Crib Chatter

This top floor 2-bedroom in Cortina Court at 429 W. Aldine in East Lakeview just came on the market.

Built in 1926, this building has 24 units and some have their own, private heated garages on the back alley.

This is one of the units with the garage, which the listing says also has extra storage.

It has 9 foot ceilings and many of its vintage features including millwork, picture moldings and the mantel on the gas fireplace.

The listing says the kitchen has been “gutted.” It has 42 inch white cabinets, Carrera marble countertops, a white subway tile backsplash and stainless steel appliances.

There is also an attached butler’s pantry.

The listing says there is new electrical and plumbing.

Also rare for many vintage units, it also has outdoor space in a private deck off the kitchen.

In addition to the private garage, it also has in-unit washer/dryer but there’s no central air. There’s only window units.

This property has come on the market for $140,000 more than the 2008 price, at $460,000 including the parking.  But the 2008 listing did say it had the “original kitchen.”

Is $450,000+ the new price point for renovated 2/2 vintage units in East Lakeview?

Megan Tirpak at Coldwell Banker has the listing. See the pictures here.

Unit #9: 2 bedrooms, 2 baths, 1309 square feet

• Sold in September 2008 for $320,000
• Currently listed for $425,000 plus $35,000 for private garage parking space
• Assessments of $469 a month (includes heat, cable, exterior maintenance, lawn care, scavenger and snow removal)
• Taxes of $4765
• Washer/Dryer in the unit
• No central air- window units only
• Gas fireplace
• Bedroom #1: 15×10
• Bedroom #2: 13×11
• Dining room: 15×13
• Butler’s pantry: 13×8

This 2-bedroom duplex down in the mansion at 1224 N. Dearborn Parkway in the Gold Coast just came on the market.

We’ve chattered about this building in the past. Built in 1900, it now has 13 units, some of which overlook the central courtyard which is a common area and has tables and a grill.

The listing says the unit has had a “gut renovation.”

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

There is a lower level master suite with a new spa-like bath with a steam shower and a walk-in master closet.

The lower level also has heated floors and a den.

The second bedroom is on the main floor along with the main living area.

Some of the vintage features remain on the main level including crown molding, a fireplace, although I can’t tell if it is real or decorative, and stained glass windows in the living room.

The main level has dark wood floors while the master suite on the lower level has the light, almost white, floors. The light floors are coming back in. They were used in HGTV’s Dream Home this year.

The unit has central air and washer/dryer but there’s no parking with this building. It is available for rent in the neighborhood.

Buyers want “new”.

Will this sell within days?

Sophia Worden at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Or see it at the Open House on Saturday, Feb 6 at 1-3 PM.

Unit #1F: 2 bedrooms, 2 baths, 1950 square feet

• Sold in May 1992 for $285,000
• Sold in May 2001 for $547,500
• Sold in November 2012 for $556,500
• Currently listed for $785,000
• Assessments of $706 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8101
• Central Air
• Washer/Dryer in the unit
• Parking available for rent in the neighborhood
• Bedroom #1: 13×20 (lower level)
• Bedroom #2: 14×10 (main level)
• Den: 11×14 (lower level)

This luxury single family new construction home at 2018 N. Dayton in Lincoln Park came on the market in September 2015.

We last chattered about it, and its sister property right next door, in November 2015. See our chatter here.

Nearly 3 months later, 2018 N. Dayton is still on the market and priced at the same price of $3.45 million. It appears that 2020 N. Dayton has been withdrawn from the market.

The house has 6-bedrooms and 5.5 baths with 5200 square feet and is being built by Foster Design.

It is being built on the standard Chicago lot of 25×125 so it has only a 2.5 car garage.

The listing says it will have a Chef’s grade kitchen and quarter-sawn oak floors.

The master suite will have a spa bath with rain showers.

There’s a top floor den with skylights and a retractable door that opens to a 35 foot lanai.

The house also will have 6 Sony high definition tvs with new Apple TV installed.

The house is near the shops/restaurants of Armitage but is west of Halsted, which some on this blog have called not the “real” Lincoln Park.

Since November, the number of properties in the $2.5 million to $4 million price range in Lincoln Park has dropped from 52 to 38 but the spring selling season hasn’t yet started. Many properties went off the market for the holidays.

In some other cities, like New York, realtors are saying that the upper bracket market has softened.

