Crib Chatter

This 4-bedroom in Hampden 53 at 2753 N. Hampden in East Lincoln Park just came on the market.

This is a new construction 15-unit boutique building with heated garage parking.

It’s an elevator building where the elevator opens directly into your unit.

This unit has high end upgrades.

The kitchen has Archicesto cabinetry and Wolf and Subzero appliances.

The living room has a wet bar with a wine fridge.

There’s a large 12×15 terrace and an office.

It has central air, washer/dryer in the unit and two heated parking spaces are available for $50,000 each.

It’s been several years since there has been any new condo construction in East Lincoln Park given that most of the neighborhood is already built.

There is, however, another new boutique building going up next door (I’ll have more on that in another post.)

This 4-bedroom is 2982 square feet which is as large as some single family homes.

Listed at $1.799 million, will these new luxury units sell quickly given this location?

Raj Patel at Core Luxury Real Estate has the listing. See the pictures here.

Unit #B4: 4 bedrooms, 4.5 baths, 2982 square feet

• New construction
• Currently listed at $1.799 million
• 2 parking spaces available for $50,000 each
• Assessments of $473 a month (includes security system, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×15
• Bedroom #2: 10×12
• Bedroom #3: 10×12
• Bedroom #4: 11×12
• Laundry room: 6×8
• Office: 9×9
• Family room: 13×15

This 2-bedroom in the Fulton Station at 560 W. Fulton on the Near West Side just came on the market.

This building in Fulton Station, which also includes townhouses, was built  in 2000 and has 40 units and heated garage parking.

This is a corner unit which faces the courtyard.

The listing says it has been “remodeled from top to bottom” with “designer grade finishes.”

The kitchen has white cabinets with gold handles, luxury stainless steel appliances, stone counter tops and an island.

There are built-in bookcases in the living room around the gas fireplace.

The second bathroom has a wood vanity and a on-trend industrial shower door with gold finishes.

The master bathroom has an antique looking wood carved double vanity and walk-in shower.

There’s carpeting in both bedrooms with hardwood in the rest of the unit.

If you love outdoor space, it has a huge private terrace that faces into the courtyard.

This unit has the features buyers look for including central air, washer/dryer in the unit and heated deeded first floor parking.

There’s not much new construction condo or townhouses going up in the near west side.

If you want luxury, is a renovated condo the way to go?

Joseph Rossi at Joseph Rossi & Associates has the listing. It is agent owned. See the pictures here.

Unit #204: 2 bedrooms, 2 baths, 1371 square feet

• Sold in February 2000 for $265,500 (no parking included)
• Sold in October 2001 for $357,500 (included the parking)
• Sold in April 2003 for $360,000 (included the parking)
• Sold in August 2006 for $430,000 (included the parking)
• Sold in February 2014 for $430,000 (included the parking)
• Sold in June 2017 for $535,000 (included the parking)
• Currently listed at $795,000 (includes the parking)
• Assessments of $408 a month (includes cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8243
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 14×14
• Bedroom #2: 14×10
• Living room/dining room: 23×16
• Kitchen: 15×8
• Deck: 34×11

This 2-bedroom loft in the Epicenter Lofts at 1000 W. Washington in the West Loop just came on the market.

I finally have a new picture. Yay!

The Epicenter is a brick industrial building constructed in 1882. It has 178 units, a doorman and a heated parking garage.

This is a concrete loft with tall ceilings and exposed brick.

It has many of the trendy finishes that are popular right now including shiplap, barn doors and ebony hardwood floors.

There is a remote controlled gas fireplaces with a mosaic tiled wall.

The loft has a south exposure with recessed terrace.

The listing says both bathrooms were remodeled in the winter of 2017.

The kitchen was remodeled in March 2019 and has all the current fashionable trends including a mix of white and natural wood cabinets (this is the “in” cabinets now), luxury stainless steel appliances, a farmhouse style apron sink and gold fixtures including the kitchen faucet.

It also has iceberg quartz counter tops.

One of the bedrooms is enclosed and has windows.

It has the other features that buyers look for including central air, washer/dryer in the unit and 2-car tandem parking is available for $35,000.

In 2007, this loft was 1330 square feet but the current listing doesn’t list its square footage.

This building is one of the premier loft buildings in the middle of the hottest neighborhood in Chicago.

