Crib Chatter

Other than at the luxury price point such as the Tribune Tower, there hasn’t been much condo construction downtown since the financial crisis.

Instead, developers have been building dozens of new high rises with thousands of apartments.

According to Crain’s Alby Gallun, 6 apartment buildings have reached new all-time highs rents per square footage, at over $4 per square feet.

Crain’s provides a great chart showing just where Chicago falls in terms of apartment rents.

Manhattan is the most expensive apartment market at an average of $6.25, but Chicago’s Streeterville/River North is the only heartland city to be over $3 per square foot at an overall average of $3.09.

And now, the prices are inching up over $4.00 in the Class A buildings. And they are renting.

Crain’s highlights two buildings: the Sinclair which is on Division Street in the Gold Coast (above the new Jewel store) and One Bennett Park in Streeterville.

The bets are paying off so far. The 390-unit Sinclair—where the average two-bedroom apartment rented last month for $4,804, or $4.04 per square foot—is more than 95 percent occupied two years after opening, according to real estate data provider CoStar Group. One Bennett Park, a 279-unit tower that opened in January, is nearly 70 percent leased.

“These people are choosing to rent, and they have disposable income,” says Ron DeVries, senior managing director in the Chicago office of Integra Realty Resources, an appraisal and consulting firm. “There’s also more opportunity for landlords to push up those rents because there’s not as much of an affordability issue.”

According to Crain’s an average 800 square foot 1-bedroom apartment in a Class A building, which is the top tier, rose 53% to $2648 a month over the last 10 years.

But even Class B apartment prices have soared. Class B are usually older buildings which lack some amenities such as in-unit washer/dryer or amenities so they can’t charge as much.

Class B prices are up 45% to $2,208 a month over the last 10 years.

What is also different this time is that the renters are apparently both young professionals as well as empty nesters who have sold their homes in the suburbs and now want to live downtown.

In the past, both groups would eventually be condo buyers.

Here’s what you get in One Bennett Park in Streeterville.

This 2-bedroom, 2 bath has a Robert A.M. Stern Architects designed white kitchen cabinets with Subzero, a Bosch dishwasher, quartz counter tops with waterfall edge.

It has 9’6″ ceilings with plank flooring.

The master bathroom has a double vanity and walk-in shower.

One Bennett Park has luxury apartments on the lower level and luxury condos on the top level. They have different entrances and amenities.

This 2-bedroom is listed for $4515 a month. There’s no square footage listed.

It faces north.

Is the desire to rent, instead of own, a sea change in behavior which could impact condo prices for years to come?

Is buying a condo a thing of the past?

Related is the developer on One Bennett Park. You can see the pictures and amenities here.

514 N. Peshtigo Ct: 2 bedrooms, 2 baths, no square footage listed

• Currently listed for $4515 a month
• Air conditioning
• Electrolux washer/dryer in the unit
• Bedroom #1: 12×13
• Bedroom #2: 11×12
• Living room: 12×14
• Dining room: 6×10
• Kitchen: 13×9

This 2-bedroom duplex loft in Trevi Square at 1439 S. Michigan in the South Loop came on the market in April 2019.

Trevi Square was converted into lofts back in 1995-1996.

I found this Chicago Tribune article from 1995 discussing all the recent conversions of commercial/historic buildings into residential spaces that year.

Hospital to homes. The former St. Luke’s Hospital at 1439 S. Michigan Ave. is being revived as a new residential development called Trevi Square. Founded in 1864, the hospital moved to the South Michigan Avenue address in 1871 and played a role in the relief effort following the Great Chicago Fire.

Construction began on the current structure in 1908. Luxury private rooms included such amenities as fireplaces, vaulted ceilings and large windows.

The brick and limestone structure, featuring 20-foot-high Doric columns, had been vacant since the late 1970s. Recently purchased by Laser & Mirro Development, it has been divided into 69 loft condominiums priced from $130,000 to $185,000.

This loft is on the top floor and has 20 foot ceilings along with exposed brick walls.

It has 64 feet of windows, including windows in both bedrooms.

The kitchen has wood cabinets and stainless steel appliances.

There’s one bedroom on the main floor and the second level has a master bathroom.

There is also a bonus room/loft above the living room which has a spiral staircase that leads to a private exit to the roof.

This unit has roof rights for a 950 square foot private roof deck. But since 1995, it has never been built.

It does also have a 160 square foot balcony off the dining room.

