Crib Chatter

The Illinois Association of Realtors is out with the September home sales.

Sales have slipped from last year, which follows the trend that existed over the summer of weaker year-over-year sales.

The city of Chicago saw a 3.7 percent year-over-year home sales decline in September 2017 with 2,309 sales, down from 2,398 in September 2016. The median price of a home in the city of Chicago in September 2017 was $275,000, up 5.8 percent compared to September 2016 when it was $260,000.

September sales for the last 10 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2414 sales
• 2016: 2398 sales
• 2017: 2309 sales

Median prices for the last 10 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000
• 2016: $260,000
• 2017: $275,000

“Although the market has slowed somewhat from peak summer activity, it continues to push forward, with decreases in overall inventory and market time reflecting continued interest in investing in a home,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and Vice President of Agent Development at @properties.

“Moving into the colder months, pricing properties correctly will continue to be the key to capturing serious buyer attention, and quick decision making and flexibility will gain greater importance as inventory declines.”

Average time on the market fell again to just 51 days from 58 days a year ago.

Total statewide inventory plunged to 60,669 from 67,796 in September 2016.

The mortgage rates remained low, with the 30-year fixed averaging 3.81% from 3.46% last year.

“Housing inventory continues to dampen sales,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “This problem is reflected in the significant increases in the sales prices of foreclosed properties, increasing by over 15 percent compared to 5 percent for regular sales.”

Would we see record sales if they were actually building more new properties?

And with prices at all time highs, the baby boomers retiring, and presumably wanting to move to warmer climates with fewer taxes, why aren’t more properties coming on the market?

Strong buyer demand, lower inventory push Illinois home prices higher in September (Illinois Association of Realtors, Press Release, October 20, 2017)

In the decade before the 2008 housing bust, thousands of “starter” condos were built in the GreenZone neighborhoods of Chicago.

By “starter”, I mean they were condos ranging in prices from $150k to $400k and ranged in size from studios to 2-bedrooms.

Since the bottom of the bust in 2012, nearly all the new construction in the GreenZone has been “luxury” including new brick 3-flats in Lincoln Park and Lakeview where 2/2s start at $500,000 to 3-bedroom and 4-bedroom family units in River North, Streeterville and Gold Coast high rises.

Even new townhouses are priced above $500,000 now.

And while new construction luxury buildings keep getting announced, today, Crain’s reported that one of the new condo developments that had been a condo building at 2 W. Delaware in the Gold Coast, then went to apartments, then were being sold again, are now going back to apartments.

From Crain’s:

A venture led by Letchinger bought more than 150 rented condos last year in the high-rise at 2 W. Delaware Place, a project that stalled after the crash. With the condo market rebounding, Letchinger planned to renovate the building and sell the unsold units at prices ranging from $715,000 to $4.4 million.

Now, after selling just nine units, he’s changing course. With tenants willing to pay sky-high rents to live in the building, Letchinger plans to keep renting out the remaining 144 unsold units, some at more than $10,000 a month.

“While we would love to sell them, it’s just the path of least resistance,” said Letchinger, president of JDL Development. “From a pure economic standpoint, it doesn’t make sense to sell them.”

Though the downtown condo market is healthy, it’s not booming, and JDL and its partners, Norridge-based Harlem Irving and New York-based Angelo Gordon, ultimately decided it made more sense to swim with the tide than against it.

“There’s just not a lot of velocity” in the condo market, Letchinger said. Though traffic at 2 W. Delaware’s sales center was good, “there’s not a lot of depth to the market.”

Letchinger’s JDL is the developer behind the nearly sold out 70-unit No. 9 Walton that is going up next door to this building. That’s also a luxury building.

There are also numerous other luxury high rises currently being built including One Bennett Place and the Wanda Vista.

The Vista has 406 units and is, I’ve been told, about 45% sold. But even with that sales rate, that still leaves over 200 units that are priced at $1 million+.

2 W. Delaware has 198 total units. Some will remain condos while the others will be apartments (again).

But for those hoping that the over building in the apartment market would ultimately result in some apartment to condo conversions, hopefully at lower prices than the $1 million price point, are their hopes now dashed?

Are the days of starter condos in the GreenZone over?

And is that just a normal development as Chicago becomes a more successful city?

