Crib Chatter

The January sales numbers are out and it was another strong month. It obviously also helped that there was no snow or bitter cold during the month.

So what else is there to do? Might as well house shop.

From the Illinois Association of Realtors:

The city of Chicago saw a 9.3 percent year-over-year home sales increase in January 2017 with 1,528 sales, up from 1,398 in January 2016. The median price of a home in the city of Chicago in January 2017 was $256,000, up 12.4 percent compared to January 2016 when it was $227,750.

Sales Data Since 2006 (thanks to G for the older data):

• January 2006: 2009 sales and median price of $258,000
• January 2007: 1850 sales and median price of $279,900
• January 2008: 1203 sales and median price of $290,000
• January 2009: 918 sales and median price of $205,000
• January 2010: 1237 sales and median price of $195,000
• January 2011: 1034 sales and median price of $150,000
• January 2012: 1123 sales and median price of $149,000
• January 2013: 1521 sales and median price of $157,000
• January 2014: 1383 sales and median price of $200,750
• January 2015: 1348 sales and median price of $220,000
• January 2016: 1398 sales and median price of $227,750
• January 2017: 1528 sales and median price of $256,000

The median price really jumped year-over-year but, remember, that just indicates the “mix” that is selling city wide. More higher priced properties were closing than those on the low end.

“We came out of the gates blazing, with greater activity this January than in years past, as consumers emerged from the holidays educated, prepared and ready to make decisions,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Our year-over-year numbers continue to demonstrate the strength of the Chicago market, as properties are being snatched up at a pace rarely seen, with higher prices across the board and rising interest rates – trends that will continue (barring ongoing inventory concerns) into the active spring season.”

“Illinois median prices have already recovered to the pre-bubble levels while those in the Chicago PMSA are very close,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Forecasts for median prices and the REAL Housing Price Indices (REAL HPI) also indicate moderate annual growth for both Illinois and the Chicago PMSA with a slightly stronger growth forecast by the REAL HPI for the next three months.”

Inventory continues to be tight. We chattered about this last year and it has actually gotten worse. Statewide, the average time it took to sell a home was 69 days, down from 79 days.

Mortgage rates remained higher but haven’t continued to rise since the initial November surge. The 30-year fixed mortgage rate averaged 4.15% this year versus 3.87% in January of 2016.

It looks like more inventory just isn’t going to be a reality.

What does that mean for buyers?

Will every purchase in the GreenZone be a bidding war?

How high will prices soar this year as a result?

January brings uptick in Illinois home sales and prices [Illinois Association of Realtors, Press Release, February 22, 2017]

This 2-bedroom in State Tower at 1230 N. State Parkway in the Gold Coast recently came on the market.

Built in 1979, the building has 92 units with balconies and a heated parking garage along with a doorman.

It also has a rare Gold Coast feature: 9 outdoor parking spaces available on a first come, first served basis behind the building for guests.

This unit had a “luxury renovation” in 2016.

There is porcelain tile throughout the main living space.

The kitchen has a farmhouse sink, custom cabinets, luxury appliances by Wolf and Subzero and Italian Statuario marble.

There is a master suite where the bathroom features floor to ceiling marble and a double shower.

The unit has custom closets, designer lighting and plantation shutters throughout.

It has an east facing balcony with city views, central air, washer/dryer in the unit and parking is available for $55,000.

After the renovation, is this unit now able to compete with nearly new condos on the market at the same price point?

Ashley Cox at d’aprile properties has the listing. See the pictures here.

Unit #21B: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 1995 for $225,000
• Sold in January 2000 for $290,000
• Sold in March 2000 for $370,000
• Sold in January 2005 for $470,000
• Sold in December 2013 for $422,500
• Currently listed for $575,000 (plus $55,000 for parking)
• Assessments of $951 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger and snow removal)
• Taxes of $5911
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 10×13

This 4-bedroom duplex down a greystone at 3816 N. Fremont in Lakeview just came on the market.

