Crib Chatter

This 4-bedroom single family home at 1524 W. Oakdale in West Lakeview recently came on the market.

If this house looks familiar, that’s because we chattered about it the last time it came on the market, in 2013.

See our extensive chatter about it here (especially The Groove’s comments about paying $800,000 for this property).

You may remember, that 2013 was a pretty hot market with many properties seeing bidding wars.

This house was one of them.

It had offers within the first 24 hours on the market.

Liz posted this comment:

“I was there this weekend and the agent had let me know they’d received several offers already but were not going to make a decision until after this weekends showings. I’m sure they received several more.”

You may recall, that one of the selling points was that it was in the Burley school district.

It’s on a standard Chicago lot measuring 25×125 and has a two car garage.

This house has its front door on the main level with the family room and a bedroom on that level. The listing says this floor has seen a “recent complete remodel.”

The living/dining/kitchen are on the second level along with a bedroom.

The current listing says the kitchen is “freshly updated.” In 2013, the kitchen had cherry cabinets, but they are now white. There are still granite counter tops and stainless steel appliances along with a pantry, and a breakfast bar.

The master bedroom, and a second bedroom, are on the third floor. The master has cathedral ceilings and there are skylights along with 2 walk-in closets.

There are updated marble baths.

The house has 4 outdoor spaces, including 3 decks.

Don’t want to mow the lawn? It has a turf backyard.

There’s no way of knowing how many offers it got in 2013 but the house sold for $21,000 over it’s list price at $796,000.

It has come back on the market 5 years later for $1.035 million.

The market is even tighter in 2018 than in 2013 but the selling point on this house in 2013 was it’s price under $800,000.

Is $1 million the “new” $800,000 in this neighborhood?

Will there be a bidding war this time around?

Daniel Marks at @Properties has the listing this time. See the pictures here.

1524 W. Oakdale: 4 bedrooms, 2.5 baths, no square footage listed, 2 car garage

• Sold in September 1994 for $334,000
• Sold in April 1999 for $480,000
• Sold in July 2007 for $830,000
• Originally listed in February 2013 for $775,000
• Multiple offers within 24 hours
• Sold in April 2013 for $796,000
• Currently listed for 5 days at $1.035 million
• Taxes are now $14,048 (they were $10,900 in 2013)
• Central Air
• Wood burning fireplace
• Bedroom #1: 17×12 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 15×10 (second floor)
• Bedroom #4: 12×9 (main floor)
• Family room: 21×12 (main floor)

This full floor 5-bedroom at 2344 N. Lincoln Park West in East Lincoln Park came on the market in January 2018.

This Beaux Arts building as constructed in 1916 and has 6 full floor units and an elevator.

It also has indoor parking, with a 2-car tandem parking space included with this unit.

At 4600 square feet, it is as large as many luxury single family homes and has 4 exposures.

The unit has many of its vintage features including a fireplace and crown moldings.

It has a 35 foot grand foyer along with a heated solarium.

There’s an eat-in chef’s kitchen with granite counter tops and luxury stainless steel appliances.

The unit has cedar closets and a laundry room.

It looks like it has space pak cooling but it may be central air.

This building is directly across from the Conservatory and Lincoln Park Zoo.

Originally listed in January 2018 for $2.79 million, it has been reduced to $2.49 million.

Who’s the targeted buyer for a property like this?

Michael Rosenblum at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #4: 5 bedrooms, 4 baths, 4600 square feet

• Sold in March 2001 for $2,395,000
• Sold in August 2005 for $2,396,500
• Originally listed in January 2018 for $2,797,747
• Reduced
• Currently listed at $2,497,700 (includes 2-car tandem parking)
• Assessments of $2,029 a month (includes heat, security, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $37,873
• Space pak or central air?
• Washer/dryer in the unit
• 1 gas fireplace
• Bedroom #1: 18×14
• Bedroom #2: 14×13
• Bedroom #3: 20×10
• Bedroom #4: 19×15
• Bedroom #5: 1414
• Foyer: 35×8
• Heated solarium: 18×17
• Family room: 24×17
• Laundry room: 7×6

This 1-bedroom in The Vetro at 611 S. Wells in the South Loop recently came on the market.