Will the on-trend kitchen sell it quickly?

Samuel Meyer at Breneman Realty has the listing. See the pictures here.

Unit #306: 2 bedrooms, 2 baths, no square footage listed

• Sold in April 1997 for $186,000 (included parking)
• Sold in March 2004 for $338,000 (included parking)
• Sold in March 2007 for $350,000 (included parking)
• Sold in July 2016 for $480,000 (included parking)
• Currently listed at $615,000 (2-car tandem parking for $35,000)
• Assessments of $686 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
• Taxes of $7711
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 12×11
• Living room: 21×16
• Dining room: 16×12
• Kitchen: 15×12
• Terrace: 12×6

This 1-bedroom on the 19th floor at the Walton Colannade at 100 E. Walton in the Gold Coast came on the market in April 2019.

Built in 1972, the building has 240 units along with a rental parking garage. It’s a full service building with a doorman and a rooftop pool.

This is a corner 1-bedroom with the largest 1-bedroom floor plan in the building at 925 square feet.

This unit was renovated with, what an old listing says were “$70,000 in upgrades” before the 2012 sale.

Older listings said it has modern white cabinets with Ernestomedia white corian counter tops and Gaggenau & Liebherr appliances.

There are 4 inch plank hardwood floors throughout.

The bathroom also has modern finishes and a walk-in shower by Antoniolupi.

It has the features buyers look for including central air, washer/dryer in the unit and there’s rental parking in the building.

This will be the third sales transaction since the renovation.

Originally listed at $295,000 in April 2019, it went under contract once, but came back on the market and has been reduced to $278,800.

That’s well under the 2014 sales price of $325,000 and even under the 2012 sales price.

Are Gold Coast pied-a-terres a thing of the past?

Maryellen Joyce at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.

Unit #19F: 1 bedroom, 1 bath, 925 square feet

• Sold in July 1994 for $87,000
• Sold in September 2005 for $125,000
• Sold in November 2008 for $222,500
• Sold in July 2012 for $282,500
• Sold in October 2014 for $325,000
• Originally listed in April 2019 for $295,000
• Reduced
• Currently listed at $278,800
• Assessments of $952 a month (includes heat, a/c, gas, doorman, cable, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $5072
• Central Air
• Washer/dryer in the unit
• Parking available to rent in the building
• Bedroom: 14×13
• Living room: 19×16
• Dining room: 10×8
• Kitchen: 14×8

This 1-bedroom in Oakdale Towers at 431 W. Oakdale in East Lakeview came on the market in May 2019.

Oakdale Towers was built in 1926 and has 57 units. It doesn’t have parking.

This unit is on the 13th floor and has some lake views from the bedroom.

It has some vintage features including a fireplace in the living room which is electric.

The listing says it has been “fully renovated.”

The kitchen has white cabinets and quartz counter tops with Kenmore Pro Plus appliances and a Bosch dishwasher.

The bathroom has a dual vanity along with a walk-in rain shower and separate deep Roman whirlpool tub.

This unit has a large separate dining room measuring 17×13.

It’s also a rare vintage unit that has central air.

Glorious Central Air Conditioning has been Installed for Your Added Pleasure.

There’s coin laundry in the building and rental parking available in the neighborhood.

Originally listed in May 2019 for $349,900, it remains listed at that price.

If you’re a vintage fan, is this renovated unit like buying something new?

Lisa Asher Santillan at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

Unit #13B: 1 bedroom, 1 bath, 1350 square feet

• Sold in March 1997 for $115,000
• Originally listed in May 2019 for $349,900
• Currently still listed at $349,900
• Assessments of $698 a month (includes heat, gas, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $4201
• Central Air
• No in-unit washer/dryer (coin laundry available in the building)
• No parking but rental in the neighborhood for between $135 to $225 a month
• Electric fireplace
• Bedroom: 15×13
• Living room: 22×13
• Dining room: 17×13
• Kitchen: 22×9
• Gallery: 12×6

This 2-bedroom in 30 W. Oak  in the Gold Coast came on the market in August 2018.

If it looks familiar, that’s because we chattered about it a year ago.

You can see our chatter here.

30 W. Oak was built in 2006 and has 44 units and a parking garage.

It was built as a luxury condo building and still has some of the most expensive units in the city.

