Market Conditions: June 2023 Sales Plunge 25.1% YOY on Low Inventory

Two years ago, June sales were at new highs. It was so hot, that June 2021 was better than even the bubble year Junes.

But last year, mortgage rates spiked over 5% in June and that pushed down sales. In 2023, mortgage rates were even higher, over 6%. And June sales fell again.

It was the slowest June since June 2020, when the pandemic spooked the real estate industry and froze many buyers and sellers.

From the Illinois Association of Realtors:

The city of Chicago saw a 25.1 percent year-over-year home sales decrease in June 2023 with 2,541 sales, down from 3,393 in June 2022.

The median price of a home in the city of Chicago in June 2023 was $355,000, down 3.3 percent compared to June 2022 when it was $367,000.

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: 3191
  • June 2019: 2850
  • June 2020: 2072
  • June 2021: 3908
  • June 2022: 3393
  • June 2023: 2541

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: $314,900
  • June 2019: $319,000
  • June 2020: $329,000
  • June 2021: $350,500
  • June 2022: $367,000
  • June 2023: $355,000

“Compared to May, the June data shows market activity is increasing, as summertime in Chicago continues to be a popular time of year to buy and sell,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago.

“Buyers and sellers are realizing that mortgage rates likely won’t hit the all-time lows we saw a few years ago and are making moves when they’re ready.”

The 30-year fixed rate mortgage was 6.71% in June 2023 up from May 2023 which was 6.43% and definitely higher than June 2022 which was 5.52%.

“The trend of rising prices and declining sales continued during June,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate (SHDRE) at the University of Illinois at Chicago College of Business Administration.

“Our forecasts indicate that prices will begin their expected seasonal decline over the next three months, while the number of sales continues to decline. Surveys suggest that consumer confidence in the economy has begun to increase again, which may moderate these trends toward declining prices and sales.”

Statewide, Illinois inventory declined 33.2% to 18,886 properties from 28,265 in June 2022. The IAR said it was the 4th lowest monthly average for inventory since 2008, which was when IAR started keeping the data.

In Chicago, inventory fell 32.2% to 5344 properties from 7883 a year ago. That continues the trend of declining inventory as the inventory was 9008 in June 2021.

  • June 2021: 9008
  • June 2022: 7883
  • June 2023: 5344

The number of days on the market was up in Chicago by 7.7% to 28 days from 26 days last year.

On the price decline, most of it came from single family homes which fell 6.2% to $332,500. Condo prices were flat year-over-year at $375,000.

As we’ve seen the last few months, in Chicago June sales, it was condos which fell the most, at 29.4%, to 1607 while single family home sales fell 16.3% to 934.

Inventory remains tight and mortgage rates have remained elevated in July. But we are now coming up on better year-over-year comps. A year ago, the slowdown was already hitting.

Can monthly sales turn it around with inventory this low?

Illinois’ statewide home sales and housing inventory dipped in June [Illinois Association of Realtors Press Release, by Bill Kozar, July 20, 2023]

Vintage Lover’s Dream in Old Town: A 2/2 Duplex Down for $524,000 at 1832 N. Lincoln

This 2-bedroom duplex down at 1832 N. Lincoln in Old Town came on the market in June 2023.

While this listing doesn’t list a date for the building, other listings say it is 1904. There are 8 units in this association with some of the others appearing to be small 1-bedrooms and even studios.

There’s no parking or amenities with the building.

This listing says the unit is a “vintage’s lover dream” which has been “remodeled from top to bottom.”

Words don’t even begin to describe the vintage woodwork on the main floor of this unit which includes huge base and crown moldings, 14 foot ceilings, extensive moldings around the doors and windows (not painted), a massive, built-in mirror in the living room, a fireplace in the dining room with handcrafted trim (are those original tiles on the fireplace too?), arched doorways and what looks like the original detailed wood floors in the living and dining room.

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

The primary bedroom appears to be on the main level with the second bedroom in the lower level but there are no pictures of the staircase so I’m not sure how you get down to the lower level.

The 2 full bathrooms have walk-in-showers and all new fixtures.

The lower level has vinyl flooring and a stackable washer/dryer.

The listing says the unit has new HVAC, thermostat and updated plumbing.

It does not have parking but it appears to have a small back deck.

The listing says it’s a “turn key unit” which has “super low assessments.”