Built in 1901, it has 4 units.

Some of you may remember it from the housing bust years of 2008 and 2009 as we chattered about it several times.

It took 14 months to finally sell in 2009 and it sold for less than the 2007 purchase price.

We got into a spirited discussion of how much the seller “lost” and some actually compared it to owning bank stocks. Those were the days.

See our chatter here.

This greystone was renovated in 2007.

The listing says it has a “gourmet” kitchen with cherry cabinets, granite counter tops and luxury appliances including Wolf, Bosch and Subzero.

Two of the 4 bedrooms are on the main level, including the master suite, with two other bedrooms in the lower level.

This unit was a 3-bedroom when we last chattered about it but it looks like one of the rooms in the lower level is now being called a bedroom even though it appears, from the floor plan, not to have a closet.

There’s a lower level family room and two gas fireplaces.

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

There’s also a private roof deck on top of the garage.

This unit has sold twice more since our 2009 chatter. Both of those were still under the 2007 sales price.

It is now priced at $799,000. If it gets it, it will be the highest sale in 10 years.

Redfin calls this a “hot home.”

Are new record highs on tap this year for most of the GreenZone?

Ron Knoll at @Properties has the listing. See the pictures and floor plan here.

Unit #1: 4 bedrooms, 3 baths, duplex down, no square footage listed

• Sold in June 2007 for $717,500
• Originally listed in February 2008 for $775,000
• Reduced several times
• Was listed in July 2008 for $738,900 (parking included)
• Reduced
• Was listed in January 2009 at $729,000 (parking included)
• Sold in April 2009 for $700,000 (parking included)
• Sold in June 2012 for $629,000
• Sold in March 2014 for $635,000
• Currently listed for $799,000 (parking included)
• Assessments are now $250 a month (they were $154 a month in 2009) – includes exterior maintenance, scavenger and snow removal
• Taxes are now $11,636
• Central Air
• Washer/Dryer in the unit
• 2 gas fireplaces
• Private deck on the garage: 20×16
• Bedroom #1: 14×14 (main level)
• Bedroom #2: 10×10 (main level)
• Bedroom #3: 16×12 (lower level)
• Bedroom #4: 14×9 (lower level)

This 3-bedroom townhouse at 1149 W. Armitage in Lincoln Park just came on the market.

Built in 1997, this is a 4-unit townhouse complex, each with attached 1-car garages.

This particular unit is the front townhouse which faces Armitage and has 3 exposures.

It’s 4 stories and has 3 outdoor spaces including a roof deck.

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

The listing says all three bedrooms have en suite baths.

One bedroom is on the main floor with the garage and the two others are on the third floor.

The kitchen, living and dining room are on the second floor with a den on the fourth floor.

It has central air.

The townhouse appears to be fee simple with the HOA only covering exterior maintenance and scavenger.

It’s located just steps away from the Armitage and Clybourn shops and restaurants and is about 8 blocks to the Armitage Brown Line stop.

At $699,000, is this a smart way to get a foothold into this expensive neighborhood?

Austin Pearson at Pearson Realty Group has the listing. See the pictures here.

Unit #A: 3 bedrooms, 3 baths, no square footage listed

• Sold in January 1997 for $352,000
• Sold in December 2001 for $560,000
• Sold in June 2012 for $603,000
• Currently listed for $699,000
• Assessments of $83 a month (includes exterior maintenance and scavenger)
• Taxes of $11049
• Central Air
• Roof top deck
• Bedroom #1: 14×15 (third floor)
• Bedroom #2: 9×20 (third floor)
• Bedroom #3: 8×11 (main floor)
• Kitchen: 12×11 (second floor)
• Den: 6×14 (fourth floor)

This 3-bedroom top floor condo at 2152 W. Roscoe in Roscoe Village just came on the market.

