Crib Chatter

With the state’s economy shut down due to COVID-19, it’s not a surprise that April home sales plunged in Chicago and around the state.

From the Illinois Association of Realtors:

The city of Chicago saw year-over-year home sales decrease 22.2 percent with 2,018 sales in April, compared to 2,595 a year ago. The median price of a home in the city of Chicago in April was $339,450 up 9.5 percent compared to April 2019 when it was $310,000.

This was the lowest number of sales since 2012.

Here are the sales statistics for April since 2007:

• 2007: 2419 sales
• 2008: 1886 sales
• 2009: 1407 sales
• 2010: 1984 sales
• 2011: 1466 sales
• 2012: 1816 sales
• 2013: 2392 sales
• 2014: 2256 sales
• 2015:  2435 sales
• 2016: 2706 sales
• 2017: 2647 sales
• 2018: 2700 sales
• 2019: 2595 sales
• 2020: 2018 sales

Here are the median prices:

• 2007: $289,800
• 2008: $300,000
• 2009: $218,000
• 2010: $225,000
• 2011: $169,000
• 2012: $182,000
• 2013: $223,500
• 2014: $250,000
• 2015: $271,325
• 2016: $286,000
• 2017: $297,500
• 2018: $307,500
• 2019: $310,000
• 2020: $339,450

“We’re beginning to see a fuller picture of COVID-19’s effect on the housing market,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “While closed sales are down 22.2 percent, demand is still there—although constrained by inventory—as the median sales price ticked up and days on the market declined. While the process may have changed, the need to transact real estate hasn’t with 2,018 closed sales in the city of Chicago last month.”

The 30-year average mortgage rate fell to 3.31% down from 3.45% in March and 4.14% in April 2019.

Inventory plunged statewide, and in Chicago, as sellers took properties off the market and others that wanted to list, decided to wait due to the virus.

Statewide inventory fell 18.2% to 45,848 from 56,024 a year ago.

In Chicago, inventory fell 19.5% to 7,658 properties from 9,512 properties last year.

The number of days on the market before a sale in Chicago declined 7.7% to 36 days from 39 last year as inventory remained tight.

“The impact of the precipitous decline in employment is beginning to make its way into the housing market” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “However, many analysts believe that while sales will decline, prices may remain sticky at least for the next several months. Consumer indices already reflect the heightened uncertainty about the labor market, and this will no doubt dampen both additions to the housing inventory as well as housing demand.”

Will April be the worst of the sales plunge from the COVID shutdown?

Or will it extend into the summer?

Illinois median home prices increase in April; sales and inventory slip [Illinois Association of Realtors, Press Release, May 21, 2020]

This top floor 3-bedroom in 500 W. Barry in East Lakeview just came on the market.

Built in 1926, this is a 10-unit building with an elevator and rare, for buildings of this vintage, garage parking behind the building.

This unit has some of its original features including the original carved stone mantle and a wood burning fireplace with a gas starter.

The living room has a south facing bay window and built-in bookshelves.

The listing says the dining room can seat 12.

The unit has what the listing calls a custom chef’s kitchen with white cabinets, soap stone counter tops, a white farmhouse sink, antique glass cabinets, exposed brick, and high-end Thermador stainless steel appliances including a 6-burner stove top, double oven/microwave, a built in refrigerator and warming shelves.

There’s a coved hallway to the 3 bedrooms.

This is a rare vintage unit that has an actual master suite with 4 windows and an attached bath with double vanity, heated floors and a marble shower.

The second bedroom has 2 French doors, one which leads to the 13×10 balcony which has a natural gas hook-up for barbecues. With this being a top floor unit, there’s no other balcony above this one.

The third bedroom is also en suite.

The unit also has other unique features including all of the lights on dimmers and whole house stereo.

It has the features that buyers look for, that you can rarely get in vintage units, including central air, washer/dryer in the unit and garage parking.

Additionally, there’s parking for guests, private storage and common bike storage.

If you love vintage, but want modern updates and outdoor space, is this a unicorn unit?

Scott Curzio at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #5E: 3 bedrooms, 3 baths, no square footage listed, top floor

• Long time owner
• Sold in April 2017 for $550,000
• Currently listed at $839,900 (includes garage parking)
• Assessments of $1030 a month (includes heat, parking, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,956
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 17×13
• Bedroom #2: 15×13
• Bedroom #3: 13×8
• Living room: 22×17
• Dining room: 17×15
• Kitchen: 15×9
• Foyer: 10×8
• Deck: 13×10

This 2-bedroom duplex-up penthouse at 1910 S. Indiana in the South Loop came on the market in October 2019.

This complex was converted and/or built in 2004. The listing says it has 7 units but the entire building appears to have over 118 units. It includes an old bank building, which has authentic lofts.

