Crib Chatter

This 2-bedroom in Gaslight Court at 1407 N. Wells in Old Town just came on the market.

Gaslight Court was constructed in 1920 and has 19 units built around a brick courtyard. Each unit is unique and there are several buildings.

According to TimeOut magazine, gas lanterns once lit the alley way, now replaced by electric versions, hence the name.

It was converted into condos in 2000.

The listing says this unit was “completely remodeled.” (I couldn’t find the prior listing pictures so it’s unclear what was done.)

It has 10 foot ceilings and new floors.

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

The closets have new closet organizers.

There’s central air, an in-unit washer/dryer but no parking. There’s no parking with the complex. It is available to rent nearby.

Buyers love “new”.

Will this property sell quickly?

David Marden at Hausmarket has the listing. See the pictures here.

Unit #1E: 2 bedrooms, 2 baths, 1200 square feet

• Sold in October 2001 for $120,000
• Sold in July 27, 2002 for $185,000
• Sold in October 2004 for $332,000
• Sold in December 2009 for $350,000
• Sold in December 2017 for $405,000
• Currently listed as “completely remodeled” for $635,000
• Assessments of $342 a month (includes scavenger and snow removal)
• Taxes of $7993
• Central Air
• Washer/dryer in the unit
• No parking- it’s available for rent in the neighborhood
• Bedroom #1: 13×11
• Bedroom #2: 10×10
• Living room: 11×20
• Dining room: 11×10
• Kitchen: 11×9

This 3-bedroom loft at 154 W. Hubbard in River North came on the market in April 2018.

This is an 18-unit building that was converted to luxury lofts in 2008. It also has a heated parking garage but no doorman or other amenities.

This loft has sanded and refinished hardwood floors.

The kitchen has double ovens, a wine fridge, stainless steel appliances, including a Subzero refrigerator, and custom Italian cabinetry along with a new backsplash.

The family room has surround sound and Restoration Hardware lighting.

The listing says there’s a “spa-like” shower in the master bath. The master suite also has a walk-in closet.

An end parking space in a heated garage is included.

There are also 2 balconies.

This is an authentic brick and timber loft but the bricks have been painted white since the 2011 sale.

Should you paint exposed brick?

Jamie Bernhardt at Weichert has the listing. See the pictures here. (If you have a Redfin account you can click on the pictures from the 2011 listing to see what it looked like before they painted the brick.)

Unit #502: 3 bedrooms, 2 baths, 2311 square feet

• Sold in September 2008 for $760,000
• Sold in September 2011 for $760,000
• Originally listed in April 2018 for $1.125 million
• Reduced
• Currently listed at $1,050,000
• Assessments of $368 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $18,244
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×14
• Bedroom #2: 13×12
• Bedroom #3: 13×10
• Office: 8×5
• Walk-in-closet: 10×9
• Family room: 18×16

This 4-bedroom Greystone at 610 W. Oakdale in East Lakeview came on the market in April 2018.

It’s the unit on the right in the picture above.

Built in 1883, this is a semi-attached single family home on a 20×125 lot.

It has a 2.5 brick garage.

The listing says the Greystone has been “remodeled.”

It does have some of its original features, however, including the marble fireplace and the stained glass window in the living room.

It has crown molding.

The kitchen has 60″ white maple cabinets with stainless steel appliances and quartz counter tops and is open to the family room.

3 out of the 4 bedrooms are on the second floor including the master suite which has a marble bath.

The fourth bedroom is in the lower level along with the recreation room and the laundry room.

There’s a two-level deck with skylights off the back of the house which leads to the garage.

The house is in the Nettlehorst school district.

This property last sold in August 2016. Back then the listing simply said, “In needs of total Rehab.”

On the market for 6 months, why isn’t this selling?

Alicia Kuzma at Re/Max City has the listing. See the pictures and floor plan here.

610 W. Oakdale: 4 bedrooms, 3.5 baths, 3400 square feet, semi-attached house

• Sold in October 2016 for $625,000
• Originally listed in April 2018 (I couldn’t find the original price)
• Currently listed at $1.25 million
• Taxes of $16,831
• Central Air
• 2.5 brick garage
• Original fireplace
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 14×11 (second floor)
• Bedroom #4: 12×10 (lower level)
• Laundry room: 8×6 (lower level)
• Recreation Room: 25×14 (lower level)

We’ve done a lot of chatter in the last few years about the sheer number of luxury apartments being built not only downtown but in the hot neighborhoods like Logan Square.

