Crib Chatter

The Illinois Association of Realtors is out with the June and half year numbers:

The city of Chicago saw a 0.2 percent year-over-year home sales increase in June 2016 with 3,210 sales, up from 3,202 in June 2015. The median price of a home in the city of Chicago in June 2016 was $300,000, up 4.1 percent compared to June 2015 when it was $288,250. Year to date home sales totaled 13,953, a 4.1 percent increase compared to last year and the median price averaged $275,000, a 3.5 percent gain.

Thanks to G for the historical sales data:

• June 1997: 1,817
• June 1998:  2,214
• June 1999:  2,435
• June 2000: 2,513
• June 2001: 2,451
• June 2002: 2,590
• June 2003: 2,891
• June 2004: 3,752
• June 2005: 3,850
• June 2006: 3,557
• June 2007: 3,127
• June 2008: 2282
• June 2009: 1981
• June 2010: 2526 (tax credit sales)
• June 2011: 1841
• June 2012: 2246
• June 2013: 2729
• June 2014: 2846
• June 2015: 3202
• June 2016: 3210

Here is the monthly median price data:

• June 2008: $309,945
• June 2009: $242,050
• June 2010: $234,250
• June 2011: $207,000
• June 2012: $216,700
• June 2013: $254,900
• June 2014: $275,000
• June 2015: $288,250
• June 2016: $300,000

If inventory was higher, I think we would have seen 2005-2006 type sales numbers. But inventory continues to fall.

“Sellers continue to reap the rewards of a summer market where buyers are choosing from a greatly diminished pool of properties,” said Mike Drews, GRI, president of Illinois REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. “The market dynamics we have experienced throughout the spring and early summer persist as the number of homes for sale struggle to keep pace with buyer demand.”

The time it took to sell a home in June averaged 55 days, down from 62 days a year ago. Available housing inventory totaled 64,724 homes for sale, a 15.1 percent decline from June 2015 when there were 76,207 homes on the market.

There were no statistics given for inventory specifically in Chicago.

“Chicago homebuyers are having to work harder to find properties which meet their criteria and budget,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations at the Oakbrook-based Inland Real Estate Group of Companies, Inc. “A combination of low mortgage rates and a limited number of properties on the market is pushing median prices higher, a continuation of a trend we have seen for much of the warm-weather selling season.”

When will some of the newer apartment high rises downtown be converted to condos to meet the growing demand?

Why aren’t we seeing more building on the lower end of the spectrum, even in areas where land prices are cheaper like the far South Loop?

Illinois home sales, prices climb higher in June and first half of 2016 [Press Release, Illinois Association of Realtors, July 21, 2016]

This 2-bedroom townhouse in Dearborn Park II at 1254 S. Federal in the South Loop came on the market in early July 2016.

This complex was built in 1990 and because of its age, comes complete with large trees and lush greenery.

In fact, if you didn’t know better, you might not believe you were just blocks from the center of the city if you were standing in the middle of this complex.

This is one of the rare corner townhouses with 3-exposures and a 2-car garage.

It also has a big “secret garden” that extends out to Federal.

The townhouse has a first floor library, which also accesses the garden and has built-in bookcases.

The living room/dining and kitchen, along with a powder room, are on the second floor.

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

The third floor has two bedrooms and a bath.

This townhouse has central air and a skylight.

It has been on the market for more than 2 weeks, which is forever in this market.

Why isn’t this selling?

Terri Buseman at Re/Max Premier Properties has the listing. See the pictures here.

Unit F: 2 bedrooms, 1.5 baths, 1510 square feet

• Sold in April 1994 for $186,000
• Sold in September 1998 for $285,000
• Currently listed for $595,000
• Assessments of $275 a month (includes lawn care, snow removal)
• Taxes of $6929
• Central Air
• 2-car garage
• Bedroom #1: 16×12 (third floor)
• Bedroom #2: 11×19 (third floor)
• Library: 10×9 (main level)

This 2-bedroom in the Filmworks Lofts at 1322 S. Wabash in the South Loop just came on the market.