Will the stock market weakness impact the luxury market in Chicago?

Or is the luxury bracket really in a world all its own?

Daniel Glick at @Properties still has the listing. You can see the pictures here.

2018 N. Dayton: 6 bedrooms, 5.5 baths, 5200 square feet, 2.5 car garage

• Originally listed in September 2015
• Was listed in November 2015 for $3.45 million
• Currently still listed at $3.45 million
• Taxes are “new”
• Central Air
• Bedroom #1: 19×15 (second floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 12×11 (second floor)
• Bedroom #4: 19×10 (lower level)
• Bedroom #5: 12×11 (lower level)
• Bedroom #6: 14×10 (third floor)

This 2-bedroom in The Regatta at 420 W. Waterside in Lakeshore East came on the market in October 2015.

It is bank owned.

From the pictures, it appears that the kitchen, with cherry cabinets, granite counter tops and stainless steel appliances, and the bathrooms, are intact.

It has central air, a balcony, and washer/dryer hook-ups in the unit.

There’s no parking with this unit but there is deeded parking in the building. You’d have to see if something was available to purchase or rent.

But who has a car these days anyway?

This unit was originally listed for $438,900 in October 2015 but it hasn’t found any takers.

It has been reduced to $394,900, or $37,100 under the 2006 purchase price.

Is this a deal?

Rommel Shaw at Paradigm Realty LLC has the listing. See the pictures here.

Unit #503: 2 bedrooms, 2 baths, 1182 square feet

• Sold in August 2006 for $432,000
• Lis pendens filed in September 2014
• Bank owned in June 2015
• Originally listed in October 2015 for $438,900
• Reduced
• Currently listed at $394,900
• Assessments of $557 a month (includes heat, a/c, gas, cable, doorman, exercise room, pool, exterior maintenance, scavenger, snow removal
• Special annual assessment of $1160 (not sure what this is for)
• Rental restrictions in the building
• No parking with this unit
• Washer/Dryer hook-ups in the unit
• Central Air
• Bedroom #1: 12×13
• Bedroom #2: 12×10

This 2-bedroom at 2157 W. Division in the Ukrainian Village came on the market in October 2015.

According to Redfin, the Ukrainian Village is the hottest neighborhood in the entire country.

From DNAInfo:

Redfin’s just-released “Hottest Neighborhoods of 2016″ report, which ranks neighborhoods in 32 cities across the country, shows Ukrainian Village as first in the nation.

The West Loop and East Village ranked second and third hottest neighborhoods in the city.

The calculation was based on page views, searches and other factors measured on Redfin’s website and app during the second half of 2015.

I know we’ve had this debate before, but what, exactly ARE the boundaries of Ukrainian Village? It is a sub-neighborhood of West Town.

I thought it was Damen to the east, Western to the west, Division to the north and Chicago to the south.

Looking at the real estate for sale in that location right now, there aren’t many properties.

The best I could do, where I had a picture, is this modern building which was built in 2007. It’s at the very northern border of the neighborhood.

This was a Studio Dwell Architects and Ranquist development constructed during the boom.

This unit has a southwest exposure with floor to ceiling windows and contemporary finishes.

The kitchen is Arclinea and the unit has luxury finishes including Subzero, Miele, Gaggenau, Durvit and Zuma.

Listed at $610,000, this property has been reduced by $16,000 to $594,000.

If you’re looking to buy, is Ukrainian Village your first choice neighborhood?

What makes it so hot?

Christopher MacFarland at Dream Town has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, no square footage listed

• Sold in August 2011 for $463,000 (included the parking)
• Originally listed in October 2015 for $610,000
• Reduced
• Currently listed for $594,000 (I think it includes the parking)
• Assessments of $520 a month (includes exterior maintenance, scavenger, snow removal)
• Taxes of $6975
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 13×10

This 2-bedroom at 444 W. Belmont in East Lakeview just came on the market.

It’s been 5 years since we chattered about this building which was constructed in 1929 and has just 11 units.

It’s one of the many, smaller, vintage buildings on the north side that don’t get as much publicity as the big high rises.

This unit has many of the features that vintage lovers look for including a foyer/gallery with barrel vaulted ceilings, crown molding, a decorative fireplace, arches and French doors.

It has a separate dining room and butler’s pantry that includes a wine refrigerator.

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

The bathrooms are marble with heated floors.