This smaller building that faces the courtyard looks to be newer construction. And it’s unclear if there is an elevator or if it’s accessed via staircase.

This unit doesn’t have any authentic loft features but it does have high ceilings and exposed duct work.

There are hardwood floors on the main floor along with a family room and a half bath.

Both bedrooms are on the second floor along with 2 full baths and the master suite, which is en suite and has a walk-in-closet.

The kitchen has wood cabinets, stainless steel appliances and polished concrete counter tops.

But the big selling point of this property is that it has not just one, but two, private terraces.

The first one runs the length of the unit on the main floor and wraps around the living/dining and family rooms.

The second one is off the master bedroom on the second floor.

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

Originally listed in October 2019 for $550,000, it has been reduced to $524,900.

For those who are facing quarantine fatigue, is the possibility of 2 terraces a dream come true?

Layching Quek at Redfin has the listing. See the pictures and floor plan here.

Unit #311: 2 bedrooms, 2.5 baths, 1700 square feet, duplex up, penthouse

• Sold in January 2004 for $428,500 (included the parking)
• Sold in July 2016 for $530,000 (included the parking)
• Originally listed in October 2019 for $550,000
• Reduced
• Currently listed at $524,900 (plus $25,000 for parking)
• Assessments of $646 a month (includes cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 21×13 (second floor)
• Bedroom #2: 10×14 (second floor)
• Living room: 14×22 (main floor)
• Dining room: 11×9 (main floor)
• Kitchen: 16×9 (main floor)
• Family room: 13×14 (main floor)

This 3-bedroom townhouse at 2736 N. Hampden in East Lincoln Park came on the market in February 2020.

This complex was built in 1981 and has 15 units along with heated garage parking.

This duplex townhouse has hardwood floors throughout.

The kitchen, living and dining rooms and a den are all on the main floor along with a half bath and a wood burning fireplace.

This townhouse is in the front of the complex and faces the street.

The kitchen has white cabinets, granite counter tops, a new backsplash, new light fixtures, stainless steel appliances and a wine cooler.

All three bedrooms are on the second floor along with the master suite and the second full bathroom.

The listing says all baths have been redone and the closets built out. If you look at the pictures from the 2015 sale, you’ll see what they did to the layout of the master bathroom.

The washer dryer is on the bedroom level.

The townhouse has central air and one heated garage parking space, with extra storage.

Love outdoor space?

This townhouse has two balconies,  including one that is 24×3, and a huge private rooftop deck with city views.

Originally listed at $675,000 in February, it has been reduced $25,000 to $650,000.

Buyers love “new” properties, with everything renovated.

Why isn’t this townhouse selling?

Erin Mandel at @Properties has the listing. See the pictures and floor plan here.

Unit #201: 3 bedrooms, 2.5 baths, no square footage listed, duplex townhouse

• Sold in June 1997 for $248,000
• Sold in June 2006 for $542,000
• Sold in August 2009 for $530,000
• Sold in July 2013 for $580,000
• Sold in July 2015 for $610,000
• Originally listed in February 2020 for $675,000
• Reduced
• Currently listed at $650,000
• Assessments of $581 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $12,333
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Wood burning fireplace
• Bedroom #1: 16×13 (second floor)
• Bedroom #2: 10×11 (second floor)
• Bedroom #3: 12×10 (second floor)
• Living room: 16×20 (main floor)
• Dining room: 8×9 (main floor)
• Kitchen: 10×16 (main floor)
• Den: 14×10 (main floor)
• Balcony: 24×3
• Rooftop deck: 24×19 (third floor)

This 4-bedroom loft in The Ronsley at 676 N. Kingsbury in River North came on the market in September 2019.

The Ronsley has 41 units and was converted into lofts in 2016-2017. There is the original brick, industrial building a new construction addition was also added on the top floors.

It has a doorman and an exercise room, along with a center common courtyard and garage parking.

This unit is one of the authentic lofts in the industrial part of the building with exposed brick walls and timber ceilings.

It has wide-plank wood floors and electronic window treatments on its big industrial windows.

The listing says the unit has had $150,000 in custom upgrades including a custom marble fireplace.

The kitchen has custom white Italian modern cabinetry with luxury Subzero and Wolf appliances and a massive kitchen island with seating for 6.

The master bedroom is en suite with a spa-like bath and walk-in-closet.

The loft has 2 outdoor spaces including a covered 15×10 terrace off the dining room and a 6×22 balcony that overlooks the common courtyard and looks to be accessed through 2 of the bedrooms.

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

Originally listed at $2,250,000 in September 2019, it has been reduced $200,000 to $2,050,000.

At 3,081 square feet, this loft has more square footage than some single family homes.

