Crib Chatter

The Illinois Association of Realtors is out with the December sales numbers, which were better than expected.

In the city of Chicago, home sales (single-family and condominiums) in December 2019 totaled 1,861 homes sold, up 9.0 percent from December 2018 sales of 1,708 homes.

The median price of a home in the city of Chicago in December 2019 was $278,500, up 10.7 percent compared to December 2018 when it was $251,500.

Last year, December was a disappointment with a 17% drop in sales as the stock market sold off sharply.

• December 2004: 3719 sales and median price of $267,000
• December 2005: 2847 sales and median price of $283,000
• December 2006: 2241 sales and median price of $279,000
• December 2007: 1629 sales and median price of $287,000
• December 2008: 1263 sales and median price of $235,000
• December 2009: 1820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2077 sales and median price of $242,000
• December 2016: 1974 sales and median price of $260,000
• December 2017: 2058 sales and median price of $265,500
• December 2018: 1708 sales and median price of $251,500
• December 2019: 1861 sales and median price of $278,500

2019 was the highest median home price for the month since 2007 which tells you the type of mix in what was selling in the month (hint: the more expensive properties).

Average time on the market statewide was 58 days down from 59 days a year ago.

The average 30-year fixed mortgage was 3.72% up from 3.7% in November, but down from 4.64% a year ago.

“An uptick in closed sales and median sales price is positive,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “We continue to see a drop in inventory, which means fewer homes are available. The increase in the median sales price reflects this.”

Inventory continues to be anemic even though the start of spring selling season is just a few weeks away. Where’s all the new listings?

“More temperate December weather and attractive mortgage rates set the state up for a strong finish to a year that has been marked by sales swings,” said Ed Neaves, president of Illinois REALTORS® and designated managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “Looking ahead, it is possible that 2020 will look a lot like 2019, as many of the same market dynamics, which include low inventories and attractive financing rates, will extend into the new year.”

“December provided one of the few months of 2019 when both sales and prices increased on a monthly and an annual basis, with sales increases reflecting national trends” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “While the national forecasts suggest continued growth of housing demand in 2020, the concerns in Illinois center on dampened employment growth and continued net out-migration.”

Old man winter remains in hibernation which is making it easier to shop for properties.

Will the hot December continue into January?

Illinois housing market ends year with December jump in sales, prices [Illinois Association of Realtors, Press Release, January 22, 2020]

This 5-bedroom duplex penthouse at 900 W. Washington in the West Loop came on the market in April 2019.

900 W. Washington is a new construction luxury building which has 22 units and a parking garage. It doesn’t have a doorman and no other amenities (such as an exercise room, pool etc.)

There are 2 penthouses.

Unit PH-902 sold in September 2019 for $5,719,999.

This penthouse has 2 massive terraces including a 43×10 south facing terrace and a 10×34 west facing terrace.

Four of the bedrooms are on the second floor with the fifth on the main level. The living/dining rooms and kitchen are also on the main level.

The kitchen has Scavolini cabinets and Subzero/Wolf appliances.

The baths are marble and Silestone with radiant heated polished concrete floors.

It has private elevator access.

The unit has central air and washer/dryer in the unit. Parking is available for purchase.

We first chattered about this building when the units were listed in April 2019. Back then, some of you thought the price points in this building, which were all above $1 million, were silly for the neighborhood.

See our April 2019 chatter here.

But the Unit PH-902 sale was the highest closing price ever for a property in the neighborhood.

Additionally, Dennis Rodkin at Crain’s just reported that a new construction luxury condo building on Peoria across from Mary Bartelme Park called “Peoria Green” originally was to have 20 units with 5 priced at $3 million to $3.5 million and 15 were to be much cheaper at $1.2 to $1.9 million.

But the developer sold 4 of the expensive units with weeks and late last year decided to redesign the building, adding 3 more expensive units over $3 million and are now selling just 9 at the lower price point.

With the 8 expensive units, they have sold all but one of the units over $3 million and haven’t even broken ground yet on the building.

From Crains:

At Peoria Green, the $3 million-and-up condos are 4,700 square feet with five bedrooms and 1,300 square feet of outdoor space. At under $2 million, they’re 2,350 square feet with four bedrooms and 240 square feet of outdoor space.

The larger units drew mostly buyers who have been living in the West Loop for a while and now have families, Robertson said. “They’ve been coming to us saying they want to stay in Skinner, but they can’t find something they like for north of $3 million.”

