Crib Chatter

This 2-bedroom in 1300 N. Lake Shore Drive in the Gold Coast recently came on the market.

But if it looks familiar, that’s because we chattered about it nearly 3 years ago, in August 2015.

See our chatter here.

At that time, it had recently been renovated with a mid-century modern motif that fit with the building, which was built in 1963.

You might recall that it has dead on Lake Michigan views from the 21st floor.

There’s a chef’s kitchen with walnut cabinets, Bosch appliances, a double convection oven and a built in banquette, with green cushions, which overlooks the lake.

The master bathroom has a aroma/chromatherapy rain shower and heated floors.

As the listing said in 2015, it has all new electric, plumbing and ventilation.

There is an in-unit washer/dryer.

The unit also has unique Terrazzo floors with brass spacers, custom LED lighting and remote control window shades.

There’s valet rental parking in the building for $290 a month along with guest parking.

It’s a full amenity building with a 24-hour doorman, pool and exercise room.

In 2015, we wondered if it would sell quickly given that it was renovated.

But it still hasn’t sold.

In 2015, some of you also thought that it made more sense to just rent given the assessments, taxes and parking fee, and since then, all three have risen.

Listed at $799,000 in August 2015, it’s now listed at $16,000 more, or $815,000.

What will it take to sell this property?

Leslie Glazier at @Properties still has the listing. See the pictures again here.

Unit #21B: 2 bedrooms, 2 baths, 1500 square feet

• Sold before 1986
• Sold in April 2014 for $530,000 (no pictures on the listing which said to “bring your designer”)
• Was listed in August 2015 for $799,000
• Off and on the market
• Re-listed in February 2018 for $815,000
• Assessments are now $1374 a month (they were $1139 a month in August 2015)(includes heat, a/c, doorman, pool, exterior maintenance, scavenger, snow removal)
• Taxes are now $10,378 (they were $9456 in August 2015)
• Valet parking is now $290 a month (it was $239 a month in August 2015)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×12
• Bedroom #2: 15×12

Artist’s rendering of a new high-rise development proposed in River North at the site of the current parking lot for Holy Name Cathedral. | Image courtesy of Hartshorne Plunkard Architecture per the Sun-Times

2018 is starting off with a bang as far as new high rise condos as plans for two super towers were reported on by the press for two prime downtown sites.

In 2017, we chattered about the sale of the parking lot across from Holy Name Cathedral in River North bordering Chicago Avenue.

JDL Development released an updated version of its plan for the site, now called One Chicago Square.

It was signed off by the Chicago Plan Commission but will have to continue to get approval as the project continues for its various phases.

There will be two buildings with 869 residential units with a combined price tag of $500 million.

The tallest building would be 76 stories. It would rise 1,011 feet and would be the 6th tallest in Chicago.

The second building would be a mere 49 stories.

From the Sun-Times:

Both towers will rise from a nine-story commercial base.

Roughly 225 of the development’s 1,090 parking spaces – none of which would be visible from the street – would be reserved for use by Holy Name parishioners.

Instead of building affordable units on site, JDL Development will make a $6.1 million payment that will bankroll construction of 22 affordable units at the Lawson House SRO development across the street.

JDL will satisfy the remainder of its city mandate by making the largest payment ever made to Chicago’s Affordable Housing Opportunity fund: $11.3 million.

That’s on top of a $13.2 million contribution – the second-largest bonus ever paid – to the so-called “Neighborhood Opportunity Bonus Fund.”

The share the wealth fund was created by Mayor Rahm Emanuel to rebuild neighborhood commercial corridors with contributions from developers allowed to build bigger and taller downtown projects.

Planning and Development Commissioner David Reifman credited JDL with devising a “great creative approach” to Chicago’s affordable housing mandate.

“They’re not doing affordable housing on-site, but it works well for us because the Lawson YMCA…is a very important SRO. We’re looking for sources of funding to make sure that project can work. So, it’s a great synergy. The location is ideal. It’s right down the block,” he said.

Not to be outdone, at the southern end of Michigan Avenue, plans for the development of the Tribune Tower site have leaked so these aren’t written in stone, by any means.

