Crib Chatter

This 2-bedroom vintage duplex up at 1408 W. Belden in Lincoln Park came on the market in August 2018.

Although the listing says this building was built in 1900, we last chattered about this unit in 2011 and, at that time, the listing says it was built in 1881.

See our chatter here.

The building has 5 units. Two of them, including this one, have private entrances on Belden. The other 3 simplex units have a common entrance on Southport (see our last chatter for the realtor’s notes on the building set-up.)

The listing says it has had a “2017 interior renovation.”

The unit has 12 foot vaulted ceilings and crown moldings on the first floor.

The first floor has a dining/sitting area, the living room and the kitchen along with arched doorways and a private back deck.

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

There’s some exposed brick walls.

The second floor has two bedrooms and a laundry room.

The master suite has a stand-up shower and a walk-in closet.

The unit has an enclosed garage parking spot that the 2011 listing says is in the old carriage house.

Originally listed for $780,000 in August 2018, it has been reduced $105,000 to $675,000.

But that is still $74,000 above the 2017 sales price of $601,000.

In this fall market, will it get the premium over the 2017 price?

Karin Melberg at Keller Williams Platinum Partners has the listing. See the pictures here.

#1R: 2 bedrooms, 2.5 baths, duplex up, no square footage listed

• Sold in May 1991 for $258,000
• Sold in August 1994 for $265,000
• Sold in February 1997 for $282,000
• Sold in August 2003 for $469,500
• Sold in September 2007 for $573,500
• Originally listed in June 2011 for $550,000
• Sold in November 2011 for $468,500
• Sold in February 2017 for $601,000
• Originally listed in August 2018 for $780,000
• Reduced several times
• Currently listed for $675,000
• Assessments are $209 a month (they were also $209 a month in 2011)(includes lawn care, scavenger, snow removal)
• Taxes are now $11,232 (they were $7445 in 2011)
• Central Air
• Washer/Dryer in the unit
• Looks like it’s now a gas fireplace but it was wood burning in 2011
• Garage parking included in 1881 carriage house
• Bedroom #1: 14×16 (second floor)
• Bedroom #2: 10×13 (second floor)
• Living room: 31×22 (main floor)
• Family room: 15×15 (main floor)
• Kitchen: 15×15 (main floor)

This 2-bedroom duplex up at 2343 N. Greenview in Lincoln Park came on the market in September 2018.

If it looks familiar, that’s because we chattered about it the last time it was on the market in 2015.

See our December 2015 chatter here.

If you recall, the listing said it was an “architect designed rehab.”

The unit has 20-foot high ceilings with a private balcony off the living room.

The kitchen has white cabinets and stainless steel appliances.

The bathroom was updated with a double vanity.

The second floor has a den and two bedrooms, both which have windows.

The listing says this unit at 1400 square feet is the “largest in the building.”

It has a parking space and central air, but no washer/dryer in the unit. It’s coin laundry in the building.

The unit has listed for $22,500 more than the 2015 selling price, at $350,000.

With its location near DePaul, is this a good condo for parents to buy for college students?

Matthew Druker at Baird & Warner has the listing. See the pictures here.

Unit #212: 2 bedroom, 1 bath, 1400 square feet, duplex up

• Sold in April 1993 for $170,000
• Sold in June 1996 for $177,500
• Originally listed in July 2015 for $359,000
• Reduced
• Was listed in October 2015 at $335,000
• Sold in January 2016 for $327,500
• Originally listed in September 2018 for $350,000
• Still listed for $350,000
• Assessments now $278 a month (they were $255 a month in 2015) (includes water, security system, exterior maintenance, scavenger, and snow removal)
• Taxes are now $4989 (they were $4396 in 2015)
• Central Air
• No washer/dryer in the unit
• Gated parking included
• Bedroom #1: 18×18 (second floor)
• Bedroom #2: 10×10 (second floor)
• Den: 10×8 (second floor)
• Living room: 20×13
• Kitchen: 9×8

We’ve been chattering about the possibility of 5% average mortgage rates for years here on Crib Chatter.

Every time the rates have gotten close, they have retreated…until now.

For the first time since 2011, 30-year average mortgage rates have hit 5%.

Just a reminder, but in August, the average 30-year fixed mortgage rate was 4.55% up from 3.88% in August 2017.

