Crib Chatter

The Chicago housing market appears to have slowed in October.

But was it any worse than any other October?

Data from agents about the number of showings on properties says “yes.”

From Crain’s:

Foot traffic through local homes for sale plunged more last month than in any of the previous four Octobers, according to data gleaned from local real estate agents.

That includes October 2012, the last time a presidential campaign was going on.

“You have the election and the World Series distracting buyers, or making them nervous,” said the data provider, Paul Lazarre, a co-founder of Chicago-based real estate site Truepad. The site gathers data from about 25 percent of the region’s real estate agents.

Lazarre gauges demand using data that essentially compares the number of homes on the market to the number of showings buyers’ agents request. In the three weeks that ended Oct. 29 (a popular day for open houses), Chicago-area showings dropped about 30 percent, he said.

In the comparable period in the past four years, the drop was from about 3 percent to about 10 percent, Lazarre said. Data for years before 2012 is available but not quite comparable, he said, because the real estate market was so depressed.

Was everyone so busy watching the Cubs World Series championship run that they didn’t go see any properties for sale?

And does that mean the market will be picking up now that the Cubs are champs and the election is over on Tuesday?

House hunting takes back seat to Cubs, campaign [Crain’s Chicago Business, by Dennis Rodkin, November 2, 2016]

This 3-bedroom penthouse in the Silver Tower at 303 W. Ohio in River North came on the market in October 2016.

It is on the Northeast corner with views of the John Hancock building and the rest of downtown.

The kitchen has dark cabinets, granite counter tops, stainless steel appliances and a breakfast bar.

There’s a marble bath in the master suite.

The unit has a private 24×6 balcony with city views.

It has central air, washer/dryer in the unit and 2-car parking is available for $40,000 each.

This unit sold in 2012 with the 2-car parking for $510,000 and has come back on the market, with the parking included, with a price gain of over 100% at $1,029,900.

Will it get the premium?

Gail Spreen at Streeterville Properties has the listing. See the pictures here.

Unit #4001: 3 bedrooms, 2.5 baths, 1888 square feet

• Sold in February 2012 for $510,000 (included 2 parking spaces)
• Originally listed in October 2016 for $949,900 (plus $80,000 for 2 parking spaces) = $1,029,900
• Currently still listed at $1,029,900
• Assessments of $914 a month (includes doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $10,847
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 12×9
• Bedroom #3: 12×10
• Balcony: 24×6

This 3-bedroom vintage row house at 1845 N. Halsted in Lincoln Park came on the market in September 2016.

It’s actually the building behind this main building- where the realtor sign is in the picture.

If it looks familiar that’s because we chattered about it when it was last on the market in February 2013. You can see that chatter here.

Back in 2013, this row house was red brick but it has since been painted- is that yellow and green/gray?

It has three levels with two bedrooms on the second floor and one bedroom in the basement.

The basement also has a family room.

The kitchen has 42 inch cabinets, quartz counter tops, stainless steel appliances and a glass subway tile backsplash.

The row house also has an original stain glass window and crown molding.

It has central air and an outdoor parking space.

This is the third sale of this property in the last 5 years. They are asking $650,000, or 14% more than the 2013 selling price of $569,500.

Will they get the premium?

Michael Shenfeld at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #A: 3 bedrooms, 2.5 baths, no square footage listed, 1 parking space

• Sold in September 1988 for $182,000
• Sold in September 1999 for $345,000
• Sold in October 2002 for $407,500
• Sold in December 2007 for $560,000
• Sold in April 2011 for $549,000
• Was listed in February 2013 for $579,000
• Sold in April 2011 for $549,000
• Originally listed in September 2016 for $650,000
• Currently still listed for $650,000
• Assessments are now $286 a month (they were $231 a month in 2013)- includes exterior maintenance, scavenger and snow removal
• Taxes are now $9506 (they were of $7297 in 2013)
• Central Air
• Bedroom #1: 15×15 (second floor)
• Bedroom #2: 17×11 (second floor)
• Bedroom #3: 13×9 (lower level)
• Family room: 16×15 (lower level)

This 5-bedroom Tudor English manor at 6087 N. Kirkwood in Sauganash came on the market in March 2016.

