Crib Chatter

This 3-bedroom in The Sterling at 345 N. LaSalle in River North came on the market in May 2019.

The Sterling was built in 2001 as apartments before it was quickly converted into condos due to the condo craze that was going on at the time.

It has 389 units, an outdoor pool, and an attached rental parking garage.

Many of the units were sold in their original apartment condition, including with carpeting as that was common in apartments at that time.

If you bought a unit above the 20th floor you could buy the “upgrade” package for the kitchen which included granite counter tops. (These were the “view” units and were priced higher than the lower floors.)

This 3-bedroom is on the 39th floor.

It has an unusual feature as it has marble floors in the living/dining room, the kitchen and in the third bedroom.

There is carpet in the other two bedrooms.

The listing describes the master bathroom as “luxury” with a steam shower and double vanity.

It has the features buyers look for including central air, washer/dryer in the unit and parking in the attached rental garage for $289 a month.

It also has unobstructed city views with north, east and south exposures.

This is being sold by the original owner who bought in 2002 at $642,500.

It is currently listed at $730,000.

The Sterling was one of the hardest hit by foreclosures during the housing bust because so many investors owned in it.

As long as you held on through the bust, have long-term owners been okay in the end owning a River North condo?

Darya Lisserman at Jameson Sotheby’s has the listing. See the pictures here.

Unit #3702: 3 bedrooms, 2 baths, 1630 square feet

• Sold in December 2002 for $642,500
• Originally listed in May 2019 for $739,999
• Reduced
• Currently listed at $730,000
• Assessments of $957 a month (includes heat, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9709
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 20×13
• Bedroom #2: 12×12
• Bedroom #3: 12×11
• Kitchen: 10×8
• Living room: 18×16

This 3-bedroom in a historic greystone at 3618 N. Fremont in the Wrigleyville neighborhood of Lakeview came on the market in May 2019.

I don’t have a direct picture of this building but I remembered the building next door- so in the picture above- it is the building you can just barely see on the left (sorry- I don’t have a direct picture of this building in all its vintage glory. I will get one.) Yes- bear with me on this one. Lol.

It doesn’t list the year it was built but an older listing in the building says it was 1920. It has 3 units and garage parking in the back.

There are many gorgeous vintage buildings on this block of Fremont.

This middle unit has most of its vintage features still intact including unpainted crown and window moldings, pocket doors and bathroom transoms that are still operable.

It looks like there’s an original window in the living room with stained glass and there’s a wood burning fireplace in the living room.

Also, there’s a unique built-in hutch which looks like those usually found in dining rooms, but it’s in the master bedroom here.

The kitchen has wood cabinets, granite counter tops and stainless steel appliances along with a breakfast bar which overlooks the dining area.

There’s a double vanity in one bathroom and a single vanity with a walk-in shower in the second.

It has in-unit washer/dryer, garage parking but it doesn’t have central air. It has what looks like some sort of space pac (you can see the air units on the walls.)

As the listing notes, Wrigleyville has changed a lot over the last few years.

There are now upscale restaurants, a movie theater, a hotel and luxury apartments just blocks away.

Will all the developments enhance property values in the neighborhood?

Sam Cusentino at @Properties has the listing. See the pictures here.

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

• Sold in September 1990 for $195,000
• Sold in August 1996 for $229,000
• Sold in August 2004 for $385,000
• Sold in September 2009 for $421,000
• Sold in March 2013 for $395,000
• Sold in April 2018 for $516,500
• Originally listed in May 2019 for $524,888
• Reduced
• Currently listed at $519,900
• Assessments of $410 a month (includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8836
• No central air (looks like wall units of some kind)
• Washer/dryer in the unit
• Garage parking
• Wood burning fireplace
• Bedroom #1: 20×16
• Bedroom #2: 12×11
• Bedroom #3: 10×9
• Living room: 19×12
• Family room: 19×14
• Dining room: 10×14
• Kitchen: 21×13
• Balcony: 8×4

The Chicago housing market continues to struggle despite the strong economy.

