Crib Chatter

This 3-bedroom townhouse in the Kensington Park II  at 1712 S. Indiana came on the market in May 2018.

We’ve actually chattered about this townhouse before, in 2011, when the prior owners were quoted in Money Magazine in an article about the “turnaround” in the housing market nationwide.

They sold for just $15,000 off their asking price almost immediately.

Kensington Park II was a Belgravia development built in 2005.

You can see that chatter here.

The townhouse has 4 levels and 2 balconies, one off the kitchen and one off the master bedroom.

The kitchen, which is on the second level along with the living room and dining room, has white cabinets, granite counter tops and stainless steel appliances.

It has the unique layout of every bedroom having an en suite bathroom.

Two of the bedrooms are on the third floor with the master suite on the fourth floor.

There’s a wood burning fireplace in the living room and a main level family room.

It has 2-car garage parking.

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

Originally listed in May for $805,000, it has been reduced $55,100 to $749,900.

Are 3-bedroom South Loop townhouses still a hot property?

Nycholle Brown at Redfin has the listing. See the pictures here.

1712 S. Indiana: 3 bedrooms, 3.5 baths, 2511 square feet

• Sold in February 2005 for $585,000
• Sold in August 2011 for $634,000 (per Redfin and Money Magazine because the CCRD is pretty confusing)
• Originally listed in May 2018 for $805,000
• Reduced several times
• Currently listed at $749,900
• 2-car garage parking included
• Assessments of $223 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15,139
• Central Air
• Wood burning fireplace
• Bedroom #1: 15×16 (fourth floor)
• Bedroom #2: 11×13 (third floor)
• Bedroom #3: 11×13 (third floor)
• Family room: 13×14 (main level)

This vintage 3-bedroom at 610 W. Surf in East Lakeview just came on the market.

This 8 unit building was constructed in 1906.

It has many of the vintage features of that era including tall ceilings, original window trim and a fireplace (which is now gas.)

However, the unit has a unique layout with the kitchen and dining room in front of the unit, both with south facing windows.

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

It has all the features buyers look for including a renovated laundry room, space pak cooling and a deeded outdoor parking space behind the building.

This building is in the Nettelhorst school district.

Three bedroom condos have been hot the last few years because they were often large enough for a family to age in place past the toddler years.

Are these larger condos still in demand by settling down Millennials?

Michael Kaufman at Jameson Sotheby’s has the listing. See the pictures here.

Unit #3A: 3 bedrooms, 2 baths, 1890 square feet

• Sold in June 1990 for $174,000
• Sold in December 2004 for $400,000
• Sold in July 2010 for $430,000
• Currently listed at $510,000 (includes the parking)
• Assessments of $331 a month (includes gas, heat, exterior maintenance and snow removal)
• Taxes of $9473
• Space pak cooling
• Washer/dryer in the unit
• Gas fireplace
• Bedroom #1: 16×10 (with carpet)
• Bedroom #2: 13×11 (with carpet)
• Bedroom #3: 13×14 (hardwood)
• Living room: 15×12
• Dining room: 20×12
• Laundry room: 20×6

This 1-bedroom in The Illume, at 111 S. Peoria in the West Loop just came on the market.

The Illume is a new construction mid-rise with 79 units and a parking garage.

The first closings started in June 2018.

This 1-bedroom is among the smaller sized units in the building.

It has a north exposure from floor to ceiling windows.

There are hardwood floors throughout and exposed concrete ceilings.

The kitchen has the latest modern wood cabinets, a big island and Fisher and Paykel appliances.

This unit has a “huge” master bathroom with modern finishes.

It also has a rare full-sized side-by-side washer/dryer in its own 8×6 laundry and storage room in the unit.

The unit has central air and heated garage parking is available for $25,000.

It’s a doorman building.

Redfin says it closed in June for $420,000.

It has come back on the market at $425,000 plus $25,000 for the parking.

Have prices risen in this building since the original contracts were signed?

Marilyn Bloom at Dream Town has the listing. See the pictures and floor plan here.

