Crib Chatter

The Illinois Association of Realtors is out with the October sales.

As predicted, the Chicago market remains soft.

The city of Chicago saw year-over-year home sales decrease 2.8 percent with 2,048 sales in October, compared to 2,108 a year ago. The median price of a home in the city of Chicago in October was $275,356 up 1.4 percent compared to October 2018 when it was $271,500.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,128 $236,000
• 2015: 2,173 $240,000
• 2016: 2,046 $260,100
• 2017: 2,109 $260,000
• 2018: 2,108 $271,500
• 2019: 2,048 $275,356

“Despite some local political uncertainty, Chicago’s housing market remains active,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “We’re welcoming in a new generation of homebuyers incentivized by rates and sales prices that have grown but remain reasonable. Sellers and buyers alike should be encouraged as we enter the holiday season, and there continues to be opportunities on both ends of the deal. Work with a REALTOR® to price smart and negotiate.”

The 30-year fixed mortgage rate continued to remain low in October at 3.69%, although that was up from 3.61% in September.

It was 4.83% in October 2018.

Except for the housing bubble years, October has never been a gangbuster month for sales.

“Continuing a pattern of the last several months, median prices have increased. Sales declined year-over-year in October,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Affordable inventory remains a problem even with low interest rates tempting potential buyers back into the market.”

Statewide, market time averaged 53 days, up 1.9% from last year.

Yet inventory DID continue to slide, falling 5.5% year-over-year statewide to 58,561 properties down from 61,992 properties.

Market time had been on the decline nearly every month the last several years. Until now.

Has market time finally bottomed? And what does that mean if market times are going up even as inventory continues to fall?

Illinois median home prices increase in October; sales lower [Illinois Association of Realtors, Press Release, November 21, 2019]

This 2-bedroom at 1351 N. Damen in Wicker Park came on the market in October 2019.

This building was constructed in 1885 and has been renovated into 3 luxury condos.

It also has a 3-car garage.

The listing for the 3-bedroom first floor duplex down says it has great windows as there are no neighboring buildings on either side of the property with an alley on one side and what looks like an empty lot on the other side (but who owns that lot???)

The units have Italian cabinetry and luxury appliances.

The pictures on the listing are from other buildings by this developer who also has done The Hampdens in Lincoln Park and Basecamp in Old Irving.

The first floor 3-bedroom duplex down unit is already under contract at a list price of $774,900.

This second floor 2-bedroom has a large 17×38 deck.

It has central air and washer/dryer in the unit.

From the pictures and listing description, it doesn’t look like any of the vintage features of the building were saved in the renovation.

But this building is in a prime location in Wicker Park, just a few minute walk to the Damen blue line stop, Wicker Park’s farmer market, and the shops/restaurants of Damen/Milwaukee/North and Division Street.

At $649,900, is this the going rate for new construction 2/2s in this hot neighborhood?

Jaclyn Hinton at Center Coast has the listing. See the pictures here.

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

• “New Construction”
• Originally listed in October 2019 at $649,900
• Currently still listed at $649,900
• Assessments of $186 a month
• Taxes are “new”
• Garage parking
• Bedroom #1: 13×14
• Bedroom #2: 12×12
• Living room/dining room: 25×12
• Kitchen: 12×8

This 1-bedroom penthouse in 201 E. Chestnut in Streeterville just came on the market.

This building was constructed in 1966 and has 124 units and a rental parking garage.

If this penthouse looks familiar, that’s because it was last on the market in 2015 with the same finishes.

This is a unique 2-story 1-bedroom unit with, what the listing says, is a “brand new all of windows” which face south.

The unit also has a “brand new 8×10 balcony” as I believe the building replaced the balconies on the entire building. They used to have brick flooring and now it’s just plain concrete.

It has a glass barn door that separates the bedroom from the living/dining room.

The bedroom also has a walk-in-closet.

There’s granite flooring throughout the main floor.

There’s an iron spiral staircase that leads to the second floor lofted den.

The listing says there’s been updated HVAC and other mechanicals.

The kitchen has white cabinets, granite counter tops and Dacor, Miele and Subzero appliances.

The listing says its a pet friendly building with no weight or breed restrictions.

The unit has central air, washer/dryer in the unit and on-site garage parking is $156 a month.

It has listed at $450,000, which is $100,000 over the 2015 selling price of $350,000.

