Crib Chatter

This 4-bedroom co-op in 2440 N. Lakeview in East Lincoln Park came on the market in July 2019.

Built in 1927 by Russman & Hirshfeld, it is on Lincoln Park and has Lake Michigan views.

The building has 95 units and an attached parking garage. There are just 2 apartments per floor.

It’s a full service building with 24/7 doormen, an exercise room and a rooftop deck with grills.

There are no dogs or rentals allowed, however.

This unit still has some vintage features including high ceilings, crown moldings and arched doorways.

It also has a decorative fireplace in the living room.

The listing states this unit was extensively rehabbed in 2010.

The kitchen has been opened to the dining room and has white contemporary cabinets, white counter tops and some stainless and some white appliances.

The master suite has an en suite bathroom, a dressing room and a walk-in closet which is rare for vintage.

The living room faces east, over Lincoln Park, with park and lake views.

It has the other features that today’s buyers look for including SpacePac cooling, washer/dryer in the unit and you can rent parking in the attached garage from $135 to $285 a month.

Originally listed in July 2019 for $849,000 it has been reduced $50,000 to $799,000.

For the square footage, is this a deal?

Chris Stockwell at Compass has the listing. See the pictures here.

Unit #6F: 4 bedrooms, 3 baths, 2400 square feet, co-op

• Sold in January 2010 for $480,000 (per Redfin)
• Originally listed in July 2019 for $849,000
• Reduced
• Currently listed at $799,000
• Assessments of $2102 a month (includes the property taxes, heat, gas, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes are included in assessment
• SpacePac cooling
• Washer/dryer in the unit
• Rental garage parking is available for $135 to $285 a month
• Decorative fireplace
• Bedroom #1: 13×13
• Bedroom #2: 10×19
• Bedroom #3: 11×13
• Bedroom #4: 9×11
• Laundry room: 4×10
• Foyer: 7×18
• Living room: 16×25
• Dining room: 14×19

This 3-bedroom loft in the Donohue at 711 S. Dearborn in Printers Row came on the market in April 2019.

We chattered about it in May 2019 where some of you were concerned about the assessments. You can see our chatter here.

The Donohue is an authentic brick and timber loft building that was built in 1886 and has 90 units. One part of the building has timber ceilings and the other has concrete.

If you recall, this loft has exposed brick, timber beams and big, east-facing industrial windows with what looks like concrete ceilings.

From the pictures, it looks like 2 out of the 3 bedrooms are enclosed. Just 2 have windows.

The master bedroom has an en suite bathroom with a clawfoot tub.

The listing says the second bathroom has been remodeled.

The kitchen has white cabinets except on the island, where they appear to be gray. There’s stainless steel appliances and quartz counter tops.

The loft has the features buyers look for including central air conditioning and laundry but no deeded parking.

The Donohue is still a rare live/work building if you’re hoping to operate a business from home.

Originally listed for $550,000 in April 2019, it has been reduced $25,000 to $525,000.

What will it take to sell this property?

Charles Gullett at Best Chicago Properties still has the listing. See the pictures here.

Unit #404: 3 bedrooms, 2 baths, no square footage listed

• Sold in July 1988 for $205,000
• Sold in August 2005 for $353,500
• Sold in March 2011 for $385,000
• Originally listed in April 2019 at $550,000
• Reduced
• Currently listed at $525,000
• Assessments of $1062 a month (includes heat, gas, exercise room, exterior maintenance, scavenger)
• Taxes of $7214
• Central Air
• Washer/dryer in the unit
• Live/Work
• Bedroom #1: 15×11
• Bedroom #2: 14×20
• Bedroom #3: 12×11
• Living room: 23×17
• Kitchen: 10×11

Maybe some of the Chicago Tribune reporters are secretly reading Crib Chatter because they just published a story looking into the belief that people are fleeing Illinois, which we’ve been chattering about a lot this year.

From the Tribune:

When the Tribune looked at the demographics of people who moved out of state from the Chicago area — Cook, DuPage, Kane, Lake, McHenry and Will counties — it found the income and racial breakdowns for this group generally mirrored the patterns of the overall population in the area. Most of the movers made $50,000 or less in income, and most were white non-Hispanic, according to census survey data collected from 2013 to 2017.

