Crib Chatter

This 3-bedroom in Three Sixty West at 360 W. Erie in River North came on the market in February 2018.

This is a new construction building by Belgravia with 38 units and a parking garage.

It has a fitness center, yoga, lounge and dog run but no doorman.

This unit has 10 foot ceilings and floor to ceiling windows.

The kitchen has white modern cabinets with Subzero and Wolf appliances and a 11 foot island.

There’s a separate laundry room.

The unit also has a 13 foot private balcony.

The listing doesn’t say if garage parking comes with the unit or if it’s extra.

At 1735 square feet, this unit is listed for $1,174,900.

This building is one of many that have been built in the last few years downtown with large condo units priced over $1 million that were meant for families.

The listing says the building is 70% sold.

Can they sell all these million dollar condos before the next recession?

Elizabeth Brooks at Belgravia has the listings. See the pictures here.

Unit #6B: 3 bedrooms, 2.5 baths, 1735 square feet

• New construction
• Originally listed in February 2018 at $1,140,900
• Price raised
• Currently listed at $1,174,900 (garage parking included?)
• Assessments of $475 a month (includes gas, exterior maintenance, scavenger, snow removal, fitness room)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×14
• Bedroom #2: 11×12
• Bedroom #3: 11×10
• Living room: 12×17
• Dining room: 11×13
• Laundry room: 7×6
• Terrace: 13×7

This 2-bedroom in Contemporaine at 201 W. Grand in River North came on the market in July 2019.

Built in 2004, it has 28 units and a parking garage. It’s not a full service building, however, and doesn’t have a doorman.

This unit has floor to ceiling wrap around windows with south and east views along with exposed concrete ceilings and hardwood floors.

The third bedroom has been converted into a master dressing room with custom finishes and built-ins for a huge master suite which also has built-in storage and an en suite bath (and was already converted in the last sale in 2016.)

The kitchen has gray cabinets with gold Waterworks fixtures, a Miele cooktop, a Subzero wine cooler and a built-in banquette, “as well as fabulous book-matched, Calacatta Gold marble.”

It has the features buyers look for including central air, washer/dryer in an actual laundry room, and 2 garage spaces are available for $30,000 each.

This unit also has a balcony which is large enough for an outdoor sofa.

Contemporaine was the hottest modern building around when it first launched in 2004. But since then, a dozen or more modern mid-rises have also been built in River North and other downtown neighborhoods.

This unit came on the market in July 2019 at the same price as the 2016 sale: at $1.1 million.

It has since been reduced and is now listed $60,000 below the 2016 price (if you buy both parking spaces) at $980,000.

Was 2016 peak prices?

Ashley Cox at d’aprile properties has the listing. See the pictures here.

Unit #502: 2 bedrooms, 3 baths, no square footage listed but in the 2016 listing it said 1800 square feet

• Sold in January 2004 for $828,000 (included 2 parking spaces)
• Sold in September 2007 for $950,000 (included 2 parking spaces)
• Sold in July 2016 for $1.1 million (included 2 parking spaces)
• Originally listed in July 2019 for $1.1 million
• Reduced
• Currently listed at $980,000 (2 parking spaces at $30,000 each)
• Assessments of $1114 a month (includes heat, a/c, exterior maintenance, scavenger)
• Taxes of $17,652
• Central Air
• Washer/dryer in the unit
• Balcony
• Bedroom #1: 17×12
• Bedroom #2: 14×11
• Walk-in-closet: 17×10
• Living room: 17×16
• Dining room: 13×13
• Kitchen: 13×9
• Breakfast room with built-in banquette: 10×7
• Laundry room: 4×7

This 3-bedroom in 504 W. Barry in East Lakeview just came on the market.

We’ve chattered about this building in the past, but it looks like the last time was in 2012.

If you recall, it was built in 1927 and has 10 units.

It’s a rare vintage mid-rise with an elevator and parking.

The listing says this unit has been “completely renovated” and has new windows.