Will it get the premium?

Monica Slivka at @Properties has the listing. See the pictures here.

Unit #24F: 1 bedroom, 1 bath, 1111 square feet

• Sold in December 1996 for $168,500
• Sold in January 2015 for $350,000
• Currently listed at $450,000
• Assessments of $785 a month (includes doorman, cable, exercise room, indoor pool, exterior maintenance, scavenger, snow removal)
• Taxes of $6644
• Central Air
• Washer/dryer in the unit
• On-site garage parking is $156 a month
• Bedroom #1: 16×11
• Loft: 19×13
• Kitchen: 9×13
• Living/dining: 23×27

This 4-bedroom duplex up new construction condo at 927 N. Damen in Ukrainian Village came on the market in May 2019.

This is a 3-unit new construction building with a 3-car garage built by Halcyon. The 3-unit building next door was built at the same time by the same developer. They appear to have separate HOAs.

At 3,670 square feet, this top floor unit has more square footage than some single family homes.

It has grey hardwood floors throughout with 8 foot solid core doors.

The kitchen, which is on the main floor along with the living and family rooms, has 2-toned cabinets, a planked side island, quartz counter tops and black hardware.

It also has a professional grade appliance package.

The master bathroom has a double shower, heated floors and a heated towel bar.

Two of the bathrooms are on the main floor and two of the bedrooms are on the second floor.

There’s a private rooftop deck with downtown skyline views.

It has the other features buyers look for including central air, washer/dryer in the unit and 1-car garage parking.

This is the last unit available in this building.

Originally listed in May 2019 for $1,099,000, it’s currently listed at $1.1 million.

Are million dollar condos the future of Ukrainian Village?

Samantha Porter at Jameson Sotheby’s has the listing. See the pictures here (no floor plan though).

Unit #3: 4 bedrooms, 3.5 baths, 3670 square feet, duplex up

• New Construction
• Originally listed in May 2019 for $1,099,000
• Currently listed at $1.1 million
• $30,000 designer credit
• Taxes are “new”
• Assessments of $200 a month (includes exterior maintenance)
• Central Air
• Washer/dryer in the unit
• 1-car garage parking
• Bedroom #1: 19×18 (second floor)
• Bedroom #2: 10×11 (second floor)
• Bedroom #3: 9×12 (main floor)
• Bedroom #4: 13×12 (main floor)

This 2-bedroom in Ten East Delaware at 10 E. Delaware in the Gold Coast came on the market in April 2019.

Ten East Delaware was new construction just as the housing bust hit in 2009.

It has 115 units and a parking garage. It’s a full amenity building with doormen, a pool and exercise room.

This unit is listed as a 2-bedroom but the listing says the “den” can be used as an office, second bedroom or dining room so it’s really a 1-bedroom.

The kitchen has Poggenpohl cabinets with stainless steel luxury appliances by Subzero, Miele and Wolf.

There are also Poggenpohl cabinets in the bathrooms.

The unit has a 14×9 terrace.

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

Originally listed in April 2019 at $849,000, it has been reduced $150,000 to $699,000.

That’s $21,000 under the 2014 sales price of $720,000.

Are prices falling in the GreenZone?

Stephanie Poulakidas at Compass has the listing. See the pictures here.

Unit #23A: 2 bedrooms, 1.5 baths, 1023 square feet

• Sold in May 2010 for $670,000 (included 1 parking space)
• Sold in May 2014 for $720,000 (included 2 parking spaces)
• Originally listed in April 2019 for $849,000
• Reduced
• Currently listed at $699,000 (includes the parking space)
• Assessments of $696 a month (includes heat, a/c, gas, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, scavenger and snow removal)
• Taxes of $13,942
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×12
• Den: 9×9
• Living room: 16×13
• Kitchen: 11×9
• Terrace: 14×9

This 3-bedroom townhouse at 524 W. Grant in East Lincoln Park came on the market in September 2019.

Built in 1881, it has 3 fee-simple townhomes and garage parking.

We chattered about this townhouse when it first came on the market in September.

See our chatter here (which had a surprised appearance from ze who is still down in Brazil, apparently, and where several of you complained about the taxes).

If you recall, this is the front unit which has a first floor terrace, the second floor front porch and a deck off the third floor.

You walk in on the main ground floor where there is the kitchen, living/dining combo and a half bath.

