Crib Chatter

This 4-bedroom penthouse in the Metropolitan Tower at 310 S. Michigan across from Millennium Park in the Loop just came on the market.

It has unique features including extensive crown molding and 5 fireplaces.

The 4180 square foot unit has a library with wood paneling and a boxed ceiling.

All 4 bathrooms are marble and en suite.

The unit has 2 powder rooms.

The kitchen appears to have custom cabinets.

It has a 4000 square foot terrace which doesn’t appear to be landscaped or built-out in anyway (at least as can be determined from the pictures).

The unit comes with 3-car garage parking, central air and washer/dryer in the unit.

There’s a lot of competition in the luxury penthouse category right now.

This unit has come on the market at $4.9 million, or $1.325 million more than the 2014 sales price.

Does this penthouse have unique features that will set it apart from all the others also on the market?

Beth Burtt at Baird & Warner has the listing. See the pictures here.

Unit #2501: 4 bedrooms, 4 baths, 2 half baths, 4180 square feet

• Sold in August 2014 for $3.575 million
• Currently listed for $4.9 million
• Assessments of $2936 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $24603
• Central Air
• Washer/Dryer in the unit
• Includes 3 car garage parking
• Bedroom #1: 22×15
• Bedroom #2: 15×15
• Bedroom #3: 13×12
• Bedroom #4: 13×12
• Library: 22×17
• Terrace: 4000 square feet

This 2-bedroom duplex penthouse in Admiral’s Pointe at 645 N. Kingsbury in River North came on the market in August 2016.

The listing says the unit has been renovated.

It has floor-to-ceiling windows with the main living areas and two bedrooms on the main floor.

The kitchen has modern white and wood cabinets, Silestone countertops and stainless steel appliances.

The second floor has a 25×25 family room with a 1000 square foot wrap-around deck with city views.

It has central air, washer/dryer in the unit and 2 garage parking spaces are included in the price.

You can even take the water taxi to work on the Chicago River as there is a stop nearby.

This unit last sold in 2002, when the building was new construction.

It is listed at $850,000, including the parking.

Is that a deal for a River North penthouse?

Krystyna Kaczor at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2608: 2 bedrooms, 2 baths, duplex, 1850 square feet

• Sold in September 2002 for $575,500 (included 1 car parking)
• Currently listed for $850,000 (includes 2 parking spaces)
• Assessments of $1303 a month (includes cable, Internet, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $11,101
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12 (main level)
• Bedroom #2: 13×12 (main level)
• Family room: 25×25 (second floor)
• Terrace: 50×20

This 2-bedroom single family home at 2058 N. Leavitt in Bucktown just came on the market.

But some of you remembered it from 2012 (thanks to MatthewLesko), when it was last featured here on Cribchatter.

Back in 2012, it was a 3-bedroom but it’s now listed as a 2-bedroom, with a third bedroom in the basement.

It was originally listed for $599,000 in 2011.

But by 2012, it had been on the market for months, and had been reduced to $549,000.

Check out that chatter here.

Now, in 2016, it is back.

If you recall, it was built in 1887 on a smaller than standard Chicago lot of 24×100 but still has a 2-car garage.

The kitchen still has the same 42 inch maple cabinets, granite counter tops but all the appliances are now stainless (back in 2012, it was a mix of black and stainless appliances.)

The house has central air and a lower level family room, along with a work room and laundry.

The current listing makes a big deal out of the fact that you can buy a condo for the price of this single family home:

“Why buy a condo when you can have a single family home for the same price & enjoy care free living without any association.”

In the 2012 Zillow listing, the house is listed as having 1238 square feet. I’m assuming that doesn’t include the basement.

The house finally sold for $490,000.

There used to be a preference for single family homes among buyers but developers have been building bigger condo units in recent years.

Would you rather have a single family home or a condo for your $669,000 in Bucktown?

Edward Jelinek at @Properties has the listing. See the pictures here.

Or see it at the Open House on Saturday, August 6 from 12- 2 PM.

2058 N. Leavitt: 2 bedrooms, 2 baths, no square footage listed, 2 car garage

• Sold in June 1992 for $118,000
• Sold in September 1997 for $250,000
• Sold in September 2000 for $409,000
• Sold in March 2003 for $427,500
• Sold in December 2005 for $560,000
• Originally listed in July 2011 for $599,000
• Reduced
• Sold in July 2012 for $490,000
• Currently listed at $669,000
• Taxes are now $8835 (they were $7002 in 2012)
• Central Air
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 18×11 (lower level)
• Office: 9×17 (lower level)

This 2-bedroom in the Metropolitan Tower at 310 S. Michigan across from Millennium Park in the Loop came on the market in June 2016.

It’s on the 23rd floor, which is an amenities floor with a building terrace and grills.