Developer aborts condo sales at Gold Coast tower [Crain’s Chicago Business, Alby Gallun, October 18, 2017]

This 2-bedroom duplex loft in the Anchor Lofts at 215 W. Illinois in River North came on the market in July 2017.

The Anchor Lofts were one of the first buildings converted into lofts in River North in the early 1990s.

It has 18 units and garage parking.

This loft has exposed brick walls and the original timber beams along with what looks to be a dry walled ceiling.

There’s a chef kitchen with luxury stainless steel appliances and granite counter tops.

The master bedroom is on the main floor along with a 16×16 walk-in closet and an en suite bathroom.

The second floor has a family room, a bathroom and a bedroom with what looks like glass walls.

There is a wall of glass doors which leads out to a huge “renovated terrace” with city views.

It has central air and washer/dryer in the unit.

Originally listed for $1.6 million, it has been reduced $100,000 to $1.5 million.

Will this reduced price bring a quick sale?

Justin Oliver at Urban Real Estate has the listing. See the pictures here.

Unit #6B: 2 bedrooms, 2.5 baths, 3000 square feet

• Sold in February 2001 for $525,000
• Sold in May 2015 for $1.4 million
• Originally listed in July 2017 for $1.6 million
• Reduced
• Currently listed for $1.5 million
• Assessments of $607 a month (includes exterior maintenance, lawn care, snow removal)
• Taxes of $16,813
• Central Air
• Parking included
• Washer/Dryer in the unit
• Bedroom #1: 16×13 (main level)
• Bedroom #2: 13×8 (second level)
• Family room: 21×18 (second level)
• Walk-in closet: 16×16 (main level)
• Laundry room: 11×15 (main level)
• Terrace: 45×14

This 5-bedroom single family home at 2435 W. Erie in the Smith Park neighborhood of West Town came on the market in June 2017.

But for those of you who have been long time readers, this house may look familiar.

We chattered about it all the way back in 2008 when it was newly constructed.

A blast from the past!

You can see our chatter here along with some interior pictures.

Built on a 30×125 lot in 2007, it has unique custom finishes including coffered ceilings, custom millwork and detailed moldings (see the pictures to see just how custom it is).

It has 2 wood burning fireplaces and radiant heated flooring on several floors.

There are 2 full laundry rooms.

The kitchen has custom raised panel cabinetry in antique glaze, oil rubbed bronze hardware and a 48′ Viking range.

The baths are described as “luxury” and there’s a full steam room.

There are two terraces and a deck over the garage.

The house also has a great room and a home theater room.

Old listings said the house was 5500 square feet but the current listing doesn’t have the square footage.

This house apparently never originally sold. It became bank owned either in 2009 or 2016 (both show up in the public record).

It was listed by the bank in August 2016 for $999,000 and sold last November for $867,000.

According to those listing pictures, the kitchen and baths were in place, along with the appliances. See that listing here.

The house came back on the market just 7 months later, in June 2017, for $1.299 million.

Is the market so hot that this home will be resold within a year for 49% more?

Karen Biazar at North Clybourn Group has the listing. See the current pictures here.

Or see it in person at the Open House on Sunday, Oct 22 from 1 – 2:30 PM.

2435 W. Erie: 5 bedrooms, 4.2 baths, no square footage listed (but it was listed at 5500 sq feet in old listings)

• Former house sold in March 2004 for $345,000
• Originally listed in July 2008 for $1.499 million
• Doesn’t appear to have ever sold
• Bank owned in either 2009 or 2016
• Listed by the bank in August 2016 for $999,900
• Sold in November 2016 for $867,000
• Originally listed in June 2017 for $1.299 million
• Still listed for $1.299 million
• Taxes of $18,598
• Central Air
• 3-car garage
• 2 wood burning fireplaces
• Bedroom #1: 21×15 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 11×14 (second floor)
• Bedroom #4: 19×14 (second floor)
• Bedroom #5: 13×11 (lower level)- travertine flooring
• Theater room: 19×16 (lower level)
• Great room: 20×31 (lower level)
• Family room: 21×15 (main level)

This 4-bedroom single family home at 1404 N. LaSalle in the Gold Coast/Old Town came on the market in May 2017.

Built in 1885, this limestone home is on a 20×99 lot yet still manages to have 3-car parking with a car turntable.

There are 5 fireplaces including an original one in the restored dining room which also has inlay patterned wood floors and a vintage chandelier.

