Crib Chatter

This 3-bedroom townhouse at 820 W. Wolfram in Lakeview just came on the market.

If it looks familiar, that’s because we chattered about it in 2014 when it came on the market after a complete renovation.

You can see that chatter here.

If you recall, this 6-unit complex was built in 1979.

This unit is a front, street facing unit, which was remodeled with all modern finishes.

It now has a glass wall that opens to a protected, walled landscaped garden that faces the street.

The kitchen has white modern cabinets with Wolf, Bosch and Subzero appliances and “waterfall” countertops.

There are frosted sliding room doors and walls of marble.

The third bedroom is on the third floor with the other two bedrooms on the second floor.

This floor has walls of solid glass doors that open and close depending on how you want to define the space.

There’s no basement.

The townhouse has central air and a parking space which appears to be an outdoor space.

The listing makes a big deal out of the fact that this townhouse is “fee simple” which means there’s no assessments.

But who is shoving the sidewalks and the parking area?

What happens if you tuck point the brick on your part of the building but your neighbor doesn’t and water leaks in?

What if a tree rots in your neighbor’s yard but they don’t cut it down?

Do you only replace the roof on your part of the roof and nothing else gets replaced?

Has anyone here ever lived in a fee simple unit?

This townhouse sold in 2014 for $775,000. It has come back on the market at $815,000.

Is there still a premium four years later?

Brad Lippitz at Compass Real Estate has the listing again. In 2014, he was also the owner. See the pictures here.

Or see it at the Open Houses on Saturday, April 14 from 12-2 PM or Sunday, April 15 from 12-2 PM.

Unit #F: 3 bedrooms, 2 baths, no square footage listed (but old listings show these townhouses as 1530 square feet)

• Sold in April 1990 for $360,000
• Sold in November 1993 for $197,000
• Sold in August 2013 for $80,000 (according to public records)
• Renovated
• Originally listed in June 2014 for $799,000
• Sold in August 2014 for $775,000
• Currently listed at $815,000
• No assessments because it’s fee simple
• Taxes are now $11,220 (they were $6916 in 2014)
• Central Air
• Parking included
• Washer/dryer in the unit
• Bedroom #1: 17×15 (third floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×11 (second floor)
• Terrace: 20×15

This 3-bedroom vintage unit at 2910 N. Pine Grove in East Lakeview just came on the market.

If it looks familiar to some of you (and how could that beautiful den not look familiar?) that’s because we chattered about it 7 years ago, in 2011.

The unit finally sold after being on the market for 2 1/2 years.

See our chatter, and some old listing pictures, here.

Here’s one of the 2011 comments from Laura, Crib Chatter’s expert on vintage units, which is interesting to read now with the benefit of hindsight:

“Probably dropped the price as the result of an appraisal. I’m sure the inspection didn’t find anything wrong with the place that isn’t wrong with just about every building in this age bracket.

I feel like this buyer got a very good deal but who knows at this point? The “recovery” is losing steam and Case-Schiller is predicting that prices will drop another 25%. Not sure I believe it, but there is no question that middle-class professional incomes are dropping along with everyone else’s.

It’s the receding tide that leaves everybody stranded but the people who are getting the advantage of all the bailouts and subsidies.”

Remember, Chicago prices didn’t bottom until 2012.

If you recall, this unit has 9 foot ceilings with crown moldings and a limestone gas fireplace in the living room.

There are dark hardwood floors throughout.

The listing says it has a Chef’s kitchen with Viking and Bosch appliances.

It has in-unit washer/dryer but there’s no central air, just window units, and there’s no deeded parking. The listing says there’s transferrable covered leased parking at 525 W. Oakdale.

This building was constructed in 1917 by architect Roy France. It has 26 units.

This unit has come back on the market 7 years later for $185,000 more than the 2011 sale, at $575,000.

Will this unit sell more quickly this time now that the economy is booming?

Nicholas Haubrich at @Properties has the listing. See the pictures and floor plan here.