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

This loft originally came on the market in April 2019 for $625,000 and has been under contract. But it was also reduced to $574,900.

Has anyone ever built-out a “roof rights” situation after they bought a condo?

Is it a selling point if it’s not built out?

Mark Zipperer at Re/Max Edge has the listing. See the pictures and floor plan (including the rooftop deck plan) here.

Unit #603: 2 bedrooms, 2 baths, 1850 square feet, duplex, loft

• Sold in October 1996 for $259,500
• Sold in August 2004 for $476,000
• Originally listed in April 2019 at $625,000
• Under contract in July 2019
• Reduced
• Currently listed at $574,900 (includes heated garage parking)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×13 (second floor)
• Bedroom #2: 13×12 (main floor)
• Living room: 26×22 (main floor)
• Dining room: 15×14 (main floor)
• Kitchen: 14×14 (main floor)
• Bonus room/loft: 20×11 (second floor)

This 3-bedroom duplex in The Pierre at 2100 N. Lincoln Park West in Lincoln Park just came on the market.

The Pierre was built in 1919 and has 102 units and valet parking. It’s a full amenity building with a doorman, an outdoor heated pool, racquetball/basketball courts, and a sundeck with grills.

This unit has 14 foot ceilings which has allowed for a duplex up third bedroom and loft/den.

The listing says the unit has been rehabbed.

The kitchen has white cabinets, quartz counter tops, a custom backsplash and stainless steel appliances.

It has the features buyers look for including central air, washer/dryer in the unit and there’s valet parking in the building for $270 a month.

This unit is listed at $585,000.

For 3 bedrooms in this East Lincoln Park location, is this a deal?

Colleen Colombo at Keep It Realty has the listing. See the pictures here.

Unit #11A-S: 3 bedrooms, 2 baths, 1400 square feet, duplex up

• Sold in July 1996 for $167,500
• Sold in October 1999 for $212,500
• Sold in June 2003 for $291,000
• Sold in January 2008 for $325,000
• Currently listed at $585,000
• Assessments of $946 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger)
• Taxes of $7416
• Central Air
• Washer/dryer in the unit
• Valet parking is available for rent in the building for $270 a month
• Bedroom #1: 13×14 (main floor)
• Bedroom #2: 10×9 (main floor)
• Bedroom #3: 10×8 (second floor)
• Living room: 17×20
• Kitchen: 11×10
• Loft: 10×9 (second floor)

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

We’ve chattered about this building in the past. Built in 1881, it has 3 fee-simple townhomes.

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.

Listed at $899,000, will this sell quickly?

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

Or see it at the Open House on Sunday, Sep 8 from 1-3 PM.

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)
• Currently listed at $899,000
• 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 3-bedroom in Cathedral Place at 3101 N. Seminary in Lakeview came on the market in July 2019.

This church was constructed in 1880 and now has 5 condo units and garage parking. It was converted into condos in 2001-2002.

This unit has 10 foot ceilings and several authentic church windows.

At 2500 square feet, all of the unit is on one floor.

It has walnut floors.

The living room has a big glass/wood custom wall unit and the listing says the third bedroom has been turned into a built-out office.

The kitchen cabinets look like they’re gray and there are luxury stainless steel appliances. I can’t tell what the counter tops are made out of (concrete? stone?).

It has a circular foyer and a large private terrace.

The unit has the features buyers look for including central air, washer/dryer in the unit and one garage parking spot.

Originally listed at $925,000 in July 2019, it’s still listed at $925,000.

Is this property a good townhouse alternative?

Douglas Smith at @Properties has the listing. See the pictures here.

Unit #C: 3 bedrooms, 2.5 baths, 2500 square feet

• Sold in January 2002 for $761,500
• Sold in September 2006 for $885,000
• Originally listed in July 2019 for $925,000
• Currently still listed at $925,000
• Assessments of $690 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $15,900
• Garage parking included
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×14
• Bedroom #2: 12×11
• Bedroom #3: 11×10
• Family room: 21×15
• Living room: 20×14
• Dining room: 15×11
• Kitchen: 16×10

This 3-bedroom triplex loft in the Headley School Lofts came on the market in February 2018.

The Headley School Lofts is a conversion of an old public school. It has 12 lofts and attached heated garage.

The building has an elevator and a common roof deck.

The building was converted early in the loft craze, in 1987.