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

The only thing that is missing is parking. As is true of many buildings of this era, they didn’t build it thinking everyone would be driving a car around.

Given the low inventory, will this sell for full price?

Gabrielle Weisberg at Baird & Warner has the listing. See the pictures here.

Unit #6B: 2 bedrooms, 2 baths, 1800 square feet

• Sold in December 1999 for $350,000
• Sold in April 2005 for $418,500
• Currently listed for $450,000
• Assessments of $496 a month (includes exterior maintenance, lawn care, snow removal)
• Taxes of $6725
• Central Air
• Washer/Dryer in the unit
• No parking
• Decorative fireplace
• Bedroom #1: 16×12
• Bedroom #2: 18×10
• Dining room: 15×14

This new construction 6-flat at 1165 W. Eddy in Lakeview just came on the market.

Last week, Crain’s discussed the teardown and new construction phenomena in Chicago. Over the last 5 years, Lakeview was the most popular neighborhood for teardowns in the city.

On the 3700 block of North Greenview Avenue, construction is under way on a house with five bedrooms, five baths and a rooftop deck. It will replace a humble two-bedroom, one-bath cottage that was there for 125 years before it was demolished last fall.

It’s a familiar transition in Lakeview. In the past five years, nearly 300 older residential buildings in the neighborhood have been torn down and replaced with new homes, according to data compiled by Chicago Cityscape, which tracks building-industry permits in the city.

Lakeview is the epicenter of teardowns in the city, with more than twice the number in the second-ranked neighborhood, North Center. There, 124 residential buildings were torn down to make way for new homes from 2011 through 2015.

But it’s not just single family homes that are being built, it’s also 3-flat and 6-flat buildings like this one at 1165 W. Eddy.

In 2011, we actually chattered about the 1893 2-bedroom Victorian house that was on one of the lots at 1167 W. Eddy.

You can see that chatter here.

In 2011, that house, which was on a standard city lot, sold for $493,000.

In 2016, it, and the lot next door, are now 6 luxury condominiums with these price points:

• #1E: 4 bedrooms, 2.5 baths, duplex down, $899,900
• #1W: 4 bedrooms, 2.5 baths, duplex down, $899,900– contingent
• #2E: 2 bedrooms, 2 baths, $559,900– contingent
• #2W: 2 bedrooms, 2 baths, $559,900
• #3E: doesn’t appear to be on the market
• #3W: 2 bedrooms, 2 baths, $679,900

At least 2 of the 6 units are already under contract.

The units have Subzero and Wolf appliances, natural stone bathrooms and custom millwork.

Each unit has a large front balcony. The top floor units have private rooftop decks. Each unit comes with 1-car parking in the garage.

As was the case in 2011, this is still your view across the street:

During the housing bust, we often discussed who it would be that would buy up all the 2/2 condos that were built in the boom that were listed at $400,000.

The $400,000 price point now seems quaint, even in Lakeview and Bucktown.

No 2/2s are being built new construction at that price. They are all “luxury” and priced over $500,000.

Who’s buying a 1450 square feet 2-bedroom in Lakeview near Wrigley Field for $679,900?

Has a new type of buyer emerged in Lakeview?

Has the era of 27-year old newlyweds buying their first condo while still going to Southport or Wrigleyville bars passed?

Brian Henderson at Jameson Sotheby’s has all the listings. You can see the interior pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1450 square feet, penthouse

• New construction
• Currently listed at $679,900 (includes 1-garage parking space)
• Assessments of $125 a month (includes water, common insurance)
• Taxes are “new”
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×12
• Bedroom #2: 12×10
• Private rooftop deck

This 2-bedroom in the Metropolitan Tower at 310 S. Michigan across from Millennium Park in the Loop originally came on the market in February 2015.

The unit has east views, which includes the Park and the Lake.

It has hardwood floors in the living and dining room.

The listing calls the kitchen “gourmet.” It has granite counter tops and stainless steel appliances.

Other than a single glass dining room table, without any chairs around it, there is no other furniture or staging in the unit.

There don’t even appear to be window treatments in the living room. There aren’t pictures of the other windows in the listing.

It has central air, washer/dryer in the unit and parking is $50,000 extra.

After a year on the market, should this unit be officially staged?

Or is it all about price?

Yelena Bernshtam at Continuum Real Estate has the listing. See the pictures here.