Thanks to one of the original Crib Chatter readers, Bob, who pointed out that we had chattered about this unit in March 2009 when it had a large landscaped west-facing terrace with an outdoor kitchen.

You can see that chatter here.

While the Great Recession was in full swing by March 2009, there were still many who believed that housing prices wouldn’t be impacted.

Hence, many flippers were still trying to flip new construction units such as these at the Vetro.

Originally purchased in 2007 for $502,000, it was back on the market in 2009 for $869,000, plus $30,000 for parking.

It never sold and a lis pendens was filed in January 2010.

The bank finally took it back in October 2017 (incredible that it took nearly 8 years!) and has now re-listed it.

However, the outdoor kitchen was a unique feature in 2009. See the picture from 2009 below.

It’s kind of ironic if you look at the current pictures that I also described the terrace in 2009 by saying: “Usually they remain a slab of unwelcoming concrete.”

As that outdoor kitchen, plus the landscaping, is long gone.

This unit was very customized originally.

From the 2009 listing:

The listing states it has Birger Juell floors and Waterwork baths including a Zen Master bath with steam and separate jet tub. The 950 square foot terrace has ipewood floors and an outdoor kitchen.

Currently, it looks like the floors and at least one bath remains, along with a platform bed in the bedroom.

However, as I said above, the outdoor kitchen is no longer there.

Additionally, the new Riverline project across the street, along the Chicago River, is now underway.

There will be new construction buildings across the street, just west of this building.

This unit has the features buyers look for including central air and washer/dryer in the unit.

It also has a rare 2-car parking which is included in the price.

This unit has come back on the market from the bank at just $385,900.

Is this a deal?

Kirby Pearson at Parker Pearson has the listing. See the pictures here.

Unit #705: 1 bedroom, 1.5 baths, no square footage listed now, 950 square foot terrace (this is the square footage from 2009)

• Sold in November 2007 for $502,000 (included 2 parking spaces)
• Was listed in March 2009 for $869,000 (parking is $30k extra)
• Withdrawn
• Lis pendens foreclosure filed in January 2010
• Lis pendens filed in March 2010
• Bank owned in October 2017
• Currently listed as a Fannnie Mae Homepath property at $385,900 (includes 2 parking spaces)
• Assessments are now $602 a month (they were $367 a month in 2009)(this includes the parking assessment, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes are now $6532 (they were “new” in 2009)
• Central Air
• Washer/dryer in the unit
• Bedroom: 15×12
• Terrace

This 7-bedroom Queen Anne Victorian at 1904 W. Patterson in North Center has been on and off the market since April 2015.

We last chattered about it in 2016 when the sales price was much higher.

Back then, some of you saw this as a possible Bed and Breakfast and didn’t think the price was too “off”.

See our chatter here.

But it never sold and has come back on the market.

If you recall, it was built in 1891 on a bigger than standard 62.5 x 125 corner fenced in lot.

It has a large wrap around porch, a 3-car garage, a sport court and a brick and bluestone patio.

At 8,000 square feet, it has 7 bedrooms and the preferred layout, with the bedrooms on both the second and third floors.

There are no bedrooms in the basement.

There’s a lower level exercise room and sauna as well as a game room.

It also has an interesting feature in the top floor turreted room: an “office/smoking room with ventilation system.”

The house has an eat-in kitchen with white cabinets, stainless steel appliances and stone counter tops.

It has central air and 3 fireplaces as well as extensive wood work and moldings.

From the listing pictures, it appears that the owners have moved out.

The listing pictures now show some “virtually staged” pictures with the ever popular light gray walls and trendy furniture.

Originally listed in April 2015 for $3,999,999, it has been reduced numerous times and is now listed about 50% less at $1,990,000.

What will it take to finally sell this unique property?

Should the owners go ahead and repaint the entire interiors to make it move-inable? Or is price the only thing that will matter?

Will someone get a deal on this property?

Julie Harron at Jameson Sotheby’s has the listing. See the pictures and floor plan here.

