Crib Chatter

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

This 3-bedroom in 875 N. LaSalle in the Gold Coast came on the market in July 2020.

This boutique building was constructed in either 1884, 1888 or 1891 (three different listings have different dates) and has 8 units. It’s an elevator building with outdoor assigned parking behind the building.

The unit has high ceilings and a wood burning fireplace but it doesn’t have any other original vintage features.

It has a separate dining room.

The kitchen has custom fruitwood cabinets with a black patina along with granite counter tops and stainless steel appliances.

It has custom cabinetry in several places including the bedrooms.

The master bedroom has its own en suite bath with a double vanity and a large walk-in-shower.

It has features buyers look for including central air, washer/dryer in the unit and one car outdoor parking.

It also has a sizable deck off the back of the unit.

There are 3 units currently on the market in the building. This unit along with Unit #2S which is under contract at $725,000 and Unit #1N listed at $699,000.

Originally listed in July 2020 for $715,000, this unit, #3S, has been reduced to $675,000.

Is this a good alternative to high rise living in the neighborhood?

Jonathan Self at Center Coast Realty has the listing. See the pictures and floor plan here.

Unit #3S: 3 bedrooms, 2 baths, 1750 square feet

• Sold in July 2004 for $439,000
• Sold in January 2007 for $645,000
• Sold in October 2017 for $675,000
• Originally listed for $715,000
• Reduced
• Currently listed at $675,000 (outdoor parking included)
• Assessments of $411 a month (includes parking, scavenger, water)
• Taxes of $13,021
• Central Air
• Side-by-Side washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 18×11
• Bedroom #2: 16×11
• Bedroom #3: 13×8
• Living room: 23×15
• Dining room: 16×10
• Kitchen: 11×10
• Laundry Room: 6×6
• Deck: 15×17

This 4-bedroom single family home at 918 W. Webster in Lincoln Park came on the market in April 2020.

Built in 1890, on a smaller than standard Chicago lot measuring 24×115, it was remodeled in 2013 with a contemporary interior.

The house now has a rear wall of windows on both levels.

The first floor has the living and dining rooms and the kitchen.

The listing says it’s a chef’s kitchen with lacquered white cabinetry, new quartz countertops, Thermador appliances with 2 ovens and a 6 burner stove with griddle, a Subzero refrigerator, new dishwasher and a massive 12-foot quartz island.

3 of the 4 bedrooms are on the second floor, including the master bedroom with a spa-like master bathroom with a walk-in shower with marble tiling.

The laundry room is also on the second floor.

The lower level has a family room, a fourth bedroom and a full bath.

There’s a two level deck that wraps around the back of the house and up over the garage.

Originally listed at $1.899 million in April, it has been reduced $100,000 to $1.799 million.

Is this house a good compromise for someone who loves the vintage houses but yearns for modern finishes?

Sharon Gillman at Compass has the listing. See the pictures here.

918 W. Webster: 4 bedrooms, 3.5 baths, 4200 square feet

• Sold in July 1994 for $345,000
• Sold in September 2011 for $710,000
• Sold in September 2012 for $850,000
• Remodeled in 2013
• Originally listed in April 2020 for $1.899 million
• Reduced
• Currently listed at $1.799 million
• Taxes of $27,814
• Central Air
• 2-car garage
• Bedroom #1: 18×13 (second floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 13×12 (second floor)
• Bedroom #4: 15×11 (lower level)
• Laundry room: 12×8 (second floor)
• Living room: 24×20 (main level)
• Dining room: 16×14 (main level)
• Kitchen: 24×20 (main level)
• Recreation room: 22×18 (lower level)
• Deck: 49×25

This 2-bedroom loft in the Lincoln Lofts at 3151 N. Lincoln in Lakeview came on the market in July 2019.

The Lincoln Lofts has 52 units and attached garage parking. It’s an elevator building.

We chattered about this loft last August, as it was the first time it had been on the market in 19 years.

See our chatter here.

We then chattered about it again in November 2019, because it hadn’t yet sold even though renovated properties usually sell quickly.

But it was still priced the same as July, when it was first listed.

See our November 2019 chatter here.

The third time we chattered about it was in April 2020 when it reduced under $500,000.

See that chatter here.

But we’re back to take a look again because it’s still on the market, and has reduced again.

If you recall, this corner loft is in the Tower portion of the building and on the 5th floor, which means it has views and only 3 units per floor.

It has been completely renovated so it’s basically like new.

It has both south and west exposures with a south facing balcony.

This loft has skyline views from all of its southern facing windows, even one that is next to the bathtub.

It has authentic loft features such as exposed brick and 12 foot concrete ceilings as well as large industrial windows.