From the Illinois Association of Realtors:

The city of Chicago saw year-over-year home sales decrease 13.3 percent with 2,766 sales in June, compared to 3,191 a year ago. The median price of a home in the city of Chicago in June was $319,900 up 1.6 percent compared to June 2018 when it was $314,900.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3321
• June 2017: 3380
• June 2018: 3191
• June 2019: 2766

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $299,900
• June 2017: $306,750
• June 2018: $314,900
• June 2019: $319,900

“We can’t escape the topic of tax increases right now, and prospective buyers are paying attention,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “High assessments in the north, and tax increases expected in 2021, has made some leery. Still, the summer proves to be an active time for the Chicago housing market. For buyers, rates remain low and market time and inventory has increased, meaning there is more choice and more time to make key decisions. For sellers, prices remain relatively steady, and pricing appropriately is key.”

Average 30-year mortgage rates were actually down substantially year-over-year, falling to 3.8% compared to 4.57% in June 2018.

They were also lower month-over-month falling to 3.8% from 4.07% in May 2019.

Number of days on the market, statewide, remained the same as last year at 45 days.

Statewide, inventory fell again, but just 4.1% year-over-year.

“Housing affordability is being discussed once again as a contributor to sales declines that are once again lower than those recorded last year for the same month,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Price increases in Chicago and Illinois last month were barely positive and the increase in apartment rentals and declines in consumer sentiment indices suggest that many potential home buyers are sitting on the sidelines, no doubt influenced by concerns about trade conflicts and the future growth of the economy.”

Are higher property taxes, and loss of deductions, along with some fantastic apartment buildings, making renting more popular than buying now?

Is owning property on the way “out”?

Slower June home sales, moderating median prices provide opportunity for Illinois homebuyers [Illinois Association of Realtors, Press Release, July 23, 2019]

This 3-bedroom garden unit at 840 W. Belle Plaine in the Buena Park neighborhood of Uptown recently came on the market.

Long time readers might remember this building because we chattered about it in 2009, at the height of the Great Recession, because it was a recent condo conversion which they were attempting to sell in the worst financial conditions in 75 years.

But the surprise was that the 11 unit building sold out within 90 days.

They were all 3 bedroom, 2 bath units with high ceilings, crown molding and wainscoting plus new kitchens and baths.

They ranged in price from $289,000 to $399,000 plus $20,000 for garage parking.

See our 2009 chatter here which is interesting because in February 2009 it seems like the great times were going to go on forever in housing despite the economy. Some of the buyers chimed in about how much they got for their money and the upgrades.

This garden unit has 9 foot ceilings but the same wainscoting, chair rail and crown molding as all of the other units.

The kitchen has dark wood cabinets (cherry?), 2 inch granite counter tops and stainless steel appliances.

It’s wired for sound.

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

In 2009, buyers had no idea of the slow decline in prices that would soon come to the entire Chicago housing market.

The price history of this unit reflects what went on over the last 10 years.

But the price of this unit also finally surpassed the original condo conversion price a couple of years ago.

Can prices continue to rise in this neighborhood?

Keith Tarasiewicz has the listing. See the pictures here.

Unit #GE: 3 bedrooms, 2 baths, no square footage listed, garden unit

• Sold in February 2009 for $289,000
• Sold in February 2014 for $260,000
• Sold in July 2017 for $321,000
• Currently listed at $324,900 (includes garage parking)
• Assessments of $192 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6770
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×15
• Bedroom #2: 13×10
• Bedroom #3: 13×11

This 3-bedroom loft at 400 N. Racine in the West Loop recently came on the market.

400 N. Racine was converted to condos in 1993 and has 33 units and gated outdoor parking.

This 2650 square foot one-floor loft has 13.5 foot ceilings and concrete floors.

The listing says it was custom designed by Moss Architects.

If you look at the prior listing in 2013, you will see that bedrooms and a bath were added through custom glass partitions and millwork.

There’s now a master suite with an en suite bathroom and walk-in-closet.

The loft has a new kitchen with stainless steel counter tops and high end appliances.

It has the features buyers look for including central air, washer/dryer in the unit and one gated outdoor parking space.

Will this mostly “new” loft sell quickly?

Philip Schwartz at @Properties has the listing. See the pictures here.