Those who left the area were more likely to be young; the largest group, 28%, were in their 20s when they moved away. Census data shows that people of this age have the highest moving rate nationally.

People moving from the region to neighboring states tended to earn a bit less and have fewer years of schooling than those who moved farther away, the data shows. Those moving to non-neighboring states also skewed a bit older.

Of the black residents who moved out of Cook County, 85% stayed in Illinois, compared with 77% of white residents leaving Cook.

The number one destination for those leaving Illinois in the last decade?

Indiana.

Other Midwest states are also popular along with the Southeast, including Florida.

Census data on commuter flows indicates that roughly a fourth of all employed people who live in Lake County, Indiana, work in Illinois. So even though people like Thacker may be trading driver’s licenses and voting places, they often remain connected to Chicago.

Incidentally, though Lake County is often portrayed as a beneficiary of Illinois’ woes, the county has actually been losing population recently as well. The decreases are small, but Lake has been shrinking since 2010.

According to the Tribune, Chicago has shrunk 20,200 since 2015. It has lost 35,600 black residents while it has gained white, Latino and Asian residents.

Where’s everyone going?

For black Chicagoans who leave, it’s the Chicago metro area, followed by Atlanta, St. Louis, Indianapolis and Houston.

For white Chicagoans who leave, it’s the Chicago metro area followed by St. Louis, Phoenix, Minneapolis and Denver.

The Tribune says the Chicago metro area extends to both Wisconsin and Indiana.

Christine Percheski, an associate professor of sociology at Northwestern University who studies changes in U.S. family life and has analyzed census reports, surveys and other demographic research, said some people certainly move because of taxes or crime rates.

But the biggest reasons people usually give for moving, Percheski said, are jobs (or shorter commutes), schools and to be closer to family. People also seek out available housing that fits their needs, she said, whether that is more space for a growing family, a smaller place because children are grown, or a more affordable option.

“Population decline for a city as big as Chicago or a county as large as Cook County is probably not driven by small changes in taxes or crime rates,” Percheski said.

According to the article, most people leave for jobs or schools. Some also leave for more affordable housing such as the couple in the article that rented in Pilsen before buying in Indiana.

Additionally, this year’s census data is going to be key as preliminary reports for the first half of the year show tremendous statewide job growth which should indicate that more people are moving to the state than leaving.

We will see if things are starting to turn around.

But someone is living in the thousands of new apartments that are going up all over Chicago. Are they all locals or are they moving to Chicago from elsewhere?

You can read more of the data, along with some great charts in the Chicago Tribune article.

Is the “exodus” really even a thing?

There’s a lot of talk about an ‘Illinois exodus’ [Chicago Tribune, by Cecilia Reyes and Patrick M. O’Connell, September 25, 2019]

The Illinois Association of Realtors is out with August sales.

Despite a plunge in mortgage rate to 3 year lows, sales still fell.

The city of Chicago saw year-over-year home sales decrease 7.7 percent with 2,543 sales in August, compared to 2,754 a year ago. The median price of a home in the city of Chicago in August was $289,900 up 3.5 percent compared to August 2018 when it was $280,000.

August sales since 2007:

• August 2007: 2923 sales
• August 2008: 2078 sales
• August 2009: 1927 sales
• August 2010: 1486 sales
• August 2011: 1787 sales
• August 2012: 2209 sales
• August 2013: 2850 sales
• August 2014: 2414 sales
• August 2015: 2701 sales
• August 2016: 2844 sales
• August 2017: 2791 sales
• August 2018: 2754 sales
• August 2019: 2543 sales

August median price since 2007:

• August 2007: $305,000
• August 2008: $297,500
• August 2009: $229,900
• August 2010: $200,000
• August 2011: $192,500
• August 2012: $200,000
• August 2013: $245,000
• August 2014: $269,500
• August 2015: $271,000
• August 2016: $271,000
• August 2017: $284,000
• August 2018: $280,000
• August 2019: $289,900

“There’s some hesitancy among consumers right now, with concerns regarding the yet-to-be-unveiled city budget, continued talks of a market downturn and ongoing international trade wars,” said Tommy Choi president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park.