This triplex loft has southwest exposures and 13 foot ceilings with massive windows. It doesn’t appear to have other usual loft features that are found in old factories or industrial spaces like exposed brick.

The kitchen has white cabinets, stainless steel appliances and a breakfast bar.

The master bedroom is on the main floor and doesn’t appear to have full walls to the living room. It does have an attached bathroom with an oversized shower.

The second bedroom is lofted above the main living area and also has interior windows open to the space below.

The third bedroom is in the lower level but it also doesn’t have full walls/doors to the family room which is also in the lower level.

There’s a walk-out terrace from the third lower level bedroom.

The loft has the features buyers look for including central air, side-by-side washer/dryer and heated garage parking is $25,000 extra.

Originally listed at $849,500 in February 2018 it has been reduced numerous times to $649,500 plus $25,000 for the parking.

It sold all the way back in 2003 for $715,000.

The current list price, with the parking, is now $40,500 under the 2003 price.

Is this a deal?

Mario Greco at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.

Unit #1B: 3 bedrooms, 2.5 baths, 2600 square feet, triplex

• Sold in February 1987 (no price listed)
• Sold in August 1991 for $324,000
• Sold in February 1998 for $350,000
• Sold in December 2003 for $715,000
• Sold in September 2007 for $760,000
• Originally listed in February 2018 for $849,500
• Reduced numerous times
• Currently listed at $649,500 (garage parking is $25,000 extra)
• Assessments of $742 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $16,217
• Central Air
• Side-by-side washer/dryer
• Bedroom #1: 17×15 (main floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 18×12 (lower level)
• Terrace: 13×8 (lower level)
• Family room: 27×18 (lower level)

This 5-bedroom historic home at 1328 N. State Parkway in the Gold Coast was recently re-listed in October 2018.

Built in 1938, the house, known as the Florsheim Mansion, was designed by Andrew Rebori and then added onto by Bertrand Goldberg in the 1950s.

There are actually two separate townhouses with a courtyard and a large galley kitchen (designed by Goldberg) connecting the structures.

If it looks familiar, that’s because we’ve discussed it several times after it first came on the market in 2010.

See our 2013 chatter here.

If you recall, this house is on a smaller than standard 18.6 x 125 foot lot but still has a 2-car attached garage.

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

It has a 2-story family room and renovated baths.

The Goldberg kitchen is stainless steel and it’s a galley kitchen in between the two townhouses. Is this the problem in re-sale? That no one wants the galley kitchen anymore?

Watch an older interesting video tour of the house with the owners describing its special features here.

This house has been under contract several times over the years but hasn’t sold.

Originally listed in October 2018 for $2,397,747, it was reduced to $1,997,747.

It also was just under contract again in August 2019.

Will this house finally sell in 2019?

Michael Rosenblum at Berkshire Hathaway KoenigRubloff still has the listing again. See the pictures here.

1328 N. State Parkway: 5 bedrooms, 5 baths, 4500 square feet

• Sold in July 1998 for $517,500
• Sold in April 2006 for $2.23 million
• Originally listed in February 2010 for $2.5 million
• Off and on the market
• Re-listed in October 2018 for $2,397,747
• Reduced
• Under contract in August 2019
• Re-listed and now listed at $1,997,747
• Taxes are now $45,938 (they were $31,834 in 2013) (they were $31,384 in 2011)
• Central Air
• 2 car attached garage
• 3 wood burning fireplaces
• Bedroom #1: 19×14 (third floor)
• Bedroom #2: 15×12 (third floor)
• Bedroom #3: 15×12 (third floor)
• Bedroom #4: 11×7 (main floor)
• Bedroom #5: 11×7 (main floor)

This 2-bedroom loft in the Pencil Factory Lofts at 1800 W. Roscoe come on the market in June 2019.

The Pencil Factory Lofts were built in 1916 and converted into 134 lofts in 1993. The building has a parking garage, roof top deck and exercise room.

This unit has its authentic factory finishes including big industrial windows, concrete ceilings and columns and exposed brick.

The listing for this corner concrete loft says it has had a complete renovation.

The kitchen has white cabinets, stainless steel appliances, Rumba Diamond tile backsplash and Borghini polished quartz counter tops.

The master suite ahs a new master bathroom with marble hex tile floor, a subway tile surround in the shower and a seamless glass shower door.

The listing says the loft has city views.

It has the other features buyers look for including washer/dryer in the unit, central air, and 2-car tandem parking.