It has several of its vintage features including high ceilings, French doors which lead to Juliet balconies, a wood burning fireplace with a curved mantle and original doors and moldings.

There are parquet floors in the living and dining room.

The unit has a formal foyer.

The kitchen is described as a “newer Chef’s kitchen” with white cabinets, stone and wood counter tops and stainless steel appliances.

All 3 bedrooms are en suite.

It also has features you rarely find in vintage units including a private balcony (as most pre-war buildings don’t have private outdoor space), washer/dryer in the unit and 1 car parking along with 1-car secure guest parking.

Be sure to check out the great pictures of the back of the building, along with the balconies and garages (more agents should include these types of pictures.)

The listing also says it has central air, but SpacePak is also listed and other units in the building we’ve chattered about in the past had SpacePak.

The unit also comes with a large storage room.

For vintage lovers, is this property a dream come true?

Pearce Lashmett at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

Unit #4W: 3 bedrooms, 3 baths, 2200 square feet

• Sold in August 1991 for $305,000
• Sold in June 1994 for $320,000
• Sold in August 2005 for $518,500
• Sold in September 2010 for $727,500
• Currently listed for $769,900
• Assessments of $1030 a month (includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal and Internet)
• Taxes of $10,413
• Central Air (or SpacePak cooling?)
• Washer/dryer in the unit
• 1 car parking and 1 car secure guest parking included
• Large storage room
• Wood burning fireplace
• Private balcony
• Bedroom #1: 17×12
• Bedroom #2: 16×13
• Bedroom #3: 12×8
• Living Room: 24×16
• Dining Room: 16×13
• Laundry: 3×3
• Foyer: 10×8

This 3-bedroom townhouse at 820 W. Wolfram in Lakeview recently came on the market.

If it looks familiar, that’s because we chattered about it several times over the last couple of years including a year ago, in October 2018, when it re-sold for $60,000 under the 2014 sales price.

You can see our chatter here.

If you recall, this 6-unit complex was built in 1979.

This unit is a front, street facing unit, which was remodeled with all modern finishes in 2014.

It has a glass wall that opens to a protected, brick walled landscaped garden that faces the street thus the “indoor/outdoor” seamless living.

The kitchen has white modern cabinets with Wolf, Bosch and Subzero appliances and waterfall countertops.

There are frosted sliding room doors and walls of marble.

The third bedroom is on the third floor with the other two bedrooms on the second floor.

This floor has walls of solid glass doors that opened and closed depending on how you want to define the space.

There is no basement.

The townhouse has the other features buyers look for including central air and an outdoor parking space.

This property is fee simple, which means no assessments.

It has come back on the market just a year later for $9888 more than last year’s sale at $724,888.

What will happen with the selling price this time around?

Matt Laricy at Americorp has the listing. See the pictures and floor plan here.

Unit #F: 3 bedrooms, 2 baths, no square footage listed once again (but old listings show these townhouses as 1530 square feet)

• Sold in April 1990 for $360,000
• Sold in November 1993 for $197,000
• Sold in August 2013 for $80,000 (according to public records)
• Renovated
• Originally listed in June 2014 for $799,000
• Sold in August 2014 for $775,000
• Sold in October 2018 for $715,000
• Listed in October 2019 for $724,888
• No assessments because it’s fee simple
• Taxes are now $9,362 but they were $11,220 in 2018 and $6916 in 2014
• Central Air
• Parking included
• Washer/dryer in the unit
• Bedroom #1: 17×15 (third floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×11 (second floor)
• Terrace: 20×15

This 3-bedroom single family home at 4165 W. Berteau in Irving Park came on the market in May 2019.

Built in 1924 on an oversized 24×174 lot, the listing says it’s the “historic Warnesson-Dressler” home.

But I couldn’t find anything on Google about Warnesson in Chicago or any info about the house. Does anyone know why this home was significant?

It’s built in an interesting Mediterranean/castle type architecture with a red tile roof but also a turret added onto the side of the home which acts as a reading room.