This building is near Lincoln Park and the Green City Market and all the shops and restaurants of Old Town.

Originally listed in June 2023 for $539,000, it has been reduced to $524,000.

The listing says this unit has been “rarely available.” It appears the last sale was 19 years ago in 2004.

Is this a dream unit for vintage lovers?

Anthony Gasso at Coldwell Banker has the listing. See the pictures here (sorry, no floor plan).

Unit #1F: 2 bedrooms, 2 baths, 1050 square feet, duplex down

  • Sold in January 1988 for $19,000 (appears to have been bank owned)
  • Sold in September 1997 for $175,000
  • Sold in October 2004 for $395,000
  • Originally listed in June 2023 for $539,000
  • Reduced twice
  • Currently listed at $524,000
  • Assessments of $361 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $7508
  • Central Air
  • Washer/dryer in the unit
  • No parking
  • Fireplace
  • Bedroom #1: 13×10 (main level)
  • Bedroom #2: 11×10 (lower level)
  • Dining room: 13×15 (main level)
  • Living room: 21×14 (main level)
  • Kitchen: 7×9 (main level)
  • Office: 4×5 (main level- no picture of this)
  • Laundry: 3×7 (lower level)
  • Deck

 

Market Conditions: Chicago Finally Tops the Case Shiller 20-City Index as Hottest Market

As other major metros come down off their red hot pandemic highs, Chicago, which has lagged for years at the bottom of the S&P Corelogic Case-Shiller 20 largest metros index for price appreciation, has finally come in on top.

In May, Chicagoland single family homes rose 4.6% year-over-year, to top the list, followed by Cleveland and the New York metro.

From Corelogic’s Chief Economist Selma Hepp:

Chicago, Cleveland and New York were the three markets with largest annual appreciation, up by 4.6%, 3.9% and 3.5% year over year, respectively. Miami ranked fourth, followed by Charlotte, North Carolina.

During the pandemic, Chicago posted some of the nation’s lowest home price appreciation, and the recent strength there reflects the region’s relative affordability. San Francisco and Seattle both continued to post annual declines, down by a respective 11% and 11.3% in May, but annual decreases in both metros pivoted and showed smaller declines than in the previous month.

Chicago also came in second, after Cleveland, on the monthly gain list.

Cleveland and Chicago posted the nation’s largest monthly gains, at 2.7% and 2.3% respectively, while Denver, Las Vegas and Phoenix showed the smallest gains of less than 1%. And while Boston and Cleveland saw outsized increases this May, the gains in slower-growing metros are in line with seasonal increases that are historically recorded between April and May.

Chicago’s diverse housing market, with homes available at all pricing tiers, low, medium and luxury, also worked to its advantage.

While Chicago led with the largest increase across price tiers, New York’s high tier posted the biggest increase in prices across metros and tiers, up by 2.8% from April.

From Crain’s:

Because Cleveland ranks second on the list with price growth of 3.9%, Craig Lazzara, managing director at S&P DJI, deemed this month’s report “the Revenge of the Rust Belt.” It doesn’t quite hold up, as megacity New York follows Cleveland with 3.5% growth, and after that is Miami at 3.4%.

Here’s a list of the gains since the pandemic began in March 2020.

Biggest winning metro areas:

  1. Tampa up 63.8%
  2. Miami up 63.12%
  3. Charlotte up 54.25%
  4. Phoenix up 54.23%
  5. San Diego up 52.12%
  6. Dallas up 50.8%
  7. Atlanta up 49.5%

Worst performing metro areas: 

  1. San Francisco up 27.6%
  2. Minneapolis up 29.49%
  3. Washington DC up 29.93%
  4. Portland, OR up 32.74%
  5. Chicago up 33.54%
  6. Detroit up 37.12%
  7. Las Vegas up 37.19%

It surprised me to see Las Vegas was up “only” 37.19% but prices are down 0.35% year-to-date and off 9.13% from the peak. Chicago hasn’t declined (yet) so it’s at its peak pricing since the pandemic started. Chicago prices up 5.73% year-to-date.

This is May data. Will Chicago keep it’s crown through this summer?

 

 

 

Classic Vintage West Ridge 3-Bedroom with Garage for $375,000: 2043 W. Farwell

This vintage 3-bedroom at 2043 W. Farwell in West Ridge came on the market in July 2023. (Sorry, no picture)

Built in 1925, 2043 W. Farwell has 6 units and private garage parking. The listing says the building is professionally managed.