The listing says the kitchen is a custom “chef’s kitchen” with Viking appliances, wet bar, an expansive marble island and an attached sun room which leads to a Trex deck.

Two bedrooms are on the second floor and both are en suite.

The master bedroom is on the third floor with tray ceilings, a spa bath and a cedar rooftop deck with a hot tub and outdoor fireplace.

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

The listing says the house is a “smart home” and has new lighting, wiring, plumbing, and surround sound.

It also says its in the Ogden and Lincoln Park High School school districts.

The house has been reduced $310,000 to $2,349,000.

LaSalle Drive in the Gold Coast/Old Town area is often overlooked by buyers.

Is this house a deal compared to new construction?

Steve McEwen at Coldwell Banker has the listing. See the pictures here.

1404 N. LaSalle Drive: 4 bedrooms, 4.5 baths, 5802 square feet

• Sold in October 1997 for $297,500
• Originally listed in May 2017 for $2,659,000
• Reduced
• Currently listed for $2,349,000
• Taxes of $19,656
• Central Air
• 3-car garage parking with turntable
• 5 fireplaces
• Bedroom #1: 16×19 (third floor)
• Bedroom #2: 15×19 (second floor)
• Bedroom #3: 12×21 (second floor)
• Bedroom #4: 12×19 (lower level)
• Library: 14×15 (second floor)
• Recreation Room: 16×30 (lower level)
• Deck: 15×27 (third floor)

This 3-bedroom second floor unit at 517 W. Roscoe in East Lakeview came on the market in June 2017.

This complex was built in 1925 and has 9 units and rare garage parking behind the building.

It is larger than many single family homes at 2850 square feet and has vintage features such as an entry gallery that is 18 feet long and crown molding.

There’s a sun room that overlooks the tree tops, and a dining room.

All 3 bedrooms have bathrooms.

The kitchen has white cabinets and white appliances with what looks like granite counter tops.

There’s also an attached breakfast room.

The listing says there are “newer windows.”

Along with the garage parking, the unit includes the features of more modern buildings such as a washer/dryer in the unit and space pac cooling.

The listing says the unit is in the Nettlehorst school district.

Is this the ideal East Lakeview family home?

Brad Lippitz at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

Unit #2W: 3 bedrooms, 3 baths, 2850 square feet

• Sold in December 1987 for $209,000
• Sold in October 1991 for $250,000
• Sold in July 1996 for $260,000
• Sold in October 2001 for $550,000
• Originally listed in June 2017 for $765,000
• Reduced
• Currently listed for $725,000
• Assessments of $691 a month (includes heat, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $9697
• Space pac cooling
• Washer/dryer in the unit
• Garage parking included
• Fireplace
• Bedroom #1: 16×12
• Bedroom #2: 12×16
• Bedroom #3: 14×16
• Sunroom: 14×9
• Breakfast room: 9×13
• Gallery: 8×18

This 3-bedroom new construction condo at 744 W. Buckingham in Lakeview came on the market in March 2017.

It’s a 4-unit all-brick building with garage parking that was built by Ronan Builders.

The lot is 32.5 x 133.

This is a top floor unit with its own 69×28 private roof deck.

The unit has all the features and finishes you would expect out of 2017 new construction.

There is a custom trim/molding package.

The kitchen has custom cabinets, quartz or granite counter tops, and luxury appliances by Subzero, Bosch, Wolf and Kohler.

The bathrooms have Grohe, Kohler and Ann Sacks Tile Work.

Originally priced last March at $1,099,000, it has been reduced $94,000 to $1.05 million.

Is $1 million the new reality for new construction penthouse condos in East Lakeview?

Felicia Marinescu at Mod Realty has the listing. See the pictures here.

Unit #4: 3 bedrooms, 2.5 baths, 1900 square feet

• New construction
• Originally listed in March 2017 for $1,099,000
• Reduced
• Currently listed at $1.05 million
• Assessments of $299 a month (includes electric, exterior maintenance, lawn care, scavenger, and snow removal)
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×14
• Bedroom #2: 11×11
• Bedroom #3: 11×11
• Private deck: 69×28

This 1-bedroom in 100 E. Huron in River North just came on the market.

The building was constructed in 1991 and has commercial space on the first 10 floors as well as a rental parking garage.

The listing says this unit was “just renovated.”

It has custom oak floors throughout and crown molding.