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

• Sold in March 1995 for $210,000
• Sold in August 2003 for $376,000
• Was listed in December 2008 for $599,000
• Reduced several times
• Was listed in August 2010 at $469,000
• Sold in June 2011 for $390,000
• Currently listed for $575,000
• Assessments are now $613 a month (they were $523 a month in 2011)(Includes heat, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes are now $7,774 (they were $5,444 in 2011)
• No central air – window units
• Washer/dryer in the unit
• Rental parking transferrable at 525 W Oakdale
• Bedroom #1: 13×14
• Bedroom #2: 12×15
• Bedroom #3: 8×14
• Den: 9×10

This 2-bedroom duplex up at 925 N. Wolcott in West Town came on the market in March 2018.

This modern building was constructed by Studio Dwell and Ranquist Development in 2004.

It has 9 units and a parking garage.

This 1700 square foot duplex has 19 foot ceilings and a floating staircase.

The kitchen has Italian Arclinea white cabinets along with luxury stainless steel appliances by Miele and Subzero.

One bedroom is on the main floor with the master bedroom on the second floor.

There’s also a family room or office on the second level.

If you like outdoor space, this unit has it in the form of a 27×15 private patio with concrete walls.

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

Originally listed in March for $625,000 it has been reduced $26,000 to $599,000.

The unit last sold just 3 years ago for $572,000.

West Town has been one of the hottest neighborhoods during the housing recovery but have prices on some properties peaked?

Steve Meyer at Redfin has the listing. See the pictures and floor plan here.

Unit #103: 2 bedrooms, 2 baths, 1700 square feet, duplex up

• Sold in April 2004 for $450,000
• Sold in September 2007 for $565,000
• Sold in June 2015 for $572,000
• Originally listed in March 2018 for $625,000
• Reduced
• Currently listed for $599,000
• Assessments of $319 a month (includes lawn care, scavenger, snow removal)
• Taxes of $10,505
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×14 (second floor)
• Bedroom #2: 11×10 (main level)
• Family room/Office: 16×11 (second floor)

This 1-bedroom in 1450 N. Dearborn Parkway in the Gold Coast just came on the market.

Built in 1874, it has 6 units.

The unit has some of its vintage features including millwork and high ceilings (other units in the building said they were 12 feet) along with oversized windows.

There are hardwood floors throughout the entire unit and a wood burning fireplace.

The kitchen has been newly renovated and expanded and now has blue and brown cabinets with stainless steel appliances.

Can you tell where the refrigerator is?

The bedroom has a renovated master bath with a steam shower and a walk-in closet.

The unit has new central air and in-unit washer/dryer but there’s no deeded parking. There’s rental parking available in the neighborhood though.

But the big selling point is the private 19×13 terrace off the kitchen that appears to have an outdoor television. It’s big enough for a table and chairs plus a grill.

Is this the type of condo people think of when they dream about living in one of the old vintage buildings in the Gold Coast?

Is this the Gold Coast dream?

Zane Jacobs at Redfin has the listing. See the pictures here.

You can also see it at the Open Houses this weekend on Saturday, April 7 from 2-4 PM and Sunday, April 8 from 2-4 PM.

Unit #3B: 1 bedroom, 1 bath, no square footage listed but assessor square footage says 850.

• Sold in August 2001 for $290,000
• Sold in November 2006 for $347,500
• Sold in August 2012 for $285,000
• Currently listed at $425,000
• Assessments of $410 a month (includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5708
• Central Air
• Washer/dryer in the unit
• No parking- but there’s rental in the neighborhood
• Bedroom: 17×15
• Living room: 16×19
• Kitchen: 11×9
• Terrace: 19×13

This 2-bedroom in the Palladio at 2042 N. Clark in Lincoln Park came on the market in March 2018.

But if it looks familiar, that’s because we last chattered about it in October 2016.

See that chatter here.

It has been on and off the market for several years, and has also been rented out in that time.

