garage parking spaces and central air.

This is only the third time this unit has been on the market since it was built in 2008.

It’s located near shops and restaurants as well as the Brown line el stop at Addison.

Listed at $650,000, is this condo the tonic for those looking for more “space.”

Ashley Leavitt at @Properties has the listing. See the pictures and floor plan here.

Unit #201: 3 bedrooms, 2 baths, 1675 square feet

• Sold in November 2008 for $522,000 (included the 2-car parking)
• Sold in November 2011 for $525,000 (included the 2-car parking)
• Currently listed at $650,000 (includes 2-car parking)
• Assessments of $443 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $11,119
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×12
• Bedroom #2: 12×10
• Bedroom #3: 12×10
• Living/dining room: 17×16
• Kitchen: 11×10
• Terrace: 43×28

This 2-bedroom co-op in the Park Shore at 1765 E. 55th Street in East Hyde Park came on the market in June 2020.

Built in 1921, the Park Shore has 119 units. It’s a full amenity building with a doorman, an exercise room for which you have to pay a fee, and a garden with a fountain.

There’s leased parking with the building but there’s currently a waitlist for a spot.

This unit is on the 9th floor and has northeast lake front views.

The listing says it was rehabbed in 2017.

It has oak hardwood flooring throughout and an electric fireplace with a Carrara marble surrounded by the renovated mantle.

The kitchen has custom gray (? can’t tell the color) cabinets, white subway tiles and Cambria quartz countertops with a waterfall island with a breakfast bar, a farmhouse sink and luxury appliances including a Wolf 6-burner range, a Bosch dishwasher and a Subzero refrigerator.

The kitchen is open to the formal dining room which is currently being used as a seating area.

There are lake views from the master bedroom.

The listing says there is new plumbing and light fixtures.

It has crown molding and the original doors with brass fittings and crystal door knobs.

There’s no parking but it can be leased in the neighborhood.

Additionally there is no central air, but wall air-conditioning, and no in-unit laundry. There’s a common laundry room for the building.

Originally listed at $249,000, it has been reduced to $219,900.

The assessment includes just about everything, including taxes.

This building is in a prime east Hyde Park location, near the new Trader Joe’s, restaurants and the Museum of Science and Industry.

If you’re trying to flee downtown, is Hyde Park an option instead of the suburbs?

Collin Wasiak at Compass has the listing. See the pictures here.

Unit J1: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2016 for $115,000
• Originally listed in June 2020 for $249,000
• Reduced
• Currently listed at $219,900
• Co-op
• Assessments of $1959 a month (includes heat, gas, taxes, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Electric fireplace
• No in-unit washer/dryer- laundry in the building
• No parking but available to rent in the neighborhood
• No central air- wall A/C units
• Bedroom #1: 14×18
• Bedroom #2: 14×17
• Kitchen: 13×12
• Foyer: 4×15
• Living room: 15×23
• Dining room: 14×15

This mid-century modern townhouse in the Sheridan Courts at 2900 N. Sheridan in East Lakeview came on the market in August 2020.

Built in 1955, the Sheridan Courts has 18 units and an underground parking garage with assigned parking.

This is an end unit.

It has floor to ceilings windows that face north and south. The listing says the south facing windows are new.

The first floor has the living and dining room along with the kitchen and a half bath.

It has a wood burning fireplace in the living room.

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

It has the preferred layout, with all three bedrooms on the second floor, along with two bathrooms which the listing says have been updated.

The master bathroom has Hans Grohe fixtures and the second has Grohe fixtures.

The listing says there’s a new furnace.

It has central air and one car garage parking.

But the big selling point is the big fenced in patio/yard which measures 23×19 and has a wood deck.

For those looking for outdoor space during COVID, does this townhouse check all the boxes?

Robin Lemer at Coldwell Banker has the listing. See the pictures here.