Most of the current buyers have likely locked in those lower August rates but moving forward, such as in January and February 2019, those buyers likely won’t have that same lower rate.

Some argue that 5% mortgage rates are still “cheap” compared to the 6%+ level of the pre-2011 period so what’s the big deal?

But home prices have now returned to 2007-2008 highs, or even exceeded them. 5% rates mean higher monthly costs.

How much would a standard 2/2 monthly mortgage payment rise with 5% rates?

This 2-bedroom in Michael’s Terrace at 1309 N. Wells in Old Town came on the market in June 2018.

The listing says it was “gut rehabbed.”

It has an east facing balcony and windows.

The kitchen has white cabinets, quartz counter tops and new stainless steel appliances.

It has hardwood floors in the living/dining room.

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

Originally listed in June for $419,000 it has been reduced to $414,900.

I ran the mortgage costs for this unit at 30-year rates of 4.55% and at 5% on Baird and Warner’s mortgage calculator.

At 4.55% with a 10% down payment, or $41,490, the monthly mortgage payment including taxes, PMI and insurance is $2671.04 (this doesn’t include the assessments):

• Principal: $1903.12
• Taxes: $494.92
• Ins/PMI: $273 (PMI = $152; INS = $1452 yearly)
• Total = $2671.04

At 5% with a 10% down payment:

• Principal: $2004.55
• Taxes: $494.92
• Ins/PMI: $273
• Total = $2772.46

The 5% rate is just $101.42 more a month.

Is the 5% rate a game changer in the Chicago market or is it much ado about nothing?

Patrick Santry at Coldwell Banker has the listing. See the pictures here.

Unit #907: 2 bedrooms, 2 baths, no square footage listed

• Sold in February 1995 for $122,000
• Sold in April 1999 for $195,000
• Sold in February 2004 for $280,000
• Originally listed in June 2018 for $419,000
• Reduced and raised
• Currently listed at $414,900 (includes garage parking)
• Assessments of $560 a month (includes doorman, exterior maintenance, scavenger and snow removal)
• Taxes of $5939
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 13×11
• Living room: 19×16
• Kitchen: 13×7

This top-floor 2-bedroom corner loft in the Bucktown Gardens at 1701 N. Damen in Bucktown came on the market in May 2018.

Bucktown Gardens is an authentic loft building with 26 units and parking.

This is a duplex up loft with exposed brick and timber ceilings.

The kitchen has dark cabinets, stainless steel appliances and stone counter tops, including on the island.

It has a wood burning fireplace.

There’s one bedroom on the main level and it doesn’t have full walls but it does have windows.

The master bedroom appears to be on the half – second floor, accessed by a spiral staircase (in between the main and second floors.)

There’s also an open lofted office/media room space on the second floor which leads to the private rooftop deck with city views.

The loft has central air, washer/dryer in the unit and 1 car parking. The listing says a “space.” Is that indoor or outdoor?

This building is located right in the heart of the Bucktown shopping and restaurant scene and is just a block from the Damen blue line stop.

Originally listed at $649,900 in May, it has been reduced $89,900 to $560,000 which is $10,000 under the 2014 selling price.

If inventory is so tight, how could this loft be sitting on the market for 6 months?

Kevin Hinton at Keller Williams has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1800 square feet

• Sold in May 1993 for $244,000
• Sold in December 1994 for $345,000
• Sold in April 1999 for $330,000
• Sold in April 2006 for $450,000
• Sold in June 2010 for $476,000
• Sold in June 2014 for $570,000
• Originally listed in May 2018 for $649,900
• Reduced
• Currently listed at $560,000 (includes 1 parking space)
• Assessments of $531 a month (includes exterior maintenance and scavenger)
• Taxes of $10,770
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Private rooftop deck: 24×18
• Bedroom #1: 21×13 (1.5 floor?)
• Bedroom #2: 15×11 (main level)
• Loft: 21×11 (second floor)

This 2-bedroom duplex up loft in the Singer Lofts at 1019 W. Jackson in the West Loop came on the market in June 2018.

The Singer Lofts is an authentic loft conversion. Built in 1912, it has 22 units and garage parking.

The loft has 15 foot ceilings (are those concrete? I can’t tell from the pictures) with 9 foot windows.

The kitchen has 42 inch cherry cabinets, granite counter tops and stainless steel appliances with an island.