If it seems familiar to some of you, that’s because this “ONCE IN A LIFETIME LIVE/WORK OPPORTUNITY” was last on the market just 20 months, in 2014.

It’s on the first floor of this building but that gives it a rare 1350 square foot, enclosed, landscaped garden.

The listing says it has a deck, fountain, natural blue stone patio and an organic raised bed veggie garden.

The loft itself has exposed brick and concrete ceilings.

The kitchen has custom wood cabinets and stainless steel Bosch appliances.

The listing says there’s a new central air and GFA furnace.

It has in-unit washer/dryer and parking is included.

This loft has come on the market for 29.4% more than it sold for just 20 months ago, at $549,900.

Will it get the premium?

Yvonne Carns at @Properties has the listing. See the pictures here.

Unit #109: 2 bedrooms, 2 baths, 1536 square feet

• Sold in June 1995 for $155,500 (included 2 parking spaces)
• Sold in June 2004 for $380,000
• Sold in October 2014 for $425,000 (included 1 parking space)
• Currently listed for $549,900 (includes the parking)
• Assessments of $433 a month (includes cable, Internet, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $4489
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×16
• Bedroom #2: 10×11

This 2-bedroom loft at 1000 W. Washington in the West Loop just came on the market.

It’s in the middle of one of the hottest neighborhoods in the city with new restaurants and hotels opening up just a block away on Randolph Street and just a short stroll from Fulton Market.

The loft has exposed brick walls with concrete ceilings and exposed duct work.

It last sold in 2013 and appears to have undergone a renovation.

There are wide plank dark wood floors throughout.

The kitchen has been renovated since the 2013 sale and has white cabinets, stone counter tops and a gray subway tile backsplash.

It appears that both bathrooms have also been renovated.

The loft has barn doors that lead to the bedroom as well as in the bedroom to the master bathroom.

You can see the 2013 unit pictures here.

This loft has the other features buyers look for including central air, washer/dryer in the unit and garage parking.

It is listed for $319,000 more than the 2013 sale, at $649,000.

With almost no inventory in the West Loop, will they get the premium?

Peter Childs at Berkshire Hathaway KoenigRubloff has the listing. See the current pictures here.

Unit #214: 2 bedrooms, 2 baths, 1500 square feet

• Sold in April 1997 for $185,000 (included the parking)
• Sold in July 2000 for $279,000 (included the parking)
• Sold in December 2004 for $335,000 (included the parking)
• Sold in November 2013 for $330,000 (included the parking)
• Currently listed for $649,000 (includes the parking)
• Assessments of $558 a month (includes doorman, cable, exterior maintenance, scavenger, snow removal)
• Taxes of $4162
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×15
• Bedroom #2: 11×14

This 4-bedroom penthouse in the Park Millennium Condos at 6 N. Michigan across the street from Millennium Park just came on the market.

If it looks familiar it’s because we’ve chattered about it numerous times, most recently in 2014. You can see that chatter here.

If you recall, it was, at one time, raw space but had fantastic windows overlooking the park.

It was bought in 2012 and built out with the kitchen and baths.

It re-sold, after the build out, in 2014.

The signature room is this great room with 20 foot ceilings with views of the Lake. Here are the pictures of the space unfinished.

It has a wrap-around terrace and a rooftop deck, which still does not appear to have been landscaped or built out.

The unit sprawls on 4 floors and is 6400 square feet.

Three of the four bedrooms are on the second floor with the master bedroom on the third level.

There appears to be two family rooms with one of them located near the kitchen/dining room and another on the fourth floor with a massive skylight.

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

It comes with 2 parking spaces and heat and air conditioning are included in the $6200 a month assessment.

The unit has come on the market for $2.1 million more than the 2014 sale, at $6 million.

Is the upper bracket market hot enough that this penthouse will get the premium?