It has a newer contemporary kitchen with European-style custom cabinets, Silestone quartz countertops, stainless steel appliances and a breakfast bar with the ability for two chairs.

Both bedrooms have windows, which is rare for a loft.

The master suite is fully enclosed with a spa-like luxury bath with a double vanity and a walk-in-shower.

The second bedroom doesn’t have a door or full walls, however.

The kitchen and bathrooms have HansGrohe and Kohler fixtures.

The loft has a floor-to-ceiling tiled fireplace in the living room.

It also has smart technology Nest wi-fi thermostats and Co2 detectors.

The loft has the features buyers look for including central air, side-by-side washer/dryer and rare tandem garage parking for 2 cars, which is included.

The building is near the big Lakeview Whole Foods and the shops and restaurants of West Lakeview, Roscoe Village and Southport.

Originally listed in July 2019 for $519,000, it has been reduced to $485,000.

Buyers love renovated properties. And this one has 2-car parking.

Why isn’t this selling in a low inventory market?

Brian Grossman at @Properties now has the listing. See the pictures here.

Unit #514: 2 bedrooms, 2 baths, 1200 square feet

• Sold in October 1996 for $213,000
• Sold in July 2000 for $317,000
• Originally listed in July 2019 for $519,000
• Was still listed in November 2019 at $519,000 (includes 2-car tandem garage parking)
• De-listed in January 2020
• Re-listed in April 2020 at $499,000
• Reduced
• Currently listed at $485,000 (includes 2-car tandem garage parking)
• Assessments are now $629 a month (they were $605 a month in April 2020) (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
• Taxes are still $7172
• Central Air
• Side-by-side washer/dryer in the unit
• Fireplace
• Bedroom #1: 14×12
• Bedroom #2: 12×9
• Living room: 15×14
• Dining room: 14×11
• Balcony: 13×5

This 4-level loft in 2222 N. Racine in Lincoln Park came on the market in August 2019.

This building was constructed in 1911 and consists of 16 multi-level lofts and an attached parking garage. Not all of the units have parking.

This 4-level loft functions more like a townhouse or row home, than a condo.

If it looks familiar, that’s because we chattered about it pre-Covid, in January 2020 when it had seen a price reduction which took it $10,000 under the 2017 price.

See our chatter here.

If you recall, it has authentic loft features including several levels of exposed brick and timber along with exposed ductwork.

The main level has a 2-story living room, the dining room and kitchen along with a half-bath which also has the washer/dryer in it.

The old listing said the loft has a “commercial kitchen” with wood cabinets, what looks like stone counter tops and a luxury stainless steel stove.

There’s one bedroom on the second floor, one on the third and the master suite is on the fourth level.

The master suite has an en suite bath. and the private rooftop deck is also accessed from the master bedroom.

The old listing said the bathrooms have been updated with marble.

It has central air and attached garage parking is included.

But the big selling feature in this new COVID-19 world is the private rooftop deck, which is accessed from the master bedroom.

Many lofts don’t have any outdoor space at all.

Originally listed in August 2019 for $679,000, it was reduced before finally being pulled from the market in April 2020 during the lockdown. In April it was listed at $649,000.

It came back on the market this month at $625,000, which is $34,000 under the 2017 purchase price of $659,000.

Will the reduced price and the rooftop deck during a pandemic finally get the sale done?

Tom McCarey at @Properties still has the listing. See the pictures and floor plan here.

Unit #13: 3 bedrooms, 2.5 baths, now listed with a 1816 square footage whereas the last listing didn’t list it, 4-levels, loft

• Sold in June 1987 for $285,000 (per Redfin)
• Sold in May 1992 for $274,000
• Sold in February 1994 for $305,000
• Sold in June 1998 for $380,000
• Sold in May 2002 for $485,000
• Sold in May 2011 for $565,000
• Sold in December 2017 for $659,000
• Originally listed in August 2019 for $679,000
• Reduced
• Removed from the market in April 2020 listed at $649,000 (included attached garage parking)
• Re-listed in August 2020 for $625,000 (includes attached garage parking)
• Assessments are now $342 a month (they were $297 a month in January 2020) (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are now $7719 (they were $7052 in January 2020)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×14 (fourth floor)
• Bedroom #2: 18×13 (third floor)
• Bedroom #3: 15×9 (second floor)
• Kitchen: 14×8 (main floor)
• Living room: 18×14 (main floor)
• Dining room: 14×12 (main floor)
• Laundry room: 3×3 (in the half bath on the main floor)
• Rooftop deck: 15×15 (fourth floor)

This 3-bedroom townhouse at 171 W. Goethe in Old Town came on the market in April 2020.

