Crib Chatter

This 3-bedroom co-op in 3500 N. Lake Shore Drive in Lakeview came on the market in September 2018.

This building was designed by Robert DeGolyer in 1927 and has 64 units.

It has a doorman and exercise room as well as a common deck.

This 13th floor unit has 3 exposures, South, East and West, which includes Wrigley Field and the Lake.

The listing says this unit has new electric, plumbing and air conditioning, which is space pac.

Two of the bedrooms are en suite.

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

The unit has a full-sized washer/dryer, which can be rare in the older vintage buildings.

However, there doesn’t appear to be any parking, which is quite normal given the construction date. How could they know that everyone would be owners of automobiles?

This property last sold in 2014. The listing described it as a “diamond in the rough” and said to bring your architect and designer.

Apparently, that’s what happened.

At 2500 square feet, is this a single family home alternative for those who want to live up in the sky?

Kelly Mead at Baird & Warner has the listing. See the pictures here.

Unit #13A: 3 bedrooms, 3 baths, 2500 square feet

• Co-op
• Sold in September 2014 for $376,000
• Originally listed in September 2018 for $649,900
• Currently still listed at $649,900
• Assessments of $2079 a month (includes heat, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6168 (is this included in the assessments? It doesn’t appear to be)
• Space pac cooling
• Washer/dryer in the unit
• No parking
• Bedroom #1: 18×13
• Bedroom #2: 16×13
• Bedroom #3: 10×11
• Foyer: 20×7

This 2-bedroom duplex up at 1434 N. Astor in the Gold Coast came on the market in November 2018.

It is bank owned.

Built in 1889, it has a 3-unit self-managed association.

The two bedrooms, which appear to have carpeting, are on the second level with the living/dining room and kitchen on the third floor.

The unit has skylights and two fireplaces, although I believe the one in the bedroom is decorative only.

From the pictures, the kitchen appears intact with white cabinets, a stainless steel refrigerator and white oven.

It has in-unit washer/dryer, space pak cooling but no parking.

I’m not sure about those HOAs as it’s bank owned, but you can also see the HOAs from 10 years ago, when it wasn’t bank owned.

Strangely, we actually chattered about this unit the last time it was on the market in 2008. It sold and then came back listed as a rental.

You can read our chatter here.

This is what Gary said about it at the time:

“Sure enough the MLS shows it closing on July 15. So someone bought this. Let’s review the math from another perspective. Rent = 34200, Assessments = 9000, taxes = 10613. Net to owner = 14587 or a 2.1% return on assets. Doesn’t matter how you finance this it’s a bad deal. Some people just really love real estate.”

Originally listed at $474,900, it has been reduced $126,100 to $348,800.

That’s just $46,300 more than the 1988 sales price of $302,500.

Will this property sell for the same price as 31 years ago?

Who’s the buyer for this?

Gasper Flores at Su Familia Real Estate has the listing. See the pictures here.

Unit #3: 2 bedrooms, 2.5 baths, 1400 square feet, duplex up

• Sold in June 1988 for $302,500
• Sold in July 2008 for $685,000
• Lis pendens foreclosure filed in September 2016
• Bank owned in May 2018
• Originally listed in November 2018 for $474,900
• Reduced several times
• Currently listed at $348,800
• Assessments are now $2,282 a month (they were $750 a month in 2008)(includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are now $19,194 (they were $10,613 in 2008)
• Space pak cooling
• In-unit washer/dryer
• No parking
• Bedroom #1: 22×15 (second floor)
• Bedroom #2: 16×16 (second floor)
• Living/dining combo: 29×15 (third floor)
• Terrace: 6×9 (third floor)

This 3-bedroom in The Conservatory at 2314 N. Lincoln Park West in East Lincoln Park came on the market in May 2018.

Built in 1976, the Conservatory only has 35 units. That’s just 2 units per floor. It also has an attached garage and a doorman.

The units have 15×4 balconies with views of the Lake, Lincoln Park and the Zoo as well as the Conservatory.

