Crib Chatter

The Illinois Association of Realtors is out with the December 2023 data. Inventory remained near record lows but the year-over-year sales declines appear to be easing as sales were up in December.

The city of Chicago saw a 1.6 percent year-over-year home sales increase in December 2023 with 1,470 sales, up from 1,447 in December 2022. The median price of a home in the city of Chicago in December 2023 was $310,000, up 7.8 percent in December 2022 when it was $287,500.

Just 2 years ago, in 2021, December sales were the highest since 2005, one of the housing boom years. But that was before the Fed started raising interest rates.

• December 2004: 3719 sales and median price of $267,000
• December 2005: 2847 sales and median price of $283,000
• December 2006: 2241 sales and median price of $279,000
• December 2007: 1629 sales and median price of $287,000
• December 2008: 1263 sales and median price of $235,000
• December 2009: 1820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1536 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: 2058 sales and median price of $265,500
• December 2018: 1708 sales and median price of $251,500
• December 2019: 1892 sales and median price of $276,000
• December 2020: 2267 sales and median price of $305,000
• December 2021: 2422 sales and median price of $313,500
• December 2022: 1425 sales and median price of $288,000
• December 2023: 1470 sales and median price of $310,000

Annual home sales in Chicago fell 20.9% in 2023 to 22,400 from 28,306 properties.

“Although the housing market is continuing its trend of low sales and relatively high prices, our forecast is that sales will increase over the next three months,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration. “Consumer confidence has increased significantly as interest rates and the rate of inflation have declined.”

Inventory statewide, and in Chicago, continued to decline.

Statewide, inventory dropped again, by 22.7% to 17,291 properties from 22,369 properties in 2022. Annual closed sales also dropped by 18.3% to 132,120 from 161,695 in 2022. You can’t buy what isn’t for sale.

In Chicago, inventory declined 27.3% to 4,171 properties from 5,739 properties last year. The decline has been dramatic over the last 4 years.

• December 2020: 8,254
• December 2021: 6,281
• December 2022: 5,739
• December 2023: 4,171

Days on the market in Chicago fell 12.8% to 34 days from 39 days a year ago.

“Steady closed sales and an increase in median sales price in December shows a commitment from buyers to purchase,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago. “With the anticipation of lower interest rates, we hope to see this increased activity continue into 2024.”

The 30-year fixed mortgage rate averaged 6.82% in December 2023, down from 7.44% in November 2023 but up from 6.36% in the prior year.

With inventory still on the decline, and even in January, it remains near record lows, what will happen with the spring market?

Will there be bidding wars on attractive properties simply due to low inventory? Or will buyers sit it out this spring?

Annual and December home sales in Illinois go down as inventory remains meager [Illinois Association of Realtors Press Release, by Bill Kozar, January 19, 2024]

This 1-bedroom at 340 W. Superior in River North came on the market in January 2024.

Built in 2001, 340 W. Superior has 87 units and attached garage parking.

It has door staff, an exercise room, a party room and a shared top floor sundeck.

The listing says this unit has been “updated.”

It has new luxury vinyl flooring and tons of custom built-in storage.

The kitchen has new blue floor-to-ceiling cabinets including stainless steel built-in appliances, custom concrete and butcher block countertops, a breakfast bar with seating for 3 and the continuation of the cabinets into the dining room with a wine fridge.

The den includes a queen sized Murphy bed and a custom, hidden desk.

The bedroom has organized closets and a built-in queen sized headboard but no window.

The bathroom has been “fully updated” with double vanity and porcelain stone.

The unit has the features buyers look for including central air, an “all new” washer/dryer and an assigned garage space was included.

It has a 16×6 balcony off the living room with eastern city views.

This building is near the Brown line at Chicago as well as the shops and restaurants of River North.

Listed at $390,000, that’s $110,000 above the 2019 sales price of $280,000.

Buyer’s love “new.”

Will this sell quickly?