But according to recent data, the apartments are actually being absorbed even though they’re building record numbers.

That is in contrast to cities on both coasts, including New York, where there has been a marked slowdown in the apartment rental market with rents even falling in many cities.

From Crain’s:

Rents keep rising even though developers have binged, completing more than 13,000 apartments downtown over the past four years—more than the market needed.

But this year, demand has not only caught with supply but is exceeding it. A key measure of demand, absorption—or the change in the number of occupied apartments—totaled 2,995 units in downtown Chicago in the first half of the year, and Integra forecasts that absorption will total 3,500 units for the entire year, a record.

But Integra forecasts that developers will complete just 3,000 apartments downtown this year, down from a record 4,348 in 2017, when absorption totaled 3,385 units. It could be the first year since 2014 that demand exceeds supply.

“The scales have flipped a little bit this year,” DeVries said.

In the second quarter, Class A rents rose 5.7% year-over-year to a new record high of $3.18 a foot.

Class A occupancy was 94%, the same as last year despite the addition of all the new apartments.

But even more towers are still to come.

4500 more apartments are expected to be completed downtown in 2019 and another 4,700 in 2020.

The mega-tower just south of Grant Park, NEMA Chicago, is among them.

It will have 800 units and will be one of the tallest purely residential buildings in the world when complete, at 76 stories.

There were worries that all of these apartments wouldn’t be absorbed but they apparently are.

Who’s renting all these apartments?

Is Chicago the hottest big city in America right now?

Downtown apartment rents hit new high as boom continues [Crain’s Chicago Business, by Alby Gallum, September 4, 2018]

This 8-bedroom vintage American Four Square at 649 W. Wellington in East Lakeview came on the market in February 2018.

Built in 1904 on a double lot measuring 50x130x108, it was designed by architect BJ Hotton.

It has many of its original features including FIVE fireplaces, stained glass windows, moldings, woodwork and inlay wood floors.

The house also has its original wood grand staircase.

The first floor has a formal living room and library with built-in bookcases.

The listing says there’s an “updated” kitchen with wood cabinets, granite counter tops, luxury appliances and a built-in breakfast nook.

4 bedrooms are on the second floor, the fifth bedroom is on the top floor with 3 other bedrooms in the lower level which has a separate entrance and functions as an in-law unit (there are no pictures of it in the listing.)

The in-law has a separate kitchen and 1.5 baths.

The master suite has a luxury bathroom with a double shower.

There’s also a top floor family room along with a guest suite.

The house has 3-car parking and what appears to be a fourth spot on a parking pad.

The listing says the house in the Nettlehorst school district.

Originally listed in February for $2.5 million, it has been reduced $250,000 to $2.25 million.

Is this house one of the hidden beauties of East Lakeview?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

649 W. Wellington: 8 bedrooms, 6 baths, 7338 square feet

• There wasn’t older records on the CCRD but Zillow says it sold in July 1997 for $950,000
• Originally listed in February 2018 for $2.5 million
• Reduced
• Currently listed at $2.25 million
• Taxes of $27,675
• Central Air
• 5 fireplaces
• 3-car garage and a fourth space on a parking pad
• Bedroom #1: 19×15 (second floor)
• Bedroom #2: 16×13 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 12×12 (second floor)
• Bedroom #5: 15×14 (third floor)
• Bedroom #6: 11×10 (lower level)
• Bedroom #7: 12×13 (lower level)
• Bedroom #8: 12×9 (lower level)
• Family room: 30×27 (third level)

This 4-bedroom duplex down at 1529 W. Roscoe in the Southport neighborhood of Lakeview came on the market in September 2018.

Sorry- no picture of this building. We discussed the old house in 2009 though, which was torn down.

This building was constructed in 2013. It’s 2 units with a heated garage.

This unit is the first floor and lower level.

It has luxury finishes including millwork, wainscoting, a boxed living room ceiling and built-ins.

There are two fireplaces, one in the living room and one in the family room.

The first floor has the living room, kitchen and family room.

The kitchen has white cabinets with a black island along with thick quartz counter tops, marble backsplash and luxury appliances including Wolf and Viking.

All four bedrooms are in the lower level including the master suite which has an en suite bathroom.

