Crib Chatter

We’ve finally got the “official” December sales data and as Gary has already told us, sales declined.

From the Illinois Association of Realtors:

The city of Chicago saw a 7.0 percent year-over-year home sales decrease in December 2016 with 1,932 sales, down from 2,077 in December 2015. Year-end home sales totaled 28,033, a 1.9 percent increase compared to 27,513 in 2015.

The median price of a home in the city of Chicago in December 2016 was $260,000, up 8.3 percent compared to December 2015 when it was $240,000. The year-end 2016 median price reached $272,000, up 4.2 percent from $261,000 in 2015.

• 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: 1932 sales and median price of $260,000

“The predominant trends that we’ve witnessed over the past few months continued into the winter break, and the market behaved exactly as we’d expect,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “The increase in rates coupled with a significant reduction in inventory due to the holidays, are helping to drive prices up as buyers get serious about purchasing a new home. In January, the homes that were pulled off the market for the holidays will return, and the busy season should begin in earnest.”

“Consumers appear to be waiting to see what the new President and Congress plan for the economy,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “As a result, it may be several months before there is an appreciable impact on the housing market. Prices and sales are expected to continue experiencing modest gains over the first quarter.”

Average time on the market statewide fell to 66 days, down from 74 days a year ago. If you recall, average time on the market fell to 62 days in November.

Given what the 10-year treasury did in November, it’s not surprising that the average 30-year fixed-rate mortgage was 4.2% in December, up from 3.77% in November and 3.95% in December of 2015.

Most who were buying in December, however, likely still had a lock on the lower, pre-election rates.

Nationwide, inventory in January is now at 18 year lows.

We are just weeks away from the start of the spring home buying season (i.e. the Super Bowl.)

Will prices soar to new highs simply due to low inventory?

How will buyers cope in 2017?

Illinois home sales dip in December, but 2016 housing market ends on a high note [Illinois Association of Realtors, Press Release, January 24, 2017]

This large 1-bedroom loft at 515 N. Noble in the Noble Square neighborhood of West Town just came on the market.

This building was converted in the early 1990s and has 67 units.

This is a corner loft with south and east views from its industrial windows.

It has the authentic loft features that buyers love including exposed brick and timber ceiling.

At 1250 square feet, it is a wide-open blank slate with no walls for the bedroom or kitchen.

The bathroom is enclosed, however.

The loft has the features that buyers look for including central air, washer/dryer in the unit and exterior outdoor parking.

This loft last sold about 2 1/2 years ago for $285,000. It’s currently listed for $329,900.

Will loft lovers jump at the chance to own in this popular neighborhood?

Alishja Ballard at @Properties has the listing. See the pictures here.

Unit #502: 1 bedroom, 1 bath, 1250 square feet

• Sold in December 1995 for $138,500
• Sold in December 2001 for $220,500
• Sold in May 2008 for $304,000
• Sold in June 2014 for $285,000
• Currently listed for $329,900 (outdoor parking included)
• Assessments of $320 a month (includes cable, exterior maintenance, scavenger, and snow removal)
• Taxes of $5028
• Central Air
• Washer/Dryer in the unit
• Bedroom: 22×11

This penthouse unit in the Rowe Building at 714 S. Dearborn in Printers Row just came on the market.

I don’t have a picture of this building but you can see it in the picture above on the right of 720 S. Dearborn with the outdoor fire escape.

The Rowe Building was built in 1891 and has 9 units.

While it is the top floor unit, it looks, and acts, more like a single family home as it was built on top of the existing brick loft building.

The 2-story unit has east, west and north exposures.

It has 4 outdoor spaces including a 400 square foot terrace. The listing says the decking has been removed to replace the roof.

The kitchen has wood cabinets and stainless steel appliances.

It has a second floor family room.

This duplex has central air and an in-unit washer/dryer (you can see it in the bedroom closet picture.)

There’s no parking with this building but you can rent a space for $210 a month at 711 S. Plymouth or you can purchase a space at 801 S. Plymouth for between $35,000 to $70,000.

This unit hasn’t changed hands in 16 years.

Is this a once-in-a-generation chance to get this unique property?