The Palladio was constructed with a Renaissance flair in 2002.

It has 10 units, an elevator and garage parking.

If you recall, this unit has 11-foot ceilings and unique Romanesque columns outside the entrance to the kitchen.

The kitchen has Italian cherry cabinets, granite counter tops and luxury appliances including a Subzero refrigerator, Thermadore range and Bosch dishwasher.

It has marble bathrooms.

It has the other features buyers look for including central air, washer/dryer in the unit and a garage parking space is included.

First listed in May 2016 at $545,000 this unit has been reduced by $50,000 and is now listed at $495,000.

With inventory near record lows, why isn’t this selling?

Akos Straub at Coldwell Banker still has the listing. See the pictures here.

Unit #4N: 2 bedrooms, 2 baths, 1350 square feet

• Sold in July 2002 for $476,000
• Originally listed in May 2016 for $545,000
• Reduced several times
• Currently listed for $495,000 (includes garage parking)
• Assessments are still $447 a month (they were also $447 a month in 2016) (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes now $10,062 (they were $9219 in 2016)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×13
• Bedroom #2: 14×11

This 2-bedroom in the Brundage Building Lofts at 3325 N. Lincoln in West Lakeview just came on the market.

Begun in 1928 and finished in 1929, it was originally supposed to be a 9 story building but ended up at just 4 stories.

The pie shaped building originally housed the Brundage Bank which went under during the Great Depression.

It was converted into 10 lofts with parking in the 1990s.

The listing says this 1350 square foot unit has gotten new windows in 2018 which face south and west.

The second bedroom, which has French doors, is currently being used as an office.

There are new grey shaker style cabinets, new stainless steel appliances and quartz counter tops in the kitchen along with a farmhouse sink.

The rooftop deck is shared by the building.

It has central air and deeded garage parking but it doesn’t have in-unit washer/dryer. It is coin laundry in the building.

This building is in the middle of a popular restaurant and supermarket corridor and is just steps away from the Paulina brown line stop.

Another 2/2 in the building with the same type of remodeled kitchen and baths sold in December 2017 after just a month on the market for the asking price of $424,900.

You can see that listing by the same agent here.

This unit is on the end of the pie and has two exposures. It’s listed for $25,000 more, at $450,000.

Will this sell just as quickly as the other unit did in the winter?

Antonio Giamberduca at Baird & Warner has had both listings. See the pictures here.

Unit #304: 2 bedrooms, 2 baths, 1350 square feet

• Sold in May 1995 for $159,500 (doesn’t list a parking space)
• Sold in May 2004 for $350,000 (included 2 parking spaces)
• Sold in March 2013 for $305,000 (included 1 parking space)
• Currently listed for $450,000 (includes 1 garage parking space)
• Assessments of $261 a month (includes exterior maintenance, scavenger and snow removal)
• Taxes of $5636
• Central Air
• No washer/dryer in the unit. It is coin laundry in the building.
• Bedroom #1: 14×13
• Bedroom #2: 18×10

This 2-bedroom loft in the Cosmopolitan Lofts at 1133 S. Wabash in the South Loop just came on the market.

This industrial building was constructed in 1908 and now has 49 lofts and an indoor parking garage.

The listing calls this duplex loft a “one-of-a-kind.”

It has many authentic loft features including exposed brick walls, timber ceilings and beams and industrial windows facing south and east.

There are two balconies that the listing says have lake views, one in the master bedroom and one in the living room.

The two levels are connected with a floating steel and matching oak staircase with glass panels.

On the main level is the living/dining and kitchen.

The kitchen has custom Bulthaup cabinets with integrated Subzero, Miele and Wolf appliances.

The two bedrooms are in the lower level with the second bedroom open to the staircase (see the floor plan for details.)

This loft has 5 1/4″ rift sawn White Oak floors.

There’s a Lutron Grafix Eye lighting system and a 2 zone HVAC.

There are acoustical panels.

The bathrooms are finished with Robern vanities and concealed tank Geberit toilets.