It has tall ceilings with crown molding and a south facing balcony off the living and dining room.

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

There is a master suite with a private deck as well as a 40×16 private roof top deck with city views.

It has central air, laundry in the unit and garage parking is included.

At 1875 square feet, this is as big as many townhouses or small single family homes.

At $634,000, is this a deal for this hot neighborhood?

Stuart Schwartz at @Properties has the listing. See the pictures here.

Unit #2: 3 bedrooms, 2 baths, 1875 square feet

• Sold in August 2003 for $459,500
• Sold in March 2013 for $492,000
• Currently listed for $634,000 (parking included)
• Assessments of $236 a month (includes exterior maintenance, scavenger and snow removal)
• Taxes of $8730
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 22×17
• Bedroom #2: 12×10
• Bedroom #3: 11×10
• Laundry room: 6×5

This 2-bedroom at 630 N. Franklin in River North came on the market in December 2016.

Built in 2005, it has 165 units.

It was built with exposed concrete ceilings and walls as part of the aesthetic.

This unit has 10 foot concrete ceilings and some exposed concrete walls along with wood floors in the living room and kitchen.

There’s a south facing balcony off the bedroom.

The master suite, which has an attached bathroom, has a south facing window.

The second bedroom doesn’t have a window.

The kitchen has maple cabinets, granite counter tops and stainless steel appliances along with an island.

There’s central air, washer/dryer in the unit and parking in the heated garage is $25,000 extra.

This is not a doorman building.

This unit was originally listed in December for $424,900 and has been reduced. But it’s unclear if the old price included the parking or not.

The unit is now listed for $399,900 plus the parking at $25,000.

This building is right in the heart of the River North nightlife.

At 1065 square feet, is this affordable modern living in the heart of one of the hottest areas of the city?

Ross Failla at Failla Realty has the listing. See the pictures here.

Unit #901: 2 bedrooms, 2 baths, 1065 square feet

• Sold in November 2005 for $309,500 (included the parking)
• Sold in April 2009 for $330,000 (included the parking)
• Sold in August 2015 for $352,500 (included the parking)
• Originally listed in December 2016 for $424,900 (not sure if this included the parking)
• Reduced
• Currently listed for $399,900 (plus $25,000 for the parking)
• Assessments of $419 a month (includes heat, gas, cable, Internet, security system, exterior maintenance, scavenger, and snow removal)
• Taxes of $5479
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 13×10
• Living room: 15×14
• Kitchen: 14×11

This 2-bedroom on the 22nd floor at 235 W. Van Buren in the Loop just came on the market.

Built in 2009 just as the housing bust was hitting, this is an enormous building with 714 units and a parking garage.

This unit has exposed concrete walls and a 10 foot ceiling.

The kitchen is open to the living and dining room and has euro cabinets, stainless steel appliances and granite counter tops.

It has hardwood flooring.

Only one of the two bedrooms has a window.

This unit has central air, washer/dryer in the unit and parking is $35,000 extra. The listing says it is 16 feet wide, instead of the normal 8 foot wide space.

You can walk to everything in the loop from this location and they are about to begin a big renovation construction project on the Willis Tower, just up the street, which will bring new restaurants.

Additionally, the new Riverline development is being built just south of this building.

Is the modern concrete look still “in”?

Kyle Jamicich at Coldwell Banker has the listing. See the pictures here.

Unit #2216: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2011 for $312,000 (included the parking)
• Currently listed at $340,000 (plus $35,000 for the extra wide parking space)
• Assessments of $450 a month (includes heat, a/c, gas, cable, doorman, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5241
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×10
• Bedroom #2: 11×10

This 3-bedroom on the 32nd floor in 2650 N. Lakeview in Lincoln Park just came on the market.

2650 N. Lakeview was built in 1973 and has 397 units.

It’s a full service building with a doorman, valet parking in a heated garage, 2 tennis courts, an indoor pool, a roof deck and a grocery store.