The master bedroom is on the second floor and has two walk-in closets, a remodeled full bath with a steam shower and windows.

The second bedroom, and an office, are on the first floor but I’m not sure if either has windows as they aren’t in the pictures and there’s no floor plan with the listing.

But one of the unique features is a private deck with downtown views.

The listing says it’s in the Skinner Elementary school district.

It has central air, washer/dryer in the unit and 1 car garage parking is included.

Originally listed in June 2018 for $650,000, it has been reduced $40,000 to $610,000.

Now that McDonald’s has been in its new headquarters for several months, is the hot West Loop starting to cool?

Negeen Masghati at Center Coast Realty has the listing. See the pictures here.

Unit #3D: 2 bedrooms, 2 baths, duplex up, 1850 square feet

• Sold in March 1998 for $270,000
• Sold in April 2002 for $365,000
• Originally listed in June 2018 for $650,000
• Reduced twice
• Currently listed at $610,000 (includes 1 car garage parking)
• Assessments of $396 a month (includes exterior maintenance, scavenger and snow removal)
• Taxes of $8831
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 19×22 (second level)
• Bedroom 32: 10×13 (main level)
• Office: 18×9 (main level)
• Rooftop Deck: 9×25 (second level)

This 2-bedroom on the 71st floor of the John Hancock at 175 E. Delaware in Streeterville just came on the market.

Yes, I’m still calling it the John Hancock even though the company requested its name be removed from the building.

Built in 1969, it has 705 units, commercial space, a parking garage, retail and restaurants.

The top floor units are still among the highest living spaces in the world.

This unit has west facing views.

The listing points out that it is an original unit.

It appears that those are the original 1969 baths and kitchen.

The kitchen has mid-century modern wood cabinets with white appliances.

There appears to be wood floors in the main living/dining room area.

The building is full service with a fitness center, swimming pool, bike room, cleaners and the Potash grocery store.

There’s wall unit cooling and rental parking is available in the building. There doesn’t appear to be a washer/dryer in the unit although the building now allows it, but there are washer/dryers on every other floor (I believe.)

At $466,000, it is listed for $44,000 less than the 2004 purchase price of $510,000.

Could this be one of the last remaining units with 49 year old finishes?

Is that really the original stove?

Is this cheap enough for a renovator to take it on?

Gary Bernstein at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

Unit #7101: 2 bedrooms, 2 baths, 1204 square feet

• Sold in December 2004 for $510,000
• Currently listed for $466,000
• Assessments of $978 a month (includes doorman, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6923
• Wall unit cooling
• No washer/dryer in the unit
• Rental parking available in the building
• Bedroom #1: 18×11
• Bedroom #2: 11×17
• Kitchen: 10×10

This 2-bedroom duplex up at 2216 N. Lincoln in East Lincoln Park just came on the market.

Built in 1991, it is an elevator building with 6 units and garage parking.

The first level of this unit is the living and dining rooms along with the kitchen.

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

The two bedrooms are on the second floor. Both are en suite.

The third floor has a penthouse room with a private rooftop deck with city views.

This property has the features buyers look for including central air, washer/dryer in the unit and there’s a private single car garage which is big enough for storage of things like bicycles.

It’s just steps from the popular Oz Park and the restaurants on Lincoln.

Is this a good townhouse alternative for buyers who still want levels?

Joseph Schiller at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.

Unit #E: 2 bedrooms, 2.5 baths, duplex up, 1840 square feet

• Sold in June 1998 for $425,000
• Sold in January 2012 for $570,000
• Currently listed at $685,000
• Assessments of $499 a month (includes cable, exterior maintenance, scavenger, snow removal)
• Taxes of $11,800
• Central Air
• Washer/dryer in the unit
• Private single car garage
• Private roof top deck
• Bedroom #1: 21×14 (second floor)
• Bedroom #2: 15×14 (second floor)
• Office: 8×8 (third floor)

This 2-bedroom in Park Tower at 800 N. Michigan came on the market in April 2018.

The Park Tower was constructed in 2000 and has 117 units and a parking garage. There’s a hotel on the lower portion of the building.

It sits directly across the street from the historic Water Tower.

This unit has tray ceilings and recessed lighting with hardwood floors.

The listing describes the kitchen as a “chef’s kitchen” with stainless steel appliances, granite counter tops, a large island and a “wine cooler” (aka a “refrigerator”?).

