Crib Chatter

This top floor 2-bedroom in a vintage greystone at 1348 W. Wellington in Lakeview recently came on the market.

The greystone was built in 1878. The listing says it was originally a mansion for a local physician.

The house now has 4 condo units.

Unfortunately, none of the vintage features survived in this unit.

It does have high ceilings and hardwood floors.

The master bedroom has an ensuite bathroom.

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

There’s also a brand new private roof deck with city views with an entry where you open the hatch on the roof to access it (see the pictures in the listing.)

This unit has the other features buyers are looking for including central air, garage parking and washer/dryer in the unit in its very own separate laundry room.

Some of you may be familiar with this greystone because it sits right next door to the funeral home at the Wellington/Lincoln intersection that was recently purchased and is apparently being converted into apartments and commercial space.

The unit came on the market at $785,000.

No square footage is listed, but can it get that price point without the mention of luxury finishes like Subzero or Viking?

Brian Ban at Re/Max Exclusive has the listing. See the pictures here.

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

• Sold in April 1999 for $284,000
• Currently listed for $785,000 (includes garage parking)
• Assessments of $239 a month (includes exterior maintenance)
• Taxes of $6315
• Central Air
• Washer/Dryer in the unit
• Private rooftop deck
• Bedroom #1: 13×13
• Bedroom #2: 10×10
• Living room/dining room: 24×27
• Kitchen: 13×11
• Laundry room: 9×7

This 2-bedroom in the Ambassador House at 1325 N. State Parkway in the Gold Coast recently came on the market.

The listing says it has been “completely gutted.”

The kitchen has custom cabinetry, a honed marble counter top and backsplash and brass waterworks fixtures.

The brass fixtures follow through in the dining room chandelier and the bathroom faucets and shower head.

Those of you of a certain age might remember that brass was very popular for faucets in the 1970s and 1980s.

Apparently, brass has been making a national comeback since 2014, as this article in the Atlantic Journal Constitution is 2 years old:

If you haven’t noticed, brass is back. No, not that shiny lacquered brass of the 1980s and early 1990s.

If you elected to get rid of your old shiny brass fixtures, faucets and cabinet knobs, don’t fret, said Kandrac. The new brass doesn’t look like the old.

“The brass being used now has a more muted, matte and weathered finish,” said Kandrac. “The metals in today’s brass will age and become more attractive over time, without the high shine.”

As a warm and timeless metal, brass is not only being used in lighting, it has re-emerged in other areas of interior design, ranging from bath and kitchen fixtures to furniture and decorative accessories.

This unit has the other features buyers look for, including central air and washer/dryer in the unit. Parking is rented in the building for $130 a month, which the listing calls the “best parking deal” in the neighborhood.

Normally, we don’t chatter about the interiors of the properties as this isn’t a design blog.

But this was a gut renovation with specific finishes selected. Most buyers aren’t going to put in all new faucets or pulls on kitchen cabinets so these will be there when you buy it.

Are brass faucets and other fixtures finally making their way to the Midwest?

Will buyers be demanding brass fixtures in 2017?

Ryan Preuett at Conlon has the listing. See the pictures here.

Unit #20E: 2 bedrooms, 2.5 baths, 1650 square feet

• Sold in May 2002 for $180,000
• Sold in September 2013 for $445,000
• Sold in March 2016 for $430,000
• Currently listed “completely gutted” for $725,000
• Assessments of $1161 a month (includes heat, doorman, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6341
• Central Air
• Washer/Dryer in the unit
• Parking is rented at $130 a month
• Bedroom #1: 14×16
• Bedroom #2: 14×13

It was a little delayed, due to my vacation, but here is the update on the July market.

From the Illinois Association of Realtors:

The city of Chicago saw an 11.9 percent year-over-year home sales decrease in July 2016 with 2,714 sales, down from 3,082 in July 2015. The median price of a home in the city of Chicago in July 2016 was $290,000, up 1.8 percent compared to July 2015 when it was $285,000

Here’s the July data since 1997 (thanks, once again, to G for the historic info):

• 1997: 1,694
• 1998: 2,139
• 1999: 2,186
• 2000: 2,013
• 2001: 2,410
• 2002: 2,661
• 2003: 3,105
• 2004: 3,429
• 2005: 3,487
• 2006: 3,088
• 2007: 2,819
• 2008: 2,200
• 2009: 2,040
• 2010: 1,631
• 2011: 1,666
• 2012: 2,088
• 2013: 2,902
• 2014: 2,725
• 2015: 3,082
• 2016: 2,714

It’s the first year over year drop in monthly sales we’ve seen all year.