1904 W. Patterson: 7 bedrooms, 7.5 baths, 8000 square feet, 3 car garage

• Sold in November 1998 for $650,000
• Originally listed in April 2015 for $3,999,999
• Reduced
• Was listed in August 2016 at $2.55 million
• Reduced
• Currently listed at $1.990 million
• Taxes are now $48,377 (they were $27,835 in August 2016)
• Central Air
• 3 fireplaces
• Bedroom #1: 20×16 (second floor)
• Bedroom #2: 21×16 (second floor)
• Bedroom #3: 14×13 (second floor)
• Bedroom #4: 12×12 (second floor)
• Bedroom #5: 17×16 (third floor)
• Bedroom #6: 13×12 (third floor)
• Bedroom #7: 11×10 (third floor)
• Turreted office/smoking room: 13×13 (third floor)
• Exercise room: 18×16 (lower level)

This 3-bedroom at 1005 W. Webster in Lincoln Park came on the market in March 2018.

If this building looks familiar, that’s because we chattered about it in 2010 and 2011, during the worst of the housing bust, because it was one of the few new construction condo buildings that was attempting to sell units.

Many of you were skeptical it would sell, especially as this 6-unit building was luxury condos.

But it sold out quickly.

See our chatter here and the listing prices at the time below:

Here are the details from the time on those units which sold with the March 2010 listing price appearing first:

1. Unit #2E: $759,000– sold in July 2010 for $705,000
2. Unit #2W: $739,000– currently listed at $719,000 and under contract
3. Unit #3E: $749,000– sold in January 2011 for $705,000
4. Unit #3W: $699,000– still available but doesn’t appear to be listed
5. Unit #4E: $875,000– sold in July 2010 for $870,000
6. Unit #4W: $849,000– sold in August 2010 for $825,000

Unit #3E has come back on the market for the first time since it’s original sale.

This unit has crown molding throughout and a fireplace in the living room.

The kitchen has white cabinets and luxury stainless steel appliances along with an island (is this a breakfast bar when it is elevated like that?).

The master bath has an oversized steam shower.

The unit has a heated garage and there’s an elevator in the building.

Now listed at $899,900, will it sell just as quickly in today’s market conditions as it did back in 2010?

Paul Gorney at Coldwell Banker has the listing. See the pictures here.

Unit #3E: 3 bedrooms, 2 baths, 1800 square feet

• Sold in November 2011 for $705,000
• Originally listed in March 2018 for $899,900 (includes 1 car parking)
• Currently still listed at $899,900 (includes 1 car parking)
• Assessments of $281 a month (includes exterior maintenance, lawn care and scavenger)
• Taxes of $15,340
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×18
• Bedroom #2: 10×17
• Bedroom #3: 11×14

This 6-bedroom single family home at 1345 W. Wolfram in West Lakeview came on the market in January 2017.

If it looks familiar, that’s because we chattered about it in 2015.

You can see our chatter here.

However, the house actually did sell in 2015, just a few months after we chattered about it.

But it’s now available again.

If you remember, it has unique features for a city house including a rare double lot measuring 52×124.6 which allows it to have that other rare city feature: the 5 car garage.

Thanks to the double lot, it also has nearly double the square footage of a typical single family home at 9050 square feet.

And for those who need a bathroom with each bedroom, this house has 7 baths and 2 half baths.

The kitchen has luxury stainless steel appliances and granite counter tops along with a 2-story breakfast area.

The second floor has 4 ensuite bedrooms along with a laundry room.

The lower level has a recreation room, a second laundry room and a nanny suite complete with a full kitchen.

It has 4 decks and a basketball court.

If you don’t want to walk up and down all the stairs, there is an elevator.

The listing says the house is in the Prescott school district.

The house has been reduced since it first came on the market in 2017. It’s now listed at the same price as the 2015 purchase.

Is this a deal for the square footage?

Emily Sachs Wong at @Properties has the listing. See the pictures here (sorry- no floor plan).

