Crib Chatter

This 3-bedroom townhouse at 1350 W. Byron in Southport just came on the market.

This is a townhouse development with 12 units and attached 1-car garages built in 2000.

This townhouse has 4 levels.

The first floor has the attached garage (with an additional driveway parking) and a den.

The second floor has the living/dining and kitchen.

The third floor has 2 en suite bedrooms.

The fourth floor has either a third bedroom or a family room along with a half bath.

There are two different outdoor spaces, on the first floor and the fourth floor.

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

The listing says it’s in the Blaine school district.

In the past, that has been one of the hottest school districts, virtually guaranteeing that any 3-bedroom would sell quickly.

Are properties in Blaine still red hot?

Steven Katz at @Properties has the listing. See the pictures here.

Unit #10: 3 bedrooms, 2.5 baths, no square footage listed

• Sold in October 2000 for $425,000
• Sold in May 2002 for $469,000
• Currently listed for $549,900 (includes 1 car garage)
• Assessments of $225 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $8706
• Central Air
• Fireplace
• Bedroom #1: 16×11 (third floor)
• Bedroom #2: 10×10 (third floor)
• Bedroom #3: 16×12 (fourth floor)
• Den: 10×9 (first floor)

I almost forgot to do an update on the May home sales.

It’s not a very exciting story right now.

The market is still tight because inventory remains low.

The city of Chicago saw year-over-year home sales decrease 2.2 percent with 2,978 sales in May, compared to 3,046 a year ago. The median price of a home in the city of Chicago in May 2018 was $306,000 up 0.1 percent compared to May 2017 when it was $305,600.

May Sales:

• May 2008: 2119 sales
• May 2009: 1557 sales
• May 2010: 2057 sales
• May 2011: 1705 sales
• May 2012: 2037 sales
• May 2013: 2834 sales
• May 2014: 2453 sales
• May 2015: 2750 sales
• May 2016: 2980 sales
• May 2017: 3046 sales
• May 2018: 2978 sales

Median Price Data:

• May 2008: $319,500
• May 2009: $225,000
• May 2010: $230,000
• May 2011: $190,000
• May 2012: $203,000
• May 2013: $234,000
• May 2014: $269,250
• May 2015: $281,000
• May 2016: $290,750
• May 2017: $305,600
• May 2018: $306,000

“Median prices showed a healthy, sustainable uptick in May, giving property owners an opportunity to continue to gain a return on their investment while at the same time allowing consumers a solid shot at getting into a home,” said Illinois REALTORS® President Matt Difanis, ABR, CIPS, GRI, broker-owner of RE/MAX Realty Associates in Champaign. “The overall trend of decreasing inventories is unabated, so it’s likely this market dynamic will continue to place upward pressure on home prices through the summer.”

30-year mortgage rates averaged 4.6%, up from 4.47% in April and up from 4.01% in May of last year.

“Buyers are feeling the pressure to move quickly, with shorter market times and fewer homes to choose from,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and principal of Thomson Real Estate Group. “For sellers, it’s all about positioning. With prices holding steady, sellers need to price it right from the beginning.”

Could a trade war take the shine out of the housing market in the second half of 2018?

“While month-to-month sales in the last quarter recorded solid gains, the sales volumes were slightly lower than a year ago,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “The continued expansion of the economy has certainly helped sustain the housing recovery although rising interest rates and uncertainty about the impact of the current trade war may dampen growth in the rest of 2018.”

Statewide, inventory declined 7.6% year-over-year to 55,126 from 59,644 homes. The time it took to sell also fell, to an average of 49 days from 52 days in May 2017.

Is the market as hot this summer as it was in the spring?

Illinois median home prices show gains in May, sales down slightly [Illinois Association of Realtors, Press Release, June 20, 2018]

This 3-bedroom duplex in Dearborn Tower at 1530 S. State in the South Loop came on the market in April 2018.

On the 18th and 19th floor, it has 18 foot ceilings with floor to ceiling windows and 3 exposures, including the city skyline.

It has some unique interior features including different flooring than your standard wood plank floors. (what ARE those floors in the living room? Wooden tiles? Stained concrete?)

The living room makes up the entire length of the unit which is 71 feet long.

The kitchen also isn’t your standard white cabinet/quartz counter top kitchen. It has what looks like red or orange cabinets along with luxury stainless steel appliances and a breakfast bar.