James DeMarco at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #802: 1 bedroom, 1 bath, no square footage listed

• Sold in March 2002 for $222,500
• Sold in October 2019 for $280,000
• Currently listed at $390,000
• Assessments of $712 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6215
• Central Air
• Washer/dryer in the unit
• Garage parking included
• Bedroom: 11×14
• Living/dining room: 22×14
• Kitchen: 9×10
• Den: 9×10
• Balcony: 16×6

This 2-bedroom at 4017 N. Southport in the Southport Corridor in Lakeview came on the market in January 2024.

I’m not sure when this building was built but it has 41 units and outdoor exterior parking. It also has storage in the basement and bike storage.

We’ve actually chattered about this unit in the past, in 2011, when the market was still struggling to recover from the housing bust.

See that chatter here.

This unit has tree views and is pet friendly.

The living room and kitchen is open concept. There’s a fireplace in the living room.

The kitchen has 42″ cabinets, granite counter tops and a mix of stainless steel and black appliances.

There’s no dining room or island/breakfast bar.

The second bedroom has French doors and hardwood floors and the listing says it could be used as an office.

The primary bedroom has carpet.

There’s also a large deck and private storage.

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

This building is near the Southport Corridor with its shops and restaurants (Dairy Queen) and is near several bus routes.

Listed at $290,000, that’s $30,000 more than the 2020 purchase of $260,000.

Will the seller get the higher price with this tight inventory?

Rebecca Lavin and Emily Sachs Wong at @properties Christie’s have the listing. See the pictures and floor plan here.

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

• Sold in April 2001 for $240,000
• Sold in October 2007 for $301,000
• Originally listed in September 2010 for $279,000
• Sold in September 2011 for $192,500 (included the parking)
• Sold in December 2020 for $260,000 (included the parking)
• Currently listed at $290,000 (parking included)
• Assessments are now $332 a month (they were $256 a month in 2011)
• Taxes are now $5347 (they were $3526 in 2011)
• Central Air
• In-unit washer/dryer
• Bedroom #1: 11×10
• Bedroom #2: 9×11
• Living room: 18×11
• Kitchen: 11×10
• Balcony: 7×26

This corner 2-bedroom in One Place Condos at 1 E. 8th in the South Loop came on the market in January 2024.

Built in 2009, One Place Condos has 91 units and attached garage parking.

The building does not have door staff and no amenities except, apparently, a clubhouse (?).  The listing says that residents can get a discount at the XSport Fitness in the building.

This unit is a “rarely available” corner unit that is being sold by the original owners.

The listing says it has been “lovingly maintained” as a second home and is “gently used.”

It has floor to ceiling west and north facing windows with a split floor plan.

There are hardwood floors in the living/dining rooms and kitchen with “fresh” carpet in both bedrooms.

The kitchen has wood cabinets, stainless steel appliances and is a “rare” unit which has a center island, with seating for two, which was, according to the listing, an original construction upgrade.

The primary bedroom faces west and has 2 closets with custom shelving and an en suite bathroom.

The second bedroom faces north and is also en suite.

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

If you’re thinking that this would make a fantastic rental given its location near several universities/colleges, the listing says that there is no rental cap or restrictions except that airbnbs are NOT allowed.

The listing also says the building is 45% owner occupied.

The building is near plenty of South Loop and Printers Row amenities and transportation:

The location is superb-close to the Loop, Columbia College/DePaul & Roosevelt Universities, Trader Joe’s, Jewel, coffee shops, Eleven City Diner, and all the best museums, restaurants, nightlife, and entertainment the South Loop and Printer’s Row have to offer. Just around the corner is the Harrison Red Line Station and Grant Park. Get to I-90/94, 55, and 290 in minutes.

Listed at $375,000 plus $25,000 for the parking, is this unit a candidate to remain as a second home?

Alex Wolking at KW OneChicago has the listing. See the pictures, floor plan and 3D Walkthrough here.