The Pencil Factory is just a few blocks to the Paulina brown line stop.

This loft last sold in 1998 so this is a rare chance for this property.

Originally listed in June, it went under contract almost immediately but has since come back on the market priced $4,990 more at $479,900.

Is there strong demand for completely renovated older lofts?

Mathew Boemmel at Compass has the listing. See the pictures here.

Unit #413: 2 bedrooms, 2 baths, 1536 square feet, loft

• Sold in August 1993 for $205,500
• Sold in July 1995 for $220,000
• Sold in July 1998 for $275,000
• Originally listed in June 2019 at $475,000
• Went under contract right away
• Came back on the market higher in August 2019
• Currently listed at $479,990 (includes 2 car tandem parking)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 18×15
• Bedroom #2: 12×12
• Living room: 25×13
• Dining room: 15×13
• Kitchen: 14×12

This 5-bedroom Victorian Italianate single family home at 3945 N. Tripp in Old Irving Park came on the market in March 2019.

But if it looks familiar, that’s because we chattered about it several times between 2007 and 2014 when it was on, and off, the market.

See the 2014 chatter here.

If you recall, this is a special house.

Built for Stephen Race, one of the members of the founding family of Irving Park, in 1874, the house was designated a Chicago landmark in 1988.

According to Wikipedia, the house originally cost $12,000 to build in 1873.

It’s on a smaller than standard Chicago lot measuring 50×75 but it has 2-car parking on a side drive.

It’s been fully renovated over the years and has central air alongside many of its vintage features like pocket doors, stained glass windows, arched doorways, parquet floor inlays, and 4 working gas fireplaces.

It has a chef’s kitchen with custom white cabinets, a double oven, stainless steel appliances like a FiveStar range and Bosch dishwasher, and a farmhouse sink.

There is a full english basement with its own bath and kitchen (is there a stove?) which could be an in-law suite.

It also has a unique 3000 bottle wine cellar.

The house also has the modern amenity of a large master suite in the converted attic with a large master bath with custom walk in shower and walk-in-closet.

There are also numerous skylights.

Originally listed at $850,000 in March 2019, it has been reduced to $825,000.

The listing says its 2 blocks to the Irving Park Blue line and the Metra stop.

Does it take a special kind of buyer to buy a landmarked home?

Joshua Weinberg at KellerWilliams Lincoln Park has the listing. See the pictures and the floor plan here.

3945 N. Tripp: 5 bedrooms, 5.5 baths, 5800 square feet

• Sold in November 1997 for $285,000
• Sold in January 2002 for $639,500
• Sold in November 2014 for $759,000
• Originally listed in March 2019 for $850,000
• Reduced
• Currently listed for $825,000
• Taxes now $12,046 (they were $9371 in 2014) (they were $3881 in June 2011)
• Central Air
• 4 fireplaces (gas)
• 2-car parking on side drive
• Bedroom #1: 30×18 (third floor)
• Bedroom #2: 16×15 (second floor)
• Bedroom #3: 17×14 (second floor)
• Bedroom #4: 17×10 (second floor)
• Bedroom #5: 13×11 (second floor)
• Library: 22×12 (main floor)
• Family room: 40×14 (lower level)
• Utility room: 13×100 (lower level) (is this also the second kitchen?)

This 3-bedroom at 1342 W. Belmont in Lakeview came on the market in June 2019.

This building was constructed in 2017 and has 6 units, an elevator and garage parking.

This unit has upscale finishes including white oak hardwood floors throughout.

It has a custom kitchen with modern cabinets and high end European appliances.

The master suite has a walk-in-closet and a spa-like bath with herringbone porcelain tile, heated floors and dual vanities.

This unit has a large covered terrace which faces the street and has lighting and a gas line.

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

This unit was purchased in February 2018 when it was new construction for $725,000.

It came on the market 16 months later at $749,000 but has now been reduced to the 2018 purchase price of $725,000.

Has the Chicago housing market, outside of the hot West Loop/Fulton Market area, stalled out?

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

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

• Sold in February 2018 for $725,000
• Originally listed in June 2019 for $749,000
• Reduced
• Currently listed at $725,000
• Assessments of $225 a month (includes scavenger and snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 11×14
• Bedroom #2: 14×11
• Bedroom #3: 14×10
• Living room: 26×17
• Kitchen: 15×11
• Walk-in-closet: 7×5
• Terrace: 26×8