Unit #203: 1 bedroom, 1.5 baths, 915 square feet

• Sold in June 2018 for $420,000 (per Redfin)
• Currently listed for $425,000 (plus $25,000 for the parking)
• Assessments of $268 a month (includes gas, doorman, exterior maintenance, scavenger and snow removal)
• Taxes are “new”
• Central Air
• Side-by-side washer/dryer
• Bedroom: 12×12
• Living room/dining room: 21×14
• Kitchen: 13×12
• Laundry room: 8×6

This 2-bedroom top floor vintage unit at 1647 N. Sedgwick in Old Town just came on the market.

If it looks familiar to long time readers, that’s because we chattered about it in both 2008 and 2014.

You can read the 2014 chatter here.

The history of this property reads like a history of the housing boom, bust and recovery.

This unit originally came on the market in the summer of 2008, which was before Lehman Brothers collapsed and before the stock market fell off a cliff.

The Chicago housing market was still pretty “hot.”

Prices were still holding at high levels.

Some of you called this unit your “dream” home in 2008.

If you recall, this top floor unit in a 3-unit vintage building has tall ceilings and original wood moldings along with a wood burning fireplace in the living room.

The kitchen is the same as in 2014, with white cabinets, quartz counter tops and stainless steel appliances.

There’s only one bathroom and it also has the same finishes as in 2014.

This unit has two outdoor spaces, a deck off the back and a private rooftop deck with city views.

However, the listing, and pictures, now indicate that a new rooftop deck has been installed. It no longer has the built-in planters.

It has all the other features that buyers look for, including central air, washer/dryer in the unit and rare (at least for Old Town) garage parking.

People who went to the open house for this unit in 2008 reported that it was swarming with people.

The agent at that time posted this comment:

“I was the listing agent for this property. We received 5 offers within the first week, accepted the best. However, the buyer got cold feet and walked. We reactivated the listing on the MLS, but immediately returned to the other 4 offers and accepted one within a few days. The property sold for near the asking price with five offers on the table. It was without a doubt, a fantastic property and it was a joy to represent.”

There was also a spirited discussion in the old 2008 chatter about who could afford this $420,000 unit (i.e. who even had a down payment).

Inventory levels in Lincoln Park were discussed – with Steve Heitman actually saying :

“Let’s not forget that 95% financing is still available. My guess is that the credit markets will loosen in the next 6 months.”

Ah…memories.

Having sold in a week in a bidding war in 2008, this unit returned 6 years later priced just $13,000 above the 2008 purchase price, at $425,000.

It had to reduce the price to get a sale which closed 2 months later at $416,000.

30-year fixed mortgage rate when it went under contract in June 2008 = 6.3%

30-year fixed mortgage rate in 2014 = 4.1%

30-year fixed mortgage rate now = 4.55%

This unit has now been back on the market 5 days and is priced at $475,000. Inventory is much tighter than in either 2008 or 2014.

What will happen with this unit this go around?

And is it still your dream home?

Stephanie Poulos at @Properties now has the listing. See the latest pictures here.

Unit #3: 2 bedrooms, 1 bath, no square footage listed

• Sold in October 1997 for $252,000
• Sold in November 1999 for $300,000
• Listed in June 2008 for $419,900
• Sold in July 2008 after a bidding war for $412,000
• Listed in September 2014 for $425,000
• Reduced to $419,000
• Sold in November 2014 for $416,000
• Currently listed at $475,000
• Assessments are now $175 a month (they were $173 a month in 2014 and $150 a month in 2008)(includes exterior maintenance, scavenger, snow removal)
• Taxes are now $8484 (they were $5996 in 2014 and $3916 in 2008)
• Central Air
• Washer/Dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 14×9
• Bedroom #2: 12×9
• Private rooftop deck: 27×16

Chicago housing inventory remains super tight.

From the Illinois Association of Realtors:

The city of Chicago saw year-over-year home sales decrease 8.7 percent with 3,087 sales in June, compared to 3,380 a year ago. The median price of a home in the city of Chicago in June was $312,750 up 2.0 percent compared to June 2017 when it was $306,750.

