Crib Chatter

This 5-bedroom single family home at 321 W. Menomonee in Old Town came on the market in May 2017.

Built in 1918 on an irregular Chicago lot measuring 48 x 104, it has 2-levels and a 2.5 car garage.

The house has a lot of unique features including  a grand atrium with a curved staircase and skylight (see the pictures on this).

There are skylights throughout the house, including in the second floor family room.

The eat-in kitchen has a large island which opens to a great room with patio access.

4 of the 5 bedrooms are on the second floor with the 5th on the main level.

The master suite has a wood burning fireplace, 2 walk-in closets and a private balcony.

The master bathroom has onyx counter tops and a dual shower.

There’s also a wood-paneled library.

The listing says the backyard has been professionally landscaped and it has a large terrace/patio.

The house has central air.

At 6,687 square feet, and with the rare Old Town Triangle garage parking, is this a chance for Old Town lovers to get a large family home?

Katherine Malkin at Baird & Warner has the listing. See the pictures here.

321 W. Menomonee: 5 bedrooms, 5 baths, 2 half baths, 6,687 square feet

• Sold in September 1988 for $400,000
• Sold in January 1989 for $550,000
• Currently listed for $3.45 million
• Taxes of $67,417
• Central Air
• 2.5 car garage
• Bedroom #1: 17×25 (second floor)
• Bedroom #2: 14×14 (second floor)
• Bedroom #3: 16×15 (second floor)
• Bedroom #4: 14×17 (second floor)
• Bedroom #5: 13×9 (main floor)
• Family room: 14×23 (second floor)
• Laundry room: 8×6 (second floor)
• Library: 11×13 (main floor)
• Terrace: 46×22

This 2-bedroom loft in the St. Ben’s Lofts at 3900 N. Claremont in North Center just came on the market.

The building was constructed in 1907 and has 24 units and gated parking.

This is an authentic loft with exposed brick and timber ceilings.

The listing says the espresso hardwood floors were just redone.

It looks, from the pictures, like it has the common loft configuration where neither bedroom has a window.

The kitchen has white cabinets with a marble backsplash and the listing says it has brand new stainless steel appliances.

It has a south facing balcony.

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

At $340,000, is this a deal for a 2/2 in this neighborhood?

Janet Jasmer at @Properties has the listing. See the pictures here.

Unit #205: 2 bedrooms, 2 baths, no square footage listed

• Sold in October 1998 for $209,000 (parking included)
• Sold in October 2001 for $268,500 (parking included)
• Currently listed for $340,000 (secured gated parking included)
• Assessments of $276 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $4141
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 14×13
• Bedroom #2: 12×12

This 4-bedroom vintage row house at 2017 N. Sedgwick in East Lincoln Park came on the market in May 2017.

Built in 1886 on a 20×110 lot, it still has many of its original features including crown moldings, original pocket doors, plaster moldings in the dining room, ceiling medallions, and the original wood burning fireplace in the living room along with a marble mantel.

The kitchen has wood cabinets and stainless steel appliances along with tin ceilings.

2 of the 4 bedrooms are on the second floor with the other 2 bedrooms on the lower level.

There’s also a lower level den/media room.

The row house has several outdoor spaces including over the 2-car garage and a paver patio with an outdoor wood burning fireplace.

It has central air.

It’s in the popular Lincoln school district.

Since May, this row house has been reduced $100,000 to $1.495 million.

Is this now priced to sell?

Mitch Serrano at @Properties has the listing. See the pictures here.

There will also be an Open House this Sunday, July 2 from 12-2 PM.

2017 N. Sedgwick: 4 bedrooms, 3.5 baths, 2500 square feet

• Sold in May 1990 for $350,000
• Sold in July 1994 for $457,500
• Sold in May 1997 for $620,000
• Sold in August 2003 for $875,000
• Sold in September 2013 for $1,342,500
• Originally listed in May 2017 for $1.595 million
• Reduced
• Currently listed for $1.495 million
• Taxes of $22,177
• Central Air
• 2-car garage
• Original wood burning fireplace
• Bedroom #1: 16×11 (second floor)
• Bedroom #2: 17×10 (second floor)
• Bedroom #3: 13×8 (lower level)
• Bedroom #4: 10×9 (lower level)
• Laundry room: 8×5 (lower level)
• Family room: 15×15 (lower level)

This 3-bedroom single family home at 319 W. Eugenie in Old Town recently came on the market.

Built in 1874, it is landmarked.