For years, even during the financial crisis and housing bust, this was one of the few buildings where units sold fast, and for a profit.

But in the last few years, a half a dozen luxury buildings have now been built that are direct competition to 30 W. Oak.

If you recall, this corner unit has 11 foot ceilings with floor-to-ceiling windows but there’s no outdoor space.

It has a custom Poggenpohl kitchen with a white quartz island bar, a steel tile backsplash and Subzero, Thermador and Miele appliances.

Forget about the standard wood floors in the living room. There are unique honed Biana white marble floors throughout the living/dining room and kitchen.

The master suite has espresso hardwood floors as well as a massive walk-in-closet and a Calcutta marble master bath.

The powder room has a floating vanity.

This is a corner unit that faces north and west, which is the back of the building. Because it’s on the corner, it has windows in both bedrooms and even in the closet.

This unit has central air, washer/dryer in the unit and one garage parking space is included.

When we chattered about it a year ago, it was listed at $899,000.

It’s still listed at $899,000.

Is 30 W. Oak still a hot building?

Or have all the new construction luxury buildings impacted its prestige?

Michael Zuker at @Properties still has the listing. See the pictures and floor plan here.

Unit #5E: 2 bedrooms, 1.5 baths, 1500 square feet

• Sold in October 2006 for $722,500
• Sold in October 2015 for $785,000
• Sold in March 2018 for $850,000
• Was listed in August 2018 for $899,000 (parking included)
• Currently is still listed for $899,000 (parking included)
• Assessments are now $960 a month (they were $907 a month in 2018) (includes heat, a/c, gas, parking, doorman, cable, Internet, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes are now $17,894 (they were $16,825 a year ago)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 12×7
• Laundry room: 5×5
• Walk-in-closet: 15×12
• Living/dining room: 21×15
• Kitchen: 12×13

This 3-bedroom duplex down at 445 W. Arlington in East Lincoln Park came on the market in October 2018.

This is a new construction building designed by Booth Hansen Architects to mimic the look of vintage row homes even though it’s really 8 units.

There are 2 units per floor and 2 of them,  including this unit, are duplexes.

It’s an elevator building.

This unit is one of two units with its own private entrance.

The living room, dining room and kitchen are on the main level.

The kitchen has white cabinets, what look like stone counter tops and luxury stainless steel appliances.

All 3 bedrooms are on the lower level along with a den.

There’s no outdoor space but there is garage parking, which is rare for the historic blocks east of Clark.

Listed at $1.39 million, this is actually cheaper than the others which have already sold from between $2 million to a 4-bedroom that sold at $2.295 million.

Several of those had outdoor space.

Is this a deal for the location?

Erin Mandel at @Properties has the listing. See the pictures and floor plan here.

Unit #1W: 3 bedrooms, 2.5 baths, 2492 square feet, duplex down

• “New” construction
• Originally listed in October 2018
• Currently listed at $1.39 million
• Assessments of $586 a month (includes lawn care, exterior maintenance, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom #1: 17×12 (lower level)
• Bedroom #2: 12×10 (lower level)
• Bedroom #3: 14×11 (lower level)
• Laundry room: 4×5 (lower level)
• Den: 16×19 (lower level)

We haven’t chattered about the rental apartment market for a while.

Even though developers have been building lots of high-end luxury condo buildings, they also have been rapidly adding rental apartment buildings throughout the city.

Last year, we debated whether or not there was a bubble brewing in luxury apartments.

Recently, Crain’s updated the second quarter rental results and it was another record quarter for rents.

The downtown market is still about as good as it gets—if you’re a landlord, not a tenant. The average net rent at top-tier, or Class A, downtown buildings rose to a record $3.31 per square foot in the second quarter, up 4.1 percent from a year earlier, according to Integra, a Chicago appraisal and consulting firm. The Class A occupancy rate increased to 94.9 percent, up from 94 percent in second-quarter 2018.

That means a basic 700 square foot 1-bedroom is renting for about $2317 a month.

Class A is the best of the best, however. An example of Class A are the Wolf Point buildings.

But even Class B is hot.

The average net rents at mid-priced Class B buildings rose to $2.76 per square foot in the quarter, up 4.2 percent from a year earlier, according to Integra. The Class B occupancy rate rose to 94.8 percent, up from 93.9 percent in second-quarter 2018.