This 2000 square foot single floor unit has many of its vintage features including base and crown molding, a decorative living room fireplace, arched doorways, a foyer, a separate dining room with wainscoting and built-in bookshelves.

It has hardwood floors throughout and plantation shutters on the living room windows.

The unit has a “chef’s kitchen” with french doors, dark wood cabinets, granite counter tops, stainless steel appliances and an island with seating for 3.

The primary bedroom has an en suite bath, which is rare for vintage units, with a bathtub. There is also a second full bath.

The listing says the unit has new windows in all bedrooms.

It has the features buyers look for including space pac cooling, washer/dryer in the unit and a private garage spot.

The building has had a number of recent projects. The listing says those include “tuck-pointing on the south and west walls, the west side plumbing stack for all kitchens was replaced, garage doors painted and a new hot water heater in 2023.”

The seller is giving a credit for a planned project special assessment. The public listing doesn’t provide the amount.

An agent who saw this unit says on Redfin it has north, west and east exposures. There doesn’t appear to be any outdoor space.

This building is a half a mile from the Rogers Park Metra stop and near Warren Park and Indian Boundary Park. Shops and restaurants are nearby on Devon as well as Clark.

There are a lot of these classic 6-unit buildings with these large 3-bedroom units in the West Ridge neighborhood.

Listed at $375,000, is this a single family home alternative?

Suzanne Niersbach at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #1W: 3 bedrooms, 2 baths, 2000 square feet

  • Sold in April 1983 for $76,000 (per Redfin)
  • Sold in June 1985 for $81,500 (per Redfin)
  • Sold in August 1992 for $132,000
  • Sold in September 2013 for $263,500
  • Sold in October 2020 for $332,000
  • Currently listed at $375,000
  • Assessments of $514 a month (includes heat, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $6836
  • Space pac cooling
  • Radiant heat
  • Private 1-car garage parking
  • Large storage unit
  • Decorative fireplace
  • Bedroom #1: 16×14
  • Bedroom #2: 16×11
  • Bedroom #3: 16×9
  • Living room: 26×16
  • Kitchen: 17×15
  • Dining room: 16×13
  • Foyer: 13×8
  • Laundry: 4×5

Fusion of Luxury and Functionality with Lake Views at 2500 N. Lakeview in Lincoln Park

This 4-bedroom at 2500 N. Lakeview in Lincoln Park came on the market in June 2023.

Built in 1974, 2500 N. Lakeview has 155 units and a parking garage.

It’s a full amenity building with an outdoor pool, exercise room, engineer on site, door staff, a party room, a bike room, and a laundry room.

This unit is a unique double unit with 3000 square feet that the listing says has recently undergone a “complete renovation.”

It has south, east, and west exposures, including two balconies, one facing east with lake views and one facing west, with sunset and city views.

There is 7-inch white oak flooring throughout.

It has a chef’s kitchen with white and what appears to be dark wood custom cabinets, quartz countertops and backsplash, an island with a waterfall edge that seats 3, and brand new professional grade panelled appliances.

The primary bedroom has a “spa-like” bath with heated floors, double vanity, separate tub, steam shower with rain head, shower head and handheld sprayer.

It’s unclear from the listing if any of the other bedrooms are en suite.

This unit has the features buyers look for including central air, washer/dryer in the unit and there are 2 leased parking spaces available (not sure on the cost).

This building overlooks Lincoln Park and is near the shops and restaurants of East Lincoln Park.

Listed in June 2023 for $1.9 million, it has been reduced $50,000 to $1.85 million.

Buyers love “new.”

Is this a deal for the square footage and location?

Joshua Lipton and Christine Tepper at Compass have the listing. See the pictures here. (sorry, no floor plan)

Unit #2601-02: 4 bedrooms, 3.5 baths, 3000 square feet

  • Looks like long-term owner under both PIN numbers that has owned it since at least 1992
  • Originally listed in June 2023 for $1.9 million
  • Reduced
  • Currently listed at $1.85 million
  • Assessments of $2878 a month (includes doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $17,397
  • Central Air
  • Washer/dryer in the unit
  • Parking is leased in the building
  • Bedroom #1: 13×15
  • Bedroom #2: 13×17
  • Bedroom #3: 12×13
  • Bedroom #4: 11×13
  • Living room: 23×21
  • Dining room: 14×22
  • Kitchen: 9×19
  • Laundry room: 4×5
  • 2 balconies: 4×8

A Total Gut Rehab 1-Bedroom in Marina City for $520,000: 300 N. State in River North

This 1-bedroom in Marina City at 300 N. State in River North came on the market in July 2023.