1345 W. Wolfram: 6 bedrooms, 7 full baths, 2 half baths, 9050 square feet, 5 car garage

• I couldn’t find a prior sales price for 2003 sale
• Originally listed in September 2012 for $3,195,999
• Reduced
• Was listed in September 2013 at $2.95 million
• Sold in May 2015 for $2.65 million
• Originally listed in January 2017 for $2.995 million
• Reduced
• Currently listed at $2.65 million
• Taxes are now $20,400 (they were $16,890 in 2015 and $11,866 in 2013)
• Central Air
• 3 fireplaces
• Nanny’s quarter with kitchen
• Basketball court
• Bedroom #1: 21×15 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 11×15 (second floor)
• Bedroom #4: 11×18 (second floor)
• Bedroom #5: 11×13 (third floor)
• Bedroom #6: 8×16 (lower level)

This 6-bedroom custom single family home at 550 W. Oakdale in East Lakeview first came on the market in May 2010.

If it looks familiar, that’s because we’ve chattered about it twice before, with the last time in March 2013.

Back then, it was listed for over $3 million and we debated whether this East Lakeview neighborhood could support single family home prices over $3 million.

See our chatter here.

The house is still on the market and has been reduced numerous times over the years.

If you recall, the 7000 square foot house has a unique 53 foot atrium center and radiant heat floors.

It has twelve foot ceilings and eight foot doors along with cherry hardwood floors.

The kitchen has the usual upscale appliances like SubZero, Viking, Wolf and Zephyer.

Built on a 25×140 lot, the house has a 2-car garage that the listing says can accommodate 4 cars with a car lift.

It also provides “snow free living” with heated walkways and stairs along with triple vented gas sealed windows.

The lower level is now being sold to buyers as an in-law unit or au pair quarters. It’s apparently below grade but has a bedroom, 1 bath and a living area. There doesn’t appear to be a kitchen however.

The house has marble baths.

There are 4 outdoor decks.

And if you’re wondering how you’ll cool it all, the house has 4 HVACs.

Originally listed over $3 million, it has now been reduced to $2.199 million.

How long can a custom home like this go unsold before some of the finishes have to be replaced due to changing trends?

And will this house finally sell in this hot housing market?

Sam Shaffer at Chicago Properties has the listing. See the pictures here.

550 W. Oakdale: 6 bedrooms, 4 baths, 3 half baths, 7000 square feet, 2 car parking

• Original property sold in June 2007 for $907,500
• Originally listed in May 2010
• Was listed in June 2012 for $3.2 million
• Reduced
• Currently listed at $2.199 million
• Taxes are now $29,859 (they were $37,897 in 2013)
• Central Air
• 4 Decks
• Bedroom #1: 19×15 (third floor)
• Bedroom #2: 18×12 (second floor)
• Bedroom #3: 15×12 (second floor)
• Bedroom #4: 13×13 (second floor)
• Bedroom #5: 10×12 (second floor)
• Bedroom #6: 18×11 (basement)
• Laundry room: 8×10 (second floor)

This 2-bedroom in the Plaza 440 at 440 N. Wabash in River North just came on the market.

It’s on a low floor so there are no views but the listing says it was just remodeled.

It has hardwood floors throughout and LED lighting.

The kitchen has white cabinets, quartz counter tops, a blacksplash and stainless steel appliances.

There’s a separate dining area.

The unit has updated baths with quartz vanities.

There’s a new Bosch washer/dryer.

It has central air but there isn’t deeded parking. It is leased in the building.

Listed at $399,000, and just steps away from Trump Tower, the River Walk and the Mag Mile, is this an ideal in-town?

Matt Laricy at Americorp has the listing. See the pictures here.

Or see it at the Open House this weekend on Saturday, Apr 28 from 11 to 12:30 PM.

Unit #405: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 2005 for $376,500
• Sold in May 2011 for $233,000
• Currently listed for $399,000
• Assessments of $473 a month (includes heat, a/c, doorman, cable, Internet, pool, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $4106
• Central Air
• Washer/dryer in the unit
• No parking but it can be rented in the building
• Bedroom #1: 11×20
• Bedroom 32: 11×18

This 3-bedroom in 1414 N. Wells in Old Town recently came on the market.

This building was constructed in 1995.

