Crib Chatter

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]

This 5-bedroom single family home at 1340 E. Madison Park in Kenwood came on the market in June 2019.

The house was built in 1885 but an addition was put on the back of the house in 2005 which added a separate eat-in kitchen and family room as well as a modern back deck.

It’s built on a larger than standard 25×145 lot and has a 2-car garage.

This is a rare single family home on Madison Park, a private park that stretches for 3 blocks. The street is one way and has street parking around the oval.

Most of the other properties are condo and apartment buildings.

In the center there is the park which has a plethora of flowers, trees and green grass where kids were playing a game of football when I was walking through the neighborhood.

It’s like its own forest and garden in the middle of the city.

This house has some of its original finishes including mahogany floors and staircase.

It has 2 fireplaces, but the one in the living room is decorative.

3 of the bedrooms are on the second floor with the fourth on the third floor and the fifth in the basement.

Two of those bedrooms are master suites with en suite baths.

It also has a large walk-in closet.

The house has central air and, a unique feature, a wood paneled elevator.

The kitchen has what looks like gray or blue cabinets (or black?), stone counter tops and stainless steel appliances.

Is this an opportunity to own a single family home on one of Chicago’s prettiest streets?

Kimberly Chase-Harding at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

1340 E. Madison Park: 5 bedrooms, 3.5 baths, 3800 square feet

• Sold in August 1989 for $245,000
• Sold in June 1998 for $320,000
• Sold in September 1999 for $390,000
• Sold in July 2005 for $1.111 million
• Sold in June 2015 for $1.25 million
• Originally listed in June 2019 for $1.495 million
• Currently still listed at $1.495 million
• Taxes of $11,875
• Central Air
• 2 car garage
• 2 fireplaces
• Bedroom #1: 17×14 (second floor)
• Bedroom #2: 11×17 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 13×15 (third floor)
• Bedroom #5: 12×16 (basement)
• Office: 11×6 (basement)
• Recreation room: 12×22 (basement)
• Walk-in-closet: 9×10 (second floor)

This 2-bedroom loft in the Hedman Lofts at 1158 W. Armitage in Lincoln Park came on the market in July 2019.

The Hedman Lofts was converted into condos in the late 1990s. It’s an elevator building with 14 units and a parking garage.

It’s an authentic industrial building with exposed brick and concrete ceilings along with large industrial windows.

This loft has 11 foot concrete ceilings and exposed ductwork and brick.

Both bedrooms have fully enclosed walls as well as windows, which is rare for a loft.

The master suite has a large walk-in closet.

The listing says the loft has a newly renovated gourmet kitchen with light gray cabinets, quartz counter tops, a Carrara marble backsplash, all new Bosch appliances and a farmhouse sink.

It appears a new mantel and surround were also put on the fireplace since the last sale.

The unit has Restoration Hardware lighting throughout.

If you’re looking for private outdoor space, this loft also has an enclosed 350 square foot patio.

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

This loft is right in the heart of the Armitage street shops and restaurants and is an easy stroll to the brown line.

It’s also near the North/Clybourn shopping corridor with the Trader Joe’s and Whole Foods.

Originally listed at $699,900, it has been reduced to $675,000.

Is this the time when everyone who still hasn’t gone under contract this summer reduces their price to get a sale done this year?

Annie Schweitzer at Compass has the listing. See the pictures here.

Unit #202: 2 bedrooms, 2 baths, 1800 square feet

• Sold in May 1997 for $315,000
• Sold in July 2000 for $559,000
• Sold in November 2003 for $515,000
• Sold in March 2017 for $610,000
• Originally listed in July 2019 for $699,900
• Reduced
• Currently at $675,000 (includes 2-car tandem garage parking)
• Assessments of $691 a month (includes heat, gas, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $13,477
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×11
• Bedroom #2: 11×10
• Living room/dining room: 20×37
• Deck: 21×17
• Walk-in-closet: 5×11

This 2-bedroom loft in the Lincoln Lofts at 3151 N. Lincoln in Lakeview came on the market in July 2019.

This corner loft is in the Tower portion of the building and on the 5th floor.

It has both south and west exposures with a south facing balcony.

Because there aren’t many tall buildings in Lakeview away from the lake, other than a few church spires, old industrial buildings, like the Lincoln Lofts, are among the tallest buildings in the entire neighborhood.

This loft has skyline views from all of its southern facing windows, even one that is next to the bathtub.

It has authentic loft features such as exposed brick and 12 foot concrete ceilings as well as large industrial windows.

The listing says it has been completely renovated with a newer contemporary kitchen with stainless steel appliances.

Both bedrooms have windows, which is rare for a loft.

The master suite is full enclosed with a renovated bath that has a double vanity and a walk-in-shower.

The second bedroom doesn’t have a door or full walls.

Both bedrooms have carpet while the rest of the living areas have hardwood floors.

The loft has a floor-to-ceiling tiled fireplace in the living room.