Built in 1986, it has 5 units with attached single car garages.

The listing says this townhouse is 18 feet wide and has skylights.

It has a first floor family room with a wood burning fireplace. Is this really the third bedroom?

There’s also a 19×18 patio with brick walls on the main floor.

The kitchen, living and dining rooms are on the second floor.

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

There’s a second floor balcony off the kitchen and breakfast area which overlooks the lower level patio.

There are two bedrooms and 2 full baths on the third floor, including the master suite.

It has central air and a private attached garage.

Listed in April 2020 for $950,000, the listing was removed in May. It came back on the market this August for $899,000 but has quickly been reduced $20,000 to $879,000.

Is the patio and balcony enough outdoor space for buyers during the COVID-19 pandemic?

Leigh Marcus at @Properties has the listing. See the pictures here (no floor plan).

Unit B: 3 bedrooms, 3 baths, 2400 square feet, townhouse

• Sold in August 1991 for $336,000
• Sold in September 1999 for $530,000
• Sold in June 2004 for $613,000
• Sold in April 2015 for $815,000
• Originally listed in April 2020 for $950,000
• Removed in May 2020
• Re-listed in August 2020 for $899,000
• Reduced
• Currently listed at $879,000
• Assessments of $150 a month (includes exterior maintenance and scavenger)
• Taxes of $15,461
• Central Air
• 1 car attached garage
• Bedroom #1: 16×15 (third floor)
• Bedroom #2: 16×12 (third floor)
• Bedroom #3: 18×16 (main floor)
• Living/dining room: 30×18 (second floor)
• Kitchen: 18×14 (second floor)
• Laundry room: 8×3 (main floor)
• Deck: 18×16 (second floor)
• Patio: 19×18 (main floor)

This 2-bedroom in 777 N. Michigan Avenue in Streeterville came on the market in June 2020.

777 N. Michigan Avenue was built in 1964 and has 330 units and attached attendant parking which runs from $195 to $215 a month.

This is a full amenity building with doormen, a clubhouse, exercise room with yoga center and one of the best rooftop pools in the neighborhood.

The pool is heated, and overlooks the John Hancock. There are also private cabanas and grills.

The listing for this unit says it has been “professionally designed and meticulously renovated”.

Both bedrooms have a full bath with Kohler toilets and marble vanities.

There’s also a powder room.

It has 6 1/2″ oak floors along with custom 2-piece crown molding and 6″ base molding.

There are new solid core doors with nickel lever handles and custom LED light soffits in the dining room and master bedroom.

The unit has new ac/heating enclosures with quartz tops and custom grilles.

The kitchen has custom white cabinets with a breakfast bar with Cambria quartz counter tops, a marble and metal tile backsplash, and stainless steel KitchenAid appliances.

The listing says there are custom Bali Silhouette window treatments including Levolor block-out roller shades in the bedrooms.

It has features buyers look for including central air, a Bosch washer/dryer in the unit and attached leased parking.

It is a northwest unit with views directly over the Mag Mile, as well as the Water Tower. The listing says there are Lake Michigan views too, and yes, if you look west past the Water Tower, you can see some lake.

Listed for $649,500 in June 2020, it was under contract in July but has recently fallen out and been re-listed.

This building’s Michigan Avenue location has been its big selling point for decades.

But how hard is it to sell the Mag Mile now?

Elliot Jaffe at Jaffe Realty has the listing. See the pictures and floor plan here.

Unit #1601: 2 bedrooms, 2.5 baths, 1700 square feet

• Sold in March 1999 for $294,500
• Sold in August 2018 for $462,500
• Originally listed in June 2020 for $649,500
• Under contract in July 2020
• Re-listed in August 2020 for $649,500
• Assessments of $1198 a month (includes heat, a/c, doorman, cable, clubhouse, exercise room, heated rooftop pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $7988
• Central Air
• Washer/Dryer in the unit
• Parking is leased in the building for $195 to $215 a month
• Bedroom #1: 14×17
• Bedroom #2: 14×17
• Living/dining room combo: 19×32
• Kitchen: 9×11
• Foyer: 6×7

A few months ago, there was a lot of discussion about city dwellers fleeing big cities for the suburbs because of COVID-19.

There’s evidence that this is the case in New York City, but so far, despite trying to find examples of it, Chicagoans seemed okay with staying in the city despite the pandemic.

But August has seen a second round of looting in the Loop, the South Loop, the Mag Mile and the Gold Coast which has resulted in downtown curfews again.

And now, according to Crain’s, some downtown residents are having second thoughts about where they live.