“However, the data reflect that the market has stabilized, and opportunities are still there, particularly as historically low mortgage rates persist. Market time is down, suggesting buyers who are looking to buy continue to act quickly, and median sales price has ticked up, so they’re willing to pay for what they want. Those in the market, but on the fence, will benefit from trusting their REALTOR® to understand pricing strategy and negotiation tactics.”

The 30-year fixed rate mortgage fell to 3.61% in the month, down from 3.77% in July 2019 and down from August 2018’s rate of 4.55%.

“While long-term consumer sentiment remains positive, the short-term outlook is cloudy,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “However, the Fannie Mae housing purchasing index remains strong in large part from expectations of declines in interest rates. Thus far, the impact on the Chicago and Illinois housing markets has been muted with modest price increases expected to continue.”

Statewide, it took 45 days to sell which was the same as last year. Inventory declined 5.1% to 60,149.

Sales dropped 12.8% over the last 2 years and it was the lowest level of sales in the last 5 years.

The housing market seems to have come to a screeching halt in some neighborhoods despite near record low mortgage rates and the best job market in 20 years.

Are buyers spooked by the possibility of future property tax increases?

Illinois median home prices increase in August; sales lower [Illinois Association of Realtors, Press Release, September 19, 2019]

This 4-bedroom vintage condo at 2120 N. Clark in East Lincoln Park came on the market in July 2019.

This is a vintage building with 4 units. I couldn’t find the year it was built.

This is unit #2 which has 9 foot ceilings and some of its original wood vintage moldings (still unpainted).

It has two fireplaces, one decorative fireplace in the living room and the original vintage fireplace in the middle of the kitchen, complete with a vintage wood mantle.

The kitchen has white cabinets, quartz counter tops and stainless steel appliances, along with that unique original fireplace. The listing says it’s an eat-in kitchen.

Like many vintage units, it has a separate dining room.

This unit is unique in that it isn’t a 2 or 3 bedroom but instead has 4 separate bedrooms along with 3 “renovated” baths.

It also has a large 12×10 laundry room along with a 14×8 back deck.

The unit has some of the features buyers look for including the in-unit washer/dryer and central air but parking is leased.

Originally listed in July 2019 at $629,000 it has been reduced to $550,000.

Is this now priced to sell?

Kathy Murphy at Baird & Warner has the listing. See the pictures here. (sorry, no floor plan)

Unit #2: 4 bedrooms, 3 baths, 1500 square feet

• Last sale was prior to 1993 (no price listed)
• Originally listed in July 2019 for $629,000
• Reduced several times
• Currently listed at $550,000
• Central Air
• Washer/dryer in the unit
• No deeded parking. Parking has transferrable lease
• Decorative fireplace in the living room
• Original fireplace in the kitchen
• Bedroom #1: 11×9
• Bedroom #2: 10×9
• Bedroom #3: 10×9
• Bedroom #4: 10×8
• Living room: 18×12
• Dining room: 12×12
• Kitchen: 16×12
• Laundry room: 12×10
• Back deck: 14×8

This top floor 3-bedroom at 1814 N. Lincoln Park West in the Old Town Triangle just came on the market.

If the building looks familiar, it’s because we’ve chattered about several units in this building over the years.

Built in 1890, it has 4 units and assigned outdoor parking.

It has some of its vintage features including crown moldings and ceiling medallions as well as a gas fireplace.

The kitchen has what looks like light gray cabinets, a new Subzero refrigerator and wine captain, a new Miele dishwasher, and new quartz counter tops. It has a white subway tile backsplash and a new sink and faucet.

One of the baths has been upgraded with a Restoration Hardware vanity, sink and mirror.

In addition to a formal dining room, it has a family room off the kitchen.

The unit also has a private covered back deck.

Even though it is vintage, it has the features buyers look for including an assigned outdoor parking space, a new GE washer/dryer in the unit and spacepak cooling.

This property last sold just 19 months ago, in February 2018, for $790,000.

It has come on the market for $60,000 more, or $850,000, but now includes all the “new” features that are listed in the listing.

Will it get the premium?

Victoria Amoroso at @Properties has the listing. See the pictures here.

