Crib Chatter

The January home sales are out. As expected, January sales were up year over year.

That is actually a triumph because January sales the last 2 years have been depressed due to polar vortexes and all around nastiness. Weather this winter has been much improved allowing buyers to get out earlier.

Remember, January closings usually mean they went under contract considerably earlier, in November and December.

The city of Chicago saw a 1.1 percent year-over-year home sales increase in January 2016 with 1,363 sales, up from 1,348 in January 2015. The median price of a home in the city of Chicago in January 2016 was $230,000, up 4.5 percent compared to January 2015 when it was $220,000.

Sales Data Since 2006 (thanks to G for the older data):

• January 2006: 2009 sales and median price of $258,000
• January 2007: 1850 sales and median price of $279,900
• January 2008: 1203 sales and median price of $290,000
• January 2009: 918 sales and median price of $205,000
• January 2010: 1237 sales and median price of $195,000
• January 2011: 1034 sales and median price of $150,000
• January 2012: 1123 sales and median price of $149,000
• January 2013: 1521 sales and median price of $157,000
• January 2014: 1383 sales and median price of $200,750
• January 2015: 1348 sales and median price of $220,000
• January 2016: 1363 sales and median price of $230,000

Low inventories could definitely be hampering sales. Statewide, inventory declined 12.6% year over year.

“The Chicago market is seeing sustained, steady increases in both sales and prices,” said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for governmental relations for the Inland Real Estate Group of Companies. “To have a January with strong results bodes well for the spring selling season when interest in the housing market typically increases.”

“The year appears to be getting off to a strong start, in no small part due to a mild winter,” said IAR President Mike Drews, broker-associate with Charles B. Doss & Co. in Aurora. “Sellers are getting very good overall prices due to diminished inventories. The strong consumer demand which was evident throughout 2015 seems to be holding firm as we start off 2016.”

When will sellers start listing?

Or will this be another spring without any inventory?

Illinois housing market starts 2016 strong with January gains in home sales, prices [Illinois Association of Realtors, Press Release, February 23, 2016]

This 2-bedroom loft at 375 W. Erie in River North just came on the market.

But long time readers of Crib Chatter know that it has been featured here not just once, but twice, before.

We first chattered about it in 2008, when the bust first hit.

You can read the 2008 chatter here (along with pictures of what the unit looked like 8 years ago).

It sold again in 2010 so we again chattered about that sale.

See the 2010 chatter here.

6 years later, it returns to the market again with a new kitchen.

Why do we care enough to chatter about it THREE times?

It’s all about the 1000-square foot south facing private terrace.

Here are the original 2008 pictures:

This loft has 11-foot wood ceilings and a fireplace.

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

It’s winter, so the terrace won’t look like this, but what could you do with a space of this size in River North?

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

It’s priced $175,000 more than the 2010 purchase price, and is listed at the highest price ever for this property.

What are you willing to pay for your own piece of green in the city?

Jeff Lowe at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #610: 2 bedrooms, 2 baths, 1800 square feet

• Sold in May 1998 for $328,500
• Sold in April 2003 for $560,000
• Listed in January 2008 for $680,000 (plus $35,000 for parking)
• Reduced
• Was listed in July 2008 for $585,000 (plus $35k for parking)
• Sold in August 2008 for $570,000 (included the parking)
• Was listed in March 2010 for $549,500 (plus $35,000 for parking)
• Sold in May 2010 for $550,000 (included the parking)
• Currently listed for $725,000 (includes the parking)
• Assessments are now $749 a month (they were $521 a month in 2010)- includes doorman, exterior maintenance, scavenger
• Taxes are now $7741 (they were $6446 in 2010)
• Skylights
• Central Air
• In-Unit Washer/Dryer
• Bedroom #1: 13×16
• Bedroom #2: 15×16
• Terrace: 70×15

This 4-bedroom bungalow at 4426 N. Menard in Portage Park came on the market in October 2015.

(Sorry, I don’t have a picture as I haven’t been able to get out to take pictures of new properties. As soon as spring arrives, I’ll be out there.)

The listing says it has been renovated and has all new windows, heat, plumbing, electric and doors.

The roof is just 3-years old.

Built in 1923 on a 30×125 lot, the house now has more of a modern floor plan, with an open layout.

The kitchen still appears to be a separate room, however, and it has the now popular white cabinets, granite counter tops, stainless steel appliances, subway tile backsplash and a stainless steel farmhouse sink.

There are hardwood floors on the first and second floors.

The basement has been finished and now sports a family room and laundry room along with a reclaimed barn wood wall.