With occupancy rates rising, Crain’s asks if there might not be a supply and demand problem. There’s too much demand and not enough supply.

This could push rents up even further.

Developers will complete 9,000 downtown apartments in 2019, 2020 and 2021, down from a projection of 10,700 earlier this year, according to Integra. Development is slowing due to rising construction costs, tougher affordable housing regulations and worries about rising property taxes, said Ron DeVries, senior managing director in Integra’s Chicago office.

“I think the specter of oversupply is gone,” he said. “In the next year or two, we could be talking about a shortage of supply.”

Is Chicago entering into a new era of high paying downtown jobs at companies like Google, McDonald’s, Grubhub, UberEats and UberFreight, Dyson, Facebook, Walgreens and Salesforce where six figure salaries are so common that thousands more luxury apartments are needed to meet demand?

Are we seeing the impacts of Amazon HQ2 on the housing market without actually winning it?

Downtown apartment boom rolls on, but developers pull back [Crain’s Chicago Business, by Alby Gallun, August 19, 2019]

This 2-bedroom in 73 E. Elm in the Gold Coast came on the market in July 2019.

Built in 1928, this building has 48 units, a rooftop deck and a doorman.

This 11th floor unit has many of its vintage features including a barrel vaulted ceiling in the entryway, dark parquet flooring, crown molding and arched doorways.

It has recessed lighting along with a 10 speaker ceiling system with Sono’s.

The kitchen is open to the dining room which the listing says can seat 10. It is currently being used as a family room, however.

The kitchen has white cabinets with Subzero, Wolf and Bosch appliances and Carrara marble counters.

The listing says both baths have been updated with marble and custom vanities.

The unit has Space Pak cooling but there’s no in-unit washer/dryer and no garage parking. It is rental in the neighborhood.

The listing also says that there are some views of the lake from the unit.

If you love vintage but want “new” is this property a good trade off?

Robin Phelps at @Properties has the listing. See the pictures here.

Unit #11A: 2 bedrooms, 2 baths, 1600 square feet

• Sold in July 1998 for $277,000
• Lis pendens filed in January 2007
• Looks like it sold from the bank in March 2009 for $361,500
• Sold in February 2011 for $620,000
• Sold in June 2016 for $670,000
• Originally listed in July 2019 (I couldn’t find the original list price)
• Currently listed at $699,000
• Assessments of $1781 a month (includes heat, doorman, cable, exterior maintenance, scavenger, snow removal and Internet)
• Taxes of $9914
• Space Pak cooling
• No in-unit washer/dryer. Coin laundry in the building.
• No parking. Rental is available in the neighborhood.
• Bedroom #1: 15×12
• Bedroom #2: 15×11
• Living room: 18×13
• Family room/dining room: 14×23
• Kitchen: 16×7

The Illinois Association of Realtors is out with the July 2019 data and Chicago home sales fell year-over-year again despite much lower mortgage rates.

From the IAR:

The city of Chicago saw year-over-year home sales decrease 5.3 percent with 2,655 sales in July, compared to 2,803 a year ago. The median price of a home in the city of Chicago in July was $306,250 up 0.4 percent compared to July 2018 when it was $305,000.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,780
• 2017: 2,698
• 2018: 2,803
• 2019: 2,655

“The same trends we’ve been seeing in the market lately continue to persist,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “The market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there. We expect this to continue, particularly on the heels of the Federal Reserve’s rate cut.”

Statewide, market times continued to fall:

• 2016: 53 days
• 2017: 47 days
• 2018: 44 days
• 2019: 43 days

Statewide inventory fell 4.2% to 59,600 from 62,218 a year ago.

30-year fixed mortgage rates have plunged year-over-year to 3.77% from 4.53% which are close to the 2016 lows.

It’s surprising that the lower rates aren’t boosting sales.

“The gyrations in the stock market and the constant discussion about the possibility of a recession are likely to affect consumer confidence in the months ahead,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Low interest rates and only modest price increases would normally be expected to boost sales, but there appears to be hesitation stemming from limited supply and the market turmoil.”

With property taxes on the rise, does it just make more sense to rent in one of the nice, new apartment buildings around the city instead of buy?

Illinois home sales post annual gains in July; median prices record increase [Illinois Association of Realtors, Press Release, August 21, 2019]