Unit #4: 3 bedrooms, 2 baths, no square footage listed, top floor

• Sold in July 1996 for $328,000
• Sold in November 2000 for $595,000
• Sold in October 2004 for $710,000
• Sold in October 2008 for $715,500
• Sold in February 2018 for $790,000
• Currently listed at $850,000
• Assessments of $350 a month (includes heat, exterior maintenance, scavenger)
• Taxes of $14,324
• Space Pak cooling
• Washer/dryer in the unit
• Assigned outdoor parking space included
• Gas fireplace
• Bedroom #1: 11×13
• Bedroom #2: 9×10
• Bedroom #3: 9×10
• Living room: 14×21
• Family room: 11×13
• Dining room: 17×15
• Kitchen: 13×12
• Walk-in-closet: 6×7
• Deck: 29×11

This 3-bedroom duplex penthouse at Park Place at 600 N. Kingsbury in River North came on the market in March 2019.

Park Place was built in 2002 and has 163 units and garage parking. It’s a full amenity building with doormen, an outdoor pool and an exercise room.

The listing says this penthouse has had a “gut rehab” which took 1.5 years to complete.

It has new electric, plumbing and sprinklers.

The 2-story living room has a floating staircase and custom electric floor-to-ceiling Kravet drapes.

There is an Italian Arrital kitchen with porcelain counter tops, a floating Italian hood, and Subzero, Dacor and Wolf appliances.

Two of the three bedrooms are on the main level in a split floor plan, including the master suite which has heated Italian porcelain bathroom floors and what the listing says is a “designer” fireplace.

The third bedroom is on the second floor and has been opened up to the lower level with a wall of sapphire glass.

This is a rare 3-bedroom condo that also has three full bathrooms. Here, the third bathroom is on the second level.

It also looks like you access the 24×12 private rooftop with city views from the second floor as well, but this is a unique layout which doesn’t actually overlook the outdoor space. It appears to be completely separate from the rest of the unit.

This penthouse has the other features buyers look for including central air, washer/dryer in the unit and 2 extra large parking spaces are available for $35,000 each.

This unit was originally listed in March 2019 for $1.2 million and has been reduced to $1 million.

Given that buyers love “new”, why isn’t this selling?

Eugene Fu at @Properties has the listing. It is agent owned. You can see the pictures and floor plan here.

Unit #1906: 3 bedrooms, 3 baths, 2200 square feet, duplex

• Sold in January 2004 for $700,000 (included 2 parking spaces)
• Lis pendens filed in July 2008
• Bank owned in March 2011
• Sold from the bank in March 2012 for $335,000 (included the parking)
• Originally listed in March 2019 for $1.2 million
• Reduced
• Currently listed at $1 million (plus $70,000 for 2-car parking)
• Assessments of $1657 a month (includes air conditioning, gas, doorman, exercise room, pool, exterior maintenance)
• Taxes of $17,784
• Central Air
• Washer/dryer in the unit
• Fireplace in the master bedroom
• Bedroom #1: 20×12 (main level)
• Bedroom #2: 16×10 (main level)
• Bedroom #3: 13×14 (second floor)
• Kitchen: 12×10 (main level)
• Living/dining: 26×23 (main level)
• Walk-in-closet: 9×6 (main level)
• Deck: 24×12 (second level)

This 3-bedroom in the Astor Villa at 1430 N. Astor in the Gold Coast came on the market in August 2019.

The Astor Villa was built in 1972 and has 49 units and assigned parking. It has a doorman and exercise room.

This unit has been “completely renovated” with all wood floors.

It has a chef’s kitchen with modern cabinets, Viking appliances and quartz counter tops.

The bathrooms are marble with floating vanities.

It has a 50 foot long balcony facing Astor.

The unit has side-by-side washer/dryer, wall air conditioning units and assigned parking in the building.

The listing says the current special assessments, which are for the roof deck, lobby, mezzanine and hallway renovations, are going to be paid for by the seller. Reserves are at $650,000.

Listed at $699,000, it has been reduced $25,000 to $674,000.

If you don’t like this unit, the unit above it, #5C, is also on the market completely renovated with the same modern finishes. It has also been reduced and is now also at $674,000.

This building is on a historic, landmarked street with many vintage mansions.

But who is a prospective buyer of these two units?

Do Millennials want to live in the heart of the Gold Coast in 2019?