It has other vintage features including wood arched interior doors and the natural oak staircase.

The kitchen has white cabinets with GE Café appliances, marble counter tops and a white subway tile backsplash.

Two of the bedrooms are on the second floor with the third on the main floor.

It’s doesn’t have 2 full baths, however, just 1.5.

The listing says there are new hardwood floors on the second floor, landscaping and fencing as of 2015.

Because it’s on an oversized lot, it also has room for a rare 3-car garage.

The house has air conditioning and a 3-season sunroom.

Originally listed at $689,000 in May 2019, it has been reduced $104,100 to $584,900.

This is just $29,900 above the 2015 price of $555,000.

Irving Park has been a strong market the last few years.

This house is near both the blue line El stop as well as the Irving Park Metra stop.

Why isn’t this selling?

Michael Lavorato at d’aprile properties has the listing. See the pictures here.

4165 W. Berteau: 3 bedrooms, 1.5 baths, no square footage listed

• Sold in October 1988 for $165,000
• Sold in May 1991 for $230,000
• Sold in July 1999 for $375,000
• Sold in May 2015 for $555,000
• Lis pendens filed in August 2017
• Originally listed in May 2019 for $689,000
• Reduced
• Currently listed at $584,900
• Taxes of $11,794
• Central Air
• 3-car garage
• 54×174 lot
• Bedroom #1: 21×12 (second floor)
• Bedroom #2: 14×14 (second floor)
• Bedroom #3: 17×10 (main floor)
• Living room: 20×13
• Dining room: 16×13
• Kitchen: 12×9
• Sunroom: 16×9
• Unfinished basement

The Illinois Association of Realtors numbers are out for September. It was another weak month for sales.

The city of Chicago saw year-over-year home sales decrease 4.2 percent with 1,954 sales in September, compared to 2,040 a year ago. The median price of a home in the city of Chicago in September was $292,750 up 2.7 percent compared to September 2018 when it was $285,000.

September sales for the last 11 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2414 sales
• 2016: 2398 sales
• 2017: 2355 sales
• 2018: 2040 sales
• 2019: 1954 sales

Median prices for the last 11 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000
• 2016: $260,000
• 2017: $275,000
• 2018: $285,000
• 2019: $292,750

“The fall market is in full swing and sales are stabilizing as a result,” said Maurice Hampton, president of the Chicago Association of REALTORS® and owner of Centered International Realty. “While we saw slight declines in closed sales for all properties, including single family homes and condos, we also saw slight increases in median sales prices. Buyers are benefiting from reasonable prices, low rates and increased market times.”

Statewide, average market time was 48 days which was unchanged from a year ago.

Could Chicago’s sales decline be due to a decline in the number of foreclosures?

“While month-to-month sales continued the usual decline at this time of the year, on an annual basis, September sales were slightly higher than last year,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “In Chicago, the year-over-year decline in sales of foreclosed properties by 10 percent overshadowed an almost 2 percent increase in regular sales. Consumer sentiment indices and the Fannie Mae Home Purchase Sentiment Index broadly reflected consumer uncertainty about the direction of the economy.”

Average 30-year fixed mortgage rate remained near all time lows at 3.61%. That’s down from 4.63% from a year ago.

The Chicago Association of Realtor comment above doesn’t sound alarmist. It sounds like this is a “normal” fall market.

But is it?

In the last 2 weeks there have been several media markets saying this is the worst market in years.

The market has clearly slowed. But is the panic overdone?

Illinois home sales, prices shift higher in September [Illinois Association of Realtors, Press Release, Oct 22, 2019]

Crain’s Dennis Rodkin took a look at the sales in various Chicago neighborhoods year-to-date.

It’s not pretty.

Lakeview takes the prize as the neighborhood with the slowest market, as sales are down 12%.

“It’s as slow in Lakeview as I’ve ever seen it,” said Eudice Fogel, a Compass agent who’s been in the Chicago real estate business since the early 1980s.

