Crib Chatter

The Illinois Association of Realtors is out with the March data.

The Chicago market started out the spring home buying season on a strong note, with near record low mortgage rates and record low unemployment.

But, in March, the COVID-19 state and city wide economic shutdown hit.

Still, March was another strong month despite the virus.

The city of Chicago saw year-over-year home sales increase 1.0 percent with 2,082 sales in March, compared to 2,062 a year ago. The median price of a home in the city of Chicago in March was $320,000 up 10.1 percent compared to March 2019 when it was $290,700.

Historic data courtesy of G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500
2014 1,875 $235,000
2015 2,173 $260,000
2016 2,149 $269,000
2017 2,546 $295,000
2018 2343 $310,500
2019 2062 $290,700
2020 2082 $320,000

“Though we likely won’t see a fuller picture of coronavirus’ impact on the housing market until April’s numbers are released, we are happy to see positive momentum in March,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “Clearly, demand kept pace, despite the pandemic, with an uptick in closed sales and sales price over last year. However, we also saw a sharp decline in inventory, something we will continue to keep our eyes on for the future, as homeowners react to the uncertainty of the current environment.”

The 30-year fixed mortgage rate averaged 3.45% down from 3.47% in February and down from 4.27% in March of 2019.

Average time on the market statewide remained unchanged year-over-year at 63 days.

In Chicago, average market time fell to 47 days from 49 days a year ago.

“The March data on the housing market are probably the last to reflect the pre-pandemic impact of the economy,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Unlike the recession that started in 2008 when there was a gradual increase in unemployment for the next several years, the events of the first quarter of 2020 have revealed a precipitous decline in employment levels (and a concomitant increase in unemployment rates). The consumer sentiment indices reported this month, most notably the decline in the Fannie Mae Home Purchase Sentiment Index, suggest that over the coming months, we can expect to see a growing negative impact on housing prices and sales.”

Chicago inventory fell 13.6% to 7697 from 8909 in March 2019.

Inventory is so limited in some neighborhoods, I’m hearing of bidding wars breaking out.

If you were going to list this spring, are you crazy to wait until the shutdown ends?

Or should you be listing right now when competition is limited?

Illinois home sales and prices post gains in March [Illinois Association of Realtors, Press Release, April 21, 2020]

This 2-bedroom at 1510 N. Dearborn Parkway in Gold Coast came on the market in December 2019.

Built in 1900, this building actually has 18 units and an elevator.

While it has the vintage charm on the outside, the interior vintage character was stripped out of these units decades ago.

This unit, which appears to be on the second floor, does have a wood burning fireplace in the living room, however.

It has an east facing bay window in the living room.

There are hardwood floors in the living/dining and kitchen and carpet in the bedrooms.

The kitchen was put in after the last sale after a wall separating the kitchen from the living room was removed.

It has wood cabinets, what look like granite counter tops, a tile backsplash and stainless steel appliances.

The unit has the features buyers look for including central air and washer/dryer in the unit.

There’s no parking.

Originally listed in December 2019 for $589,000, it’s been reduced $64,000 to $525,000.

Will this lower price get the sale done?

Sara McCarthy at Keller Williams Chicago-Lakeview has the listing. You can see the pictures and floor plan here.

Unit #202: 2 bedrooms, 2 baths, no square footage listed

• Sold in February 1999 for $323,500
• Sold in June 2014 for $490,000
• Originally listed in December 2019 for $589,000
• Reduced several times
• Currently listed at $525,000
• Assessments of $367 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8291
• Central Air
• Washer/dryer in the unit
• No parking
• Wood burning fireplace
• Bedroom #1: 19×14
• Bedroom #2: 14×11
• Living/dining room: 22×12
• Kitchen: 18×12

There’s a lot of discussion about how COVID-19 will impact the housing markets both immediately and long term.

Closings are still getting done as buyers house hunt through virtual tours and remote appraisals and closings.

Chicago’s inventory remains low as new listings have plunged.

Each week the shutdown continues, the number of new listings seems to get more anemic.

But it’s unclear if there will be a huge surge once the economy re-opens.

And it’s unclear if buyers will rush to the suburbs or go even further, and leave the largest cities for smaller cities that are cheaper and less dense.

Is the pandemic the final straw that forces Millennials and GenZers to leave the Superstar Cities?

From the NYT:

Even before the coronavirus, Nina Brajovic wasn’t so sure about her life in New York. As a consultant for PricewaterhouseCoopers, she spent most weeks out of town traveling for work. She often wondered whether she could do her same job for cheaper — and more easily — while based in her hometown, Pittsburgh.

