Crib Chatter

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

This 5-bedroom single family home at 1224 N. Astor in the Gold Coast has been on and off the market since 2012.

Recently, it came back on the market in March 2015.

Built in 1909, the brick home is on an irregular 24×90 corner lot.

The listing says it has been completely renovated by the current owner.

It has built-ins, crown molding, wainscoting, wood ceilings and a lower level family room and exercise room.

There are 7 wood burning fireplaces.

All 5 bedrooms are on the second and third floors.

There’s also a unique fourth floor rooftop deck measuring 1200 square feet.

The house has central air but there’s no parking. It available for lease in the neighborhood.

It’s been reduced $300,900 since last March and is now listed at $2.999 million.

Is the lack of parking what is holding back the sale of this house?

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

1224 N. Astor: 5 bedrooms, 5.5 baths, 5850 square feet

• Sold in April 1994 for $850,000
• Originally listed in June 2012
• On and off the market
• Re-listed in March 2015 for $3,299,900
• Reduced
• Currently listed for $2.999 million
• Taxes of $26305
• Central Air
• No parking- it’s leased in the neighborhood
• 7 wood burning fireplaces
• 1200 square foot rooftop terrace
• Bedroom #1: 19×21 (second floor)
• Bedroom #2: 20×17 (third floor)
• Bedroom #3: 14×13 (second floor)
• Bedroom #4: 16×9 (third floor)
• Bedroom #5: 13×10 (third floor)
• Exercise room: 14×14 (lower level)

This 4-bedroom at 1209 N. Astor in the Gold Coast came on the market in August 2015.

The building was constructed in 1926 and has 30 units. There are just 2 units per floor.

While it is a vintage building, this unit has been modernized on the interior. There’s no crown molding or other vintage features.

The kitchen has custom cabinets, quartz counter tops and stainless steel appliances including a Miele induction cook-top and a Gaggenau oven.

The listing says all three bathrooms have been renovated.

It has partial lake views along with other features buyers look for including central air and washer/dryer in the unit.

There’s no parking, however. It is rental in the neighborhood.

The building is a co-op. It has a full time doorman and an exercise room.

This unit last sold in 2013. At that time, the assessments were $3102 a month and included the real estate taxes.

Now, however, they are $2080 and don’t include the real estate taxes which are $15,055.

This unit sold for just $602,500 in 2013 with the original vintage bathrooms. See those pictures here. It is now listed for $1.025 million.

Will it get the premium?

Nicholas Powers at Weichart has the listing. See the pictures here.

Unit #7s: 4 bedrooms, 3 baths, 2500 square feet, co-op

• Sold in February 2013 for $602,500 (per Redfin)
• Originally listed in August 2015 for $1.1 million
• Reduced
• Currently listed for $1.025 million
• Assessments of $2080 a month (includes heat, water, cable, gas, doorman, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $15055 (these are separate from the assessment)
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 18×13
• Bedroom #2: 17×13
• Bedroom #3: 15×12
• Bedroom #4: 10×8

This 2-bedroom duplex down in 1216 N. Astor in the Gold Coast came on the market in June 2015.

The building was constructed in 1891 and has 8 units.

This is a first floor unit with hardwood floors on the main floor along with a wood burning fireplace.

Although the building is old, no vintage features appear to have survived until the present day in this unit.

The 2 bedrooms are in the lower level.

The kitchen has black and white appliances.

There’s also a main floor lofted office.

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

Originally listed for $390,000, it has been reduced twice to $380,000.

Is this unit a good Old Town alternative for those looking to be near the Mag Mile and the rest of downtown?

Gregory Brooks at Baird & Warner has the listing. See the pictures here.

Unit #1A: 2 bedrooms, 2 baths, duplex down, no square footage listed

• Sold in September 1993 for $175,000
• Originally listed in June 2015 for $390,000
• Reduced twice
• Currently listed for $380,000
• Assessments of $346 a month (includes water, exterior maintenance, lawn care, scavenger, snow removal)
• Taxes of $6340
• Central Air
• Washer/Dryer in the unit
• No parking
• Bedroom #1: 19×10 (lower level)
• Bedroom #2: 18×10 (lower level)
• Laundry: 10×9 (lower level)
• Loft: 10×9 (main level)

This full floor 3-bedroom in 1260 N. Astor in the Gold Coast came on the market in August 2015.

This building was constructed in 1930-1931 and was designed in the Art Deco style by Phillip Maher.

It is a co-op and has just 13 units.

This 4000 square foot unit has all 4 exposures, including the tree tops of Astor Street.

It has all the large rooms that would expect to find in construction from this time period including a foyer and a 12×12 laundry room that is larger than many bedrooms in new construction buildings.

All three bedrooms are en suite and the master bedroom has an outfitted dressing room.

The kitchen has custom white cabinets and luxury appliances including Subzero and Miele.

The unit has crown molding and a wood burning fireplace.

It has the features buyers look for today, including zoned central air and in-unit laundry but there’s no parking. It is leased in the neighborhood.

This building has a doorman, which is unusual for a boutique building of its size.

Unit #12 in this building is also currently on the market. It has views and a private terrace. It is under contract already with a list price of $3.995 million. See those pictures here.

Is this Astor Street living at its finest if you want to be in a mid-rise or a high-rise?

