Crib Chatter

This 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East just came on the market, although it was on the market for one week in April of 2018.

If this unit seems familiar, it’s because we chattered about it 5 years ago, in November 2014.

See our chatter here (where we actually debated whether or not tourists go to Lakeshore East’s park. Lol.)

If you recall, it has some unique custom features including cinnamon bark ledge stone walls.

It also has arched stone accent doorways and 2 fireplaces.

The bedroom has the stone wall accents along with maple wood siding on the ceiling and wall.

The stone wall accents continue into the half bathroom.

The kitchen has the standard finishes for the building including Snaidero cabinets, quartz counter tops and stainless steel appliances.

It has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is $50,000 extra.

This unit faces north towards Lakeshore East’s central park.

In May 2014, it was listed for $599,000. This time around it has listed for $520,000 plus the $50,000 parking or $570,000.

Was it smart to list this property during the winter, when it’s cold and snowy out?

Nicholas Colagiovanni at Baird & Warner again has the listing. See the pictures here.

Unit #406: 1 bedroom, 1.5 baths, 1081 square feet

• Sold in July 2007 for $354,000
• Looks like it also sold in August 2008 but no price is listed on the CCRD or on Zillow
• Originally listed in May 2014 for $599,000
• Reduced
• Was listed in November 2014 at $549,000 (parking was $60,000 extra)
• Was listed for a week in April 2018 at $599,000
• Withdrawn
• Re-listed in February 2019 for $520,000 (plus $50,000 for parking)
• Assessments are still $527 a month (but they were also $527 a month in 2014. No assessment increases in 5 years?) (includes gas, doorman, cable, pool, snow removal, Internet, exercise room, exterior maintenance and scavenger)
• Taxes are now $8931 (they were $7418 in 2014)
• Central Air
• Washer/Dryer in the unit
• 2 fireplaces
• Bedroom: 16×10

This 6-bedroom single family home at 1111 W. Wrightwood in Lincoln Park came on the market in May 2018.

If it looks familiar, that’s because we chattered about it during the 2010-2012 years when it was a short sale and then became bank-owned.

You can see that July 2012 chatter here.

Custom built in 2010 on a larger than average 29×133 lot, this limestone house has 6 bedrooms, 5 full baths and 2 half baths.

It also has unique features such as 5 outdoor spaces including a rooftop deck.

The listing says there are brand new $300,000 exterior improvements including new full roof system with beam support.

There’s 3 bedrooms on the second floor along with an office.

The master suite which includes a walk-in-closet, along with a sitting room, is on the third floor.

Two other bedrooms are on the lower level along with a media room and 1.5 baths.

There’s also a family room on the first floor.

The kitchen has dark cabinets, stainless steel appliances and stone counter tops.

There’s central air and a 3-car garage.

The house also has an elevator. (Were elevators a must have amenity during the boom years?)

Originally listed in May 2018 for $2.65 million, it has been reduced $51,000 to $2.599 million.

Are the short sales and foreclosures of the bust years now fading from memory?

Curt Ratcliff at @Properties has the listing. See the pictures and floor plan here.

1111 W. Wrightwood: 6 bedrooms, 5 baths, 2 half baths, 6,000+ square feet

• Sold in January 2006 for $1.1 million (the old house)
• Built in 2010 but never sold from the developer
• Bank owned in May 2012
• Sold in June 2013 for $1.95 million
• Originally listed in May 2018 for $2.65 million
• Reduced
• Currently listed for $2.599 million
• Taxes of $41,054
• Central Air
• Elevator
• 3 fireplaces
• 3 car garage
• 5 outdoor spaces including a roof deck
• Bedroom #1: 21×16 (third floor)
• Bedroom #2: 13×13 (second floor)
• Bedroom #3: 13×11 (second floor)
• Bedroom #4: 13×10 (second floor)
• Bedroom #5: 14×10 (lower level)
• Bedroom #6: 17×12 (lower level)
• Sitting room: 14×12 (third floor)
• Office: 13×10 (second floor)
• Media Room: 20×18 (lower level)

This 1-bedroom in the Theophil Studios at 143 W. Burton Place in Old Town recently came on the market.

The Theophil Studios is a 6-unit building that was constructed in 1892.

From the Chicago Landmark Commission Report on West Burton Place:

Original construction: 1892; artist renovation: 1940

The Theophil Studios complex is a three-story, six-unit condominium building. Originally built in 1892 as a three-story flat building, the property today is a rectangular red brick, stucco and stone corner structure that fills the lot lines. The original structure was substantially remodeled in 1940. Generally Art Moderne in style, the geometrically composed principal façade has a vertical stucco panel with stacked circular windows beside a red brick panel with rectangular windows. Portions of the windows feature stained glass elements.