This unit has been “recently renovated.”

It now has rift and quartered 5″ oak floors, Italian hingeless doors and automated shades on the floor to ceiling windows.

The unit now has a Poggenpohl kitchen with modern cabinets with silestone counters/backsplash, Wolf, Miele and Thermador appliances along with a 48 bottle wine fridge.

All 3 bedrooms are en suite.

The master bathroom has 3 shower heads, jets and heated towel bars.

The listing says there are 3 brand new HVAC units and Elfa closets.

The unit has washer/dryer in the unit and garage parking is included.

Originally listed in May 2018 for $1.2 million, it has been reduced $220,100 to $979,900.

Buyers love renovated units because they can just move in.

Is this a deal for this location?

Natasha Motev at Jameson Sotheby’s has the listing. See the pictures here.

Unit #17S: 3 bedrooms, 3.5 baths, no square footage listed

• Sold in September 1989 for $370,000
• Sold in August 1995 for $378,000
• Sold in February 2013 for $699,000
• Originally listed in May 2018 for $1.2 million
• Reduced
• Currently listed at $979,900 (garage parking included)
• Assessments of $2310 a month (includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $14,320
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 14×11
• Bedroom #3: 15×11

This big 1-bedroom in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in April 2018.

This building was constructed in 2007 and has 344 units and a parking garage.

It’s a full service building with an indoor pool and exercise room.

It’s also among the tallest all-residential buildings in Chicago.

This 23rd floor unit faces north and west so it doesn’t have the preferred south view. But it does overlook the Lake Shore East park.

It is a huge 1-bedroom with 1244 square feet.

The unit has bamboo flooring.

The kitchen has modern cabinets with quartz counter tops, a kitchen island and stainless steel appliances.

It has central air, washer/dryer in the unit and garage parking is available for $60,000.

Originally listed in April 2018 at $675,000, it was reduced before being removed 7 months later, in October.

It has come back on the market at $595,000 plus the parking.

This unit last sold in 2016 for $625,000, but that included the parking.

340 OTP used to be one of the hottest residential condo buildings in the city.

Is it cooling?

Patrick Ryan at Genuine Real Estate has the listing. See the pictures here.

Unit #2306: 1 bedroom, 1.5 baths, 1244 square feet

• Sold in October 2007 for $460,000 (did not include the parking)
• Sold in August 2008 for $519,000 (did not include the parking)(remember when original buyers were flipping these units before the Great Recession? Memories)
• Sold in June 2016 for $625,000 (included the parking)
• Originally listed in April 2018 for $675,000 (not sure if that included the parking)
• Reduced
• Withdrawn in October 2018
• Re-listed in January 2019 for $595,000 (parking is $60,000 extra)
• Assessments of $668 a month (includes a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $10,047
• Special Service Area Fee: $1,225
• Central Air
• Washer/dryer in the unit
• Bedroom: 15×13
• Living room: 25×14
• Dining room: 10×10
• Walk-in-closet: 7×6
• Laundry room: 4×4

The Illinois Association of Realtors is out with the December 2018 numbers.

Sales were down big year-over-year.

In the city of Chicago, home sales (single-family and condominiums) in December 2018 totaled 1,698 homes sold, down 17.5 percent from December 2017 sales of 2,058 homes.

The median price of a home in the city of Chicago in December 2018 was $246,500, down 7.1 percent compared to December 2017 when it was $265,250.

All the data:

• December 2004: 3,719 sales and median price of $267,000
• December 2005: 2,847 sales and median price of $283,000
• December 2006: 2,241 sales and median price of $279,000
• December 2007: 1,629 sales and median price of $287,000
• December 2008: 1,263 sales and median price of $235,000
• December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2077 sales and median price of $242,000
• December 2016: 1974 sales and median price of $260,000
• December 2017: 2,058 sales and median price of $265,500
• December 2018: 1,698 sales and median price of $246,500

December 2018 was a reversal of several trends.