“The drop-off in home sales in July underscores the fact that a continued lack of inventory is plaguing those who are in the market for a new home,”said Mike Drews, GRI, president of Illinois REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. “These homebuyers face limited choices and higher prices as a result.”

The average 30-year monthly mortgage rate was 3.44%, down from 4.04% a year ago.

“If you have a home on the market, it’s selling at an incredible pace,” 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. “In Chicago, the time to sell was just 38 days, and when you pair that number with double-digit annual decreases in inventory, it’s a market where sellers are reaping a premium.”

That time to sell number of 38 days is incredible when you realize it is city-wide. That is averaging the time to sell in, say, the South Shore, or in Pullman, with that in the Gold Coast.

The time to sell in the GreenZone must be incredibly fast for the overall number to be down to just 38 days.

Did lack of inventory slow Chicago’s housing market in July?

Or was it the ever increasing prices?

Illinois home prices increase in July; Sales lower amid tight inventory [Illinois Association of Realtors, Press Release, Aug 24, 2016]

There’s time for one last summer fling so Crib Chatter will be on vacation this entire week.

Chatter amongst yourselves.

I’ll have the update on the market conditions when I come back. Meanwhile, Gary always provides links to his data ahead of time so you can check the July data there.

Fall is a good time to check in on how some of the areas outside of the GreenZone are faring. Look for some posts on our favorite non-GreenZone neighborhoods coming up.

And will we see slowing in the million dollar bracket this fall?

Everyone who has a penthouse to sell is listing right now. I’ve never seen so many penthouses on the market at the same time. Will they all be able to get out with big gains?

See you in a week-

Sabrina

The Centrum Lakeview, a luxury boutique apartment building, at 1714 W. Roscoe in Lakeview just finished construction and is now leasing.

Anyone who takes the Brown Line from the north side has watched this building go up because it is right next to the Paulina Brown Line stop.

It has 39 units and just 7 parking spaces, but the whole point of the location is that you’re supposed to take public transportation if you live there so there isn’t parking for every unit.

There’s not a lot of new apartment construction in this neighborhood.

The units have luxury finishes and include in-unit washer/dryer and central air.

The kitchen cabinets are Italian designer cabinets by Abaco by Snaidero. There are pearl quartz counter tops in the kitchen and bathrooms.

The floors are Balterio gray-tone plank throughout.

The units have floor to ceiling windows and the windows on the north side, which face the L, are acoustically treated to abate the noise.

A Bow Truss Coffee is supposedly going in on the bottom floor.

Here are some of the units and the rental prices:

• A 542 square foot studio: $1822 a month (this is the cheapest unit in the building)
• A 835 square foot 1-bedroom: $2720-$2765 a month
• A 1031 square foot 2/2: $3143-$3225 a month

The building also allows 2 pets per unit. There is a $500 non-refundable pet fee for the first pet and a $300 pet fee for the second pet.

Additionally, there appears to be a $25 a month pet “rent” as well. See the details here.

We have seen rents at these price points (and per square footage price point) in many of the new construction apartment high rises in the downtown neighborhoods.

Can they get these prices for a building on the border of Lakeview and Roscoe Village?

And who is the target renter for this?

You can check out the building’s website below, which also includes some pictures of the interiors of the units and the building amenities.

Website: Centrum Lakeview

This 3-bedroom duplex penthouse in the Aqua Tower at 225 N. Columbus in Lakeshore East just came on the market.

It’s on the 80th floor and faces north so there are views of the John Hancock Building as well as the Lake.

The main floor appears to have about 12 foot ceilings and has the living/dining rooms and the kitchen.

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

The second floor has the bedrooms and laundry and ceilings that appear to be around 16 feet.

The unit has 2 fireplaces and 2 car parking is included.

Chicago is a rare American city with residences as high as the 80th floor (and higher.)

Is living this high the goal for every high rise condo dweller?

What are the pros and cons of super high rise living?

And would you ever go out on the “undulating balcony” this high up?

Leila Zammatta at Magellan Realty has the listing. See the pictures here.

Unit #8004: 3 bedrooms, 3.5 baths, 3500 square feet, duplex

• Sold in July 2010 for $2,291,500
• Currently listed for $5.5 million (includes 2 parking spaces)
• Assessments of $2376 a month (includes heat, a/c, gas, doorman, cable, Internet, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Taxes of $34057
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 21×14 (second floor)
• Bedroom #2: 12×13 (second floor)
• Bedroom #3: 13×13 (second floor)
• Laundry room: 8×9 (second floor)
• Living room: 20×25 (main floor)

This 2-bedroom corner unit in Millennium Centre Tower at 33 W. Ontario in River North just came on the market.