It also has the features buyers look for including central air, side-by-side washer/dryer and tandem garage parking for 2 cars, which is included.

This loft last sold 19 years ago so this is a rare opportunity to buy one of the higher floor tower units.

Listed at $519,000, it has been on the market nearly 40 days.

Buyers love “new.”

Why isn’t this move-in-ready loft selling?

Brooke Vanderbok at @Properties has the listing. See the pictures and floor plan here.

Unit #514: 2 bedrooms, 2 baths, 1200 square feet

• Sold in October 1996 for $213,000
• Sold in July 2000 for $317,000
• Originally listed in July 2019 for $519,000
• Currently still listed at $519,000 (includes 2-car tandem garage parking)
• Assessments of $605 a month (includes security, cable, exterior maintenance, Internet, scavenger, snow removal)
• Taxes of $7172
• Central Air
• Side-by-side washer/dryer in the unit
• Fireplace
• Bedroom #1: 14×12
• Bedroom #2: 12×9
• Living room: 15×14
• Dining room: 14×11
• Balcony: 13×5

This 2-bedroom in Academy Hall at 915 N. Hoyne in the Ukrainian Village recently came on the market.

This is a rehab of the historic St. John’s school that is next door to the church which is now The Revival condominiums.

They have two separate developers but both projects are now on the market at the same time.

The school was built in 1905 and it has 9 condos.

The listings say that these have extra wide floor plans with exposed brick and beams and big windows.

The units range in price from $499,000 for the smallest 2/2 to $949,900 for a 4 bedroom, 3.5 bath, 3000 square foot unit.

What do you get for the cheapest price?

Unit #3 is a 2-bedroom with 1200 square feet.

The kitchen appears to have white and gray/wood (?) modern cabinets with Thermador and Bosch appliances and Grohe fixtures.

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

Not all units have parking and this 2-bedroom under $500,000 does NOT have parking.

Buyers love “new.” Will these lofty-condos get snapped up?

Scott Broene at Property Consultants has all the listings. See the pictures here.

Unit #3: 2 bedrooms, 2 bathrooms, 1200 square feet

• New construction
• Currently listed for $499,900
• Assessments of $173 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• No parking with this unit
• Shared rooftop deck
• Bedroom #1: 13×15
• Bedroom #2: 14×11
• Living room: 24×14
• Kitchen: 12×12

This 4-bedroom in The Revival at 921 N. Hoyne in the Ukrainian Village originally came on the market in March 2019.

This church is the former St. John’s Evangelical Lutheran and, according to curbed, it’s 114 years old.

It’s apparently taken several years to renovate due to the recent landmark classification which requires a certain level of detail on the exterior renovation.

From Curbed:

Though located in a famously Ukrainian neighborhood, the old church was completed in 1905 by a congregation of German immigrants. Notable architects Henry Worthmann and John Steinbach designed the Gothic Revival style building which later went on to house a Seventh Day Adventist Church before hitting the market.

There are 9 units and parking.

They appear to range in price from $579,000 for the smallest 3 bedroom, 2 bath units to $1.299 million for a 4 bedroom, 3 bath 2700 square foot duplex.

In the renovation, the developer restored the exterior stained glass windows, some of which are now featured in the condo units.

Unit #6, which is a 4 bedroom, 3 bath duplex up with 2100 square feet, has south and west windows.

The kitchen has Italian cabinetry, quartz counter tops, a tile backsplash, and Bosch stainless steel appliances.

The bathrooms also have modern features.

3 of the bedrooms in this unit are on the second floor, including the master bedroom which has 10 foot ceilings and a stained glass window in the shower in the bathroom. It also has a walk-in-closet.

The other two bedrooms have dormer ceilings and skylights.

The fourth bedroom is on the main level, but the listing also calls it a den.

The units have central air, washer/dryer in the unit and heated garage parking is included.

This unit is listed at $849,000.

Are these upper bracket prices the reality in Ukrainian Village now?

Jodi Serio at @Properties have all the listings. You can see the pictures here.

You can see The Revival website here.

Unit #6: 4 bedrooms, 3 baths, 2100 square feet

• New construction
• Originally listed in March 2019 for $825,000
• Withdrawn
• Re-listed in August 2019 at $849,000 (includes heated garage parking)
• Taxes are “new”
• Assessments are $375 a month (includes exterior maintenance, scavenger)
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 13×13 (second floor)
• Bedroom #2: 9×9 (second floor)
• Bedroom #3: 8×9 (second floor)
• Bedroom #4: (main level)
• Walk-in-closet: 7×14

This new construction 3-bedroom duplex at 2025 W. Crystal in Wicker Park came on the market in June 2019.

This is a new 3-unit boutique building with parking.

The design of this building is a bit different from the new construction we’ve seen post- Great Recession.

This unit is Unit #2 and has 23-foot floor to ceiling windows with huge folding glass doors that the listing says creates an indoor/outdoor atmosphere “unfound in Chicago.”

The floors are 3 1/4″ oak.

