Crib Chatter

This 2-bedroom authentic loft in 701 W. Jackson Boulevard in the West Loop recently came on the market.

The building is on the corner of Jackson and Des Plaines and has 46 units and outdoor parking.

It was converted into lofts in 1997.

This is a southeast corner loft on the second floor with tree top views.

It has the loft features buyers look for, including 14 foot timber ceilings, timber beams and exposed brick walls.

The loft has 12 foot industrial windows and both of the bedrooms have windows, which is rare for a loft.

The kitchen has white cabinets, black granite counter tops and white appliances, including a double oven.

The master bathroom has a double vanity and the second bathroom has been remodeled to include an industrial style stand alone shower.

It also has central air, washer/dryer in the unit and an exterior parking space including in the price.

This loft sold just 14 months ago, in June 2016.

Since then, the second bathroom has been completely remodeled and there are new espresso stained solid red oak flooring throughout. The kitchen and master bathroom are unchanged.

You can see the original finishes from 2016 here.

The loft is now listed 14.5% higher than the 2016 sales price at $475,000.

Buyers want move-in ready.

Will they get the higher price?

James De Marco at @Properties has the listing. See the pictures here.

You can also go to the Open Houses this weekend on Saturday, September 2 from 10:30 am to 12:30 pm and on Sunday September 3 from 12 to 2:00 PM.

Unit #204: 2 bedrooms, 2 baths, 1400 square feet

• Sold in August 1997 for $190,000
• Sold in June 1998 for $220,000
• Sold in September 2002 for $312,500
• Sold in February 2010 for $332,500
• Sold in June 2016 for $415,000
• Currently listed for $475,000 (includes outdoor parking space)
• Assessments of $350 a month (includes exterior maintenance, cable, scavenger, snow removal)
• Taxes of $5110
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12
• Bedroom #2: 14×11

This 2-bedroom loft in the Brauhaus Lofts at 2650 W. Belden in Logan Square came on the market in mid-August 2017.

The building was constructed in 1920 and has 48 units.

At 1700 square feet, it has the features that loft lovers dream about including 15 foot ceilings with timber beams and exposed brick along with 2 rows of 10 foot industrial windows.

When you see a loft in a movie, this is the type of loft the characters usually live in.

The kitchen has new high end stainless steel appliances, granite counter tops an eat-in island and white cabinets.

The listing says there’s a new vanity in the bath with Grohe and Kohler fixtures.

One of the 2 bedrooms is enclosed.

The loft has a wood burning fireplace.

It also has the other features buyers look for including central air, washer/dryer in the unit and there’s a parking spot (unclear if it’s indoor or outdoor.)

Originally listed for $399,900, it has been reduced $10,000.

Is this a deal for the square footage in one of Chicago’s hottest restaurant neighborhoods?

Douglas Misko at Find It Re has the listing. See the pictures here.

Unit #208: 2 bedrooms, 1 bath, 1700 square feet

• Sold in October 1995 for $75,000
• Sold in February 1996 for $123,000
• Sold in May 2000 for $193,000
• Sold in March 2016 for $145,000 (seemed to be county owned or something?)
• Originally listed in August 2017 for $399,900
• Reduced
• Currently listed at $389,900 (includes parking)
• Assessments of $300 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4161
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 14×10
• Laundry room: 5×5
• Foyer: 10×16

This 3-bedroom duplex penthouse brick and concrete loft at 850 W. Adams in the West Loop came on the market in June 2017.

Located across from the popular Mary Bartelme Park, this industrial building has 35 units and was converted into lofts in 1998.

This duplex unit has 2700 square feet, including 1,000 square feet of outdoor space with a balcony and a 870 square foot private terrace.

It has North and East views out of large industrial windows.

The loft has authentic features including exposed brick and tall concrete ceilings.

The kitchen has Viking appliances and granite counter tops. Are those green or gray modern cabinets? I can’t tell from the pictures.

There are two bedrooms on the main floor, both of which have windows, and the third bedroom, or den, is on the second floor with a bathroom and access to the massive terrace.

The master suite has an attached bath with a steam shower and Carrera marble throughout.

This loft has all the other features buyers look for including central air, washer/dryer in the unit and 2-heated garage parking spaces which are included.

From the beginning, this building was considered a “luxury” loft building.

With the West Loop now one of the hottest neighborhoods in the city, does $1.695 million for this loft make sense?

Kim Korber at @Properties has the listing. You can see the pictures here.

Unit #7F: 3 bedrooms, 3 baths, 2700 square feet, duplex up

• Sold in July 2006 for $1 million (included 2 parking spaces)
• Originally listed in June 2017 for $1.695 million (including 2 parking spaces)
• Currently still listed for $1.695 million
• Assessments of $1050 a month (includes exterior maintenance, lawn care, scavenger)
• Taxes of $12,073
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×18 (main level)
• Bedroom #2: 16×16 (main level)
• Bedroom #3: 18×18 (second level)
• Terrace: 40×38 (second level)

It’s time to do loft week on Crib Chatter.

This 1000 square foot 1-bedroom loft in the River Bank Lofts at 550 N. Kingsbury in River North  just came on the market.

The River Bank Lofts has 138 units with hardwood floors, exposed brick walls, and timber ceilings.

The west side of the building has views out on the Chicago River while the east has “city views.”

This loft is east facing with a balcony overlooking the city.

It has exposed brick walls, timber ceilings and hardwood floors, along with a gas fireplace.

The kitchen has white cabinets and the listing says “new” stainless steel appliances.

It has both a den and a climate controlled 18×11 “bonus room” across the hall.

It has the features buyers look for including central air, washer/dryer in the unit and parking is available for $25,000 extra.

Most lofts were built in industrial areas so locations aren’t always prime.

The north side of this building is next to the Ohio Street feeder ramp to the Kennedy Expressway.

As a buyer, do you care about busy nearby streets? Or is it expected with most loft buildings?

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

Unit #515: 1 bedroom, 1 bath, 1000 square feet

• Sold in March 1996 for $156,000 (included parking)
• Sold in April 2003 for $263,500 (included parking)
• Sold in February 2012 for $245,000 (included parking)
• Sold in April 2014 for $330,000 (included parking)
• Currently listed for $330,000 (plus $25,000 for parking)
• Assessments of $470 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5733
• Central Air
• Washer/Dryer in the unit
• Gas fireplace
• Bedroom: 12×10
• Den: 12×8
• Storage unit across the hall: 18×11

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