Built in 1937, it has many of its vintage features intact including cove moldings, custom millwork, historical lead glass windows, arched doorways and two wood burning stone fireplaces.

It’s on an oversized corner lot measuring 72×125 which allows for a rare 4-car heated/cooled garage.

There’s an outdoor heated in-ground swimming pool with an outdoor kitchen, a gazebo/cabana and an outdoor stone fireplace.

It has a gourmet kitchen with a wine refrigerator.

The listing says the house is over 6,000 square feet.

Four out of the five bedrooms are on the second floor including the master suite.

There are also plenty of family spaces including a playroom on the third floor and a family room and recreation room in the finished basement.

If you’re not using the pool, or it’s winter, you can always work out in the basement exercise room and hang out in the sauna.

Does this house have it all?

Philip Barone at @Properties has the listing. See the pictures here.

6087 N. Kirkwood: 5 bedrooms, 4.5 baths, over 6,000 square feet, 4 car heated garage

• Sold in April 1993 for $575,000
• Sold in November 2005 for $925,000
• Originally listed in March 2016 for $1.799 million
• Currently still listed at $1.799 million
• Taxes of $14,496
• Central Air
• Oversized lot of 75×125
• 2 wood burning fireplaces
• Outdoor heated pool
• Outdoor kitchen
• Sauna
• Bedroom #1: 19×20 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 15×13 (second floor)
• Bedroom #4: 15×11 (second floor)
• Bedroom #5: 15×14 (third floor)
• Exercise room: 14×10 (basement)
• Family room: 15×16 (basement)
• Recreation room: 11×31 (basement)
• Playroom: 26×21 (third floor)

This 3-bedroom townhouse at 1843 S. Prairie in the South Loop came on the market in April 2016.

This development was part of the “Homes of the Commonwealth” built in 2005 to replicate the feel of the old historic Prairie street which was filled with mansions of the elite.

Some of you may remember this townhouse from our 2010 discussion when it was a short sale. See that chatter here.

The listing says it has a gourmet kitchen with granite counter tops, stainless steel appliances and a large island.

There’s one bedroom on the second floor with two on the third floor.

There’s a big media room on the 4th floor and a lower level family room.

The townhouse has two decks and a 2-car attached garage.

It’s across the street from the cute Woman’s Made Park.

At 4655 square feet, this is among the larger townhouses in the South Loop.

This development sold for a premium in 2005 when it was new.

Will it still get it 11 years later?

Nadine Ferrata at Coldwell Banker has the listing again. See the pictures here.

1843 S. Prairie: 3 bedrooms, 4 baths, 2 half baths, 4655 square feet, 2 car attached garage

• Sold in August 2005 for $1,403,500
• Was listed as a “short sale” in October 2010 for $1.395 million
• Sold in November 2010 for $1.15 million
• Originally listed in April 2016 for $1.725 million
• Still listed at $1.725 million
• Assessments of $295 a month (they were $225 a month in 2010)- includes lawn care, scavenger, snow removal
• Taxes of $19,157 (they were $19,117 in 2010)
• Central Air
• Bedroom #1: 14×19 (second floor)
• Bedroom #2: 12×17 (third floor)
• Bedroom #3: 13×14 (third floor)
• Family room: 15×25 (lower level)
• Media room: 15×22 (fourth floor)
• Terrace: 15×19

This 3-bedroom loft in Domain at 900 N. Kingsbury in the Gold Coast (what is this neighborhood again???) recently came on the market.

(Sorry- this is the only picture I have of the building- but this is the commercial end of it with Groupon etc. I need a new picture!)

We’ve cribbed about a lot of the west facing, smaller lofts in this building but this unit is one of the east facing lofts with city views.

It has big industrial windows with 12 foot concrete ceilings and concrete columns.