Philip Skowron at @Properties has the listing. See the latest pictures here.

Unit #1901: 4 bedrooms, 4.5 baths, 6400 square feet, 4 levels

• Originally listed in 2010 for $7 million (but was 8000 square feet)
• Was listed as raw space in July 2012 for $4.5 million
• Reduced
• Was listed in October 2012 for $3 million
• Sold in December 2012 for $1.9 million
• Listed in June 2013 after it was built out for $4.75 million
• Sold in February 2014 for $3.9 million
• Currently listed for $6 million (includes 2 parking spaces)
• Assessments still $6200 a month (includes heat, a/c, doorman, gas, snow removal, exercise room, scavenger)
• Taxes are now $87,838 (they were $13,233. There was an 8 year historic tax freeze on the building but I believe it didn’t transfer to the second owner. Only the current owner – or the first one after the developer- g0t the tax freeze.)
• 2000 square feet of outdoor space
• Bedroom #1: 23×18 (third floor)
• Bedroom #2: 18×12 (second floor)
• Bedroom #3: 19×15 (second floor)
• Bedroom #4: 16×15 (second floor)
• Family room: 28×20 (fourth floor- with a skylight)
• Great room: 35×34

This 2-bedroom at 1414 N. Wells in Old Town just came on the market.

It is a southeast corner unit with views of Wells and the skyline.

The living room has two walls of windows, crown molding and dark stained oak floors.

The kitchen has maple cabinets, granite counter tops, including on a large kitchen island, stainless steel appliances and a glass subway tile backsplash.

The  master bathroom has duel sinks and an extra large steam shower with dual shower heads.

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

This building has 52 units and an elevator but no doorman.

It has always been one of the most popular buildings in Old Town and buyers have paid a premium to live there.

This corner unit hasn’t been on the market in 9 years.

Are you a condo buyer who will only live in a corner unit for maximum light?

Bari Levine of @Properties has the listing. See the pictures here.

You can also see it in person at the Open House on Saturday, July 16 from 12- 2 PM.

Unit #408: 2 bedrooms, 2 baths, no square footage listed

• Sold in June 1995 for $231,000 (included the parking)
• Sold in April 1998 for $310,000 (included the parking)
• Sold in August 2007 for $550,000 (included the parking)
• Currently listed for $580,000 (plus $35,000 for the parking)
• Assessments of $576 a month (includes cable, Internet, exterior maintenance, scavenger, and snow removal)
• Taxes of $8454
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×15
• Bedroom #2: 15×10

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

This building has been popular with luxury buyers since it was built in 2006.

This unit has 10 foot south and west facing windows with electronic shades.

The kitchen is Poggenpohl with 2 of all the appliances: 2 Subzero refrigerators, 2 Miele dishwashers, and 2 Miele stoves. It also has Carrera marble countertops and backsplash.

There are limestone floors in the living, dining and main entry hallway.

The master suite has his-and-her closets with built-in safes.

It also has a 24×12 terrace with irrigated custom plantings, lighting and a gas line.

The unit comes with 2-car parking and washer/dryer in the unit.

This building used to be one of the few true luxury new buildings in this area but now there is 4 E. Elm at Elm and Rush street and the soon-to-be finished luxury town on Walton.

The price on this unit more than doubled from 2006 to 2013 but it has come back on the market just $350,000 higher than the 2013 sale.

Is this building still maintaining its prestige factor?

Jeanine Wheeler at @Properties has the listing. See the pictures here.

Unit #9B: 3 bedrooms, 3.5 baths, 3349 square feet

• Sold in November 2006 for $1.615 million
• Sold in December 2013 for $3.4 million
• Currently listed for $3.75 million (includes 2 car parking)
• Assessments of $2496 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $35759
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 20×16
• Bedroom #2: 15×15
• Bedroom #3: 15×12

This new construction 5 bedroom single family home at 2024 W. Melrose in Roscoe Village came on the market in May 2016.