When the redesign was done, Robertson said, the sales team called some buyers who had previously missed out on the $3 million units and sold one quickly.

After a few early-January sales of lower-priced units, one Peoria Green unit is left to sell at $3 million-plus and one at a little over $1.67 million, Robertson said.

If the West Loop is the hottest luxury neighborhood in the city, which neighborhoods are they stealing upper bracket sales from?

Amy Pritchard at Jameson Sotheby’s has the listing. See the pictures here.

Unit PH-901: 5 bedrooms, 5.5 baths, 4949 square feet, duplex up

• Originally listed in April 2019 at $5.5 million
• Currently listed at $5.5 million
• Assessments of $1806 a month (includes security, exterior maintenance, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Parking is available
• Bedroom #1: 23×22 (second floor)
• Bedroom #2: 15×16 (second floor)
• Bedroom #3: 16×22 (second floor)
• Bedroom #4: 14×11 (second floor)
• Bedroom #5: 13×12 (main floor)
• Living/dining room: 32×33 (main floor)
• Kitchen: 28×16 (main floor)
• Walk-in-closet: 12×18 (second floor)
• Laundry: 8×5 (second floor)

This 2-bedroom at 474 N. Lake Shore Drive in Streeterville came on the market in February 2019.

This building was constructed in 1991 but wasn’t converted to condos until 2005-2006 during the housing boom.

It has 505 units and an attached parking garage with deeded parking. It’s a full amenity building with an indoor pool, exercise room, barbeque area and a steam room.

This unit has north and east views from the 33rd floor and has lake views.

The kitchen has cherry cabinets and granite counter tops along with stainless steel appliances.

There’s a master suite with an en suite bath and walk-in closet.

The listing says that there is new carpeting in the living room and bedrooms.

This unit has the features that buyers look for including central air, washer/dryer in the unit and indoor parking is available for $30,000 extra.

Originally listed in February 2019 at $535,000 it has been reduced $75,000 to $460,000.

That’s $85,000 under the 2006 selling price of $545,000, which didn’t appear to include the parking.

What will it take to sell this unit in 2020?

Joseph Guli at Coldwell Banker has the listing. See the pictures here.

Unit #3305: 2 bedrooms, 2 baths, 1275 square feet

• Sold in April 2006 for $545,000
• Originally listed in February 2019 at $535,000
• Reduced several times
• Currently listed at $460,000 (parking is $30,000 extra)
• Assessments of $970 a month (includes heat, a/c, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $8159
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 11×12
• Living room: 19×16
• Dining room: 14×9
• Kitchen: 13×8
• Laundry room: 7×4

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.

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 listing says 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 listing says the bathrooms have been updated with marble.

It has central air and attached garage parking is included.

Originally listed in August 2019 for $679,000, it has reduced $30,000 to $649,000.

That’s $10,000 under the 2017 purchase price of $659,000.

Will the reduced price finally get the sale done?

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

Unit #13: 3 bedrooms, 2.5 baths, no square footage listed, 4-levels, loft

• Sold in 1987 (no price in the CCRD)
• 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
• Currently listed at $649,000 (includes attached garage parking)
• Assessments of $297 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7052
• 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 2-bedroom in SoNo at 860 W. Blackhawk in the Clybourn Corridor of Lincoln Park came on the market in July 2019.

SoNo was built in 2009 just as the financial crisis hit. It has 198 units and a parking garage. It’s a doorman building.

If you recall, originally, the units were drastically reduced in order to sell them during the recession.

A second building was constructed nearby and it was rentals.

The listing for this unit says it has unobstructed south, east and west skyline and city views.

There are walnut hardwood floors throughout.

The listing says there is designer lighting, window shades and custom closets.

The kitchen has modern dark cabinets, granite counter tops, stainless steel appliances and an under mount sink. There’s also an island.

The unit has a split floor plan.

The master suite has a spa-like marble bath. The second bedroom has a custom murphy bed.

The unit has an large covered terrace, central air, washer/dryer in the unit and parking is included.

Originally listed for $685,000 in July 2019, it has been reduced to $629,000 which is under both the 2017 and 2014 prices.

Is this a deal?

Akos Straub at Berkshire Hathaway Homeservices has the listing. See the pictures and floor plan here.