Is this loft a good single family home alternative?

Sheetal Balani at Compass has the listing. See the pictures here (sorry- no floor plan).

Unit #204: 4 bedrooms, 4.5 baths, 3081 square feet, loft

• Sold in October 2017 for $2,124,900 (per Redfin)
• Originally listed in September 2019 for $2,250,000
• Reduced
• Currently listed at $2,050,000 (includes garage parking)
• Assessments of $1117 a month (includes gas, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $35,626
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 15×18
• Bedroom #2: 13×12
• Bedroom #3: 13×12
• Bedroom #4: 13×15
• Living/dining: 39×38
• Kitchen: 10×20
• Terrace: 15×10
• Balcony: 6×22

This 3-bedroom duplex down at 224 W. St. Paul in Old Town just came on the market.

Built in 1890, this condo complex has 4 units including one in a coach house behind the building.

There’s no parking.

We actually chattered about this unit way back in 2008 when it was converted into condos.

Back then, this unit had been on the market for 2 years without a sale.

You can see our 2008 chatter here.

This property has many of its vintage features including original stained glass in the large picture window at the front of the unit.

It has the original Victorian pocket doors and a vintage fireplace mantle (original too?).

The living room has unique inlaid wood floors.

And the first floor also has many original moldings.

The kitchen has white cabinets, what looks like granite counter tops and stainless steel appliances.

The master suite is on the first floor and has a unique, built-in armoire along one wall.

The other two bedrooms are in the lower level, along with a full bath and a family room.

The listing says there is a “subsurface drainage system.”

It also says there is “new electric and plumbing” but is that new from the developer in 2008 or new as in 2020?

The property has the features buyers look for including central air and washer/dryer in the unit but there’s no parking with the building.

This building is in the middle of the popular Old Town neighborhood, with restaurants and bars within minutes of the front door.

Is this the perfect property for a vintage lover?

Ryan Cherney at Circle One Realty has the listing. See the pictures and floor plan here.

Unit #1: 3 bedrooms, 2.5 baths, 2200 square feet

• Was listed in 2006 (per the 2008 chatter)
• Sold in November 2016 for $639,000
• Currently listed at $729,900
• Assessments of $343 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,900
• Central Air
• Washer/dryer in the unit
• Fireplace (gas)
• Bedroom #1: 20×12 (main level)
• Bedroom #2: 13×11 (lower level)
• Bedroom #3: 13×11 (lower level)
• Living room: 14×12 (main level)
• Dining room: 16×8 (main level)
• Kitchen: 16×11 (main level)
• Laundry room: 8×3 (lower level)
• Family room: 16×15 (lower level)

Inventory is low this spring due to the coronavirus pandemic.

Some sellers are afraid to list as they don’t want strangers walking through their home.

Others may be waiting for the state to reopen for business.

But buyers are still looking as Crain’s Dennis Rodkin reports:

“It’s been very busy, kind of crazy,” said Ryan Main, an @properties agent who put her clients’ three-bedroom house on Waveland Avenue in Portage Park on the market Saturday and by Tuesday morning had multiple offers in her pocket.

And prices are holding up, though Rodkin says most of those closings were pre-COVID.

There aren’t the “deals” you may think.

One of those signs is Compass agent Samuel Ciochon’s recent experience. He put a client’s two-bedroom Uptown condo on the market April 29 at $290,000, and had it under contract to buyers May 4 after receiving 11 offers. Ciochon cannot disclose the sale price before it closes, but he said “my seller was ecstatic.”

In the early days of May, Ciochon was involved with three other properties that all got multiple offers.

This is a distinct change from mid-April, when Ciochon told Crain’s buyers were often looking into the market expecting to find slashed prices. “Those people have dropped out,” Ciochon said. “The mindset has changed.” In large part, that’s because they didn’t find the desperation they expected.

But what will happen going forward?

Prices could actually RISE if more inventory doesn’t come on the market. According to Rodkin, the number of single family homes on the market dropped to 2760 in the week that ended May 2.

That’s the lowest number since January 2007. If you strip out all the “luxury” homes priced over $500,000, it’s really slim pickings.

It’s not surprising that the house mentioned above in Portage Park got multiple offers. It’s listed at $359,000, which is the entry level/starter home price range.

Will the Chicago housing market still be red hot this summer?

Real estate prices defy the crisis [Crain’s Chicago Business, Dennis Rodkin, May 12, 2020]

This 4-bedroom in the Park Newberry at 55 W. Delaware in the Gold Coast just came on the market.

Built in 1996, the Park Newberry has 182 units, attached garage parking, and doormen.

It has a unique circular driveway with a fountain in front of the entrance.

The listing says this is a “1-year old gut condo” that is “turn-key.”