It was the first time since 2011 that median price actually declined.  We know the median doesn’t tell you much because it’s so dependent on the mix but it’s still a reversal of a significant trend.

It was also the lowest level of total sales since 2011. And no month wants to be compared to 2011 given that that was the dark times of the housing bust.

“The current atmosphere presents some opportunities for both buyers and sellers, despite the historically slow time of year for the market,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “With the December rate increase and the start of the government shutdown, consumers were more measured in their approach to buying a home – although the continued decline in market time illustrates that, despite these factors, when they found the right home, at the right price, they were willing to act quickly.”

The average 30-year fixed mortgage was 4.64% in the month, down from 4.9% the prior month but still higher than December 2017 which averaged 3.95%.

December’s statewide market time was 59 days, down from 60 days in December 2017. Inventory declined again, but just 2.4% to 47,048 from 48,196 a year ago.

“Once again consumer sentiment indices are pointing in different directions,” said Geoffrey J.D. Hewings, director emeritus of the Regional Economics Applications Laboratory at the University of Illinois. “Clearly, the uncertainty in the market exacerbated by the partial government shutdown has generated some additional caution among potential home buyers. The outlook for the next three months suggests a continuation of this trend, dampening price increases in Illinois and Chicago.”

Other than one snowstorm in November, weather doesn’t appear to have been an issue for those buyers who went under contract and closed in December.

So what caused the big drop in sales?

Was this a one off?

Or will January be equally as slow?

Illinois home sales lower in December; market closes out a largely stable 2018 (Illinois Association of Realtors, Press Release, January 23, 2019)

This 2-bedroom duplex penthouse loft in the China Club Lofts at 616 W. Fulton in River West came on the market in October 2018.

It has newly refinished diagonal hardwood floors on the main level.

The kitchen has white cabinets with “brand new” high end appliances along with granite counter tops.

There is one bedroom, which doesn’t have any windows, on the main floor, with the master bedroom on the top floor with new carpet.

The listing says the bathrooms have been redone.

It has an outdoor rooftop terrace with built-in kitchen and city views.

This loft has all the features buyers look for including central air, washer/dryer in the unit and garage parking is $30,000 extra.

This is a doorman building with 113 units and a parking garage.

It came on the market in October at $569,900 and is still sitting on the market in 2019.

How long will it take to sell all of 2018’s properties in 2019?

Mark Raffaelli at Compass has the listing. See the pictures here.

Unit #712: 2 bedrooms, 2 baths, no square footage listed, duplex up

• Sold in March 2007 for $412,500 (per Redfin)
• Sold in July 2012 for $305,000 (per Redfin)
• Originally listed in October 2018 for $569,900 (plus $30,000 for parking)
• Currently still listed at $569,900 (plus $30,000 for the parking)
• Assessments of $566 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
• Taxes of $6441
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 21×20 (second floor)
• Bedroom #2: 10×10 (first floor)

This 3-bedroom in 200 N. Dearborn in the Loop came on the market for the first time ever in January 2019.

If you recall, 200 N. Dearborn was previously apartments and was converted into condos at the height of the housing boom.

But the top floor was never actually built out. It was left as raw space at the time the building was constructed.

The raw space finally sold in early 2018.

Dennis Rodkin at Crain’s Chicago Business has the insider story:

When a Chicago magazine reporter toured the space in 2011, it was being used as an attic, piled with boxes of files belonging to the real estate firm that was selling the building’s former apartments as condos. A real estate executive who was trying to sell it then said turning it into living space would take “vision, money and time.”

One reason it took another seven years to sell is that finishing the space also required “some heavy lifting,” Taylor said. Opening the 47th floor to the rooftop meant cutting a hole in the building’s concrete top, and putting in utilities meant inconveniencing residents below, on the 46th floor, in order to bore through their ceilings to extend the building’s plumbing up from where it stopped.