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: 3087

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: $312,750

“The spring market has carried its upwards climb into summer with median sales price hitting a five-year high,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group.

“The increasingly limited inventory makes for a competitive market with faster sales and increasing prices. Buyers are entering a competitive market where turn-key homes are in high demand. Sellers need to stage and price strategically as the overall number of closed sales continues to shrink.”

The average 30-year mortgage rate was stable at 4.57% down slightly from the average of 4.6% in May. It was still considerably higher than the 30-year average of 3.9% in June 2017.

“Compared to the same month last year, prices continued to move upward but sales declined,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.

“However, there appears to be increasing sentiment that supply shortages are dampening market activity. The Fannie Mae Home Purchase Sentiment Index fell after reaching new highs, reflecting consumer uncertainty about income growth and the economy in light of potential trade wars.”

Statewide inventory fell 6.7% to 58,133 from 62,309.

The statewide selling average fell to 44 days from 49 days in June 2017.

A year ago, the IAR was attributing June’s slow sales to tight inventory. But inventory is even tighter just 12 months later.

Is tight inventory the new reality in the years ahead as rates rise and sellers become reluctant to move?

Should buyers simply get used to it?

Illinois home sales down in June [Illinois Association of Realtors, Press Release, July 23, 2018]

This 2-bedroom duplex up loft in the Lakeview Lofts at 3201 N. Seminary in Lakeview just came on the market.

The Lakeview Lofts were converted into condos in 1992, making them among the older of the loft conversions.

It has 20 units and parking (the listing doesn’t say it’s a garage, just that it’s “onsite.”)

This loft has authentic loft features including 34 foot ceilings, exposed brick walls and timber ceilings and oversized windows.

The listing says the loft has been “completely renovated” and that includes putting in a new kitchen with white cabinets, quartz counter tops, professional grade appliances and a wine fridge along with an island.

The staircase also has been renovated and has a new banister.

The second floor has the two bedrooms and laundry room. One of the bathrooms has a “newly renovated” Grohe bathroom.

There is a common rooftop deck.

The loft has all the finishes buyers are looking for including central air, washer/dryer in the unit and onsite parking.

At 1400 square feet, this loft sold with it’s older 1990s/2000s finishes in 2015 for $395,000.

With the renovation, it has come on the market for $164,000 more, or $579,000.

Do owners of 1990s lofts need to do complete renovations to be competitive for Millennial and Gen Z buyers?

Jeremiah Fisher at Compass Real Estate has the listing. See the pictures here.

Unit #209: 2 bedrooms, 2 baths, duplex up, 1400 square feet

• Sold in September 1992 for $150,000
• Sold in September 2002 for $325,000
• Sold in June 2005 for $398,000
• Sold in March 2010 for $400,000
• Sold in February 2015 for $395,000
• Currently listed for $579,000 (onsite parking included)
• Assessments of $318 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $7118
• Central Air
• Washer/dryer in the unit
• Wood burning fireplace
• Bedroom #1: 14×12 (second floor)
• Bedroom #2: 12×11 (second floor)
• Laundry room: 7×10 (second floor)

This 4-bedroom vintage mansion at 2142 W Caton in Bucktown came on the market in June 2018.

Built in 1891, it’s on a larger than standard Chicago lot but there isn’t a lot size in the listing.

The listing says it was built in the “Romanesque” style.

It has many of its vintage features intact including several original stained glass windows, wood pocket doors, brass hardware, Carpenter’s lace, in-laid wood floors and original working fireplaces (it doesn’t say how many).

The house also has its original staircase.

The listing is a little confusing. It says that main 3 levels have 4 bedrooms and 3 baths.

But the top floor, which is apparently also a ballroom, has a kitchen and a living area.

There’s also an in-law suite in the basement and that floor has a kitchen, living room, bedroom, storage and utility room.