It has a modern aesthetic, which is popular in new construction buildings nearby, with designer lighting and high gloss woodwork.

There’s a chef’s kitchen with modern white and wood cabinets, a custom appliance package, a huge center island and a separate breakfast bar along with stone counter tops.

The unit has a unique glass den with moving black doors.

The master suite has an en suite modern black and white bathroom along with a walk-in-closet.

There’s a separate laundry room.

The unit also has Hunter Douglas electric blackout and sheers in all bedrooms and living space.

It has a 32 foot outdoor double balcony with west exposure.

The unit has the features buyers look for including central air and 2-car attached garage parking spots are available. One spot apparently has a unique walk-in storage area.

For those concerned that they are buying in an older building, the listing says the hallways are currently being renovated.

At 3,000 square feet, this is larger than most condos in this neighborhood. It’s also got the all-important 4-bedrooms.

Listed at $2,000,000, is this a deal compared with the new construction buildings nearby?

Shelly Perkowski at Coldwell Banker has the listing. See the pictures and floor plan here.

Unit #616: 4 bedrooms, 3.5 baths, 3,000 square feet

• Sold in June 1998 for $455,500 (included one parking spot)
• Sold in April 2011 for $900,000 (included 2 parking spots)
• Sold in November 2017 for $1,130,000 (included 2 parking spots)
• Originally listed on May 11, 2020 for $2,095,000 (included the 2 parking spots)
• De-listed
• Re-listed on May 12, 2020 for $2,000,000 (2 parking spots now extra for $60,000)
• Assessments of $1408 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $17,193
• Central Air
• Washer/dryer in the unit
• Electric fireplace
• Bedroom #1: 17×14
• Bedroom #2: 19×12
• Bedroom #3: 13×12
• Bedroom #4: 13×11
• Den: 12×8
• Foyer: 15×5
• Living room/dining room: 17×32
• Kitchen: 14×19
• Foyer: 15×5
• Laundry room: 6×13
• Walk-in-closet: 13×11
• Balcony: 32×6

This 3-bedroom at 537 W. Roscoe in East Lakeview just came on the market.

This building was constructed in 1923 and has 26 units. There’s no parking or elevator.

This unit has some of its vintage features including the original moldings.

It has unique French windows in the living room which also has 3-exposures and built in bookcases, storage and wine refrigerator.

Like many vintage units it has a full-sized dining room.

The kitchen has white cabinets, stainless steel appliances, quartz counter tops and a white subway tile backsplash.

The master bedroom has French doors and fits a king bed.

It also has two full baths, one which has a tub and the other has a walk-in shower.

This unit has the features buyers are looking for including central air and washer/dryer in the unit. It doesn’t have parking, however.

The listing also says this is in the Nettlehorst school district.

Given the lack of inventory for 3-bedrooms priced under $500,000, will this sell quickly?

Samuel Kahn at Luxury Living has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, 1500 square feet

• Sold in September 1991 for $120,000
• Sold in November 1994 for $170,000
• Sold in August 2014 for $352,500
• Sold in April 2017 for $447, 500
• Currently listed at $475,000
• Assessments of $640 a month (includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7673
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 13×15
• Bedroom #2: 13×12
• Bedroom #3: 13×12
• Dining room: 15×12
• Kitchen: 10×12
• Living room: 21×13

This 2-bedroom at 2017 W. Evergreen in Wicker Park came on the market in September 2019.

Built in 1890 on a larger than standard Chicago lot, this building has 6 units and deeded parking.

You may recall from prior chatter, that a new addition was built on the back of this building which is why there are 6 units.

This unit, however, is in the original vintage part of the building and has many of its vintage features including high ceilings, crown moldings and medallions and the original fireplace, which is now gas.

It has a large bay window and a wall of windows that overlooks the side yard.

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

The master bath is en suite with a large double vanity, soaking tub and shower.

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

Originally listed for $499,000 in September 2019, it had reduced to $459,000 plus the parking before being delisted on April 1 with the notation that there are “temporarily no showings.”

Will there be a surge in inventory once the reopen happens as listings like this one come “back” on the market?

Gregory Viti at BerkshireHathaway HomeServices has the listing. See the pictures here.

Unit #201: 2 bedrooms, 2 baths, 1500 square feet

• Sold in October 2001 for $297,500 (included the parking)
• Sold in December 2009 for $400,000 (included the parking)
• Originally listed in September 2019 for $499,000
• Reduced to $459,000 (parking was $25,000 extra)
• De-listed on April 1 marked at “temporarily no showings”
• Assessments of $270 a month (includes scavenger)
• Taxes of $8,155
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 14×13
• Bedroom #2: 10×9
• Living room: 15×14
• Dining room: 10×9
• Kitchen: 9×8
• Office: 5×4