There’s also a second, smaller kitchen.

Two of the bedrooms are on the main floor with the third on the second floor.

There’s a den, a family room and an exercise room.

The unit also has 3 terraces and a rare light-filled solarium.

It has central air, washer/dryer in the unit and 5 car garage parking is included.

At $3.9 million, is this unit a South Loop hidden gem?

Bonita Burrell at Burrell Realty has the listing. See the pictures and the floor plan here.

Unit #18A-B: 3 bedrooms, 5 baths, 6500 square feet, duplex

• Sold Unit 18A in May 2004 for $1.6 million
• Sold Unit 18-B in November 2007 for $512,000
• Originally listed in April 2018 for $3.9 million
• Currently still listed for $3.9 million (includes 5 car parking)
• Assessments of $3452 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal and Internet)
• Taxes of $31,111
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×13 (main floor)
• Bedroom #2: 21×21 (main floor)
• Bedroom #3: 18×14 (second floor)
• 2nd kitchen: 9×8 (main floor)
• Den: 17×10 (main floor)
• Office: 14×13 (main floor)
• Living room: 71×21 (main floor)
• Solarium: 36×12 (second floor)
• Exercise room: 18×8 (second floor)

This 3-bedroom condo at 1738 N. North Park in the Old Town Triangle neighborhood came on the market in May 2018.

Thanks to the reader who sent me an e-mail about it.

The listing says it’s the first time it’s been on the market since the building converted to condos 65 years ago.

It’s being sold “as-is.”

This is a 3-unit self-managed condo association with a building that was constructed in 1886 and a side lot that has trees and landscaping. The total lot is a non-standard Chicago lot measuring 42×63.

The listing says there’s no alley and “buyer is responsible for due diligence.”

The listing says there was a new roof put on in 2009 along with rebuilt parapet walls and chimney.

There’s no parking for the unit.

There looks to be a washer/dryer in the basement (unclear if that’s for the entire building.)

There’s no central air conditioning.

It’s listed for $1.4 million making it among the most expensive condos ever in Old Town.

What’s going on with this listing? Is that really the price for this single condo or is it for the whole building?

Christopher Moran at @Properties has the listing. See the pictures here.

Unit #1: 3 bedrooms, 1 bath, 1200 square feet

• There’s no prior sales info. It hasn’t been on the market since the condo conversion of the building 65 years ago.
• Currently listed for $1.4 million
• Assessments of $150 a month (includes water, scavenger, snow removal)
• Taxes of $5268
• No central air
• Looks like the washer/dryer is in the basement
• Wood burning fireplace
• Bedroom #1: 13×9
• Bedroom #2: 11×9
• Bedroom #3: 11×9

This 6-bedroom French limestone mansion at 1241 N. State Parkway in the Gold Coast recently came on the market.

This is a rare new construction home on a street that has historic designation in the heart of the Gold Coast.

If you recall, there used to be a 2-bedroom workers cottage on this lot that did not have historic protection even though it was the last of the workers cottage in the Gold Coast.

Over 9,000 workers cottages were built around the city after the Great Fire. They housed workers who were rebuilding the city. This one was built in 1872.

The exterior was also shown in at least one movie, The Lake House with Keanu Reeves and Sandra Bullock.

In July 2016, the estate of the long term owners sold the house to a developer.

It went before the preservation committee but was not saved.

See our July 2016 chatter here.

A new construction mansion now stands in its place.

The listing says it’s on an “oversized 150 deep parcel” but it’s also on a narrower than standard, Chicago lot of 22.5×150.

There aren’t many pictures with the listing as it appears to still be under construction, but it has the finishes you would expect from a mansion in this location.

It has 3 fireplaces and a mudroom.

There’s a 5-stop elevator.

The house still has a 2-car garage.

The master suite, which is on the second floor, has a separate sitting area with a fireplace. There are 3 fireplaces in total in the house.

3 more bedrooms are on the third floor and one is in the lower level.

The listing says there is a rooftop terrace and a rear garden.

Listed at $7.25 million, it is the 12th most expensive single family home listed in the city.

There are 25 single family homes priced at $5 million or above in the city.

This is a rare group. And not many are completely brand new construction.

How long will it take to sell this house?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures here.