It’s a private full floor unit with the elevator opening into the unit and has a 2350 square foot private rooftop terrace accessed from an interior staircase.

The unit has 10 foot ceilings and unique 12×9 arched windows with city views.

It has 7″ white natural oak floors.

The kitchen has white modern cabinets, marble counter tops and Wolf and Subzero appliances.

There’s a master suite with a walk-in-closet and a 17×14 master bath.

The third bedroom has no windows but is enclosed by clear glass walls which can be turned opaque with a flick of the switch.

The rooftop deck has views across the city. The pictures show it as a blank slate, with just a concrete slab, but the Crain’s article says the rooftop is still getting an outdoor kitchen and shade structures.

It has central air, washer/dryer in the unit and 2-car parking is included.

At $2.495 million, this would be the most expensive unit to ever sell in the building.

Will its uniqueness sell it quickly in 2019?

Sophia Klopas at Berkshire Hathaway KoenigRubloff has the listing. See the pictures and floor plan here.

Unit #4700: 3 bedrooms, 3 baths, 2957 square feet

• First time on the market ever
• Listed in January 2019 for $2.495 million (includes 2 parking spaces)
• Assessments of $2067 a month (includes gas, doorman, cable, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $15,302
• Central Air
• Washer/dryer in the unit
• Private rooftop deck: 2350 square feet
• Bedroom #1: 32×13
• Bedroom #2: 17×13
• Bedroom #3: 15×9
• Walk-in-closet: 15×6
• Laundry room: 16×5

This 4-bedroom townhouse in Wabansia Row at 2342 W. Wabansia in Bucktown came on the market in October 2018.

Wabansia Row was built in phases. This particular townhouse was built in 2002 in the first phase, but the second phase was built as late as 2010.

There are 11 units in this phase along with attached garage parking.

This townhouse is a corner unit with four levels and 3200 square feet.

There are dark hardwood floors on the main level which also has the living/dining rooms and the kitchen.

The listing says the kitchen has “renovated white shaker kitchen cabinets”, stainless steel appliances, including a 5-burner stove, dark granite counter tops and a breakfast bar.

Two bedrooms, including the master, are on the second floor. Both have ensuite bathrooms.

The master suite has two walk-in-closets and a stone bath with a double vanity.

The third bedroom is on the third floor, along with a family room/den which leads to a 20×11 rooftop deck.

The fourth bedroom is in the lower level along with a full bath.

The townhouse also has an attached 2-car garage and central air.

Listed in October 2018 for $925,000 it has reduced $25,100 to $899,900.

Is this a deal for the square footage in this neighborhood?

Jeffrey Stewart at @Properties has the listing. See the pictures here.

Unit #A: 4 bedrooms, 4.5 baths, 3200 square feet

• Sold in July 2002 for $662,500
• Sold in April 2013 for $690,000
• Originally listed in October 2018 for $925,000
• Reduced
• Currently listed at $899,900
• Assessments of $450 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11,712
• Central Air
• 2-car attached garage
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 14×14 (second floor)
• Bedroom #3: 14×11 (third floor)
• Bedroom #4: 16×14 (lower level)
• Family room: 12×12 (third level)
• Rooftop deck: 20×11 (third level)

This corner penthouse 2-bedroom duplex loft at 1000 W. Washington in the West Loop came on the market in October 2018.

It is an authentic loft with exposed brick, high timber ceilings and large industrial windows which face south and west.

The kitchen has white cabinets and the listing says new stainless steel appliances.

Both bedrooms have windows, which is rare in most 2-bedroom lofts, but they don’t have full walls to the ceiling.

The second floor has a den or bonus room with a wet bar which leads out to a private rooftop deck with built-in planters, up lighting, speakers, irrigation and a pergola.

The loft has all the features buyers look for including central air, washer/dryer in the unit and parking is available for $25,000 extra. I’m not sure if it’s garage parking or not.

This building is directly across the street from the new McDonald’s headquarters and is in the middle of all the new restaurant and shops of the neighborhood and is just a quick stroll over to Fulton Market.