According to the Tribune, the Tribune Tower will be redeveloped into 165 condos.

Rising to the east would be a 1,388 foot tower, which would put it at just a foot shorter than Trump Tower.

For comparison, the Willis Tower is 1,451 feet.

From the Tribune:

In 2016, CIM Group and Golub & Co. bought the Tribune property from Tribune Media, a broadcasting concern, for $240 million. In addition to Tribune Tower, the property consists of three low-rise structures — a former printing plant, the four-story WGN Radio building and the 11-story WGN TV building — that connect to the iconic skyscraper.

Most of Tribune Tower’s exterior and its main lobby — a hushed, churchlike space whose travertine marble walls are inscribed with quotations about freedom of the press and courage in battle — are protected by the city landmark status that was granted to the building in 1989.

Although the other buildings in the Tribune complex do not have protected status, their facades are likely to be preserved under the redevelopment plan, Reilly and a source confirmed.

The new tower would apparently be 220 hotel rooms and 158 condos.

There will be retail and restaurants in the bases of both projects.

No renderings were leaked for the Tribune development.

But it can be guaranteed that with this kind of height, the design of both of these towers will be heavily scrutinized.

If you recall, Trump Tower went through several renderings before the city council signed off on the design.

Another concern, with the Tribune Tower super tower, is the proximity to the historic Tribune Tower.

But, some of you may recall, the same concern was present about the proximity of Trump Tower to the Wrigley Building. The worries were that somehow it would dwarf it or over shadow it.

Those fears didn’t become a reality with the final project.

At a time when the Wanda Group is looking to sell its stake in the Vista Tower, the super tower of condos and a hotel already under construction across the river, for $900 million, are the developers jumping in at the peak of the luxury condo market in this real estate cycle?

Will either one of these actually get built?

Approval doesn’t mean there is financing.

New skyscraper rivaling Trump’s in height could rise could rise behind a redeveloped Tribune Tower [Chicago Tribune, by Bill Ruthhart and Blair Kamin, January 25, 2018]

Holy Name, North Branch projects win Plan Commission Approval [Chicago Sun-Times, by Fran Spielman, January 18, 2018]

This 6-bedroom vintage greystone at 1306 N. Ritchie Court in the Gold Coast came on the market in February 2017.

Built in 1886, this single family home is on a 18×72 lot.

It still has some of its vintage features including wainscoting and moldings and inlaid detailing in the wood floors on the main level.

The main 3 floors have 10 foot ceilings while the basement has 7-8 foot ceilings with a full bath, a bedroom and a wine storage room.

There’s apparently a skylight (there’s no picture of it in the listing).

The kitchen has white cabinets and what looks like black appliances.

The listing says the bathrooms have been updated with Kohler finishes.

The listing also says there’s a new 5×17 deck off the kitchen (but no pictures of it in the listing) and a brick paved outdoor space off the basement.

There’s no central air but there’s space pac.

There’s also no garage parking but you can rent it in the garage in the high rise next door.

Listed at $1.599 million a year ago, it remains listed for the same price.

With buyers seeking open concept housing styles, are vintage greystones a hard sell in 2018?

Lissa Weinstein at Coldwell Banker has the listing. See the pictures here.

Or see it at the Open House on Saturday, Feb 3 from 11-1 PM.

1306 N. Ritchie Court: 6 bedrooms, 4 baths, no square footage listed

• Last sold in September 1986 (no price listed)
• Originally listed in February 2017 for $1.599 million
• Still listed at $1.599 million
• Taxes of $21,759
• No central air- but there’s space pac
• No garage parking- it’s available for rent in the high rise next door
• Bedroom #1: 15×17 (second floor)
• Bedroom #2: 11×17 (second floor)
• Bedroom #3: 12×16 (third floor)
• Bedroom #4: 12×16 (third floor)
• Bedroom #5: 12×16 (third floor)
• Bedroom #6: 9×14 (basement)
• Laundry: 10×10 (basement)

This 2-bedroom duplex penthouse in the Walton Colannade at 100 E. Walton in the Gold Coast just came on the market.

According to the listing, homes like this rarely come on the market but it was first on the market last year and previously sold in 2013.