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

Unit #4: 3 bedrooms, 3.5 baths, 4000 square feet

• I don’t have a prior sales price because it’s a co-op
• Originally listed in August 2015 for $3.495 million
• Currently still listed at $3.495 million
• Assessments of $4140 a month (includes doorman, heat, water, cable, exterior maintenance, scavenger and snow removal)
• Taxes: the listing says the co-op annual tax deduction is $40,322
• Central Air
• Washer/Dryer in the unit
• No parking- available to lease in the neighborhood
• 2 storage rooms
• Wood burning fireplace
• Bedroom #1: 17×20
• Bedroom #2: 21×14
• Bedroom #3: 21×14
• Library: 13×18
• Foyer: 20×10
• Laundry room: 12×12

Looking back on all of the chatter we’ve done on the Gold Coast, I realized that we actually haven’t chattered all that much about Astor Street.

Considered by many to be one of the most prestigious streets in all of Chicago, it has a mix of vintage and modern, single family homes, co-ops and condos.

Tour groups still stroll the street and the sound of horse drawn carriages echoes throughout the block.

It stretches only from Division to E. North Blvd (aka, Lincoln Park) which, according to Google Maps, is just a half a mile.

Does Astor Street still carry with it the same cache?

Or is it a remnant from another time with buyers now wanting “new” with more amenities and views?

This 5-bedroom custom built single family home at 1970 N. Burling in Lincoln Park came on the market in September 2015.

Built in 2010 on an oversized 45×122.5 lot, it sits on the corner of Burling and Armitage.

You may have walked by its tall brick walls on Armitage and wondered what was behind them.

Now’s your chance.

There’s an urban garden with outdoor seating and California-like indoor-outdoor living.

This house has a loft-like feel with big industrial windows, metalwork, timber ceilings and exposed brick.

There’s a sauna, a hot tub and a 900 bottle wine cellar.

Check out the pictures of what seems to be the master bathroom with a walk-in shower with multiple shower heads and a door from that shower that appears to lead to an outdoor deck.

There’s a guest suite coach house over the attached garage with a full kitchen.

Even the 3-car garage has amazing details, including a brick floor.

Why aren’t more luxury homes built like this one?

Emily Sachs Wong at @Properties has the listing. See the pictures here.

1970 N. Burling: 5 bedrooms, 6 baths, 1 half bath, 7800 square feet, 3 car garage

• Built in 2010
• Currently listed for $8.95 million
• Taxes of $49,788
• Central Air
• Sauna
• Hot tub
• Guest suite with full size kitchen
• 900 bottle wine cellar
• Bedroom #1: 23×18 (third floor)
• Bedroom #2: 17×14 (second floor)
• Bedroom #3: 13×15 (second floor)
• Bedroom #4: 13×14 (second floor)
• Bedroom #5: 12×24 (second floor)
• Great room: 22×24

This 6-bedroom vintage home at 456 W. Belden in East Lincoln Park came on the market in June 2015.

Built in 1880 on a larger than standard corner Chicago lot of 50×130, the house is landmarked.

From the outside, it looks like a standard vintage home from this period with brick, big windows and high ceilings.

According to the listing, when the current seller bought it in the 1960s, the house was in derelict condition. The seller brought in mid-century modern architect Harry Weese to handle the interior renovations.

The result is a mid-century modern interior with the original stain glass windows, pocket shutters, doors and 7 restored wood burning fireplaces (yes 7!).

There’s only one picture of the kitchen which has white cabinets but the focus is clearly not on that.

There’s no pictures of the bathrooms in the listing.

The top 3 floors measure 5400 square feet and there is a lower level rental apartment of 2200 square feet. It could also be combined with the main house for a total of 7600 square feet.

The house has central air and a 2-car garage along with an elevator.

It’s been nearly 50 years since this house was last on the market.

Who’s the buyer for this unique property?

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

456 W. Belden: 6 bedrooms, 5 full baths, 2 half baths, 7600 square feet in total, 2 car garage

• Last sold in the 1960s (price is unknown)
• Originally listed in June 2015 for $3.96 million
• Reduced
• Currently listed at $3.395 million
• Taxes of $26817
• Central Air
• 7 original wood burning fireplaces (check out those mantles!)
• 2200 square foot lower level rental unit with 5400 square foot main living space
• Stained glass
• Pocket shutters
• Bedroom #1: 14×14 (third floor)
• Bedroom #2: 14×15 (second floor)
• Bedroom #3: 13×15 (second floor)
• Bedroom #4: 17×11 (second floor)
• Bedroom #5: 11×9 (lower level)
• Bedroom #6: 11×9 (lower level)
• Study: 12×10 (second floor)

These 2 new single family homes at 2018 and 2020 N. Dayton just came on the market in Lincoln Park.

Both houses are 6-bedrooms and 5.5 baths with 5200 square feet and are being built by Foster Design.

They are being built on the standard Chicago lot of 25×125 so they only have 2.5 car garages.

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

The master suite will have a spa bath.

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

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

There are 52 properties on the market, both condos and single family homes, priced between $2.5 million and $4 million in Lincoln Park. 6 are currently under contract.

This is the upper echelon of Chicago’s real estate market.

How long will the good times last in this price bracket?

Daniel Glick at @Properties has both listings. You can see the pictures here (they use the same pictures for both listings.)

2018 N. Dayton and 2020 N. Dayton: 6 bedrooms, 5.5 baths, 5200 square feet, 2.5 car garage

• Both currently 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)