Unit #908: 2 bedrooms, 2 baths, 1047 square feet

• Sold in March 2009 for $300,000 (included the parking)
• Currently listed at $375,000 (plus $25,000 for garage parking)
• Assessments of $720 a month ($668 for the unit and $51 for the parking) (includes heat, a/c, cable, clubhouse, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $6392
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 11×11
• Bedroom #2 12×10
• Living room: 13×11
• Kitchen/dining: 19×15
• Balcony

This 2-bedroom corner penthouse at 15 S. Throop in the West Loop came on the market in January 2024.

Built in 2001, 15 S. Throop has just 46 units and attached garage parking.

It doesn’t have any door staff and the only amenity appears to be a bike room. There’s no exercise room.

This corner penthouse has skyline views with a “top-to-bottom” modern redesign.

The listing says it’s urban living meets modern elegance.

The living/dining rooms and kitchen is open concept and appears to have dark wood floors.

The kitchen has custom cabinetry from Archisesto and custom cabinet builder with matching floor to ceiling built-ins.

It’s a “chef’s dream” with Samsung and Bosch stainless steel appliances, quartz countertops, a peninsula with seating for 2, a column covered in neutral rock face stonework, a sleek blacksplash and under mount sink.

The unit has custom light fixtures.

The primary suite has east city views, a walk-in-closet, and an en suite bathroom with a “spa-like experience” with a separate shower and soak tub.

The second bedroom is being used as a workout room.

It doesn’t appear that either bedroom has a door.

The listing says the second bath has been “upgraded’ with custom tile and new soak tub.

The unit also has an east facing balcony off the living room.

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

This building is near coffee shops, restaurants, parks, spas and restaurant row and the Fulton Market corridor are minutes away.

Listed at $645,000, this unit last sold 21 years ago, in 2003, for $385,000.

Buyers love “new.”

Will this renovation get the sale done?

Lynn Reidl at @properties Christie’s has the listing. See the pictures, 3D Walkthrough and floor plan here.

Unit #605: 2 bedrooms, 2 baths, 1500 square feet

• Sold in January 2003 for $385,000
• Currently listed at $645,000
• Assessments of $608 a month (includes security, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5,642
• Central Air
• Washer/dryer in the unit
• Garage parking is included
• Gas fireplace
• Bedroom #1: 13×14
• Bedroom #2: 11×12
• Living room: 26×22 (does this include the dining room and kitchen?)
• Dining room: 13×12
• Kitchen: 14×16
• Foyer: 7×7
• Walk-in-closet: 14×7
• Balcony: 16×5

This 2-bedroom at 4729 N. Paulina in Ravenswood came on the market in January 2024. I don’t have a picture but I wanted to crib on this so enjoy the statute instead.

4729 N. Paulina is a classic Chicago courtyard building. Built in 1927, it has 24 units and gated parking.

The building is professionally managed and has an exercise and party room. The listing says it’s on a quiet 1-way street.

The listing also calls this a “vintage lover’s dream.”

This unit has many of its vintage features including the layout, which has a generous foyer and a heated sunroom/office space with built-in bookcases, hardwood floors throughout, and crown molding.

It has north and south exposures.

The unit has a wood burning fireplace in the living room and a formal dining room which the listing says could seat up to 12.

The eat-in kitchen is “updated” with white cabinets, what look like stone counter tops and white appliances.

The unit has a split floor plan with both bedrooms big enough to fit a king-sized bed.

There is just one bath and it has the original tile. However, the unit does have a unique feature of a “overnight sink” in the second bedroom.

The listing says it has a ton of storage and charm, including a walk-in-closet and a linen closet.

This unit has some of the features that buyers look for, and which are relatively rare in vintage units, including washer/dryer in the unit and gated parking. It doesn’t have central air, however. It has 2 window units.

This building is near the Ravenswood Metra stop, the Damen Brown line stop and the shops and restaurants of Ravenswood and Lincoln Square.

Listed at $385,000, that’s $59,000 above the 2017 sale of $326,000.

Will this sell by Sunday?

Scott Curcio at Baird & Warner has the listing. See the pictures and floor plan here.

Or you can see it at the open house on Saturday, January 20, 2024, from 12:30 to 2:30 PM.