We chattered about it in April 2017 when it was first listed. You can see that chatter here.

If you recall, it is the unit originally configured for the original owner of the building in 1971.

It has south and east views of the Lake and the skyline.

A spiral staircase links the two floors with the living/dining and kitchen on the main floor and the 2 bedrooms and den on the second floor.

The living room has 21 feet of custom built bookcases.

The dining room has a pass through to the kitchen which the listing says was renovated. It has custom cabinets, stainless steel appliances and Brazilian granite counter tops.

The 2 bedrooms on the second floor are en suite and there’s also an office with cherry wood floors.

Another unique feature is a 13×10 sunroom on the main level, just off the dining room with tile floors.

The unit has central air and a Bosch washer/dryer. Parking is leased in the building.

The 2474 square foot property originally came on the market for $789,000 in April 2017.

Since then, it’s been reduced $150,000 to $649,000 which is under the March 2004 listing price.

Will this duplex finally sell in 2018?

Oliver Levy at Compass Real Estate now has the listing. See the pictures here.

Unit #41DE: 2 bedrooms, 2 baths, duplex, 2474 square feet

• Sold in August 1994 for $422,500
• Sold in March 2004 for $675,000
• Sold in July 2013 for $595,000
• Originally listed in April 2017 for $789,000
• Reduced
• Withdrawn in October 2017
• Re-listed in January 2018 for $649,000
• Assessments are still $2457 a month (includes heat, a/c, cable, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes are now $11,949 but they were $10,892 last year
• Garage parking is leased
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 17×14 (second floor)
• Bedroom #2: 15×14 (second floor)
• Office: 10×7 (second floor)
• Sunroom: 13×10 (main level)

This 2-bedroom on the 90th floor in the John Hancock Building at 175 E. Delaware in Streeterville recently came on the market.

The Hancock is one of the tallest condo buildings in the world.

The units above the 90th floor are considered to be the highest places to live on the globe.

Originally a 3-bedroom, this is now a 1767 square foot 2-bedroom with 2.5 baths.

It faces north and has lake and city views as well as two operable windows so you can get a lake breeze.

Both full bathrooms are marble.

The master bathroom has a bidet, whirlpool tub, shower and heated towel bar.

There are taupe and burgundy marble floors in the living areas along with heated floors in the dining room and kitchen.

There’s a galley kitchen and I can’t tell what color the cabinets are (white or gray.)

There’s no washer/dryer in the unit but the Hancock now allows it to be added. The listing says the half bath “would be perfect for a w/d.”

Parking is rental in the building and the unit has wall air conditioning.

The listing says this is the first time this unit has been available in 27 years but it was on the market last year from June to November 2017.

Originally priced at $729,000, it was reduced $30,000 and is now listed at $699,000.

For those who love views, is this unit a dream come true?

Margaret Nagel at Conlon has the listing. See the pictures here.

Unit #9003: 2 bedrooms, 2.5 baths, 1767 square feet

• Sold in December 1986 (no price listed)
• Sold in November 1993 (no price listed in the CCRD)
• Originally listed in June 2017 for $729,000
• Withdrawn in November 2017
• Re-listed in January 2018 for $699,000
• Assessments of $1736 a month (includes security system, doorman, cable, exercise room, pool, lawn care, scavenger, snow removal)
• Taxes of $8854
• No central air- just wall units
• Coin laundry (but w/d can be put in the unit)
• Parking is rental
• Bedroom #1: 16×12
• Bedroom #2: 19×10
• Foyer: 8×6

This 1-bedroom at 3823 N. Ashland in the Southport neighborhood of Lakeview recently came on the market.

Built in 2008, this is a 22-unit elevator building with a heated parking garage.

This unit is on the second floor and has luxury finishes such as crown molding and wainscoting.

It has hardwood floors throughout and a balcony that appears to look out on Ashland.

The kitchen has wood cabinets, granite counter tops and stainless steel appliances, except for the refrigerator, which is missing.

It’s a rare 1-bedroom that has 2 full bathrooms. If you can’t live with just one full bathroom, this one is for you.

The master bathroom has a steam shower with rain head and body spray as well as a double vanity with granite counter tops.