Marina City was designed in 1959 by Bertrand Goldberg and completed construction in 1964. Both towers have 65 stories. The complex has a marina along the river.

The towers have 896 units and 800 parking spaces. Originally built as apartments, they were converted to condominiums in 1977.

The Towers have door staff, on-site management and 24-hour maintenance. There’s a fitness center, grocery market, event room, bike storage, dry cleaner and roof deck access.

The listing says this unit had a “complete total gut rehab in 2022.”

It has hardwood floors throughout.

The kitchen has dark modern cabinets, high-end appliances and an island with a waterfall edge that seats 3.

The unit is being offered furnished. The bedroom has a new Vant Panel bed with built-in nightstands and lights that the listing says is worth $10,000+.

It has some of the features that buyers look for including washer/dryer in the unit and valet parking which is available in the building. The listing says it has “new A/C units.”

On the 58th floor, it has city views from two private balconies.

These buildings are iconic in Chicago. Sitting on the Chicago River, the “corn cob” buildings have been featured in dozens of commercials, movies and tourist promotions of the city.

These buildings are also near the shops and restaurants of River North, the Riverwalk and the Mag Mile.

Listed at $520,000, furnished, would this make a good in-town?

Van Ann Kim at Compass has the listing. See the pictures here.

Unit #5817: 1 bedroom, 1 bath, 725 square feet

  • Sold in February 1996 for $70,000
  • Sold in May 1999 for $136,000
  • Sold in September 2006 for $515,000
  • Sold in May 2016 for $225,000
  • Sold in December 2020 for $225,000
  • Currently listed at $520,000
  • Being sold as “furnished”
  • Assessments of $551 a month (includes doorman, exercise room, exterior maintenance, snow removal, Internet)
  • Taxes of $6,033
  • No central air but wall units
  • Washer/dryer in the unit
  • Valet parking in the building
  • Public and guest parking next door
  • Bedroom: 14×11
  • Living room: 16×16
  • Kitchen: 12×9
  • 2 private balconies

Standalone 2-Bedroom Condo is a Hidden Oasis in Old Town: 1409 N. Wells

This 2-bedroom in Gaslight Court at 1409 N. Wells in Old Town came on the market in June 2023.

Gaslight Court is a unique collection of 19 units throughout several vintage buildings surrounding a courtyard. The listing says it was constructed in 1979. There’s no parking or amenities.

The listing says this unit is a standalone condo in the middle of the private brick courtyard.

It has floor-to-ceiling windows across the front of the unit. Are those reflective windows where you can’t see in, but you can see out?

At just 1,000 square feet, it has 2 bedrooms and 2 baths.

There are hardwood floors throughout.

It has a living/dining combo, although in the pictures, it appears that there is simply a dining room table in the space. There’s also two skylights in that space.

The listing says the kitchen has been “remodeled.” It has white cabinets, a breakfast bar with seating for two, stainless steel appliances, a white tile backsplash and what look like stone counter tops. It also has a skylight.

The second bedroom is off the kitchen. It does not have any windows but does have two skylights.

The primary bedroom has floor-to-ceiling windows along one wall, a walk-in-closet, and an en suite bathroom with a double vanity and walk-in-shower.

There’s a second full bath.

This unit has the features that buyers look for including central air, washer/dryer in the unit but there is no parking. It’s available to rent in the neighborhood.

The unit has a “huge” outdoor patio with a mature tree. The floor plan lists the size as 30×25 so it looks like this unit owns both tiers of the patio.

Gaslight Court is in the heart of Old Town amidst all of the shops and restaurants on Wells Street and near bus lines.

Listed in June 2023 at $539,000, will they get this price for this unique property?

Ryan Cybulski at Vanguard Real Estate Services has the listing. See the pictures and floor plan here.