Unit #3: 2 bedrooms, 1 bath, no square footage listed but the floor plan says it’s 1357 square feet

• Sold in July 1992 for $128,000
• Sold in June 2005 for $288,000
• Sold in October 2006 for $307,000
• Sold in March 2017 for $326,000
• Currently listed at $385,000
• Assessments of $443 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal, exercise room, party room)
• Taxes of $6581
• No central air. 2 window units.
• Washer/dryer in the unit
• Gated parking included
• Wood burning fireplace
• Bedroom #1: 15×13
• Bedroom #2: 18×14
• Foyer: 13×7
• Living room: 17×18
• Dining room: 18×12
• Sunroom: 7×5
• Walk-in-closet: 5×5
• Deck: 12×7 (no pictures- and not clear it’s usable)

This 4-bedroom penthouse in 707 W. Junior Terrace in Buena Park neighborhood of Uptown came on the market in November 2023. (I don’t have my own picture of this building yet. Sorry.)

Built in 1929, 707 W. Junior Terrace has just 15 units. There doesn’t appear to be any amenities or door staff.

This is a 2-story full floor penthouse.

The listing says it has 360 degree views of Montrose Harbor, Lake Michigan, sunsets and Lincoln Park through arched windows.

It has hardwood floors throughout and 12 foot ceilings.

The main floor has coffered wood ceilings in the living and dining rooms.

There’s a chef’s kitchen with black cabinets and a La Cornuce range.

The listing says the bathrooms are “updated.”

Three of the bedrooms are on the main level, including the primary bedroom.

The fourth bedroom is on the second floor along with a 1500 square foot private roof terrace.

This unit has the features buyers look for, and which are sometimes rare with vintage units, including washer/dryer in the unit and garage parking.

There’s shops and restaurants nearby in Buena Park, including a Dollop Coffee. The building is also near the Peace Garden.

Listed in November 2023 for $1,749,000, it is still listed at $1,749,000.

At 4,000 square feet, is this a single family home replacement?

Michael O’Connor at Dream Town Real Estate has the listing. See the pictures and floor plan here.

Unit #PH-12: 4 bedrooms, 3.5 baths, 4000 square feet, duplex penthouse

• Sold in January 1979 for $34,500
• Sold in July 1992 for $360,000
• Sold in February 2003 for $765,000
• Listed in November 2023 for $1.749 million
• Currently still listed at $1.749 million
• Assessments of $2950 a month (includes heat, gas, parking, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11,685
• Central Air/Space Pac
• Washer/dryer in the unit
• Garage parking included (in the building???)
• There’s a fireplace in the living room but not sure if it’s operating
• Bedroom #1: 22×14 (main floor)
• Bedroom #2: 23×20 (main floor)
• Bedroom #3: 12×11 (main floor)
• Bedroom #4: 34×23 (second floor)
• Living room: 28×27 (main floor)
• Kitchen: 17×27 (main floor)
• Laundry room: 4×3 (main floor)
• Deck: 30×50 (second floor)

This 3-bedroom penthouse in 550 N. St Clair in Streeterville came on the market in July 2023.

Built in 2008, just as the Great Recession and housing bust hit, 550 N. St Clair is a modern building with floor-to-ceiling windows and exposed concrete ceilings with 111 units and a parking garage.

It has 24/7 door staff, an exercise room and indoor pool.

This penthouse has “sophisticated style” with east, south and west views along with 13-foot concrete ceilings.

The listing says “every room has a stunning view.”

There are hardwood floors throughout.

The main living area has an open floor plan with the living room, dining room and kitchen. There’s also a 48 foot balcony that runs the length of the living/dining room.

The unit has a “gourmet chef’s kitchen” with Alno black cabinetery, a giant oversized center island with a breakfast bar that seats four, a Thermador high-end refrigerator/freezer, a built-in oven and microwave, a Bosch paneled dishwasher, a five-burner gas stove, beverage cooler and 2 sinks.

The primary suite has a private balcony, walk-in-closet, and a marble and travertine double full primary bathroom with soaking tub and 2 separate showers.

The other two bedrooms are both en suite.