Two of the bedrooms are on the main floor with two on the second floor.

The house has central air and a 2-car garage.

Originally listed at $424,900, it has been reduced to $399,900 and is still looking for a buyer.

Is $400,000 the price buyers will pay for move-in ready in Portage Park?

Halina Jozefiak at Re/Max Destiny has the listing. See the pictures here.

4426 N. Menard: 4 bedrooms, 2.5 baths, 2400 square feet, 2 car garage

• No sales information prior to 2015 but it went into a trust in 2004
• Sold in May 2015 for $207,000
• Originally listed in October 2015 for $424,900
• Reduced
• Currently listed at $399,900
• Taxes of $3976
• Central Air
• Bedroom #1: 19×14 (second floor)
• Bedroom #2: 12×10 (main floor)
• Bedroom #3: 12×10 (main floor)
• Bedroom #4: 11×10 (second floor)
• Den: 10×7 (main floor)
• Laundry room: 12×10 (basement)
• Family room: 29×23 (basement)

This 3-bedroom single family home at 832 N. Marshfield in the East Village neighborhood of West Town just came on the market.

If it looks familiar, that’s because we chattered about it several times in 2010.

You can see our first chatter about it in March 2010.

It took about 6 months to sell but finally sold for $100,000 under its original list price in October 2010. See the chatter on the sale here.

Back in 2010, most of you thought this was an attractive price even though you questioned the neighborhood. We also had quite the discussion about the Chicago Avenue bus.

If you recall, the house was built in 1903 but updated in the 1990s. In 2010, it still had the older kitchen. You can see those pictures in the prior chatter.

Now, there is a new kitchen which is open to the living space which has an island. It has white cabinets, stone counter tops and stainless steel appliances.

The living room has 20 foot high ceilings.

There’s no basement but there’s a family room on the main floor.

All three bedrooms are on the second level.

There are two decks, one outside the family room and the second one directly above it, accessed through the master bedroom.

The house is built on a standard 25×125 Chicago lot, has a 2-car garage and central air.

In 2010, many of us considered this house a starter home, or a townhouse or duplex down alternative.

Originally listed at $549,900, it sold for $450,000.

The house is now listed 61% higher than the 2010 purchase price at $724,900.

Are luxury prices now the norm for single family homes in the East Village?

Seth Vamos at @properties has the listing. See the pictures here.

832 N. Marshfield: 3 bedrooms, 2.5 baths, 2178 square feet, 2 car garage

• Sold in May 1994 for $43,000
• Sold in October 1994 for $96,000
• Was listed in March 2010 for $549,900
• Reduced
• Was listed in May 2010 for $499,900
• Reduced
• Was listed in August 2010 for $479,000
• Sold in September 2010 for $450,000
• Currently listed for $724,900
• Taxes now $8028 (they were $7652 in October 2010)
• Central Air
• Bedroom #1: 20×12 (second floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 12×12 (second floor)
• Family room: 19×10 (main level)

The Abbott Estate at 4605 N. Hermitage in the Ravenswood neighborhood of Uptown recently came on the market.

If it looks familiar, it’s because we chattered about it in 2010 after it had been on the market during the Great Recession years in 2009 and 2010.

You can see our chatter here (where some of you advocated tearing this down and building something new).

This is a unique north side property.

Built in 1891 for the founder of Abbott Labs, this Victorian is on an oversized 92×165 corner lot (which is nearly an acre), and has a wrap around porch.

The house is 7000 square feet.

It also has an updated carriage house. In 2010 they were renting it out for $2400 a month. The current listing doesn’t say that it is rented.

In 2010, the listing said the home had updated bathrooms and mechanicals. The current listing says it has been “modernized.”

The kitchen has white cabinets and stainless steel appliances.

5 bedrooms are on the second floor with the master suite is on the top floor.

In 2010, the basement was unfinished but now the space has drywall and carpeting and a rec room, exercise room, work room and playroom.

There’s space pak cooling.

In the last hot market, in 2006, the house sold in only about a month for just $39,000 under the list price.

But in 2009, it didn’t sell until February 2011.

We’re back in a hot market again but the house is listed for more than double the 2004 price.

How long will it take to sell this time?

Julie Dorger at Coldwell Banker has the listing. See the pictures here.