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

The second floor also has a living room or family room with a fireplace along with two bedrooms, a bathroom and access to the second floor front porch.

The top floor is the master suite with a master bathroom with dual vanities, a walk-in shower and soaking tub along with a walk-in closet.

It has the features buyers look for including central air and garage parking is included.

It’s rare to find vintage townhomes in East Lincoln Park.

Originally listed at $899,000, it has been reduced $49,100 to $849,900.

Is it now priced to sell?

Craig Isacson at @Properties has the listing. See the pictures here.

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

• Nothing shows up in the Cook County Assessor for this building
• Sold in February 2013 for $703,000 (per Redfin)
• Originally listed in September 2019 at $899,000
• Reduced
• Currently listed at $849,900
• No assessments as it’s fee simple
• Taxes of $8873
• Central Air
• 1 car garage parking included
• 3 gas fireplaces
• Bedroom #1: 19×17 (third floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 11×10 (second floor)
• Laundry room: 6×5 (third floor)
• Living/dining room: 20×13 (main floor)
• Family room/living room: 12×12 (second floor)
• Kitchen: 14×9 (main floor)
• Second floor deck: 20×7

This 5-bedroom Victorian row home at 1843 N. Lincoln in the Old Town Triangle came on the market in October 2019.

Built in 1882, it’s on a 20×80 lot but has both a back deck and a 1.5 car heated garage.

This row home has many of its vintage features still intact including 13 foot plaster ceilings, cove molding, and bay windows.

There are 3 limestone fireplaces, with two of them in the dining room and living room, having bronze hearths. The third is in the master suite.

The house has French doors and a glass front butler’s pantry with Venetian plaster walls.

There are zero VOC hardwoods throughout along with heated limestone and marble floors.

The bathrooms have Waterworks bath fixtures.

The listing says the “gourmet kitchen” has marble countertops, subway tile, white cabinets, a coffered ceiling and Wolf, Gaggenau, and Subzero appliances.

The full floor master suite is on the second floor and has a walk-in-closet. There’s also a second bedroom on that floor along with a zinc roofed sun room which leads to the deck.

The 20×17 deck has porcelain tile decking, a built-in outdoor kitchen and landscaping along with Ipe wood and laser cut metal privacy screens.

The top floor has 3 bedrooms and a marble bath along with a second laundry room. It also has a skylight.

There’s a media room, a laundry/utility room and a working recording studio on the lower level.

The house has central air.

This appears to be a rare opportunity to buy this property as it was last purchased in 1994.

Given that it has all the bells and whistles buyers look for, including a 1.5 car garage, will this sell for full price by the end of the year?

Karen Peterson at @Properties has the listing. See the pictures and floor plan here.

1843 N. Lincoln: 5 bedrooms, 3.5 baths, 3102 square feet

• Sold in December 1994 for $534,000
• Originally listed in October 2019 for $1.629 million
• Currently still listed at $1.629 million
• Taxes of $19,497
• Central Air
• 3 limestone fireplaces
• 1.5 car garage
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 13×10 (second floor)
• Bedroom #3: 8×18 (third floor)
• Bedroom #4: 10×15 (third floor)
• Bedroom #5: 11×8 (third floor)
• Sunroom: 11×9 (second floor)
• Walk-in-closet: 8×13 (second floor)
• Living room: 18×11 (first floor)
• Dining room: 18×11 (first floor)
• Kitchen: 12×11 (first floor)
• Laundry room: 15×17 (lower level)
• Media room: 16×15 (lower level)
• Recording studio: 11×10 (lower level)
• Deck: 20×17

This 2-bedroom in 6 N. Michigan at 6 N. Michigan across the street from Millennium Park in the Loop came on the market in March 2019.

This building was converted into condos in 2008 and has 119 units with a parking garage and a doorman.

This unit has the preferred Millennium Park and Lake views, including of the Bean.

It has 10 foot ceilings and oversized windows with dark hardwood floors.

The kitchen has Scavalini cabinets, quartz countertops and luxury stainless steel appliances including a Bertazzoni range.

The master suite has a spa bath with natural stone.

It doesn’t look like the second bedroom has a window.

The unit has the features buyers look for including central air, washer/dryer in the unit and garage parking, which must be sold with the unit, is available for $40,000.