It has a smaller than standard Chicago lot of 24×103 but still manages to have a 2-car garage.

The listing describes this as an “Italianate cottage” with arched frames over the window, paired corbels and dentils at the roof eave.

The house has vaulted ceilings and skylights.

There’s a sunroom with a deck off the back and a lower level family room.

The master suite is also on the lower level and has a garden.

The kitchen has luxury stainless steel appliances.

The house has other features that buyers look for including central air.

Listed at $990,000, this is a short sale.

Given that duplex downs and townhomes in nearby GreenZone neighborhoods are now going for over $1 million, is this house a deal for its location in the Old Town Triangle?

Eileen Kelly at @Properties has the listing. See the pictures and the floor plan here.

319 W. Eugenie: 3 bedrooms, 2 baths, 1656 square feet

• Sold in February 1995 for $465,000
• Lis pendens filed in August 2007
• Lis pendens foreclosure filed in August 2014
• Currently listed as a “short sale” for $990,000
• 2-car garage
• Taxes of $13,693
• Central Air
• Bedroom #1: 15×11 (lower level)
• Bedroom #2: 15×8 (main level)
• Bedroom #3: 12×8 (lower level)
• Family room: 24×12 (lower level)
• Sun room: 11×11 (main level)
• Laundry room: 13×7 (lower level)

The Illinois Association of Realtors is out with the May housing report. Once again, it was another strong month.

The city of Chicago saw a 0.2 percent year-over-year home sales decline in May 2017 with 2,973 sales, down from 2,980 in May 2016. The median price of a home in the city of Chicago in May 2017 was $306,750, up 5.5 percent compared to May 2016 when it was $290,750.

May sales:

• May 2008: 2119 sales
• May 2009: 1557 sales
• May 2010: 2057 sales
• May 2011: 1705 sales
• May 2012: 2037 sales
• May 2013: 2834 sales
• May 2014: 2453 sales
• May 2015: 2750 sales
• May 2016: 2980 sales
• May 2017: 2973 sales

Median price data:

• May 2008: $319,500
• May 2009: $225,000
• May 2010: $230,000
• May 2011: $190,000
• May 2012: $203,000
• May 2013: $234,000
• May 2014: $269,250
• May 2015: $281,000
• May 2016: $290,750
• May 2017: $306,750

“We’re in an interesting, sophisticated market at present, wherein inventory is restricting what’s available for those who are looking to buy,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Sellers are having to price their properties appropriately, as educated buyers are prepared to be flexible on their wants and needs in a new home or wait for the perfect home to come on the market and pay accordingly.”

30-year mortgage rates remain relatively low, averaging 4.01% in May versus 4.05% in April. A year ago, the 30-year rate was 3.6%.

Inventory continues to plunge statewide. It fell 15% year-over-year to just 56,535 properties versus 66,424 in 2016.

“The market appears to be in a “wait and see” mode in both Illinois and Chicago” said  Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois.  “The state’s economy has stuttered and the fiscal cloud hanging over the state has seen enhanced net out-migration that has contributed to a dampening of demand.”

In Chicago, the unemployment rate in May fell to a record low (for the Chicago-Naperville-Arlington Heights region) of just 4.1% from 5.4% a year ago. Although some experts believe it could be due to some leaving the state.

Downstate has been struggling, especially due to layoffs at Caterpillar and Deere.

How tight will this market get?

And with a tight market, that means that prices will rise.

Will we soon see a record high median price again in Chicago?

Illinois housing market makes gains in May with higher home sales and prices [Illinois Association of Realtors, Press Release, June 21, 2017]

This 2-bedroom in the Gotham Lofts at 420 S. Clinton in the West Loop just came on the market.

This is an old General Electric factory that was converted into lofts during the loft craze in 1999. It has a garage as well as a side parking lot.

There’s no doorman but there is an exercise room.

This loft is a corner unit that appears to face Clinton.

If you’re a lover of exposed brick, look no further as this loft has exposed brick in nearly every room of the loft, including in the bathrooms and closets.

The second bedroom even has exposed brick on every single wall.

Both bedrooms are fully enclosed and have windows, a rarity for a Chicago loft.

The master bath has marble and porcelain tile.

There is a walk-in shower in the second bathroom.

This loft has a drywall ceiling. Some units in the building have timber but in some places the timber was too badly damaged so the developer dry walled over it.

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

It also has a large, secret, back deck.