Over the past month, she has gotten a sneak peek of that life, moving back in with her parents to avoid the wall-to-wall density of New York and working out of her childhood bedroom. She is now savoring life’s slowness, eating her father’s soup and watching movies on an L-shaped couch with her mom.

“Part of it feels like, why am I even living in New York?” said Ms. Brajovic, 24, who pays $1,860 in rent each month for her share of an apartment with two roommates in Manhattan. “Why am I always paying all of this rent?”

With her lease up for renewal, she is contemplating whether to make the move more permanent.

“I have no idea what I am going to do,” said Ms. Brajovic. “But it is a thought in my mind: the potential of not going back.”

Meanwhile, on the other coast, Californa’s high prices continue to push out the middle class.

For those facing thousands of dollars a month in rent, what if you can work remotely somewhere where it’s just $825?

Brenna Pelletier, an artist, has been on a journey to downsize — and cut costs. She left Los Angeles in 2018, a year it lost about 35,000 people, and headed to Las Vegas, but even that was proving pricey.

As the coronavirus shut things down, business cratered on the website where she sells enamel pins. Instead of worrying about how she was going to pay $1,360 for rent in Las Vegas, she sped up plans to move to Tulsa, since she had been accepted to the city’s recruitment program.

By early April, she was behind the wheel of a 26-foot Penske truck, making the 1,200-mile drive with her two cats in a case seat-belted in next to her.

“This is the perfect time to move,” said Ms. Pelletier, 31, who works from home. “I have to do it now. Otherwise I’m going to be stuck or evicted.”

She is now settling into an apartment in downtown Tulsa, where she pays $825 a month. “I normally don’t like to just throw a dart and see what happens,” she said of her last-minute change of plans. “But in this case, I thought, these are extreme circumstances.”

Will more people make the move to an “easier” life in a secondary city, as Sonies has done?

America’s biggest cities were already losing their allure, what happens next? [New York Times, by Sarbrina Tavernise and Sarah MervoshApril 19, 2020]

This 4-bedroom in the Harvard School Condos at 4731 S. Ellis in Kenwood came on the market in January 2020.

Sorry I don’t have a picture but the shelter-in-place prohibits me from driving around for non-essential purposes.

Built in 1917, the former private school has 5 units, a center courtyard garden and garage parking.

I can’t tell when they converted it to condos as the only sale was in 2017, but it appears it might have been converted in 2007-2009 housing bubble era. (Were they rented out originally?)

The listing says this building is in a historic landmark district.

It has 11 1/2 foot ceilings and big, vintage-looking school windows, along with hardwood floors throughout all on one level.

It also says it has had $150,000 in recent upgrades including a complete kitchen renovation and expanded master bathroom.

The kitchen now has modern dark cabinets along with stainless steel appliances, with a water filtration system.

The master suite has a walk-in-closet and the bathroom now has similar modern finishes to the kitchen, with a double vanity.

There’s also a jack-and-jill bathroom between two of the bedrooms that the listing says was “redesigned.”

The fourth bedroom is also en suite.

There are custom window treatments and Elfa closet systems along with a wood burning fireplace.

The unit also has a private terrace overlooking the center garden.

It has central air, washer/dryer in the unit and a private 2-car garage.

At 3252 square feet, it has more square footage than some single family homes.

Originally listed in January 2020 at $829,000, it has been reduced to $799,000.

Is this a good townhouse or duplex down alternative?

Anne Loncar at Coldwell Banker has the listing. See the pictures and the floor plan here.

• Sold in June 2017 for $650,000
• Originally listed in January 2020 for $829,000
• Reduced
• Currently listed at $799,000
• Assessments of $605 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $5576
• Central Air
• Washer/dryer in the unit
• 2-car private garage included
• Wood burning fireplace
• Bedroom #1: 18×13
• Bedroom #2: 22×15
• Bedroom #3: 19×11
• Bedroom #4: 19×10
• Living/dining room: 22×36
• Kitchen: 9×17
• Office: 12×6
• Laundry room: 6×10

This 3-bedroom in the Illume at 111 S. Peoria in the West Loop came on the market in March 2020.

The Illume was built in 2018 and has 79 units and heated garage parking. It is one of the few buildings in the West Loop that also has a full-time doorman.

The building sold out quickly and has been one of the hottest in a hot neighborhood.

This unit is a corner unit with 10 foot concrete ceilings.

It has east and south exposures along with a 6 x 15 private balcony.

There are 7 inch wide plank white oak flooring throughout.