The kitchen has modern light wood looking cabinets, quartz counter tops, a glass backsplash and a large island.

There are built-out closets in every room.

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

The master bedroom has an attached bathroom with a dual vanity and Grohe fixtures.

It has central air, washer/dryer in the unit and one car parking.

It’s come on the market at $695,000.

Is modern design the preferred choice for Wicker Park buyers?

Danielle Dowell at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

Unit #2: 3 bedrooms, 3 baths, no square footage given, duplex up

• New construction
• Currently listed at $695,000 (includes 1-car parking)
• Assessments of $250 a month (includes exterior maintenance and scavenger)
• Taxes are “new”
• Bedroom #1: 12×16 (main floor)
• Bedroom #2: 11×12 (main floor)
• Bedroom #3: 11×12 (second floor)
• Kitchen: 15×9 (main floor)
• Living room: 30×18 (main floor)
• Deck: 11×8 (main floor)

This 2-bedroom duplex up at 1434 N. Astor in the Gold Coast came on the market in November 2018 but still hasn’t sold.

We chattered about it in January 2019. See our chatter here.

Just a reminder that it is bank owned.

Built in 1889, it has a 3-unit self-managed association.

The two bedrooms, which appear to have carpeting, are on the second level with the living/dining room and kitchen on the third floor.

The unit has skylights and two fireplaces, although I believe the one in the bedroom is decorative only.

From the pictures, the kitchen appears intact with white cabinets, a stainless steel refrigerator and white oven.

It has in-unit washer/dryer, space pak cooling but no parking.

I’m not sure about those HOAs as it’s bank owned, but you can also see the HOAs from 10 years ago, when it wasn’t bank owned.

Strangely, we actually chattered about this unit the last time it was on the market in 2008. It sold and then came back listed as a rental.

You can read our chatter here.

This is what Gary said about it at the time:

“Sure enough the MLS shows it closing on July 15. So someone bought this. Let’s review the math from another perspective. Rent = 34200, Assessments = 9000, taxes = 10613. Net to owner = 14587 or a 2.1% return on assets. Doesn’t matter how you finance this it’s a bad deal. Some people just really love real estate.”

Originally listed at $474,900, it had been reduced $126,100 to $348,800 earlier in the year.

But it has now come back on the market at $349,900.

Is this the “must have” price for the bank?

Will this property sit for years?

Gasper Flores at Su Familia Real Estate still has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2.5 baths, 1400 square feet, duplex up

• Sold in June 1988 for $302,500
• Sold in July 2008 for $685,000
• Lis pendens foreclosure filed in September 2016
• Bank owned in May 2018
• Originally listed in November 2018 for $474,900
• Reduced several times
• Was listed in January 2019 at $348,800
• Withdrawn
• Re-listed in August 2019 at $349,900
• Assessments are still $2,282 a month (they were $750 a month in 2008)(includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are actually now $21,356 (they were $19,194 in January 2019) (they were $10,613 in 2008)
• Space pak cooling
• In-unit washer/dryer
• No parking
• Bedroom #1: 22×15 (second floor)
• Bedroom #2: 16×16 (second floor)
• Living/dining combo: 29×15 (third floor)
• Terrace: 6×9 (third floor)

This 2-bedroom in the Ambassador House at 1325 N. State Parkway in the Gold Coast recently came on the market.

The Ambassador House was built in 1969 and has 112 units and a rental parking garage.

If this unit looks familiar that’s because we chatted about it the last time it was on the market. Back in 2016 it had been “completely gutted” and had all brass fixtures.

See our chatter here wherein we discussed the brass faucets and the rehab, in general.

If you recall, the kitchen has custom cabinetry with brass handles, a honed marble counter top and backsplash and brass Waterworks fixtures.

The brass fixtures follow through in the dining room chandelier and the bathroom faucets and shower head.

The unit also has a built-in bar with wine tower and espresso and cappuccino maker.

There are motorized shades and picture molding.

This unit has the other features buyers look for, including central air and washer/dryer in the unit.

Parking is still rented in the building for just $130 a month, which the listing again calls the “best parking deal” in the neighborhood.

Since we discussed the brass fixtures in this unit 3 years ago, they have appeared on many more properties.

Is brass the finish of choice now in Chicago for upscale properties?

Ryan Prevett at Jameson Sotheby’s has the listing. See the pictures here.

Unit #20E: 2 bedrooms, 2.5 baths, 1650 square feet

• Sold in May 2002 for $180,000
• Sold in September 2013 for $445,000
• Sold in March 2016 for $430,000
• Sold in January 2017 “completely gutted” for $690,000
• Currently listed for $725,000
• Assessments are now $1270 a month (they were $1161 a month in 2016) (includes heat, a/c, doorman, pool, exterior maintenance, lawn care, scavenger, snow removal, cable)
• Taxes are now $9494 (they were $6341 in 2016)
• Central Air
• Washer/Dryer in the unit
• Parking is still rented at $130 a month
• Bedroom #1: 14×16
• Bedroom #2: 14×13