Thomas Feddor at Dearborn Street Realty has the listing. See the pictures and 3D tour here.

Unit #9-PH: 3 bedrooms, 2.5 baths, 2400 square feet, duplex

• Sold in June 1991 for $392,000
• Sold in October 2001 for $615,000
• Currently listed for $1.25 million
• Assessments of $950 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $9500
• Central Air
• Washer/Dryer in the unit
• No parking
• Can rent it nearby for $210 a month or buy at 801 S. Plymouth for $35,000 to $70,000
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 22×14 (second floor)
• Bedroom #3: 22×14 (main floor)
• Family room: 35×12

This 2-bedroom at the Kinzie Park Tower at 501 N. Clinton in West Town came on the market in September 2016.

This building was constructed in 2000 and has 208 units.

It is part of Kinzie Station, which also has townhouses.

At the time this development was built, this was no-man’s land west of the river. Now, the city has boomed all around it.

The listing says it’s a “current renovation” with 3/4″ dark oak flooring in the living/dining areas.

The kitchen has white cabinets, quartz countertops and stainless steel appliances.

The unit has views of the Loop high rises.

It has the features buyers look for including central air, washer/dryer in the unit and parking is available for $35,000.

Originally listed at $625,000 in September (I’m not sure if that included the parking), it has come back on the market in 2017 for $595,000 plus $35,000 for parking. That means it’s now listed for $630,000, which is $5,000 more than in 2016.

At 1285 square feet, is $600,000+ for a 2/2 in a 17 year old high rise the new Green Zone reality?

Harold Blum at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Or you can go to the Open House on Sunday, January 22 from 12 to 3 PM.

Unit #1904: 2 bedrooms, 2 baths, 1285 square feet

• Sold in March 2001 for $311,000 (no parking listed)
• Sold in May 2003 for $385,000 (included the parking)
• Sold in September 2009 for $435,000 (included the parking)
• Originally listed in September 2016 for $625,000 (not sure if it included the parking)
• Withdrawn
• Re-listed for $595,000 (plus $35,000 for parking) = $630,000
• Assessments of $802 a month (includes heat, a/c, doorman, internet, cable, exercise room, pool, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes aren’t listed
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 11×11
• Deck: 7×5

This 3-bedroom vintage condo at 2415 W. Lunt in the Indian Boundary Park neighborhood of West Ridge originally came on the market in May 2016.

Built in 1930, the building has 6 units.

At 2,000 square feet, the unit is larger than many single family homes.

It has unique vintage features including vaulted beamed ceilings, coved moldings, arched doorways, and French doors.

The fireplace is decorative (which I think everyone would agree is obvious when looking at the pictures).

One of the baths has the original tile.

The kitchen has Corian counter tops, a tile backsplash and stainless steel appliances.

There’s no central air. It has window units.

There’s also no in-unit washer/dryer.

But the unit does have garage parking.

The property has been on and off the market since last May.

It is on the same block as the Indian Boundary Park and steps from Western Avenue with its restaurants, shops and buses.

It has been reduced $19,900 to $245,000 in that time.

The low inventory has meant market times have dropped.

But what will the 2017 market be for properties like this one that are outside the Green Zone?

Holly Bergren at Dream Town Realty has the listing. See the pictures here.

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

• Sold in February 1989 for $125,000
• Sold in September 2001 for $204,000
• Sold in March 2009 for $280,000
• Originally listed in May 2016 for $264,900
• Reduced
• Currently listed for $245,000 (includes garage parking)
• Assessments of $450 a month (includes heat, exterior maintenance, scavenger and snow removal)
• Taxes of $3479
• No central air. Window units only.
• No in-unit washer/dryer
• Decorative fireplace
• Bedroom #1: 17×13
• Bedroom #2: 18×11
• Bedroom #3: 12×9
• Dining room: 17×12

This 2-bedroom in the Astor Tower at 1300 N. Astor in the Gold Coast just came on the market.

This Bertrand Goldberg high rise was built in 1963 and  has 71 units and a parking garage.

This building was originally the Astor Tower Hotel. The Beatles were just some of the famous people who stayed here in the 1960s.