There’s central air, washer/dryer in the unit and the listing says there is assigned parking, which I take to mean it has a spot in the open air lot attached to the building.

At $365,000,  including the parking space, is this a deal for this location?

Laurie Jacobs at Re/Max Vision212 has the listing. See the pictures here.

Unit #106-A: 2 bedrooms, 2 baths, no square footage listed

• Sold in July 1999 for $179,500
• Sold in August 2001 for $256,000
• Currently listed at $365,000 (includes assigned parking)
• Assessments of $390 a month (includes exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $3830
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 14×10

This 1-bedroom condo in The Carlyle at 1040 N. Lake Shore Drive in the Gold Coast recently came on the market.

Remarkably, in the nearly 10 years I’ve been running this site we have never chattered about this building and I don’t have a picture of it in my photo archive.

Built in 1964, it has 130 units and a parking garage.

From public records, it looks like it was converted to condos in 1995.

It has long been considered one of the Gold Coast’s most coveted buildings as it overlooks Lake Michigan and Oak Street Beach, is steps from shopping and restaurants, and has the amenities the buyers look for including washer/dryer in the unit, parking and central air.

This 1-bedroom unit has 2230 square feet and 2.5 baths.

I thought maybe they had removed a wall at some point and that’s how it ended up being such a large 1-bedroom but there is another “B” unit on the market with the same layout with 1 bedroom and 2.5 baths.

The listing says the master suite has 2 full baths (perfect for Jenny!).

There are also 2 balconies and views of the Drake and Palmolive buildings.

The elevator lobby on the floor is shared with just 1 other unit.

The listing also says there are 3 uniformed staff members to greet owners and guests in the lobby every day and get packages.

The kitchen appears to have the original cabinets and appliances along with dark (orange?) carpeting.

There is carpeting throughout the unit.

The listing says:

“22B awaits your own imprimatur whether it be conversion into a 2 bedroom or installation of hardwood floors, bring your imagination.”

This unit is listed for $1.3 million. For some ideas on what you can do with these units, check out this $3 million 3-bedroom that has been updated. See those pictures here.

Interestingly, the only time The Carlyle has been mentioned on CribChatter was in this 2008 Wall Street Journal article outlining that Chicago housing prices weren’t declining as fast as others. A record high price in the Carlyle was mentioned.

It’s a mixed picture in Chicago’s downtown area. A flurry of condominium building has kept prices down on much new construction. At the same time, some established apartment buildings are still seeing buoyant prices, even as properties spend more time on the market. The Carlyle, a 1960s-era glass-and-concrete tower along the city’s prized Gold Coast neighborhood, recorded the highest price ever — $2.4 million — for one of its “C”-tier units earlier this year, for example.

Currently, there are 5 units listed above that 2008 record high price of $2.4 million including one 5,000 square foot combined B and C unit that is listed at $3.86 million.

Are the new record high prices a sign that Chicago’s economy has diversified since the Great Recession and has gotten richer?

And will there be any renovators willing to restore this 1-bedroom to a new glory?

William Trammel at Re/Max Premier has the listing. See the pictures here.

Unit #22B: 1 bedroom, 2.5 baths, 2230 square feet

• No prior sales price listed in the CCRD
• Currently listed for $1.3 million (the cheapest unit currently on the market in the building)
• Assessments of $1690 a month (includes doorman, exercise, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $17,000
• Central Air
• Washer/Dryer in the unit
• Parking available
• Bedroom: 20×15

This 3-bedroom duplex penthouse in 30 W. Oak in the Gold Coast just came on the market.

Built in 2007, it has 44 units and is considered one of the most popular luxury high rises in the Gold Coast.

The unit has a 60 foot wall of south facing windows with 10 foot ceilings.

There are Tiger-wood walls and built-ins with silk wall coverings.

The master suite has a 19×14 walk-in custom Poliform closet and a slate master bath.

The listing calls the kitchen “gourmet”. It has PoggenPohl light oak cabinets, 2 Subzero refrigerators along with 2 refrigerator and freezer drawers, a wine cooler and Brazilian granite counter tops.

There are two outdoor spaces including a 24×12 terrace on the main level.

A spiral staircase takes you to an enclosed, and heated, rooftop solarium, with a travertine floor and window shades, and a private rooftop deck with south views.

It has central air, washer/dryer in the unit and 3 garage spaces are included in the price.

According to Crain’s, in mid-June there were 7 condos on the market between $4 million and $5 million in the city. That is the upper echelon for condos in Chicago.

