Crib Chatter

This 2-bedroom penthouse in The Renaissance at 5510 N. Sheridan in Edgewater came on the market in January 2015.

The Renaissance was built in 1927 and has 32 units with just 2 units per floor.

The listing for this unit says it is “ready to be restored to vintage elegance.”

The living room has hardwood floors, a wood burning fireplace, crown molding and views of the lake and the park.

Like a lot of vintage units, there’s a separate dining room.

The master suite has an ensuite bathroom.

There’s only a partial picture of the kitchen but it looks to have white cabinets and appliances.

The listing says there is an on-site engineer and that there have been “many capital improvements” to the building including the roof, heating, tuckpointing and the parking lot.

Parking is rental in the adjacent lot for between $75-$95.

There’s coin laundry in the building. I don’t know if you can put in in-unit laundry.

There’s no central air.

Is this a deal for someone who likes to do renovations?

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

Unit #18B: 2 bedrooms, 2 baths, 2000 square feet

• Sold in June 1992 for $134,000
• Sold in July 1995 for $145,000
• Sold in August 1999 for $272,000
• Sold in June 2006 for $420,000
• Originally listed in January 2015
• Lis pendens foreclosure filed in October 2015
• Currently listed at $399,000
• Assessments of $1174 a month (includes heat, water, doorman, clubhouse, lawn, scavenger, snow removal)
• Taxes of $6655
• No central air
• No washer/dryer in the unit- coin laundry in the building
• Parking is on an outdoor lot for $75 to $95 a month
• Wood burning fireplace
• Bedroom #1: 16×20
• Bedroom #2: 12×16
• Dining room: 13×20

This 2-bedroom on the 13th floor at 3150 N. Lake Shore Drive in Lakeview came on the market in early October.

The listing says it has lake and city views and overlooks Belmont Harbor.

It’s bigger than the “standard” size 2-bedrooms of the more recent era at 1650 square feet.

It has dark hardwood floors.

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

While it has central air, there’s no in-unit washer/dryer and parking is rental in the building.

It’s a full service building, however, with an outdoor pool, an exercise room and a doorman.

The unit was recently reduced $5100 to $364,900.

Is this a deal for the views and the square footage?

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

• Sold in December 1997 for $175,000
• Originally listed in October 2015 for $370,000
• Reduced
• Currently listed at $364,900
• Assessments of $899 a month (includes heat, a/c, water, doorman, cable, exercise room, pool, exterior maintenance, lawn, scavenger, snow removal)
• Taxes of $4983
• Central Air
• No washer/dryer in the unit- coin laundry in the building
• Parking is rental in the building
• Bedroom #1: 18×14
• Bedroom #2: 16×15

This 1-bedroom in the New York Residences at 3660 N. Lake Shore Drive in Lakeview came on the market in June 2015.

We have chattered about this building off and on over the years but the last time was in the 2011-2012 era when there were still foreclosures and short sales in the building.

With 594 units, it is one of the largest condo buildings in Lakeview.

It was converted into condos from apartments in the 2002-2003 boom years.

This 1-bedroom has hardwood floors and the listing says an “updated” kitchen and bath.

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

The unit has a balcony and south and east views.

It has central air and there is garage parking in the building for $30,000 but there is no in-unit washer/dryer. There is only coin laundry in the building.

For someone who loves views and wants to live outside of downtown, is this the place to look?

Matthew Roe at @Properties has the listing. See the pictures here.

Unit #2107: 1 bedroom, 1 bath, 775 square feet

• Sold in March 2003 for $273,500
• Originally listed in June 2015 for $245,000
• Reduced
• Currently listed for $240,000 (parking is $30,000 extra)
• Assessments of $452 a month (includes heat, a/c, water, doorman, cable, clubhouse, exterior maintenance, lawn maintenance, snow removal and scavenger)
• Taxes of $2092
• Central Air
• No washer/dryer in the unit- coin laundry in the building
• Bedroom: 14×11

This 1-bedroom authentic loft in the Bodine Building Lofts at 2250 W. Ohio in West Town just came on the market.