The east and south eleva-tions are comprised of white stucco accented with red brick and painted wooden features, in-cluding a partially concealed outside staircase. Decorative sculptural panels by artist Edgar Miller accent the ground floor and principal entry. The architect for the remodeling was Frank LaPasso. The front yard wall and fence at grade and cantilevered entryway roof were designed as part of the 1940s renovation and are considered significant.

In 2015, a developer bought one of the properties on West Burton Place and had filed for a demolition permit.

While the street was on the National Register of Historic Places, that didn’t offer it any protection from teardowns. Only the city landmark designation offers protection.

The neighborhood banded together to get the street landmarked (everything except 1500 N. LaSalle) by 2016.

This unit is on the second floor, has south and east views, and has the original parquet floors.

It has 10 foot ceilings and what appear to be original wood built-ins.

The unit still has the original 9×6 stained glass, leaded windows in the living room and a portal window in the bedroom.

There’s a wood burning fireplace in the living/dining room.

The galley kitchen has white cabinets, black appliances and checkerboard floors.

There’s no central air but it has wall unit cooling.

There’s deeded outdoor parking available behind the building for $30,000 or you can rent a space for $225 a month.

There’s no in-unit washer/dryer but there’s free laundry on the ground floor and secure storage.

Is this unit a dream come true for vintage fans who also want to be near the shops/restaurants of Old Town?

Owen Duffy at Fulton Grace has the listing. See the pictures here.

Unit #2S: 1 bedroom, 1 bath, 750 square feet

• Sold in January 1998 for $144,500
• Sold in November 2001 for $194,500
• Sold in June 2002 for $214,000
• Currently listed at $295,000 (plus $30,000 for parking- or you can rent the parking for $225 a month)
• Assessments of $250 a month (includes heat, scavenger)
• Taxes of $3783
• No central air- wall unit cooling
• No in-unit washer/dryer but free laundry on the ground level
• Bedroom: 12×10
• Living room: 17×11
• Dining room: 11×9
• Kitchen: 9×7
• Storage: 5×5

The Illinois Association of Realtors is out with the January sales.

December was weak and, it turned out, the weakness extended into January even though “bad” winter weather wasn’t an issue as the weather was mild in both November and December, when January buyers would have been looking.

The city of Chicago saw year-over-year home sales decrease 19.4 percent with 1,164 sales in January, compared to 1,444 a year ago. The median price of a home in the city of Chicago in January was $252,000 down 4.9 percent compared to January 2018 when it was $265,000.

Sales Data Since 2006 (thanks to G for the older data):

• January 2006: 2009 sales and median price of $258,000
• January 2007: 1850 sales and median price of $279,900
• January 2008: 1203 sales and median price of $290,000
• January 2009: 918 sales and median price of $205,000
• January 2010: 1237 sales and median price of $195,000
• January 2011: 1034 sales and median price of $150,000
• January 2012: 1123 sales and median price of $149,000
• January 2013: 1521 sales and median price of $157,000
• January 2014: 1383 sales and median price of $200,750
• January 2015: 1348 sales and median price of $220,000
• January 2016: 1398 sales and median price of $227,750
• January 2017: 1574 sales and median price of $255,000
• January 2018: 1444 sales and median price of $265,000
• January 2019: 1164 sales and median price of $252,000

The real estate associations didn’t mince words, admitting that the housing market has slowed.

“Consumer confidence throughout the U.S. declined in December and January, due to the government shutdown, the slowing rate of job growth and overall uncertainty about the direction of the economy, resulting in declines in closed sales for January,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “Sellers responded by lowering prices slightly to incentivize cautious buyers, who are regaining some power. The slower market is not a cause for concern, as market changes are a natural part of the real estate cycle.”

Time it took to sell statewide was 62 days, down from 64 days a year ago.

The 30-year fixed rate mortgage remained elevated versus a year ago at 4.46% versus 4.03% in January 2018. However, that was lower than the average in December of 4.64%.

“The year-over-year decline in sales continued in both Illinois and Chicago, but this decline was matched by a small drop in prices,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “This slippage in both sales and prices may signal the impact of declining consumer confidence and the effects of the government shutdown. REAL’s research indicates this could set the state up for additional price decreases in February and March.”

Was the government shutdown really a factor?

Did buyers have difficulty closing on loans because some government agencies were closed? Because, otherwise, most properties would have gone under contract well before the shutdown started.

Another thing of note:

Not only was this the lowest number of sales since 2012, which was the bottom of the housing bust, but it was the first time monthly median prices actually FELL, instead of rising, since 2012.

We’ve chattered about the problems looking at the median price in the past. That’s all about the mix of what is selling.

But it’s still a trend that should be watched as Hewings seems to believe the weak prices will continue into February and March.