Unit #1405: 2 bedrooms, 2 baths, 1410 square feet

• I can’t find a prior sales price.
• Listed in February 2015 for $899,000
• Reduced
• Currently listed at $829,000 (parking is $50,000 extra)
• Assessments of $976 a month (includes heat, a/c, cable, doorman, exercise room)
• Taxes of $8693
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 11×17
• Bedroom #2: 10×9

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

It has been completely renovated with a new kitchen, baths, flooring and electrical service.

New solid wide plank rift sawn white oak flooring was put in throughout the unit. (The light floors are back “in” again!)

The kitchen has similar light wood modern cabinets, stainless steel appliances and stone counter tops.

The unit has a separate laundry room with a sink.

It also has central air and there is parking available to rent in the building for just $135 a month, which is cheap for the Gold Coast.

The unit has also been staged with just the basic furniture: living room, dining room and beds in the bedrooms. There are no pictures on the walls, or mirrors or other art objects and no carpets on the floor. There are no curtains or plants either.

I would call this the most basic furniture “staging.”

In a red hot market where properties are going under contract within days, do you even need to do a basic furniture staging at all?

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

Unit #13F: 2 bedrooms, 2 baths, 1650 square feet

• Sold in January 2000 for $315,000
• Lis pendens foreclosure filed in 2010 and 2011
• Bank owned in August 2015
• Sold in September 2015 for $370,000 (according to Redfin)
• Currently listed for $629,000
• Assessments of $1107 a month (includes heat, a/c, cable, doorman, pool, exterior maintenance, scavenger, snow removal and lawn maintenance)
• Taxes of $5595
• Central Air
• Washer/Dryer in the unit
• Parking is rental in the building at $135 a month
• Bedroom #1: 16×17
• Bedroom #2: 14×14
• Laundry room: 5×4

The Illinois Association of Realtors is out with December 2015 sales data.

The city of Chicago saw a 0.4 percent year-over-year home sales increase in December 2015 with 2,029 sales, up from 2,020 in December 2014. The year-end 2015 home sales totaled 27,439, up 7.8 percent from 25,461 home sales in 2014.

The median price of a home in the city of Chicago in December 2015 was $242,500, up 6.4 percent compared to December 2014 when it was $228,000. The year-end 2015 median price reached $262,000, up 6.9 percent from $245,000 in 2014.

I’m surprised it wasn’t up more because December 2014 was a little soft. Additionally, the weather was so much better this year.

We have sales data going back 11 years.

• December 2004: 3,719 sales and median price of $267,000
• December 2005: 2,847 sales and median price of $283,000
• December 2006: 2,241 sales and median price of $279,000
• December 2007: 1,629 sales and median price of $287,000
• December 2008: 1,263 sales and median price of $235,000
• December 2009: 1,820 sales and median price of $208,000 (34% short/REO sales)
• December 2010: 1,475 sales and median price of $166,000 (43% short/REO sales)
• December 2011: 1,536 sales and median price of $156,000 (44% short/REO sales)
• December 2012: 1806 sales and median price of $185,000 (39.7% short/REO sales- according to Gary Lucido’s data)
• December 2013: 2137 sales and median price of $210,000
• December 2014: 2020 sales and median price of $228,000
• December 2015: 2029 sales and median price of $242,000

“The Chicago market continues to post strong price gains, reflecting consumer interest in being in a vibrant city and a continuing shortage of available homes from which to choose,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for The Inland Real Estate Group. “All indicators are that the momentum we saw in 2015 will bridge over into the new year.”

“The housing market in December behaved in a similar way to its historical pattern,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Activity in both prices and sales was modest but increases were recorded for month-over-month and compared to the same month last year.  Consumer sentiment remains positive towards housing purchases with inventory levels perhaps posing problems in some submarkets.”

According to Crain’s, Chicago inventory started January at its lowest level in 9 years, or basically since they started keeping track of inventory.

As of the middle of January, inventory levels remained at 9 year lows.

We’re not yet in the spring selling/buying season. That doesn’t start until February. There’s plenty of time for sellers to begin listing.

Mortgage rates have fallen to 3 month lows and the job market remains strong.

Will the Chicago market be able to post year over year gains in 2016 after 2015’s very strong showing? Or will low inventory hamper sales?

Illinois home prices, prices higher in December; Strong gains seen in 2015 [Illinois Association of Realtors, Press Release, January 22, 2016]