It looks like it hasn’t been available in over 20 years.

It has 14 foot timber ceilings and exposed brick.

The kitchen is open to the living room and has wood cabinets, black appliances and a breakfast bar.

The loft has the features buyers look for including central air, washer/dryer in the unit and heated, deeded parking which is included.

But the most interesting feature is the “bonus room.”

In all my years of looking at listings in the city of Chicago and running this blog, I have never come across a loft or condo that had a “bonus room with private loading dock with alley access and water spigot.”

What???

Who’s the target buyer of this unique property?

Erin Murphy-Retzloff at Coldwell Banker has the listing. See the pictures here.

Unit #106: 1 bedroom, 1 bath, 1000 square feet

• Sold in November 1994 for $133,000 (included the parking)
• Currently listed for $249,500 (includes the parking)
• Assessments of $239 a month (includes water, parking, exterior maintenance, snow removal)
• Taxes of $3671
• Central Air
• Washer/Dryer in the unit
• Bedroom: 13×13
• Bonus room with loading dock: 13×8

This 2-bedroom in The Metropolis at 8 W. Monroe in the Loop came on the market in September 2015.

The building was converted into lofts and soft lofts in 2006.

There are 170 units.

We last chattered about this building back in the early days of the bust when there were short sales and auctions of the penthouses/parking spaces. See our 2009 chatter here and here.

Those that look out on Monroe or State have the big loft windows. The units in the “back” of the building, facing north, have smaller windows.

This unit faces north but has a balcony, which is only found on some of the north facing units.

It has a large master bedroom with a walk-in closet.

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

It has the other features buyers look for including washer/dryer in the unit and central air. Parking is available in the building for $35,000 extra.

This unit is leased through October 2015.

It last sold in 2006 and is now listed for $115,000 under the 2006 purchase price.

With rents continuing to soar, is this a good unit for investors to take a look at?

Matt Laricy at Americorp has the listing. See the pictures here.

Unit #1208: 2 bedrooms, 2 baths, no square footage listed

• Sold in May 2006 for $425,000 (parking included)
• Originally listed in September 2015 for $309,990
• Currently still listed at $309,990 (parking is $35,000 extra)
• Assessments of $681 a month (includes heat, a/c, water, gas, parking, doorman, exercise room, exterior maintenance, scavenger and snow removal)
• Taxes of $3459
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×10
• Bedroom #2: 13×11

This 2-bedroom in Vision on State at 1255 S. State in the South Loop came on the market in September 2015.

It went under contract on Oct 5. (Yes- I KNOW it’s under contract but this unit has some nice pictures.)

At 990 square feet, this 2/1 has west facing views so you don’t look at the El.

There are hardwood floors in the main living areas.

It has 11 foot ceilings.

The kitchen has 42 inch cherry cabinets, granite counter tops and stainless steel appliances.

The listing says there is an “upgraded” bath.

The unit has all the other features buyers look for including central air, washer/dryer in the unit and parking is included.

There’s a renter in the unit, however, with a lease through July 2016.

We haven’t chattered about this building since the early days of the bust.

It was built in 2007 as “affordable luxury” near the Roosevelt El stop.

We chattered about all the flips going on in the building in December 2007. You can see that chatter here, with interior pictures of the units. Some of them are similar floorplans to this unit which is under contract.

8 years later, Unit #1503 is listed for just $18,000 under its 2007 purchase price.

If you were a reluctant landlord, why not sell and finally get out?

Stephen Porter at Redefined Residential LLC has the listing. See the pictures here.

Unit #1503: 2 bedrooms, 1 bath, 995 square feet

• Sold in August 2007 for $333,500 (included the parking)
• Originally listed in September 2015 for $315,500 (includes the parking)
• Under contract as of Oct 5
• Assessments of $562 a month (includes heat, a/c, water, gas, doorman, cable, Internet, doorman, exercise room, scavenger, snow removal)
• Taxes of $3128
• Central Air
• Washer/Dryer in the unit
• Leased through July 2016
• Bedroom #1: 11×12
• Bedroom #2: 10×11

This high first floor 2-bedroom at 640 W. Fullerton Parkway in Lincoln Park just came on the market.