Could January’s housing report be the first real sign that the Chicago housing market is slowing down?

Illinois home prices moderate in January; sales lower[Illinois Association of Realtors, Press Release, February 21, 2019]

This 2-bedroom in LaSalle Towers at 1211 N. LaSalle in the Gold Coast just came on the market.

We haven’t chattered about this building in 11 years.

1211 N. LaSalle, or famously known as “The Mural Building”, was converted from apartments to condominiums in 2006. The building was built in 1924 and has four units per floor with 68 total units.

It has an exercise room but it doesn’t appear to have a doorman (as that’s not listed as being included in the assessment.)

This unit has a split floor plan.

It has a unique boxed ceiling in the living room.

There is carpet in the living room and bedrooms.

The kitchen has dark wood cabinets, black and white appliances and what looks like granite counter tops.

There’s no central air but it does have window units.

There is also no in-unit washer/dryer but the building has a laundry room.

Parking is $20,000 extra.

This unit is currently rented through August 31, 2019 but the listing doesn’t say for how much.

Since this building was converted into condos, the neighborhood has seen dramatic change with a new subway stop in front of the building and a new luxury apartment high rise, the Sinclair, and Jewel just next door.

Listed at just $299,000, for future landlords, is this a deal for the location?

Deborah Nick at Compass has the listing. See the pictures here.

Unit #1102: 2 bedrooms, 2 baths, 1150 square feet

• Sold in March 2006 for $286,500 (no parking included)
• Sold in April 2010 for $190,000 (included parking)
• Sold in March 2014 for $250,000 (included parking)
• Currently listed at $299,000 (parking is $20,000 extra)
• Assessments of $469 a month (includes exercise room, exterior maintenance, scavenger and snow removal)
• Taxes of $4988
• Window a/c units
• No in-unit washer/dryer: but there’s a laundry room in the building
• Bedroom #1: 12×15
• Bedroom #2: 13×13

This 3-bedroom in 444 W. Roslyn in East Lincoln Park just came on the market.

Built in 1930, this building has 15 units and was converted into condos during the condo boom in 2004-2005.

It is an elevator building where the elevator opens into a private foyer.

This unit faces south and has plantation shutters on all windows.

There are dark hardwood floors in the main living/dining room with carpet in the bedrooms.

The kitchen has custom dark wood cabinets, granite counter tops and luxury appliances including a new Bosch dishwasher, 2 Dacor ovens, a Dacor microwave and a Subzero refrigerator. There’s also a wine cooler.

The master bedroom has a marble master bath with separate shower and powder room.

The listing says there’s Restoration Hardware lighting throughout.

The unit has the features buyers also look for including central air, washer/dryer in the unit and it says there is a separate deeded parking space included, which is rare in this location.

The property is just steps away from Lincoln Park.

If you’re looking for the East Lincoln Park lifestyle, will this property be high on your list?

Sharon Gillman at Compass has the listing. See the pictures here.

Unit #3C: 3 bedrooms, 2.5 baths, 1847 square feet

• Sold in June 2005 for $733,000
• Sold in July 2011 for $602,500
• Sold in December 2013 for $655,000
• Currently listed at $885,000 (includes deeded parking)
• Assessments of $550 a month (includes cable, exterior maintenance, scavenger, snow removal)
• Taxes of $11,548
• Central Air
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 14×14
• Bedroom #2: 14×10
• Bedroom #3: 11×11
• Walk-in-closet: 10×4

This 4-bedroom single family home at 2100 W. Eastwood in Lincoln Square originally came on the market in March 2018.

It’s a genuine former Chicago firehouse which was bought in 2013 and converted into a single family home.

It’s on an oversized lot measuring 37×122 and has 3-covered parking spaces and a side yard.

There’s a 20 foot folding door to the side yard.

The house has radiant heated concrete floors and 10.5 foot ceilings with walnut stairs.

The hose room has been turned into the foyer.

The kitchen has stainless steel cabinets, a 60″ red Wolf range and other stainless steel appliances with white quarter counter tops.

The first floor has a family room in addition to the living/dining and kitchen.

All four bedrooms are on the second floor, which is the preferred layout for family buyers.

There’s a master suite with 2 walk-in closets and an office.

There’s a laundry room on the second floor.

The house also has central air.

The listing says there are triple pane windows.

Originally listed in March of 2018 at $1.45 million, it has been on, and off, the market since then and has reduced $75,000.

Converted firehouses are popular “homes” in television and movies (Princess Diaries anyone?).

This one is also in the popular north side neighborhood of Lincoln Square, near the shops and restaurants as well as the Brown line Damen El stop.

Is this your chance to live the fantasy?

James Buczynski at Compass has the listing. See the pictures here.