1241 N. State Parkway: 6 bedrooms, 7 baths, 7,430 square feet, 2 car garage

• There’s no original sales price. It was put into a Trust in 1994
• There was no mortgage on the property
• Originally listed on June 2, 2016 for $1.495 million
• Sold on June 30, 2016 for $1.5 million
• Torn down
• Now listed as a new construction home for $7.25 million
• Taxes are now “new” (they used to be $5088 in 2016)
• Central Air
• 3 fireplaces
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 19×12 (second floor)
• Bedroom #3: 14×11 (third floor)
• Bedroom #4: 13×11 (third floor)
• Bedroom #5: 16×11 (third floor)
• Bedroom #6: 12×11 (lower level)
• Recreation room: 17×23 (lower level)

This 2-bedroom in the Belvedere at 270 E. Pearson in Streeterville came on the market in May 2018.

270 E. Pearson is a luxury boutique building with 40 units and a parking garage that was built in 2004.

It’s a rare newer construction building that doesn’t have a massive parking garage as it’s base.

Instead, it actually has condo units all the way down to the first floor on the street facing portion of the building.

These first floor units are called maisonettes.

This unit is one of the maisonettes. It’s windows overlook the sidewalk and park across the street.

It has a foyer which opens up to a living and dining room with 13 foot ceilings.

There are custom moldings and millwork along with dark walnut flooring.

The kitchen is described as “gourmet” in the listing and has white cabinets along with stainless steel and custom appliances.

There’s a separate breakfast room.

Both bedrooms are en suite.

The unit also has a half bath, a large utility room, a fireplace and a wine refrigerator.

It has one parking space included with a second one available for $50,000.

The property also has central air and washer/dryer in the unit.

It’s being marketed as single family home living with all the amenities of a luxury boutique building including a doorman and exercise room.

Who’s the buyer for a maisonette?

Caroline Druker at Baird & Warner has the listing. See the pictures here (no floor plan).

Unit #101: 2 bedrooms, 2.5 baths, no square footage listed

• Sold in July 2005 for $1.11 million
• Listed in May 2018 for $1.799 million
• Still listed for $1.799 million
• Includes one car parking with a second space for $50,000
• Assessments of $1,902 a month (includes a/c, gas, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15,494
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×18
• Bedroom #2: 13×10
• Breakfast room: 10×12
• Living room: 18×21
• Dining room: 11×20
• Foyer: 5×11

This 3 bedroom at 1611 N. Hermitage in Bucktown came on the market in April 2018.

It was built in 2014 and has 17 units and a parking garage.

This unit has a private elevator with fob access.

It has wide plank dark hardwood floors throughout.

The kitchen has Italian white cabinets, Viking and Bosch appliances and waterfall counter tops.

The master suite has an oversized shower.

The unit has a recessed terrace in the front and a private rear deck.

It has central air, rare full-sized laundry and garage parking is $25,000 extra.

The unit also has the modern bells and whistles,  including a remote control gas fireplace and an iPad SmartHome Control which adjusts the A/C, heat, lighting and alarm.

Going forward, will buyers be seeking out only smart homes in their search?

Tara Furnari at Weichert has the listing. See the pictures here.

Unit #305: 3 bedrooms, 2 baths, 1800 square feet

• Sold in July 2015 for either $751,326 (per Redfin)  or $685,000 (per Zillow)- the CCRD data is missing at the moment
• Originally listed in April 2018 for $799,000
• Reduced
• Currently listed at $749,900 (plus $25,000 for parking)
• Assessments of $617 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $14,612
• Central Air
• Full sized laundry
• Bedroom #1: 20×13
• Bedroom #2: 14×10
• Bedroom #3: 14×10
• Balcony: 12×7
• Balcony: 24×6
• Laundry room: 4×3

This 2-bedroom in 2500 N. Orchard in East Lincoln Park came on the market in June 2018.

This building was constructed in 1900 and has 6 units.

If this building looks familiar, that’s because we chattered about it, and this exact unit, in 2012.

Back then, this unit was bank owned.

Some of you thought it should be a rental unit but that an investor might buy it around $300,000. Listed at $330,630, it ended up selling for $302,000.

See our May 2012 chatter here.

Now, it’s back on the market with a whole new look.

Much of the drywall has been removed to expose the vintage brick underneath.

The ceiling in the living room and kitchen has also been removed so that there are exposed beams and electrical.

The listing says there are new windows and new dark hardwood floors.