It has 51 units and a heated parking garage but it is not a full service building. There’s no doorman.

This is a penthouse unit with south facing windows.

It has been renovated in the last decade and sports crown molding and wainscoting.

The  kitchen has white cabinets, Subzero and Viking appliances, along with a Subzero wine fridge, and a huge kitchen island with marble counter tops.

The master bathroom has a skylight. There’s also a custom walk-in closet.

The third bedroom has French doors with millwork and a custom workstation.

This unit has a rare side-by-side washer/dryer.

There are two private 9×12 terraces as well as central air.

It also has 2 heated garage parking spaces for $80,000 extra.

Listed at $1.795 million, I thought this might be the “Johnny Depp” unit we chattered about in 2008 as that unit was also listed over $1 million.

But that was Unit #502. You can see that chatter, and pictures, here.

That leaves this unit as one of the most expensive ever listed in the building.

Old Town has always been hot, even during the housing bust.

But is it a neighborhood where 3-bedroom condos sell for over $1.8 million?

Emily Smart Le Mire at Coldwell Banker has the listing. See the pictures here.

Unit #607: 3 bedrooms, 2 baths, no square footage listed

• Sold in July 1996 for $465,000 (2 parking spaces included)
• Sold in March 2006 for $915,000 (2 parking spaces included)
• Sold in November 2010 for $925,000 (2 parking spaces included)
• Currently listed for $1.795 million (2 parking spaces are $80,000 extra)
• Assessments of $1072 a month (includes cable, exterior maintenance, scavenger, snow removal)
• Taxes of $17,471
• Central Air
• Side-by-side washer/dryer in the unit
• Bedroom #1: 16×15
• Bedroom #2: 13×12
• Bedroom #3: 13×10
• Foyer: 16×14
• Walk-in-closet: 11×10

Winter has held on in Chicago as March home sales took a tumble (the above picture is from spring 2012).

From the Illinois Association of Realtors:

The city of Chicago saw year-over-year home sales decline 10.1 percent with 2,290 sales in March, compared to 2,546 a year ago. The median price of a home in the city of Chicago in March 2018 was $314,000, up 6.4 percent compared to March 2017 when it was $295,000.

Historic data courtesy of G:

City of Chicago condo/TH/SFH closed totals March
year/closed/median/% REO-Short Sales
Year Closed Median %REO/SS
1997 1,226 $126,875
1998 1,540 $137,003
1999 1,766 $152,125
2000 1,793 $167,500
2001 1,800 $195,000
2002 2,112 $210,000
2003 2,261 $225,000
2004 2,772 $244,950
2005 2,822 $271,125
2006 3,000 $275,862
2007 2,399 $285,000
2008 2,098 $300,000
2009 1,219 $217,000 37%
2010 1,860 $207,750 38%
2011 1,481 $163,763 49%
2012 1,630 $170,500 44%
2013 1,894 $187,500
2014 1,875 $235,000
2015 2,173 $260,000
2016 2,149 $269,000
2017 2,546 $295,000
2018 2290 $314,000

While sales saw their largest year-over-year drop since 2014, it was the highest median price in the last 20 years.

“Limited supply and high demand took center stage for the start of the Chicago spring housing market,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group. “While the number of closed sales slowed in tandem with the inventory crunch, the rise in median sales price and reduction of time it takes for a home to sell on average, points to competition for well-priced homes in good condition.”

“Nationally, the Fannie Mae Home Purchase Sentiment Index rose, driven primarily by a sizable increase in the net share of consumers who think it’s a good time to buy a home,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.

Before you blame rising mortgage rates for the sales slowdown, the mortgage rates really weren’t much higher in the month.

The average 30-year was 4.44% up from 4.33% in February and 4.2% in March 2017.

I still believe we need to see rates over 5% before they really hit the housing market.

Then what explains the lower home sales in a month that has historically signaled the start of the spring housing market?

Could the extended cold winter have put a damper on buyers?

Or is the near record low inventory really starting to hinder the housing market?

Recent housing market trends continue in March with higher home prices and slower home sales (Illinois Association of Realtors, Press Release, April 23, 2018)