2100 W. Eastwood: 4 bedrooms, 2.5 baths, 3,800 square feet

• Sold in June 2013 for $350,000 (according to Zillow but the CCRD doesn’t list a price)
• Originally listed in March 2018 for $1.45 million
• Reduced
• Withdrawn in November 2018 listed at $1.375 million
• Re-listed in January 2019 for $1.375 million
• Currently still listed at $1.375 million
• Taxes of $18,813
• Central Air
• 3-car covered parking
• Oversized yard
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 13×10 (second floor)
• Bedroom #4: 11×8 (second floor)
• Office: 10×10 (second floor)
• Family room: 21×17 (main level)
• Laundry room: 9×8 (second floor)

This 2-bedroom loft in the River Bank Lofts at 550 N. Kingsbury in River North originally came on the market in April 2018.

River Bank Lofts is an authentic loft building that was converted into condos in 1995. There are 150 units and a parking garage.

The building also has a doorman and exercise room.

This unit faces east, so it does not have River views.

But it has authentic loft features including exposed brick and timber ceilings.

The floors are maple hardwoods in the living/dining/kitchen.

Only the master bedroom has windows. It has full walls but no door.

The master bathroom has a double vanity.

The second bedroom has 3/4th walls.

The kitchen has maple cabinets, granite counter tops, including on the island, and black appliances.

This loft has the features buyers look for including central air, washer/dryer in the unit and garage parking is $25,000 extra.

Originally listed 10 months ago for $560,000, it has been reduced $135,000 to $425,000.

This loft building has been popular with buyers in the past.

Has the condo market shifted from a sellers market to the buyers in 2019?

Charna Thomas Osmundson at Oz Realty has the listing. See the pictures here.

Unit #518: 2 bedrooms, 2 baths, 1300 square feet

• Sold in October 1995 for $200,500 (included the parking)
• Sold in March 2000 for $320,000 (included the parking)
• Sold in July 2001 for $335,000 (included the parking)
• Listed in April 2018 for $560,000
• Reduced several times
• Currently listed for $425,000 (plus $25,000 for parking)
• Assessments of $581 a month (includes doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8089
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 16×12
• Bedroom #2: 12×12

This 2-bedroom in 235 W. Van Buren in the Loop recently came on the market.

The building was constructed in 2009, during the bust, and has 714 units and a parking garage.

This unit is a corner unit on the 36th floor so it has two walls of windows and views.

The unit has exposed cement ceilings and hardwood floors in the main living areas.

The kitchen is open to the living/dining room and has white cabinets, granite counter tops and stainless steel appliances with a breakfast bar.

Both bedrooms are fully enclosed.

The master suite has an en suite bathroom and walk-in-closet.

It has the features buyers look for including central air, washer/dryer in the unit and 2-car tandem parking is $50,000.

The listing says the building is “investor friendly” with “no rent cap.”

The building is also, according to the listing, just 44% owner occupied.

Is becoming a landlord and renting out condos still a “thing” in 2019?

Matt Laricy at Americorp has the listing. See the pictures and floor plan here.

Unit #3601: 2 bedrooms, 2 baths, 1292 square feet

• Sold in January 2010 for $487,500 (included the parking)
• Currently listed at $449,888 (plus 2-car tandem parking for $50,000)
• Assessments of $499 a month (includes heat, a/c, gas, doorman, cable, Internet, exterior maintenance, scavenger, snow removal)
• Taxes of $9909
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 11×11
• Bedroom #2: 11×15
• Balcony: 5×7
• Walk-in-closet: 8×4

This 3-bedroom in Noir 1018 at 1018 N. Larrabee in the Near North Side (which is what this area is referred to in the listing) was listed in January 2018.

This building was constructed in 2016 and has 9 units, a parking garage and a small work out room.

The elevator opens directly into each unit.

There’s no doorman, however.

At 1891 square feet, this unit has wood floors throughout.

The master bedrooms has his and her walk-in-closets and a spa-like bath with Carerra marble tile walls and heated floors.

The kitchen has imported modern Italian cabinetry, stainless steel Bosch appliances and what look like stone counter tops along.

It has a built-in wine cooler.

The unit has a private terrace and there is a community rooftop deck with gas hook-ups.

It has a full size washer/dryer in the unit and garage parking is included.

This property has come on the market for $69,888 more than the 2016 sales price.

Will it get the premium?

Melanie Giglio at Compass has the listing. See the pictures here.

Unit #3N: 3 bedrooms, 2 baths, 1891 square feet

• Sold in June 2016 for $820,000
• Currently listed at $889,999 (includes the parking)
• Assessments of $404 a month (includes security system, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $14,157
• Central Air
• Full size washer/dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 11×12
• Bedroom #3: 11×10
• Laundry: 5×5
• Balcony: 10×7