The loft has a 25×24 private terrace.

It also has wide plank white oak floors.

The kitchen has quarter sawn walnut cabinets with Caesarstone counter tops, a Wolf range and double oversn.

There’s a separate family room.

The master suite has a custom-built walk-in closet and a steam shower.

It has Ann Sachs tile.

The loft has the features buyers look for including central air, a laundry room and 2-car garage parking.

This loft sold just 2 years ago after it was on the market just a few weeks.

There doesn’t appear to have been any major renovations. The current listing uses some of the 2014 listing pictures.

It is listed for $379,000 more than the 2014 sales price at $2.179 million.

If it sold quickly 2 years ago, will it sell just as quickly this time?

Katie Freeman at @Properties has the listing. See the pictures here.

Unit #746: 3 bedrooms, 3 baths, 3160 square feet

• Sold in October 2002 for $935,000 (included 1-car parking)
• Sold in July 2007 for $1.210 million (included 1-car parking)
• Sold in November 2014 for $1.8 million (included 2-car parking)
• Currently listed for $2.179 million (includes 2-car parking)
• Assessments of $1832 a month (includes heat, air conditioning, gas, doorman, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, and snow removal)
• Taxes of $14,972
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×10
• Bedroom #2: 11×10
• Bedroom #3: 11×12
• Terrace: 25×24
• Walk-in closet: 14×9
• Laundry room: 8×6

This 2-bedroom at 119 W. Chestnut in the Gold Coast came on the market in October 2016.

This brick and limestone building was constructed in 1910 and has 9 units.

The listing doesn’t say anything about an elevator in the building. It does, however, have a rooftop deck for the building with skyline views, tables and grills.

This unit is a large 2-bedroom with 2000 square feet.

It has 11 foot ceilings but, unfortunately, it doesn’t seem to have any of the original vintage features.

It has central air, however, which obviously wasn’t original to the unit.

There are hardwood floors throughout, a fireplace and bay windows.

The listing says the kitchen has been updated with white cabinets, granite counter tops, stainless steel appliances and a new subway tile backsplash.

The master suite has 2 closets and a master bath with a marble shower.

There are walk-in cedar closets and a laundry room.

There’s no deeded parking but the listing says there’s transferrable garage parking. Is it in one of the nearby high rises?

Chestnut is a “secret” Gold Coast street. It is tree-lined and, at this location, one way going west with many older buildings.

However, there are two new luxury apartment high rises going up within about a block of this building.

At $675,000, is this an affordable option for an up-and-coming part of the Gold Coast?

Cindy Wilson at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2E: 2 bedroom, 2 baths, 2000 square feet

• Sold in February 1997 for $241,000
• Originally listed in October 2016 for $675,000
• Currently still listed at $675,000
• Assessments of $569 a month (includes cable, exterior maintenance, scavenger, snow removal)
• Taxes of $9778
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 23×15
• Bedroom #2: 13×12
• Laundry room: 8×7

This 4-bedroom in the Aztec at 305 W. Fullerton Parkway in Lincoln Park came on the market in September 2016.

The Aztec was built in 1916 and has 16 units with an elevator.

It fronts Lincoln Park and is also just steps away from the Lincoln Park Conservatory and the Lincoln Park Zoo.

This unit is one of the big grand units that would have been built at that time, with an entry foyer and a gallery.

The 4 bedrooms are all big and are all en suite, with one of them having a jack-and-jill bathroom.

The master suite has a large bathroom with heated floor, separate shower, a bubble jet tub and a custom walk-in closet.

The listing says the kitchen has been “rehabbed” with white cabinets and Viking and Subzero appliances.

This unit has features rarely found in vintage apartments including central air and washer/dryer in the unit.

The listing says there is a live-in engineer in the building and valet parking is available nearby for up to $290 a month.

Most of the new condo construction has been focused in the luxury market.

Is this one area of the market where there’s too much inventory, and not too little?

Carol Ann Edwards-Nasser at @Properties has the listing. See the pictures here.