Unit #1: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in March 2001 for $180,000
  • Lis pendens foreclosure filed in March 2011
  • Bank owned
  • Sold in June 2014 for $95,000
  • Originally listed in June 2023 for $539,000
  • Currently still listed at $539,000
  • Assessments of $368 a month (includes scavenger)
  • Taxes of $8694
  • Central Air
  • Washer/dryer in the unit
  • No parking
  • Bedroom #1: 19×12
  • Bedroom #2: 12×10
  • Living/dining room: 20×18
  • Kitchen: 13×10
  • Laundry: 3×6
  • Patio: 30×25

 

A 3-Bedroom Penthouse with 15 Ft Glass Walls for $819,000: 3133 W. Lakewood in Lakeview

This 3-bedroom loft penthouse at 3133 W. Lakewood in Lakeview came on the market in July 2023.

This brick loft building was converted into condos in 2008. There are 25 units. It’s an elevator building and has bike storage and garage parking for some of the units.

If this unit looks familiar that’s because we chattered about another penthouse unit in this building a few weeks ago that went under contract almost immediately.

We also actually chattered about this unit itself 10 years ago, in June 2013. You can see our chatter here.

This southeast facing penthouse has some authentic loft features including exposed brick and ductwork but it doesn’t have timber or concrete ceilings.

The unit has 15 foot floor-to-ceiling glass walls in the living/dining/kitchen and primary suite.

There are Brazilian cherry floors in the main living area.

The listing says the unit had $90,000 in renovations completed in 2021.

The kitchen updates include quartz counter tops, a marble backsplash, new stainless steel appliances, custom built blue cabinets with pull out drawers and appliance garage, a touchless faucet, a vented hood and beverage fridge along with an island with seating for 3.

The three bedrooms are fully enclosed. Two of the bedrooms, including the primary, have carpet. The third has hardwood floors.

The primary suite has custom cabinets/drawers in a walk-in-closet and an en suite bath with heated marble floors.

The penthouse has the features buyers look for including central air, washer/dryer in the unit and one indoor heated garage space which is included.

It has a private deck accessed from the living/dining/kitchen and primary suite.

There is also an accent wall in the living room which the listing says is “fabricated with norstone rock panels with steel frame substructure.”

It has all the features that buyers look for including central air, washer/dryer in the unit and one indoor heated garage space, which is included in the price.

This building is near the shops and restaurants on Belmont in Lakeview, several bus lines, and the Lakeview Whole Foods. The listing says it’s in the Burley school district.

Listed at $819,000, that is $123,000 above the 2017 purchase price of $696,000.

Buyers love “new.”

Will they get their price?

Davis Edgerly at 33 Realty has the listing. See the pictures here (sorry, no floor plan).

Unit #4G: 3 bedrooms, 2 baths, 1600 square foot, penthouse, loft

  • Sold in June 2008 for $600,000
  • Sold in June 2010 for $600,000
  • Sold in January 2014 for $575,000
  • Sold in March 2017 for $696,000
  • Currently listed at $819,000
  • Assessments of $410 a month (includes security, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $8366
  • Central Air
  • 1-car indoor heated garage space included
  • Bedroom #1: 14×13
  • Bedroom #2: 16×10
  • Bedroom #3: 12×11
  • Living/dining combo: 18×15
  • Kitchen: 14×8
  • Walk-in-closet: 8×8
  • Laundry: 8×8
  • Private deck

 

3-Bedroom Penthouse with 2-Car Garage Parking Reduces $35K: 436 W. Belmont in Lakeview

This 3-bedroom duplex penthouse in 436 W. Belmont in East Lakeview came on the market in July 2023.

Built in 2000, 436 W. Belmont has 16 units and garage parking. It’s an elevator building but does not have door staff but a Butterfly call system.

There are 4 guest parking spaces in front of the building but no other amenities.

The listing says this penthouse is the developer’s unit and still has the original owner.

It has vaulted ceilings and a gas fireplace in the living room. The listing also says it has a “unique and ultra private” front foyer which is a special feature for this unit only.

There appears to be hardwood floors on the main level in the living/dining room and carpeting in the bedrooms and loft.

The kitchen has granite counter tops, stainless steel appliances including a Viking built-in refrigerator, Thermador commercial grade stove with griddle that vents to the outside, a Bosch dishwasher (2022) and the microwave doubles as an oven.  There also appears to be a beverage refrigerator.

All three bedrooms are on the main floor with an open loft on the second floor.

The primary bedroom has an en suite with a Jacuzzi jetted tub and separate steam shower along with a “recently renovated” vanity, upgraded Toto toilet and heated tile floor (2023).  There’s also a private deck off the primary bedroom.