The listing says there are only 3 units on this floor and this one has a unique layout.

At 2000 square feet, it has a south facing balcony from the living room and kitchen with views of the park and the Lake.

But the most unique feature is a 15×15 “media room” which also has a skylight.

Skylights are rare in condo high rises. I don’t recall cribbing about another high rise unit with that feature.

The kitchen has stainless steel appliances and dark cabinets.

It has the other features buyers look for including central air and washer/dryer in the unit. Parking is extra at $42,500, and doesn’t have to sell with the unit.

This unit is listed $149,500 below the 2008 price.

Is this a deal?

Michael Gentile at @Properties has the listing. See the pictures here.

Unit #2303: 2 bedrooms, 3 baths, 2000 square feet

• Sold in October 2008 for $979,500 (no parking included)
• Originally listed in June 2016 for $830,000
• Currently still listed for $830,000 (parking $42,500 extra)
• Assessments of $1472 a month (includes heat, a/c, gas, doorman, cable, exercise room, lawn care, exterior maintenance, scavenger, Internet, snow removal)
• Taxes of $11,153
• Central air
• Washer/dryer in the unit
• Skylight
• Bedroom #1: 14×16
• Bedroom #2: 12×11
• Media room: 15×15

Listings for the new luxury high rise being marketed as the “Code of Luxury” at 808 N. Wells in the Gold Coast just came on the market.

I consider this Gold Coast as it is north of Chicago Avenue.

The building is from Smithfield, the developer of 30 W. Oak, the highly successful modern boutique high rise in the Gold Coast.

It will only have 40 units with square footage from 1558 to 5,080 square feet and every unit will have 2-car parking included with the price. Although some of the press releases have said there could be 45-50 units in the building.

Perhaps some buyers are already combining units, hence the number of units has dropped.

The units will have 10-12 foot ceilings and terraces.

The kitchens will have Valcucine cabinets and Miele appliances.

The building is expected to begin closings in the fall of 2017.

Below is a listing for a 3-bedroom on the 7th floor with 2086 square feet priced at $1.395 million.

There are several new buildings all selling units priced over $1 million.

Will all of these units be absorbed in this cycle or are the developers late to the game?

@Properties is handling the sales. See the developer’s pictures here.

You can see the building’s website, with floorplans, here.

Unit #7B: 3 bedrooms, 2.5 baths, 2086 square feet

• Currently listed at $1.395 million
• Assessments of $1325 a month (includes heat, a/c, gas, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• 2-car parking included
• Bedroom #1: 16×15
• Bedroom #2: 13×12
• Bedroom #3: 13×11

This 4-bedroom half-floor unit in the Playboy Mansion at 1340 N. State Parkway in the Gold Coast came on the market in early November 2015.

It was publicized all over the media because units rarely come on the market in this famed mansion.

According to Wikipedia, the 70-room French brick and limestone mansion was built in 1899 for Dr. George Swifth Isham.

Hugh Hefner moved in in 1959. Apparently the top two floors served as dorms for the bunnies.

Hefner moved to his California mansion full-time in 1974. The mansion was turned into 7 condos in 1994.

We chattered about this unit when everyone else was talking about it last fall. So the media blitz “worked” except that it didn’t find a buyer.

You can see our November 2015 chatter here.

If you recall, this unit has tall ceilings, 3 fireplaces and a foyer and is on the south, east and west corner.

It is all on one level and includes a 16×11 covered terrace.

The listing says it has had a recent renovation.

The all white custom kitchen has luxury stainless steel appliances.

There is a master suite and 2 en suite bedrooms.

It has central air, washer/dryer in the unit and 2 heated garage parking spaces.

The house is always a stop on walking and biking tours of the Gold Coast. It’s living in a Chicago landmark.

The last unit we chattered about in the Playboy Mansion, the “ballroom unit” because it was formally the house’s ballroom, sold in just 9 months for $5.2 million when the market was still awful, in May 2012.

But that was the “ballroom” unit, which was unique in its own way.

See our chatter about that unit here.

Eight months later, this 4-bedroom unit is still available and has been reduced $600,000 to $5.15 million.

Has the luxury market cooled over the last year? Or is this building and unit so unique that it can’t be put in the same category as all the luxury $5 million high rise condos?

Janet Owen at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3S: 4 bedrooms, 4.5 baths, 4300 square feet

• Sold in June 1994 for $535,000
• Sold in January 1998 for $1.475 million
• Sold in August 2004 for $1.575 million
• Sold in August 2008 for $3.275 million
• Was listed in November 2015 for $5.75 million
• Reduced
• Currently listed for $5.15 million
• Includes 2-car garage parking
• Assessments of $2847 a month (includes water, exterior maintenance, scavenger)
• Taxes of $48229
• Central Air
• Washer/Dryer in the unit
• 3 fireplaces
• Bedroom #1: 18×18
• Bedroom #2: 15×13
• Bedroom #3: 14×12
• Bedroom #4: 13×12
• Family room: 25×17
• Office: 10×10

This 2-bedroom duplex in the Beacon Lofts at 203 S. Sangamon in the West Loop came on the market in May 2016.

