Crib Chatter

The Illinois Association of Realtors is out with the July sales numbers. It’s more of the same. Low inventory and high prices appear to depressing housing sales.

The city of Chicago saw a 5.7 percent year-over-year home sales decline in July 2017 with 2,621 sales, down from 2,780 in July 2016. The median price of a home in the city of Chicago in July 2017 was $301,000, up 3.8 percent compared to July 2016 when it was $290,000.

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,780
• 2017: 2,621

“We’re in a market where even the first-time homebuyers are sophisticated and educated, and they are willing to seek out the most appropriate home for their financial situation, rather than make a rash or imprudent decision,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Our continued decline in the days on the market until a sale reflects the fact that properties priced appropriately are selling rapidly. In Chicago, inventory isn’t as restricted in certain price ranges; there continues to be plenty of opportunity at different price points, particularly for move-up buyers.”

Average market time dropped again statewide to 47 days from 53 a year ago.

The mortgage rates don’t remain a factor even though they’re marginally higher than a year ago. The average 30-year mortgage was 3.97% in July compared to 3.44% a year ago and 3.9% in June.

“The concerns this month center on the continuing low inventory rates and the potential dampening of demand caused by real income growth failing to keep pace with rising house prices” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. “Housing affordability is once again becoming a concern, especially for those seeking to enter the housing market.”

In Chicago, it seemed like there was a definite market slowdown in July and now, again, in August. The urgency appears gone and many listings aren’t selling as quickly, even in the “affordable” price point under $300,000.

Is the first time buyer priced out in many cities and neighborhoods?

What are the implications on a housing market when rates are still near record lows?

Illinois home prices show solid gain in July; Sales decline [Illinois Association of Realtors, Press Release, August 24, 2017]

This 2-bedroom at 1433 W. Addison in the Southport neighborhood of Lakeview just came on the market.

It’s on the second floor of these vintage buildings on the corner of Addison and Janssen that was converted into condos at the height of the housing bubble in 2006.

There are 19 units in the building.

It has 10 foot ceilings and an open concept.

The kitchen has 42 inch maple cabinets, granite counter tops, stainless steel appliances and an island that seats two.

There’s a private balcony off the front of the unit, facing Addison.

There are California closets throughout.

The master suite ahs a spa-like marble bath.

The unit has central air and washer/dryer in the unit but it doesn’t have any parking.

Southport used to be the starter neighborhood for many in Chicago.

Is it still in demand in 2017?

Leigh Marcus at @Properties has the listing. See the pictures here.

Or see it at the Open House this Saturday and Sunday, 8/26 and 8/27, from 1 to 3 PM.

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

• Sold in April 2006 for $400,000
• Sold in October 2013 for $355,000
• Currently listed at $435,000
• Assessments of $324 a month
• Taxes of $5363
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 13×11
• Bedroom #2: 13×12

This 2-bedroom at 1320 N. State Parkway in the Gold Coast most recently came on the market in July 2017 but has been on, and off, the market since 2005.

The building was designed by Eifler & Associates in 1927 and has 40 units with a doorman but no parking.

This unit has the vintage features from its era including ceiling millwork and a formal dining room.

The living room has a wood burning fireplace with an imported Francois & Co French limestone mantle and custom Kravet draperies.

The kitchen has imported black and white checkerboard limestone floors, custom Farrow & Ball painted white cabinets, London subway tile on the walls, thick stone counter tops and a breakfast area.

The third bedroom has been converted into a family room/den.

There’s a bonus maid room that could be an office but which also houses the in-unit washer/dryer.

The master suite has a marble bathroom.

The unit has space pak cooling, the in-unit washer/dryer but there is no deeded parking. It’s available to rent in the neighborhood.

The listing says its available furnished.

With it move-in ready, why isn’t this selling?

Nancy Tassone at Jameson Sotheby’s has the listing. See the pictures here.

Unit #11A: 2 bedrooms, 3 baths, 2700 square feet, co-op

• I don’t have a prior sales price because it’s a co-op
• Originally listed in 2005 and has been on and off the market since.
• Currently listed at $1.599 million
• Assessments of $4497 a month (includes taxes, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $16917
• No central air- space pak only
• In-unit washer/dryer
• No parking but it’s available for rent in the neighborhood
• Wood burning fireplace
• Bedroom #1: 14×18
• Bedroom #2: 12×21
• Den: 11×19
• Laundry room: 7×12

This 2-bedroom duplex up at 1532 N. Paulina in Wicker Park just came on the market.

It is a 16-unit building with garage parking.

This unit has the preferred layout of he living room, dining room and kitchen on the main level with the 2 bedrooms on the second floor.

The kitchen has white cabinets, black granite counter tops, stainless steel appliances and a breakfast bar.

There’s a wood burning fireplace and exposed brick walls in the bedrooms.

The unit also has a private rooftop deck, which the listing says has interior access from the unit.

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

Wicker Park is one of the hottest neighborhoods and this is priced under $500,000.

Will this go under contract within days?