2900 N. Sheridan: 3 bedrooms, 2.5 baths, 1499 square feet, townhouse

• Sold in April 1998 for $222,000
• Sold in June 2000 for $285,000
• Sold in September 2004 for $347,500
• Sold in August 2016 for $430,000
• Currently listed at $599,000 (1 garage parking space included)
• Assessments of $393 a month (includes lawn care, scavenger, snow removal)
• Taxes of $10,870
• Central Air
• Wood burning fireplace
• Bedroom #1: 13×11 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 10×9 (second floor)
• Living room: 23×11 (first floor)
• Dining room: 9×6 (first floor)
• Kitchen: 13×7 (first floor)
• Terrace/Patio: 23×19

July’s sales data is out from the Illinois Association of Realtors.

While the housing market has been red hot across the country, Chicago notched only a 0.6% sales gain in July.

The city of Chicago saw year-over-year home sales increase 0.6 percent with 2,725 sales in July, compared to 2,708 a year ago. The median price of a home in the city of Chicago in July was $330,000, up 7.5 percent from July 2019.

Meanwhile, the 9-county Chicago metro area saw sales jump 12% and statewide, sales surged 14.6% year-over-year.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,780
• 2017: 2,698
• 2018: 2,803
• 2019: 2,708
• 2020: 2,725

“In July, we finally saw closed sales and median sales prices hold steady from the previous year, a great sign that the market is bouncing back from COVID-19,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “It is clear that homebuyers are still looking for more options, however, as inventory continued to decline by 13.2 percent.”

Chicago inventory declined to 8,985 properties from 10,347 properties a year ago.

Statewide, inventory declined 33% to 41,779 from 62,338 properties.

Number of days on the market in Chicago was up 9.1% to 36 from 33 days. Statewide, it also rose 16.3% to 50 days.

The average 30-year mortgage rate fell to a new low of 3.02% from 3.16% in June and was down from 3.77% in July 2019.

“After a delayed start, Illinois’ summer housing market kicked off in earnest in July with strong home sales and price gains,” said Ed Neaves, president of Illinois REALTORS® and designated managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “Buyers, perhaps driven by record-low mortgage rates, are eager to get into an increasingly competitive market and find a home.”

If the home buying season was delayed a few months due to COVID-19, does this mean that the buying season is mostly over now?

And what to make of the low inventory?

Are some city buyers sidelined simply because there’s nothing they want to buy?

Illinois housing market surges in July pushing home sales and median prices higher [Illinois Association of Realtors, Press Release, August 21, 2020]

This 3-bedroom in Millennium Centre at 33 W. Ontario in River North came on the market in July 2020.

Built in 2003 during the housing boom, it has 365 units and an attached parking garage. It’s a full service building with an outdoor pool, an exercise room, a clubhouse and a doorman.

This is a southeast corner unit on the 39th floor with views of the city and the Lake.

It has 9.5 foot ceilings and new 5 inch engineered hardwood floors throughout the main living spaces.

The listing says the kitchen is completely renovated with 42 inch custom white wood cabinets with a soft close drawer system, new quartz counter tops, new Bosch stainless steel cooktop, and a breakfast bar.

The fireplace has been renovated and has a new mantle.

The master suite has a walk-in California custom closet and en suite bathroom with a Jacuzzi tub and walk-in-shower.

The listing says all the bathrooms have been remodeled and two have marble countertops and the third has quartz.

There are custom darkening shares in all the bedrooms and the living room has solar screen roller shades with 10% visibility.

It has the features buyers look for including central air, washer/dryer in the unit and garage parking is available for $25,000.

Originally listed at $850,000, it has been reduced to $25,000 to $825,000.

For someone who wants to bet on Chicago’s downtown comeback, is this the perfect place to put your bags?

Amir Fouad at @Properties has the listing. See the pictures and floor plan here.

Unit #39B: 3 bedrooms, 2.5 baths, 1880 square feet

• Sold in September 2003 for $844,386 (included the parking)
• Sold in July 2016 for $815,000 (included the parking)
• Originally listed in July 2020 for $850,000
• Reduced
• Currently listed at $825,000 (parking is $25,000 extra)
• Assessments of $1483 a month (includes heat, A/C, gas, doorman, cable, Internet, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $12,800
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 12×17
• Bedroom #2: 12×15
• Bedroom #3: 12×10
• Living room/dining room: 19×21
• Kitchen: 8×13