Unit #2002: 2 bedrooms, 2 baths, 1438 square feet

• Sold in February 2010 for $478,000
• Sold in September 2014 for $634,000
• Sold in July 2017 for $665,000
• Originally listed in July 2019 for $685,000
• Reduced
• Currently listed at $629,000 (includes parking)
• Assessments of $814 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $12,056
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 21×12
• Bedroom #2: 14×12
• Living room: 24×14
• Kitchen: 24×9
• Foyer: 15×5
• Balcony: 12×10

This 2-bedroom in The Eddystone at 421 W. Melrose in East Lakeview came on the market in July 2019.

Built in 1928, The Eddystone has 77 units and a doorman and exercise room. There’s no parking with the building.

The Eddystone was originally going to be part of a big cooperative apartment development for 2,000 people. According to the book Chicago Apartments by Neil Harris.

Its central tower was to have been 420 feet high and the project was to have a restaurant, private dining rooms, a handball court, a swimming pool and a 250 car garage.

But as you can tell on the date the building was completed, the Great Depression interfered with the plans and all they built was the current building and no parking garage was ever built.

The building actually failed in the 1930s and lost its co-op status as it became rental apartments. It was ultimately converted into condos.

The listing says this 2-bedroom has seen a “top to bottom” rehab by its architect owners.

Vintage details have been restored including the crown and baseboard moldings and the herringbone hardwood floors.

This unit has other vintage features including high ceilings, a foyer, a gallery and a separate dining room.

The kitchen has also been “completely redone” and has white cabinets with stainless steel appliances, a breakfast bar, Cambria quartz countertops and cork flooring.

Both baths have been redone and are marble.

The unit also has new windows, central air and washer/dryer in the unit.

The listing says there are lake views from the master bedroom.

It’s in the Nettlehorst school district.

Listed for $499,000 in July, it was under contract last summer, but has come back on again at $499,000.

Is this rehab with everything new, but with its vintage features, the best of both worlds?

Suzanne Gignilliat at @Properties has the listing. See the pictures here.

Unit #8C: 2 bedrooms, 2 baths, 1800 square feet

• Sold in November 2004 for $342,500
• Bank owned in May 2010
• Sold in May 2011 for $215,500
• Sold in July 2015 for $330,000
• Originally listed in July 2019 for $499,000
• Under contract
• Back on the market
• Currently listed at $499,000
• Assessments of $1389 a month (includes heat, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $5700
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 12×25
• Bedroom #2: 12×22
• Living room: 14×27
• Dining room: 12×18
• Kitchen: 10×13
• Foyer: 8×4
• Gallery: 9×10

This 4-bedroom first floor duplex at 65 E. Goethe in the Gold Coast came on the market in May 2019.

65 E. Goethe was built in 2001 and has just 18 units and a parking garage.

It was built as a luxury building and has a doorman.

This unit is unique in that it is a maisonnette.

From the Free Dictionary:

This 3-bedroom row house at 855 N. Dearborn in the Gold Coast just came on the market.

It’s the row house on the far right in the picture above.

If you remember, we chattered about a 3-bedroom triplex in one of these row houses in May 2019.

We concluded that this wasn’t a former mansion, even though the 2019 listing said it was.

Instead, it appears to be 3 row homes built in 1928.

You can see our 2019 chatter here.

The current listing calls this a “Hale Row House.” Anyone know what that means? Google has nothing.

It is on a 20×60 lot.

This row house is bank owned.

There are 20 foot ceilings on the main floor along with a fireplace and wood floors.

The kitchen has been torn out, as well as some of the walls so there is exposed brick, although there appears to be a bunch of luxury stainless steel appliances sitting there.

This is the first time in a bank owned property that the cabinets are missing but the appliances are there. Usually it’s the other way around.

There are 3 fireplaces in all.

One bedroom is on the second floor, two are on the third floor.

There’s also a rooftop deck.

The lower level has a finished basement that the listing says is a “true in-law apartment.” It appears to have a partial kitchen.

If you recall, the 2019 property was just the top floors of the row house. There was a separate lower level apartment.

It has central air but there doesn’t appear to be any parking.

Listed at $1.05 million, the listing says there is “tons of upside for equity growth.”

Is this a deal for those who want to rehab?

Ryan Smith at Re/Max Properties has the listing. See the pictures here.

