Crib Chatter

The South Loop was the hottest neighborhood in Chicago, with one magazine even calling it the hottest neighborhood in the entire country, during Bubble 1.0.

But the bust hit the area extra hard, with valuations plunging. Many of the new construction condo towers were turned into apartments in order to get the units off the market.

However, a new day is dawning in the South Loop.

With most of the excess condo inventory absorbed, new construction towers are being announced again. And the area is slated to get two big new developments along the Chicago River which could result in a couple of thousand more units, in the form of apartments, townhouses and condos.

It means more people living in the neighborhood, more restaurants and stores as well as entertainment options.

That’s why I was surprised to see, that when I googled an address in the Burnham II development which stretches from Roosevelt Road south to 16th street just east of Clark, Google didn’t have a street view for any address in there.

It looks like the Google mapping van simply drove around the outside of the development, without ever driving in the one way you can get into it.

Strange.

I thought Google had street view on just about every street in the major cities (and then some) now.

Even Google has dissed the South Loop!

Is the South Loop about to make a big comeback?

Will it again be one of the hottest neighborhoods in the city?

This 5-bedroom top floor vintage unit at 443 W. Aldine in East Lakeview recently came on the market.

If it looks familiar, that’s because it was actually on the market for most of 2014 without selling.

It is a full floor unit in a 4-unit elevator building that was renovated into luxury condos in 2010-2011.

The kitchen has wood cabinets with commercial grade stainless steel appliances, granite counter tops and a kitchen island.

The baths are Carrera marble.

There’s a wood burning fireplace and crown molding along with modern features like central air and in-unit washer/dryer.

At 3600 square feet, it’s as big as some single family homes.

Being on the top floor it also has roof rights but nothing is built up there yet. The listing simply shows some renderings.

It has a 1-car garage plus one outdoor parking space.

Unit #2 in this building “sold before print” in June 2015 for $1.335 million.

This unit tried to get as much as $1.795 million in April 2014 but has come back on the market at $1.549 million.

We last chattered about this building in 2011 when it was just converted and many of you thought the prices being paid back then (around $1.4 million) were insane. See our chatter here.

That was 4 years ago. Prices have since moved even higher.

Will they get this even higher list price?

Steven Acoba at Keller Williams has the listing. See the pictures here.

Unit #4: 5 bedrooms, 3 baths, 3600 square feet, top floor

• Sold in February 2011 for $1.45 million (although I can’t find it in the public records- but this is what was on Cribchatter in 2011)
• Originally listed in April 2014 for $1.795 million
• Reduced
• Withdrawn in February 2015 for $1.495 million
• Re-listed in December 2015 for $1.549 million
• Assessments of $462 a month (includes parking, exterior maintenance, scavenger, snow removal)
• Taxes of $18091
• Central Air
• Washer/Dryer in the unit
• 1-car garage parking and 1 outdoor parking space
• Wood burning fireplace
• Bedroom #1: 14×19
• Bedroom #2: 14×14
• Bedroom #3: 14×13
• Bedroom #4: 14×13
• Bedroom #5: 15×19
• Gallery: 4×45

This 2-bedroom in Olympia Center at 161 E. Chicago in Streeterville came on the market in April 2015.

Built in 1985, Olympia Center is a full service building that overlooks the Mag Mile with an indoor pool and city views. It has leased parking.

This unit is unique in that it has a wall of 20 foot windows along with contemporary, modern finishes.

It has an Arclinea kitchen with a wine fridge and stainless steel appliances.

There’s a home theater.

If you’re a clothes horse, the master bedroom has a 700 square foot dressing room.

There’s also a library.

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

After 8 months on the market, it is still the same price as in April.

Why isn’t this selling in this hot market?

Daly Donnellan at Flats, LLC has the listing. See the pictures here.

Unit #58J4: 2 bedrooms, 3.5 baths, 4400 square feet

• Sold in May 1997 for $925,000
• Sold in March 2005 for $1.4 million
• Originally listed in April 2015 for $3.699 million
• Currently still listed for $3.699 million
• Assessments of $3888 a month (includes water, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal)
• Parking is leased in the building
• Taxes of $21630
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×13 (main level)
• Bedroom #2: 19×16 (main level)
• Family room: 16×11 (main level)
• Theater: 16×12 (main level)

This 2-bedroom duplex at 2343 N. Greenview in Lincoln Park came on the market in July 2015.

The listing says it is an “architect designer rehab”.

We last chattered about it in October and wondered why it wasn’t selling this fall as it was a remodeled property and those are in demand. See our chatter here.