This unit is on the 25th floor and has floor to ceiling East, West and South wraparound views of the Lake and downtown, including the John Hancock building.

Even the master bathroom has windows, including in the jumbo walk-in shower.

If the sun is too much for you, the unit has UV protection remote control blinds.

The listing says the unit has had a “total renovation” and now has maple 4 3/8 inch hardwood floors.

The kitchen has light wood cabinets and stainless steel appliances, including a wine refrigerator.

The second bedroom has a built-in queen size hidden Murphy bed with bookshelves.

There’s a 7.1 surround sound audio/video system.

It has central air, washer/dryer in the unit and 2-car tandem parking is $85,000 extra.

Is this a dream view for those who love living in high rises?

Ellen Collar at Coldwell Banker has the listing. See the pictures here.

Unit #25-AS: 2 bedrooms, 2 baths, 1400 square feet

• Sold in September 2014 for $545,000 (I can’t tell if it included the parking or not)
• Currently listed for $759,000 (parking is $85,000 for a 2-car tandem space)
• Assessments of $1689 a month (includes heat, a/c, doorman, exterior maintenance, scavenger, and snow removal)
• Taxes of $10,692
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×13
• Bedroom #2: 15×11 (has a queen size murphy bed)

This 3-bedroom top floor vintage unit at 814 W. Roscoe in Lakeview recently came on the market.

If it looks familiar that’s because we chattered about it several times from 2010 to 2013. See our September 2013 chatter here.

Converted into condos in 2006, the living/dining and kitchen area now has the popular open layout with what the listing calls a “chef’s kitchen” with 42″ cabinets, stainless steel appliances and granite counter tops.

It has 15-foot high ceilings, crown molding and the original fireplace.

The 3 bedrooms are also larger than what you might normally find in a vintage unit. It’s also unusual to find a vintage unit with 3 bathrooms. They usually just have 2.

The master bathroom is marble with a double vanity.

The property has the amenities buyers are looking for in this price range including central air, washer-dryer in the unit and 1-car outdoor parking.

This building appears to be a three-story walk-up without an elevator. It has 8 units.

This unit finally sold in January 2015 for $507,500.

Two years later, it has come back on the market for 16% more, just over the 2006 price, at $589,000.

Will it sell faster in this low inventory market?

Zachery Koran at @Properties has the listing. See the pictures here.

Unit #3W: 3 bedrooms, 3 baths, no square footage listed but listing says “over 2000 square feet”

• Sold in August 2006 for $587,500
• Originally listed in August 2010 for $589,000
• Was listed in May 2013 at $549,000
• Sold in January 2015 for $507,500
• Currently listed for $589,000 (includes parking)
• Assessments were $251 a month in 2013 and are still $251 a month (includes exterior maintenance and scavenger)
• Taxes now $8491 (they were $8491 in September 2013 and $8044 in August 2010)
• Central Air
• Washer/Dryer in the unit
• Parking included
• Bedroom #1: 16×14
• Bedroom #2: 11×14
• Bedroom #3: 15×12

This historic 3-bedroom row house at 848 W. Belden in Lincoln Park came on the market in October 2016.

We chattered about it being one of the most bizarre listings ever to be on Crib Chatter – and there’s been a LOT of properties over the years.

You can see our chatter here.

What is so unusual about it?

Here’s the listing description:

THIS PROPERTY IS BEING SOLD OCCUPIED WITH ANY AND ALL CURRENT OCCUPANTS, IF ANY. NEITHER THE SELLER NOR THE LISTING BROKER CAN VERIFY THE EXISTENCE OF ANY LEASE AGREEMENT WITHER WRITTEN OR VERBAL NOR ANY RENTAL AMOUNT BEING PAID, DUE OR OWING. BEING SOLD IN AS IS CONDITION / NEW BUYERS ARE TO EVICT / CASH OFFERS ONLY / NO INSPECTIONS / DO NOT DISTURB OCCUPANTS. SEE AGENT REMARKS FOR OFFER SUBMISSION INSTRUCTIONS.