The kitchen has luxury finishes including custom modern cabinetry, a 6 burner Viking gas range, a Liebherr refrigerator/freezer and Bosch dishwasher along with a huge 11 foot kitchen island with quartz counter tops.

The master suite has double closets and en suite bathroom.

The second bedroom is also en suite.

The listing describes the third bedroom as a den/office.

It has the features that buyers look for including central air, side-by-side washer/dryer in the unit and heated garage parking.

Listed at $1,175,000 in March, it was also recently listed for rent at $6200 a month.

With the stock market at record highs just 2 months ago, the luxury market was booming.

But what will happen now?

Coleen Karpf at @Properties has the listing. It is agent owned. See the pictures here.

Unit #309: 3 bedrooms, 3 baths, 1891 square feet

• Sold in July 2018 for $1,035,000 (per Redfin and Zillow)
• Originally listed in March 2020 for $1,175,000
• Still listed at $1,175,000
• Also available for rent for $6200 a month
• Assessments of $815 a month (includes heat, doorman, exterior maintenance, scavenger, snow removal)
• Taxes aren’t listed (why not?)
• Central Air
• Washer/dryer in the unit
• Heated garage parking included
• Bedroom #1: 13×16
• Bedroom #2: 12×12
• Bedroom #3: 14×14
• Kitchen: 10×16
• Living/dining room: 15×27
• Balcony: 6×15

This 2-bedroom duplex down at 1760 N. Wells in Old Town just came on the market.

This is vintage building but it doesn’t say when it was built. It has 13 units and a common, shared deck.

This unit has some vintage features including wainscoting and crown molding.

There’s a gas fireplace in the living room and what look like pocket French doors for the second bedroom.

It has a split floor plan, with the master suite duplexed down, via a spiral staircase, and the second bedroom on the main floor.

The master suite has a walk-in closet and en suite bath with double vanity.

There’s also an open office space that is next to the stairs (as seen in the 2013 listing pictures which also has a floor plan).

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

This property has the features that buyers look for including central air and a “new” full-sized washer/dryer but there’s no parking with the unit.

It’s located on one of the most popular restaurant streets in Old Town, literally ON Wells Street.

Is this location a big selling point with Millennial and GenZ buyers?

Kathleen Coyle at @Properties has the listing. See the pictures here.

Unit #1B: 2 bedrooms, 2 baths, 1500 square feet, duplex down

• Sold in March 1994 for $79,500
• Sold in August 2010 for $338,500
• Sold in April 2013 for $420,000
• Sold in September 2016 for $520,000
• Currently listed at $549,000
• Assessments of $444 a month (includes lawn care, scavenger, snow removal)
• Taxes of $9875
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 16×14 (lower level)
• Bedroom #2: 12×9 (main level)
• Living/dining room: 14×21 (main level)
• Kitchen: 12×7 (main level)
• Laundry room: 3×3 (main level)

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

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.

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

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 stainless steel appliances.

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

The master suite is fully enclosed with a renovated bath that has a double vanity and a walk-in-shower.

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

Both bedrooms have carpet while the rest of the living areas have hardwood floors.

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

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

This is a rare opportunity to buy one of the higher floor tower units with views and a complete renovation.

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

Why isn’t this loft selling?

Is it the lack of walls and a door for the guest bedroom?

Is it the assessment?

Is it the finishes?

Will pricing it under $500,000 finally get the sale done?

Brooke Vanderbok at @Properties still has the listing. See the pictures and floor plan 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
• Assessments are still $605 a month (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 2-bedroom at 562 W. Arlington in East Lincoln Park just came on the market.

Built in 1893, this building was converted to condos during the housing bubble years, in 2005, and has 4 units and gated parking.

This is the third floor unit and has 2 outdoor spaces,  including a front balcony and a massive rear steel deck with 350 square feet of space.

It has a south facing bay window and 2 fireplaces, including one in a den or reading nook.

The listing says the kitchen is “refreshed” with white cabinets, black granite counters and what looks like a white tile backsplash along with stainless steel Viking appliances and a wine refrigerator.

The front balcony is accessed from a door in the dining room.

The master suite has a walk-in-closet and an en suite bathroom with a stand alone shower and a white claw foot bathtub, along with a double vanity.

The unit has all the features buyers look for including central air, washer/dryer in the unit and gated parking.

The listing says the movie Prelude to a Kiss was filmed here. (Does this matter all these years later?)

Also, the listing says the seller is allowing showings to pre-approved buyers during the coronavirus shelter-in-place. There is also a video walk-through.

This unit is located on a prime vintage East Lincoln Park street near shops and restaurants.