The seller is giving an incentive:

* * * VALUE PRICED!!! * * * BUYER INCENTIVE–SELLER WILL PAY ASSESSMENTS THRU END OF 2019!! * * *

The unit has a monthly assessment of $1234 a month which seems high for the square footage and age of the building. Anyone know why?

Originally listed in March 2019 for $632,600, it has been reduced to $475,000 plus the $40,000 for the parking for a total of $515,000.

That’s $210,000 under the 2010 price of $725,000.

Are prices falling in the GreenZone?

Christina DelGreco at Coldwell Banker has the listing. See the pictures here.

Unit #502: 2 bedrooms, 2 baths, 1295 square feet

• Sold in July 2010 for $725,000 (included the parking)
• Sold in April 2017 for $610,000 (included the parking)(price per Zillow as the CCRD doesn’t list a sales price)
• Originally listed in March 2019 for $632,600
• Reduced numerous times
• Currently listed for $475,000 (plus $40,000 for parking which must be sold with the unit)
• Assessments of $1234 a month (includes heat, a/c, gas, parking, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal and Internet)
• Taxes of $14,035
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×12
• Bedroom #2: 12×10
• Living room: 17×14
• Kitchen: 11×10
• Walk-in-closet: 8×6
• Foyer: 7×5

This 3-bedroom in the Urban Sandbox at 1615 N. Wolcott in Bucktown came on the market in June 2019.

We’ve chattered about the Urban Sandbox numerous times over the years.

It’s an 8-unit mid-rise modern building originally marketed in 2007.

The architect was Miller Hull and in 2009 it won the Builder’s Choice Urban Infill Grand Award and Project of the Year.

It has an elevator and a heated garage.

The units always sold well, even during the bust years, and they set new record price points for condos in the Bucktown neighborhood.

This unit has south exposures with a 24×6 terrace stretching across the living/dining areas.

It has an open kitchen with modern cabinets, Subzero and Miele appliances and quartz countertops with a large island.

The master suite has a walk-in closet and a bathroom with floating vanities.

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

Originally listed in June 2019 for $749,000, it has reduced $50,000 to $699,000 which is $13,500 under the 2016 sales price of $712,500.

Are prices actually falling in the GreenZone right now?

Jeffrey Lowe at Compass has the listing. See the pictures here.

Unit #301: 3 bedrooms, 2 baths, no square footage listed

• Sold in September 2009 for $634,000
• Sold in February 2016 for $712,500
• Originally listed in June 2019 for $749,000
• Reduced
• Currently listed at $699,000 (includes heated garage parking)
• Assessments of $467 a month (includes exterior maintenance, scavenger and snow removal)
• Taxes of $14,840
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 10×11
• Bedroom #3: 10×10
• Living room: 20×15
• Dining room: 10×10
• Kitchen: 10×14
• Walk-in-closet: 8×8
• Pantry: 5×9

This 1-bedroom in Chicago Place at 100 E. Huron in River North came on the market in January 2019.

Built in 1991, it has 204 units on top of what used to be the Chicago Place shopping mall which is now occupied by offices.

It’s a full service building with doormen, an indoor swimming pool, sauna, party room, dry cleaner and an exercise room.

There’s leased parking in the attached garage.

This 1-bedroom has west views.

It has diagonal floors in the living and dining room.

The kitchen looks like the original kitchen with white cabinets, granite counter tops and white appliances. The finishes in this building were considered luxury and cutting edge in 1991.

The bedroom has custom built-ins and an en suite marble bath.

There’s also a half bath in the living area.

It has the features that buyers look for including central air and washer/dryer in the unit. Parking is leased in the building.

Originally listed in January at $425,000, it has been reduced to $345,900 which is $14,100 under the 2000 sales price of $360,000.

Is this a deal?

Or is the price deflation that is hitting the suburbs now hitting parts of the city?

Anita Lynn at ADL Realty has the listing. See the pictures here.

Unit #2607: 1 bedroom, 1.5 baths, 1025 square feet

• Sold in February 1992 for $205,000
• Sold in October 1997 for $241,000
• Sold in September 2000 for $360,000
• Originally listed in January 2019 for $425,000
• Reduced numerous times
• Currently listed at $345,900
• Assessments of $774 a month (includes heat, a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger)
• Taxes of $6888
• Central Air
• Washer/dryer in the unit
• Bedroom: 16×12
• Kitchen: 12×10
• Living room: 24×13