Home sales in Lakeview are down nearly 12 percent so far this year, according to end-of-September data released last week by the Chicago Association of Realtors and Showing Time. That’s compared to a citywide sales drop of 7 percent in the first nine months of the year.

The median sale price of Lakeview homes has also declined this year: For single-family homes, it’s down 9.4 percent, to $1.26 million; and for attached homes—condos and townhouses—it’s down 5.4 percent, to $350,000. Homes are also taking considerably longer to sell: 29 percent longer for houses, in an average of 137 days, and 18 percent longer for attached homes, in an average of 71 days. (While these figures are reported broken out into two types of housing, the total sales figures are for all homes, both types.)

Why is Lakeview seeing the brunt of the slowdown?

It’s been THE neighborhood of choice for years with Wrigley Field, the restaurants, good public transportation and schools.

Has something changed?

In the first few optimistic years after the last recession, “there was a ridiculous number of teardowns,” said Stephen Hnatow, a Keller Williams agent who focuses on the neighborhood. Builders hoping to meet demand for new-construction homes in old-line neighborhoods replaced more than 300 older homes with new houses in five years, Crain’s reported in 2016. Commercial corridors such as Southport Avenue boomed hand in hand with the residential offerings.

A seemingly inevitable result, Hnatow said, is that “prices escalated and escalated.” Buildable lots that went for around $500,000 in 2013 were at $800,000 five years later, he said.

Not every neighborhood is seeing a decline in sales.

Lincoln Park remains above the fray with positive 2019 sales. As does Logan Square.

Sales are up in a couple affluent North Side markets: Lincoln Park (4.9 percent) and Logan Square (1 percent). In West Ridge, sales are flat this year. And in several neighborhoods, sales are down but not as steeply as in Lakeview: West Town (2.7 percent), North Center (5.6 percent), Lincoln Square (8.8 percent) and Avondale (9.6 percent). The only place where the drop-off is steeper is the Near North Side, whose Gold Coast mansions have struggled to sell, and even those that sell are moving faster than last year, unlike in Lakeview.

If this sales decline trend continues through the end of the year, this will be the first year we’ve seen a sales decline since the bottom of the bust.

With mortgage rates near record lows, is this year’s slowdown just the market catching its breath?

Or will buyers now be smelling blood and looking for deals?

In a soft housing market, Lakeview is really soft [Crain’s Chicago Business, by Dennis Rodkin, October 22, 2019]

This 4-bedroom Italianate single family home at 215 W. Eugenie in the Old Town Triangle came on the market in July 2019.

Built in 1886, it’s on a smaller than normal Chicago lot measuring 24.67 x 92.10.

The listing says its landmarked and is featured in the AIA guide.

It has the layout that many buyers look for with all four bedrooms on the second floor including the master suite with a walk-in-closet and a master bath with a steam shower.

It has a partially finished lower level with a recreation room.

The kitchen has maple cabinets, stainless steel appliances by Subzero and Bosch and granite counter tops.

The listing says that the back of the house has been newly redone with a 1-car garage, deck, windows, siding and slider door.

The listing also says that the front and side windows of the house may need replacing.

The house has central air.

Originally listed at $1.285 million in July 2019, it’s still listed at that amount.

Getting a garage in the Triangle, even a 1-car garage, is rare.

Will this house sell by the holidays?

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

215 W. Eugenie: 4 bedrooms, 2.5 baths, 2478 square feet

• Sold in October 1983 for $320,000 (per Redfin)
• Sold in July 2000 for $765,000 (per Redfin)
• Sold in March 2008 for $865,000 (per Redfin)
• Originally listed in July 2019 for $1.285 million
• Currently still listed at $1.285 million
• Taxes of $20,835
• Central Air
• 1-car garage
• Bedroom #1: 14×14 (second floor)
• Bedroom #2: 16×12 (second floor)
• Bedroom #3: 13×9 (second floor)
• Bedroom #4: 14×9 (second floor)
• Office: 11×8 (main level)
• Recreation room: 19×15 (basement)
• Family room: 18×15 (main level)
• Dining room: 14×14 (main level)
• Living room: 15×14 (main level)
• Kitchen: 14×12 (main level)

This 2-bedroom on the 35th floor of The Bristol at 57 E. Delaware in the Gold Coast came on the market in October 2018.