The unit also has an actual laundry room which measures 6×8 with a side-by-side washer/dryer.

It has the other features buyers look for including central air and heated garage parking is included.

This unit is a reminder that the housing bust is still not completely over.

A lis pendens foreclosure was filed in both 2010 and 2011 but it didn’t revert back to the lender until October 2017.

This is now a Fannie Mae HomePath property.

It has been listed for the same price as the 2008 bubble price sale, at $349,000.

Will it get this price in this location 10 years later?

Jason Reiner at Solid Realty Services has the listing. See the pictures here.

Unit #202: 1 bedroom, 2 baths, no square footage listed

• Sold in January 2008 for $349,000 (included the parking)
• Lis pendens foreclosure filed in August 2010
• Lis pendens foreclosure filed in March 2011
• Bank owned in October 2017
• Fannie Mae HomePath property
• Currently listed for $349,000 (includes the parking)
• Assessments of $227 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $5667
• Central Air
• Washer/dryer in the unit
• Bedroom: 14×15
• Living/dining room: 15×35
• Kitchen: 10×15
• Laundry room: 6×8

This 1-bedroom loft in the Clinton Street Lofts at 226 N. Clinton in the West Loop recently came on the market.

The Clinton Street Lofts have 176 lofts with exposed brick and timber ceilings along with large industrial windows.

This loft faces west, so it’s not directly looking onto the El tracks, and has a balcony along with 14 foot ceilings.

Parts of it have recently been renovated.

You can see the 2016 listing pictures pre-renovation here.

It now has dark stained hardwood floors throughout.

It has a new kitchen with what look like light gray 42 inch cabinets, stainless steel appliances and a large island with quartz counter tops.

The living room also has a built-in bar with a kegerator (I think this is the first time I’ve ever written “kegerator” on Cribchatter. Someone care to fill us all in on what it is?)

The bedroom doesn’t have a window.

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

It originally came on the market last year, in September 2017, for $339,000.

It was withdrawn in October.

The loft has come back on the market reduced $10,000 to $329,000.

With buyers loving renovated properties, and inventory super tight, are buyers starting to push back against the higher prices?

Joseph Nash at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #605: 1 bedroom, 1 bath, no square footage listed

• Sold in October 1998 for $126,000
• Sold in October 1998 for $141,000 (a flip on the first sale!)
• Sold in July 2006 for $263,500
• Sold in October 2014 for $259,000
• Sold in November 2016 for $280,000 (parking included)
• Originally listed in September 2017 for $339,000 (parking included)
• Withdrawn in October 2017
• Re-listed in January 2018 for $329,000 (parking included)
• Assessments of $395 a month (includes doorman, who is evening only, cable, Internet, exercise room, exterior maintenance, snow removal)
• Taxes of $3662
• Central Air
• Washer/Dryer in the unit
• Bedroom: 12×12
• Living room: 18×16
• Kitchen: 10×8

The Illinois Association of Realtors (which has a new website for 2018 – exciting) is finally out with the December 2017 sales numbers:

The city of Chicago saw a 1.7 percent year-over-year home sales increase in December 2017 with 2,008 sales, up from 1,974 in December 2016. Year-end home sales totaled 28,621, a 1.8 percent increase compared to 28,104 in 2016.

The median price of a home in the city of Chicago in December 2017 was $267,500, up 2.9 percent compared to December 2016 when it was $260,000. The year-end 2017 median price reached $285,000, up 4.8 percent from $272,000 in 2016.

December is usually not a real busy month in real estate. There’s too much emphasis on the holidays.

• December 2004: 3,719 sales and median price of $267,000
• December 2005: 2,847 sales and median price of $283,000
• December 2006: 2,241 sales and median price of $279,000
• December 2007: 1,629 sales and median price of $287,000
• December 2008: 1,263 sales and median price of $235,000
• December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2077 sales and median price of $242,000
• December 2016: 1974 sales and median price of $260,000
• December 2017: 2008 sales and median price of $267,500

The time it took to sell a property fell to 60 days from 67 days in December 2016.

Statewide inventory fell 12.3% to 45,825 year-over-year.