Unit #106: 3 bedrooms, 2 baths, 2650 square feet

• Sold in October 2001 for $297,000
• Sold in March 2005 for $380,000
• Sold in April 2013 for $430,000
• Currently listed at $730,000 (1 car gated parking included)
• Assessments of $355 a month (includes security, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7737
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×14
• Bedroom #2: 16×13
• Bedroom #3: 17×12
• Laundry room: 8×10

This 3-bedroom penthouse in 740 Fulton at 740 W. Fulton in the Fulton Market came on the market in July 2019.

740 Fulton is a 14 story building built in 2007 with 132 units and a parking garage. It has a doorman.

The building is one of the few at the entrance to the hot Fulton Market neighborhood so shops, restaurants and the hottest hotels are just steps away.

This penthouse has 180 degree east facing skyline forever views (you can see both day and night pictures in the listing) which includes the Willis Tower.

The listing calls this unit a “loft” as it has 19 foot ceilings and exposed ductwork but it’s not an authentic loft unit.

It’s what was commonly called “soft lofts” that were built during the housing bubble years after most of the viable authentic lofts buildings were converted into residences but loft living remained hot.

2 out of the 3 bedrooms are fully enclosed with 2 of them being en suite.

The master suite has a spa bath with stone tile and dual vanity.

The kitchen has 42″ dark wood cabinets, stainless steel appliances, 1.25″ granite counter tops and a custom tile backsplash (which is hard to see in the photos).

It has cherry hardwood floors, zoned HVAC, automatic shades and Savant surround sound.

The unit has a 240 square foot covered terrace.

It has central air, a side-by-side washer/dryer and what looks like 2 parking spaces available (at $45,000).

The listing says its in Skinner elementary.

The neighborhood has completely transformed itself from the time of the last sale in 2011.

It sold for $590,000 during the housing bust and has come on the market for $1 million.

Is this price the new reality for this hot neighborhood?

Paul Ragi at @Properties has the listing. See the pictures and floor plan here.

Unit #1403: 3 bedrooms, 2.5 baths, 2100 square feet, penthouse

• Sold in September 2007 for $762,000 (included 1 car garage parking)
• Sold in April 2011 for $590,000 (include 1 car garage parking)
• Currently listed at $1 million (2 car garage parking extra at $45,000 – not sure if that’s each space or 2 for that amount)
• Assessments of $1157 a month (includes parking, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $16,844
• Central air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 17×13
• Bedroom #2: 17×13
• Bedroom #3: 14×11
• Living room: 26×23
• Laundry room: 7×11
• Walk-in-closet: 9×8
• Terrace: 10×26

This 1-bedroom in Astor Tower at 1300 N. Astor in the Gold Coast came on the market in January 2019.

Astor Tower was built in 1963 and has 73 units and garage parking along with a common rooftop deck.

We have chattered about it several times in the past as it’s a popular building for design enthusiasts.

This unit has floor to ceiling windows with what the listing says is the “preferred” Northeast corner view.

The kitchen and bathroom have both been updated (and according to the photos from the 2014 sale, it was done by the prior owner.)

The kitchen has dark wood cabinets, stainless steel appliances, stone counter tops and backsplash and a farmhouse sink.

There’s central air but no washer/dryer in the unit.

There’s also rental parking available in the building.

Originally listed at $289,000 in January 2019, it has been reduced $20,000 to $269,000.

That’s just $9,000 above the 2014 selling price.

Is Gold Coast price appreciation lagging for the smaller units?

Jeff Bushaw at Main Street Real Estate Group has the listing. See the pictures here.

Unit #16B: 1 bedroom, 1 bath, 800 square feet

• Sold in September 1988 for $61,500
• Sold in April 1999 for $128,500
• Sold in June 2011 for $203,500
• Sold in September 2014 for $260,000
• Originally listed in January 2019 for $289,000
• Reduced
• Currently listed at $269,000
• Assessments of $903 a month (includes heat, doorman, cable, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $5235
• Central Air
• No in-unit washer/dryer (coin laundry in the building)
• No deeded parking (rental in the building)
• Bedroom: 14×11
• Living room: 21×14
• Kitchen: 8×9

This 3-bedroom townhouse in the Fulton Station at 310 N. Clinton in Fulton Market came on the market in June 2019.

[Is this Fulton Market? Or is that only west of the Kennedy? Maybe it is the Near West Side? It doesn’t seem to have an identity.]

Fulton Station is a group of 24 townhouses with attached 1-car garages that were built in 1999.