Kelly Parker at @Properties has the listing. See the pictures here.

Unit #P: 2 bedrooms, 3 baths, duplex up, no square footage listed

• Sold in October 2001 for $375,000
• Sold in May 2005 for $455,000
• Sold in May 2012 for $398,500
• Currently listed for $465,000
• Assessments of $312 a month (includes exterior maintenance, scavenger)
• Taxes of $8194
• Central Air
• Washer/Dryer in the unit
• Garage parking space included
• Bedroom #1: 19×11 (second floor)
• Bedroom #2: 15×11 (second floor)
• Deck: 18×13 (third floor)

This 4-bedroom duplex up at 2948 N. Pine Grove in East Lakeview was listed in May 2017.

Many of you may remember it from the bust years as we chattered about it several times including in 2013.

Back then, it had been on and off the market from August 2009 until 2011 and had reduced to $399,900. It was available to either buy or rent (for $2750 a month). It then came back on the market in 2013 and finally sold.

Back in 2013, some of you were concerned about the spiral staircase that led to the second floor.

You can see our 2013 chatter here.

That issue has been addressed as the listing says there is a “brand new custom staircase” and it’s NOT a spiral.

The listing also says there a remodeled kitchen on the main level which has white cabinets, a farmhouse sink and stainless steel appliances.

3 bedrooms are on the second floor along with a family room.

The fourth bedroom is on the main floor with the living room, dining room and kitchen.

While there’s no central air, there’s new space pak.

According to the listing, there’s a new front load washer/dryer.

There’s no parking with the unit.

The listing also points out its in the Nettlehorst school district.

Originally listed at $649,990, it has been reduced 4.9% to $599,000 since May.

With 4-bedrooms so rare, why isn’t this selling?

Curt Ratcliff at @Properties has the listing. See the pictures here.

Unit #2: 4 bedrooms, 2 baths, 2000 square feet, duplex up

• Sold in May 1992 for $207,500
• Sold in June 2000 for $318,000
• Sold in July 2006 for $469,500
• Originally listed in August 2009
• Was listed in June 2010 for $475,000
• Reduced several times
• Was listed in January 2011 for $399,900
• Withdrawn
• Was re-listed in 2013 for $449,000
• Sold in August 2013 for $406,000
• Originally listed in May 2017 for $649,990
• Reduced
• Currently listed for $599,000
• Assessments now $489 a month (they were $518 a month in 2013) includes heat, exterior maintenance, lawn care, scavenger, snow removal
• Taxes now $9374 (they were $8422 in 2013 and $8104 in 2011)
• No central air- space pak cooling
• Washer/Dryer in the unit
• No deeded parking- rental in the neighborhood
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 12×8 (second floor)
• Bedroom #4: 14×10 (main floor)
• Family room: 15×12 (second floor)

This renovated 2-bedroom at 201 E. Chestnut in Streeterville recently came on the market.

The building was constructed in either 1961 or 1962, depending on which listing you look at, and has 120 units.

One unique feature is the extra large recessed terraces.

The terrace with this unit is 27×8 and is off both the living room and both bedrooms. All the terraces also have the unique criss-cross brick floors.

The listing says this unit has South and East/West views towards the park, the Museum of Contemporary Art and the Lake.

The listing also says it has been “completely renovated” with new electrical, a new furnace, new a/c and a new washer/dryer.

There are new solid oak hardwood floors.

The baths are new with floating vanities and quartz counter tops. Interestingly, there is also no bathtub in the unit as both baths have walk-in showers.

The kitchen has white shaker cabinets and quartz counter tops along with Kitchenaid designer stainless steel appliances.

The unit has the features today’s buyers look for including central air, washer/dryer in the unit and valet parking is available for $156 a month. (A steal for monthly parking in Streeterville?)

This unit is also a generous 1600 square feet, a far cry from the 1100-1200 square feet 2/2s that are new construction condos or apartments today.

Are renovated older units a deal?

Gail Spreen at Related Realty has the listing. See the pictures here.

Unit #22B: 2 bedrooms, 2 baths, 1600 square feet

• Sold in January 1994 for $185,000
• Sold in November 1996 for $235,000
• Sold in May 2016 for $400,000
• Currently listed for $499,900
• Assessments of $915 a month (includes doorman, cable, exercise room, pool)
• Taxes of $7262
• Central Air
• Washer/Dryer in the unit
• Valet parking for $156 a month in the building
• Bedroom #1: 12×16
• Bedroom #2: 11×14

This 1-bedroom in 910 S. Michigan in the South Loop just came on the market.

The building was constructed in 1913 and was converted into loft-like condos in 1998.

It has a parking garage, exercise room and a doorman.

This unit faces north, so it will not have light and views blocked by the new 74-story Helmut Jahn building called 1000M, which will be at 1000 S. Michigan, or just south of this building.

It has high ceilings and industrial windows along with a curved wall fireplace.

There are hardwood floors in the living room and kitchen.

The kitchen has white cabinets and stainless steel appliances along with an island.