The unit has the features buyers look for including central air, a built-in laundry center with a side-by-side washer/dryer and 2 garage parking spaces.

This unit has Hunter Douglas custom dual solar and light filtering motorized shades.

It’s also a smart home.

This building is near the Mag Mile, the shops and restaurants of Streeterville, the Whole Foods, the Riverwalk and numerous bus lines.

Listed in July 2023 for $1.875 million, it has been on, and off, the market, and now has been reduced to $1.695 million.

This is under both the the 2021 sales price of $1.776 million and the 2009 sales price of $1.81 million. 

Is this a deal?

Jeanine McShea and Erin McShea of @properties Christie’s have the listing. See the pictures and floor plan here.

Unit #2602: 3 bedrooms, 4 baths, 3200 square feet, penthouse

• Sold in April 2009 for $1.81 million
• Sold in April 2021 for $1.776 million
• Originally listed in July 2023 for $1.875 million
• Removed and Re-listed
• Reduced
• Currently listed at $1.695 million
• Assessments of $1866 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
• Taxes of $24,527
• Central Air
• Washer/dryer in the unit
• 2 car garage parking
• Bedroom #1: 18×20
• Bedroom #2: 18×13
• Bedroom #3: 13×13
• Living room: 21×28
• Kitchen: 10×20
• Dining room: 15×20
• Foyer: 5×28
• Walk-in-closet: 11×4
• Laundry center: 14×7
• Terrace: 5×48
• Balcony: 8×3

This 5-bedroom at 2124 N. Lincoln Park West in East Lincoln Park came on the market in January 2024.

Built in 2002, this single family home is part of a 2-unit complex which appears to share the garage area. It’s on a 20×60 lot and has a 2-car street-facing garage.

This home has interior stairs as well as a custom elevator.

The listing says it was owned and designed by an AD100 designer and has “timeless luxury and distinctive character.”

The main level has views out to the park with a living room, family room, breakfast/dining room and kitchen along with a powder room.

The kitchen is a “high end” Baltaup kitchen with white and wood modern cabinets, white marble countertops, an island, top of the line appliances and an oversized polished nickel bespoke pot rack.

The family room has floor-to-ceiling bookshelves which can be a formal dining room.

There’s a professionally landscaped rear terrace that has a pergola.

It has a wood burning fireplace, wet bar and a terrace with “enchanting” park views.

The house has a grand staircase to the third floor which has 3 bedrooms.

The primary suite has a walk-in-closet and a marble bath with heated flooring.

There are also two other 2 bedroom suites but one has been turned into a walk-in-closet with a powder room. There’s also a laundry center on this floor.

The top floor has 2 more bedrooms, a spa-like bath, a workout room and office with a Lincoln Park facing terrace.

This home has central air.

It’s across from the Lincoln Park Zoo with lake and park views. You also have all the shops and restaurants of East Lincoln Park and Old Town nearby.

Listed at $3.995 million, is this the perfect location for Lincoln Park lovers?

Emily Sachs Wong at @properties Christie’s has the listing. See the pictures and floor plan here.

2124 N. Lincoln Park West: 5 bedrooms, 4 baths, 4500 square feet, single family home

• Sold in November 2003 for $1,004,000 (records seem confusing)
• Currently listed at $3.995 million
• Assessments of $400 a month (includes parking)
• Taxes of $51,850
• Central Air
• 2-car attached garage
• Wood burning fireplace
• 3 outdoor spaces
• Bedroom #1: 15×24 (third floor)
• Bedroom #2: 12×14 (third floor)
• Bedroom #3: 12×13 (third floor)
• Bedroom #4: 13×15 (fourth floor)
• Bedroom #5: 11×8 (fourth floor)
• Living room: 17×22 (second floor)
• Dining room: 17×16 (second floor)
• Family room: 13×15 (second floor)
• Kitchen: 12×17 (second floor)
• Workout room: 12×12 (fourth floor)
• Office: 25×13 (fourth floor)

Due to a family emergency, there won’t be any Crib Chatter this week.

Hug the ones you love.

See you next week-

Sabrina