The Bristol was built in 2000 and has 178 units, an indoor pool, and a parking garage.

At that time, it was one of the first new build “luxury” buildings and sold out quickly. Obviously, it’s now 19 years old and other buildings have gone up in the meantime.

This unit is in the preferred side of the building which is the east side and has floor to ceiling windows that over look Lake Michigan and the Hancock.

The listing says it used to be a 3-bedroom but is now a 2-bedroom with a large “great room” with the living and dining room.

It has gray wide plank wood floors.

The “dream Chef’s kitchen” has white custom cabinets (they were cherry in the 2016 sale) with an oversized storage island with breakfast bar. It has granite counter tops with a waterfall backsplash and luxury appliances including Miele, Subzero and Bosch.

It also has a bar area with a wine fridge.

The unit has a butler’s pantry and a 14×7 laundry room.

The master suite has lake views, a bathroom with a dual vanity and a walk-in-closet.

The listing also says there’s a “new” hall bath.

Originally listed at $1.4 million a year ago, it has been reduced $400,001 to $999,999.

That’s $230,000 under the 2016 sales price of $1.23 million.

Is this a deal?

Jena Radnay at @Properties has the listing. See the pictures here.

Unit #3502: 2 bedrooms, 2 baths, 2015 square feet

• Sold in July 2000 for $798,500
• Sold in September 2016 for $1.23 million
• Originally listed in October 2018 for $1.4 million
• Reduced several times
• Currently listed at $999,999 (appears to include a tandem garage parking space for 2 cars)
• Assessments of $1671 a month (includes doorman, cable, parking, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $23,227
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 15×13
• Laundry room: 14×7
• Living room/dining room: 34×19
• Kitchen: 19×15
• Foyer: 19×5

This 2-bedroom greystone condo at 1940 N. Cleveland in East Lincoln Park came on the market in October 2018.

This greystone was built in 1890 and has 5 units and outdoor parking.

It has some of its original features including wood molding and paneling in the bay windows and a wood burning fireplace in the living room.

This unit has east and west exposures as well as two balconies, one off the kitchen and one off the master bedroom.

The listing says it has newer Pella windows and patio doors as well as Hunter Douglas blackout blinds.

It has a gourmet kitchen with white and natural wood cabinets, a breakfast bar, granite counter tops and stainless steel appliances, including a wine cooler.

The master bedroom is en suite and has a walk-in closet, which is rare for vintage buildings.

The unit also has the features buyers look for including central air, washer/dryer in the unit and 2 tandem outdoor parking spaces.

Originally listed at $649,900 a year ago, in October 2018, it has been reduced several times and is now listed at $549,999.

That’s $12,501 under the 2010 purchase price of $562,500.

It’s been years since I was writing posts about properties selling under prior purchase prices.

Are prices on the decline again on the north side?

Michael Linden at Redfin has the listing. See the pictures here.

Unit #4: 2 bedrooms, 2 baths, 1800 square feet

• Sold in March 1992 for $262,000
• Sold in January 1993 for $245,000
• Sold in September 1997 for $325,000
• Sold in June 2003 for $405,000
• Sold in April 2004 for $465,000
• Sold in May 2007 for $580,000
• Sold in September 2010 for $562,500
• Originally listed in October 2018 for $649,000
• Reduced
• Withdrawn in June 2018 at $579,000
• Re-listed in September 2019 for $549,999
• Currently still listed at $549,999
• Assessments of $242 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $11,466
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• 2 tandem outdoor parking spaces included
• Bedroom #1: 14×17
• Bedroom #2: 16×8
• Den: 9×10
• Kitchen: 17×11
• Living room/dining room combo: 33×14