Unit #3E: 4 bedrooms, 3 baths, no square feet listed

• The public records says it sold in February 1990 for $110,000 but it’s unclear if this is correct
• Originally listed in September 2016 for $1.749 million
• Currently still listed at $1.749 million
• Assessments of $1453 a month (includes heat, gas, security system, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $18,000
• Central Air
• Washer/dryer in the unit
• Nearby valet parking up to $290 a month
• Bedroom #1: 18×14
• Bedroom #2: 17×13
• Bedroom #3: 20×13
• Bedroom #4: 18×14
• Gallery: 5×16
• Laundry room: 9×9

Without further ado, here are the September home sales numbers.

From the Illinois Association of Realtors:

The city of Chicago saw a 3.2 percent year-over-year home sales decrease in September 2016 with 2,336 sales, down from 2,414 in September 2015. The median price of a home in the city of Chicago in September 2016 was $261,500, up 4.6 percent compared to September 2015 when it was $250,000.

September sales for the last 10 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2414 sales
• 2016: 2336 sales

Median prices for the last 10 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000
• 2016: $261,500

“We continue to see a vibrant Chicago real estate market with homes moving quickly and with steady median price gains,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “It is taking 42 days to sell a home, indicating buyers are eager to purchase when they find the right property.”

Statewide, the number of days on the market was 58, down from 65 days a year ago.

“Annual sales growth in September was flat in Illinois and Chicago,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Prices, though, continued to increase and this trend is expected to prevail for the next three months. Both the Conference Board Consumer Confidence Index and the University of Michigan Consumer Sentiment Index pointed to positive directions at the national level as a result of a positive outlook on the labor market. Unfortunately, job growth in Illinois has been way below the national level, dampening housing sales.”

Have home sales have been “dampened” in Chicago? Or was he only referring to the downstate market?

Even though the headline number shows a decrease, you have to take a wider perspective.

Last year was the hottest September in 10 years and this year was the 3rd hottest. That includes 2007 which was the year that they were building of thousands of condos all over the city.

Remember that market? Flippers and “investors” buying 2, 3 or 4 condos each.

Right now, there aren’t thousands of new condos being built and the sales are still hotter.

Imagine if there was more inventory?

September sales were most likely properties under contract in June, July and August.

Was the market hotter then?

Or will this red hot pace hold up into the winter months?

Illinois home prices increase in September; Sales slow slightly [Illinois Association of Realtors, Press Release, October 20, 2016]

This 3-bedroom townhouse in the Sandburg Village at 1318 N. Sandburg in the Gold Coast came on the market in July 2016.

Built in 1965, there are several groupings of townhouses within the Sandburg Village which also includes high rises and studio homes.

This townhouse has east, west and south exposures.

It has some unique features including a private 400 square foot enclosed patio that leads to a fully enclosed grass courtyard that is shared by just 12 units.

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

The listing says the townhouse has 10 foot ceilings and a skylight.

Two of the three bedrooms are on the second floor, with the third on the main level. All three are generous in size.

The lower level has a family room, workout room and laundry room.

The townhouse has central air and garage parking.

The Sandburg Village townhouses rarely come on the market.

At under $1 million, is this a good family home option in one of the ritziest neighborhoods?

Paul Barker at Baird & Warner has the listing. See the pictures and the floor plan here.

1318 N. Sandburg: 3 bedrooms, 2 baths, townhouse, 2500 square feet

• There’s no previous sale going back to 1986
• Originally listed in July 2016 for $825,000
• Currently still listed at $825,000
• Fee simple but there’s a village HOA of $356 a month (includes cable, lawn care, scavenger and snow removal)
• Taxes of $9423
• Central Air
• Garage parking included
• Bedroom #1: 17×12 (second floor)
• Bedroom #2: 17×11 (second floor)
• Bedroom #3: 17×11 (main level)
• Exercise room: 13×9 (basement)
• Family room: 16×11 (basement)
• Laundry room: 17×9 (basement)