In the past 6 months, only 6 condos have sold in this price range.

At $5.25 million, this unit is slightly above even one of the highest echelons making it even rarer still.

This is the first time this unit has come on the market since its original sale in 2007.

Does that make it unique enough that it will get snapped up quickly?

Sharon Gillman at Baird & Warner has the listing. See the pictures here.

Unit #24B: 3 bedrooms, 3.5 baths, 3700 square feet

• Sold in May 2007 for $2.425 million (doesn’t list any parking spaces)
• Currently listed at $5.25 million (includes 3 garage spaces)
• Assessments of $2826 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
• Taxes of $52,053
• Central Air
• Washer/Dryer in the unit
• 2 fireplaces
• Wine cooler
• Bedroom #1: 22×16
• Bedroom #2: 15×15
• Bedroom #3: 17×16
• Solarium: 26×9 (second floor)
• Terrace: 24×12 (main level)
• Rooftop deck: 29×12 (second floor)

This 2-bedroom townhouse in Dearborn Park II at 1352 S. State in the South Loop recently came on the market.

This group of 50 townhouses was built in 1991 around a center courtyard, which is gated.

We actually chattered about this townhouse in 2009 and 2010 as the crash was going on. In 2010, they had reduced by $70,000. You can see that chatter here.

There were some interesting comments in that chatter, including this one from anon(tfo):

“Also, it’s priced to sell in July 2009. Unfortunately for the owners, it will never be July 2009 again.”

It has 3-stories and a 1-car attached garage along with room for a second car on the parking pad.

There are hardwood floors throughout and 2 skylights.

The listing says the kitchen has been “updated”. It has stainless steel appliances and a kitchen island.

The two bedrooms are on the third floor but there is also a den on the main floor that the listing says could be turned into a third bedroom.

In April 2009, this townhouse as listed for sale at $539,000, before it had to reduce to sell.

It’s currently listed at $589,000.

Has the South Loop completely recovered (and then some) the 2008-2009 high prices?

Frederic Scovell at Coldwell Banker has the listing. See the pictures here.

1352 S. State: 2 bedrooms, 2.5 baths, 1860 square feet

• The original 1990s sales price isn’t listed in the CCRD
• Sold in April 2011 for $480,000
• Currently listed for $589,000
• Assessments of $105 a month (includes exterior maintenance, lawn care, scavenger, snow removal) (in 2010 it was $85 a month)
• Taxes of $8605 (in 2010 they were $4342)
• Central Air
• 1-car garage with parking for second car on the parking pad
• Bedroom #1: 11×14 (third floor)
• Bedroom #2: 16×10 (third floor)
• Den: 13×11 (main floor)

Anyone who has been trying to buy a condo in the GreenZone this year under $600,000 has stories of how hot the market is.

Crain’s is reporting that condo market times fell to just 52 days in May, the lowest market time since January 2007.

Chicago condos have been selling so fast this year that agent Sherri Hoke said she assured a client that his West Loop two-bedroom would go “pretty fast, probably a week.” She underestimated.

Hoke listed the condo on a Thursday and set up a two-hour window that Saturday for potential buyers to walk through it.

“There were 30 people waiting” when she arrived, said Hoke, a Jameson Sotheby’s International Realty agent.

That night two of them made offers, and one bought the condo in late May for $515,000, about 3 percent more than the asking price of $499,000.

“It’s a frenzy,” said Scott Curto, a Baird & Warner agent. He represented a buyer who, after losing the race on several condos he wanted, made a fast grab at a West Town unit. He was out of town when the three-bedroom place hit the market at $499,000, but the online photos told him all he needed to know, according to Curto.

“He submitted his offer blind,” Curto said, and bought the unit for $515,000. Elapsed time between listing and deal: five days.

Several hot downtown and lakefront neighborhoods are seeing hyper-speed condo sales. In Crain’s review of May’s transactions, multiple fast deals surfaced in Lincoln Park, Lakeview, West Town and the South Loop.

Any new construction is either in luxury apartment rentals or luxury condos, with price points over $1 million.

For the entry level buyer looking in the GreenZone neighborhoods, there is no new construction but plenty of buyers looking at the lower price point.

The result is bidding wars on many properties and rising home prices.

Is the era of first time buyers being able to buy in a GreenZone neighborhood now over?

Wanna buy that Chicago condo? Hurry [Crain’s Chicago Business, Dennis Rodkin, June 15, 2017]