There’s a Miele washer/dryer in the unit integrated with custom cabinets.

The loft has central air and one garage parking space is included with a second available for $35,000.

Will this unique property sell quickly in this tight market?

Mark Miles at Dream Town has the listing. See the pictures and the floor plan here.

Unit #507: 2 bedrooms, 2.5 baths, 2400 square feet, duplex down

• I couldn’t find a prior price
• Currently listed for $950,000 (includes one car parking)
• Assessments of $1260 a month (includes cable, exterior maintenance, scavenger and snow removal)
• Taxes of $11,931
• Central Air
• Washer/dryer in the unit
• Second parking space available for $35,000
• Bedroom #1: 20×12 (lower level)
• Bedroom #2: 24×14 (lower level)

This 3-bedroom at 3740 N. Lake Shore Drive in Lakeview came on the market in June 2017.

This building was constructed in 1924 and has 58 units.

This unit has 60 foot of lakefront views.

The listing says that it has new Marvin windows, new doors, hardware and millwork, new lighting, plumbing and electrical.

There are new quarter-sawn oak floors.

It also has a 23 foot grand gallery with herringbone oak and walnut inlaid floors.

The kitchen has a coved ceiling along with maple cabinets and built-in Subzero, Dacor and Miele appliances.

There’s a butler’s bar with a wine cooler.

Two bedrooms are en suite and the maid’s room, which is just 13×7, is being used as an office.

It doesn’t have central air, but it has Space Pak.

There’s also an in-unit Bosch washer/dryer and deeded parking is included, with a second space available for $40,000, a rarity for many vintage buildings of this era.

Originally listed at $660,000 in 2017, it has been reduced as low as $560,000, before it went under contract in March 2018.

It has since been relisted at $575,000 with one parking space included.

Does deeded parking give this building an advantage over most of the other Lake Shore Drive vintage condo and co-op buildings?

Paul Yambrovich at Dream Town has the listing. See the pictures here.

Unit #3A: 3 bedrooms, 2.5 baths, 2400 square feet

• Sold in April 1996 for $225,000 (per Zillow- as the CCRD was “down” again. Ugh.)
• Sold in January 2003 for $425,000 (per Zillow)
• Originally listed in June 2017 for $660,000
• Reduced
• Under Contract in March 2017 at $560,000
• Re-listed at $575,000 (includes 1 car deeded parking with a second space available for $40,000)
• Assessments of $1809 a month (includes heat, doorman, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $9,003
• No central air- but it has Space Pak cooling
• Washer/dryer in the unit
• Pets allowed
• Bedroom #1: 17×17
• Bedroom #2: 17×13
• Bedroom #3: 17×15
• Office: 13×7
• Gallery: 23×9
• Dining room: 18×18

Sales declined in February as inventory remained tight.

It was the second year in a row that February sales declined, however.

From the Illinois Association of Realtors:

The city of Chicago saw year-over-year home sales decline in February 2018 with 1,490 sales, compared to 1,529 in February 2017. The median price of a home in the city of Chicago in February 2018 was $272,000, up 10.6 percent compared to February 2017 when it was $246,000.

Here is the sales data for February going back to 1997 (courtesy of G).

• 1997: 881 sales
• 1998: 991
• 2000: 1383
• 2001: 1151
• 2002: 1677
• 2003: 1566
• 2004: 1814
• 2005: 2228
• 2006: 1855
• 2007: 1703
• 2008: 1454
• 2009: 870
• 2010: 1257
• 2011: 1092
• 2012: 1250
• 2013: 1411
• 2014: 1361
• 2015: 1497
• 2016: 1567
• 2017: 1529
• 2018: 1490

Here is the Median Price Data also going back to 1997 (thanks G!):

• 1997: $117,000
• 1998: $132,000
• 1999: $143,750
• 2000: $161,500
• 2001: $180,200
• 2002: $212,000
• 2003: $215,000
• 2004: $229,900
• 2005: $268,900
• 2006: $267,500
• 2007: $270,000
• 2008: $290,000
• 2009: $218,125 (with 31% being REO/Short Sales)
• 2010: $176,000 (with 46% being REO/Short Sales)
• 2011: $150,250 (with 50% being REO/Short Sales)
• 2012: $140,300 (with 52% being REO/Short Sales)
• 2013: $158,000
• 2014 $175,000
• 2015: $212,000
• 2016: $236,000
• 2017: $246,000
• 2018: $272,000

One thing of interest is that this was the highest February median price since 2007.