“Overall, we saw an active and healthy market in 2017, and are positioned well for the forthcoming spring market,” said Rebecca Thomson, president of the Chicago Association of REALTORS® and vice president of agent development at @properties. “Buyers should expect to see expanded options on the market in the months ahead, but competition will also remain strong as demand outpaces supply and rates remain low.”

30-year fixed-rate mortgages averaged 3.95% versus 4.2% in December 2016. Mortgage rates were stable throughout 2017 and mostly trended under 4%.

Still, everyone in the real estate industry is wondering what will happen with the changes to mortgage and properties tax deductions.

“The forecasts for prices and sales for the first quarter of 2018 remain positive. After adjusting for inflation, prices are now 7 percent higher than pre-recession levels statewide and 9 percent higher in the Chicago PMSA.” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “A major uncertainty in 2018 is the net impact limitations on state and local tax deductibility and the mortgage interest will have on one hand, with the reduction in tax rates that should increase consumer disposable income on the other.”

Historically, the spring market begins after the Super Bowl but has it already begun in Chicago this year?

December home sales fluctuate, but 2017 Illinois housing market outpaces previous year [Illinois Association of Realtors, Press Release, January 24, 2018]

This 2-bedroom in Victorian Lane at 751 W. California Terrace in Lakeview just came on the market.

This is a top floor vintage unit with north and south treetop views.

It has bamboo floors and a wood burning fireplace.

There is one bathroom and the listing says it has been remodeled with a jetted tub and rain shower.

The kitchen has white cabinets.

There’s a small terrace/balcony off the kitchen.

The unit has several features that buyers look for including central air and in-unit washer/dryer, which the listing says is rare for the building.

There’s no parking. However, it can be rented in the neighborhood.

This property is just 700 square feet, yet it has 2 bedrooms and even a walk-in closet.

How does it fit it all in?

Are most modern condos poorly laid out compared to this vintage unit?

Kim Kerbis at @Properties has the listing. See the pictures here.

Or go see it at the open houses on Saturday, January 27 from 1-3 PM and on Sunday, January 28 from 1-3 PM.

Unit #3: 2 bedrooms, 1 bath, 700 square feet

• Sold in July 1988 for $61,000
• Sold in July 2000 for $185,000
• Sold in December 2006 for $227,000
• Currently listed for $224,700
• Assessments of $355 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $3706
• Central Air
• Washer/dryer in the unit
• No parking
• Bedroom #1: 14×11
• Bedroom #2: 9×11
• Kitchen: 8×11
• Living room: 13×21
• Walk in closet: 4×6

This 1-bedroom in Catalpa Gardens at 1122 W. Catalpa in Edgewater came on the market in November 2017, went pending, and now has come back onto the market.

Catalpa Gardens was built in 2007-2008 but too many investors bought in the building and foreclosures were rampant during the housing bust.

It has 126 loft-like units and a heated parking garage.

The unit is on the 9th floor and has lake, east, south and north views.

It has 10 foot concrete ceilings and the listing says “tons of upgrades.”

The kitchen has 42 inch custom espresso cabinets, a backsplash, granite counter tops and GE profile stainless steel appliances.

The listing says there’s a “spa-like” bath with a vessel sink and a waterpik showerhead.

The unit has central air along with a Nest thermostat, washer/dryer in the unit and heated garage parking is available for $15,000.

It’s just a block to the Bryn Mawr Red Line stop and, yes, that’s the El line running right next to the building.

Originally listed for $180,000 in November 2017, it went under contract and has now come back on the market for $179,900.

During the boom years, Edgewater was a good first time home buyer neighborhood.

Is that still the case?

Ilsa Conover at Jameson Sotheby’s has the listing. See the listing here.

Unit #905: 1 bedroom, 1 bath, no square footage listed

• Sold in October 2009 for $162,500 (included parking)
• Sold in March 2015 for $163,500 (included parking)
• Originally listed in November 2017 for $180,000
• Went under contract in December
• Re-listed in January 2018 for $179,900 (parking is $15,000 extra)
• Assessments of $480 a month (includes on-site manager/engineer, security door locks, exercise room, bike room)
• Taxes of $3049
• Central Air
• Washer/dryer in the unit
• Bedroom: 13×10
• Balcony