Jennifer Ames, a partner at North Side real estate brokerage Engel & Volkers, has had calls recently from Chicago clients who have found homes in Montana and Boulder, Colo., to purchase.

“They want to sell their houses here,” Ames says. “People are now shifting ideas about where they want to live and work. Some are deciding they no longer have to be in a city center. The latest violence has prompted people to consider new options for the first time.”

Despite the initial round of smash-and-grab destruction in late May, downtown transactions began to inch back up in June and July as the city entered a more relaxed Stage 4 of recovery from the pandemic. Now, some residential brokers say, the market in August has gone cold again with little hope for a recovery soon.

“A lot of the sales downtown are to either empty nesters or second-home buyers drawn to the museums, theater, restaurants and pro sports here,” says Michael Michalak, a RE/MAX broker in Lincoln Park. “But all of that is closed now. Even with mortgage interest rates below 3 percent, potential buyers are looking at all this crime and deciding to put deals on hold.”

A closer snapshot of particular submarkets shows evidence of a downturn not seen since 2008-10. In the Loop itself this year so far, transactions are down over 30 percent to a mere 347 units compared with the same period last year. Lincoln Park sales were down 31 percent, while in the River North neighborhood condominium sales priced above $1 million were down 37 percent. At lower prices the downturn was more muted, with condo sales under $500,000 in the Near North down 15 percent so far this year, for example.

Until now, price reductions have been modest, mostly falling 5 percent or less, observers say. But some brokers see further declines coming. “People are waiting for lower prices,” says Pat Tobin, president of Tobin Real Estate Advisors based near Millennium Park. “Could prices fall another 5 to 10 percent this year? It’s hard to say, but it certainly could happen.”

But what about the neighborhoods?

They have largely gone untouched by the looting, with the exception of North & Clybourn’s Best Buy in this latest round.

Will Millennials still buy condos in Lakeview?

Ames, the broker, still sees signs of optimism. She listed a two-bedroom house in Jefferson Park recently at $289,000 and within 24 hours fielded a half-dozen offers. She expects the sale to close soon at more than $300,000. She also has a home on a double lot in Lakeview whose sale is pending after receiving multiple offers. The asking price was $2,995,000. “If you live in a high-rise in the Loop and must take an elevator up and down, then your condo is going to be harder to sell,” Ames says. “But if you’re farther north with some yard for kids to play in, that still looks good to families enduring this pandemic.”

Will there be big inventory coming online in the downtown that will lead to significant price declines?

And what happens with all the new condos coming online including the Vista’s 400 units and the rehabbed Tribune Tower?

Will this be 2008-2012 all over again?

Homeowners questioning city life after this week’s unrest [Crain’s Chicago Business, By H. Lee Murphy, August 11, 2020]

This 4-bedroom single family home at 2828 N. Racine in Lakeview came on the market in August 2020.

Built in 1987 it is on a smaller than standard Chicago lot measuring 81x25x92x27 and has a 1-car garage.

The first level has a family room, the fourth bedroom and a full bathroom.

The second level has the kitchen/dining room and living room along with a wood burning fireplace in the living room.

The kitchen has white cabinets, granite counter tops and stainless steel appliances. It is open concept  to the living room but the island does not have seating (see the pictures to see why.)

The house has the preferred buyer layout with the majority of the bedrooms on one floor as 3 of the 4 bedrooms are on the third floor.

The master suite has an en suite bathroom while there is a second full bathroom for the other two bedrooms.

There’s a double tiered deck off the living room.

The listing also says all three full baths have been gut rehabbed.

The house has central air and the listing says a second HVAC was installed for the top floor.

The listing says its in the Agassiz school district. It’s also within walking distance to shops and restaurants of both Lincoln Park and Lakeview.

At $899,900, it’s a rare single family home listed under $900,000 in this neighborhood.

Is this a good starter home for those who don’t want to do a townhouse or duplex down?

John Campas at Dream Town has the listing. See the pictures and floor plan here.

2828 N. Racine: 4 bedrooms, 3.5 baths, 2850 square feet

• Sold in March 1988 for $365,000
• Sold in July 2006 for $750,000
• Sold in July 2012 for $665,000
• Originally listed in August 2020 for $899,900
• Taxes of $14,034
• Central Air
• 1-car garage
• Wood burning fireplace
• Bedroom #1: 20×18 (third floor)
• Bedroom #2: 17×9 (third floor)
• Bedroom #3: 17×9 (third floor)
• Bedroom #4: 18×12 (main floor)
• Living room: 20×18 (second floor)
• Dining room: 18×12 (second floor)
• Kitchen: 12×11 (second floor)
• Family room: 19×18 (main floor)
• Laundry room: 4×5 (main floor)
• Deck: 20×10