The listing says there are Grohe faucets throughout and a Brita water filtration system.

It has the features that buyers look for including central air and side-by-side laundry with a new washer/dryer (2023).

The unit also has newly updated LED recessed lighting (2023).

It faces south and has blackout Hunter Douglas blinds in the living room and wood shutters in all the bedrooms.

There is also a rooftop deck with south views on the second floor. The listing says that all exterior decks were “redone” in 2019.

This unit has a rare side-by-side 2 car private garage. It also has a large, private storage closet.

This building is near the Lakefront Trail, the shops and restaurants of East Lakeview, including on Broadway, the Mariano’s, and numerous bus lines.

Listed in early July 2023 for $985,000, it has been reduced $35,000 to $950,000.

Will the price cut get a deal done?

Lisa Petrik at Jameson Sotheby’s has the listing. See the pictures here (sorry, no floor plan).

Unit #401: 3 bedrooms, 2 baths, 2200 square feet, penthouse, duplex

  • Sold in December 2000 for $515,000
  • Originally listed in July 2023 for $985,000
  • Reduced
  • Currently listed at $950,000
  • Assessments of $719 a month (includes parking, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $13,674
  • Central Air
  • Washer/dryer in the unit
  • Gas fireplace
  • Bedroom #1: 11×15 (main floor)
  • Bedroom #2: 10×10 (main floor)
  • Bedroom #3: 10×9 (main floor)
  • Loft: 18×13 (second floor)
  • Living/dining room combo: 18×24 (main floor)
  • Kitchen: 11×9 (main floor)
  • 3 private outdoor spaces

Modern 3-Bedroom SFH in Lincoln Park Reduces $100K to $1.65 Million: 625 W. Armitage

This 3-bedroom single family home at 625 W. Armitage in Lincoln Park came on the market in April 2023.

Built in 2017, it was designed by Liederbach & Graham and has a low maintenance corrugated steel exterior.

It is a smaller than standard Chicago lot measuring 17×80 and has a 1-car garage. Some of you may remember that a vintage 1-story cottage once stood on this lot.

Inside the house, it has Georgian pine ceilings, white oak flooring on the second and third floors with concrete floors in the basement, and a wood-burning fireplace in the living room.

The kitchen is a “chef’s dream” and has custom white Amish cabinetry, an island with blue cabinets that seats four, professional grade appliances, Carrara marble counter tops and a hot-rolled steel backsplash.

There are two bedrooms on the second floor including the primary which has a “roomy” closet, custom built-in shelving and a en suite bathroom with a steam shower.

The second bedroom is also en suite and has a private balcony.

The lower level has a large laundry room, storage and the third bedroom.

It has central air.

The listing says the garage roof is “ready for a new deck.” There’s no roof deck.

Additionally, the listing says, “the home is patrolled by a private 24-hour security team exclusively for this specific part of Lincoln Park.”

This home is near the shops and restaurants on Armitage, those on Lincoln and in Old Town. It’s a quick walk to Lincoln Park.

Originally listed in April 2023 for $1.75 million, it has reduced $100,000 to $1.65 million.

Zillow also shows that is has been available for rent. It was listed in May 2023 for $10,000 a month and has been reduced to $8750 a month.

Is this home a steal for a renter?

Vincent Anzalone and Amanda Lee Finck at Dream Town have the listing. See the pictures and floor plan here.

625 W. Armitage: 3 bedrooms, 2.5 baths, no square footage listed, single family home

  • Sold in June 1993 for $174,500 (I only went back for 30 years so you could see the changes in the pricing)
  • Sold in February 1999 for $292,000
  • Sold in February 2002 for $410,000
  • Sold in April 2008 for $485,000
  • 2017 home originally listed in April 2023 for $1.75 million
  • Reduced
  • Currently listed at $1.65 million
  • Listed for rent in May 2023 at $10,000 a month
  • Reduced twice
  • Currently listed at $8750 a month
  • Taxes of $17,629
  • Central Air
  • 1-car garage
  • 17×80 lot
  • Wood burning fireplace
  • Bedroom #1: 16×24 (second floor)
  • Bedroom #2: 16×24 (second floor)
  • Bedroom #3: 15×18 (lower level)
  • Living/dining room: 16×15 (main floor)
  • Kitchen: 16×21 (main floor)
  • Laundry room: 15×15 (lower level)
  • Balcony: (second floor)