It also has a bathroom that isn’t included in the bathrooms that are in the listing. I count 4 bathrooms total, not 3 as the listing states:

1. The first in the basement
2. The second off the first floor kitchen
3. The third on the second floor with the bedrooms
4. The fourth on the third floor in the ballroom

There’s also a kitchen for the main levels, with modern white cabinets and white and stainless steel appliances.

There’s radiator heat. I can’t tell if there’s central air or not.

There’s gardens and a deck off the back of the house.

Yes, that’s also the El tracks in the backyard.

There’s no garage or parking.

This house is located in the Wicker Park District, which is a city landmark district. This is different from the Wicker Park Historic District, apparently.

Who’s the buyer for this type of property with what amounts to as 2 in-law suites?

Joseph Bergman at Courtyard Investments has the listing. See the pictures here.

2142 W. Caton: 4 bedrooms, 3 baths (but it looks like there are 4 baths), 4093 square feet

• I can’t find a former sales price going back to 1986
• Listed in June 2018 for $1.425 million
• Currently still listed at $1.425 million
• Taxes of $14,630
• No parking
• Central Air? (I can’t tell for sure)
• Radiator heat
• Original fireplaces (not sure how many)
• Bedroom #1: 14×14 (second floor)
• Bedroom #2: 11×27 (second floor)
• Bedroom #3: 12×12 (second floor)
• Bedroom #4: 26×34 (third floor)
• 2 other full kitchens, one in the lower level and one on the third floor

This 5-bedroom historic mansion at 1407 N. Hoyne in Wicker Park just came on the market.

Anyone who has lived, walked, jogged, biked or driven through the Wicker Park neighborhood knows this house.

Built in 1885, it’s on a massive 98×110 city lot.

Crain’s has more:

The red brick Second Empire-style mansion, on nearly half an acre on Hoyne Avenue, is familiar to locals for its turreted top, broad lawn and tidy gardens. Completed sometime between 1885 and 1891 (the dates vary in different records on the house), it was divided into apartments in the early 20th century.

In 2007, Timothy and Robin Sheehan paid nearly $2.47 million for the home, according to the Cook County recorder of deeds, buying it from an owner of 27 years.

At the time, “it needed everything done,” said Emily Sachs Wong, the @properties agent who is representing the home now. They turned it into a five-bedroom, five-bath home that retains many historical details, including leaded glass transom windows in the living room and carved “carpenter’s lace” in a doorway arch.

The house is 6,728 square feet.

It has the layout most buyers look for with 3 of the 5 bedrooms on the second level, including the master suite.

There’s also a laundry room on the second floor.

The third floor has a guest room and bath, an office and an exercise room.

The lower level has a wine room, a recreation room and what looks like an in-law suite with a bedroom and a small kitchen.

There’s a custom kitchen by O’Brien Harris.

Take a look at that Carpenter’s lace and the restored circular staircase that’s in the turret.

It has other unique features like velvet wall paper in the living room.

Is this a once-in-a-lifetime opportunity to buy one of Chicago’s grandest single family homes?

Look inside a restored Wicker Park mansion for sale at almost $6.5 million [Crain’s Chicago Business, by Dennis Rodkin, July 18, 2018]

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

1407 N. Hoyne: 5 bedrooms, 5.5 baths, 6,728 square feet, 1 car attached garage

• Sold in April 1990 for $200,000 (CCRD lists this but Crain’s says the prior owner lived there 27 years. This may only be a refinancing.)
• Sold in September 2007 for $2,466,500
• Currently listed for $6.495 million
• Taxes of $66,793
• Central Air
• Bedroom #1: 22×13 (second floor)
• Bedroom #2: 15×12 (second floor)
• Bedroom #3: 15×11 (second floor)
• Bedroom #4: 16×10 (third floor)
• Bedroom #5: 14×13 (lower level)
• Den: 28×14 (third floor)
• Office: 20×9 (third floor)
• Exercise room: 14×7 (third floor)
• Recreation room: 28×20 (lower level)
• Kitchen: 12×6 (lower level)
• Laundry room: 9×8 (second floor)

This 2-bedroom corner loft in the Gotham Lofts at 420 S. Clinton on the Near West Side recently came on the market.