The kitchen is also brand new with white cabinets and stainless steel appliances with a breakfast island.

There is a master suite with a renovated master bath.

The listing says the second bedroom has a customized closet.

The second bathroom has also been renovated.

There are two outdoor spaces, in front off the living room and a back deck.

There’s no parking but the listing says “easy street parking.”

However, it does have other features buyers look for including central air and washer/dryer in the building.

The listing says it’s 1500 square feet, but the last listing had it as 1389 square feet (some of you questioned the square footage in 2012 when it was also 1500 square feet.)

Will the renovation get this condo its $500,000 price tag?

Clifford Rees at Dream Town Realty has the listing. See the pictures and floor plan here.

Unit #2N: 3 bedrooms, 2 baths, 1500 square feet

• Sold in May 1989 for $198,000
• Sold in May 1992 for $199,500
• Sold in October 1992 for $177,500
• Sold in December 1996 for $214,000
• Lis pendens foreclosure filed in November 2010
• Bank owned in January 2012
• Listed in May 2012 for $330,630
• Sold in July 2012 for $302,000
• Sold in March 2015 for $375,000
• Currently listed for $500,000
• Assessments of $257 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6610
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 14×12
• Bedroom #2: 11×10
• Bedroom #3: 11×10
• Living room: 13×15
• Kitchen: 10×15
• Laundry room: 4×8

This 3-bedroom penthouse in Olympia Centre at 161 E. Chicago in Streeterville came on the market in November 2017 but it has been on and off the market the last couple of years.

Olympia Centre was built in 1985 and has 292 units. It also has a marble/granite exterior.

It’s a full amenity building with a rental parking garage.

This unit is considered penthouse level, even though it’s not on the top floor, because the upper few floors were built with special 20 foot ceilings with massive windows to take in the city and lake views.

This listing says the unit has had a “designer renovation.”

It has custom millwork and limestone floors.

It has a custom Arclinea kitchen.

The master-suite has a spa-like bathroom and walk-in-closet.

This is a duplex with an office on the second floor.

At 4500 square feet, it has as much square footage as a Lincoln Park single family home.

The unit has luxury features such as an Elan home entertainment system.

It has central air, washer dryer in the unit and reserved, or non-reserved, parking is available for rent in the building.

This has been on and off the market since 2013.

In 2007 and 2008, sales of luxury homes and condos started to slow ahead of the rest of the market.

Is the luxury market sending warning signs of a coming housing slowdown?

Lauren Mitrick Wood at Compass Real Estate has the listing. See the pictures here.

Unit #58J4K1: 3 bedrooms, 3.5 baths, duplex, 4500 square feet

• Sold in June 1989 for $485,000
• Sold in May 1997 for $925,000
• Sold in March 2005 for $1.4 million
• Originally listed in November 2017 (I couldn’t find the listing price)
• Currently listed at $3.2 million
• Assessments of $4307 a month (includes a/c, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $51,927
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 19×15 (main floor)
• Bedroom #2: 17×15 (main floor)
• Bedroom #3: 15×12 (main floor)
• Office: 18×13 (second floor)
• Family room: 15×16 (main floor)

This 1-bedroom loft in the Prairie District Lofts at 1727 S. Indiana in the South Loop came on the market in March 2018.

This building was converted into condos in 2008.

It has authentic loft features like exposed brick and concrete ceilings along with large industrial windows.

Due to the tall ceilings, this unit has a second level master bedroom and a den.

The kitchen has white cabinets, stainless steel appliances but it doesn’t have granite counter tops.

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

There’s parking available in a gated, secured lot next to the building for $150 a month.

Many first time loft buyers would probably love to buy in the Fulton Market area, which is also known for its loft buildings.

But prices have soared in that neighborhood.

This loft, however, is listed at just $218,900.

Is this a good starter loft?

Kevin Kelly at Jameson Sotheby’s has the listing. See the pictures here.

Unit #111: 1 bedroom, 1.5 baths, 1031 square feet

• Sold in March 2010 for $205,000
• Originally listed in March 2018 for $234,900
• Reduced
• Currently listed at $218,900
• Assessments of $462 a month (includes exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $4044
• Central Air
• Listing says there’s a washer/dryer hook-up in the unit
• Bedoom: 11×13 (second floor)
• Den: 8×8 (second floor)