This 4-unit building has always reminded me of Paris, maybe because of the French doors with balconies.

It has other features that are also Parisian, however, including crown molding, wainscoting and a ceiling medallion along with a wood burning fireplace.

In addition to the small balcony in the front of the building, there is also a 18×14 private deck off the kitchen.

The listing says the kitchen has been “newly updated.” If you look at the 2013 listing pictures, which you can still see here, you can see this is true.

It has modern wood-looking cabinets (how do you describe this look?) along with black counter tops and stainless steel appliances.

There is a den adjacent to the kitchen which also has the same built-in cabinetry.

The master bathroom is also “new” with marble tile.

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

At over 2000 square feet, is this a good townhouse alternative?

Zachary Koran at Conlon has the listing. See the pictures here.

Unit #1: 2 bedrooms plus den, over 2000 square feet, 1 car garage

• Sold in June 1992 for $302,500
• Sold in September 1994 for $323,500
• Sold in July 1998 for $425,000
• Sold in June 2013 for $425,000
• Currently listed for $649,000
• Assessments of $325 a month (includes heat, water, exterior maintenance, scavenger, snow removal)
• Taxes of $8425
• Central Air
• Washer/Dryer in the unit
• Wood burning fireplace
• Bedroom #1: 14×12
• Bedroom #2: 14×10
• Family room/den: 14×10
• Dining room: 19×11

This 4-bedroom townhouse at 2044 W. Roscoe in Roscoe Village just came on the market.

While the building may not look like townhouses from the street, it actually has a bigger complex behind the Roscoe Street façade that houses 6 townhouses.

This unit is in the back of the complex, so it does not face onto Roscoe.

It has custom wood work on the main level, including a wood ceiling.

It has an antique fireplace mantle and exposed brick.

The kitchen has wood cabinets and stainless steel appliances along with a large kitchen island with slate floors.

This townhouse is unique because it is has the coveted 4 bedrooms, which is very difficult to find in a townhouse.

But even more rare, all 4 bedrooms are on the second floor.

The third floor has a family room with a deck and a full sized bath.

There is 2-car attached parking included.

It’s unusual to find any townhouses in Roscoe Village, let alone right in the middle of all the shops and restaurants.

With single family homes in the neighborhood scarce at under $1 million, will this townhouse, priced at just $749,000, go under contract this week?

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

Unit #1N: 4 bedrooms, 3.5 baths, 2300 square feet, 2 car garage

• Sold in May 1999 for $380,000
• Sold in August 2006 for $718,000
• Sold in May 2012 for $625,000
• Currently listed for $749,000
• Assessments of $265 a month (includes water, exterior maintenance, parking, scavenger, snow removal)
• Taxes of $9605
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 10×14 (second floor)
• Bedroom #3: 10×13 (second floor)
• Bedroom #4: 11×13 (second floor)
• Family room: 13×19 (third floor)

The Illinois Association of Realtors is out with the September home sales and the hot market continues to get even hotter.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,358 homes in September 2015, up 5.2 percent from last year when 2,242 homes were sold. The median price of a home in Chicago was $250,000, up 0.4 percent over September 2014 when the median price was $249,000.

September sales for the last 9 years:

• 2007: 2172 sales
• 2008: 1816 sales
• 2009: 1918 sales
• 2010: 1403 sales
• 2011: 1498 sales
• 2012: 1845 sales
• 2013: 2395 sales
• 2014: 2242 sales
• 2015: 2358 sales

Median prices for the last 9 years:

• 2007: $267,750
• 2008: $268,600
• 2009: $225,000
• 2010: $180,000
• 2011: $190,000
• 2012: $188,900
• 2013: $230,000
• 2014: $249,000
• 2015: $250,000

“With increased sales and even stronger median price numbers, the Chicago market still shows a lot of life as we enter the last few months of the year,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president of government relations for The Inland Real Estate Group. “The continued low number of homes available for sale shows consumers are still very much interested in buying.”