Rovert Picciariello at Prello Realty has the listing. See the  pictures here.

Unit #4C: 3 bedrooms, 2.5 baths, 1600 square feet

• Sold in October 1996 for $265,000
• Sold both #4C and #5C in January 2019 for $452,500
• Originally listed in August 2019 for $699,000
• Reduced
• Currently listed at $674,000 (assigned parking included)
• #5C also listed for $674,000
• Assessments of $1820 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7460
• No central air. Wall air conditioning units.
• Side-by-side washer/dryer in the unit
• Bedroom #1: 17×12
• Bedroom #2: 14×11
• Bedroom #3: 14×10
• Living room: 22×15
• Dining room: 12×10
• Kitchen: 13×9
• Walk-in-closet: 8×13

This 6-bedroom vintage penthouse in the Jackson Shore Apartments at 5490 S. South Shore in Hyde Park came on the market in May 2019.

Jackson Shore Apartments was designed by Rapp & Rapp in 1917. It was the first tall luxury building in East Hyde Park.

It’s a co-op.

The 21 units were designed to be like single family homes and are over 5,000 square feet each.

It has a 24-hour doorman. There’s no parking but there is an exercise room.

This unit is the sister unit to #10S which we already chattered about in 2019 as it remains on the market as well.

It is currently listed at $645,000.

You can see that August 2019 chatter here.

#10N has some of its original features including hardwood floors, original plaster moldings and a wood burning fireplace in the living room.

Just like #10S, it also has a 20×20 circular heated sunroom.

This property has washer/dryer hook-ups in the unit but no central air.

The listing describes all the bathrooms as “vintage” and there are no pictures of the kitchen at all.

Originally listed in May 2019 for $575,000, it has been reduced to $399,500.

The HOAs of $6409 a month include the property taxes. This building only has 21 units. The residents have to split the costs of manning 24-hour front door coverage which isn’t cheap.

At what price will someone finally take a chance on this penthouse?

Robert Sullivan at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #10N: 6 bedrooms, 3.5 baths, 5000 square feet

• I couldn’t find a prior sales price as it’s a co-op
• Originally listed in May 2019 for $575,000
• Reduced several times
• Currently listed at $399,500
• Assessments of $6409 a month (includes heat, property taxes, doorman, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are included in the HOA
• No central air
• Washer/dryer hook-ups in the unit
• Wood burning fireplace
• Bedroom #1: 16×20
• Bedroom #2: 13×20
• Bedroom #3: 15×15
• Bedroom #4: 15×15
• Bedroom #5: 10×16
• Bedroom #6: 9×12
• Florida room: 19×20
• Foyer: 12×15

This 2-bedroom in 1400 Museum Park at 100 E. 14th Street in the South Loop came on the market in March 2019.

Built in 2008, at the height of the housing bubble, 1400 Museum Park has 260 units and a parking garage.

It’s a full service building with a doorman and pool.

We chattered about this “lower penthouse” back in March as it has been renovated with a lot of unique features.

See our chatter here.

If you recall, the kitchen has white Breaker solid wood cabinetry, stainless steel appliances, “exotic” granite counter tops along with a raised bar.

The listing says there is a marble wall “front to back” and marble feature wall in both bedrooms (is that what’s on the walls and columns?)

The master bathroom walls have oversized porcelain tiles and a 1? linear border at eye level.

It has the features buyers look for including central air, washer/dryer in the unit and parking is available for $35,000.

Since March this unit has been reduced $69,000 to $699,888.

Some of you thought it was overpriced in March. Will this reduced price get a sale?

Timothy Rhoten at Red Carpet Investment Group still has the listing. See the pictures here.

Unit #3106: 2 bedrooms, 2 baths, 1300 square feet

• Sold in August 2008 for $462,000 (included the parking)
• Sold in May 2014 for $505,000 (included the parking)
• Sold in August 2018 for $587,000 (included the parking)
• Listed in March 2019 at $768,888 (parking is extra)
• Reduced several times
• Currently listed at $699,888 (plus $35,000 for the parking)
• Assessment of $645 a month (includes heat, a/c, doorman, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $7587
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×11
• Bedroom #2: 12×11
• Foyer: 7×7