It has central air, washer/dryer in the unit and one indoor heated garage parking space.

The listing says there are two outdoor spaces including a garage rooftop deck, but the pictures only show a deck off the family room that looks out over the backyard and garage.

This duplex down is just 2008 square feet.

The listing says it’s in the Hamilton school district.

Listed at $914,000, it’s priced similar to some single family homes or townhouses in the neighborhood.

What’s the advantages of a duplex down versus the other two types of properties?

Nathan Ortiz at Redfin has the listing. See the pictures here.

Unit #1: 4 bedrooms, 2.5 baths, 2008 square feet

• Sold in February 2014 for $795,000
• Originally listed in September 2018 for $914,000
• Currently still listed at $914,000 (includes 1 car heated garage parking)
• Assessments of $141 a month (includes exterior maintenance)
• Taxes of $16,832
• Central Air
• Washer/dryer in the unit
• 2 fireplaces
• Bedroom #1: 12×14 (lower level)
• Bedroom #2: 10×11 (lower level)
• Bedroom #3: 10×11 (lower level)
• Bedroom #4: 10×11 (lower level)

The Illinois Association of Realtors is out with the August sales data.

Sales were down for the second year in a row.

The city of Chicago saw year-over-year home sales decrease 5.1 percent with 2,649 sales in August, compared to 2,791 a year ago. The median price of a home in the city of Chicago in August was $285,000 up 0.4 percent compared to August 2017 when it was $284,000.

August sales since 2007:

• August 2007: 2923 sales
• August 2008: 2078 sales
• August 2009: 1927 sales
• August 2010: 1486 sales
• August 2011: 1787 sales
• August 2012: 2209 sales
• August 2013: 2850 sales
• August 2014: 2414 sales
• August 2015: 2701 sales
• August 2016: 2844 sales
• August 2017: 2791 sales
• August 2018: 2649 sales

August median price since 2007:

• August 2007: $305,000
• August 2008: $297,500
• August 2009: $229,900
• August 2010: $200,000
• August 2011: $192,500
• August 2012: $200,000
• August 2013: $245,000
• August 2014: $269,500
• August 2015: $271,000
• August 2016: $271,000
• August 2017: $284,000
• August 2018: $285,000

“While average market time in August held steady, it will likely tick up in the coming months, as typically, the drop in temperature mirrors a slowdown in the pace of the market,” said Rebecca Thomson, 2018 president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group. “Buyers grappling with the inventory shortage have enjoyed prices holding steady and, coupled with interest rates, continue to see prime opportunities in the market.”

Statewide, average market time was 45 days, down from 48 days in August 2017.

The 30-year fixed average mortgage rate was 4.55% up from 3.88% a year ago.

“Home sales were tempered by a continuing inventory shrinkage in many of the state’s markets,” said Matt Difanis, ABR, CIPS, GRI, president of Illinois REALTORS® and broker-owner of RE/MAX Realty Associates in Champaign. “As we come out of the warm weather selling season, it’s clear that we are looking at a market that still provides ample opportunity for sellers who are benefitting from relentless increases in median prices.”

Are the slowing sales really due to low inventory?

Or is that now simply an excuse?

Illinois median prices rise at a slower pace in August; home sales decline [Illinois Association of Realtors, Press Release, September 20, 2018]

This 3-bedroom townhouse at 1252 W. Oakdale in Lakeview came on the market in April 2018.

This group of townhouses was built in 1992. There are ten units and garage parking.

Architecturally, it’s different than many townhouses as it has a rounded façade.

This townhouse has seen some renovation.

The listing says it has new hardwood floors throughout.

There’s also a new custom kitchen with white cabinets, black granite counter tops and stainless steel appliances.

The kitchen has a custom-built pantry with a marble peninsula where they have hidden the refrigerator, which was moved from the other side of the kitchen (if you look at the 2013 listing pictures you’ll see how they opened it up.)

There’s a deck off the kitchen.

The second floor has 2 bedrooms and a new hall bath.

The master suite is on the third floor with two decks.

There’s a family room in the lower level with a powder room, a bar and the laundry room.

The townhouse has central air and 1-car garage.

The listing says it’s in the Agassiz school district.

Originally listed for $899,500, it has been reduced $50,000 to $849,500.

Buyers love “new” and this townhouse has been renovated.

It’s now been listed about 6 months and has been reduced twice.

Why isn’t this selling?