Many of these units were built with small “sunrooms” with a sliding glass door to access them.

This unit has a 9×8 sunroom the listing says could be used for an office. While the bedroom doesn’t have a window, it does have a sliding glass door that leads out to the sunroom.

It has central air, washer/dryer in the unit and parking is available to buy in the building (but why would you need it in this location?)

At $254,000, this unit is listed at a fraction of the price that the new Helmet Jahn units will be listed at next door.

Is Chicago the last remaining big city real estate bargain in America?

Michael Murphy at Related has the listing. See the pictures here.

Unit #405: 1 bedroom, 1 bath, 875 square feet

• Sold in February 1999 for $155,000
• Sold in March 2000 for $187,500
• Sold in March 2001 for $185,000
• Sold in June 2008 for $225,000
• Sold in May 2013 for $225,000
• Currently listed for $254,000
• Assessments of $252 a month (includes heat, a/c, cable, doorman, exercise room, exterior maintenance, scavenger)
• Taxes of $2041
• Central Air
• Washer/Dryer in the unit
• Parking available to purchase in the building
• Bedroom: 14×9
• Living room: 22×11
• Sunroom: 9×8

This 3-bedroom in 247 E. Chestnut in Streeterville recently came on the market.

This is a complete gut renovation with new floors, doors, lighting, kitchen and bathrooms.

There are now dark wide plank floors throughout.

The kitchen has white cabinets, a backsplash, white countertops, stainless steel appliances and a kitchen island.

The bathrooms have subway tiles in the showers.

There’s a wine fridge in the unit but no washer/dryer. There’s coin laundry in the building.

Valet parking for $220 a month is also available.

There’s central air.

This building was constructed in 1963.

Can these old units get a new life through renovation?

Patrick Maliszewski at @Properties has the listing. See the pictures here.

Unit #1701: 3 bedrooms, 2 baths, no square footage listed

• Sold in January 2017 for $355,000
• Currently listed for $570,000
• Assessments of $1376 a month (includes heat, a/c, gas, doorman, cable, exterior maintenance, scavenger)
• Taxes of $5374
• Central Air
• No washer/dryer in the unit- coin laundry in the building
• Valet parking for $220 a month
• Bedroom #1: 17×15
• Bedroom #2: 12×12
• Bedroom #3: 9×10

This 1-bedroom loft at 375 W. Erie in River North recently came on the market.

It has 14 foot ceilings and several exposed brick walls along with exposed ductwork.

The loft is north facing with a balcony.

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

There’s washer/dryer in the unit, central air and parking is included.

But what’s happening to the ceiling?

This building has mostly timber ceilings but that’s not what this looks like. See the pictures to see what I’m talking about.

At $325,000, this loft is listed just $5,000 above the 2007 purchase price.

How is this loft missing out on all the price appreciation in River North since the bust?

Burt Fujishima at Coldwell Banker has the listing. See the pictures here.

Unit #504: 1 bedroom, 1 bath, 980 square feet

• Sold in September 1997 for $175,800 (no parking included)
• Sold in October 2001 for $265,000 (no parking included)
• Sold in July 2007 for $320,000 (parking included)
• Currently listed at $325,000 (parking included)
• Assessments of $437 a month (includes heat, a/c, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4724
• Central Air
• Washer/Dryer in the unit
• Fireplace
• Bedroom: 12×12

This 4-bedroom at 411 W. Briar in East Lakeview came on the market in July 2017.

The pre-war building, at the corner of Briar and Sheridan, was constructed in 1914 and has 15 units.

There’s no parking with the building, as cars were not widely owned when it was built.

This unit has west and north exposures.

It has some of its vintage features including a wood burning fireplace, a 50 foot gallery with barreled ceilings, and crown molding.

It has a sunroom and a grand entry foyer.

The kitchen has recently been renovated by a professional designer. It has custom wood cabinets, marble countertops, a farm sink, and Liehberr, Wolf, and Miele appliances.

The master bedroom suite also has a gut renovated bathroom with marble finishes.

The listing says the second bathroom has also been renovated. Only the third one appears to have its older finishes.

The unit has hardwood floors throughout.

It has in-unit washer/dryer but no central air.

The listing also says its in the Nettlehorst school district.

Three bedroom condos have been in high demand as being family friendly.

Will this 4-bedroom unit sell quickly simply due to all of its bedrooms?

Steven Acoba at Keller Williams has the listing. See the pictures here.

Unit #D2: 4 bedrooms, 3 baths, 2600 square feet

• Sold in September 1991 for $205,000
• Sold in July 1998 for $325,000
• Sold in August 2011 for $366,500
• Currently listed for $699,000
• Assessments of $1072 a month (includes heat, gas, security, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8463
• No central air- window units only
• Washer/dryer in the unit
• No parking (but it’s available in the neighborhood)
• Bedroom #1: 17×13
• Bedroom #2: 14×14
• Bedroom #3: 14×13
• Bedroom #4: 10×9
• Foyer: 13×11
• Sunroom: 15×8
• Gallery: 50×4