Built in 2003, the building has 365 units and a parking garage.

This unit is on the southeast corner.

The kitchen has cherry cabinets, black appliances and granite counter tops and is open to the living room with an island.

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

Millennium Centre is a full service building with an outdoor pool, fitness room, party room, drycleaners and doormen.

The assessment of $730 a month includes the amenities as well as heat, air conditioning, gas, snow removal, exterior maintenance and cable. The Redfin listing doesn’t say it includes premium channels or Internet but the Redfin listing doesn’t always list everything.

This unit doesn’t come with parking, which usually has an extra assessment.

Is this assessment of $730 “cheap” for a full service building with an outdoor pool?

What’s “cheap” and what’s “expensive” when you’re getting services and amenities as well as heat, a/c, gas and cable?

Jayne Alofs at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #16B: 2 bedrooms, 2 baths, 1289 square feet

• Sold in July 2003 for $406,000
• Sold in November 2004 for $575,000
• Lis pendens filed in July 2005
• Bank owned in April 2006
• Sold in April 2007 for $370,000 (no parking included)
• Currently listed for $488,000 (no parking included)
• Assessments of $730 a month (includes cable, heat, a/c, gas, pool, fitness room, party room, drycleaners, doorman, snow removal, exterior maintenance and bike room)
• Taxes of $5865
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 16×10

This 2-bedroom on the 18th floor at 2020 N. Lincoln Park West in Lincoln Park just came on the market.

It has southwest views with a peak of the Lake and Park.

There are hardwood floors throughout.

The kitchen has a kitchen island with granite counter tops and a rare kitchen window.

There’s a west facing balcony off the dining room.

It has central air and parking is available for rent in the building for $190 a month. There’s no in-unit washer/dryer.

The listing says there are $4.5 million in reserves and that there hasn’t been a special assessment in the building in 25 years.

The assessment includes a lot of amenities including an outdoor pool, exercise room, clubhouse and sauna as well as heat, air conditioning, high speed Internet and cable with a TiVo box.

Are the big luxury buildings like living in your own year round resort?

Linda Breedlove at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #18M: 2 bedrooms, 2 baths, 1102 square feet

• Sold in September 2001 for $352,500
• Currently listed for $379,000
• Assessments of $949 a month (includes heat, c/a, Internet, cable with TiVo, doorman, pool, gym, sauna, clubhouse, lawn care, exterior maintenance, scavenger, snow removal)
• Taxes of $6876
• Central Air
• No washer/dryer in the unit
• Parking is rental in the building for $190 a month
• Bedroom #1: 11×15
• Bedroom #2: 11×13

This 2-bedroom house at 3536 N. Damen in the Roscoe Village neighborhood of North Center came on the market in June 2016.

The house is being marketed as a teardown so it’s being sold “as-is.”

It’s on a standard Chicago lot measuring 25×125.

There are other teardowns with new construction single family homes on this block of Damen.

The listing says this is zoned RS-3.

It’s in the Audubon school district.

Originally listed in June for $625,000 it has been reduced $30,000 to $595,000 but it still isn’t selling.

Are the sellers hitting a cap on land prices for this neighborhood?

Jayne Alofs at Berkshire Hathaway KoenigRubloff has the listing. See the listing here.

3536 N. Damen: 2 bedrooms, 1 bath

• Sold in December 1992 for $115,000
• Originally listed in June 2016 for $625,000
• Reduced
• Currently listed at $595,000
• Taxes of $9517
• Standard Chicago lot of 25×125

This top floor 2-bedroom at 1510 N. Dearborn Parkway in the Gold Coast just came on the market.

The building was constructed in 1900 and has 18 units and an elevator although it doesn’t look like any vintage features survived from the building’s origin.

It also has something else rare to the Gold Coast vintage buildings, and that is parking. This unit comes with 1-parking space although I can’t tell if it’s a garage or an outside space.

The unit has skylights throughout and two fireplaces including one in the master suite.

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

There’s a south facing private terrace off the kitchen with enough space for outdoor furniture.

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

Parking, central air, washer/dryer in the unit and a south city facing terrace, what else could a buyer ask for in this neighborhood?

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

Unit #501: 2 bedrooms, 2.5 baths, 1900 square feet

• Sold in January 1996 for $585,000 (included parking)
• Sold in July 1998 for $659,000 (included parking)
• Sold in December 2013 for $685,000 (included parking)
• Currently listed for $819,000 (includes the parking)
• Assessments of $625 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $12,919
• Central Air
• Washer/Dryer in the unit
• 2 fireplaces
• Bedroom #1: 18×13
• Bedroom #2: 12×10
• Living room: 25×15
• Laundry room: 7×5