855 N. Dearborn: 3 bedrooms, 2.5 baths, no square footage listed, row house

• Sold in June 1995 for $252,500
• Sold in November 1996 for $710,000
• Sold in June 2001 for $1.25 million
• Lis pendens foreclosure filed in November 2015
• Bank owned in September 2019
• Currently listed at $1.05 million
• Taxes of $24,207
• Central Air
• 3 fireplaces
• Roof top deck
• Bedroom #1: 11×17 (second floor)
• Bedroom #2: 17×11 (third floor)
• Bedroom #3: 12×16 (third floor)
• Living room: 15×25 (main floor)
• Dining room: 13×15 (main floor)
• Kitchen: 11×14 (main floor)
• Second kitchen: 12×16 (lower level)
• Family room: 14×18 (lower level)

This 2-bedroom vintage unit at 210 E. Pearson in Streeterville came on the market in March 2018.

Built in 1928, the building has 62 units but no parking or other amenities. It does have a doorman.

This unit has tree top views and an iron French balcony that faces Pearson.

There are hardwood floors throughout and bookshelves in the separate dining room.

The kitchen has white cabinets and appliances.

There’s central air, but no washer/dryer in the unit. However, the building now does allow in-unit washer/dryer if you want to install it.

Listed at $370,000 in March 2018, it has recently been reduced to just $300,000.

The listing also says the following:

SELLER IS OFFERING TO PAY A MONTHLY ASSESSMENT FOR ONE YEAR (1366 X 12 = $16,392) AT CLOSING AND SELLER WILL PAY ONE YEAR 2020 RE TAXES AT CLOSING ($7500).

This building is directly across from the MCA and Seneca Park, steps from Michigan Avenue and near Northwestern Medical Center.

Will paying the assessments for a year finally close this deal?

Terry Petit at Baird & Warner has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 2 baths, 1400 square feet

• I couldn’t find the previous sales price but it was prior to 1994
• Originally listed in March 2018 for $370,000
• Reduced several times
• Currently listed at $300,000
• Offer to pay assessments for a year and one year taxes
• Assessments of $1366 a month (includes heat, gas, doorman, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7390
• Central Air
• No washer/dryer in the unit (coin laundry in the building)
• No parking
• Decorative fireplace
• Bedroom #1: 15×11
• Bedroom #2: 10×9
• Living room: 18×15
• Dining room: 15×12
• Kitchen: 19×12

This 7-bedroom Queen Anne Victorian at 1904 W. Patterson in North Center has been on and off the market since April 2015.

We last chattered about it in May 2018 when the sales price had been cut nearly 50%.

Many of you liked the property and were surprised that it hadn’t sold after the price cuts. Icarus even said he would buy it after he won the lottery.

See our chatter here.

But it’s now 20 months later and the house is still available.

If you recall, it was built in 1891 on a bigger than standard 62.5 x 125 corner fenced in lot.

It has a large wrap around porch, a 3-car garage, a sport court and a brick and bluestone patio.

At 8,000 square feet, it has 7 bedrooms and the preferred layout buyers like, with the bedrooms on both the second and third floors.

There are no bedrooms in the basement.

There’s a lower level exercise room and sauna as well as a game room.

It also has an interesting feature in the top floor turreted room which was detailed in the prior listing but is no longer mentioned: an “office/smoking room with ventilation system.”

The house has an eat-in kitchen with white cabinets, stainless steel appliances and stone counter tops.

It has central air and 3 fireplaces as well as extensive wood work and moldings.

There’s a second level deck.

Originally listed in April 2015 for $3,999,999, it has been reduced numerous times and is now listed about 50% less at $1,899,000.

In 2018, the listing had it listed as being in Lakeview. But it’s clearly in the North Center neighborhood.

Is the neighborhood the problem?

What will it take to finally sell this property?

Jeff Lowe at Compass now has the listing. You can see the pictures here.

1904 W. Patterson: 7 bedrooms, 7.5 baths, 8000 square feet, 3 car garage

• Sold in November 1998 for $650,000
• Originally listed in April 2015 for $3,999,999
• Reduced
• Was listed in August 2016 at $2.55 million
• Reduced
• Was listed in May 2018 at $1.990 million
• Reduced
• Currently listed at $1.899 million
• Taxes are now $46,765 (they were $48,377 in May 2018 and $27,835 in August 2016)
• Central Air
• 3 fireplaces
• Bedroom #1: 20×16 (second floor)
• Bedroom #2: 21×16 (second floor)
• Bedroom #3: 14×13 (second floor)
• Bedroom #4: 12×12 (second floor)
• Bedroom #5: 17×16 (third floor)
• Bedroom #6: 13×12 (third floor)
• Bedroom #7: 11×10 (third floor)
• Turreted office/smoking room: 13×13 (third floor)
• Exercise room: 18×16 (lower level)