4605 N. Hermitage: 6 bedrooms, 6 bathrooms, 7000 square feet

• Sold in May 2004 for $1.5 million
• Sold in October 2006 for $1.95 million
• Originally listed in August 2009
• Was listed in November 2009 at $2.338 million
• Reduced
• Listed in September 2010 for $1,999,999
• Reduced
• Was listed in October 2010 at $1,799,000
• Sold in February 2011 for $1,606,000
• Currently listed at $3.449 million
• Taxes are now $16,141 (they were $18268 in October 2010)
• Space Pak cooling
• Rental carriage house
• There’s now a 2-car garage
• Bedroom #1: 18×17 (third floor)
• Bedroom #2: 20×16 (second floor)
• Bedroom #3: 19×16 (second floor)
• Bedroom #4: 16×12 (second floor)
• Bedroom #5: 12×11 (second floor)
• Bedroom #6: 16×12 (second floor)
• Recreation room: 44×15 (basement)
• Exercise room: 20×19 (basement)
• Work room: 12×11 (basement)
• Playroom: 23×13 (basement)

This 3-bedroom in 474 N. Lake Shore Drive in Streeterville just came on the market.

It has south and west views from the 49th floor with views of the Lake, River, the city and Trump Tower.

At 1600 square feet, the unit has Brazilian cherry floors in the living/dining area.

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

The unit has central air, washer/dryer in the unit and parking is available in the building for $30,000.

It actually just sold last year, in November 2015, for $612,000, including the parking.

Now listed at $655,000, with the parking, and with no new major renovations done to it since the last sale, is this going to test just how hot this market really is?

Cheri Cho at MC Realty has the listing. See the pictures here.

Unit #4908: 3 bedrooms, 2.5 baths, 1600 square feet

• Sold in October 2006 for $721,500 (included the parking)
• Sold in November 2015 for $612,000 (included the parking)
• Currently listed for $625,000 (parking at $30,000 extra)
• Assessments of $1182 a month (includes doorman, cable, clubhouse, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $8619
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×12
• Bedroom #2: 12×14
• Bedroom #3: 12×11

This 4-bedroom single family home at 900 N. Richmond in the East Humboldt Park neighborhood of West Town recently came on the market.

This is a “Smart Tech” home. These were built all over the up-and-coming neighborhoods starting around 2010.

The developer bought up a lot of foreclosures, which were cheaper, and built 4-bedroom single family homes that had the same modern design and layout.

It was called “Smart Tech” because the floors were flaxseed sealed oak hardwoods and they used no VOC paint. There were also LEED appointments.

Because they were in up and coming neighborhoods, the price points were usually attractive.

We first chattered about one of these homes in 2010 with this home at 1214 N. Rockwell in West Town.

You can see our chatter here (where everyone debated the merits of this neighborhood).

But I’ve also seen these homes in Avondale and also ran across one in Bucktown. They all have a similar exterior and interior design.

Here’s one in Avondale:

Here’s another home in Bucktown:

This home at 900 N. Richmond was built in 2014 on a standard 25×125 lot.

It has the same open concept as the others, with living room, dining room and kitchen on the main floor along with a floating stair case.

The kitchen has modern white and gray gloss cabinets, quartz counter tops and stainless steel appliances. There is also a kitchen island.

3 of the 4 bedrooms are upstairs and the master bedroom has an ensuite bath.

The fourth bedroom and the recreation room are in the lower level.

There’s a two-car garage, a concrete patio and a pergola. It is a corner lot so the yard is also fenced in.

These were meant to be “starter” homes for those who otherwise might have bought a townhouse or a condo. They usually sold for under $500,000 and as low as the mid $300,000s in certain neighborhoods.

The one on Rockwell was listed for $369,000 in 2010 and sold in March 2011 for the list price but it was on a smaller than average Chicago lot of 24×102 so there wasn’t much of a back yard.

This house is listed for 31% more than the 2014 purchase price of $449,000 at $589,000.

Are Smart Tech homes now luxury homes?

Karen Biazar at North Clybourn Group has the listing. See the pictures here.

900 N. Richmond: 4 bedrooms, 2.5 baths, 2400 square feet, 2 car garage

• Sold in December 2000 for $357,000
• Lis pendens filed in January 2012
• Sold in December 2012 for $65,000
• New construction home sold in April 2014 for $449,000
• Originally listed in October 2015 for $589,900
• Withdrawn in December 2015
• Re-listed in February 2016 for $589,000
• Taxes of $6145
• Central Air
• Bedroom #1: 15×12 (second floor)
• Bedroom #2: 14×9 (second floor)
• Bedroom #3: 10×10 (second floor)
• Bedroom #4: 15×10 (lower level)
• Recreation Room: 13×33 (lower level)

This 3-bedroom in The Marlborough at 2608 N. Lakeview in East Lincoln Park just came on the market.