While the state-wide numbers showed that this was the best September in a decade, the numbers I have in the list above indicate that 2013 was still slightly better than this year. But 2013 was a hot year too.

No one is saying the market is “slow” right now.

“The fall housing market has shown little sign that there’s any significant weakening in demand,” said Mike Drews, GRI, President of the Illinois Association of REALTORS® and broker-associate with Charles B. Doss & Co. in Aurora. “While we always see a seasonal slowdown this year, this month’s numbers were quite strong, and indeed were the best sales numbers for September in a decade.”

The time it took to sell a home in September averaged 64 days statewide, down from 69 days a year ago. Available housing inventory remained tight with 70,547 homes for sale, a 10 percent decline from September 2014 when there were 78,373 homes.

“The annual pattern of home sales continues with modest annual gains but negative month-over-month growth rates,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “The dampening effect of less-than-expected job growth has not yet affected the housing market and housing prices continue to climb modestly.  At the state level, the median price index, adjusted for inflation, is 91 percent of the 2008 peak; for Chicago, the comparable figure is 86 percent.”

The data is more interesting if you drill down into the actual neighborhoods. Some are hot and some are not and median price is really completely random.

In Lakeview, sales of condos and townhouses were down 13.6% year over year.

• 2014 closed sales: 184
• 2015 closed sales: 159

Median price for condos/townhouses fell 5.1% to $305,000 from $321,500 last year.

Market time fell 7% to 66 days from 71 last year.

Inventory was down, declining 14.5%.

• Inventory in 2014: 663
• Inventory in 2015: 587

When you see the single family home data, it just doesn’t seem all that hot. Market times and inventory are both spiking. Are they simply building too many of the $1.5 million new builds? There seems to be one every block.

• 2014 closed single family homes: 15
• 2015 closed single family homes: 13

Market times were up 182%.

• 2014 market time: 39 days
• 2015 market time: 110 days

Inventory of single family homes rose 46%.

• Inventory in 2014: 63
• Inventory in 2015: 92

Low inventories continue to be a problem city wide. But none might be as bad as the condo/townhouse market in West Town.

Inventory fell 34% in West Town in September to 274 properties from 415 last year. Good luck West Town condo buyers.

Median price remained unchanged year over year at $390,000.

Mortgage rates continue to be lower than 2014 and near the lows of this cycle.

Is this hot market going to continue to steam on through the December holidays?

What would slow it down?

Strong Illinois home sales and prices continue into September [Illinois Association of Realtors, Press Release, October 22, 2015]

This 2-bedroom authentic loft at 1872 N. Clybourn in Lincoln Park just came on the market.

It has exposed brick walls and ductwork along with white painted timber ceilings which have skylights.

The kitchen has custom Shaker cabinets, stainless steel appliances and quartz counter tops.

One bedroom is on the main level with the second on the second level.

But what is most unique is what the listing calls “white diagonal hardwood floors.”

The wood flooring of choice has been the dark walnut or espresso floors but recently there has been a smattering of the light floors.

These white wood floors are the first ones I’ve seen referenced as “white”, however.

This loft has central air, washer/dryer in the unit and deeded parking is included.

It looks like it is on the market for the first time in 17 years.

Are white hardwood floors going to be the trend going forward?

Are the dark hardwoods finally passé?

Melanie Giglio at Jameson Sotheby’s has the listing. See the pictures here.

Unit #604: 2 bedrooms, 1 bath, no square footage listed, 2 levels

• Sold in October 1998 for $295,000
• Currently listed for $649,900 (includes the parking spot)
• Assessments of $468 a month (includes heat, a/c, water, exterior maintenance, lawn service, scavenger, and snow removal)
• Taxes of $6001
• Central Air
• Washer/dryer in the unit
• Skylights
• Bedroom #1: 20×11 (second level)
• Bedroom #2: 11×9 (main level)
• Library: 14×4 (second level)