Originally listed in October 2018 for $849,900, it has reduced $50,000 to $799,900.

Why isn’t this selling in this red hot neighborhood?

Julie Busby at Compass has the listing. See the pictures here.

You can also see it at the Open House on Saturday, Jan 19 from 11 – 1 PM.

Unit #449: 2 bedrooms, 2 baths, no square footage

• Sold in July 1996 for $242,000
• Sold in May 1998 for $256,000
• Originally listed in October 2108 for $849,900
• Reduced
• Currently listed at $799,900
• Assessments of $731 a month (includes doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6743
• Central Air
• Washer/dryer in the unit
• Parking is $25,000 extra (outdoor or indoor spot?)
• Bedroom #1: 15×13 (first floor)
• Bedroom #2: 15×13 (first floor)
• Den: 16×11 (second floor)
• Rooftop terrace: 22×16

This 3-bedroom in Riverbend at 333 N. Canal on the Near West Side came on the market in May 2018.

Riverbend was built in 2002 and has 149 units and parking.

It used to have unobstructed views directly down the Chicago River but the development of Wolf Point with apartments and office space, has impacted some of those views, but not completely.

This 3-bedroom has 2603 square feet with a balcony overlooking the River.

In 2018, it did not sell.

It had a kitchen with what look like dark cherry wood cabinets and blond wood floors.

You can see what it looked like here.

These were finishes that were common during the boom years of 2000-2008.

But while they were “in” then, they are “out” now. Chip and Joanna Gaines are NOT putting in cherry cabinets.

In November 2018, this listing was removed but it came back on in early January, at the same list price, but with new finishes.

It now had “brand new gray hardwood floors” and a “freshly painted crisp kitchen.”

What color were the kitchen cabinets? Gray!

It appears the granite counter tops and stainless steel appliances are the same.

This week in Crain’s, real estate reporter Dennis Rodkin covered a new company in Chicago called Renovation Sells which handles refreshment of properties so they sell.

From Crain’s:

“When Chris Skafidas was getting ready to sell his West Loop condo last summer, it still had the cosmetic hallmarks of the mid-2000s that he’d been planning to update—cherry cabinets, track lighting, blond floors—and he worried they would prolong his Jefferson Street three-bedroom’s time on the market.

About $25,000 later, the look of the condo’s kitchen and master bath had up-to-the-minute looks: tonal gray cabinets and floor, and pendant lights. The cash outlay “paid for itself and more,” said Skafidas, a banking executive who took a job relocation to San Diego.

The condo was under contract 15 days after he put it on the market in September, “when the market was visibly softening,” he said. The sale closed in October at $665,000, well above the sum of the $594,000 Skafidas paid for the condo in early 2017 and the roughly $25,000 spent on refreshing it to put it on the market.”

This 3-bedroom in Riverbend was relisted on January 7 at the same price it had been listed at in November 2018 but with its new finishes.

It was under contract just 6 days later.

Should everyone repaint their cabinets white or gray and go with gray floors?

See more transformations with just minor renovations on the Renovation Sells website here.

Jennifer Mills at Jameson Sotheby’s has the listing. You can see the renovated pictures here.

Unit #2104: 3 bedrooms, 2.5 baths, 2603 square feet

• Sold in April 2002 for $766,000
• Sold in July 2003 for $815,000 (included the parking)
• Originally listed in May 2018 for $1.175 million
• Reduced
• Was listed in July 2018 for $1,124,900
• Withdrawn in November 2018 still listed at $1,124,900
• Re-listed on January 7, 2019 after minor renovations for $1,124,900
• Under Contract on January 13, 2019
• Assessments of $1,510 a month (includes a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $16,694
• Central Air
• Washer/dryer in the unit
• Parking is $40,000 extra
• Bedroom #1: 18×17
• Bedroom #2: 12×10
• Bedroom #3: 10×13
• Den: 11×12
• Walk-in-closet: 12×7