Built on a standard 25×125 lot, it has the features that buyers have come to expect from new builds at this price point.

The kitchen has custom white and walnut cabinets with Calcutta quartz counter tops and Subzero and Thermador appliances.

Three of the bedrooms are on the second floor with the other two in the lower level, which also has radiant heated floors.

The master bathroom is marble.

It has a 2-car garage.

The listing says it is in the Audubon school district.

According to Redfin, there are at least 10 new construction single family homes in this price range within 0.7 miles of this house.

And there are many more being built in the entire North Center area.

Are developers overbuilding the million dollar mansions in this neighborhood?

Jamie Connor at Conlon has the listing. See the pictures here.

2024 W. Melrose: 5 bedrooms, 4 baths, 2 half baths, no square footage listed

• New construction
• Was listed in May 2016 for $1.569 million
• Currently still listed at $1.569 million
• Taxes are “new”
• Central Air
• 2-car garage
• Bedroom #1: 18×15 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 11×11 (second floor)
• Bedroom #4: 14×11 (lower level)
• Bedroom #5: 13×11 (lower level)

This 5-bedroom Victorian single family home at 1836 W. Addison in North Center came on the market in April 2016, although it had been on the market for a time in 2015.

The listing says it was built in 1894.

It’s on an extra large 45×125 lot with a wrap-around porch and a garage.

The listing also says it has an above ground pool, but it’s not shown in the pictures (darn) and it’s unclear where it would be located if there was one.

The house has many of its vintage features intact including 8-panel doors, cove moldings, stained glass, a decorative wood beamed ceiling in the dining room and what looks like it could be the original first floor fireplace mantel.

The house also has a dormed large attic.

The listing says the house is “Perfect For An Impressive Restoration.”

Listed at $1.35 million, it’s not priced for a teardown.

In this market, with so much new construction in the same neighborhood, are there buyers willing to take on a big renovation project?

Carmen Poplawski at Century 21 Affiliated has the listing. See the pictures here.

1836 W. Addison: 5 bedrooms, 2.5 baths, 2240 square feet, 2 car garage

• It’s been in the same family since 1986
• Listed in 2015
• Re-listed in April 2016 for $1.35 million
• Currently still at $1.35 million
• Taxes of $10,678
• Central Air
• Wood burning fireplace
• Bedroom #1: 11×15 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 11×12 (second floor)
• Bedroom #4: 9×9 (second floor)
• Bedroom #5: 10×11 (second floor)

This 3-bedroom at 2555 W. Leland in the Ravenswood Gardens neighborhood of Lincoln Square came on the market at the end of June.

This is a 16-unit building that was built in 2004 when Lincoln Square was seeing a lot of development.

It has 11 foot ceilings, crown moldings and hardwood floors in the main living areas.

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

The building is built on an angle property so the unit has some unique angles as well.

It shares a triangle patio with one other unit.

The unit has central air, washer/dryer in the unit and garage parking, which looks to be $10,000 extra.

The Rockwell brown line stop is just a half a block away. The restaurants of Lincoln Square are also just about 5 to 6 blocks to the east.

Lincoln Square was considered the hottest neighborhood in the city before the bust with home values up well over 100%.

A decade ago, it seemed that every 20-something was moving to Lincoln Square.

But since the bust, the energy, and new construction, has shifted to the West Town neighborhoods of Ukrainian Village, and Wicker Park, as well as to Logan Square.

Has Lincoln Square lost its edge?

Maximilian Ortega at Artizen Realty has the listing. See the pictures here.

Unit #207: 3 bedrooms, 2 baths, 1450 square feet

• Sold in April 2004 for $395,500
• Sold in August 2007 for $455,000 (included the parking)
• Currently listed for $425,000 (plus $10,000 for the parking)
• Assessments of $289 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $5166
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 26×11
• Bedroom #2: 16×9
• Bedroom #3: 15×9