The master suite has a master bath with a walk-in shower.

The unit has central air and parking is included. It doesn’t mention an in-unit washer/dryer but the units in this building traditionally have had that feature and there’s a 5×7 laundry room in the listing. Is that it off the kitchen?

This unit became bank owned in October 2017.

It was under contract once since April but has now been reduced $326,000 to $1,099,000.

Is this a deal for this luxury building?

Michael Olszewski at Area Wide Realty has the listing. See the pictures here.

Unit #2203: 2 bedrooms, 2 baths, 2000 square feet

• Sold in August 2000 for $471,000
• Lis pendens foreclosure filed in August 2015
• Bank owned in October 2017
• Originally listed in April 2018 for $1.425 million
• Reduced
• Under contract in August 2018 when listed at $1,223,600
• Back on the market
• Reduced
• Currently listed at $1,099,000 (includes 1-car parking)
• Assessments of $1102 a month (includes gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $24,279
• Central Air
• Washer/dryer in the unit???
• Bedroom #1: 14×15
• Bedroom #2: 14×13
• Laundry room: 5×7
• Foyer: 12×7

This 2-bedroom in a vintage greystone at 2231 N. Seminary in Lincoln Park came on the market in February 2018.

This building was constructed in 1910 and has 6 units with assigned outdoor parking behind the building.

We chattered about a top floor unit in the building in 2015. See that chatter here.

This unit appears to be a middle unit and has high ceilings, crown molding and hardwood floors.

It has a wood burning fireplace.

There’s an office with track lighting.

The master bedroom has an en suite master bathroom.

The kitchen has white cabinets, new granite counter tops and stainless steel appliances.

The unit has the features that buyers look for including central air and side-by-side washer/dryer in the unit. It appears to have an exterior parking space as well.

The listing says it’s just a half a block to DePaul’s campus.

Originally listed in February 2018 for $595,900, it has been reduced $21,000 to $574,900 yet it still isn’t selling.

The pictures show an empty property, i.e. no furniture.

When should a seller commit the money to stage an empty property?

Would staging help here?

Robert Briant at Re/Max Action has the listing. See the pictures here.

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

• Sold in July 1995 for $249,000
• Sold in December 2001 for $369,000
• Originally listed in February 2018 for $595,900
• Reduced in July 2018 to $574,900
• Currently still listed at $574,900
• Assessments of $165 a month (includes exterior maintenance)
• Taxes of $7768
• Central Air
• Side-by-side washer/dryer in the unit
• Exterior parking space
• Bedroom #1: 15×12
• Bedroom #2: 14×11
• Office: 8×7
• Living room: 19×12
• Dining room: 13×11
• Kitchen: 17×12

This 3-bedroom at 55 W. Erie in River North came on the market in September 2018.

Built in 1882, this vintage building has 9 units. There’s no parking with the building.

The building still has its original wood railing in the front staircase (see the pictures).

This unit has some of its vintage features including 2 wood burning fireplaces: one in the living room and one in the master bedroom.

The property also has a stained glass window in the living room.

It has exposed brick, with some of it painted white (in the living room) and some of it in its natural condition.

The kitchen has white cabinets and stainless steel appliances that the listing says were upgraded in 2016 along with exposed wood beams on the ceiling.

It has central air and washer/dryer in the unit, although it’s a combo unit which means the washer and dryer are in the same appliance. It’s commonly called a “European” washer as the combo units are common in Europe.

There’s no parking with the unit but rental parking is available in the neighborhood.

Originally listed in September for $465,000, it has been reduced $15,000 to $450,000.

Do vintage units in River North have a sales advantage due to their rarity?

Tommy Choi at Keller Williams has the listing. See the pictures here.

Unit #2W: 3 bedrooms, 2 baths, 1700 square feet

• Sold in April 1992 for $165,000
• Sold in June 2004 for $360,000
• Sold in May 2014 for $370,000
• Originally listed in September 2018 for $465,000
• Reduced
• Currently listed at $450,000
• Assessments of $501 a month (includes exterior maintenance, scavenger and snow removal)
• Taxes of $7393
• Central Air
• Washer/dryer in the unit (is a combo unit)
• No parking
• 2 wood burning fireplaces
• Bedroom #1: 12×12
• Bedroom #2: 11×14
• Bedroom #3: 11×9