If you recall, the unit has 20 foot ceilings in the living/dining/kitchen with dark espresso wood floors and south city views.

The listing says the kitchen has been “newly remodeled.” It has white cabinets, stainless steel appliances and granite counter tops.

There is just one bath but it is “newly remodeled” with 2 sinks.

Both bedrooms and a den are on the second floor.

This unit has central air and gated, secured parking is included. But it doesn’t appear to have in-unit laundry.

The property hasn’t been reduced since we last chattered about it in October. It has been listed at $335,000 the last 2 months.

With inventory at its lowest in years and demand still strong, especially near the DePaul neighborhood, why isn’t this finally selling?

Frank Mitrick at Real Tek Realty still has the listing. See the pictures here.

Unit #212: 2 bedroom, 1 bath, 1400 square feet, duplex up

• Sold in April 1993 for $170,000
• Sold in June 1996 for $177,500
• Originally listed in July 2015 for $359,000
• Reduced
• Was listed in October 2015 at $335,000
• Currently still listed at $335,000
• Assessments of $255 a month (includes water, security system, exterior maintenance, scavenger, and snow removal)
• Taxes of $4396
• Central Air
• No washer/dryer in the unit
• Gated parking included
• Bedroom #1: 18×18 (second floor)
• Bedroom #2: 10×10 (second floor)
• Den: 10×8 (second floor)

A 3-bedroom penthouse in 340 On the Park at 340 E. Randolph in Lakeshore East just closed for $5.2 million.

On the 62nd floor, it has 12 foot floor-to-ceiling windows with views of the Lake, Millennium Park, and the rest of the city.

The views are pretty spectacular.

The unit has 3 terraces and 2 parking spaces were included.

Not only was this sale a new record for this building, it was the first sale above $5 million in the building.

It has established a new price point for the building and Lakeshore East.

Are we entering a new era in luxury living downtown?

Naomi Wilkinson at Magellan Realty had the listing. You can still see the pictures here.

Unit #62W: 3 bedrooms, 3.5 baths, 4919 square feet, penthouse

• Sold in March 2008 for $3.4 million
• Listed in May 2014
• Sold in November 2015 for $5.2 million
• Assessments of $2447 a month (includes water, gas, parking, cable, internet, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $47801
• Listing says there was a special service area fee: $4641
• Terrace #1: 30×9
• Terrace #2: 36×6
• Bedroom #1: 25×17
• Bedroom #2: 14×14
• Bedroom #3: 20×13

This 3-bedroom in 223 E. Delaware in Streeterville came on the market in May 2015.

The building was constructed in 1919 and has just 10 units.

This building is rare in this neighborhood because it actually has parking in the building. It’s outdoor parking, apparently, but it’s parking.

This unit has many of its vintage features including crown molding and wainscoting but it has been updated to modern tastes.

The kitchen has white and black cabinets with luxury appliances including Subzero. There is a built-in Miele espresso machine and a Butler pantry with a wine fridge.

All three bathrooms are en suite and the master bath has heated tile floors and a separate rain shower.

There are custom built-ins throughout.

The building has no doorman, but the listing says there’s a live in, on call engineer.

The listing also says no pets are allowed.

In addition to parking, this unit has space pak cooling and laundry in the unit.

Originally listed for $1.85 million, it has been reduced $55,000 to $1.795 million.

This unit seems to have it all. Why isn’t this selling?

Marla Nyberg at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #5E: 3 bedrooms, 3.5 baths, 3400 square feet, co-op

• Sold in October 2010 for $900,000 (per Redfin. Since it’s a co-op it’s difficult to access individual unit records)
• Originally listed in May 2015 for $1.85 million
• Reduced
• Currently listed at $1.795 million
• Assessments of $3243 a month (includes heat, water, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal and taxes- as it’s a co-op)
• Taxes of $13,000
• Space pak cooling
• Washer/Dryer in the unit
• Parking included (appears to be outdoor according to the notes made by the Redfin agent)
• Bedroom #1: 21×16
• Bedroom #2: 19×12
• Bedroom #3: 17×14
• Family room: 17×14
• Library: 14×12
• Laundry room: 14×7

This top floor vintage 2-bedroom at 1125 W. Belden in Lincoln Park originally came on the market in July 2015.

The building was constructed in 1896 and has 12 units.

The unit has many of its vintage features intact including wood window moldings and the original pocket doors.

The listing says it has an “antique mantle” but not that it’s the original one. But it is wood burning.

But the unit has also been updated for modern tastes.

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

It also has Bose speakers in the kitchen and dining room.

The unit also has other features buyers look for including central air and in-unit washer/dryer.