Heather Hillebrand at Dream Town has the listing. See the pictures and floor plan here.

1252 W. Oakdale: 3 bedrooms, 2.5 baths, 3000 square feet

• Sold in March 2004 for $525,000
• Sold in April 2013 for $650,000
• Originally listed in April 2018 for $899,500
• Reduced
• Currently listed at $849,500 (includes 1-car garage parking)
• Assessments of $333 a month (includes exterior maintenance, lawn care, snow removal)
• Taxes of $11,973
• Central Air
• 3 outdoor spaces
• Bedroom #1: 15×13 (third floor)
• Bedroom #2: 18×17 (second floor)
• Bedroom #3: 15×12 (second floor)
• Laundry room: 18×16 (lower level)
• Family room: 23×18 (lower level)

This vintage 3-unit building at 2500 N. Mozart in Logan Square came on the market in August 2018.

Built in 1904 on a standard 25×125 lot, the graystone has an owner’s unit in the front part of the home and two 1-bedroom units in the back.

It also has a 2-car all brick garage accessed from the street because the house is on a corner lot.

The owner’s unit is a triplex with 3500 square feet, 4 bedrooms and 2 bathrooms.

It has wide plank Brazilian cherry floors on the first floor along with a living/dining room, kitchen and laundry room.

The kitchen has wood cabinets, granite counter tops and stainless steel GE Monogram appliances.

Three of the four bedrooms are on the second floor with the fourth in the lower level.

The basement is partially finished and has a family room and an office.

There’s a rooftop deck with city views and the graystone has central air.

The two other units are 1-bedrooms with 619 square feet each and have central air.

The listing says they have “updated finishes” and sunrooms.

There’s a washer/dryer in the unfinished lower level which appears to be used by the two 1-bedroom units.

The listing doesn’t have the rental amounts for these units.

The multi-unit buildings have been really hot this year. They go under contract pretty quickly.

Is this building a good way to get started as a landlord as you can live in one and rent out the other two to help pay your own mortgage?

Lindsey Delrahim at @Properties has the listing. See the pictures here.

2500 N. Mozart: 6 bedrooms, 4 baths, 2 car garage

• Sold in April 1988 for $226,000
• Sold in March 1992 for $261,000
• Sold in July 1999 for $430,000
• Originally listed in August 2018 for $1.3 million
• Currently still listed at $1.3 million
• Taxes of $7940
• Central air in all three units
• 2-car garage
• Washer/dryer in the basement and washer/dryer in the owner’s unit
• Owner’s Unit #1: 4 bedrooms, 2 baths, 3500 square feet, triplex
• Unit #2: 1 bedroom, 1 bath, 619 square feet
• Unit #3: 1 bedroom, 1 bath, 619 square feet

This 3-bedroom in Basecamp at 1013 N. Cleveland in River North came on the market in July 2018.

We’ve debated this before- but is this even River North? The maps call it “near north side.” River North usually ends at Chicago Avenue. This is north of Chicago.

This listing is calling it River North.

This townhouse development was constructed in 2015 and sold out nearly immediately. It marketed itself as River North at the time as well.

This picture below is a generic picture of some of the townhouses, but not the one in the listing.

This townhouse is an end unit with a private side yard and two patios.

It has the preferred layout of all 3 bedrooms on the second floor, including the master suite.

The kitchen has the new “in” cabinet style with white cabinets on top and light wood faced looking cabinets on the bottom and the island. It also has stainless steel appliances and what look like stone counter tops.

The townhouse also has a private roof deck with downtown views, including of the John Hancock and Trump Tower.

It has a 2-car garage and central air.

There’s no basement but there are skylights.

Originally listed at $850,000 is has been reduced $30,000 to $820,000.

With buyers loving “new,” why isn’t this selling?

Stephen Johnson at Be Realty has the listing. See the pictures here.

Unit #6: 3 bedrooms, 2.5 baths, 2150 square feet, townhouse

• Sold in August 2015 for $673,495 (according to Zillow)
• Originally listed in July 2018 for $850,000
• Reduced
• Currently listed at $830,000
• Assessments of $233 a month (includes lawn care, snow removal)
• Taxes of $14,556
• Central Air
• 2-car garage included
• Bedroom #1: 17×13 (second floor)
• Bedroom #2: 15×11 (second floor)
• Bedroom #3: 11×10
• Living room: 18×17