Built in 1912, The Marlborough is one of the original grand dames of Lincoln Park, with park and pond views.

This unit has seen a complete overhaul since its last sale in 2014.

The listing says it has new hardwood floors, electric, windows and copper pipes.

Most interestingly of all, the kitchen wall was busted open to make an open living concept floor plan with a large kitchen peninsula overlooking the family room/den.

The kitchen has white cabinets and 2 inch Brazilian Quartzite on the peninsula and stainless steel appliances.

There’s also a Dual 48 bottle wine cooler.

The bedrooms have walk-in Elfa closets and ensuite bathrooms.

The third bedroom, as it is in many of these larger vintage units, used to be the maid’s room. They have installed a wall of storage which includes a murphy bed (be sure to check out the pictures in the listing.)

The unit has in-unit washer/dryer and zoned, split cooling system with remote controls but there’s no parking with this building. It is rental in the neighborhood.

Despite its renovation, it still has some of its vintage features like crown molding and a decorative fireplace.

Is the open concept living a vast improvement on this vintage unit or will vintage buyers be turned off?

Christopher Sterling at @Properties has the listing. See the pictures here.

You can also see the 2014 listing pictures here.

Unit #4C: 3 bedrooms, 2.5 baths, 2200 square feet

• Sold in 1986 (no price listed)
• Sold in May 2014 for $530,000
• Currently listed for $749,900
• Assessments of $1796 a month (includes gas, cable, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $9851
• Zoned cooling system
• In-unit washer/dryer
• No parking- but available to rent in the neighborhood for $240 a month
• Bedroom #1: 17×12
• Bedroom #2: 16×12
• Bedroom #3: 12×6

This top floor 3-bedroom at 2007 W. Belmont in North Center was recently re-listed after it was briefly on the market late last summer.

If it looks familiar, that’s because we actually did chatter about it in 2012 when it was a short sale.

See the 2012 chatter here.

Back then, many of you debated whether this was Lake View, Lakeview, Roscoe Village or North Center.

You also wondered what someone would do with a master suite that was 25×18 (or 450 square feet).

If you recall, the unit was new construction in 2006 with crown molding, wainscoting and hardwood floors throughout.

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

The listing again says it has 11 foot ceilings (sorry all you doubters!).

This is an elevator building with 8 units. In 2012, some of you wondered about future assessments to pay for elevator maintenance, but 4 years later the monthly assessments aren’t much higher than they were in 2012.

Belmont west of Ashland used to be considered very far west, but in the last few years, new construction has stretched down Belmont all the way to Western Avenue.

This unit is listed for $76,000 more than the 2006 price.

Will it get the premium now that the neighborhood is gentrifying even further?

Charles Drehmer at Charles Drehmer has the listing. See the pictures here.

Or you can see it at the Open House: Sat Feb 13 from 12 PM- 3 PM.

Unit #4W: 3 bedrooms, 2 baths, 2000 square feet

• Sold in August 2006 for $493,000
• Lis pendens foreclosure filed in March 2011
• Was listed in May 2012 as a “short sale” for $424,900 (parking appears to be included)
• Sold in October 2012 for $400,000 (included the parking)
• Originally listed in August 2015 for $569,000
• Withdrawn in September 2015
• Currently listed for $569,000
• Assessments now $368 a month (they were $320 a month in 2012) – includes exterior maintenance, scavenger, snow removal
• Taxes now $7289 (they were $7135 in 2012)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 25×18
• Bedroom #2: 14×11
• Bedroom #3: 15×12
• Deck: 26×6

This southeast corner 2-bedroom in 110 W. Superior in River North just came on the market.

Many people know this building because of its blue windows.

Constructed in 2008, it has just 58 units.

This unit has city views and brand new hardwood floors throughout.

The kitchen has modern wood cabinets with stainless steel appliances and stone countertops.

There are electronic shades in the bedrooms.

It has in-unit washer/dryer, central air and garage parking is included in the price.

Listed for $213,900 more than the 2011 purchase price, at $749,900, how high will prices rise in River North?

Ron Ehlers at Jameson Sotheby’s has the listing. See the pictures here.

Unit #1201: 2 bedrooms, 2 baths, 1225 square feet

• Sold in June 2011 for $536,000 (included the parking)
• Currently listed for $749,900 (includes the parking)
• Assessments of $636 a month (includes doorman, exercise room, exterior maintenance, scavenger, snow removal)
• Taxes of $7312
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 11×11
• Bedroom #2: 11×11