The Gotham Lofts is an old GE brick factory that was converted into condos during the loft conversion craze of the late 1990s and early 2000s.

The building has 188 units and both indoor and outdoor parking.

While it has an exercise room, it doesn’t really have other amenities and it doesn’t have a doorman.

This loft is one of the bigger lofts in the building at 1900 square feet.

It’s a rare layout which has 3 exposures with windows on three sides of the unit.

Both bedrooms have windows. Even the master bedroom closet has window.

This loft sold in 2017 and has been “interior designer renovated.”

It has exposed brick walls and timber ceilings with hardwoods throughout. The living/dining area has the original hardwoods, stained dark, and the bedrooms, which had carpet, now also have the dark hardwood floors.

There’s a linear gas fireplace and 3 chandeliers.

It has a new contemporary kitchen with a Calcatta Quartz waterfall island, a double oven, a wine fridge and stainless steel appliances.

The master bedroom has a 32 square foot shower and a modern vanity.

It has a separate laundry room, with rare side-by-side laundry.

The loft also has two balconies, one in the master bedroom and one in the living room.

It has the other features buyers look for including central air and indoor heated garage parking.

This neighborhood is about to see a lot of new development as the Old Post Office is currently (finally) being renovated and Amtrak is expecting to renovate and add to Union Station.

It’s within easy walking distance of Greektown and a quick Uber to Randolph Street and Fulton Market.

Buyers want “new”.

Is it time to get into this neighborhood before it takes off?

Alexandra Englehardt Walsch at @Properties has the listing. See the pictures and floorplan here.

Unit #518: 2 bedrooms, 2 baths, 1900 square feet

• Sold in August 1999 for $314,500
• Sold in November 2017 for $435,000
• Currently listed for $688,000 (indoor heated garage parking included)
• Assessments of $812 a month (includes exercise room, security system, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9018
• Central Air
• Washer/dryer in the unit
• Fireplace
• Bedroom #1: 20×15
• Bedroom #2: 13×13
• Laundry room: 8×5
• Walk-in-closet: 9×8

This 4-bedroom single family home at 322 W. Willow in Old Town came on the market in April 2018.

It is new construction, which is rare for the heart of Old Town.

The listing says the owner had to relocate after building it.

It has many unique features including a glass staircase, Jonathan Adler, ETT and Minka fixtures.

The upper bathrooms have heated floors.

There are 4″ Rift Sawn hardwood floors and carrara marble tiles.

The listing calls the kitchen a “chef’s kitchen.” It has white cabinets, a 10 foot island, Miele and Subzero appliances, and a Miele built-in coffee maker.

Three bedrooms are on the second floor along with the Master Suite which has two walk-in closets and a sauna.

The other bedrooms are en suite.

The fourth bedroom is on the lower level along with a recreation room, a wine cellar and a home theater.

This house was built on a smaller than standard Chicago lot of 30×78. There’s no parking with the house.

The listing says:

“Seller will secure offsite parking for 5 yrs or offer credit & stain porch.”

The house has been reduced $201,000 to $1.749 million since April.

Is it the price or the lack of parking that is preventing a sale of this home?

Jason O’Beirne at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

322 W. Willow: 4 bedrooms, 4.5 baths, 3420 square feet

• Sold in June 2000 for $310,000
• Lis pendens file in March 2008
• Bank owned in April 2015
• Sold in June 2015 for $426,500
• Sold in November 2015 for $450,000
• New construction
• Originally listed in April 2018 for $1.95 million
• Reduced
• Currently listed for $1.749 million
• Taxes are “new”
• No parking- seller will pay for parking for 5 years nearby
• Sauna
• Bedroom #1: 14×14 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 10×8 (basement)
• Laundry room: 8×4 (basement)
• Theater: 18×10 (basement)
• Recreation Room: 21×18 (basement)