This is a southeast corner unit with views of Lincoln Park and downtown.

As you can see from the pictures, it hasn’t been renovated. There is carpet throughout.

There’s central air and no in-unit washer/dryer. There’s coin laundry in the building.

This building is pet and smoke free.

This unit originally came on the market 8 months ago, in June 2016 for $749,000.

It has been reduced $20,000 to $729,000 in that time.

Unit #2410, 10 floors underneath it but with hardwood floors, sold in July 2016 for $615,000.

With inventories at record lows, what will it take to sell this unit?

Louis Virgilio at American Realty Services has the listing. See the pictures here.

Unit #3210: 3 bedrooms, 2.5 baths, 1576 square feet

• Sold in October 1992 for $320,000
• Sold in June 1997 for $392,000
• Originally listed in June 2016 for $749,000
• Reduced
• Re-listed in February 2017 for $729,000
• Assessments of $1101 a month (includes heat, a/c, doorman, cable, exercise room, indoor pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9095
• Central Air
• No washer/dryer in the unit (not sure it can be added)
• Parking is valet for $160 a month
• Bedroom #1: 12×17
• Bedroom #2: 11×13
• Bedroom #3: 11×12

This 2-bedroom in 600 N. Fairbanks in Streeterville just came on the market.

Designed by Helmet Jahn, it was built in 2007 and has 210 units and a parking garage.

The building has won architecture awards and it sold out quickly despite being finished during the housing bust.

This unit has south and west views with 10 foot concrete ceilings.

One of the selling points about this building was that the units weren’t “finished.” Most have gray concrete ceilings and walls.

This unit has floor to ceiling windows.

The units had upgraded standard finishes when constructed. This property has marble and glass bathrooms.

The kitchen has Italian cabinets and luxury stainless steel appliances.

It has central air, washer/dryer in the unit and parking is $50,000 extra.

This building used to be one of the hottest in Streeterville. Does it still have the buzz?

Kimberly Becker at @Properties has the listing. See the pictures here.

Unit #1307: 2 bedrooms, 2 baths, 1185 square feet

• Sold in November 2007 for $498,000 according to Redfin (included the parking)
• Sold in April 2014 for $657,000 (included the parking)
• Currently listed for $649,000 (plus $50,000 for parking)
• Assessments of $611 a month (includes a/c, cable, Internet, pool, exterior maintenance, scavenger, snow removal, doorman and pool)
• Taxes of $8315
• Bedroom #1: 13×13
• Bedroom #2: 12×14

This 1-bedroom duplex in the Williamsburg Gardens at 200 W. Menomonee in Old Town just came on the market.

The 4-story brick building was built in 1905 and has 15 units.

The unit has tiger oak floors and crown molding along with a unique carved closet door.

There is a half bath off the living room and a renovated full bath on the second floor.

The bedroom is on the second floor with a small sitting or office area.

The kitchen has white cabinets and the listing says there are new carrara quartz countertops, a marble backsplash and stainless steel appliances.

It has a washer/dryer in the unit but no central air. There are window units. There is also no parking but there’s rental parking in the neighborhood.

This unit is in the middle of the restaurants and shops of Old Town and near several forms of public transportation.

Is this perfect for someone tired of renting?

Laurie Popovich at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #12: 1 bedroom, 1.5 baths, 933 square feet, duplex

• Sold in July 1990 for $121,000
• Sold in June 1992 for $160,000
• Sold in June 2000 for $249,000
• Sold in July 2004 for $337,000
• Sold in December 2012 for $260,000
• Sold in July 2015 for $315,000
• Currently listed for $349,900
• Assessments of $242 a month (includes exterior maintenance, scavenger and snow removal)
• Listing says there are $55,000 in reserves
• No rental restrictions in the building
• Taxes of $4583
• No central air- window units only
• Washer/Dryer in the unit
• No parking
• Bedroom: 15×14 (second floor)