At that time, this area between the Kennedy and the train tracks and Chicago River was mostly abandoned.

But now, it’s among the hottest neighborhoods in the city.

This townhouse faces south and has a private roof deck on the fourth level.

Two of the 3 bedrooms are on the third floor with the third on the main level which appears to overlook the backyard.

There’s a den on the fourth floor, with the rooftop deck.

The living room, dining room and kitchen are on the second floor. The kitchen has maple cabinets, granite counter tops and stainless steel appliances.

It has central air and a one car attached garage.

Listed at $730,000, and within walking distance of the offices in Fulton Market and the West Loop, will these be million dollar townhouses in just a few years?

Galina Bilenko at Exit Strategy has the listing. See the pictures here.

Unit L: 3 bedrooms, 2 baths, 2000 square feet, townhouse

• Sold in February 1998 for $315,000
• Sold in June 2002 for $465,000
• Sold in September 2005 for $530,000
• Sold in August 2007 for $582,000
• Was listed in June 2019 for $730,000
• Currently still listed at $730,000
• Assessments of $243 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $10,695
• Central Air
• 1 car attached garage
• Bedroom #1: 14×13 (third floor)
• Bedroom #2: 15×11 (third floor)
• Bedroom #3: 17×10 (main floor)
• Den: 16×11 (fourth floor)
• Laundry room: 5×5 (second floor)
• Living room/dining room: 22×17 (second floor)

This 1-bedroom in the Stewart Apartments at 1200 N. Lake Shore Drive in the Gold Coast just came on the market.

Designed by Benjamin Marshall in 1912, it only has 34 units.

This unit has been fully rehabbed with all new windows, flooring and lighting.

It has a custom O’Brien Harris kitchen with white cabinets, stone counter tops, a tile backsplash and stainless steel appliances.

The master suite has a spa-like master bathroom with wall-to-wall Carrera marble.

Unlike many other vintage units, it has a rare in-unit washer/dryer AND central air.

The building has a 24-hour doorman, a live-in engineer, a party room and a sundeck.

There’s no parking but it’s available for rent in the neighborhood.

This unit doesn’t have lake views as it faces north and west.

It last sold, also fully rehabbed, in March 2018 for $429,000.

The unit has come back on the market for just $10,000 more at $439,000.

Will a Benjamin Marshall fan snap this up?

Hayley Westhoff at @Properties has the listing. See the pictures here.

Unit #605: 1 bedroom, 1 bath, 950 square feet

• Sold in November 1991 for $89,500
• Sold in November 2012  (no price listed)
• Sold in March 2018 for $429,000
• Currently listed at $439,000
• Assessments of $1174 a month (includes heat, doorman, cable, Internet, exterior maintenance, scavenger, snow removal)
• Taxes of $5851
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom: 17×12
• Living room: 22×13
• Kitchen: 19×7

This 4-bedroom penthouse in the Manhattan Building at 431 S. Dearborn came on the market in June 2019.

Built in 1891, it has 105 condos and was converted into residential living in 1999.

The listing says this unit has been remodeled.

It now has an open concept and, apparently, one of the bedrooms was opened up so it’s no longer, technically, a 4-bedroom.

The kitchen has custom maple cabinets, stainless steel appliances and granite counter tops.

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

The listing seems to indicate that there are 2 garage parking spaces but I don’t think this building has a garage. It might be rental in the neighborhood.

Originally listed at $359,900, it has been reduced $10,000 to $349,900.

At 1800 square feet, is this a deal?

Nick Rendleman at Exit Strategy has the listing. See the pictures here.

Unit #1604: 4 bedrooms, 2 baths, 1800 square feet

• Sold in November 1999 for $300,000
• Originally listed in June 2019 for $359,900
• Reduced
• Currently listed at $349,900
• Assessments of $1135 a month (includes exterior maintenance, scavenger, snow removal, doorman)
• Taxes of $6892
• Central Air
• Washer/dryer in the unit
• Parking??? Listing says it has 2 spots but I don’t think there is parking with this building
• Bedroom #1: 14×14
• Bedroom #2: 14×10
• Bedroom #3: 16×14
• Bedroom #4: 12×12
• Laundry room: 7×5
• Foyer: 19×6