If you recall, these row houses were built between 1884 and 1889 and make up the McCormick Row House District.  They are found on both Fullerton and Belden as well as Chalmers Place, which is the secret street in between.

The picture above is of the second grouping on Belden which is numbered up to 858 W. Belden. 848 W. Belden would be on the far right of this group of row homes.

They were apparently originally built to provide rental income for the nearby McCormick Theological Seminary.

The row houses were designated Chicago Historic Landmarks in the 1970s.

There are 56 total homes. I also believe there’s a homeowners association with an assessment, although the listing for this row house says it is “fee simple” and doesn’t list any HOA fees.

These were built in the Queen Anne style. Some of them still contain their vintage features like crown moldings and fireplaces.

We don’t know what the inside of this one looks like because there are no interior pictures. You are buying it sight unseen.

Also, apparently, even though it was on the market last fall, the listing now says there are multiple offers.

Multiple offers: highest and best offers due 01-16 by 5 p. m.

The price has been reduced $273,300 since October and is now listed at $719,900.

In our last chatter, some of you thought a price around $700,000 would be a deal.

Currently, there are no other row houses on the market in the historic district. It no longer has any competition.

Will it sell this time?

And if there are multiple offers, will buyers now overbid?

Michael Olszewski at Area Wide Realty has the listing. See the listing here.

848 W. Belden: 3 bedrooms, 3.5 baths, 2904 square feet

• Sold in July 1997 for $658,000
• Lis pendens foreclosure filed in October 2009
• Bank owned in January 2015
• Was listed “as-is” in October 2016 for $993,200
• Reduced
• Now listed at $719,900
• Cash only
• Taxes of $14,157
• Listing says no central air
• Listing says 2-car parking
• HOAs?
• Bedroom #1: 19×14 (second floor)
• Bedroom #2: 13×11 (second floor)
• Bedroom #3: 12×10 (second floor)
• Den: 12×11 (second floor)

This 2-bedroom at 545 W. Aldine in East Lakeview came on the market in September 2016.

The building has 34 units and was built in 2000.

It has two rare amenities for East Lakeview: an elevator and a heated garage.

The unit faces south and has hardwood floors.

The kitchen has granite counter tops and stainless steel appliances.

It was originally listed in September 2016 for $489,000 and was reduced in November to $479,000.

It has come back on the market at $459,000.

However, inventory is at multi-year lows. Even though it’s still the slower winter market, many properties are going under contract within days of listing.

Why isn’t this selling with inventory is so tight?

Brad Lippitz at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

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

• The CCRD was down (again)- so I don’t know any of the prior sales prices (ever since the site moved to the new web address it’s been “down” about 80% of the time at night and on the weekends.)
• Okay- it’s up again in the morning. Fantastic. Sold in October 1999 for $339,000
• Originally listed in September 2016 for $489,000
• Reduced in November 2016 for $479,000
• Currently listed for $459,000 (includes garage parking)
• Assessments of $461 a month (includes cable, exterior maintenance, lawn care, scavenger, and snow removal)
• Taxes of $6790
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×11
• Bedroom #2: 10×10

This 1-bedroom on the 19th floor at the Walton Colannade at 100 E. Walton in the Gold Coast recently came on the market.

Built in 1972, the building has 240 units.

The south facing unit has been completely renovated with 4 inch oak hardwood floors throughout and solid core doors.

The kitchen has 42 inch white shaker cabinets, GE stainless steel appliances, granite counter tops and a tile backsplash.

The listing says there is designer lighting throughout.

It has a washer/dryer in the unit and central air.

There is rental parking in the building.

It’s a full service building with a doorman, an outdoor rooftop pool, a party room and an exercise room.

This appears to have it all.

Is it the perfect Gold Coast pied-a-terre?

Deborah Ryder at American International Realty has the listing. See the pictures here.

Unit #19E: 1 bedroom, 1 bath, 700 square feet

• Sold in April 1997 for $78,000
• Sold in July 2014 for $240,000
• Currently listed at $279,900
• Assessments of $696 a month (includes heat, a/c, doorman, cable, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $3419
• Central Air
• Washer/Dryer in the unit
• Parking is rental in the building
• Bedroom: 12×10