The kitchen is “completely new” and has been opened to the living and dining rooms.

It has white cabinets, stainless steel appliances and white counter tops along with a breakfast bar.

There are French doors to the master bedroom where it also has a master bath that has also been renovated.

The unit also has a half bath.

It has upscale appliances by Bosch, FisherPaykel and Toto.

But the real selling point of this unit is the private 385 square foot west-facing terrace.

It is landscaped and has what looks to be wood decking, which even the building’s own terrace doesn’t have. It has plain concrete.

I believe there are only 2 terraces on this level and a few on one of the upper levels so outdoor space is rare in this building.

This unit has sold since 1993, which means it’s been 24 years since you could live here.

Will this be under contract today?

Helen Jaeger Roth at BerkshireHathaway KoenigRubloff has the listing. See the pictures here.

Unit #1107: 1 bedroom, 1.5 baths, 1045 square feet

• Sold in January 1991 for $186,000
• Sold in November 1993 for $258,000
• Currently listed for $615,000
• Assessments of $673 a month (includes heat, a/c, doorman, exercise room, pool, scavenger, cable)
• Taxes of $6055
• Parking is rental in the building
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×17
• Terrace: 10×38

This 3-bedroom townhouse at 3900 N. Fremont in Lakeview came on the market in June 2017.

This complex was built in 1994 and has 21 units and garage parking.

This townhouse is 3 stories but just 1508 square feet.

The listing says it has gotten a new roof, carpeting and paint in 2017.

It also says there were new windows and doors installed in 2014.

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

Two of the bedrooms are on the second floor and the third, along with a den, are on the third floor.

There’s a 15×11 front terrace as well as an ADT security system.

It’s just a block from the Sheridan Red Line stop and 3 blocks north of Wrigley Field.

Three bedroom townhouses at this price in Lakeview are rare.

Why isn’t this selling?

Christine Welch at Baird & Warner has the listing. See the pictures here.

Unit #I: 3 bedrooms, 2 baths, 1508 square feet

• Sold in April 1994 for $205,500
• Sold in July 1997 for $257,000
• Sold in September 2000 for $330,000
• Sold in March 2007 for $435,000
• Originally listed in June 2017 for $450,000
• Reduced
• Currently listed at $445,000 (includes parking)
• Assessments of $150 a month (includes exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $7885
• Central Air
• Bedroom #1: 15×11 (third floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×9 (second floor)
• Den: 15×8 (third floor)
• Deck: 15×11

This 4-bedroom townhouse at 3631 N. Pine Grove in East Lakeview just came on the market.

This was built in 1978 and has 6 townhomes along with secure gated outdoor parking.

The listing says it has been renovated with oak floors, recessed lighting, solid core wood doors, wood baseboards and 2 HVAC units.

This townhouse has the floor plan buyers look for with townhouses.

3 out of the 4 bedrooms are on the second level, including the master bedroom which has its own bathroom with limestone counter tops and a marble shower.

The second and third bedrooms have skylights, instead of windows, and there is a second bathroom on the floor with a marble shower with a rain shower head.

The fourth bedroom is in the lower level where there is also a full bathroom.

There is a gas fireplace separating the living and dining rooms on the first floor and also in the lower level separating the family room and the fourth bedroom.

The lower level also has storage and a laundry room.

The kitchen has what looks like gray and black cabinets and luxury appliances including a Subzero refrigerator, a Viking stove and a Bosch dishwasher.

There’s also a half bath on the first floor, which means that there is a bathroom on every floor. That’s not common in most townhouse layouts.

The townhouse also has an outdoor patio in the front of the house measuring about 10×7.

Is this a better deal for the square footage and location, about a block from the lake, than a new construction duplex down?

Carole Cousin at @Properties has the listing. See the pictures here.

Unit #D: 4 bedrooms, 3.5 baths, 2700 square feet

• Sold in September 2002 for $429,000
• Currently listed for $749,900
• Assessments of $268 a month (includes scavenger, snow removal)
• Taxes of $7562
• Central Air
• Secure gated parking included
• Bedroom #1: 17×13 (second floor)
• Bedroom #2: 14×13 (second floor)
• Bedroom #3: 12×12 (second floor)
• Bedroom #4: 14×12 (lower level)
• Family room: 19×11 (lower level)
• Laundry room: 12×11 (lower level)
• Patio: 10×7