There’s no parking but it’s available in the neighborhood and the Fullerton brown line stop isn’t far away.

The building sits across the street from the DePaul campus which would make it ideal for a student.

Originally listed in July 2015, it has been reduced $29,000 to $350,000.

Why isn’t this selling in this hot market?

Jennifer Ames at Coldwell Banker has the listing. See the pictures here.

Unit #4: 2 bedrooms, 1 bath, 1200 square feet

• Sold in May 1994 for $160,000
• Sold in November 1998 for $220,000
• Originally listed in July 2015 for $379,000
• Reduced
• Currently listed for $350,000
• Assessments of $274 a month (includes water, exterior maintenance, scavenger, snow removal)- listing says it is self-managed and has $30,000 in reserves
• Taxes of $3463
• Central Air
• Washer/Dryer in the unit
• No parking
• Wood burning fireplace
• Pocket doors
• Bedroom #1: 12×11
• Bedroom #2: 12×11
• Dining room: 13×12

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’s been 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.

It has tall ceilings, 3 fireplaces and a foyer.

This unit 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.

Some of you may recall, 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.

See our chatter about that unit here.

With these units rarely on the market, will this one sell in even less time?

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
• Currently listed for $5.75 million
• Includes 2-car garage parking
• Assessments of $2847 a month (includes water, exterior maintenance, scavenger)
• Taxes of $47250
• 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

For the second year in a row, October sales fell year over year.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,109 homes in October 2015, down 0.9 percent from last year when 2,128 homes were sold. The median price of a home in Chicago was $240,000, up 1.7 percent over October 2014 when the median price was $236,000.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,128 $236,000
• 2015: 2,109 $240,000

“The start of the final quarter of the year was marked by plunging inventories, and that’s having a corresponding impact on sales and prices,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for the Inland Real Estate Group. “What’s crystal clear is there is still very keen interest in buying this late in the selling season, and there’s no indication that the zeal to own a home is diminishing.”

“The housing market appears to have returned to its longer-run annual pattern,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “Distressed housing sales have declined to levels last seen in 2009 as prices continue to move upwards at modest rates.  The consumer sentiment indices are once again moving in opposite directions suggesting that there is uncertainty in the way consumers view future prospects.”

30-year mortgage rates averaged 3.78%, well below October 2014’s average of 4.03%.

Inventories didn’t only drop in Chicago and the Chicagoland area. Nationwide, inventories of existing homes also fell in October year over year.

It’s unusual to see both falling sales and falling inventories in the same month. Usually, fewer sales means MORE listings, not less.

The tight inventory probably means prices will continue to rise heading into 2016.

Why aren’t Americans moving?

Will this be a real problem with the spring market?

Illinois home prices climb in October; Sales lower amid tighter inventory [Illinois Association of Realtors, Press Release, Nov 23, 2015]

This 2-bedroom in Wells Street Tower at 701 S. Wells in the South Loop came on the market in August 2015.

It’s a north east corner unit but because of the north views you can also see to the west.

In one of the pictures in the listing that shows the Sears Tower, you can clearly see the empty piece of land that sits to the west of Wells Street Tower next to the river.

This area is now being called Riverline, and big plans have just been approved by the Chicago Planning Commission for this land.

From DNA Info (complete with pictures- be sure to check  it out):

Riverline, a joint venture between Chicago-based CMK Cos. and Sydney-based construction titan Lendlease, is composed of eight buildings containing more than 3,600 homes. The mega project at the southwest corner of Harrison and Wells streets would circle a three-acre park and also include a public riverwalk, water taxi stop and some retail.

The eight-to-10 year project would also be built in phases, and contribute $8.7 million to the city’s affordable housing fund in lieu of including affordable housing units. Like Wanda Vista, Riverline also requires final city council approval.

It sounds like this part of the South Loop could get really hot, really fast.

This unit has hardwood floors in the main living area.

The bedrooms are split and the master bedroom has its own bathroom.

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

It has central air, washer/dryer in the unit and garage parking for $25,000.

Is now the time to get in before the prices in the neighborhood really take off?

(And, by the way, that picture I have of this building up top is really going to change when they build a half a dozen high rises on that empty land.)

Hilary Pender at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2601: 2 bedrooms, 2 baths, 1263 square feet

• Sold in March 2003 for $399,000 (included the parking)
• Originally listed in August 2015 for $370,000
• Reduced
• Currently listed for $360,000 (parking is $25,000 extra)
• Assessments of $760 a month (includes water, heat, a/c, gas, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal and internet)
• Taxes of $4861
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×13
• Bedroom #2: 12×12