Yes, median price can be skewed based on what is selling. But the 10% year-over-year gain in prices could indicate that more properties are selling in the higher brackets.

“Buyers must be proactive in this market,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and vice president of agent development at @properties. “With inventory tightening, buyers may need to account for a longer search. In that same vein, prospective sellers may delay listing their homes until after they’ve identified where they plan to go. Fewer homes on the market make this a catch-22. When the right opportunity arises, buyers will need to act quickly.”

“With the Fannie Mae Home Purchase Sentiment Index decreasing, consumers seem to be apprehensive about future increases in interest rates and some uncertainties about the impact of the tax reform legislation,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “In combination with shrinking inventory and concerns about affordability at the lower end of the price scale, year-over-year sales numbers are forecast to be lower than in 2017.”

February was the month when the rising mortgage rates actually showed up in the data. The average 30-year fixed rate mortgage averaged 4.33% up from 4.03% in January and up from 4.17% in February of 2017.

However, it seems unlikely that this slight uptick would keep home owners on the sidelines.

February has never been a big sales month in Chicago. The winter weather in December and January can skew the closings in the month.

But should we be concerned that February sales appeared to have peaked 3 years ago?

Illinois home prices climb higher in February; sales shift lower [Illinois Association of Realtors, Press Release, March 21, 2018]

This 5-bedroom loft in the Donohue Lofts at 711 S. Dearborn in Printers Row just came on the market.

The Donohue Lofts are authentic brick and timber lofts that were built in 1886.

The Donohue was one of the first buildings converted to residential condos in Printers Row in the 1980s.

The listing says this is 3 combined lofts.

Because of the combination, it’s a rare unit that has both west and east exposures.

Additionally, all 5 of the bedrooms have windows, which is also rare in loft buildings.

This loft has many of its authentic features including exposed brick wall and timber beams along with what looks to be some of the original wood floors that are common in this building.

It has a family room, a great room and a large pantry.

There’s also a dedicated laundry room.

The listing describes the kitchen as “gourmet” with Snaidero cabinets, quartz counter tops and Wolf and Bosch luxury appliances.

The master suite has the original arched windows, a walk-in closet and the bathroom has a Jacuzzi tub.

There’s also a guest suite with its own spa bath.

Two of the bedrooms are in a separate wing with their own shared bath which the listing says is ideal for teenagers or to use as offices.

The listing says it has central air.

Heat is included in the assessment.

There’s no parking, but you can rent it next door for $240 a month and there are spots available to purchase in the neighborhood.

At 4700 square feet, this is one of the largest lofts I’ve ever seen for sale in Printers Row.

Is this the perfect loft family home?

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

Unit #304: 5 bedrooms, 4.5 baths, 4700 square feet

• Unit #3C sold in December 2008 for $565,000
• Unit #3A and #3A1 sold in November 2012 for $657,500
• All 3 units currently listed for $2.25 million
• Assessments of $3,061 a month (includes heat, cable, exercise room)
• Taxes of $18,944
• Central Air
• Washer/dryer in the unit
• No parking- it is available to rent next door for $240 a month
• Bedroom #1: 17×17
• Bedroom #2: 12×11
• Bedroom #3: 15×14
• Bedroom #4: 14×12
• Bedroom #5: 14×8
• Family room: 23×20
• Office: 22×13
• Pantry: 14×6
• Walk-in-closet: 21×5
• Laundry room: 13×8