This loft has 18 foot ceilings and faces south.

While it has the tall ceilings and exposed duct work,  it doesn’t have exposed brick, beams or other factory type features.

But it does have 1840 square feet.

One bedroom and a den are on the main floor and a second bedroom is on the second level.

The kitchen has granite counter tops and black appliances with 42 inch cabinets.

The loft has all the features buyers look for including central air, washer/dryer in the unit and garage parking, which is $30,000 extra.

This loft is located right in the middle of the West Loop, which means you can walk to a variety of restaurants on Randolph Street, various supermarkets and even stroll over to Greektown.

Originally listed for $699,900, which was 70% appreciation over the 2012 sale price, it has been reduced over the last few months.

There’s always one neighborhood that sees incredible appreciation during a boom.

Last time, Lincoln Square was the big winner.

Will it be the West Loop this time?

Gorge Furla at North Clybourn Group has the listing. See the pictures here.

Unit #310: 2 bedrooms, 2 baths, duplex, 1840 square feet

• Sold in August 1999 for $309,000
• Sold in November 2004 for $420,000
• Sold in October 2012 for $410,000
• Originally listed in May 2016 for $699,900
• Reduced
• Currently listed for $649,000 (parking is $30,000 extra)
• Assessments of $505 a month (includes cable, exercise room, scavenger, Internet)
• Taxes of $7872
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 14×12 (main floor)
• Den: 12×10 (main floor)

This 2-bedroom at 1016 W. Madison in the West Loop came on the market in May 2016.

This 8-unit elevator building with just 2 units per floor was converted into condominiums in 1998 but it’s not a loft. It’s one of the rare, older boutique buildings in this neighborhood.

This unit has 14-foot ceilings and, the listing says, new windows.

The kitchen was gut-finished in 2015 and has custom white cabinets, stainless steel appliances including a double oven and quartz counter tops.

The listing says the bathrooms have been updated.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking.

Originally listed in May for $740,000, it has been reduced $10,000 to $730,000.

It’s rare to see a property on the market for long in this hot neighborhood. This has been listed for 70 days.

Is an upper price limit developing for 2-bedroom condos in the West Loop?

Jo Simmons at Midwest Realty Services has the listing. See the pictures here.

Unit #2S: 2 bedrooms, 2 baths, 1850 square feet

• Sold in August 1998 for $270,000
• Sold in June 2014 for $560,000
• Originally listed in May 2016 for $740,000
• Reduced
• Currently listed for $730,000 (including the parking)
• Assessments of $493 a month (includes scavenger, snow removal)
• Taxes of $7177
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 17×10
• Laundry room: 6×7

This 1-bedroom in the Printers Row Lofts at 732 S. Financial in the Printers Row neighborhood of the South Loop came on the market in July 2016.

Built in 1906, the building was among the first converted to loft apartments in this neighborhood. It was converted in 1996.

But all of those original apartment buildings were then converted to condos, with his one being converted in 2003-2004.

Because of its early conversion, many of the units have unique layouts and kept their original loft features.

This unit is a northeast corner unit with two walls of exposed brick and timber ceilings.

The bedroom doesn’t have enclosed walls but it does have a window.

The kitchen is open to the large living/dining space. It has white cabinets and white appliances.

The loft has central air and washer/dryer in the unit.

It also has something rare for the loft buildings in this neighborhood: garage parking.

The listing says there are 138 units in the building with just 54 deeded garage spots. This is one of them. It doesn’t have to be sold with the unit.

There’s also an additional HOA and taxes for the spot, if you purchase it.

There’s no square footage listed with this unit, but the measurements of the rooms add up to more than your typical, new construction 725 square foot 1-bedroom luxury rental.

At $290,000, including the parking, is this a deal compared with renting in the neighborhood?

Judy Howard at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #315: 1 bedroom, 1 bath, no square footage listed

• Sold in March 2004 for $211,000 (no parking with this sale)
• Currently listed for $250,000 (plus $40,000 for the parking)
• The parking doesn’t have to be sold with the unit
• Assessments of $319 a month (includes cable, part-time doorman, exterior maintenance, scavenger and snow removal)
• Parking HOA: $35.91 a month
• Taxes of $3172
• Taxes for parking space: $388.67
• Central Air
• Washer/Dryer in the unit
• Bedroom: 11×16
• Living room: 18×32
• Kitchen: 10×9

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]