This is a neighborhood that most would consider one of the prime neighborhoods in the city.

Listed at $650,000, this property originally sold for $625,000 in 2005.

Has East Lincoln Park been a good investment over the last 15 years?

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

Unit #3: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2005 for $625,000
• Sold in May 2011 for $573,000
• Sold in June 2016 for $610,000
• Originally listed in April 2020 for $650,000
• Assessments of $200 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $10,429
• Central Air
• Washer/dryer in the unit
• Gated parking included
• 2 fireplaces
• Bedroom #1: 15×11
• Bedroom #2: 13×10
• Den: 7×7
• Living room: 21×11
• Dining room: 11×10
• Kitchen: 16×13
• Front balcony: 12×5
• Deck: 24×15

This 2-bedroom duplex up in The Citadel at 2300 W. Armitage in Bucktown came on the market in March 2020.

Built in 1900, The Citadel has 12 units and garage parking with a unique open courtyard design where each unit has a private entrance.

This 1600-square foot unit has the living room, kitchen and bedroom on the main floor with a glass and steel staircase leading to a second bedroom, den and rooftop deck on the second floor.

The master suite is on the first floor.

The bathrooms have a modern style.

The kitchen has Italian cabinetry, an island, stone counter tops and stainless steel appliances.

The second floor bedroom has French doors.

The listing says the Trex roof deck has city skyline views.

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

Listed at $540,000, is this a townhouse alternative if you want levels of living and a rooftop deck?

Amanda Sharp at @Properties has the listing. See the pictures and floor plan here.

Unit #12: 2 bedrooms, 2.5 baths, 1600 square feet, duplex up

• Sold in October 2000 for $349,000
• Sold in July 2002 for $387,500
• Sold in December 2008 for $380,000
• Sold in April 2015 for $417,500
• Listed in March 2020 for $540,000
• Currently still listed at $540,000 (garage included)
• Assessments of $263 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6,625
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×18 (main floor)
• Bedroom #2: 10×10 (second floor)
• Living room: 17×16 (main floor)
• Kitchen: 9×13 (main floor)
• Laundry: 5×3 (main floor)
• Den: 10×10 (second floor)
• Deck: 14×8 (second floor)

This 3-bedroom in Benjamin Marshall’s Gold Coast masterpiece at 1544 N. State Parkway came on the market in May 2019.

We chattered about it several times in the past including last December 2019 after it had been renovated.

See our chatter here.

1550 N. State Parkway was constructed in 1912 and has just 32 units. It’s exterior is covered in limestone.

It has a doorman but no parking.

What is little known about the building is that it also has a shorter side building with maisonettes at 1544 N. State Parkway. This unit is one of those maisonettes (pictured above).

It has a separate private entrance through the landscaped courtyard.

The units don’t have the same tall ceilings and vintage features as the main building.

This unit was a short sale for several years and appears to finally have sold in an auction from the bank in 2016.

It’s now been renovated and has a new kitchen and baths.

The listing calls it a “dream kitchen and wet bar” with European materials with 10-foot island and full counters and backsplash in Taj Mahal Quartzite. It has Thermador appliances with “touch open” technology.

The bathrooms have custom vanities.

There’s a decorative fireplace, built-ins and some vintage crown molding in the living/dining room.

It has radiator heating and space pak air conditioning.

It does have in-unit washer/dryer but no parking.

The unit was originally listed at $1,049,999 in May 2019 and has now been reduced to $899,000.

What price will it take to get this sale done?

Kenneth Dooley at Compass has the listing. See the pictures here.

Unit #A3: 3 bedrooms, 2 baths, 1850 square feet

• Sold in January 1988 for $289,000
• Sold in June 1997 for $335,000
• Sold in April 1999 for $442,000
• Sold in January 2004 for $865,000
• Sold in July 2006 for $950,000
• Originally listed in November 2009 for $1.135 million
• Lis pendens filed in May 2011
• Sold in March 2016 for $413,500
• Originally listed in May 2019 for $1,049,999
• Reduced several times
• Currently listed at $899,000
• Assessments are still $2169 a month (they were $1947 a month in 2012) (includes doorman, exercise room, exterior maintenance, scavenger and snow removal)
• Taxes are now $21,887 (they were $20,588 in December 2019 and $13,484 in July 2012)
• Space Pack air
• In-unit washer/dryer
• No parking – rental nearby
• Decorative fireplaces
• Bedroom #1: 17×14
• Bedroom #2: 14×13
• Bedroom #3: 11×8
• Living room/Dining room: 23×17
• Kitchen: 17×11
• Bar: 10×5